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PurposeThe authors seek (1) to identify the profiles of subjective financial well-being (SFWB) of bank customers before and during the coronavirus disease 2019 (COVID-19) pandemic, (2) to analyze the transition to profiles of lower SFWB during the pandemic and (3) to identify the factors driving such transitions.Design/methodology/approachThe authors surveyed five countries during 2019 and 2020 to measure SFWB. The authors applied latent class analysis (LCA) to identify profiles of bank customers according to a mix of SFWB indicators in pre-pandemic times (Study 1). The authors validated the profiles during the pandemic and identified the SFWB dimensions that deteriorated during the crisis (Study 2). Finally, the authors applied latent transition analysis (LTA) to explore transitions to profiles of lower SFWB and identify the drivers.FindingsThe authors identified three profiles of customers in pre- and post-pandemic periods for four dimensions of SFWB: control over finances, capacity to absorb financial shocks, ability to track financial goals and financial freedom. Gender, age, trust in banks and bank-supporting policies were related to transitions across profiles of SFWB during the pandemic. These relationships are contingent upon contextual country-related variables.Research limitations/implicationsBanks and policymakers should reduce customers' exposure to the pandemic's long-lasting adverse effects on SFWB and should identify and control the multiplier role that contextual variables play.Originality/valueExtant literature has not fully identified the dimensions of SFWB that changed due to the COVID-19 pandemic. The authors narrow this gap by identifying three SFWB profiles of customers, analyzing the patterns of SFWB change and connecting these changes to individual, provider and contextual factors.
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Based on an online cross-sectional survey, this study aimed to evaluate the role of the coronavirus disease 2019 (COVID-19) pandemic and economy-related factors in post-traumatic stress symptoms (PTSSs) and sleep in a sample of the general Lebanese population using the post-traumatic stress disorder checklist. The online survey was conducted between May 10, and May 20, 2020, and 502 Lebanese adults who have access to the internet were enrolled. Results highlighted that positive correlates of PTSS were fear of COVID-19, female gender, and waterpipe smoking;negative correlates were higher family satisfaction, higher financial wellness, older age, having access to healthcare, and never having to work. When including insomnia as an independent variable to explain PTSS, the model did not substantially change. Positive correlates of insomnia included fear of poverty, fear of COVID-19, violence at home, the number of dependent children, having a job, and having a chronic disease. Conversely, higher family satisfaction and financial wellness were associated with lower likelihood of insomnia. When entering PTSS, insomnia remained positively associated with fear of poverty, PTSS, and violence at home. However, fear of COVID-19 was no longer associated with insomnia. We concluded that both the fear of COVID-19 and the economic crisis are correlated with PTSS and insomnia. © 2023 Author(s).
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PURPOSE: The COVID-19 pandemic has brought significant distress on not only the physical health but also mental health of individuals. The present study investigated the direct and indirect effects from COVID-19 distress to suicidality via psychosocial and financial well-being among young people. METHODS: This cross-sectional survey recruited 1472 Hong Kong young people via random sampling in 2021. The respondents completed a phone survey on COVID-19 distress, the four-item Patient Health Questionnaire and items on social well-being, financial well-being, and suicidality. Structural equation modeling (SEM) was conducted to examine the direct and indirect effects of COVID-19 distress on suicidality via psychosocial and financial well-being. RESULTS: The direct effect of COVID-19 distress on suicidality was not significant (ß = 0.022, 95% CI - 0.097-0.156). The total indirect effect from COVID-19 distress to suicidality was significant and positive (αßγ = 0.150, 95% CI = 0.085-0.245) and accounted for 87% of the total effect (B = 0.172, 95% CI = 0.043-0.341). There were significant specific indirect effects via social well-being and psychological distress, and financial well-being and psychological distress. CONCLUSION: The present findings support different pathways from COVID-19 distress to suicidality via functioning in different domains among young people in Hong Kong. Measures are needed to ameliorate the impact on their social and financial well-being to reduce their psychological distress and suicidality.
