Perceived financial well-being as antecedent of psychological well-being: evidence from Brazil

Autores/as

DOI:

https://doi.org/10.5585/remark.v21i5.21579

Palabras clave:

Consumer behaviour, Financial knowledge, Financial well-being, Income loss, Macromarketing, Psychological well-being, Resource scarcity

Resumen

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.

Descargas

Los datos de descargas todavía no están disponibles.

Biografía del autor/a

Mateus Canniatti Ponchio, Fundação Getulio Vargas, Sao Paulo School of Business Administration – FGV-EAESP

Ph.D

 

 

Simoni Fernanda Rohden, Marketing School for Business – IPAM

Ph.D

 

Frederike Budiner Mette, Higher School of Advertising and Marketing – ESPM

Ph.D.

Citas

Achtziger, A., Hubert, M., Kenning, P., Raab, G., & Reisch, L. (2015). Debt out of control: The links between self-control, compulsive buying, and real debts. Journal of Economic Psychology, 49, 141–149. https://doi.org/10.1016/j.joep.2015.04.003

Bearden, W. O., & Wilder, R. P. (2007). Household life-cycle effects on consumer wealth for the recently retired. Journal of Macromarketing, 27(4), 389–403. https://doi.org/10.1177/0276146707307142

Boyce, C. J., Wood, A. M., Banks, J., Clark, A. E., & Brown, G. D. A. (2013). Money, well-being, and loss aversion: Does an income loss have a greater effect on well-being than an equivalent income gain? Psychological Science, 24(12), 2557–2562. https://doi.org/10.1177/0956797613496436

Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228–237. https://doi.org/10.1016/j.jbusres.2017.03.013

Campbell, M. C., Inman, J. J., Kirmani, A., & Price, L. L. (2020). In times of trouble: A framework for understanding consumers’ responses to threats. Journal of Consumer Research, 47(3), 311–326. https://doi.org/10.1093/jcr/ucaa036

Chen, F. F. (2007). Sensitivity of goodness of fit indexes to lack of measurement invariance. Structural Equation Modeling, 14(3), 464–504. https://doi.org/10.1080/10705510701301834

Cohen, J. (1992). A power primer. Psychological Bulletin, 112(1), 155–159. https://doi.org/10.1037/0033-2909.112.1.155

Cordeiro, R. A., Wong, N., & Ponchio, M. C. (2019). A gift economy perspective on the cycle of financial vulnerability. Journal of Macromarketing, 39(1), 25–36. https://doi.org/10.1177/0276146718808569

D’Ambrosio, C., Jäntti, M., & Lepinteur, A. (2020). Money and happiness: Income, wealth and subjective well-being. Social Indicators Research, 148, 47–66. https://doi.org/10.1007/s11205-019-02186-w

DeQuero-Navarro, B., Stanton, J., & Klein, T. A. (2021). A panoramic review of the macromarketing literature. Journal of Macromarketing, 41(1), 48–64. https://doi.org/10.1177/0276146720949636

Dholakia, U., Tam, L., Yoon, S., & Wong, N. (2016). The ant and the grasshopper: Understanding personal saving orientation of consumers. Journal of Consumer Research, 43(1), 134–155. https://doi.org/10.1093/jcr/ucw004

Donnelly, G., Iyer, R., & Howell, R. T. (2012). The Big Five personality traits, material values, and financial well-being of self-described money managers. Journal of Economic Psychology, 33(6), 1129–1142. https://doi.org/10.1016/j.joep.2012.08.001

Fernandes, D., Lynch Jr., J. G., & Netemeyer, R. G. (2014). Financial literacy, financial education, and downstream financial behaviors. Management Science, 60(8), 1861–1883. https://doi.org/10.1287/mnsc.2013.1849

Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312

Gonçalves, V. N., Ponchio, M. C., & Basílio, R. G. (2021). Women’s financial well‐being: A systematic literature review and directions for future research. International Journal of Consumer Studies, in press. https://doi.org/10.1111/ijcs.12673

Greenberg, A. E., & Mogilner, C. (2021). Consumer debt and satisfaction in life. Journal of Experimental Psychology: Applied, 27(1), 57–68. https://doi.org/10.1037/xap0000276

Hayes, A. F. (2017). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach. Guilford Press, New York, NY. 2nd ed.

