Journal of Business Research 150 (2022) 417–436

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Journal of Business Research

journal homepage: www.elsevier.com/locate/jbusres

Is it all about money honey? Analyzing and mapping financial well-being

research and identifying future research agenda
Mandeep Mahendru a, Gagan Deep Sharma b, *, Vijay Pereira c, Mansi Gupta d,
Hardeep Singh Mundi e
a
ICFAI Business School, Gurugram, India
b
University School of Management Studies, Guru Gobind Singh Indraprastha University, New Delhi 110078, India
c
NEOMA Business School, Reims Campus, France
d
University School of Management Studies, Guru Gobind Singh Indraprastha University, New Delhi, India
e
Core Cluster, School of Business, University of Petroleum and Energy Studies, Dehradun, Uttarakhand, India

1. Introduction well-being. We contribute by arriving at a conceptual framework, and

Financial well-being literature has grown substantially over the past
decade with multidisciplinary contributions (Ngamaba, Armitage, Pan­
agioti, & Hodkinson, 2020). Scholars from various disciplines, including
economics, psychology, sociology, marketing, and consumer finance,
have contributed towards this development (Netemeyer et al., 2018;
Vlaev & Elliott, 2014a). Nonetheless, the geographical scope of financial
well-being research is primarily limited to North America, Europe, and
Australia, limiting the possibility of generalizing financial well-being
concepts, antecedents, and outcomes (Mahendru, 2020).
Research in financial well-being has mainly focused on three aspects,
namely – (a) objective and subjective measures of financial well-being;
(b) interventions required for improving financial well-being; and (c)
contribution of financial well-being towards the overall well-being of
individuals. Extant literature has aimed to inform the individuals and
policymakers on enhancing the financial well-being of individuals and
recommend financial marketers on consumer segmentation, targeting,
and positioning.
Advancing people’s knowledge about their financial well-being is the
first step towards improving it. While the scholarly interest in financial
well-being is continuously growing, our knowledge regarding its ante­
cedents and outcomes remains limited. Similarly, the limited availabil­
ity of scales to measure financial well-being halts the micro- and
macroeconomic policymaking, as well as extensive and objective
research in the domain.
It is in this backdrop that we conduct this review to bring together
the fragmented and scattered research on this area by mapping and
presenting a theoretical framework around the construct of financial
proposing important future research directions to attempt theory-
development in this pivotal area.
More specifically, we develop the following two research questions
to which we contribute:
RQ 1. To identify how financial well-being could lead individuals to meet
their current and future commitments, embrace the freedom of choice, and
experience improved quality of life? (Through results from our critical liter­
ature analysis).
RQ 2. To identify, what interventions can be adopted by the policy­
makers for improving the financial behavior of individuals, as it leads to their
financial well-being?
The study is conducted in the form of a systematic and insightful
review. As Tranfield, Denyer, & Smart (2003) suggested, applying spe­
cific principles of a systematic review approach to management research
can give practitioners and policymakers a sound basis for decision-
making and action. Such systematic reviews have to be grounded in a
systematic, transparent, and replicable approach (Tight, 2000). In recent
recommendations on systematic reviews, Fan et al. (2022), (Ameen,
Sharma, Tarba, Rao, & Chopra, 2022; Shahzad, Gupta, Sharma, Gupta,
& Chopra, 2022; Sharma, Kumar, Talan, & Jain, 2021)assert that inte­
grative reviews foster new insights and contributions to theory via
integration and critical assessment, while adhering to a transparent
process that enables replication. Integrative reviews seek to review,
critique, and synthesize ‘representative’ literature to generate new
theoretical frameworks and perspectives (Cronin & George, 2020). This
study is conducted in the form of an integrative review to advance the
knowledge on financial well-being through a systematic, transparent,
and replicable methodology. We describe the extant literature in the

* Corresponding author.
E-mail addresses: mandip129@gmail.com (M. Mahendru), angrishgagan@gmail.com (G.D. Sharma), vijay.pereira@port.ac.uk (V. Pereira), guptamansi007@
gmail.com (M. Gupta), hardeep.sm@hotmail.com (H.S. Mundi).

