The five dimensions of financial independence retire early

This chapter explores the correlation between financial literacy, financial well-being and financial concerns in India. Thereupon, it assesses the impact of family income on financial well-being of financial literacy among young. A total of 232 (116 males and 116 females) are chosen in the age group of 18 to 25 years. The survey method is used to evaluate the financial literacy, stock market knowledge, financial decision-making capacity, well-being, and exposure to cryptocurrency among the participants. Significant positive correlation between financial literacy and financial well-being are reported. The research also found a negative correlation between financial literacy and financial concerns. A positive correlation is found between family income and financial well-being. It noticed a significant connection between financial literacy and crypto exposure. It also finds a positive correlation between financial literacy and well-being. It is very crucial to promote financial literacy among youths.

In view of the amplified inflation rates and economic stagnation in a number of countries in recent times, financial vulnerability became a key concern in both developed and developing economies. The current study advocates financial literacy is a key to lessen financial vulnerability and promote financial well-being. We propose and test a thorough model investigating the key mechanisms contributing to financial literacy, and how it contributes to individuals’ financial well-being in the context of an emerging market (i.e., Morocco). The mediating effects of indebtedness and financial behavior are also scrutinized. Based on survey data collected from a sample of 848 respondents from Morocco, the conceptual model was assessed using structural equation modeling. Our findings suggest financial literacy as a key to lessen financial vulnerability and promote financial well-being. Policy makers in Morocco and developing countries, where financial vulnerability is more prevalent, may use the current study findings to promote effective education programs to improve citizens’ financial literacy and well-being. Our findings also convey no impact of education on financial literacy, suggesting that education programs in Morocco are still not yet aware of the importance of financial literacy as a key shaping students’ career and financial well-being. Education policy makers are therefore urged to incorporate financial education and literacy as a key component in all education programs. Financial education programs should also take into consideration demographic disparities and therefore design financial education programs based on the target group to better delineate financial literacy in education programs.

Purpose – This study explores the family financial socialization among Nepali Gen Z and examines its influence on their financial well-being. Specifically, it investigates how various financial socialization factors relate to financial well-being while also exploring the mediating role of financial literacy in navigating the financial future of youths. Design/methodology/approach – This study adopted a quantitative research design with a cross-sectional approach. It surveyed a purposive sample of 294 Gen-Z students (aged 18-28) from five colleges affiliated with Tribhuvan University's Faculty of Management in Kathmandu Valley, Nepal. A structured survey gathered data on family financial socialization, financial literacy, and financial well-being. The study utilized descriptive statistics, correlation analysis, and mediation analysis to examine the relationships between variables and test the hypotheses. Findings – The findings indicate that financial socialization positively impacts financial well-being. Financial literacy, instruction on money management, expected financial independence, and openness to family finances positively affected financial well-being (p<0.001). Mediation analysis revealed that financial literacy partially mediated all relationships. Conclusion – Financial literacy is crucial in enhancing financial well-being through family financial socialization factors. The study highlights the importance of improving financial literacy and fostering supportive family financial behaviors to strengthen financial well-being. Implications: This paper has two implications. Theoretically, it provides a foundation for an in-depth study of financial socialization in the Nepalese context. Economy-wise, emerging adults need to pay attention to their financial well-being through various social agents shaping their financial environment and learning.

This descriptive–correlational study aimed to assess and analyze teachers' financial literacy, concerns, and well-being to develop a targeted financial program. The study involved 241 randomly selected teachers from the Division of Siquijor. Data were collected using validated questionnaires, and analysis was performed using percentage distribution, weighted mean, and Spearman Rank Correlation Coefficient. The findings revealed that: a) the teachers' financial literacy, in terms of financial knowledge and capability, was at a moderate level, while their financial skills were at a high level; b) their financial literacy, about financial awareness, concerns, and decisions, was also at a moderate level, though their financial goals were more advanced (high); and c) their financial well-being, particularly in terms of financial security, was at slightly applicable level. Moreover, the study found that a) there is a moderate relationship between teachers’ financial literacy and their financial well-being; b) teachers' financial literacy is significantly related to their financial concerns; and d) although the relationship between teachers' financial awareness and financial well-being is significant, the indicators are too weak to draw a strong conclusion

This study aims to analyze the impact of financial socialization on financial well-being through financial literacy as a mediating variable. Using a quantitative approach, the study involved employees of PT. Solusi Bangun Indonesia Tbk and collected data through questionnaires. The results indicate that financial socialization has a significant effect on financial literacy but does not have a direct impact on financial well-being. Financial literacy was found to have a positive and significant effect on financial well-being and plays a mediating role between financial socialization and financial well-being. These findings emphasize the importance of improving financial literacy to support better financial management and enhance individual well-being. This research provides insights for the development of more effective financial education programs to improve financial literacy and well-being among employees.

