Consumer’s subjective financial well‐being: A systematic review and research agenda

Abstract

Subjective Financial Well‐being (FWB) research has gained considerable interest from both academics and practitioners recently. This research area focuses on the consumer’s self‐assessment of his/her disposition, belief, attitude, and behavior concerning money management, spending, savings, and investment. The authors used a systematic literature review (SLR) process, which is a step‐by‐step process‐driven methodology, to find 128 articles published between 1978 and 2020 in marketing and related consumer studies fields. By critically examining the published studies, the paper proposes an organizing framework to identify important research gaps and suggest future research directions. The existing studies highlight (a) macro‐level factors determining the consumer’s FWB, (b) bank information transparency and ethical selling, (c) consumer co‐production behavior, (d) consumer financial literacy and how it relates to FWB, (e) financial inclusion, (f) materialism, personality, spending self‐control, and FWB, (g) multicountry research, and (h) the outcomes or consequences of FWB. Further research directions emphasize the need for research on (a) young consumers and their FWB and (b) role of marketers in maintaining FWB of consumers. The organizing framework offers actionable insights for banks, other financial institutions (FIs), businesses, third‐party organizations (i.e., financial literacy service providers), and public policy makers to increase the subjective FWB of consumers.

Scientific procedures and rationales for systematic literature reviews (SPAR‐4‐SLR)

“…Nanda and Banerjee's (2021) review on consumers' subjective financial well‐being using a hybrid‐narrative approach and 128 articles published between 1978 and 2020 results in an organizing framework that highlights the macro‐ (e.g., cultural, economic, geographical, and technological) and micro‐ (e.g., financial service providers, financial intermediaries, and consumers) level factors involved in maintaining consumers’ subjective financial well‐being (e.g., financial freedom, happiness, and satisfaction) as well as the outcomes of having that well‐being (e.g., family and health well‐being, overall life satisfaction, and smart shopper image).…”

Customers’ quality of life, advocacy and banks’ CSR‐fit: A cross‐validated moderated mediation model

“…Likewise, it is stated that in non-western CSR research, there is a dearth of banking industry studies (Ajina et al, 2019). However, this study seeks to minimize these gaps in the literature and take the stream of non-western CSR research further by highlighting MfBs; financial institutions that are central to financial well-being (Nanda & Banerjee, 2021), economic and social developments in developing economies (Aramburu & Pescador, 2019).…”

Visualization and bibliometric analysis on the research of financial well-being

“…The results showed that maintaining good social capital and individual risk management had a positive impact on promoting the financial well-being of retirees in Nigeria. Nanda and Banerjee (2021) analyzed data from 128 articles on the subject of financial well-being published between 1978 and 2020. This research used the SLR (Systematic Literature Review) process as methodology.…”

“…As can be seen from the map, the publications are divided into 13 clusters. Nanda and Banerjee (2021) have the most links to other articles, with 80 links. The study of Prawitz et al, (2006) stays in second place with 31 links, and Gutter and Copur (2011) stay in third position with 26 links.…”