Personal Financial Well-being Research Articles

Analysis of the characteristic features of psychosocial adaptation of patients with coronary heart disease to chronic heart failure

BACKGROUND: Psychosocial risk factors influence the development and progression of chronic heart failure. Early identification and correction of psychosocial risk factors can reduce their negative impact on the severity of heart failure. AIM: To determine a set of clinical characteristics, socio-demographic indicators, personal and psychological characteristics of patients with coronary heart disease depending on the level of psychosocial adaptation to chronic heart failure. MATERIAL AND METHODS: The study involved 120 patients with coronary heart disease and chronic heart failure. The “Questionnaire for assessing psychosocial adaptation of patients with coronary heart disease to chronic heart failure” developed by the authors was used. Based on the testing results, patients were divided into three groups: adapted, conditionally adapted and maladapted. The first group included 40 patients, the second — 65, and the third — 15. The severity of the clinical course of heart failure, adherence to therapy and the presence of comorbid pathology were assessed. The characteristics of personal response, the severity of neurotic states, a tendency toward type D personality, quality of life, level of social support, and cognitive functions were studied. The socio-demographic characteristics of the patients (age, gender, level of education, position held, level of earnings, nature of alcohol consumption) were analyzed. Statistical and correlation data analysis was performed using the statistical computing environment R 4.2.1. The critical level of significance was considered to be p=0.05. RESULTS: The severity of heart failure decreased (τ=0.38, 95% confidence interval 0.25–0.50, p 0.0001); indicators of left ventricular ejection fraction (ρ=–0.46, 95% confidence interval from –0.59 to –0.30, p 0.0001) and quality of life (ρ=0.63, 95% confidence interval 0.51–0.73, p 0.0001) increased as the level of psychosocial adaptation increased. Adapted and maladapted patients differed in age (p=0.0411), level of education (p=0.0179), position (p=0.0217), personal (p 0.0001) and family (p=0.015) financial well-being, characteristics of personal response, severity of neurotic disorders, as well as the level of social support (p 0.05), adherence to treatment (p=0.0004). Type D personality was registered in 100% of maladapted patients. Adapted patients had higher values of cognitive functions (26.5±4.2 points) and lower comorbidity index scores (5.8±2.7 points) than maladapted patients (23.6±2.3 points, p=0.003; 8.7±3.6 points, p=0.0033). CONCLUSION: Differences in the severity of the clinical course of the disease, socio-demographic characteristics, personal and psychological characteristics of patients with coronary heart disease were found as the level of psychosocial adaptation to heart failure decreased.

Impact of Financial Education on Financial Wellness During COVID-19

The study intentions to examine the result of getting financial education through the workshop on the financial wellness of people during the COVID-19. Primary data are collected from the participants of a Financial Education workshop in India. The study contained 996 respondents for research using the Personal Financial Well-Being Scale (PFWS) questionnaire from the respondents before and after participating in the workshop. Using Hayes’ macro process model and SPSS, the study tested mediation (financial behavior) and moderation (financial education). All the independent variables were encouraging effect on financial wellness by taking the financial behavior and participation of the respondent as the mediator and moderator variables. The independent variables of subjective aspects such as financial stress, situation, and condition have a more significant effect on financial wellness. This study indicates that policymakers and financial regulatory institutions should improve FE to improve financial behavior and wellness during a crisis for individual and economic well-being.

Persepsi Mahasiswa Mengenai Manajemen Keuangan Pribadi Dalam Menghadapi Ancaman Resesi Ekonomi Di Indonesia

