The influence of financial behavior in mediating financial satisfaction: Systematic literature review

PurposeFinancial satisfaction is a potential ambition of individuals' lives that requires well-strategized economic behaviors. The authors examine the impact of various factors on the financial behavior (FB) and financial satisfaction (FIS) of individuals in India's National Capital Region (NCR).Design/methodology/approachThrough a literature review, a survey questionnaire was formulated using existing scales on FIS. For more in-depth insights, data are obtained from 427 respondents in the NCR region using self-administered questionnaires. This article used “partial least square structural equation modeling (PLS-SEM)” to inspect the hypothesized model of individuals' FIS.FindingsAccording to the study results, financial attitude (FA), financial self-efficacy (FSE), financial knowledge (FK) and demographic characteristics (DC) significantly influence FB. Conversely, financial stress (FS) negatively impacts FB. It also highlights that FA, FSE, FK and FB all significantly impact FIS. Nevertheless, FS and DC insignificantly influence FIS.Originality/valueTo the best knowledge of the authors, this article is an initial attempt to offer a novel perspective of individuals' FB and FIS in India. It would help the government and stakeholders by providing various pioneering economic schemes and making policies that help increase individuals' FIS.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0239

This study aims to analyze the effect of Financial Technology and Financial Capability on Financial Satisfaction with Financial Behavior as a mediating variable. The research was conducted on household financial managers in Pasuruan City using a quantitative survey approach. The sampling technique combined purposive and snowball sampling, and the collected data were analyzed using Partial Least Squares (PLS-SEM). The results indicate that Financial Technology, Financial Capability, and Financial Behavior each have a positive and significant effect on Financial Satisfaction. Furthermore, Financial Behavior was found to partially mediate the relationship between Financial Technology and Financial Satisfaction, but it did not significantly mediate the relationship between Financial Capability and Financial Satisfaction. These findings highlight that while financial technology adoption and financial capability directly enhance satisfaction, financial behavior plays a crucial role in strengthening the positive effect of technology adoption. The study contributes both theoretically and practically by providing empirical evidence on the role of financial behavior in the digital era and offering insights for policymakers and financial institutions to design more effective financial literacy and inclusion strategies.

Having good financial behavior has a positive impact on students regarding their financial problems, especially in managing expenses for daily needs. Financial literacy, financial self-efficacy, and financial technology are parts that can provide convenience to students in overcoming their financial problems. Purpose: This study aims to determine the effect of financial literacy, financial self-efficacy, and financial technology on the financial behavior of students in Yogyakarta. Research Methods: This study used a descriptive quantitative method, the sample used was 50 boarding/contract/living alone students in Yogyakarta. The instrument used is a questionnaire. Test the validity of the instrument using R count and R table, while the Reliability Test uses Crombach alpha. The data analysis technique used is the Classical Assumption Test, Multiple Linear Regression Test, Partial Test (t), Simultaneous Test (f), and Determination Test (R2). Research Results: The results obtained after data analysis are significantly Financial Literacy (X1) and Financial Technology (X3) have no effect on student financial behavior (Y). Meanwhile, Financial Self Efficacy (X2) has a significant effect on financial behavior (Y). Simultaneously financial literacy (X1), financial self-efficacy (X2), and financial technology (X3) influence financial behavior (Y).

Financial behavior and financial satisfaction are two essential elements in the lives of the human being like non-teaching personnel. Hence, this study assessed the financial behavior of non-teaching personnel in a city schools division in Negros Occidental in terms of spending habits, borrowing practices, repayment practices, savings, and investments relative to age, sex, civil status, position level, and net take-home pay. Likewise, it determined their financial satisfaction in terms of financial solvency and financial knowledge relative to the demographics. Also, it compared their financial behavior and financial satisfaction when grouped according to the demographics. Lastly, it correlated their financial behavior and financial satisfaction. The study utilized the descriptive-comparative and correlational research design. It was responded by 106 non-teaching personnel and was determined using stratified random sampling. The instruments used were adopted-modified questionnaires. In analyzing the data, mean, standard deviation, Mann Whitney U test, and Spearman rank correlation were employed. Meanwhile, the researcher adhered to the guidelines established by the Philippine Health Research Ethics Board (PHREB). Generally, they have a very high financial behavior and high financial satisfaction. In comparing their financial behavior when grouped according to the demographics, only the net take-home pay has the significant difference. In terms of the financial satisfaction, all demographics resulted no significant differences. Regarding the relationship between the two constructs, there was a significant relationship between their financial behavior and financial satisfaction. Hence, to improve their satisfaction financially, their behavior towards finances should be given attention.

