Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

PurposeThe purpose of this paper is to investigate whether financial distress explains the relationship between financial literacy and quality of life (QoL) among consumers who have faced life-threatening cancer. To extend this line of research, the moderating role of social supports in the relation...

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Bibliographic Details
Published in:International journal of bank marketing 2020-06, Vol.38 (5), p.1009-1031
Main Authors: Pahlevan Sharif, Saeed, Naghavi, Navaz, Sharif Nia, Hamid, Waheed, Hassam
Format: Article
Language:English
Subjects:
Bank marketing
Cancer therapies
Chronic illnesses
Consumer behavior
Consumers
Consumption
Contemporary literature
Disease
Financial literacy
Health care policy
Hypotheses
Knowledge
Medical research
Quality of life
Sanctions
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Summary:PurposeThe purpose of this paper is to investigate whether financial distress explains the relationship between financial literacy and quality of life (QoL) among consumers who have faced life-threatening cancer. To extend this line of research, the moderating role of social supports in the relationship between financial distress and QoL is examined.Design/methodology/approachA cross-sectional survey was utilized to collect quantitative data through a self-administered questionnaire. A total of 223 consumers diagnosed with cancer in Iran participated in the study by means of a convenience sampling technique. Using a forward–backward method the questionnaire was translated from English into Persian.FindingsThe findings highlight the importance of financial literacy in managing direct and indirect costs of chronic diseases that in turn can improve consumers' QoL. Moreover, while perceived social support improves QoL of consumers diagnosed with cancer, it strengthens the negative association between financial distress and QoL. Consequently, solely receiving of emotional support from acquaintances with no financial support might be bothersome.Practical implicationsThe findings highlight the need for interventions that target financial literacy and perceived financial distress for consumers with chronic diseases. These consumers can benefit from interventions that offer support based on accurate assessments of their needs and priorities.Originality/valueThe present study is the first of its kind to highlight the importance of financial literacy in improving the QoL of consumers with chronic diseases.
ISSN:0265-2323
1758-5937
DOI:10.1108/IJBM-10-2019-0355