Abstract
PurposeIn this study, the author examines the effect of financial knowledge, financial attitude and responsible financial management behaviour on financial satisfaction and investigates the association between financial satisfaction and psychological wellbeing of individuals. The author examines these relationships having controlled for the influence of key demographic variables including age, gender, marital status, income level and employment status of respondents on the predicted relationships.Design/methodology/approachData was gathered by means of a self-administered questionnaire to postgraduate business students from a large public university in Ghana. The hypothesized relationships of the study were tested using the Partial Least Square Structural Equation Modelling (PLS-SEM) technique.FindingsThe author shows from the structural model analysis using the bootstrapping procedure that financial knowledge, financial attitude and sound financial management behaviour have important implications on financial satisfaction levels of individuals. Further, the author finds financial satisfaction to be an important predictor of the psychological wellbeing of individuals.Practical implicationsThe paper highlights the relevance of financial satisfaction on the psychological wellbeing of an individual and identifies some of the dominant factors that are associated with financial satisfaction.Originality/valueThis study examines the concept of financial satisfaction at the individual level and uniquely highlights the psychological implications of financial satisfaction.
Highlights
Happiness and life satisfaction have been the most sought-after aspirations of individuals around the world
The positive coefficient is an indication that the likelihood of becoming financially satisfied in life increases when an individual is knowledgeable in financial issues
Individuals as well as families are becoming more concerned about their financial health as it has been documented to have direct implications on their health, happiness and life satisfaction among others
Summary
Happiness and life satisfaction have been the most sought-after aspirations of individuals around the world. Available evidence in extant studies suggests that despite the improvement in the general quality of life of a considerable number of individuals over the years, many individuals continue to aspire to higher levels of satisfaction in life and greater happiness (Ingrid et al, 2009; Oishi et al, 2009; Plouffe and Tremblay, 2017). Individuals are impelled to work for longer periods with the intention of earning more income to be financially satisfied. A number of employees from many parts of the world work for much longer hours than recommended and it has been observed that huge variations exist in the distribution of normal working hours across countries
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