The COVID-19 pandemic has triggered the threat economic recession in Indonesia. This condition was strengthened by the increasing number unemployed and soaring prices basic goods and fuel oil. Economic growth in Indonesia is expected to show positive numbers periodically every quarter. However, people still have to be vigilant and prepare to face the threat economic recession. Including one of them, namely students in managing finances wisely and efficiently. The purpose of this research was to determine student perceptions of personal financial management in facing the threat economic recession in Indonesia. This research method is descriptive qualitative which focuses on three indicators, namely budget preparation, emergency fund preparation, and savings measures. The population in this study were students Faculty of Economics and Business, Universitas Budi Luhur with sample 265 respondents who were taken using a purposive sampling technique. Analysis the data used in this study to measure student perceptions using score interpretation categories. The results of the study show that the budget preparation indicator is in the low category. The emergency fund preparation indicator is in the medium category. And for the indicator for saving action, it is in the low category. So that there is a low perception of students in preparing a budget, and they understand enough about the importance of emergency funds, but have not been able to take savings measures in the face threat of an economic recession in Indonesia. Suggestion the students as millennial generation can improve their financial literacy by getting used to making budgets and routines saving to achieve personal financial well-being. Keywords: Perception Student, Personal Financial Management, Recession Threat.

Personal Financial Well-being of Family Medicine Residents and Residency Curricula: A CERA Study.

Personal financial wellness is a milestone in graduate medical education. Prior surveys addressing financial wellness have not included family medicine (FM) residents and to date, no literature has explored the relationship between perceived financial well-being and personal finance curriculum in residency. Our study aimed to measure the financial well-being of residents and its association with the delivery of financial curricula in residency and other demographics. Our survey was included in the Council of Academic Family Medicine Educational Research Alliance (CERA) omnibus survey sent to 5,000 FM residents. We use the Consumer Financial Protection Bureau (CFPB) financial well-being guide and scale to measure financial well-being and categorize into low, medium, and high ranges. Two hundred sixty-six residents (response rate of 5.32%) responded with a mean financial well-being score of 55.7 (SD 12.1), in the medium score range. Financial well-being was positively associated with any form of personal financial curricula in residency, year in residency, income and citizenship. Most residents 204 (79.1%) agreed/strongly agreed that personal financial curricula are important to their education, and 53 (20.7%) never received personal financial curricula. Personal financial well-being scores of family medicine residents are considered medium per the CFPB ranges we assigned. We find a positive and significant association with the presence of personal financial curricula in residency. Future studies should evaluate the effectiveness of different formats of personal finance curriculum in residency on financial well-being.

Substance Use Disorder in Punjab: Patterns, Challenges, and Implications

Various government agencies like the National Drug Dependence Treatment and Rehabilitation Programme (NDDTRO) in India and the United Nations Office on Drugs and Crime (UNODC) have reported that Punjab has a significant problem with substance abuse. This means that many people in Punjab struggle with addiction to drugs and alcohol. To better understand this issue, the present study aims to find out which substances are most commonly used in Punjab, what physical, social, and psychological effects these substances have on people, and why people in Punjab use these substances in the first place. Total a number of 52 participants who shared their insights on the issues mentioned earlier. The results revealed that substance use has a significant impact on a person’s personal life, career, and financial well-being. Additionally, a majority of participants identified ‘peer pressure’ as one of the primary reasons for initially turning to substance use. The study contributes to the existing knowledge in this direction by shedding light on the specific substances and reasons for their use in a region that is known for its high prevalence.

Crisis management: personal financial well-being and public attitudes toward government intervention

PurposeCrises precipitate strong fiscal responses by government – sometimes toward austerity, other times toward renewed social spending. This variation in approaches to crisis handling has the potential to highlight factors that drive public opinion toward government interventions that may be quite different from those in non-crisis times. This study aims to discuss the aforementioned issues.Design/methodology/approachThis article brings together theories of government policymaking in crises, policy responsiveness and economic voting to assess how personal financial (egocentric) concerns and/or national financial (sociotropic) concerns may influence opinions toward government handling of direct financial supports in a crisis and, more generally, opinions toward social policy interventions. The authors assess this dynamic in the Canadian context using original national survey data collected in the initial stage of the pandemic-based crisis in June and July of 2020 (N = 1290).FindingsThe authors find strong evidence in support of sociotropic concerns shaping government approval and support for greater social policy interventions, but limited evidence to support egocentric concerns, suggesting that social policy attitudes may be more insulated from personal factors than anticipated.Research limitations/implicationsThe authors’ findings suggest that crises may prompt enhanced support for interventionist social policy measures that may lack broad-based support in non-crisis times.Originality/valueThe authors’ findings speak to the ongoing discussion around the possibility for crises to function as policy windows for enhanced social spending and for entrenching targeted financial supports for vulnerable individuals.