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The high cost of living and prolonged lockdowns due to the COVID-19 pandemic made the financial well-being of individuals vulnerable, especially young adults. This paper examines the impact of financial behaviour on financial well-being (FWB) among young Malaysians during the COVID-19 pandemic. The study collected variable data on financial literacy, financial behaviour, financial socialisation, self-control, financial technology and FWB. To collect a representative sample of Malaysian young adults, a multi-stage random sampling method was used, and 360 young adults aged 18-29 years old completed the questionnaires. Structural equation modelling was adopted to investigate the factors influencing young adults' FWB. The empirical findings revealed a significant mediating effect of financial behaviour in the relationships between financial literacy, financial socialisation, self-control, financial technology, and FWB. The research concluded that the mediation analysis yields a clear and firm conclusion that financial behaviour is important in empowering young adults' FWB. Thus, the present study adds value to the existing literature on the relationship between financial behaviour and FWB. Furthermore, the paper's findings will assist government agencies and non-governmental organisations in developing outreach programmes for young adults per the strategies outlined in the Twelfth Malaysia Plan and the aspirations pledged in the Malaysian Youth Policy 2015-2035.
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The Great Recession and the unfolding COVID-19 Pandemic Recession-two major disruptions to the economy that occurred just one decade apart-unequivocally confirm the importance of the economy and economic environments for understanding families' financial stress and well-being. However, recent published literature places too little emphasis on the economy and economic environments and instead focuses on explanations rooted within individuals and families. In this article, we review research on families' financial stress and well-being published in JFEI between 2010 and 2019, which analyzed data collected during the Great Recession and were subsequently published in the shadow of the economic downturn. We discuss the economy and economic environments as gaps in the literature and encourage future research to focus on these explanations of stress and well-being, especially in response to the pandemic recession.
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Background: Rapid, strategic action is required to mitigate the negative and unequal impact of the coronavirus disease 2019 (COVID-19) pandemic on the financial well-being (FWB) of global populations. Personal financial strain (FS) worsened most significantly among systematically excluded groups. Targeted government-and community-led initiatives are needed to address these inequities. The purpose of this applied research was to identify what works for whom, under what conditions, and why in relation to community and government initiatives that promote personal and household FWB and/or address FS in high-income economies. Methods: We employed a critical realist analysis to literature that reported on FWB/FS initiatives in high-income countries. This included initiatives introduced in response to the pandemic as well as those that began prior to the pandemic. We included sources based on a rapid review. We coded academic, published literature (n = 39) and practice-based (n = 36) reports abductively to uncover generative mechanisms – ie, underlying, foundational factors related to community or government initiatives that either constrained and/or enabled FWB and FS. Results: We identified two generative mechanisms: (1) neoliberal ideology;and (2) social equity ideology. A third mechanism, social location (eg, characteristics of identity, location of residence), cut across the two ideologies and demonstrated for whom the initiatives worked (or did not) in what circumstances. Neoliberal ideology (ie, individual responsibility) dominated initiative designs, which limited the positive impact on FS. This was particularly true for people who occupied systematically excluded social locations (eg, low-income young mothers). Social equity-based initiatives were less common within the literature, yet mostly had a positive impact on FWB and produced equitable outcomes. Conclusion: Equity-centric initiatives are required to improve FWB and reduce FS among systemically excluded and marginalized groups. These findings are of relevance now as nations strive for financial recovery in the face of the ongoing global pandemic. © 2023 The Author(s);Published by Kerman University of Medical Sciences.
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The COVID-19 pandemic has forced almost all countries in the world to implement lockdowns. The impact of the COVID-19 pandemic is work from home. This study examines employee preferences and organizational support directly and indirectly through virtual teamwork communication on employee task performance and Financial Well-being. This study used the descriptive qualitative method. The study involved 156 employees working in education, telecommunications, transportation and health in South Kalimantan, Indonesia. Sampling was carried out randomly among employees in the research department. The reliability of the research tool is above the acceptable level with Cronbach's alpha above 0.70. The data analysis used is path analysis. The results showed that employee preferences and organizational support had a direct effect on Financial Well-being and task performance. Virtual team communication can mediate influence in enhancing the relationship between employee preferences and organizational support. The research implication shows that well-functioning virtual team communication can contribute to improved work performance as well as Financial Well-being. Therefore, collaborative support is needed, both individual and organizational support. © 2022 Institute of Society Transformation. All rights reserved.
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Amidst declining trends of Indian macroeconomic indicators during COVID-19 period, certain indicators, which can be takes as proxies of investors' behaviour, sentiments and biases, were discerned in Indian securities markets. The study provides significant insight into sentiments and biases of a particular segment of retail investors trading in uncertain times of COVID-19, whose investment behaviour may have serious impact on their financial well-being in the long-term. This exploratory-descriptive study uses data collected by various regulators and government sources in India and abroad to evaluate the behaviour of investors in the backdrop of macroeconomic trends during COVID-19. After analysing the trends of investor participation, trading behaviour and general sentiment in the Indian capital markets and evaluating the implications of these investor-related behaviours on the financial well-being of individual investors, a comprehensive and segmented approach of financial literacy has been recommended to safeguard financial well-being of investors.