Recent studies suggest that domain-specific behavior contributes to domain-specific satisfaction. It is believed that finance-specific literacy brings positive financial behavior and healthy financial behavior further contributes to financial satisfaction. In general, this study has been undertaken to examine the effect of financial literacy on financial behavior and financial satisfaction. Data have been collected from 326 participants by using a self administered questionnaire. Linear regression has been applied to test the hypotheses, while Preacher and Hayes method has been used to estimate the moderation and mediation effect. There is less knowledge about the mechanism that may clarify the link between financial literacy and level of financial satisfaction. This paper is the first of its kind in Pakistan to investigate the relationship between financial literacy and individual’s financial satisfaction with intervening role of financial behavior and moderating role of self-esteem. The study findings reveal that financial literacy is significantly related to both financial behavior and financial satisfaction. Further it is also observed that financial behavior plays intervening role in the relationship between financial literacy and financial satisfaction. Findings also reveal that self-esteem does not affect the link between financial behavior of individuals and financial literacy. This study provides several significant implications for individuals, organizations, academicians and policy makers, in the sense that increasing financial literacy is essential to form positive and healthy financial behavior which ultimately increases individual’s financial satisfaction with financial situation.

This study is to examine the relationship between financial behavior of millennial generation during the COVID-19 pandemic which was influenced by factors such as financial literacy, lifestyle, emotional intelligence and the development of financial technology. The existence of the COVID-19 pandemic for the millennial generation certainly affects their financial behavior. The ability that has not been maximized in self-control, namely not being able to be wise in using money, not being able to control oneself when hanging out with other people and not being able to wisely face the changing times, indicates that the millennial generation still has low emotional intelligence. The results of this study were carried out descriptively or through descriptions that described and explained the research subject. Then for the approach in this research follow the steps of quantitative research work. The sample used in this study was 100 Millennials in Yogyakarta. The research variable data was processed using the Software Statistical Product and Service Solution (SPSS) version 22. The analytical methods used included descriptive statistical analysis, multiple linear regression analysis, and hypothesis testing. Financial literacy, lifestyle, emotional intelligence, and the development of fintech have a significant positive effect on the financial behavior. Financial literacy has a significant positive effect on the financial behavior. Lifestyle has a significant positive effect on the financial behavior. Emotional intelligence has a significant positive effect on the financial behavior. The development of financial technology has a significant positive effect on the financial behavior.

This study is to examine the relationship between financial behavior of millennial generation during the COVID-19 pandemic which was influenced by factors such as financial literacy, lifestyle, emotional intelligence and the development of financial technology. The existence of the COVID-19 pandemic for the millennial generation certainly affects their financial behavior. The ability that has not been maximized in self-control, namely not being able to be wise in using money, not being able to control oneself when hanging out with other people and not being able to wisely face the changing times, indicates that the millennial generation still has low emotional intelligence. The results of this study were carried out descriptively or through descriptions that described and explained the research subject. Then for the approach in this research follow the steps of quantitative research work. The sample used in this study was 100 Millennials in Yogyakarta. The research variable data was processed using the Software Statistical Product and Service Solution (SPSS) version 22. The analytical methods used included descriptive statistical analysis, multiple linear regression analysis, and hypothesis testing. Financial literacy, lifestyle, emotional intelligence, and the development of fintech have a significant positive effect on the financial behavior. Financial literacy has a significant positive effect on the financial behavior. Lifestyle has a significant positive effect on the financial behavior. Emotional intelligence has a significant positive effect on the financial behavior. The development of financial technology has a significant positive effect on the financial behavior