https://doi.org/10.1016/j.jbusres.2022.06.034
Received 7 October 2021; Received in revised form 13 June 2022; Accepted 15 June 2022
Available online 21 June 2022
0148-2963/© 2022 Elsevier Inc. All rights reserved.
M. Mahendru et al.
field by performing a bibliometric analysis in terms of the authors,
keywords, countries, and co-citations. Bibliometric review is a form of
theme-based review that highlights data and trends in a review domain
(Paul, Lim, O’Cass, Hao, & Bresciani, 2021). Bibliometric analysis is a
useful technique for evaluating and analysing the output of academic
research. It helps analyse progress, identify the most credible sources of
scientific publication, create the academic framework for evaluating
discoveries, identify significant scientific actors, and develop biblio­
metric indices to assess academic output (Cobo et al., 2015). The study
analyses bibliometric information of documents using Bibliometrix R
package software (Aria & Cuccurullo, 2017). In this regard, R is one of
the most flexible statistical software, providing an open-source route to
participation (Rodríguez-Soler et al., 2020). To complement the bib­
liometric analysis, we perform a manual insightful review consolidating
the available literature, synthesizing the objectives, methodologies,
predictors, outcomes, and policy recommendations. Moreover, impro­
vising the innovative presentation of the concepts, themes, and di­
mensions by Thomas & Tee (2021), we knit together our study to present
a theoretical framework around the construct of financial well-being,
thereby setting the agenda for future research to attempt theory devel­
opment in the area.
Our findings indicate that financial well-being is a function of
objective and subjective measures. Financial behavior, which is inter­
vened by financial knowledge, personality traits, and mindful finance,
determines this relationship in a given socio-economic environment. We
further recognize that achieving financial well-being leads individuals to
meet their current and future commitments, embrace the freedom of
choice, and experience improved quality of life. We recommend in­
dividuals and policymakers to work on the interventions for improving
the financial behavior of individuals since it leads to financial well-
being.
The study identifies key research gaps in this body of research. We
proceed to problematize it by recognizing clear concepts from diverse
fields and bodies of existing literature and expanding the body of
knowledge in the field. Recently, a few review articles have been pub­
lished in the field of financial well-being (Brüggen et al., 2017; Sorgente
& Lanz, 2017), but those suffering from a few notable constraints. For
example, Sorgente & Lanz (2017) focus only on the financial well-being
of emerging adults, and Brüggen et al. (2017) is limited in terms of
transparency, rigor (proposes a new definition of financial well-being,
without using any qualitative or quantitative methodology), and over­
simplification. Thus, the specific reasons contributing to the literature
growth in this area lack empirical evidence.
Our study identifies and illustrates the importance of government
and regulators’ holistic approach to financial well-being (Mahdzan
et al., 2019). We also find the importance of cultivating a culture of
greater financial satisfaction among households, regulators need to
concentrate not just on income, but also on family subjective financial
well-being (Heintz-Martin & Langmeyer, 2020).
Overall, we contribute in three key ways. First, we discuss how the
domain of financial well-being evolved. Second, we propose a theoretical
framework outlining the antecedents-based interventions to attain
financial well-being in a given socio-economic environment. Third, we
list a set of topical and methodological propositions that prospective
researchers and scholars can refer to. We establish ten future research
agendas (FRAs) regarding financial well-being, addressing the need to
analyze various countries with different market structures.
We organize the remainder of the paper as follows. The next section
discusses the conceptualization of financial well-being; the third section
outlines the methodology for this study; the fourth section presents our
findings; the fifth section proposes a theoretical framework and sets-up
the future research agenda; and the last section concludes.
2. Conceptualization of financial well-being
The extant literature uses several labels of financial well-being,
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Journal of Business Research 150 (2022) 417–436
including economic well-being (52 studies), financial well-being (30
studies), psychological well-being (23 studies), perceived financial well-
being (15 studies), financial socialization (14 studies), financial wellness
(6 studies), family satisfaction (2 studies), and life stages well-being (1
study). Scholarly attention to financial well-being gained traction,
particularly after the financial crisis of 2008. The most cited study in the
field (Zyphur et al., 2015) reports that ‘unshared environmental factors’
shapes the financial well-being, whereas Cwynar et al. (2019) assess
parental facilitation to study financial well-being. Sabri et al. (2012)
examine the role of financial socialization and perceived financial well-
being in the financial well-being of college students. Jackson and
Fransman (2018) explore that work-life balance experience is signifi­
cantly linked to women’s financial well-being.
Majority of the scholarly works (110 of the 143 studies included in
this work) address financial well-being without theorizing it. From the
available literary evidence on conceptualizing financial well-being, we
present the narrow and broad views of financial well-being. Narrow
view accounts for negligible discussion around the influencers, drivers,
outcomes and measures of financial well-being, encompassed within the
broad view (Table 1).
3. Research methodology, sample selection and data analysis
Different types of review articles include theory-based reviews,
theme-based reviews, meta-analytical reviews and reviews aiming for
theory development (Fan et al., 2022; Paul, Merchant, Dwivedi, Rose,
Table 1
Conceptualization of Financial well –Being.
Narrow • The financial well-being represents an individual’s ca­
Conceptualization pacity to sustain himself, accomplish ends and save for
other obligations. The structure of financial institutions
through financial literacy and financial integration
forms the financial well-being of individuals (Fu, 2020).
The attitude of young people towards money predicts
their financial well-being.
(Utkarsh et al., 2020).Financial well-being is a stage
where people will spend and have some money left,
manage their budgets and feel financially secure in the
present and future
(Salignac et al., 2020).The amount of credit cards in­
fluences financial well-being, while the degree of
financial knowledge and self-efficacy mediates this
interaction
(Limbu & Sato, 2019).Financial parenting and
perceived financial expectations mediated through
future financial coping behavior impact youngsters
subjective well-being
(Serido et al., 2010).Financial well-being is the will­
ingness of a person to fulfil his/her current financial
responsibilities, needs of the present and future financial
security) and his/her disposition for financial indepen­
dence today and tomorrow (financial freedom)
(Mahendru, 2020).
Broad • Financial well-being is a feature of co-production that is
Conceptualization affected by competence (objective and subjective
financial literacy) and relatedness (attachment style)
(Mende & van Doorn, 2015)The absence/presence of the
credit card cue is influenced by a credit card association
calculated in terms of payment sensitivity, cost and debt
behavior.
(Wong & Lynn, 2020).Financial stress, financial
knowledge, financial behavior, locus of control de­
termines the household’s subjective financial well-being
(Mahdzan et al., 2019).Economic strain influences
child’s well-being through personal strains, such as
family complexity, type of child, the biological child in a
single-parent family, stepchild, the common child in the
blended family, etc.)
(Heintz-Martin & Langmeyer, 2020).Objective, sub­
jective, and reference point measures are significant in
measuring financial well-being
(Porter & Garman, 1992)
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