Interdisciplinary integration as a means of university students’ financial literacy improvement

Currently, much attention is paid to the improvement of financial literacy in the Russian Federation. In modern conditions, financial literacy can be improved on the basis of the idea of interdisciplinary integration. One of the content and procedural characteristics of the educational potential of interdisciplinary integration is to increase the level of practice orientation of the educational process. The purpose of this study is to identify the possibilities of using interdisciplinary integration for university students financial literacy improvement by solving practice-oriented tasks. The educational course Physics has a special practical benefit when using such integration. The paper presents an example of a practice-oriented task that implements the principle of interdisciplinary integration. In the proposed problem, the content part is related to the course of general physics, mathematics provides the process of building a model and solving the problem in the language of the model. The following points are given: the statement of the problem, recommendations for the solution, the main characteristics of the problem and its solutions. The evaluation of the results obtained in the task and the choice of the most optimal solution contribute to the improvement of financial literacy and positive financial behavior. The task in question illustrates that solving physical problems associated with a certain kind of economic situations is a necessary condition for personal financial well-being. The results of the study can be used in the educational process of higher education organizations.

DIGITAL FINANCIAL LITERACY AND PERSONAL FINANCIAL HEALTH DURING THE COVID-19 PANDEMIC

Abstrak: This study aims to analyze the effect of digital financial literacy on personal financial health during the Covid-19 Pandemic in Indonesia. Data were collected through online survey by distributing questionnaires to respondents and received 463 responses in return. SPSS was used to analyse the data. The result depicts digital financial literacy has significant effect on personal financial health. In other words, the more literate someone in digital finance then the better their personal financial wellbeing. Therefore, it is important to have digital financial knowledge to improve personal financial health during the Covid-19 pandemic especially in the era of digitalization and technology that can disrupt a person's financial situation.
 
 Keywords:digital financial literacy, personal financial helath, Covid-19 pandemic

A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030

This study presents systematic literature review (SLR) of financial well-being which is crucial for attaining several key UN Sustainable Development Goals 2030 (SDG 1, 3, 10 and 16). After applying the criteria of selection, the study included 133 publications from 79 high-impact journals, using Web of Science (WoS) Core Collection database. Unlike previous studies, the study contributes to the existing body of knowledge by conducting systematic review of financial well-being literature from a holistic perspective and presenting the most recent and up-to-date research findings in the area. VOSviewer, a software tool was used to create bibliometric networks. The results of this systematic review study suggested the following conclusions: (a) financial well-being is a dynamic and multidimensional construct; (b) studies studying antecedents of financial well-being are far more in number than consequences; (c) majority of the previous studies are based on quantitative research methods (112), that is, secondary data research (75); (d) financial well-being has been mostly quantified using subjective measures; (e) the previous studies seems to be dominated by developed countries like the USA, Canada, Germany, and, England posing several limitations in practice; (f) Financial well-being was mostly studied with ‘poverty’, ‘behavior’, ‘income’, ‘health’ and ‘growth’. Limitations and future research directions of the current study are discussed.

More Prosocial, More Ephemeral? Exploring the Formation of a Social Entrepreneur's Exit Intention via Life Satisfaction.

This study was designed to test if satisfaction with health and personal financial wellbeing mediates the relationship between prosocial motivations and exit intentions among social entrepreneurs. Using a sample of 317 social entrepreneurs, the partial least square structural equation modeling (PLS-SEM) revealed that prosocial motivation decreased the financial satisfaction of entrepreneurs, which increased their exit intentions. However, health satisfaction did not have a mediating effect on the relationship between prosocial motivation and exit intention. Moreover, adopting the multi-group analysis (MGA) technique, we found that the negative impact of prosocial motivation on financial satisfaction was stronger for males than for females, suggesting male entrepreneurs were more likely to experience lower financial satisfaction caused by prosocial motivation than female entrepreneurs. There was no evidence that gender moderated the relationship between prosocial motivation and health satisfaction.

Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory

The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory (BBT) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial well-being. Using a convenience sample of 993 U.S. adults, emotions were found to explain the variation in family financial well-being, measured by income and net worth, of U.S. households beyond demographic variables. More specifically, feelings of contentment, love, anger, anxiety, and loneliness were found to be associated with financial well-being. Results suggest that policymakers, financial professionals, and academics should collect more data on the emotions of individuals to help explain the variation in the financial well-being of U.S. households. Results also provide evidence in support of the financial counseling industry’s efforts to incorporate emotions as an important variable when modeling family financial well-being.

Strategies for enhancing financial literacy in Indonesia

This study provides a comprehensive analysis of financial literacy in Indonesia, identifying critical challenges and exploring effective strategies to improve financial education across the nation. Despite the growing importance of financial literacy in today's economic landscape, Indonesia faces lower rates of financial knowledge compared to global averages, with significant disparities across different demographic groups. Through a literature review approach, this research examines the current state of financial literacy, evaluates the effectiveness of existing educational programs, and proposes innovative solutions to bridge the knowledge gap. The findings highlight the potential of integrating financial education into national curricula and leveraging digital technologies to expand access to financial learning resources. Moreover, the study emphasizes the need for collaborative efforts among government bodies, educational institutions, and private sectors to develop tailored and inclusive financial literacy initiatives. By addressing these challenges, Indonesia can foster economic empowerment, enhance personal financial well-being, and contribute to sustainable economic development. This paper contributes to the ongoing dialogue on financial education and serves as a foundation for policymakers, educators, and researchers aiming to promote financial literacy as a cornerstone of societal progress.

Personal Financial Management Practices and Demographic Factors on Financial Wellbeing of Medical Doctors Employed in Public Hospitals Nairobi County, Kenya

Financial wellbeing is very important in both a personal and organizational level. Medical doctors are among the well-remunerated workers in Kenya. However, according to Kenya Medical Association 2017 financial information, it indicates that 70% of medical doctors employed under public hospitals in Nairobi City County Kenya are struggling financially. This study sought to determine the impact of financial knowledge on financial wellbeing of medical doctors employed in public hospitals Nairobi County, to determine the effect of demographic factors on financial wellbeing of medical doctors working in public hospitals Nairobi City County, to establish the effect of financial disposition and budgeting habits on financial wellbeing of medical doctors employed in public hospitals Nairobi County, to find out the effect of financial saving behavior on financial wellbeing of medical doctors employed in public hospitals Nairobi County and to define the moderating effect of economic condition on the association between personal financial management and financial wellbeing of medical doctors employed in public hospitals Nairobi County, Kenya. This study was anchored on Keynesian absolute income hypothesis, Prospect theory, Lifecycle savings theory, Permanent income hypothesis, Relative income hypothesis, and Savings and investment hypothesis. This study used descriptive research design and data was collected from a target population of 259 doctors employed by the Nairobi City County government. The Yamane formula was used to obtain the sample size. Primary information assembly was done utilizing a semi-structured survey provided to the specialists through dropping and picking later strategy. Descriptive statistics was used to analyze the gathered information; mean, mode, middle, standard deviation, tables, figures, rates, and frequencies. The relationship between the variables was established by the use of inferential statistics. The knowledge of financial products (b=.354, t = 5.429, P<0.05), financial disposition and budgetary habits (b=.117, t = 2.397, P=.018), and financial saving behavior (b=.110, t = 5.316, P<0.05) had a positive statistically significant association with financial well-being of doctors. A unit increase in personal financial management increased financial wellness by 0.104 (b= .104, t=5.089, P<0.01) and was not moderated by the economic condition of doctors statistically significantly, P=.811. This study concluded that personal financial management was a predictor for financial wellbeing of doctors employed in public hospitals Nairobi City County. Overall, as personal financial management increased, the financial wellbeing increased. The recommendation was that training programs on financial products and diversification of investments are needed for medical doctors at the County level, as a large proportion of medical doctors did not own financial products nor attended training on personal financial management.