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Purpose: The COVID-19 pandemic has caused hundreds of thousands of people to suffer severe illness or die and has had severe effects on individuals' financial well-being as well. Unfortunately, it is very likely that the pandemic has had a disproportionate effect, particularly on vulnerable and underserved groups, including immigrants in the USA. This study aims to examine the association between perceived health risk and perceived financial risk attributable to COVID-19, and focuses on their heterogeneous effects depending upon immigrant status. Design/methodology/approach: The study used the Understanding America Study (UAS) COVID-19 National Survey data collected from April 2020 to July 2021. Sets of ordinary least squares (OLS) regression and fixed effects regression analyses were conducted on the perceived risk COVID-19 poses on households' finances. The main focal variables of interest were immigrant status and perceived risk of COVID-19 infection and death. Findings: The results showed that the correlation between health risk and perceived financial risk was much higher among first- and second-generation immigrants. Surprisingly, various types of government aid did not have a consistent and significant effect on the recipients' perception of the risk that COVID-19 poses to their household finances. Originality/value: This study is one of the few attempts to empirically examine the association between perceived health risk and financial risk during the COVID-19 pandemic by focusing on the heterogeneity by immigrant status. The authors used an appropriate methodology that considered the panel structure of the UAS COVID-19 National Survey's data. The study provides important implications for researchers and policymakers related to immigrants' financial well-being. © 2023, Emerald Publishing Limited.
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OBJECTIVES: To study the impact of a financial education program on financial well-being among college students. PARTICIPANTS: 162 students at a university. METHODS: We designed a digital educational intervention to improve money management practices and financial well-being among college students, where we delivered weekly nudges for three months via mobile phone and email to review and complete activities from the online platform CashCourse. We evaluated our intervention using a randomized controlled trial (RCT), and the outcome variables of interest were the financial self-efficacy scale (FSES) and financial health score (FHS). RESULTS: Using a difference-in-difference regression analysis we found that students in the treatment group were significantly more likely to pay their bills on time after the intervention compared to the control group. Students who had higher than median financial self-efficacy level reported lower stress levels related to COVID-19. CONCLUSIONS: Digital education programs for college students to improve financial knowledge and behavior could be one strategy, among others, to improve financial self-efficacy particularly among females and help mitigate the adverse impact from unexpected financial hardships.
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Due to the sexual nature of their work, strip club dancers have long been subject to marginalization and occupational stigma. During the coronavirus disease (COVID-19) pandemic, dancers faced unique stressors due to their status as contract workers within the stigmatized commercial sex/adult entertainment industry, and these stressors have likely impacted their financial, occupational, and emotional well-being. We surveyed 102 strip club dancers across 35 U.S. states and Puerto Rico to examine how their well-being has been impacted by the COVID-19 pandemic and to guide recommendations for policy reform. Findings revealed that during the pandemic, dancers experienced occupational stigmatization, structural and systematic exclusion from financial support during the pandemic, and numerous obstacles in obtaining employment outside of their industry, all of which contributed to reported financial and occupational stress. Furthermore, results demonstrated that strip club dancers experienced significant financial loss, and associated financial concern was associated with poorer mental health outcomes. Structural changes to financial relief packages are necessary for inclusion of strip club dancers, and there is also a clear need for more efforts to decrease discrimination and violence toward strip club dancers generally, including legal recognition of sex workers as laborers. (PsycInfo Database Record (c) 2023 APA, all rights reserved)
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Financial well-being is a key component of quality of life and overall well-being and is likely to affect other aspects of quality of life, such as health and health care. The COVID-19 pandemic presents an immense crisis of financial well-being among low-income entrepreneurs and has left many small-scale entrepreneurs financially fragile. We argue that promoting the financial capability of low-income entrepreneurs is effective in protecting their financial well-being from a crisis. To examine the association between financial capability and the financial well-being of low-income entrepreneurs, we use the 2016 National Financial Well-Being Survey, which provides the latest and comprehensive measurement of financial capability, including financial knowledge, financial skills, and access to financial products and services. Our analyses show that, compared to their higher-income counterparts, low-income entrepreneurs have statistically lower levels of financial well-being, financial knowledge, financial skills, and access to mainstream financial products;they also have a statistically higher risk of using high-fee alternative financial products. In addition, low-income entrepreneurs have larger barriers to accessing mainstream financial products than low-income non-entrepreneurs. The results indicate that financial capability plays a significant role in promoting the financial well-being of low-income entrepreneurs. © 2023 by the authors.