2021). To achieve a better understanding, this study used an integrative

approach, using bibliometric review as well as manual insightful review
(Fig. 1). Integrative reviews present a clear methodology regarding the
search and selection criteria, including when and where the search was
conducted, the keywords used, and the exclusions/ inclusion criteria
adopted for the selection process (Fan et al., 2022). Bibliometric review
is a form of a theme-based review that highlights data and trends in a
review domain (Paul, Lim, et al., 2021), which assists in analysing
progress, and in creating the academic framework for evaluating dis­
coveries to develop bibliometric indices and to assess academic output
(Cobo et al., 2015). A manual insightful review summarizes a number of
studies from which conclusions can be drawn and interpreted holisti­
cally to propose objectives, methodologies, predictors, outcomes, and
policy recommendations. The study retrieves and analyses information
of documents using Bibliometrix R package software (Aria & Cuccurullo,
2017). Bibliometrix R-Tool is a freeware that is flexible and recently
developed R-environment-based software package that combines the
visualization functions of various bibliometric tools. It can produce an
exhaustive and comprehensive set of literature information analysis and
scientific mapping (Rodríguez-Soler et al., 2020). For data retrieval, we
followed the established protocols for systematic literature review (Jain
et al., 2019; Tranfield et al., 2003).
Following the systematic research methods used by some notable
Fig. 2. Flow Diagram (based on PRISMA guidelines).
reviews (Talan & Sharma, 2019), we use the Web of Science (WoS)
database to collect relevant literature on financial well-being. The WoS
is the most comprehensive and widely utilized database for sciento­ performing qualitative analysis, we developed the social, intellectual,
metric analyses, and it contains quality controlled full literature data (e. and conceptual structure of the publications analysing the literature on
g., title, author, abstract, keywords, references, and citations) since 1985 financial well-being. Specifically, conceptual structure is focused on the
up to present (Cañas-Guerrero et al., 2013; Z. Liu et al., 2021; Lv et al., main themes and trends, intellectual structure presents how specific
2021). In comparison to Dimensions and Scopus, Web of Science is works influence the scientific community, and social structure present­
found to have the most selective journal coverage, where almost all the ing the collaboration between authors and countries.
journals indexed in WoS are covered by Scopus and Dimensions (Kumar
Singh et al., 2021). The search for relevant literature is conducted using 4. Results
the following BOOLEAN with no restrictions regarding the year of
publications. This section presents the results and findings of the analysis of the
TI=(((well-being) OR ((well) AND (being)) or (wellbeing)) AND selected 143 articles.
(financial))).
The results from the initial search query were filtered through the
4.1. Social structure of publications
inclusion–exclusion criteria, finally leading to the inclusion of 143 pa­
pers (Fig. 2). This refinement yielding 143 research papers are then
4.1.1. Co-authorship visualization analysis and country collaboration
exported as ‘.txt’ file with complete details of title, authors, affiliations,
Fig. 3 depicts the co-authorship analysis (Jalal, 2019) of the top 50
countries, abstract, keywords, publications, citations, references, etc.
authors having at least one paper co-authored together. The ten different
Further details analyzed for each of the papers under study are provided
colours denote the authors’ clusters of collaborations. The following
as supporting information (MS Excel file).
clusters represent the most prominent and important author collabora­
Bibliographic analysis is a quantitative and a qualitative approach
tion network: grey (with 8 authors) - deals with proposing the potential
for analysing the academic literature using bibliographies to provide the
antecedents and consequences of financial well-being in young adults
description, evaluation and monitoring of published research (Garfield
(Serido et al., 2010; Shim et al., 2009); purple (with 5 authors) in­
et al., 1965). The methodological aim is to analyse the publications,
vestigates the role of financial literacy (Lusardi, 2019; Lusardi &
citations and sources of information. The reviews must inform the policy
Mitchell, 2014), while the green cluster (with 3 authors) discusses the
by learning from the existing research efforts. Also, a brief description of
mediation and moderation role of financial stress (Montpetit et al.,
the existing literature provides the readers initial insights into the field.
2015), while the remaining clusters show moderate collaboration with
The quantitative analysis of the general description of annual publica­
only three and two authors. Mostly papers consist of two authors, thus
tions and citations is done by analysing WoS records, and the source
indicating the need to improve and expand collaborations across this
impact (h-g-m index) is investigated in the bibliometrix R-package. By
inter-disciplinary research.

Fig. 1. Methodological Approach.

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M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

4.2. Intellectual structure of the publications

4.2.1. Co-citation analysis of authors

Fig. 5 discusses the co-citation analysis, which happens when two
documents are cited together, indicating that their content is related, as
the literature indicates (Bamel et al., 2020). We built a network of top 30
highly cited authors with a minimum of two co-citations. The co-citation
analysis has yielded a network of two clusters, as shown in the figure.
The size of each node represents the number of citations. The strongly
connected nodes are brought closer together (Zupic & Čater, 2015).
Cluster 1 (red nodes) is labelled as the determinants of financial well-
being, which presents research that discusses the potential antecedents
and consequences of financial well-being in young adults, by high­
lighting the factors such as financial literacy, financial education,
financial coping behaviours that must be included while conceptualising
financial well-being (Brüggen et al., 2017; Lusardi, 2019; Norvilitis
et al., 2003). Alternatively, cluster 2 (blue nodes) is labelled as the
factors associated with financial well-being, where extant literature
research highlights the inter-disciplinary research concerning the fac­
tors of economic literature associated with well-being (Deaton, 2012;
Dolan et al., 2008) including the happiness-income paradox (Easterlin
et al., 2010), materialism (Richins & Dawson, 1992) and financial crisis
Fig. 3. Co-authorship visualization analysis.
(Deaton, 2012).

Furthermore, Fig. 4 presents the country collaboration network. The

4.2.2. Notable financial well-being literature
largest networks are witnessed by authors from the United States, United
Table 3 presents geographical scope, period of study, sample size,
Kingdom and Germany, followed by the Australia, Spain, Netherlands
and sample unit of existing studies. The work in financial well-being
and Malaysia. Collaboration with authors from other countries on
started gaining attention around 1993 (Aynsley, 2011) due to the
financial well-being appears marginal. The most prominent contribution
weak economic conditions faced by advanced and transition economies
to the scholarship in the field has come from the USA-based authors.
(McNicoll, 1995). The studies’ geographical scope strengthens the
More importantly, post-2008 financial crisis, research on financial well-
argument that most of the studies focused on advanced countries. The
being has taken off considerably in the US.
study of financial well-being in the existing scholarship varies from the
micro-unit (individual’s and group’s economic, psychological, and so­
4.1.2. Objectives of the financial well-being literature
cial conditions) to macro-unit (organization and market behavior).
The selected 143 studies concentrate on (a) defining financial well-
Literature has extensively focused on studying individuals as the units of
being (10 studies); (b) examining the relationship between financial
analysis while lacking to concentrate on financial socialization, gender
well-being and related variables (103 studies); (c) analyzing the rela­
issues, entrepreneurial issues, etc. Literature studies the financial well-
tionship between financial well-being and its components (22 studies);
being construct more as a continuum/condition/state that evolves
(d) mixed objectives (8 studies). The research describing the construct of
over the period. Table 3 exhibits the data characteristics of the notable
financial well-being was initially limited but gained momentum after
literature in financial well-being.
the global financial crisis of 2008. The urge to boost households’
financial well-being and improve the availability of low social security
benefits after the crisis is one potential reason for the sharp increase in 4.3. Conceptual structure of the publications - keyword co-occurrence,
post-crisis studies. Table 2 summarizes the research objectives of the thematic map and factorial analysis (MDS)
notable studies in the field.
This part of the analysis discusses the authors’ prominent keywords,

Fig. 4. Country Collaboration Network.