Personal control and financial well-being among the elderly: Moderating role of the big five

The increasing financial worry among retirees is a major concern for the government. To address this concern, we examine the linkage between a sense of personal control and financial well-being among the elderly during COVID-19 using nationally representative data of 934 respondents. Based on personal control theory, we find a positive relationship between personal control and financial well-being. We also investigate whether the big five personality traits moderate the given relationship and find that openness to experience and conscientiousness positively, whereas neuroticism negatively moderates this linkage. The implications for the theory and practice are discussed.

Financial stress in emerging adults with type 1 diabetes in the United States.

To describe the relationships among financial stress factors (perceived stress, financial stress, and financial independence) and psychological factors (depressive symptoms, trait anxiety, and diabetes distress) on self-management outcomes (HbA1c and diabetes-related quality of life) in emerging adults with type 1 diabetes. A descriptive, correlational, cross-sectional study examined 413 emerging adults, ages 18-25, from the Type 1 Diabetes Exchange Clinic Registry. Data were collected via REDCap surveys using the Personal Financial Well-Being Scale, Willingness to Pay Scale, Financial Independence Visual Analog Scale, Center for Epidemiological Studies-Depression Inventory, State-Trait Anxiety Inventory, The Type 1 Diabetes Distress Scale, and Diabetes Quality of Life Measure. Hierarchical Multiple Regression analyses explored significant barriers to self-management outcomes. Hierarchical Multiple Regression analyses revealed that 20.6% of variance in HbA1c (F=15.555, p < 0.001) was explained by greater financial stress (β=-0.197, p < 0.001), willingness to pay (β=-0.220, p < 0.001), disease duration (β=0.119, p=0.014), and diabetes distress (β=0.181, p < 0.001); 64.5% of the variance in diabetes-related quality of life (F=148.469, p < 0.001) was significantly explained by greater financial stress (β=-0.112, p=0.002), diabetes distress (β=0.512, p < 0.001), trait anxiety (β=0.183, p=0.001) and depressive symptoms (β=0.162, p=0.001). Greater financial stress and psychological factors have detrimental impacts on self-management outcomes during emerging adulthood. Diabetes providers need to identify and address these factors in routine care and advocate for policy changes to support improved self-management outcomes.

Personal Financial Well-Being as Determinant to Work Performance among Members of 93 Royal Signals Regiment

The core aspect of military organisation is highly discipline personnel due to the nature of duties which lives are at stake. Poor discipline demonstrated in performing duties not only affect the image of the military organisation, but also the faith of the people to the organisation. Disciplinary cases among military personnel often associated with the individual financial state. The purpose of this research is to determine the relationship between financial well-being of members of 93 Royal Signals Regiment with work performance. Three factors which are Financial Literacy, Financial Behaviour and Financial Stress are selected to determine influence towards the work performance. Self administered stuctured questionnaires were disseminated and 147 responses collected for the data analysis.The finding signifies that there are moderate and insignificant corellation between personal financial well-being with the work performance among the members of 93 Royal Signals Regiment. The outcome of the research shall facilitate human resources strategic planning at the decision making level to address issues concerning personal financial which affecting the morale and subsequently affecting the work performance.

Does a sense of personal control increase financial well-being?

We examine the linkage between a sense of personal control and financial well-being among the elderly during COVID-19 using nationally representative data. Further, we investigate whether the big five personality traits alter this linkage. We find a positive relationship between personal control and financial well-being. Further, this linkage is stronger for individuals having high openness to experience and conscientiousness. Interestingly, we find a negative relationship between personal control and financial well-being among individuals having high neuroticism trait. The implications for the theory and practice are discussed.

