This study investigates the association between disability status and the financial wellbeing of U.S. households, while also examining the moderating role of financial technology (Fintech) to explore the potential for technology-driven interventions for individuals with disabilities. Results from the 2021 National Financial Capability Study dataset show that disability status is negatively associated with financial satisfaction. Among the Fintech variables, online banking, mobile payment, and mobile task management are positively correlated with financial satisfaction, whereas mobile banking and mobile transfers are negatively correlated. Additionally, we found that Fintech plays a moderating role in the association between disability status and financial well-being, particularly for respondents with multiple disabilities. Specifically, mobile payment, transfers, and task management significantly improved financial satisfaction among individuals with multiple disabilities compared to non-users. These findings suggest that targeted Fintech solutions may help mitigate financial disparities faced by individuals with disabilities, underscoring the importance of accessible, inclusive financial technology.
The current study investigated the mediation effect of financial confidence on the relationship between fintech use and financial health among college students. From February to May 2023, a self-reported survey was conducted to collect primary data from college students. Structural equation modeling (SEM) was used to identify reliable factors with SPSS Macro Process Model 4. The results indicated that financial confidence fully mediated the relationship between fintech use and financial health. Fintech use was positively associated with financial confidence, and financial confidence predicted financial health. Moreover, the direct impact of fintech use on financial health was insignificant. The findings indicate that fintech should be adopted as a tool to shape young adult consumers’ financial health by building their financial confidence. Financial institutions, financial planners, and governments should apply these empirical findings to their potential young adult clients.
In today’s digital age, financial technology (fintech) innovations are revolutionizing the way individuals and businesses manage financial transactions and services. As more individuals rely on digital platforms for financial management, understanding the psychological and cognitive factors that influence the adoption of fintech becomes essential. A key aspect of this study is the incorporation of IT-mindfulness, a concept derived from mindfulness research but adapted to reflect how users engage with technology. This study employs the Technology Acceptance Model (TAM) to explore the determinants of fintech adoption. This study extends TAM by incorporating IT-mindfulness as a precursor to these traditional determinants, hypothesizing that users who exhibit higher levels of IT-mindfulness are more likely to perceive fintech platforms as easy to use and useful. Moreover, this study introduces digital technology self-efficacy and financial literacy as key variables in understanding fintech adoption. This comprehensive model aims to provide a deeper understanding of how cognitive factors like IT-mindfulness interact with traditional TAM variables and personal competencies to influence users' fintech adoption behaviors.
This study examines the relationship between technology readiness, adoption of digital financial services (DFS), and financial well-being among individuals in Maharashtra, India. Using primary data from 715 respondents and employing structural equation modeling, the research analyzes how technology readiness influences DFS adoption and subsequent impacts on financial well-being. The Technology Readiness Index measures propensity to embrace new technologies, while custom indices assess DFS adoption and financial well-being. Key findings indicate technology readiness positively influences DFS adoption, which in turn significantly improves financial well-being. Demographic factors like age, education, and income moderate these relationships. Notably, while DFS adoption generally enhances financial well-being, impacts vary across socioeconomic groups. The study provides insights for tailoring DFS offerings and financial education programs to different consumer segments, potentially improving equity in financial services access. Results can inform strategies to build consumer financial resilience through targeted interventions addressing DFS adoption barriers. This research contributes to understanding how digital financial inclusion can enhance consumer well-being, with implications for policymakers and financial service providers in developing economies.
The present study aims to bring conclusive findings on how an individual’s personal finance contributes to his/her subjective well-being. By following Amartya Sen’s Capability approach, the present study created a model and analysed the influence of personal finance on the subjective well-being of U.S. adults through three distinct dimensions of personal finance: objective financial well-being, subjective financial well-being and financial capability. The relationship has been analysed by taking 4705 U.S. adults data from the 2016 National Financial Well-Being Survey (NFWBS) conducted by the Consumer Financial Protection Bureau (CFPB). Structural equation modelling was used to analyse the relationships. The results reveal that subjective financial well-being significantly contributes to subjective well-being, whereas objective financial well-being does not. However, it is found that objective financial well-being has an indirect significant positive effect on subjective well-being through subjective financial well-being (full mediation). Further, the study revealed that financial capability has a positive impact on objective financial well-being, subjective financial well-being, and subjective well-being. A serial mediating relationship has been found between financial capability and subjective well-being through objective financial well-being and subjective financial well-being.