420
M. Mahendru et al.
Table 2
Research objectives related information of 30 notable financial well-being
studies.
30 notable financial well-being studies
Research Quantitative Deaton (2012); Gardarsdóttir &
Approach Dittmar (2012); Arber et al.
(2014); Mende & Doorn (2015);
Donnelly et al. (2012);
Netemeyer et al. (2018); Guo
et al. (2013); Ng & Diener (2014);
Kirkpatrick Johnson (2013); Hu
et al. (2018); Elbogen et al.
(2012); Aslund et al. (2014);
Hubbard et al. (2014); Chu et al.
(2017); Martos & Kopp (2012);
Martin & Hill (2015); Schmeiser
& Seligman (2013); Green &
Leeves (2013); Annink et al.
(2016); Lindström & Giordano
(2016); Niedzwiedz et al. (2015);
Zyphur et al. (2015); Postmus
et al. (2015); Painter (2013);
O’bryant & Morgan (1989)
Conceptual Bruggen et al. (2017); Drever
et al. (2015); Houmanfar et al.
(2015); Elliott & Lewis (2015)
Qualitative Mathews & Volberg (2013)
Research Defining the financial well- Donnelly et al. (2012)
Objective being variable
Examining the relationship Gardarsdóttir & Dittmar (2012);
between financial well-being Mende & Doorn (2015); Guo
and other variables et al. (2013); Ng & Diener (2014);
Kirkpatrick Johnson (2013);
Drever et al. (2015); Hu et al.
(2018); Elbogen et al. (2012);
Houmanfar et al. (2015); Aslund
et al. (2014); Chu et al. (2017);
Martos & Kopp (2012); Martin &
Hill (2015); Schmeiser &
Seligman (2013); Elliott & Lewis
(2015); Green & Leeves (2013);
Annink et al. (2016); Mathews &
Volberg (2013); Lindström &
Giordano (2016); Niedzwiedz
et al. (2015); Zyphur et al.
(2015); Postmus et al. (2015);
O’bryant & Morgan (1989)
Analysing the relationship Deaton (2012); Bruggen et al.
between financial well-being (2017); Netemeyer et al. (2018);
and its components Ng & Diener (2014); Hubbard
et al. (2014); Painter (2013)
Mixed studies Arber et al. (2014)
Role of Outcome Deaton (2012); Bruggen et al.
Financial (2017); Mende & Doorn (2015);
Well-being Donnelly et al. (2012);
Netemeyer et al. (2018); Guo
et al. (2013); Kirkpatrick Johnson
(2013); Elbogen et al. (2012);
Houmanfar et al. (2015);
Hubbard et al. (2014); Chu et al.
(2017); Martos & Kopp (2012);
Elliott & Lewis (2015); Green &
Leeves (2013); Mathews &
Volberg (2013); Lindström &
Giordano (2016); Zyphur et al.
(2015)
Predictor Gardarsdóttir & Dittmar (2012);
Arber et al. (2014); Ng & Diener
(2014); Drever et al. (2015); Hu
et al. (2018); Aslund et al. (2014);
Martin & Hill (2015); Schmeiser
& Seligman (2013); Annink et al.
(2016); Niedzwiedz et al. (2015);
Postmus et al. (2015); Painter
(2013); O’bryant & Morgan
(1989)
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Journal of Business Research 150 (2022) 417–436
by using the co-occurrence network analysis, the co-word analysis to
develop the strategic diagrams and the factorial analysis (Fig. 6, Fig. 7
and Fig. 8), highlighting the major themes that are studied in these 143
publications under study. Fig. 6 depicts the co-occurrence network
analysis of 30 keywords occurring at least twice in these 143 articles,
represented by 5 clusters. The larger circles depict the evidence of the
more frequently used keywords in the literature. The distance between
the two keywords explains the relative strength and theme similarity.
The color similarity in the clusters suggests a similar theme in the
literature. The data in the co-occurrence keyword network demonstrate
the subfield of financial well-being research. Correspondingly, the other
part of the analysis includes the co-word analysis of 50 keywords, to
develop a strategic diagram of the authors’ keywords used in these 143
publications (Fig. 7). The strategic diagram displays the themes by
categorizing them on the basis of centrality and density (Cobo et al.,
2015). Centrality denotes the degree of interaction between the themes,
and density measures the strength of internal ties within a theme
(Aparicio et al., 2019). The strategic diagram (Fig. 7) displays four
quadrants presenting four types of themes - motor theme, the peripheral
theme, emerging or disappearing theme and the general or basic theme
(Bamel et al., 2020; Rodríguez-Soler et al., 2020). Multi-Dimensional
Scaling, on the other hand, represents the relevant literature using the
prominent keywords as the markers of nearness among the most
frequently cited works (with highest standardized distance of 0.25).
High keywords produce more prominent closeness and shared knowl­
edge, while lower keywords show that the articles have less in common.
The blue cluster keywords such as happiness, life, life-satisfaction,
money and debt are related to well-being (Elliott & Lewis, 2015; Mar­
tos & Kopp, 2012; Rijken & Groenewegen, 2008). However, in the
strategic diagram, happiness appears in the basic theme quadrant with
the highest centrality of 24.66, indicating that this theme has lower
strength of internal ties, which validates the need for future research to
study the sub-themes diligently (including health, income, satisfaction,
life and unemployment), while the strength of its ties with the other
themes is well developed over the years. Alternatively, the term money
appears in the emerging themes quadrant indicating it low on both
centrality and density, and hence it’s role must be explored further from
the context of financial well-being.
The red cluster keywords such as education, literacy, behavior,
knowledge, attitudes and capability focus on the antecedents of financial
well-being (Agnew & Harrison, 2015; Klapper et al., 2013; Mitchell &
Lusardi, 2011). While the term literacy includes other sub-themes
namely, behavior, education, life satisfaction, risk and attitudes, and is
present right in the center of the graph with its equal parts in each of the
four quadrants (ranks 4 in both the density and centrality), indicating
further potential to explore both its internal ties and external ties with
other themes in the domain of financial well-being.
