Pathways to Financial Success: An Empirical Examination of Perceived Financial Well-Being Based on Financial Coping Behaviors

Shi, Junguo; Ullah, Saif; Xun, Zhu; Dou, Shanshan; Siddiqui, Faiza

doi:10.3389/fpsyg.2021.762772

Cited by 4 publications

(3 citation statements)

References 70 publications

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“…2.2 Consumer's financial behavior and financial independence retire early While consumers' financial behavior is an emerging area in marketing (Greenberg and Hershfield, 2018;Lynch, 2011), financial well-being is also gaining attention (Netemeyer et al, 2018), which is defined as "the perception of being able to sustain current and anticipated desired living standards and financial freedom" (Brüggen et al, 2017, p. 229). Factors that improve financial well-being include financial literacy (Limbu and Sato, 2019;Tahir et al, 2021), financial socialization (Shi et al, 2021;Zhao and Zhang, 2020), spending self-control (Ponchio et al, 2019) and a propensity to plan (Xiao and O'Neill, 2018). Other factors such as materialism and socially motivated aspirations deteriorate financial well-being (Chatterjee et al, 2019;Ponchio et al, 2019;Sinha et al, 2021).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Exploring fire for financial independence retire early (FIRE): a netnography approach

Khan

Pandey

2023

JCM

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Purpose Consumers’ lifestyle and financial decision-making affects their overall well-being. This paper aims to explore the factors that motivate consumers to pursue the goal of financial independence and retiring early (FIRE). Design/methodology/approach Qualitative netnography was used to analyze FIRE-related discussions by FIRE-specific online communities. The findings were triangulated using inputs from in-depth interviews with 13 financial advisors. Findings Using conservation of resources as a theoretical lens, two factors were found to be the primary motivators driving FIRE attitude and subsequent adoption of FIRE behavior – “escapism & freedom from the current workplace & life space” and “concern for physical & mental well-being.” Four factors were found to influence the adoption of FIRE attitude and behavior: “individual characteristics” [do-it-yourself (DIY) and proactive attitude, the capability of frugal living and ability to plan, track, and review], “well-paying job,” “support from spouse” and “resistance from social groups.” Research limitations/implications Due to the nature of netnography, demographic details of the sample cannot be completely ascertained. Practical implications The findings suggest marketing strategies primarily to wealth managers for: shifting to need-based segmentation of FIRE participants, modifying offerings to involve co-creation and low-touch products, innovating pricing models, increasing distribution reach through digitization and increasing sales and lead generation through engagement. Originality/value This is one of the first studies to explore the factors driving the adoption of FIRE by general FIRE consumers and presents a conceptual model.

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Section: Theoretical Backgroundmentioning

confidence: 99%

Exploring fire for financial independence retire early (FIRE): a netnography approach

Khan

Pandey

2023

JCM

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“…, 2009; Watson and Barber, 2017). Financial well-being could be improved by socializing with parents and teachers and using childhood experiences (Shi et al. , 2021).…”

Section: Progression Of Themes In the Last Five Yearsmentioning

confidence: 99%

“…Research has also established that the parents play the most vital role in developing sound financial behavior and attitude in children, which helps them in achieving financial well-being in adulthood (Ammerman and Stueve, 2019;Lanz et al, 2020;Shim et al, 2009;Watson and Barber, 2017). Financial well-being could be improved by socializing with parents and teachers and using childhood experiences (Shi et al, 2021).…”

Section: Family Financial Socializationmentioning

confidence: 99%

A systematic and bibliometric review of the financial well-being: advancements in the current status and future research agenda

Singh

Malik

2022

IJBM

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PurposeAchieving financial well-being is essential for individuals, families and countries as it leads to life satisfaction and happiness. This study synthesizes and identifies financial well-being’s key areas and dimensions using a blended systematic literature review and bibliometric analysis approach.Design/methodology/approachThe authors systematically study a sample of 467 articles from the Scopus database to identify the research trend regarding financial well-being during the last 25 years (1997–2021). Various graphs and networks are presented to understand the publication trends, influential papers, conceptual and intellectual structures and research collaboration status.FindingsFour clusters in the field of financial well-being were found: conceptualization and antecedents of financial well-being, financial well-being of young adults, the relationship between financial literacy and financial well-being and consequences of financial well-being. Further, emerging themes in financial well-being were identified with a content analysis of the papers published during the last five years.Practical implicationsThis study will help financial planners, regulatory bodies and academic researchers in getting a better understanding of financial well-being and in identifying potential areas for future research.Originality/valuePrior to this study, no such comprehensive bibliometric analysis on financial well-being has been carried out to the best of the authors' knowledge. This gap motivated the authors to combine quantitative and qualitative methods to review the published research and do a content analysis, to identify prominent authors and publications.

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Predicting Satisfaction with Money Management and Life Satisfaction in Parents of Emerging Adult Students

Zupančič,

Lep

2024

J Adult Dev

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Many parents cope with the prolonged financial dependence of their emerging adult children and problems arising from sharing a household, which may challenge parental satisfaction with money management (SMM) and life satisfaction (LS). We created and tested a conceptual model of potential pathways to parental SMM and LS. Data were collected in a sample of 482 student–parent pairs via an online survey that included adjusted questionnaires on financial functioning (Shim et al., Journal of Youth and Adolescence 39:1457–1470, 2010) and Satisfaction with Life Scale (Diener et al., Journal of Personality Assessment 49:71–75, 1985). Relying on the model of financial satisfaction from the student perspective (Sirsch et al., Emerging Adulthood 8:509–520, 2020), we proposed pathways of the family SES, financial parenting (explicit teaching and financial behavior; parent report; 22.8% fathers), and parent–child financial relationships (student report; Mage = 19.94; 45.2% males) to parental SMM and LS. We also anticipated intermediate relations of financial parenting with the students' self-reported financial learning outcomes (cognitive and behavioral/relational). The SES, proactive parental financial behavior, and favorable parent–child financial relationships predicted parental SMM and LS. Financial parenting was linked to the student's positive financial learning outcomes, but only financial knowledge further influenced the financial relationship with their parents. The findings suggest the benefits of successful parental financial socialization for both the offspring's finance-related outcomes and their parents' satisfaction.

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Pathways to Financial Success: An Empirical Examination of Perceived Financial Well-Being Based on Financial Coping Behaviors

Cited by 4 publications

References 70 publications

Exploring fire for financial independence retire early (FIRE): a netnography approach

Exploring fire for financial independence retire early (FIRE): a netnography approach

A systematic and bibliometric review of the financial well-being: advancements in the current status and future research agenda

Predicting Satisfaction with Money Management and Life Satisfaction in Parents of Emerging Adult Students

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