Financial discrimination is a complex issue that demands attention. It perpetuates poverty and inequality among people of color, women, and other marginalized groups, limiting their ability to accumulate wealth. This, in turn, fosters economic instability and undermines the nation’s economic health. In this study, we investigate whether racial and ethnic disparities in financial discrimination persist after controlling for various factors. First, we examine racial and ethnic disparities in overall societal discrimination using the full sample. Then, we focus on three domains of financial discrimination, measured by respondents' experiences in the (a) labor market, (b) financial market, and (c) housing market, using a subsample of those who had experienced societal discrimination. In addition to racial and ethnic disparities, we control socio-demographic characteristics.
Financial behavior is crucial for young adults’ consumer protection. And even though the topic has been augmented with a beyond-rationality approach, it is predominantly researched on an ad-hoc basis. Available longitudinal studies are based primarily on panel data or tackle the effectiveness of educative programs. The main aim of this paper is to investigate how the diverse financial behaviors of young adults change over time and how rational thinking dispositions moderate financial behavior. The final sample of 862 young adults (16-28) in Croatia was collected in two waves with a minimum elapsed time of one year. Using a multilevel, mixed-effects model. For four out of six dependent variables (Responsible financial behavior, financial planning, impulsive consumption, and investing experience) the interaction between time and CFC difference was significant meaning that the difference in dependent variables was contingent on the CFC difference. These results indicate that the change in various (responsible) financial behaviors is accompanied by the change in rational thinking dispositions among young adults. The insights provide a valuable foundation for generating novel educational policies and for further experimental research in financial behavior.
Cancer survivors often experience significant financial challenges due to the high treatment costs, a problem known as financial toxicity. The link between financial distress and financial well-being has yet to be thoroughly studied. This research examines financial toxicity and financial well-being among cancer survivors and identifies the demographic and clinical factors influencing these outcomes. Financial distress was measured using the 11-item COmprehensive Score for Financial Toxicity (COST), lower scores indicating greater financial toxicity. Financial well-being was assessed using the 5-item Consumer Financial Protection Bureau (CFPB), lower scores indicating poorer financial well-being. Linear regression analyses were conducted to identify significant COST and CFPB score predictors. _x000D_ Females had lower CFPB scores than males (Difference: -6.5, 95% CI: [-11.7, -1.3], p
This study aims to examine the association between financial knowledge, the use of a financial planner, and the financial planning horizon. Additionally, we investigate the moderating role of financial planner usage on the relationship between financial knowledge and the financial planning horizon. For the empirical analysis, we used a pooled dataset from the 2016–2022 Survey of Consumer Finances (SCF), allowing for a comprehensive view across multiple time points. Our findings offer valuable insights for educators, practitioners, and policymakers by highlighting how financial knowledge and professional guidance can shape individuals’ long-term financial planning behaviors. This research contributes to the broader understanding of how personal financial management strategies and access to financial expertise can influence financial preparedness and planning horizons.
Retirement planning faces the challenge of varying life expectancy, influenced by factors beyond standard age and gender measures, such as income, health, and environment. Traditional reliance on generalized actuarial tables may lead to suboptimal financial outcomes for individuals. This study emphasizes the benefits of integrating personalized longevity projections to enhance retirement strategies, especially for optimizing Social Security benefits. A Cox proportional hazard model is estimated using data from the Health and Retirement Study to project personalized longevity. Then, this study found that tailoring the estimated optimal claiming age for benefits significantly increases the present value of lifetime benefits. Findings reveal that personalization can yield an average lifetime increase of over $12,000 for men and $9,000 for women. The evidence suggests that personalized longevity approaches can better align financial plans with individual life expectancy, enriching clients' understanding and retirement readiness.