The orange cluster keywords represent the subfield of income about
health, stress, satisfaction, quality of life, depression, social support and
socio-economic status (Åslund et al., 2014; Bray, 2001; Mathews &
Volberg, 2013; Van Knippenberg, 2000). Additionally, the term stress is
present in the motor themes quadrant including other sub-themes
namely transition, work, employment and women, with a higher den­
sity score of 200.26, indicating that this theme along with its sub-theme
needs to be explored further in reference to the other themes in the field
of financial well-being.
Further, the green cluster highlights on the impact of financial well-
being on mental health, (un)employment and family (Buchler et al.,
2009; Coley & Lombardi, 2014; Dillon-Wallace et al., 2016). Further­
more, the keyword family (along with its sub-themes namely, social
support, quality, costs and job satisfaction) appears in the emerging
theme quadrant highlighting the scope for future research in the context
of both its internal and external ties. Alternatively, the theme impact
(along with its sub-themes namely, mental-health, adolescents and
children) is present in the niche theme, emphasizing the need to study
the impact of other external themes on financial well-being and vice-
M. Mahendru et al.
Fig. 5. Co-citation analysis of highly cited authors.
versa.
Lastly, the single cluster in purple represents poverty. The term
poverty along with its sub-themes namely quality of life, depression,
care, consumption, and anxiety (Draughn et al., 1994; Heintz-Martin &
Langmeyer, 2020; Parish & Cloud, 2006), is present in the motor themes
quadrant (low on centrality and highest on density with a score of
217.80), and it is clearly visible from both the Figs. 7 and 8, that it is not
explored in relation to the other external themes, calling out for future
researchers to explore the theme poverty from the context of financial
well-being.
From the factorial analysis using multi-dimensional scaling, the
keywords namely age, life, work, gender, wealth, quality of life, de­
terminants, outcomes, people values are the inliers for core themes
coming from previous studies (Downward et al., 2020; Falahati & Paim,
2011; Madero-Cabib & Fasang, 2016; Panisch et al., 2019). The other set
of keywords that is knowledge, education, literacy, attitudes, money,
debt, materialism, scale validity and college students are not in close
proximity, and are rather the outliers located at the extremes of cluster
1, indicating that these sub-topics are less researched and there is a
future scope to study them in the context of financial well-being.
Alternatively, the second cluster includes keywords namely, cost, ex­
periences, care and the United States, where experiences is the keyword
with the highest distance, located at the border of the cluster, empha­
sising for further research in the field of financial well-being and human
experiences.
4.4. Scales to measure financial well-being
Some scales have previously been developed to measure the financial
well-being (FWB) from the developed (Consumer Financial Protection
Bureau, 2017) and developing country (Abrantes-Braga & Veludo-de-
Oliveira, 2019) standpoints. The CFPB (Consumer Financial Protection
Bureau, 2017) scale has been used most extensively (Brenner et al.,
2020; J. M. Lee et al., 2020; Michael Collins & Urban, 2020).
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Journal of Business Research 150 (2022) 417–436
The Norvilitis, Szablicki, and Wilson’s (2003) scale has been used
frequently to measure financial satisfaction (Limbu & Sato, 2019; Rea
et al., 2019). Few studies in Australia used the HILDA scale to measure
financial well-being (Buchler et al., 2009; Gatina, 2016), while three
studies (Hira and Mugenda, 1999, Falahati and Paim, 2011, and Phil­
ippas and Avdoulas, 2020) used the scale of Porter and Garman (1993)
to measure the attitude toward finance. OECD/ INFE international sur­
vey of adult financial literacy scales have been used to measure the
financial competencies (Annink et al., 2016; Buchler et al., 2009; Fu,
2020). Mahdzan et al. (2019) and Rahman et al. (2020) use Falahati and
Paim’s (2011) scale to measure the subjective indicators of financial
well-being. Perry and Morris (2005), Joo and Grable (2004), Sabri et al.
(2010), Grable, Archuleta, and Nazarinia (2011), Arber, Fenn, and
Meadows (2014) and Prady et al. (2016) employ Dobson’s (1985) scale
to measure the material well-being. Charles, Wu, and Wu (2019) use van
Praag, Frijters, and Ferrer-i-Carbonell (2003) and Ferreri Carbonell and
Frijters (2004) to measure life satisfaction. Postmus, Hetling, and L.Hoge
(2015) adopt Aldana and Liljenquist’s (1998) scale to measure the
financial strain. Lersch (2017) uses the literacy scale from Lusardi and
Mitchell (2006), Klapper, Lusardi, and Panos (2013) and Lusardi and
Mitchell (2014) to measure financial fragility. Montpetit, Kapp, and
Bergeman (2015) employ Brim et al. (2011) scale to measure financial
stress. Lanz, Sorgente, and Danes (2019) and Iannello et al. (2020) use
Multidimensional Subjective Financial Well-being Scale (Sorgente &
Lanz, 2019) and Lanz et al. (2019) scale to measure family financial role
and subjective-financial well-being. Losada-Otálora and Alkire (née
Nasr) (2019) adapt the Gerrans, Speelman, and Campitelli (2014) scale
to measure subjective financial well-being and use Liu, Liu, and Wang
(2015) scale used to measure bank transparency. Wagner, Lutz, and
Weitz (2009) scale is used to measuring attitude towards banks. FIN­
SELF, a five-item scale, adapted from Mindra et al. (2017) has also been
used to measure financial self-efficacy. Gardarsdóttir, Dittmar, and
Aspinall (2009) use Richins and Dawson (1992) materialistic values
scale (MVS) to measure attitude towards money. Other studies use self-
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

