How Are You Doing? Financial Well-being During COVID-19

Authors

  • Danah Jeong University of Georgia
  • Benjamin Hampton University of Georgia
  • Kristy Archuleta

DOI:

https://doi.org/10.61190/fsr.v32i1.3346

Keywords:

Financial behavior, financial well-being, COVID-19, Financial knowledge, Financial satisfaction

Abstract

Optimal financial well-being is a goal for both financial professionals and consumers. The COVID-19 pandemic raised concerns about consumers’ financial well-being. This study sought to explore the factors related to financial well-being using the Personal Financial Wellness framework (Joo, 2008). Data was collected from a diverse sample during the COVID-19 pandemic. Results indicated that objective financial status (e.g., income), positive pre-pandemic financial behaviors, financial satisfaction, and being older and single mattered in one’s increased level of financial well-being during the COVID-19 pandemic. Subsequently, financial satisfaction was found to be a mediating factor between subjective financial knowledge and financial well-being. Implications for financial professionals, researchers, and policymakers are provided.

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Published

2024-03-22

How to Cite

Jeong, D., Hampton, B., & Archuleta, K. (2024). How Are You Doing? Financial Well-being During COVID-19 . Financial Services Review, 32(1), 47–62. https://doi.org/10.61190/fsr.v32i1.3346

Issue

Vol. 32 No. 1 (2024): Financial Services Review

Section

New Original Submission

License

Copyright (c) 2024 Danah Jeong, Benjamin Hampton, Kristy Archuleta

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