Levels Of Financial Satisfaction Research Articles

Self-Control Factor Analysis, Financial Anxiety, and Financial Stress on Financial Satisfaction as an Indication Financial Sustainability

Abstract: The focus of this research is to find out the factors that can increase financial satisfaction.Financial literacy is very important for economic growth. One aspect of financial literacy that can increase economic growth is financial satisfaction . Low levels of financial satisfaction negatively impact a person's current and future financial adequacy. This research was conducted during the COVID-19 pandemic where people experienced financial anxiety, financial stress, financial self-control. This study used these factors as predictors and the test results in this study explain that there is a significant effect association between self-control with financial satisfaction, then financial stress and financial anxiety with financial stress and financial satisfaction. These influencing factors can be aspects of further development to increase sustainable economic growth. Keywords: Self Control, Financial Anxiety, Financial satisfaction, Financial Stress

How Do Personality Traits Relate to Financial Satisfaction During the COVID-19 Pandemic?

This study explored the relationship between personality traits and financial satisfaction and explored if the perceived COVID-19 impacts on finance and well-being play moderating roles. With data from a national online survey in the United States, results indicate that personality traits significantly predict financial satisfaction levels, with openness positively influencing financial satisfaction. Additionally, the results reveal that perceived COVID-19 impacts on finance and well-being moderate the relationship between personality traits and financial satisfaction. In instances where the financial and well-being effects of COVID-19 are considered, openness inversely relates to financial satisfaction, whereas neuroticism shows a positive association. These findings suggest a nuanced interplay of psychological characteristics with financial satisfaction in the face of global disruptions such as COVID-19.

Examining the association between robo-advisory and perceived financial satisfaction

PurposeRobo-advisory has become an increasingly popular asset management tool in recent decades. This paper studies the association between robo-advisor usage and perceived financial satisfaction.Design/methodology/approachUsing data extracted from the National Financial Capability Study 2015 (NFCS2015), the present study carried out a logistic analysis that examines the association between robo-advisory and perceived financial satisfaction. This model also studies the interaction effect of age on this association.FindingsThe present study finds that robo-advisor usage is positively correlated with a person’s perceived financial satisfaction after controlling for covariates related to financial literacy and other demographic factors. Moreover, the present study reveals that age moderates the association between robo-advisory usage and financial satisfaction. The results are robust after regressing financial satisfaction on robo-advisory by different age groups.Originality/valueThis paper extends existing literature on robo-advisory by showing that robo-advisory usage relates to a higher level of financial satisfaction. This finding helps understand the rapidly increasing trend of robo-advisory in the financial industry. Moreover, the present study reveals a moderate effect of age on the association between robo-advisory usage and perceived financial satisfaction.

Pengaruh Digital Payment (Brimo) Terhadap Kepuasan Keuangan Pada Umkm Di Kabupaten Bangkalan

Financial transactions using technology are developing in Indonesia, one of which is digital payments. Bangkalan Regency is experiencing significant changes in MSME payment and financial patterns in line with the adoption of digital payment technology. Therefore, it is important to understand the specific impact on MSMEs in the area. This research aims to determine the effect of digital payments on financial satisfaction among MSMEs in Bangkalan district, especially in terms of financial satisfaction. This research uses quantitative methods by collecting data using questionnaires and interview techniques. The research subjects were MSMEs in Bangkalan Regency and samples were taken using random sampling technique. The research results confirm that the adoption of digital payments has a significant positive impact on the level of financial satisfaction of Micro, Small and Medium Enterprises (MSMEs) in Bangkalan Regency. This finding is supported by the results of a simple linear regression test analysis, where the significance value (Sig) is 0.000, much smaller than the significance level α = 0.005 (5%). The research hypothesis (H1) which states that "digital payments have an effect on financial satisfaction" was successfully verified, showing that the higher the level of use of digital payments by MSMEs, the higher the level of financial satisfaction they feel.