Table 3
Data characteristics of the notable financial well-being literature.
Study Geographical Period of Sample Sample unit
scope study size

Deaton (2012) USA 2008–2010 163,000 Individuals

Gardarsdóttir & Iceland 2011 462 Individuals
Dittmar (2012)
Arber et al. (2014) Britain 2006 3104 Individuals
Bruggen et al. Conceptual
(2017)
Mende & Doorn USA 2012 115 Individuals
(2015)
Donnelly et al. USA 2009–2012 936 Individuals
(2012)
Netemeyer et al. USA 2015, 2017 619 & Individuals
(2018) 554
Guo et al. (2013) USA 2005 364 Customer
Ng & Diener Europe 2005–2011 838,151 Individuals
(2014)
Kirkpatrick USA 2008 12,397 Parents
Johnson (2013)
Drever et al. Conceptual
(2015)
Hu et al. (2018) USA 2010–2015 47 states Individuals
Elbogen et al. USA 2009 1,388 Individuals
(2012)
Houmanfar et al. Conceptual
(2015) Fig. 6. Keyword Co-occurrence.
Aslund et al. Sweden 2004, 2008 84,263 Individuals
(2014)
Hubbard et al. England 3,225 3,225 Old age being. Table 4 presents the labels, measures, and techniques used by
(2014) Individuals notable financial well-being literature.
Chu et al. (2017) China NA 3,906 Individuals Table 5 summarizes the objective and subjective measures of finan­
Martos & Kopp Hungary 2011 4,841 Individuals
(2012)
cial well-being studied by the literature.
Martin & Hill Europe 2005–2008 50,000 Customer By implementing sentiment analysis, we observe the emotions
(2015) captured by subjective and objective measures about individuals’
Schmeiser & USA 2006 2,383 Individuals financial well-being. These emotions range from very negative to very
Seligman
positive. For instance, financial well-being is studied with negative
(2013)
Elliott & Lewis Conceptual sentiments like trust in God (Krause & Hayward, 2015), risky indebt­
(2015) edness behavior (Abrantes-Braga & Veludo-de-Oliveira, 2019), labor
Green & Leeves Australia 2001–2008 17,601 Individuals market difficulties (Răileanu-Szeles, 2015), financial hardships (Annink
(2013) et al., 2016), marital mishaps (Annink et al., 2016; Draughn et al.,
Annink et al. Europe 2004, 2010 9,755 Individuals
(2016)
1994), time management (Muench et al., 2020), emotional turmoil
Mathews & Singapore NA 50 Individuals (Mathews & Volberg, 2013), dysfunctional health (Mathews & Volberg,
Volberg (2013) 2013), poverty (Wright & Black, 2011), inequalities (Arber et al., 2014).
Lindström & UK, Iceland 2007–2009 11,743 Individuals Conversely, financial well-being has also been studied in the context of
Giordano
positive sentiments like financial satisfaction (Vlaev & Elliott, 2014a),
(2016)
Niedzwiedz et al. Europe 2006–2009 18,324 Individuals loyalty (Singh et al., 2015), self-fulfillment, self-respect (Shim et al.,
(2015) 2009), self-accomplishment (Boyce et al., 2018), job satisfaction, life
Zyphur et al. USA 1996–97 998 twin Customer satisfaction (Niedzwiedz et al., 2015), and financial planning (O’bryant
(2015) pairs & Morgan, 1989).
Postmus et al. USA NA 405 Women
(2015)
Financial well-being predictors examined by the existing literature
Painter (2013) USA 2001, 2004 195 Individuals include financial behavior (17 studies), financial socialization (6
O’bryant & USA 1998 300 Women studies), financial knowledge (5 studies), socio-economic factors (5
Morgan (1989) Studies), economic factors (14 Studies), spiritualism (1 study), and
personality factors (2 Studies). The majority of the literature has focused
on examining the consumer’s financial behavior as the primary driver of
constructed scales to measure the various dimensions of financial well-
financial well-being (Castro-González et al., 2020). Postmus, Hetling, &
being. Our study reveals that conceptualization and scales are used
L.Hoge (2015) stress improving financial education and decreasing any
extensively to measure subjective and objective conditions of financial
financial strain for improving one’s financial behavior, which leads to
well-being intended to measure financial behavior, knowledge, per­
better financial well-being. Attitude towards financial practices and
sonality, and parental financial modeling to improve one’s financial
money influences the actual financial behavior, which further influences
well-being.
individuals’ financial well-being (Castro-González et al., 2020; Rea
et al., 2019; Shim et al., 2009). Some of the previous literature studying
4.5. Predictors and outcomes of financial well-being
financial socialization as one of the predictors of financial well-being
includes Curran, Totenhagen, & Serido (2010); Falahati & Paim
Extant literature uses a range of objective (17 studies), subjective (83
(2011); and Madero-Cabib & Fasang (2016). By investigating the link
studies), mixed (29 studies), and conceptual methods (14 studies) to
between psychological motives and happiness in co-creation, Pera &
study financial well-being. Scales (102 studies), questionnaires/in­
Viglia (2015) illustrate that direct interactions, community affiliations
terviews/experiments (30 studies), mixed methods (6 studies), and
and personal growth motives predict high scores of subjective well-
conceptual methods (5 studies) are employed to measure financial well-

423
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

Fig. 7. Strategic diagram of the conceptual structure (Thematic Map).

