IDEAS home Printed from https://ideas.repec.org/p/osf/osfxxx/6cnem_v1.html
   My bibliography  Save this paper

Analysis of demographic variation and childhood correlates of financial well-being across 22 countries

Author

Listed:
  • Bialowolski, Piotr
  • A.Makridis, Christos
  • Bradshaw, Matt
  • Bialowolska, Dorota Weziak
  • Gundersen, Craig
  • Le Pertel, Noémie
  • Gibson, Cristina
  • Jang, Sung Joon

    (Baylor University)

  • Padgett, R. Noah
  • Johnson, Byron R.

Abstract

Using nationally representative data from 202,898 participants in the Global Flourishing Study this study examines factors associated with financial well-being across 22 culturally diverse countries. Financial well-being is assessed through four dimensions: financial security, material security (e.g., safety, food, or housing), subjective financial well-being (comfort with current income), and actual income levels. We investigate how demographic factors—including age, gender, marital status, employment status, education, religious service attendance, and immigration status—are correlated with financial well-being. Additionally, we analyze the associations between early-life conditions, such as parental marital status, quality of relationships with parents, experiences of abuse and neglect, childhood health, religious attendance, and family financial status, and financial well-being in adulthood. Our findings reveal considerable cross-national differences in levels of financial well-being and its demographic correlates, emphasizing the importance of cultural and socio-demographic factors in shaping financial outcomes. Early-life conditions were also consistently associated with adult financial well-being, though these associations varied substantially across countries. These results suggest that interventions aimed at improving financial well-being should consider both current socio-demographic factors and early-life experiences, tailored to the unique cultural and socioeconomic contexts of different populations.

Suggested Citation

  • Bialowolski, Piotr & A.Makridis, Christos & Bradshaw, Matt & Bialowolska, Dorota Weziak & Gundersen, Craig & Le Pertel, Noémie & Gibson, Cristina & Jang, Sung Joon & Padgett, R. Noah & Johnson, Byron , 2025. "Analysis of demographic variation and childhood correlates of financial well-being across 22 countries," OSF Preprints 6cnem_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:6cnem_v1
    DOI: 10.31219/osf.io/6cnem_v1
    as