Financial Literacy, Financial Technology, and Financial Satisfaction: Explorasi the Mediation Effect of Financial Inclusion

One crucial factor that affects a person's well-being is their level of financial satisfaction. This study aims to create a research model based on technology, financial literacy, financial inclusion, and financial satisfaction. This research data was obtained from questionnaires distributed to communities in Cilacap and Banyumas, consisting of 110 people. The data obtained were analyzed using SmartPLS Ver 3.2.9 software. The study shows that financial inclusion is driven by financial technology and financial literacy. There is a positive correlation between financial satisfaction and financial inclusion. Financial satisfaction and financial literacy are positively correlated. Nevertheless, there is no relationship between fintech and financial satisfaction. In addition, this study found that financial inclusion could mediate the relationship of financial technology to financial satisfaction. However, financial inclusion cannot mediate financial literacy with financial satisfaction. The results of this research are expected to be helpful for the community and government. The public can increase financial literacy and fintech to optimize financial inclusion. In addition to the community, the government or stakeholders also maximize the availability of access to various quality formal financial services to achieve a 90% financial inclusion index target in 2024 to improve public welfare. The results of this study can be a suggestion for future researchers to find several other factors that affect financial satisfaction.

Affect and financial satisfaction: The mediating role of financial self‐efficacy

AbstractUsing the 2008, 2012, and 2016 waves of the Health and Retirement Study (HRS), this study employs Structural Equation Modeling (SEM) to investigate if financial self‐efficacy mediates the relationship between affective states (e.g., state‐like emotions) and financial satisfaction and if this differs for retirees and non‐retirees. The results show that retirees' negative affective state (negative affect) in wave 1 (2008) is related inversely to their financial self‐efficacy in wave 2 (2012), and financial self‐efficacy is related positively to financial satisfaction in wave 3 (2016). The results show that negative affect is associated with lower financial satisfaction through financial self‐efficacy as a mediating characteristic for retirees. However, for non‐retirees, no statistically significant mediation relationship is found. Findings from this study contribute to the gap in understanding the lingering effects of negative affect on financial behavior and financial satisfaction levels of older adults. This study provides insights into how financial planning practitioners can help clients navigate affective states and financial self‐efficacy as they work together to reach their financial goals.

Sharia financial literacy: Decoding the nexus of civil Servants' investment choices

This research explores the complex relationship between Sharia financial literacy, financial attitudes, financial satisfaction, and investment decisions in the context of Islamic economics. Utilizing path analysis with 369 civil servant respondents, this study reveals that both Sharia financial literacy and financial attitudes positively impact financial satisfaction. This implies that individuals possessing a strong understanding of Islamic finance and a positive attitude toward their finances tend to experience higher levels of financial satisfaction. Nevertheless, variations in their direct influence on investment decisions do surface. Sharia financial literacy exhibits a relatively modest direct influence on investment decisions, while financial attitudes exert a strong direct influence on investment decisions. Despite the modest direct impact of Sharia financial literacy on investment decisions, its indirect influence remains substantial.

Financial Behaviors, Government Assistance, and Financial Satisfaction.

Using data from the 2018 National Financial Capability Study (NFCS), this study examined the relationships between poor financial behaviors, receiving government assistance, and financial satisfaction while accounting for adverse financial experiences. The logistic regression results showed that both poor financial behaviors and adverse financial experiences increased the likelihood of receiving government assistance. The OLS results indicated that receiving government assistance significantly increased levels of financial satisfaction, whereas poor financial behaviors significantly decreased levels of financial satisfaction. While the magnitude of these associations for both receiving government assistance and poor financial behaviors was small, adverse financial experiences had a stronger influence on the levels of financial satisfaction. When we combined poor financial behaviors and receiving government assistance into a categorical variable, we gained additional insights into the connections between these constructs that warrants further research.

Debt, Illiquidity, and Financial Illiteracy as Barriers to Annuity Ownership

This article examines individuals’ balance sheets, financial situations, and retirement planning steps to understand the barriers to annuity ownership and identifies the financial and sociodemographic factors that contribute to annuity ownership. Using data from the 2018 National Financial Capability Study, we conduct an empirical analysis of individuals in the retirement-planning phase of the life cycle (ages 40–61) and individuals of retirement age (age 62 and over). We find that debt obligations, lack of access to liquidity, and low financial literacy are all likely barriers to annuity ownership; the annuity owners in our sample are more likely than the non-owners to have access to liquidity and to report higher levels of financial satisfaction. Results indicate that access to liquidity and to professional investment management are positively associated with annuity ownership. Furthermore, financial literacy could lead to increased take-up rates through improved access to liquidity and ultimately enhanced retirement outcomes.

