IDEAS home Printed from https://ideas.repec.org/a/ahs/journl/v9y2025i4p763-778.html
   My bibliography  Save this article

Relative Financial Deprivation and Financial Satisfaction among Minimum Wage Earners in Türkiye: A Serial Mediation Analysis

Author

Listed:
  • Göknur Ersarı Taşkesen
  • Korhan Karacaoğlu

Abstract

The research is a behavioral finance-based study that examines the financial difficulties experienced by minimum wage earners in Turkey from a psychological perspective. In this context, the study explains the financial difficulties experienced by minimum wage earners based on the theory of relative deprivation. The aim of the study is to determine the financial difficulties experienced by minimum wage earners and the psychological effects of this situation. To achieve this goal, the study examines the serial mediator role of financial self-efficacy and financial anxiety in the relationship between relative financial deprivation and financial satisfaction. In this context, a survey was conducted among 633 minimum wage earners in Turkey. The findings of the study indicate that minimum wage earners in Turkey experience relative financial deprivation, which in turn reduces their financial satisfaction. Furthermore, the study revealed that financial self-efficacy and financial anxiety act as mediators in the relationship between relative financial deprivation and financial satisfaction, with each acting independently. However, the study also demonstrated that financial self-efficacy and financial anxiety do not act in a serial mediation role in the relationship between financial deprivation and financial satisfaction.

Suggested Citation

  • Göknur Ersarı Taşkesen & Korhan Karacaoğlu, 2025. "Relative Financial Deprivation and Financial Satisfaction among Minimum Wage Earners in Türkiye: A Serial Mediation Analysis," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 9(4), pages 763-778.
    • Handle: RePEc:ahs:journl:v:9:y:2025:i:4:p:763-778
    DOI: https://doi.org/10.30784/epfad.1577627
    as