This study examines the relationship between first-generation status and post-graduation financial literacy among bachelor's degree recipients. Drawing on data from the 2012/17 Beginning Postsecondary Students Longitudinal Study (N = 7,010), multivariate regression analyses investigate disparities in financial literacy, financial behaviors, and financial security between first-generation and continuing-generation college graduates. First-generation graduates demonstrate significantly lower financial literacy scores (1.77 vs. 2.08 on a 1-3 scale, p < 0.001), with particularly pronounced deficits in investment diversification knowledge. After controlling for demographic characteristics, academic factors, and employment status, first-generation graduates score 0.161 points lower on financial literacy measures and have 33.8% lower odds of correctly answering investment diversification questions. First-generation graduates also exhibit distinctive financial behavioral patterns. Logistic regression results show first-generation graduates have 54.9% higher odds of prioritizing debt repayment, 31.5% lower odds of prioritizing savings, and 32.0% lower odds of paying credit card balances in full. First-generation status remains associated with 4.6% lower salary and 21.9% lower odds of financial security after controlling for financial behaviors and literacy. Student loan debt negatively affects financial security for all graduates, but interaction terms reveal no differential effects by first-generation status. Mediation analysis reveals that financial literacy accounts for approximately 13.2% of the relationship between first-generation status and financial security, indicating that multiple pathways contribute to these disparities. However, academic satisfaction significantly moderates this relationship, with highly satisfied first-generation students achieving financial security levels closer to continuing-generation peers. Results highlight the need for targeted interventions addressing financial knowledge gaps, behavioral patterns, and college experiences to support first-generation graduates' financial well-being.

This study investigates the financial behaviors and literacy of young professionals at CIMB Niaga Bank, focusing on savings, investment practices, financial fitness, and financial literacy. A sample of 90 customers was selected using random sampling techniques. Data was collected through structured questionnaires and analyzed using Structural Equation Modeling (SEM) with Smart PLS software. The results indicate significant direct effects, with savings habits influencing both financial fitness and financial literacy. However, investment practices did not significantly mediate the relationship between investment and financial literacy. These findings underscore the importance of savings behaviors for long-term financial well-being and knowledge acquisition. The study suggests avenues for CIMB Niaga to enhance its support for customers' financial education and well-being, such as integrating savings-focused financial education initiatives and personalized investment guidance. Overall, this research provides insights into the financial behaviors and literacy of young professionals, offering implications for financial institutions and policymakers aiming to promote financial well-being among this demographic.

Financial literacy empowers individuals to make better financial decisions to stabilize their financial well-being while positively contributing to the economy. This study examined the link between financial literacy and financial well-being and added the mediating effect of financial inclusion among Zimbabwean farmers in three major districts in two provinces. This study utilized a questionnaire survey to retrieve answers from 526 Zimbabwean farmers recruited via convenience sampling. The partial least squares-structural equation modelling (PLS-SEM) was used to examine the information. The study’s outcome revealed that financial inclusion and literacy significantly impact farmers’ financial well-being. The study showed that financial inclusion plays a complementary mediating role in the connection between financial literacy and financial well-being. Our study suggests that financial literacy policies be implemented alongside programs and strategies to promote inclusive finance to enhance farmers’ financial well-being and sustainability. In addition, financial institutions should base their services on strengthening financial education programs to enhance the financial behaviors of farmers. The novelty of our manuscript lies in using PLS-SEM approach as a method, the participants being farmers, a population with limited literature in finance. Also, the study is the first to assess the mediating role of financial inclusion on the financial well-being of Zimbabwean farmers.