The Forgotten Working Class: A Call to Action Based upon a Repeated Cross-Sectional Examination of the Relationships Among Social Class, Financial Satisfaction, and Exhaustion

For several decades, working-class employees have been forgotten by policy makers and society more generally. This notion is further exacerbated in the organizational studies literature, where research mostly focuses on professional employees. In the current study, we seek to rectify this omission by examining how the experience of working-class employees has changed over time. We use a nationally representative sample of 35,771 U.S. employees collected between 1972 and 2018 as part of the repeated cross-sections of the General Social Survey Results suggest a growing disparity between working-class and middle/upper-class employees, with working-class employees reporting lower levels of financial satisfaction and higher levels of work exhaustion compared to middle/upper-class employees. Moreover, these discrepancies have increased over time, suggesting that this population of employees has indeed been forgotten.

Retirement Financial Planing and Life Satisfaction

Ageism is an insidious form of injustice that is internalized from an early age with accumulating negative health impacts across the lifespan. Internalized ageism is associated with numerous public health outcomes, including physical and mental health, functional impairment, cognition, cardiovascular stress, hospitalizations, and longevity. Research has begun to document how ageism negatively impacts health through psychological, behavioral, and physiological pathways. Yet, limited research has addressed interventions to reduce internalized ageism. This study integrates stereotype embodiment theory, theories of successful and productive aging, and recent scholarly literature to present a conceptual model with potential downstream, midstream, and upstream interventions at micro, meso, and macro levels. Micro interventions include: social, physical, and cognitive engagement, as well as stress management. Meso interventions include: education, intergenerational contact, and narrative reframing. Macro interventions include anti-ageism policy, such as amendments to the Age Discrimination in Employment Act (ADEA). The conceptual model is described in detail, and implications for practitioners are discussed. The need to examine how policy influences health through the three pathways in stereotype embodiment theory is discussed. This study provides a working model for scholars and practitioners to use when considering paths toward reducing internalized ageism and optimizing well-being for aging adults.

Predictors of financial satisfaction and its impact on psychological wellbeing of individuals

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.

Financial Literacy and Financial Satisfaction: A Moderated Mediation Analysis of Self-Esteem and Financial Behavior

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.

Explaining Financial Satisfaction in Marriage: The Role of Financial Stress, Financial Knowledge, and Financial Behavior

Using data from the 2018 FINRA Investor Education Foundation’s National Financial Capability Study (NFCS), this study examined how financial stress and financial behavior are associated with financial satisfaction among married individuals. As expected, financial stress had a significant and negative impact on financial satisfaction, suggesting that financial stress significantly decreased the level of financial satisfaction among married individuals. Despite its significant impact, financial stress was not the dominant factor in this study; but financial behavior had the most significant impact on financial satisfaction, followed by subjective financial knowledge and higher level of household income. Understanding significant predictors of financial satisfaction among married individuals can provide important insights for marriage and financial counselors, financial educators, as well as marriage and family therapists.

Student Loans and Financial Satisfaction: The Moderating Role of Financial Education

We examined the relationship between holding a student loan and financial satisfaction and financial education’s moderating role using the 2015 National Financial Capability Study dataset. Households with a student loan had lower levels of financial satisfaction than those without one. We found a moderating role of receiving both formal and informal financial education on the relationship between a student loan and financial satisfaction, regardless of for whom the loans were taken. Our findings confirm the importance of financial education and suggest that receiving a thorough combination of formal and informal education will improve student loan holders’ financial satisfaction.

The Evolution of Tax Morale in Turkey

The aim of the study is to examine the evolution of tax morale in Turkey within a 22-year period. The data obtained from the World Values Survey were evaluated in the Stata 13 statistics package program. As a result of the analyses through ordered probit models, it was observed that the level of tax morale had changed over the course of time. Tax morale level was lower between 2007 and 2012 than in the year 1990. In addition, the research findings indicate that levels of confidence in bureaucracy and financial satisfaction levels have an effect on tax morale. According to estimated results, confidence in the government, as well as the importance of religion and national pride, all have a significantly positive effect on tax morale. The results of the study show that governments and policy makers must pay more attention to the tax morale issue in order to increase tax revenues along with tax compliance.