    Download full text from publisher

    File URL: https://dergipark.org.tr/tr/download/article-file/4332512
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.30784/epfad.1577627?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Eesha Sharma & Adam L. Alter, 2012. "Financial Deprivation Prompts Consumers to Seek Scarce Goods," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 39(3), pages 545-560.
    2. Shekinah E. Dare & Wilco W. Dijk & Eric Dijk & Lotte F. Dillen & Marcello Gallucci & Olaf Simonse, 2023. "How Executive Functioning and Financial Self-efficacy Predict Subjective Financial Well-Being via Positive Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 44(2), pages 232-248, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Peschel, Anne O., 2021. "Scarcity signaling in sales promotion: An evolutionary perspective of food choice and weight status," Journal of Retailing and Consumer Services, Elsevier, vol. 61(C).
    2. Zhao, Taiyang & Lu, Yan & Lynette Wang, Valerie & Wu, Banggang & Chen, Zhi & Song, Wei & Zhou, Liying, 2023. "Shared but unhappy? Detrimental effects of using shared products on psychological ownership and consumer happiness," Journal of Business Research, Elsevier, vol. 169(C).
    3. Malika Malika & Durairaj Maheswaran & Shailendra Pratap Jain, 2022. "Perceived financial constraints and normative influence: discretionary purchase decisions across cultures," Journal of the Academy of Marketing Science, Springer, vol. 50(2), pages 252-271, March.
    4. Eesha Sharma & Stephanie Tully & Xiang Wang, 2022. "Scarcity and Intertemporal Choice," Working Papers 22-27, Federal Reserve Bank of Philadelphia.
    5. Dörnyei, Krisztina Rita & Lunardo, Renaud, 2021. "When limited edition packages backfire: The role of emotional value, typicality and need for uniqueness," Journal of Business Research, Elsevier, vol. 137(C), pages 233-243.
    6. Zokaei Ashtiani, Amin & Dudek, Thomas & Rieger, Marc Oliver, 2020. "Happy savers and happy spenders: An experimental study comparing US Americans and Germans," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 85(C).
    7. Eesha Sharma & Punam A. Keller, 2017. "A Penny Saved Is Not a Penny Earned: When Decisions to Earn and Save Compete for Consumer Resources," Journal of the Association for Consumer Research, University of Chicago Press, vol. 2(1), pages 64-77.
    8. Naznin Sultana Chaity & Shahriar Bin Kabir & Parul Akhter & Rifat Parveen Bokhari, 2024. "How Financial Literacy Impacts Financial Well-Being: The Influence of Financial and Technical Efficacy," International Journal of Economics and Financial Issues, Econjournals, vol. 14(2), pages 207-217, March.
    9. Chohan, Raeesah & Paschen, Jeannette, 2023. "NFT marketing: How marketers can use nonfungible tokens in their campaigns," Business Horizons, Elsevier, vol. 66(1), pages 43-50.
    10. Fu, Tianhui & Wang, Yan & Jiang, Jing & Meng, Lu (Lucia), 2025. "wallet sore, gifts galore: The impact of financial constraints on quantity–quality tradeoffs in gift-giving," Journal of Business Research, Elsevier, vol. 186(C).
    11. Dang, Ngoc Bich & Bertrandias, Laurent, 2023. "Social robots as healing aids: How and why powerlessness influences the intention to adopt social robots," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    12. Ying Ding & Yanping Tu & Jingchuan Pu & Liangfei Qiu, 2021. "Environmental Factors in Operations Management: The Impact of Air Quality on Product Demand," Production and Operations Management, Production and Operations Management Society, vol. 30(9), pages 2910-2924, September.
    13. Chen, Tinggui & Jin, Yumei & Yang, Jianjun & Cong, Guodong, 2022. "Identifying emergence process of group panic buying behavior under the COVID-19 pandemic," Journal of Retailing and Consumer Services, Elsevier, vol. 67(C).
    14. Mukherjee, Ashesh & Lee, Seung Yun & Burnham, Thomas, 2020. "The effect of others’ participation on charitable behavior: Moderating role of recipient resource scarcity," Journal of Business Research, Elsevier, vol. 120(C), pages 213-228.
    15. Banker, Sachin & Bhanot, Syon P. & Deshpande, Aishwarya, 2020. "Poverty identity and preference for challenge: Evidence from the U.S. and India," Journal of Economic Psychology, Elsevier, vol. 76(C).
    16. Wang, Lili & You, Yanfen & Yang, Chun-Ming, 2020. "Restrained by resources: The effect of scarcity cues and childhood socioeconomic status (SES) on consumer preference for feasibility," International Journal of Research in Marketing, Elsevier, vol. 37(3), pages 557-571.
    17. Rebecca Hamilton & Debora Thompson & Sterling Bone & Lan Nguyen Chaplin & Vladas Griskevicius & Kelly Goldsmith & Ronald Hill & Deborah Roedder John & Chiraag Mittal & Thomas O’Guinn & Paul Piff & Car, 2019. "The effects of scarcity on consumer decision journeys," Journal of the Academy of Marketing Science, Springer, vol. 47(3), pages 532-550, May.
    18. Shah, Anuj K. & Mullainathan, Sendhil & Shafir, Eldar, 2019. "An exercise in self-replication: Replicating Shah, Mullainathan, and Shafir (2012)," Journal of Economic Psychology, Elsevier, vol. 75(PA).
    19. Kim, Sanghee & Chang, Hyo Jung (Julie), 2023. "Mechanism of retail therapy during stressful life events: The psychological compensation of revenge consumption toward luxury brands," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    20. Ziano, Ignazio & Pandelaere, Mario, 2018. "The majority premium: Competence inferences derived from majority consumption," Journal of Business Research, Elsevier, vol. 92(C), pages 339-349.

    More about this item

    Keywords

    Relative Financial Deprivation; Financial Self-Efficacy; Financial Anxiety; Financial Satisfaction; Minimum Wage Workers;
    All these keywords.

    JEL classification:

    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • M54 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Labor Management
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ahs:journl:v:9:y:2025:i:4:p:763-778. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ersan Ersoy (email available below). General contact details of provider: https://epfjournal.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.