Financial satisfaction is the subjective measure of financial well-being, and it indicates the level of satisfaction perceived by the individuals with regard to various aspects of their financial situations and investment decisions. Financial behaviour is the fundamental component which enhances investors’ financial satisfaction which is a subjective measure of financial well-being. Investors’ choice criteria for selecting stocks determines investors’ financial behaviour. This study examined the potential effects of investors’ choice criteria on their financial behaviour. Simple Regression analysis was performed using SPSS for analysing the data collected from 200 individual investors. The statistical results indicated that choice criteria and financial behaviour positively influence investors’ financial satisfaction. This study adds to the existing body of literature by providing insight into the influence of choice criteria on financial behaviour among investors in Indian equity market.

Religiosity can be a factor that influences a person's interest in becoming a customer in a sharia banking company, including Bank Syariah Indonesia (BSI). South Kalimantan Province is one of the regions that has the highest religiosity with a Muslim population of 96.7%. Likewise, sharia financial literacy will be one of the determining factors for this interest. Data also shows that the level of sharia financial literacy in South Kalimantan Province always increases every year. Then the financial behavior factor or financial behavior will also increase this interest. The aim of this research is to determine the influence of religiosity on interest in becoming a customer at Bank Syariah Indonesia (BSI) South Kalimantan Province with sharia financial literacy and financial behavior as mediating variables. This research is quantitative in type. The population is BSI KCP Tapin (South Kalimantan) customers with a sample of 190 people. The sampling technique uses non-probability sampling with a purposive sampling method, the data collection technique uses a questionnaire and is processed using SmartPLS and analyzed using partial least squares (PLS) analysis. The results of this research found that partially, religiosity, sharia financial literacy and financial behavior had a direct influence on interest in becoming a BSI KCP Tapin customer with a positive and significant value. Religiosity has a direct effect on sharia financial literacy and religiosity has an indirect effect on interest through sharia financial literacy as a positive and significant mediating variable. Sharia financial literacy has a direct effect on financial behavior and sharia financial literacy has an indirect effect on interest through financial behavior as a mediating variable.

This study examines the role of e-payment usage in mediating the relationship between Sharia financial literacy and financial behavior on the financial well-being of Micro, Small, and Medium Enterprises (MSMEs) in West Sulawesi, Indonesia. Using a quantitative causal research design, data were collected from 115 MSME owners and managers engaged in trade, culinary, and service sectors through a structured questionnaire employing a five-point Likert scale. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that Sharia financial literacy and financial behavior have a significant positive effect on e-payment usage, with financial behavior exerting a stronger influence. However, neither Sharia financial literacy nor financial behavior directly affects MSME financial well-being. Conversely, e-payment usage has a strong and significant positive effect on financial well-being and fully mediates the relationship between Sharia financial literacy and financial behavior with financial well-being. These results underscore the strategic role of Sharia-compliant e-payment adoption in enhancing MSME welfare by improving transaction efficiency, expanding market reach, and reducing operational costs. The study contributes to the literature by integrating Sharia financial literacy, financial behavior, and e-payment into a mediation model within the specific context of MSMEs in West Sulawesi. Practical implications are offered for policymakers, financial institutions, and MSME practitioners to strengthen Sharia financial literacy and encourage e-payment adoption as a pathway to sustainable economic growth.

Purpose The research on financial satisfaction has risen substantially in recent years due to its importance in personal financial planning and individuals’ subjective well-being. Hence, this study aims to map the existing literature on financial satisfaction to present the current state of knowledge and identify substantial gaps. Design/methodology/approach The present review uses 109 articles published between 1985 and March 2024 and retrieved from the Scopus database. The study deploys a systematic literature review (SLR), bibliometric analysis and content analysis to attain the objectives. Through bibliometric analysis, the present study highlights the most influential authors, journals, countries and affiliations, augmenting the literature on financial satisfaction. Moreover, the study presents the detailed antecedents and consequences of financial satisfaction through content analysis. Findings The study outlines that most studies in the financial satisfaction area revolve around its antecedents and consequences. The review details multiple antecedents affecting financial satisfaction, such as socioeconomic, psychological, social, personality, religious, financial literacy, financial behavior and technological factors. The prominent consequences of financial satisfaction include subjective well-being, life satisfaction, happiness, emotional and financial well-being, relationship quality, work engagement and sustainable growth. Originality/value The present research is an inaugural SLR that comprehensively maps the existing intellectual structure on financial satisfaction. In addition, it offers future research directions for further developments on the subject.