Household agreement and financial satisfaction: a bargaining perspective

ABSTRACT This study investigates the relationship between married individuals’ financial satisfaction and their agreement about the investment of household savings and major life issues. Couples are categorized into two groups: (1) those who agree to share decision-making or assign a primary decision maker and (2) those who disagree. We then test for differences in individual financial satisfaction by female-headed, male-headed, equally shared and households in disagreement. Successful bargaining is expected to result in households that agree on a decision-making arrangement that maximizes financial satisfaction. The results suggest that spouses who agree on a decision-making arrangement when investing in household savings or making major life decisions are more likely to report higher levels of financial satisfaction than those who do not. These results align with the theory that states cooperative bargaining agreements result in higher utility than non-cooperating bargaining agreements.

Relationship between cultural values and well-being: analysis from some East Asian countries

ABSTRACT This paper is an empirical analysis of how culture, specifically tradition, affects well-being, i.e., happiness, life satisfaction, and financial satisfaction, along with socioeconomic factors in East Asia. Ordered probit regression model results show that women have higher happiness and satisfaction levels than men even in Confucian cultures in which men generally receive more favourable conditions than women. Additionally, marital status or the impact of religion had strong and positive effects on happiness and sometimes on life satisfaction but not on financial satisfaction. Interestingly, tradition has a statistically significant and important effect on both life and financial satisfaction. Finally, the results show that individuals who value tradition greater also have higher levels of financial satisfaction.

Work engagement and financial satisfaction: The role of corporate volunteering and age

BACKGROUND: Work engagement and corporate volunteering increasingly draw the attention of researchers and practitioners because they significantly and positively contribute to individual and organizational outcomes. However, it is not clear whether employee age and financial satisfaction contribute to higher levels of employee engagement and volunteering. OBJECTIVE: The aim of this study was to investigate the mediating role of corporate volunteering between financial satisfaction and work engagement, and to explore work engagement and financial satisfaction relations with regard to age and corporate volunteering. METHODS: The study encompassed 1,109 multi-occupational employees of business and public sector in Poland. Work engagement (UWES), corporate volunteering and financial satisfaction measures were applied online. We investigated work engagement, corporate volunteering, and financial satisfaction interaction by means of two-way analysis of variance (ANOVA) and straightforward mediation analysis using PROCESS. RESULTS: Our results indicate the importance of corporate volunteering as a mediator between financial satisfaction and work engagement: employees participating in corporate volunteering had higher levels of financial satisfaction than those not participating. CONCLUSIONS: Firstly, corporate volunteering should be included in job design to increase work engagement; and secondly, organisations should increase employee financial satisfaction to facilitate corporate volunteering.

Implicitly Estimating the Cost of Mental Illness in Australia: A Standard-of-Living Approach.

Estimating the costs of mental illness provides useful policy and managerial information to improve the quality of life of people living with a mental illness and their families. This paper estimates the costs of mental health in Australia using the standard-of-living approach. The cost of mental illness was estimated implicitly using a standard-of-living approach. We analysed data from 16 waves of the Household, Income and Labour Dynamics in Australia Survey (HILDA) using 209,871 observations. Unobserved heterogeneity was mitigated using an extended random-effects estimator. The equivalised disposable income of people with mental illness, measured by a self-reported mental health condition, needs to be 50% higher to achieve a similar living standard to those without a mental illness. The cost estimates vary considerably with measures of mental illness and standard of living. An alternative measure of mental illness using the first quintile of the SF-36 mental health score distribution resulted in an increase of estimated costs to 80% equivalised disposable income. People with mental illness need to increase equivalised disposable income, which includes existing financial supports, by 50-80% to achieve a similar level of financial satisfaction to those without a mental illness. The cost estimate can be substantially higher if the overall life satisfaction is used to proxy for standard of living.