FINANCIAL LITERACY AS THE BASIS OF THE CULTURE OF UKRAINE’S POPULATION

It has been noted that the modern development of the financial sphere of Ukraine is one of the priorities of the state administration agencies. Economic awareness of the population leads to a decrease in unemployment, stability of the national currency and the formation of a new economic culture of the population, which requires, above all, an adequate level of the financial literacy.&#x0D; It has been concluded that the functioning of all spheres of society is not possible without the use of the financial information, application of financial knowledge. Financial awareness helps to understand key financial concepts and use them to make decisions about income, expenses and savings, to choose the proper financial instruments, to plan the budget, to accumulate funds for future goals.&#x0D; Existing scientific approaches have been studied and the authors have offered own definition of the concept of «financial literacy», which means awareness, knowledge, skills, attitudes (life guides) and behavior, which allow to make sound financial decisions for achieving personal financial well-being, as well as financial activity of every citizen of the state to ensure social stability in society.&#x0D; The authors have distinguished a number of factors that affect the financial literacy of the population and they include: ignorance in the financial sphere; ignorance of how financial institutions of the state operate and their advantages; distrust to financial institutions and financial organizations; inability to distribute income and expenses; fear of starting own business.&#x0D; It has been noted that increasing the level of the financial literacy of Ukrainian citizens will enhance their ability to exercise effective financial control over the use of their own financial resources and to make sound financial decisions, and in our opinion, would become an integral element of the financial culture of society.&#x0D; It has been substantiated that there is no agency in Ukraine responsible for the implementation of the state policy in the field of the financial literacy of the population, which would develop, implement the National Program for raising the level of financial literacy of the population, and would also monitor the situation on this issue in Ukraine.&#x0D; Perspective research areas are the study of the effectiveness of teaching the discipline «Financial Literacy» in general secondary schools.

СТРАХОВА ГРАМОТНІСТЬ НАСЕЛЕННЯ ЯК КЛЮЧОВА УМОВА РОЗВИТКУ СТРАХОВОГО РИНКУ

In the conditions where economic entities are increasingly taking responsibility for personal security and financial well-being, special attention should be paid to improving financial literacy in insurance. The importance of improving insur-ance literacy of the population is also due to the need to raise the level of culture of all participants in insurance relations, which will ultimately increase the efficiency of the insurance institution and economy of the country. Therefore, increasinginsurance literacy of the population is one of the key objectives at the present stage of the insurance market development and requires a comprehensive study. Within the article it is stated that the purpose of the study is to reveal the essence and importance of insurance literacy to ensure the population and justify the need to increase it in modern conditions. In the article, the essence and the content of financial literacy as an important condition for economic development is revealed. It is established that insurance literacy is an important component of financial literacy, which is based on a set of knowledge about insurance, skills and abilities that shape the attitude and appropriate pattern of the people’s behavior in the insurance market. Within the article, the author’s approach to the classification of insurance literacy based on which you can develop a model of behavior of insurance entities in choosing the insurer and insurance services, in the process of servicing the insur-ance contract and in the event of an insured event is revealed. The main features of the classification are the following ones: subjects of insurance, stages of the implementation of insurance services, presence of the invest component, objects of insur-ance, form of insurance, and type of danger. It is found within the study that improving insurance literacy has a positive impact on policyholders, insurers, and the level of economic development in general. Based on the definition of benefits for all subjects of insurance relations, the need to increase financial literacy in modern conditions is justified. In the article, the factors that influence the increase in interest in improving financial literacy, or conversely, constrainit are considered.

Analysing personal financial wellness amongst employees of a South African tertiary institution

The financial health of employees is increasingly becoming important in many organisations. Personal financial wellness not only contributes to the overall well-being of employees but also affects their job productivity. Thus, employers need the necessary knowledge to evaluate and address employees’ personal financial wellness levels effectively. The main objective of this study was to analyse the level of personal financial wellness amongst employees at a South African tertiary institution and gain insight which employers can use in addressing the needs of their staff with regard to personal finances. The study followed a cross-sectional design. Primary data were collected using a self-administered questionnaire from 60 attendees of a personal finance workshop, using the validated Personal Finance Well-being Scale. Practically visible to practically significant correlations were found between the number of years employed, income tax percentage paid on income earned, age, number of years being a homeowner and personal financial well-being, respectively. There were also practically non-significant correlations between general health levels, highest qualification, the number of children living in a household, number of children or other financially responsible adults and personal financial well-being. Employees’ sources of advice also seemed to influence their financial well-being. Respondents indicated that they experienced high financial stress to overwhelming stress and were dissatisfied with their current financial situation. It is also the first study to determine the level of financial wellness amongst a group of employees in the higher education sector using the Personal Finance Well-being Scale and only the third study that was found to use this scale amongst employees. This should enable employers to better support their employees.