College students are in a transition phase from financial dependence to financial independence. Current phenomena, however, show that college students have low levels of financial literacy and tend to be impulsive buyers. The first objective of this present study was to examine all possible financial socialization agents that have the potential to affect financial literacy. The link between financial literacy and financial well-being has obtained very limited attention. Lower financial well-being/high financial distress affects health and is related to absenteeism and loss of productivity which means that students miss classes and have poor academic performance. However, the mechanism to improve financial well-being in adolescents is not yet clear, thus providing an opportunity for researchers to identify appropriate strategies to improve financial well-being in adolescents. The second objective of this present study was to understand the effects of financial literacy and well-being through coping behavior. This study included the responses of 206 students from public and private universities who joined a financial seminar held by the Financial Services Authority. Hypothesis testing used a structural equation modeling with Partial Least Squares (PLS). Based on the results of the factor analysis test, financial socialization agents affecting financial literacy were parents and family, teachers, financial professionals and formal education. The results support the hypothesis that financial literacy is positively associated with financial well-being and that financial literacy significantly influences financial well-being directly as well as through coping behaviors. Implications and suggestions for future research are proposed.

PurposeThis study examines the antecedents and outcomes of using mobile fintech applications, including mobile banking, mobile payments, mobile transfer and mobile financial money management tools.Design/methodology/approachThis paper examines the antecedents (i.e. financial education and financial literacy) and outcomes (i.e. desirable financial behaviors and financial well-being) of the utilization of mobile fintech. Using data from the 2018 National Financial Capability Study and structural equation modeling techniques, this study provides empirical evidence to show significant direct and indirect relationships among these factors.FindingsThe structural equation modeling results revealed that financial education was positively associated with both financial literacy and mobile fintech utilization. Interestingly, financial literacy was negatively associated with mobile fintech utilization and served as a negative mediator between financial education and mobile fintech utilization, while it positively correlated with desirable financial behaviors, enhancing financial well-being. Utilization of mobile fintech was negatively associated with desirable financial behaviors and indirectly and negatively associated with financial well-being. The alternative model highlighted a direct and negative association between mobile fintech usage and financial well-being, and a direct positive association between financial literacy and financial well-being.Originality/valueThis study makes contributions to the literature on financial well-being by examining pathways of antecedents and outcomes of mobile fintech utilization. The findings provide new insights into the rapid evolution of mobile fintech innovations and provide important policy and practical implications.

The aim of this study is to highlight the state of financial literacy among working women in government. Previous research has found that due to the traditional role that women play, they have a significant knowledge gap in financial literacy. Women nowadays spend more time at home caring for their families and children compared to previous generations, have fewer opportunities to be involved in the world of work, and rarely have the opportunity to discuss financial decisions with family or friends. Regardless of the fact that women are entitled to education and employment opportunities, studies show that their financial literacy remains low. The financial well-being theory and the OECD framework were used as the main theoretical frameworks in this research. The preliminary data for the study came from 5 working women from various ministries in Putrajaya. In-depth interviews with semi-structured questions were employed to collect data, which was then interpreted using thematic analysis. The outcomes of this research revealed six themes related to the women's experiences with financial literacy that leads to their financial well-being: financial independence, knowledge of financial products, high-risk investment commitment, freedom from financial commitment, financial goals, and ability to seek information and save money. This study put forward two strategies to increase financial literacy, including incorporating financial education as a core component of early-age curriculum and expanding promotional campaigns and social media awareness. This study provides insight, particularly for the government, through how to improve more financial educational opportunities for women in order to reduce gender disparities in Malaysia.

Background/ problem: The rapid advancement of digital technology and financial innovation has created new opportunities for small and medium-sized enterprises (SMEs). However, limited financial literacy and the digital divide continue to hinder the financial well-being of business actors, especially in archipelagic regions on Indonesia. Objective/ purpose: This study examined the inter-relations between financial literacy, digital financial inclusion, financial behavior, and financial well-being of maritime SME owners in Eastern Indonesia according to the theories of social learning and planned behavior. Design and Methodology: A survey of n = 303 SME owners was conducted using a quantitative approach. All constructs demonstrated acceptable reliability (α > .70). Data were analyzed using partial least squares structural equation modelling. Results: Financial literacy significantly influenced financial behavior (β = .28, p < .001) and financial well-being (β = .49, p< .001). Digital financial inclusion also significantly affected financial behavior (β = .26, p< .001) and financial well-being (β = .16, p = .01). Financial behavior predicted financial well-being (β = .13, p = .009) and mediated the effects of financial literacy (β = .04, p = .04) and digital financial inclusion (β = .03, p = .03). Conclusion and Implications: The findings confirm that financial literacy and digital financial inclusion promote SME owners' financial well-being through behavioral change. From a behavioral science perspective, interventions must expand literacy and digital tools while shaping attitudes, intentions, and habits. Policies integrating literacy, digital access, and community learning can foster resilience and financial well-being in coastal and island contexts.

