Understanding the Path Toward Family Economic Well-Being of Coconut Growers

Abstract

Many countries are establishing national programs to increase their citizens' family economic well-being. However, the concept of family economic well-being is still in its infancy, with only a few models established for developing countries. Thus, to create and implement effective policies, it is necessary to comprehend the concept family economic well-being from a multidisciplinary and multi-dimensional perspective, especially for a developing country like Sri Lanka. In the current study, path analysis was performed to examine the drivers that affect family economic well-being of coconut growers in Sri Lanka. Data from 400 respondents were analyzed empirically to validate the hypothesized relationships using the PLS-SEM approach. The findings provide support for the relationships between money attitude, technology adoption, financial behavior, financial knowledge, and family economic well-being which explained 91.2% of variance in family economic well-being. Understanding the paths that lead to better individual economic well-being has the potential to aid in successful policymaking, and curriculum design to assist individuals' efforts to achieve greater family economic wellbeing.

The Mediating Role Technology Adoption in the Relationship Between Financial Factors and Economic Well-Being in Agricultural Context

“…Individuals with positive financial behaviors manage their finances better to achieve higher economic well-being (Brilianti & Lutfi, 2020). Later, similar results were found by Wijekoon et al (2021a;2021b). According to Yoshino et al (2020), financial behavior plays an important role in FinTech adoption.…”

“…Lee et al (2020) found a correlation between financial knowledge and well-being. Moreover, a positive relationship between financial knowledge and economic well-being was revealed by Wijekoon et al (2021a;2021b). Further, even with different respondents and contexts financial knowledge was proved to have a positive relationship with both financial as well as economic well-being, because the concept emphasizes the importance of individuals' ability to access to financial information and financial resources in order to achieve higher economic well-being (Muller & Theuvsen, 2015).…”

“…Moreover, they also found that the impact of financial knowledge on technology adoption. In another study with Sri Lankan coconut growers, Wijekoon et al (2021a) detected that the positive influence of growers' financial knowledge on their agricultural technology adoption.…”

“…The latest research has encouraged the need to identify and understand the antecedents of an individual's economic well-being (Wijekoon et al, 2021a;. Unfortunately, there are scant studies that undertake especially financial-related factors in determining economic well-being (Wijekoon et al, 2021a;, thus motivating the present study to address this gap. Even though, very few previous studies identified financial antecedents of economic well-being (Wijekoon et al, 2021a;, still inconsistencies were found.…”

“…Unfortunately, there are scant studies that undertake especially financial-related factors in determining economic well-being (Wijekoon et al, 2021a;, thus motivating the present study to address this gap. Even though, very few previous studies identified financial antecedents of economic well-being (Wijekoon et al, 2021a;, still inconsistencies were found. Further, according to the best of the knowledge of the authors, the influence of technology adoption as a mediator between financial factors and economic well-being is scarce in previous literature.…”