The role of financial status, attitudes, behaviours and knowledge for overall well-being in Portugal: the mediating role of financial well-being

Abstract

Purpose Although overall well-being is a well-studied phenomenon, financial well-being only recently has attracted scholars’ attention. Accordingly, this study aimed to understand the relationship between financial well-being, its predictors (financial status, financial behaviour, financial knowledge and financial attitudes) and overall well-being. Design/methodology/approach The authors collected data from 262 working adults. Findings The results showed that only financial status was positively related to financial well-being and the latter was positively related to overall well-being. It was also found that financial well-being mediated the relationship between financial status and overall well-being. In sum, these results showed a multidisciplinary concept of overall well-being and that individuals tend to prioritize financial security over the other components. Research limitations/implications The cross-sectional nature of the data is a limitation. Practical implications Practically speaking, this research is relevant because it highlights the evidence of financial status as an important influence on financial well-being, as well as the role of household income in individuals’ financial satisfaction. Originality/value The study addresses a call for research on the relationship between financial well-being, its main predictors and how these contribute to explain overall well-being.

Strengthening customer loyalty through financial satisfaction in the banking industry

“…The dimensions of FS are positive financial behaviors that influence customer satisfaction with their current financial condition (Owusu, 2023; Silva and Dias, 2022; Xiao et al , 2009). Both Silva and Dias (2022) and Owusu (2023) claim that people are happier when they practice good financial habits like controlling their credit and actively saving. The customer’s levels of assets, debts and savings are the most prevalent and extensively researched components of FS, according to Joo and Grable (2004).…”