This quantitative descriptive-correlational research study aimed to assess the financial literacy and well-being of teachers in a private sectarian school and assess how the two variables relate to each other. Furthermore, the study described the demographic profile of the participants, which included: sex, age, civil status, years of teaching, and educational qualifications. Data was collected from 108 teachers of different teaching backgrounds and levels using a structured survey questionnaire based on standardized tools. The findings revealed that the teachers possessed a high degree of financial literacy as well as an average financial well-being. There were no significant differences in financial literacy and financial well-being among the demographic profiles of the participants - sex, age, years of experience, and educational level; however, civil status was found to influence changes in financial literacy. Results further show a significant positive correlation exists between the two variables, financial literacy and financial well-being. Therefore, the private sectarian schools must enhance their applicable financial education programs, directing towards stability and resilience professionally and personally, to foster effective financial literacy amongst their teachers.

The need for teachers to be financially capable and having a prominent financial well-being are imperative at any cost. The overall intent of this study is to assess the financial management practices, capability and financial well-being among sampled public high school teachers in Quezon City during the school year 2015 – 2016. The descriptive method of research through quantitative and qualitative approach was utilized in the study. A total of 246 high school teachers from 3 selected public high schools in Quezon City served as respondents of this study. A researcher-made questionnaire, validated by experts, was utilized in gathering data. Frequency, percentage, weighted mean and correlation were used in the treatment of data. The findings of the study were: 1. Budgeting and debt management servicing are the only financial management practices performed by the respondents which denote to be remarkable. On the other hand, they are poor in investing. 2. Majority of the respondents are married and just earning the salary range of Php 15,001 to Php 20, 000 equivalent to an entry level position or just the salary grade of a Teacher 1. Correspondingly, they have 1-2 dependents. 3. In terms of their length of service in the public, respondents are into 6-10 years of teaching. 4. With respect to financial well-being, only the availability of funds to meet financial obligation is quite impressive. The rest indicators need enrichment or improvement so the respondents can attain financial satisfaction. 5. When it comes to the relationship of financial well-being to financial management practices only two variables show significant relationships. These are the availability of funds to secure financial future and spending; and the availability of funds to enjoy family or love ones and spending practice. Meanwhile, for financial well-being and financial capability, the study demonstrates relationship on availability of funds to meet financial obligation and teaching position; availability of funds to secure financial future and civil status; and availability of funds for educational advancement and civil status.

Financial wellbeing and financial literacy are crucial aspects of personal and professional lives, particularly in graduate medical education. Low financial literacy among healthcare professionals, including physicians, has been identified as a concern, impacting job satisfaction, productivity, and burnout. Few studies have used validated methods, assessed financial wellbeing, or compared financial outcomes across the continuum of medical education and practice. This study aims to measure the financial wellbeing of healthcare professionals and trainees and its predictors using validated instruments on a nationwide scale in Lebanon. This is a multi-institutional cross-sectional study using an online survey using validated instruments, including the CFPB Financial Well-Being Scale and Lusardi and Mitchell's "Big Five" financial literacy questions. The data was collected in April and May 2020. The population includes medical students, residents, and practicing physicians in all six private medical schools and their affiliated medical centers in Lebanon. A total of 330 responded, with a response rate of 20.7%. The financial wellbeing score (out of 10 was 57.2 ± 9.7 before the financial crisis and dropped to 45.2 ± 10.1 during the country's financial crisis. With a passing grade of 60%, 75.3% (195/259) failed the financial knowledge questions. Attending physicians outperformed students and residents/fellows regarding knowledge scores. Financial wellbeing was positively associated with age, family socioeconomic status, and household income. It was negatively associated with the crowding index and agreement with the attitude of living for today and letting tomorrow take care of itself. Medical students, residents, and physicians in Lebanon had low financial literacy. Attending physicians have high financial wellbeing despite low financial literacy and lack of formal education. The COVID-19 pandemic and economic crisis adversely affected the financial wellbeing of all three groups.