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This paper examines the role of financial stress in explaining the relationship between financial literacy and financial well-being among individuals in the United States. The 2018 FINRA National Financial Capability Study dataset is used for the empirical analyses of this study. The results found that financial literacy was positively associated with financial well-being. The study also found that the association between financial literacy and financial well-being was mediated by perceived financial stress experienced by individuals. Additionally, the results from the moderated mediation model showed that while financial stress mediated the association between financial literacy and financial well-being, the association between financial stress and financial well-being was moderated by financial literacy. Financial education was positively associated with financial literacy in this study. The broader implications of the main findings of this study for individuals' sustainable financial well-being are presented for policymakers, financial educators, and financial counselors and planners.
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Background and purpose: Recent new mutations and increases in transmission of COVID-19 among adolescents and children highlight the importance of identifying which factors influence parental decisions regarding vaccinating their children. The current study aims to explore whether child vulnerability and parents' attitudes toward vaccines mediate the association between perceived financial well-being and vaccine hesitancy among parents. Method: A predictive, cross-sectional, multi-country online questionnaire was administered with a convenience sample of 6,073 parents (Australia, 2,734; Iran, 2,447; China, 523; Turkey, 369). Participants completed the Parent Attitude About Child Vaccines (PACV), the Child Vulnerability Scale (CVS), a Financial Well-being (FWB) measure, and Parental Vaccine Hesitancy (PVH) questionnaire. Results: The current study revealed that perceived financial well-being had significant and negative associations with parents' attitudes toward COVID-19 vaccines and child vulnerability among the Australian sample. Contrary to the Australian findings, results from Chinese participants indicated that financial well-being had significant and positive predictive effects on parent attitudes toward vaccines, child vulnerability, and parental vaccine hesitancy. The results of the Iranian sample revealed that parents' attitudes toward vaccines and child vulnerability significantly and negatively predicted parental vaccine hesitancy. Conclusion: The current study revealed that a parents' perceived financial well-being had a significant and negative relationship with parental attitudes about vaccines and child vulnerability; however, it did not significantly predict parental vaccine hesitancy among Turkish parents as it did for parents in Australia, Iran, and China. Findings of the study have policy implications for how certain countries may tailor their vaccine-related health messages to parents with low financial wellbeing and parents with vulnerable children.
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COVID-19 Vaccines , COVID-19 , Adolescent , Child , Humans , Cross-Sectional Studies , Iran , Vaccination Hesitancy , Australia , ParentsABSTRACT
Continuous changes, such as pandemics and increasing competition, as well as high workload, affect the workplace behavior of hotel organizations today, resulting in employee burnout and intention to quit. The purpose of this research was to investigate the effect of burnout on intention to quit among male hotel employees, integrating the mediating effect of psychological distress and moderating effect of financial well-being. Male employees in four- and five-star hotels in the UAE completed a total of 304 questionnaires. All direct relationships were positive and statistically significant, there was a partial mediating relationship, and only one of the moderating effects was statistically significant. This study found that burnout predicts the intention to quit as well as psychological distress. Psychological distress partially mediates the relationship between burnout and the intention to quit. Financial well-being moderates the relationship between burnout and psychological distress-making this relationship stronger for employees with high-income prospects-but not the relationship between burnout and intention to quit; regardless of the financial well-being of the employee, burnout will lead to the intention to quit their job. Hotel organizations must be aware of the consequences of employee burnout and concentrate on identifying and treating its causes.
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Purpose: This study investigates how the relationship between perceived financial well-being and psychological well-being is influenced by income loss in the context of the adverse economic and social conditions resulting from the Covid-19 pandemic. Method: A survey conducted with 959 Brazilian respondents allowed the research hypotheses to be tested by means of multigroup structural equation models. Originality / Relevance: Individuals who reported having experienced larger income losses also reported lower levels of financial and psychological well-being. Among the predictors of psychological well-being we tested, expected future financial security is the most important. Results: Our findings show that after controlling for gender, age, and income, current money management stress and expected future financial security (the present and future dimensions of perceived financial well-being, respectively), but not financial knowledge, are statistically significant to explain psychological well-being. Theoretical / Methodological contributions: The role of financial knowledge to predict financial well-being is weakened in the presence of the psychological variables investigated, which has important implications for financial education efforts. Banks and other financial institutions can create tools to enhance personal awareness and responsibility over one's financial future. Social / Managerial contributions: Managerial and societal implications include the provision of knowledge that may allow financial education programmes, economic empowerment interventions, and public policies aimed at reducing the negative impact of the perceived financial strain on well-being to be better targeted.
