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Financial well-being: A conceptualization and research agenda
Maastricht University, The Netherlands.
Catholic University of Eichstaett-Ingolstadt, Germany.
Hanken School of Economics, Helsinki.
Fordham University-Lincoln Center, USA.
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2017 (English)In: Journal of Business Research, ISSN 0148-2963, E-ISSN 1873-7978, Vol. 79, p. 228-237Article in journal (Refereed) Published
Abstract [en]

With savings rates at record lows and inadequate long-term financial planning for retirement, financial well- being has become an important topic for individuals and households as well as for societies and countries. Re- search on the topic, however, remains scarce and scattered across disciplines. The present paper aims to consol- idate and extend knowledge on financial well-being and makes a three-fold contribution to the discussion. First, we propose a new definition based on a perceptual perspective of financial well-being and link it to an individual's current and anticipated desired living standard and financial freedom. We then develop a framework that distinguishes key elements of financial well-being; namely, interventions and financial behaviors, conse- quences, contextual factors, and personal factors. We then present a research agenda to guide future research on financial well-being. This work is designed to inspire researchers to continue expanding the knowledge so that financial institutions can take measures to increase financial well-being. 

Place, publisher, year, edition, pages
Elsevier, 2017. Vol. 79, p. 228-237
Keywords [en]
Financial well-being, Transformative service research, Service research, Consumer financial decision making, Financial services
National Category
Business Administration
Research subject
Business Administration
Identifiers
URN: urn:nbn:se:kau:diva-63581DOI: 10.1016/j.jbusres.2017.03.013ISI: 000406983600022OAI: oai:DiVA.org:kau-63581DiVA, id: diva2:1140478
Available from: 2017-09-12 Created: 2017-09-12 Last updated: 2019-11-08Bibliographically approved

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Löfgren, Martin

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Karlstad Business School (from 2013)
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