The Financial Resilience and Life Satisfaction Nexus of Indigenous Australians*

Abstract

Financial resilience is characterised by four sets of variables, namely economic resources, financial inclusion, financial capability and social capital. The purpose of this study is to examine the association between financial resilience and life satisfaction of Indigenous Australians using the (2014/ 2015) National Aboriginal and Torres Strait Islander Social Survey data. The results reveal that running out of money for living and problems in accessing financial services have significant negative implications on the life satisfaction of Indigenous Australians. The ability to raise money in an emergency, social connections and community support in times of crisis contributes to greater life satisfaction.

Introduction to the Special Issue: Financial Capabilities and Well‐being

“…This pandemic has also clearly drawn a solid line between insecure work, inadequate incomes and the lack of capacity for people in these situations to acquire savings or build a safety net or for many people to have enough in reserve to cover shortfalls from week to week. The article by Jayasinghe et al (2020) shows that even pre-COVID-19, the life satisfaction and financial well-being are severely compromised for Indigenous Australians due to low or no financial resilience. Financial resilience is comprised of economic resources, having access to appropriate financial products and services, financial capabilities and social support.…”

“…The article by Jayasinghe et al . (2020) shows that even pre‐COVID‐19, the life satisfaction and financial well‐being are severely compromised for Indigenous Australians due to low or no financial resilience. Financial resilience is comprised of economic resources, having access to appropriate financial products and services, financial capabilities and social support.…”

The role of impulsivity and financial satisfaction in a moderated mediation model of consumer financial resilience and life satisfaction

“…Overall or general well-being is a growing research domain across the globe (Nakamura et al , 2021; Netemeyer et al , 2018). Life satisfaction is considered a key indicator of general well-being (Erdogan et al , 2012), which is defined and measured as a personal assessment of one’s life (Jayasinghe et al , 2020; Xiao et al , 2009). There has been an increased interest amongst policymakers, financial analysts and economists in examining consumers’ life satisfaction (Jayasinghe et al , 2020; Diener et al , 2013; Veenhoven, 2012).…”

“…Life satisfaction is considered a key indicator of general well-being (Erdogan et al , 2012), which is defined and measured as a personal assessment of one’s life (Jayasinghe et al , 2020; Xiao et al , 2009). There has been an increased interest amongst policymakers, financial analysts and economists in examining consumers’ life satisfaction (Jayasinghe et al , 2020; Diener et al , 2013; Veenhoven, 2012). Life satisfaction is a multidimensional concept that can be evaluated by multiple facets such as emotional expression, memory, momentary mood reports and judgement (Diener et al , 1999).…”

“…Life satisfaction is a multidimensional concept that can be evaluated by multiple facets such as emotional expression, memory, momentary mood reports and judgement (Diener et al , 1999). Prior studies suggest that one’s life satisfaction is associated with the central life domains of work, family, finance, health and leisure (Jayasinghe et al , 2020; Veenhoven, 2012; Pavot and Diener, 2008).…”