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Purpose: This research aims to study whether there is a relationship between stock influencers and financial well-be-ing on stock market participation. Design/methodology/approach: The research method used in this research is quantitative, with 184 respondents spread over six major islands in Indonesia. The data is processed with SmartPLS 3.0 software. Findings: The study results show a positive and significant influence between stock influencers and financial well-be-ing on stock market participation mediated by intention to invest. However, the direct relationship between stock influencers and financial well-being to stock market participation was found to have no effect. Research limitations/implications: This research contributes to the development of financial studies related to capital market participation in Indonesia which is still very limited. The government needs to pay attention to stock influencers and financial well-being, which can significantly impact stock market participation. Socialization and education programs can be carried out informally in collaboration with influencers and focus on increasing knowledge about stocks and managing personal and household finances. Originality/value: This study adopts variables to capture new phenomena that occurred during the COVID-19 pandemic. © The Author(s).
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Millions of students experienced increased levels of stress and worries about their college pursuits as they were forced to abrupt pivot to online and hybrid learning due to the global pandemic. Drawing from the theory of human needs, this study examined the extent to which COVID-19 influenced the relationship between financial well-being, needs satisfaction, and college persistence among undergraduate college students. Findings suggest financial well-being and needs satisfaction predicted college persistence. We also found that as social belonging (group connection) and self-actualization (academic achievement) increase, college persistence decreases. Both needs satisfaction and financial well-being were important and of critical nature, pre-pandemic, and were amplified for students during the pandemic. Suggestions on how university administrators and faculty can support their students amid crises, such as COVID-19, are provided.
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Background: Rapid, strategic action is required to mitigate the negative and unequal impact of the COVID-19 pandemic on the financial well-being (FWB) of global populations. Personal financial strain (FS) worsened most significantly among systematically excluded groups. Targeted government-and community-led initiatives are needed to address these inequities. The purpose of this applied research was to identify what works for whom, under what conditions, and why in relation to community and government initiatives that promote personal and household FWB and/or address FS in high income economies.Methods: We employed a critical realist analysis to literature that reported on FWB/FS initiatives in high income countries. This included initiatives introduced in response to the pandemic as well as those that began prior to the pandemic. We included sources based on a rapid review. We coded academic, published literature (n=39) and practice-based (n=36) reports abductively to uncover generative mechanisms - i.e., underlying, foundational factors related to community or government initiatives that either constrained and/or enabled FWB and FS.Results: We identified two generative mechanisms: 1. neoliberal ideology;and, 2. social equity ideology. A third mechanism, social location (e.g., characteristics of identity, location of residence), cut across the two ideologies and demonstrated for whom the initiatives worked (or did not) in what circumstances. Neoliberal ideology (i.e., individual responsibility) dominated initiative designs, which limited the positive impact on FS. This was particularly true for people who occupied systematically excluded social locations (e.g., low-income young mothers). Social equity-based initiatives were less common within the literature, yet mostly had a positive impact on FWB and produced equitable outcomes.Conclusion: Equity-centric initiatives are required to improve FWB and reduce FS among systemically excluded and marginalized groups. These findings are of relevance now as nations strive for financial recovery in the face of the ongoing global pandemic.
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In response to the threat posed by coronavirus disease 2019 (COVID-19), the UK prime minister announced on the 23rd of March strict lockdowns and introduced a new way of living and working, at least temporarily. This included working from home (WHF) wherever possible. Many experts from the IT industry were long arguing about the potential for WFH, which suddenly now became indisputable. The objective of this study is to evaluate the impact of WFH on the individuals' perception about their future financial situation and their mental well-being. We apply a difference-in-differences (DiD) framework using data from the UK Household Longitudinal Study (UKHLS) combined with the UKHLS COVID-19 survey conducted in April 2020. Our findings suggest that those who have not experienced a shift from working at the employer's premises to WFH became more concerned about their future financial situation. However, we find that WFH has a negative impact on mental well-being. On the other hand, we find no difference in the mental well-being when we consider those who work from home on occasion. The findings of this study have policy implications for government, firms and health practitioners. In particular, a balance between WFH and at the employer's premises may provide both financial security and maintain the mental and psychological well-being at satisfying levels.