    Download full text from publisher

    File URL: https://osf.io/download/67d36ca32d355e6ce65aed9e/
    Download Restriction: no
    File URL: https://libkey.io/10.31219/osf.io/6cnem_v1?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. McCleary, Rachel & Barro, Robert, 2003. "Religion and Economic Growth across Countries," Scholarly Articles 3708464, Harvard University Department of Economics.
    2. Brüggen, Elisabeth C. & Hogreve, Jens & Holmlund, Maria & Kabadayi, Sertan & Löfgren, Martin, 2017. "Financial well-being: A conceptualization and research agenda," Journal of Business Research, Elsevier, vol. 79(C), pages 228-237.
    3. Mathur, Maya B & VanderWeele, Tyler, 2020. "Robust metrics and sensitivity analyses for meta-analyses of heterogeneous effects," OSF Preprints r2s78, Center for Open Science.
    4. Flèche, Sarah & Lekfuangfu, Warn N. & Clark, Andrew E., 2021. "The long-lasting effects of family and childhood on adult wellbeing: Evidence from British cohort data," Journal of Economic Behavior & Organization, Elsevier, vol. 181(C), pages 290-311.
    5. Laurent E. Calvet & John Y. Campbell & Paolo Sodini, 2009. "Measuring the Financial Sophistication of Households," American Economic Review, American Economic Association, vol. 99(2), pages 393-398, May.
    6. repec:oup:ecpoli:v:24:y:2009:i::p:107-140 is not listed on IDEAS
    7. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    8. Piotr Bialowolski & Dorota Weziak-Bialowolska, 2014. "Erratum to: The Index of Household Financial Condition, Combining Subjective and Objective Indicators: An Appraisal of Italian Households," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 118(1), pages 387-387, August.
    9. de Bruijn, Ernst-Jan & Antonides, Gerrit, 2020. "Determinants of financial worry and rumination," Journal of Economic Psychology, Elsevier, vol. 76(C).
    10. J. Michael Collins & Carly Urban, 2020. "Measuring financial well-being over the lifecourse," The European Journal of Finance, Taylor & Francis Journals, vol. 26(4-5), pages 341-359, March.
    11. L. Bettendorf & E. Dijkgraaf, 2011. "The bicausal relation between religion and income," Applied Economics, Taylor & Francis Journals, vol. 43(11), pages 1351-1363.
    12. Viechtbauer, Wolfgang, 2010. "Conducting Meta-Analyses in R with the metafor Package," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 36(i03).
    13. Thomas Buser, 2015. "The Effect of Income on Religiousness," American Economic Journal: Applied Economics, American Economic Association, vol. 7(3), pages 178-195, July.
    14. James J. Heckman & John Eric Humphries & Gregory Veramendi, 2018. "The Nonmarket Benefits of Education and Ability," Journal of Human Capital, University of Chicago Press, vol. 12(2), pages 282-304.
    15. Piotr Bialowolski & Dorota Weziak-Bialowolska, 2014. "The Index of Household Financial Condition, Combining Subjective and Objective Indicators: An Appraisal of Italian Households," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 118(1), pages 365-385, August.
    16. Hilbert, Leon P. & Noordewier, Marret K. & van Dijk, Wilco W., 2022. "The prospective associations between financial scarcity and financial avoidance," Journal of Economic Psychology, Elsevier, vol. 88(C).
    17. Mathur, Maya B & VanderWeele, Tyler J., 2020. "Robust metrics and sensitivity analyses for meta-analyses of heterogeneous effects," OSF Preprints r2s78_v1, Center for Open Science.
    18. Demakakos, Panayotes & Nazroo, James & Breeze, Elizabeth & Marmot, Michael, 2008. "Socioeconomic status and health: The role of subjective social status," Social Science & Medicine, Elsevier, vol. 67(2), pages 330-340, July.
    19. Keane, Michael P & Wolpin, Kenneth I, 1997. "The Career Decisions of Young Men," Journal of Political Economy, University of Chicago Press, vol. 105(3), pages 473-522, June.
    20. repec:bla:ecpoli:v:24:y:2009:i::p:107-140 is not listed on IDEAS
    21. Bettendorf, L. & Dijkgraaf, E., 2010. "Religion and income: Heterogeneity between countries," Journal of Economic Behavior & Organization, Elsevier, vol. 74(1-2), pages 12-29, May.
    22. Piotr Bialowolski & Jing Jian Xiao & Dorota Weziak-Bialowolska, 2023. "National Culture and Financial Capability: A Global Perspective," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 170(3), pages 877-891, December.
    23. Elizabeth A. Minton & Kathryn A. Johnson & Maricarmen Vizcaino & Christopher Wharton, 2020. "Is it godly to waste food? How understanding consumers' religion can help reduce consumer food waste," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(4), pages 1246-1269, December.
    24. Clara E. Jace & Christos A. Makridis, 2021. "Does marriage protect mental health? Evidence from the COVID‐19 pandemic," Social Science Quarterly, Southwestern Social Science Association, vol. 102(6), pages 2499-2515, November.
    25. Kleimeier, Stefanie & Hoffmann, Arvid O.I. & Broihanne, Marie-Hélène & Plotkina, Daria & Göritz, Anja S., 2023. "Determinants of individuals’ objective and subjective financial fragility during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 153(C).
    26. Ravi Dhar & Ning Zhu, 2006. "Up Close and Personal: Investor Sophistication and the Disposition Effect," Management Science, INFORMS, vol. 52(5), pages 726-740, May.
    27. Sefa Awaworyi Churchill & Samuelson Appau & Lisa Farrell, 2019. "Religiosity, income and wellbeing in developing countries," Empirical Economics, Springer, vol. 56(3), pages 959-985, March.