The relationship between an individual’s financial behavior and financial satisfaction is well known. Less evidence is available about how these two constructs interplay within couples. This considered, the current paper aims to (a) examine whether individuals’ financial satisfaction is influenced by their own financial behavior (actor effect) and their partner’s financial behavior (partner effect); (b) examine whether these two effects vary between husbands and wives; and (c) verify how couples’ bank account status (i.e., only joint bank accounts, only separate bank accounts, both joint and separate bank accounts) moderate these effects. The current study draws 1,475 heterosexual early married couples from Couple Relationships and Transition Experiences study and modeled dyadic data through an Actor Partner Interdependence Model. Results indicate that actor’s financial behavior is associated only with one’s own financial satisfaction (actor effect) and not one’s partner’s financial satisfaction (partner effect). This holds for both wives and husbands. Furthermore, individuals who hold only joint bank account(s) are more likely to have financial behaviors similar to their partner than individuals who hold only separate bank accounts or both joint and separate accounts. Couples who hold only separate accounts are more likely to engage in less positive financial behavior than their counterparts. Implications for relationship therapists and financial professionals are discussed.

Korean Abstract: 본 연구에서는 현재 우리나라의 세대별 재무만족도 수준과 재무만족도에 영향을 미치는 요인을 파악하고자 하였다. 특별히 선행연구에서 밝혀진 다양한 요인들 중에서 개인의 심리적 특성에 해당하는 개인의 재무적 자기효능감이 재무만족도에 어떠한 영향을 미치는 가를 파악하고자 하였다. 또한 재무만족도에 영향을 미치는 요인이 세대별로 차이를 보이는 가를 파악하여 재무만족도의 증진을 위해 세대별로 다른 접근이 필요한 가를 살펴보고자 하였다. 대면 면접을 통하여 전국의 만 18세 이상 성인 1,017명을 대상으로 한 조사의 주요 분석 결과는 다음과 같다. 선행연구를 바탕으로 응답자 연령을 기준으로 M세대(1988년 및 이후 출생), N세대 (1975~1987년 출생), X세대(1964~1974년 출생), 베이비부머(1955~1963년 출생), 전쟁세대(1954년 및 이전 출생)로 구분하여 각 세대의 재무상태 및 금융상품 보유 행태를 분석한 결과 세대별로 자산의 구성과 금융상품 보유에 차이를 보였다. 이는 각 세대가 처한 라이프사이클 상의 특성에 의한 차이와 코호트적 특성의 차이를 반영하는 것으로 보인다. 재무만족도에 영향을 미치는 변수를 파악하기 위한 회귀분석 결과 다른 변수를 통제한 상태에서 세대별 재무만족도의 차이를 볼 수는 없었고 전체 응답자를 대상으로 한 분석에서 재무만족도와 관련을 보이는 변수는 결혼상태, 소득, 금융자산, 부채, 재무지식, 재무적 자기효능감으로 나타났다. 하지만, 이러한 재무만족도 관련 요인을 각 세대별로 분류하여 분석해 본 결과 회귀분석의 사후검증을 통해 파악한 바에 의하면 각 세대별로 재무만족도에 영향을 미치는 변수는 다소 상이하게 나타났다. 따라서 본 연구의 결과는 재무만족도에 영향을 미치는 변수로 재무적 자기효능감과 기타 변수가 세대별로 차이가 있음을 보여 재무만족도를 증진하기 위한 노력 또한 세대별로 다르게 접근할 필요성이 있다는 것을 보여주었다. English Abstract: This study examined the factors associated with intergenerational financial satisfaction in Korea by focusing special attention on financial self-efficacy. Financial self-efficacy has been identified as one of the significant factors to financial satisfaction, but little research has examined financial self-efficacy in Korea. To examine the intergenerational differences in financial satisfaction and its related factors, face-to-face interviews with adults aged 18 and over were conducted in Korea in March 2017. A total of 1,017 respondents were categorized into five different generations: M generation (those born in 1988 and later), N generation(between 1975 and 1987), X generation (between 1964 and 1974), Babyboomers(between 1955 and 1963), and war generation (1954 and before). The results showed that each generation has different asset composition and financial products ownership and that these could reflect their life-cycle stages and cohort characteristics. Even though the financial satisfaction levels were different for the five generations when compared bivariately, multiple regression results showed no generational differences in financial satisfaction when controlling for other factors. In general, financial satisfaction level was positively related with financial self-efficacy, and with other financial status characteristics such as income and financial assets. Financial satisfaction was negatively related with debt levels. Subjective financial knowledge also showed a positive relationship with financial satisfaction. However, specific factors associated with financial satisfaction were different for each generation. These results suggested that the adoption of different approaches for improving financial satisfaction for different generation groups.