Hofstede, G. (2001). Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations. Sage Publications, Thousand Oaks, CA. 2nd ed.

Hunt, S. (2012). Toward the institutionalization of macromarketing: Sustainable enterprise, sustainable marketing, sustainable development, and the sustainable society. Journal of Macromarketing, 32(4), 404–411. https://doi.org/10.1177/0276146712453331

Iannello, P., Sorgente, A., Lanz, M., & Antonietti, A. (2021). Financial well-being and its relationship with subjective and psychological well-being among emerging adults: Testing the moderating effect of individual differences. Journal of Happiness Studies, 22, 1385–1411. https://doi.org/10.1007/s10902-020-00277-x

Jahoda, M. (1988). Economic recession and mental health: Some conceptual issues. Journal of Social Issues, 44(4), 13–23. https://doi.org/10.1111/j.1540-4560.1988.tb02089.x

Kline, R. (2005). Principles and practice of structural equation modeling. Guilford Press, New York, NY. 4th ed.

Knoll, M. A., & Houts, C. R. (2012). The financial knowledge scale: An application of item response theory to the assessment of financial literacy. Journal of Consumer Affairs, 46(3), 381–410. https://doi.org/10.1111/j.1745-6606.2012.01241.x

Lee, D.-J., Sirgy, M. J. (2004). Quality-of-life (QOL) marketing: Proposed antecedents and consequences. Journal of Macromarketing, 24(1), 44–58. https://doi.org/10.1177/0276146704263922

Lee, D.-J., Sirgy, M. J., Larsen, V., & Wright, N. D. (2002). Developing a subjective measure of consumer well-being. Journal of Macromarketing, 22(2), 158–169. https://doi.org/10.1177/0276146702238219

Lindell, M. K., & Whitney, D. J. (2001). Accounting for common method variance in cross-sectional research designs. Journal of Applied Psychology, 86(1), 114–121. https://doi.org/10.1037/0021-9010.86.1.114

Mardia, K. V. (1970). Measures of multivariate skewness and kurtosis with applications. Biometrika, 57(3), 519–530. https://doi.org/10.2307/2334770

Mende, M., & Van Doorn, J. (2015). Coproduction of transformative services as a pathway to improved consumer well-being: Findings from a longitudinal study on financial counseling. Journal of Service Research, 18(3), 351–368. https://doi.org/10.1177/1094670514559001

Netemeyer, R. G., Warmath, D., Fernandes, D., & Lynch Jr., J. G. (2018). How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being. Journal of Consumer Research, 45(1), 68–89. https://doi.org/10.1093/jcr/ucx109

Ng, W. (2015). Processes underlying links to subjective well-being: Material concerns, autonomy, and personality. Journal of Happiness Studies, 16, 1575–1591. https://doi.org/10.1007/s10902-014-9580-x

Novemsky, N., & Kahneman, D. (2005). The boundaries of loss aversion. Journal of Marketing Research, 42(2), 119–128. https://doi.org/10.1509/jmkr.42.2.119.62292

Os impactos da Covid-19 no consumo dos brasileiros [The impacts of Covid-19 on Brazilian consumption]. (2020, July 6). Globo. https://gente.globo.com/os-impactos-da-covid-19-no-consumo-dos-brasileiros-2-edicao/#financeiro

Peterson, M. (2006). Identifying quality-of-life priorities for societal development: Using a market orientation to benefit citizens. Journal of Macromarketing, 26(1), 45–58. https://doi.org/10.1177/0276146705285682

Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879

Ponchio, M. C., & Aranha, F. (2008). Materialism as a predictor variable of low income consumer behavior when entering into installment plan agreements. Journal of Consumer Behaviour, 7(1), 21–34. https://doi.org/10.1002/cb.234

