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Antecedents and consequences of financial well-being: evidence from working professionals in India

Author

Listed:
  • Zericho R. Marak

    (Symbiosis International (Deemed University) Pune
    Liverpool John Moores University)

  • Vaishali Pagaria

    (Birla Institute of Science and Technology
    Liverpool John Moores University)

Abstract

This study aims to investigate the determinants and consequences of financial well-being (FWB) among working professionals. A quantitative research design was used; a survey questionnaire was circulated among 280 working professionals. After removing the incomplete responses from the 223 filled questionnaires that were received, 220 complete responses were obtained for further analysis. Partial Least Squares-Structural Equation Modeling was used to examine the determinants and consequences of FWB. The results revealed the influence of financial knowledge, financial behavior, personality traits in the form of extraversion and neuroticism, and age on FWB. The study also found a weak influence of life events on FWB. In addition, the findings show that FWB results in the happiness of working professionals. The findings of this study can help working professionals assess and improve their FWB. They will also be valuable to employers, who can enforce the necessary measures to ensure the FWB of their employees. Moreover, policymakers can take initiatives to improve the FWB of working professionals.

Suggested Citation

  • Zericho R. Marak & Vaishali Pagaria, 2023. "Antecedents and consequences of financial well-being: evidence from working professionals in India," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 70(3), pages 341-378, September.
    • Handle: RePEc:spr:inrvec:v:70:y:2023:i:3:d:10.1007_s12232-023-00422-x
    DOI: 10.1007/s12232-023-00422-x
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    More about this item

    Keywords

    Financial well-being; Financial knowledge; Financial behavior; PLS-SEM; Working professionals;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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