Object of research. The object of the research is the economic processes that take place in Ukraine during the development of financial technologies. One of the most problematic places is the crisis which was in 2008, at the present time many problems have emerged from the financial and economic side that had to be solved. Methodology. In the course of the study, the methods of deduction and induction were used to determine the peculiarities of the development of financial technologies in Ukraine. Findings. The state of financial technologies in Ukraine was analyzed at different times, during crises and after, the victories highlighted at the present time in this area, as well as the problems posed still need to be corrected. The presented options for solving some of the problems allows us to conclude that the development of financial technology is growing rapidly, passing and solving past issues and problems and setting new tasks for itself, although this industry is still very young. Originality.Originalitylies in the definition of the peculiarities of the development of financial technologies in Ukraine, as a new specific industry. Practical and / or theoretical value. The practical significance lies in the fact that the article describes the economic and financial problems of the country in crisis conditions and after them, how the development of financial technologies affects society, what consequences the country experiences, what problems there are and what the solutions will be. The results obtained will be used in further research for statistical forecasting of the success of the development of financial technologies in Ukraine. Clarified the definition of the essence of the category of "financial technology", which we consider as a synthesis of digital technologies and innovations in the financial sector, used for the provision, expansion and distribution of financial services by technology companies. For the effective and safe functioning and development of digital financial technologies, it is necessary to adhere to a competent and systematic approach on the part of the state on the legal regulation of the Fintech sphere. In today's realities, the implementation of the above measures will contribute to the prospective development of Fintech in Ukraine and the integration of financial technologies into the main spheres of society.

Penelitian ini bertujuan untuk menguji pengaruh Pengetahuan Keuangan dan Sikap Keuangan terhadap Kepuasan Keuangan dengan Perilaku Keuangan sebagai variabel intervening pada mahasiswa di Jakarta Barat. Metode pengambilan data menggunakan non-probability sampling dengan jenis purposive sampling method. Sampel yang terkumpul sebanyak 100 sampel yang disebarkan secara online melalui google form. Teknik analisis data menggunakan bantuan software Smart PLS 4.0. Hasil penelitian menunjukkan bahwa terdapat pengaruh positif antara pengetahuan keuangan dan sikap keuangan terhadap perilaku keuangan. Pengetahuan keuangan dan perilaku keuangan berpengaruh positif terhadap kepuasan keuangan. Sikap keuangan tidak berpengaruh terhadap kepuasan keuangan. Perilaku keuangan memediasi pengetahuan keuangan dan sikap keuangan terhadap kepuasan keuangan. This study aims to examine the effect of Financial Knowledge and Financial Attitudes on Financial Satisfaction with Financial Behavior as an intervening variable for students in West Jakarta. The data collection method uses non-probability sampling with purposive sampling method. The sample collected was 100 samples which were distributed online via google form. The data analysis technique uses the help of Smart PLS 4.0 software. The results showed that there was a positive influence between financial knowledge and financial attitudes on financial behavior. Financial knowledge and financial behavior have a positive effect on financial satisfaction. Financial attitudes have no effect on financial satisfaction. Financial behavior mediates financial knowledge and financial attitudes towards financial satisfaction.