Fig. 8. Factorial Analysis using Multi-dimensional Scaling (MDS).

being, unlike the utilitarian motives. Financial socialization mecha­ empirical studies opine that the students with better knowledge of
nisms, including parent–child experiences on financial issues, display personal finance reported a higher level of satisfaction with perceived
significant impact (via financial coping behavior) on children’s overall financial well-being (Philippas & Avdoulas, 2020; Sabri et al., 2012).
well-being (Lanz et al., 2020; Rea et al., 2019; Serido et al., 2010). Some Drever et al. (2015); Lapidos et al. (2018); and Postmus et al. (2015)

424
M. Mahendru et al.
Table 4
Labels, measures, and techniques used by notable financial well-being literature.
30 notable financial well-being
Financial well-being Economic well- Deaton (2012); Gardarsdóttir &
labels being Dittmar (2012); Hu et al. (2018);
Hubbard et al. (2014); Chu et al.
(2017); Martin & Hill (2015);
Elliott & Lewis (2015); Green &
Leeves (2013); Annink et al.
(2016); Zyphur et al. (2015)
Financial well- Arber et al. (2014); Bruggen et al.
being (2017); Elbogen et al. (2012);
Schmeiser & Seligman (2013);
Mathews & Volberg (2013);
Postmus et al. (2015)
Perceived Mende & Doorn (2015);
Financial well- Netemeyer et al. (2018); Martos &
being Kopp (2012); Lindström &
Giordano (2016); Painter (2013)
Psychological Donnelly et al. (2012); Ng &
well-being Diener (2014); Drever et al.
(2015); Houmanfar et al. (2015);
Aslund et al. (2014); Niedzwiedz
et al. (2015)
Financial Guo et al. (2013); Kirkpatrick
socialization Johnson (2013); O’bryant &
Morgan (1989)
Measures Used Subjective Deaton (2012); Bruggen et al.
(2017); Netemeyer et al. (2018);
Guo et al. (2013); Ng & Diener
(2014); Kirkpatrick Johnson
(2013); Elbogen et al. (2012);
Aslund et al. (2014); Hubbard
et al. (2014); Martos & Kopp
(2012); Green & Leeves (2013);
Mathews & Volberg (2013);
Lindström & Giordano (2016);
Niedzwiedz et al. (2015); Zyphur
et al. (2015); Painter (2013)
Objective Arber et al. (2014); Hu et al.
(2018); Schmeiser & Seligman
(2013); Elliott & Lewis (2015);
Postmus et al. (2015); O’bryant &
Morgan (1989)
Mixed Gardarsdóttir & Dittmar (2012);
Mende & Doorn (2015); Donnelly
et al. (2012); Chu et al. (2017);
Martin & Hill (2015); Annink
et al. (2016)
Conceptual Drever et al. (2015); Houmanfar
et al. (2015)
Technique used to Regression Deaton (2012); Gardarsdóttir &
analyze the construct analysis Dittmar (2012); Arber et al.
financial well-being (2014); Mende & Doorn (2015);
Donnelly et al. (2012); Netemeyer
et al. (2018); Guo et al. (2013); Ng
& Diener (2014); Kirkpatrick
Johnson (2013); Hu et al. (2018);
Elbogen et al. (2012); Aslund et al.
(2014); Hubbard et al. (2014);
Chu et al. (2017); Martos & Kopp
(2012); Martin & Hill (2015);
Schmeiser & Seligman (2013);
Green & Leeves (2013); Annink
et al. (2016); Lindström &
Giordano (2016); Niedzwiedz
et al. (2015); Zyphur et al. (2015);
Postmus et al. (2015); Painter
(2013); O’bryant & Morgan
(1989)
Conceptual Bruggen et al. (2017); Drever
et al. (2015); Houmanfar et al.
(2015); Elliott & Lewis (2015)
Qualitative Mathews & Volberg (2013)
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Journal of Business Research 150 (2022) 417–436
Table 5
Objective and subjective measures of financial well-being.
Objective financial well- Household income, expenses,,savings, spending, debt,
being measures assets, payments, price, expenditure, wealth, earnings,
pension, net worth, budget, interest, gross receipts,
rent, salary, compensation, medical emergencies,
financial ratio, long-term earnings, cost of meals,
exchange, repair, availability of cash, ownership,
possessions, bonus, dividends, stipends, rent,
mortgage, GDP, Per capita income, inequality, interest
rate, inflation, financial contributions, growth,
instability, resource allocation, protection, allowances,
yields, disposable income, poverty, gains, stocks,
funds, interest rate, annuity plans
Subjective financial well- Reported wealth, reported income, satisfaction from
being measures money, exercising frugality, economizing, emotions,
financial realizations, affordability with regard to
meals, propensity to consume and save, perceived
financial management, sustainability, financial strain,
financial difficulty, materialism, conditions,
deprivation, wants, anticipated, expected, perceptions,
desire, wealth, experiencing, goals, decisions,
mindfulness, anxiety, prosperity, sufficient, hardship,
intentions, accomplishment, adequately, capability,
motivated, realization, possessions, flourishing,
prosperity, indebtedness
emphasize the value of financial knowledge as a critical driver of
financial well-being. Socio-economic variables such as race, gender,
income, education and work status lead to financial well-being (Belbase
et al., 2020; Niedzwiedz et al., 2015; Panisch et al., 2019). Economic
variables such as assets, debt, credit, and wealth indirectly affect life
satisfaction, but these enhance life quality (Hansen et al., 2008; Rijken &
Groenewegen, 2008). Some studies confirm the association between
personality characteristics and attitude towards money that eventually
affects financial behavior and financial well-being (Drever et al., 2015;
Norvilitis et al., 2003; Zyphur et al., 2015). From a spiritualist view­
point, Krause and Hayward (2015) conclude that the impact of financial
distress on health and life satisfaction has decreased for individuals with
greater faith in God.
Financial well-being is also a valuable tool for policymakers and
financial service providers to monitor individual financial well-being
and to track progress on the 2030 Sustainable Development Goals
(SDGs) concerning poverty eradication, health, and well-being, reducing
inequality within and between nations (Fu, 2020). Shim et al. (2009)
find financial well-being correlated with academic success, physical
wellbeing, mental wellness, and life satisfaction. Individuals’ financial
well-being can positively affect their overall well-being (Halvorsen,
2016; Lee, Lee, & Kim, 2020; Răileanu-Szeles, 2014; and Utkarsh,
Pandey, Ashta, Spiegelman, & Sutan 2020). Franko (2020) and Muench
et al. (2020) propose that government and politicians could respond to
the economic downturn by supporting socially vulnerable populations,
fixing expenditure shortfalls, and resisting budget cuts to potentially
curb income inequalities (Agnew & Harrison, 2015; Arrieta-Paredes
et al., 2020). Other studies discussing economic well-being as a
possible outcome of financial well-being include Lanz et al. (2019),
Painter (2013), and Zyphur et al. (2015). By exploring the importance of
life aspirations with the sociodemographic factors, financial status, and
well-being, Martos & Kopp (2012) indicate that intrinsic and extrinsic
life goals are unique predictors of subjective well-being and meaning in
life. Berrick & Boyd (2016), Parish & Cloud (2006), and Parish, Rose, &
Swaine (2010) observe financial socialization as another outcome,
involving the interactions between the parent–child or within the fam­
ilies and suggesting measures for their financial well-being. Heintz-
Martin & Langmeyer (2020) and Mende & Doorn (2015) conclude that
women experience more financial stress than men. Their works observe
that financial advisors track financial literacy and use coproduction as a
gateway to their financial well-being, rendering financial stress one of
the outcomes. Some studies highlight financial management
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