    28. Fu, Jonathan, 2020. "Ability or opportunity to act: What shapes financial well-being?," World Development, Elsevier, vol. 128(C).
    29. Burcu Duygan-Bump & Charles Grant, 2009. "Household debt repayment behaviour: what role do institutions play? [‘Welfare implications of the Bankruptcy Reform Act of 1999’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 24(57), pages 108-140.
    30. Chen, Ying & Kubzansky, Laura D. & VanderWeele, Tyler J., 2019. "Parental warmth and flourishing in mid-life," Social Science & Medicine, Elsevier, vol. 220(C), pages 65-72.
    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. Fred van Raaij, W. & Riitsalu, Leonore & Põder, Kaire, 2023. "Direct and indirect effects of self-control and future time perspective on financial well-being," Journal of Economic Psychology, Elsevier, vol. 99(C).
    2. Osvaldo García-Mata & Mariana Zerón-Félix, 2022. "A review of the theoretical foundations of financial well-being," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 69(2), pages 145-176, June.
    3. Simonse, Olaf & Van Dijk, Wilco W. & Van Dillen, Lotte F. & Van Dijk, Eric, 2024. "Economic predictors of the subjective experience of financial stress," Journal of Behavioral and Experimental Finance, Elsevier, vol. 42(C).
    4. Mahendru, Mandeep & Sharma, Gagan Deep & Pereira, Vijay & Gupta, Mansi & Mundi, Hardeep Singh, 2022. "Is it all about money honey? Analyzing and mapping financial well-being research and identifying future research agenda," Journal of Business Research, Elsevier, vol. 150(C), pages 417-436.
    5. D’Hondt, Catherine & De Winne, Rudy & Merli, Maxime, 2021. "Do retail investors bite off more than they can chew? A close look at their return objectives," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 879-902.
    6. Oscar A. Stolper & Andreas Walter, 2017. "Financial literacy, financial advice, and financial behavior," Journal of Business Economics, Springer, vol. 87(5), pages 581-643, July.
    7. Sajid, Muhammad & Mushtaq, Rizwan & Murtaza, Ghulam & Yahiaoui, Dorra & Pereira, Vijay, 2024. "Financial literacy, confidence and well-being: The mediating role of financial behavior," Journal of Business Research, Elsevier, vol. 182(C).
    8. Ifra Bashir & Ishtiaq Hussain Qureshi, 2023. "A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030," FIIB Business Review, , vol. 12(1), pages 31-48, March.
    9. Long She & Lan Ma & Saeed Pahlevan Sharif & Sitara Karim, 2024. "Millennials’ financial behaviour and financial well-being: the moderating role of future orientation," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(4), pages 1207-1224, December.
    10. Carole Comerton‐Forde & John de New & Nicolás Salamanca & David C. Ribar & Andrea Nicastro & James Ross, 2022. "Measuring Financial Wellbeing with Self‐Reported and Bank Record Data," The Economic Record, The Economic Society of Australia, vol. 98(321), pages 133-151, June.
    11. Leonore Riitsalu & Rene Sulg & Henri Lindal & Marvi Remmik & Kristiina Vain, 2024. "From Security to Freedom— The Meaning of Financial Well-being Changes with Age," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 56-69, March.
    12. Noviarini, Jelita & Coleman, Andrew & Roberts, Helen & Whiting, Rosalind H., 2023. "Financial literacy and retirees' resource allocation decisions in New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    13. Ali, Muhammad Arsalan & Rehman, Khalil ur & Maqbool, Adnan & Hussain, Shahid, 2021. "The Impact of Behavioral Finance Factors and the Mediating Effect of Investment Behavior on Individual’s Financial Well-being: Empirical Evidence from Pakistan," Journal of Accounting and Finance in Emerging Economies, CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan, vol. 7(2), pages 325-336, June.
    14. Li, Xiao, 2020. "When financial literacy meets textual analysis: A conceptual review," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    15. José J. Cao‐Alvira & Amalia Novoa‐Hoyos & Alexander Núñez‐Torres, 2021. "On the financial literacy, indebtedness, and wealth of Colombian households," Review of Development Economics, Wiley Blackwell, vol. 25(2), pages 978-993, May.
    16. Mathur, Maya B & VanderWeele, Tyler J., 2021. "Methods to address confounding and other biases in meta-analyses: Review and recommendations," OSF Preprints v7dtq_v1, Center for Open Science.
    17. Paulo Pereira Silva & Victor Mendes, 2023. "Education and financial mistakes: The case of avoidable trading fees in stock markets," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 22(2), pages 173-202, May.
    18. Mathur, Maya B & VanderWeele, Tyler J., 2020. "Meta-Regression Methods to Characterize Evidence Strength Using Meaningful-Effect Percentages Conditional on Study Characteristics," OSF Preprints bmtdq_v1, Center for Open Science.
    19. Osvaldo García-Mata & Mariana Zerón-Félix & Guadalupe Briano, 2022. "Financial Well-Being Index in México," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 163(1), pages 111-135, August.
    20. Maximilian Koestner & Benjamin Loos & Steffen Meyer & Andreas Hackethal, 2017. "Do individual investors learn from their mistakes?," Journal of Business Economics, Springer, vol. 87(5), pages 669-703, July.

    More about this item

    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:osf:osfxxx:6cnem_v1. 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: OSF (email available below). General contact details of provider: https://osf.io/preprints/ .

    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.