Ponchio, M. C., Cordeiro, R. A., & Gonçalves, V. N. (2019). Personal factors as antecedents of perceived financial well-being: Evidence from Brazil. International Journal of Bank Marketing, 37(4), 1004–1024. https://doi.org/10.1108/IJBM-03-2018-0077

Prina, S. (2015). Banking the poor via savings accounts: Evidence from a field experiment. Journal of Development Economics, 115(4), 16–31. https://doi.org/10.1016/j.jdeveco.2015.01.004

Rhemtulla, M., Brosseau-Liard, P., & Savalei, V. (2012). When can categorical variables be treated as continuous? A comparison of robust continuous and categorical SEM estimation methods under suboptimal conditions. Psychological Methods, 17(3), 354–373. https://doi.org/10.1037/a0029315

Rosseel, Y. (2012). Lavaan: An R Package for Structural Equation Modeling. Journal of Statistical Software, 48(2), 1–36.

Ruberton, P. M., Gladstone, J., & Lyubomirsky, S. (2016). How your bank balance buys happiness: The importance of “cash on hand” to life satisfaction. Emotion, 16(5), 575–580. https://doi.org/10.1037/emo0000184

Ryan, R. M., & Deci, E. L. (2000). Self-determination theory and the facilitation of intrinsic motivation, social development, and well-being. American Psychologist, 55(1), 68–78. http://dx.doi.org/10.1037/0003-066X.55.1.68

Ryff, C. D. (1995). Psychological well-being in adult life. Current Directions in Psychological Science, 4(4), 99–104. https://doi.org/10.1111/1467-8721.ep10772395

Shapiro, S. J., Tadajewski, M., & Shultz, C. J. (2009). Interpreting macromarketing: The construction of a major macromarketing research collection. Journal of Macromarketing, 29(3), 325–334. https://doi.org/10.1177/0276146709338706

Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723. https://doi.org/10.1016/j.appdev.2009.02.003

Sirgy, M.-J. (2021). Macromarketing metrics of consumer well-being: An update. Journal of Macromarketing, 41(1), 124–131. https://doi.org/10.1177/0276146720968096

Steel, P., Taras, V., Uggerslev, K., & Bosco, F. (2018). The happy culture: A theoretical, meta-analytic, and empirical review of the relationship between culture and wealth and subjective well-being. Personality and Social Psychology Review, 22(2), 128–169. https://doi.org/10.1177/1088868317721372

Su, R., Tay, L., & Diener, E. (2014). The development and validation of the Comprehensive Inventory of Thriving (CIT) and the Brief Inventory of Thriving (BIT). Applied Psychology: Health and Well-Being, 6(3), 251–279. https://doi.org/10.1111/aphw.12027

Tabachnick, B. G., & Fidell, L. S. (2007). Using multivariate statistics. Pearson, Boston, MA. 5th ed.

Tang, M., Wang, D., & Guerrien, A. (2020). A systematic review and meta-analysis on basic psychological need satisfaction, motivation, and well-being in later life: Contributions of self-determination theory. PsyCh Journal, 9(1), 5–33. https://doi.org/10.1002/pchj.293

Tay, L., Batz, C., Parrigon, S., & Kuykendall, L. (2017). Debt and subjective well-being: The other side of the income-happiness coin. Journal of Happiness Studies, 18, 903–937.

https://doi.org/10.1007/s10902-016-9758-5

Valiente, C., Contreras, A., Peinado, V., Trucharte, A., Martínez, A. P., & Vázquez, C. (2021). Psychological adjustment in Spain during the COVID-19 pandemic: Positive and negative mental health outcomes in the general population. The Spanish Journal of Psychology, 24, 1–13. https://doi.org/10.1017/SJP.2021.7

Descargas

Publicado

2023-01-04

Cómo citar

Ponchio, M. C., Rohden, S. F., & Mette, F. B. (2023). Perceived financial well-being as antecedent of psychological well-being: evidence from Brazil. ReMark - Revista Brasileira De Marketing, 21(5), 1631–1676. https://doi.org/10.5585/remark.v21i5.21579

Número

Sección

Artigos