Risk Tolerance and the Financial Satisfaction of Credit Card Users

Payne, Patrick; Kalenkoski, Charlene M.; Browning, C. H.

doi:10.1891/1052-3073.30.1.110

Cited by 17 publications

(19 citation statements)

References 32 publications

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“…The study found that the credit card debt of college students adversely affected their FWB and recommended a few research directions using the CARD Act. Further, the stress and anxiety incurred during credit card mismanagement can lower FWB for low risk‐tolerance consumers (desirable income and the possibility of financial loss) (Payne et al., 2019).…”

Section: An Organizing Framework Of Research Gaps In Financial Well‐beingmentioning

confidence: 99%

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

Nanda

Banerjee

2021

Int J Consumer Studies

113

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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.

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Section: An Organizing Framework Of Research Gaps In Financial Well‐beingmentioning

confidence: 99%

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

Nanda

Banerjee

2021

Int J Consumer Studies

113

View full text Add to dashboard Cite

show abstract

“…Contrary to this, few others support a positive relationship between risk tolerance and financial satisfaction contending that more risk tolerant individuals perform positive financial behaviors and in turn, are highly satisfied (Castro et al 2020 ). Credit card users with a high tolerance for risk are also found to be more financially satisfied than low risk tolerant users (Payne et al 2019 ).…”

Section: Literature Review Of Key Enablers Selected For the Studymentioning

confidence: 99%

Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach

2022

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A growing complexity in the financial world has attracted the interest of academicians and policymakers to examine the financial planning and well-being of individuals. This study attempts to explore the individual level determinants for improving financial well-being. Based upon the literature review, key enablers of individual financial well-being were identified which were then finalized by incorporating expert suggestions. Pursuant to this, six levels hierarchical structure was developed with the application of interpretive structural modeling (ISM) technique. Next, Matriced'ImpactsCroises Multiplication Appliques a un Classement (MICMAC) analysis was applied to determine the dependence and driving power of the identified variables. Our findings demonstrate that socio-economic factors and financial socialization are placed at the bottom level in the ISM hierarchy and all of them are also found to have the highest driving power under the MICMAC classification. On the other hand, healthy financial behaviors emerge on the top level and have the highest dependence power. The results of the study can provide valuable insights to financial educators and policymakers in terms of a better understanding of individual level enablers and their interrelationships. The knowledge of the importance of each enabler can enhance their capability to formulate improved strategies focused on securing the financial future of individuals. The concern of living a financially secured life is growing in a world full of economic uncertainties. Individual differences play a vital role in achieving a higher level of financial well-being. This study is one of the preliminary attempts to identify the individual level factors and rank them according to importance.

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“…As risk tolerance is determined by an individual's financial knowledge, education, and income, an individual with high risk tolerance performs positive financial behaviours which bring them closer to financial satisfaction (Payne et al . 2019). Financial self‐efficacy, which represents an individual's judgment of their own ability to execute desirable actions, is also a significant component in increasing FWB (Gutter and Copur 2011; Limbu and Sato 2019).…”

Section: Content Analysismentioning

confidence: 99%

Mapping the literature on financial well‐being: A systematic literature review and bibliometric analysis

Kaur

Singh

2021

Int Social Sci J

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The field of personal finance has gained research momentum since the financial crisis of 2008, however, only few comprehensive reviews have been conducted to date. This study adopts a systematic review methodology to build a knowledge structure on financial well‐being. By combining bibliometric tools and content analysis, this study aims to capture insights not provided in earlier reviews, such as key authors, important journals, active countries and organisations, highly cited articles, and the prestige of reviewed papers. After reviewing 114 financial well‐being‐related papers, the study strives to highlight the factors associated with financial well‐being, as well as the relationships and critical theories underpinning research in this field. Based on the reviewed literature, research gaps are uncovered, and future research directions are provided to expand the knowledge in the area of financial well‐being.

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Risk Tolerance and the Financial Satisfaction of Credit Card Users

Cited by 17 publications

References 32 publications

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

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

Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach

Mapping the literature on financial well‐being: A systematic literature review and bibliometric analysis

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