Exploring financial well-being of working professionals in the Indian context

Attainment of financial well-being is vital for individuals. Financial well-being further leads to satisfaction and happiness, which results in the overall well-being of an individual. Financial behavior and well-being assume greater importance in crises such as the COVID-19 pandemic. This study tes...

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Bibliographic Details
Published in:Journal of financial services marketing 2024-06, Vol.29 (2), p.474-487
Main Authors: Bhatia, Shikha, Singh, Sonali
Format: Article
Language:English
Subjects:
Attitudes
COVID-19
Developing countries
Economics and Finance
Finance
Financial management
Financial planning
Financial Services
Government aid
Happiness
Knowledge
LDCs
Marketing
Original
Original Article
Pandemics
Retirement benefits
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Summary:Attainment of financial well-being is vital for individuals. Financial well-being further leads to satisfaction and happiness, which results in the overall well-being of an individual. Financial behavior and well-being assume greater importance in crises such as the COVID-19 pandemic. This study tests how working professionals’ financial knowledge and attitude in a developing country relate to their financial well-being. The emphasis of the study is on determining the mediating effects of financial behavior. The study finds that financial knowledge alone may not result in an individual’s financial well-being, and the relationship is mediated by financial behavior. This implies that acquiring knowledge and a positive financial attitude are important in the quest to attain financial well-being, but adopting healthy financial behavior is most important.
ISSN:1363-0539
1479-1846
DOI:10.1057/s41264-023-00215-x