(Gardarsdóttir et al., 2009), financial resilience (Temple & Williams, prudential strategies to maximize consumer financial satisfaction.
2018), financial hardship (Belbase et al., 2020), financial wellness Zyphur et al. (2015) propose improving subjective financial well-being
(Krause & Hayward, 2015), and financial security (Netemeyer et al., through financial education. Existing research documents the regula­
2018; Salignac et al., 2020) as possible outcomes of financial well-being. tory consequences for customers, politicians, banks, and regulators.
On the employment front, Adams et al. (2020) and Wang et al. (2021)
opine that employee inclusion and social support play a significant role 5. Conceptual framework and future research agenda
in mediating the relationship between positive leadership and well-
being and maintaining the employee well-being, respectively. In Table 6 presents the findings from the top 30 (Dabić et al., 2020;
contrast, Iannello et al. (2020) find that subjective financial well-being Kahiya, 2018; Randhawa et al., 2016) most cited papers, followed by
has a positive yet non-invariant impact on psychological well-being. Table 7 that exhibits significant findings from all the papers reviewed for
this paper. Both the tables lead us to the avenues with future research
4.6. Policy implications for financial well-being scope in the field of financial well-being, based on which we present the
conceptual framework (Fig. 10) on financial well-being. Our conceptual
Besides formal plans to promote financial awareness, customer framework has components: financial knowledge, personality traits,
engagement is a critical aspect of consumer financial counseling (Mende financial behavior, subjective and objective measures, and the socio-
& van Doorn, 2015). Financial counseling plans should focus on con­ economic environment. These components of the data structure lay
sumer interest in those plans. Policymakers can concentrate on early the groundwork for conceptualising the framework, and are derived
childhood financial well-being strategies (Drever et al., 2015), and from the commonalities identified within the analysis of the social
financial literacy plans may reach early age financial well-being. Im­ (Section 4.1), intellectual (Section 4.2), and conceptual structure of the
provements in mental well-being promote financial well-being (Down­ extant literature (Section 4.3), along with the results discussing the
ward et al., 2020). Wong & Lynn (2019) offered encouragement to scales developed so far (Section 4.4), the predictors and outcomes of
spendthrift customers in terms of their perceived financial well-being. financial well-being (Section 4.5), and the policy implications proposed
Credit card signals’ presence raises the desire to spend, and under­ by the existing literature, which are further supported by the inductive
standing specific strategies to boost purchases allows customers not analysis (Fig. 9).
over-spend. Financial literacy plans and financial therapy can concen­ This section lists out the research ideas that future scholarship can
trate on customer understanding of credit card use and perceived address (Table 8).
financial well-being. Banks play a significant function in stimulating
individuals’ everyday expenditures (Ponchio et al., 2019; Sharma et al.,
2020). Limbu & Sato (2019) indicate the value of credit card awareness
policy initiatives for students, and such programs are supposed to create Table 6
students’ confidence in credit card use. Recognition of financial diffi­ Findings from the Top 30 most cited papers.
culties tends to boost financial well-being by providing sufficient assis­ S. No. Study Result
tance (Bailey, 2019), so the financial counseling plans can be conveyed
Deaton (2012) FC → FWB
to the public to maximize their subjective financial well-being.
Gardarsdóttir & Dittmar (2012) EC → FWB
Mahdzan et al. (2019) illustrate the importance of government and Arber et al. (2014) IN → SFWB → SWB
regulators’ holistic approach to financial well-being. The policies Bruggen et al. (2017) EC and FB → FWB
focusing on education and social security improve financial well-being Mende & Doorn (2015) FSERV → FST → FWB
Donnelly et al. (2012) FB → FM → FWB
(O’bryant and Morgan, 1989; Chu et al., 2017; and Xue et al., 2019).
Netemeyer et al. (2018) FWB → EC and HC → WB
To promote a culture of greater financial satisfaction among families, Guo et al. (2013) FS → FB → FWB
regulators need to focus not only on income but also on families’ sub­ Ng & Diener (2014) FSAT → SW → LS
jective financial well-being (Heintz-Martin & Langmeyer, 2020; Sharma Kirkpatrick Johnson (2013) FWB → FS
et al., 2021). Stressing upon the regulators to focus on the insurance Drever et al. (2015) FE → FWB
Hu et al. (2018) Medicaid → FWB
coverage of the individuals, Dong, Smieliauskas, and Konetzka, (2019)
Elbogen et al. (2012) MH → FWB
highlight that insurance coverage improves individuals’ financial well- Houmanfar et al. (2015) FB → FWB
being. The policymakers need to focus on the plans that motivate peo­ Aslund et al. (2014) FB → FST → FWB; FS → SS → FWB
ple to save more, and the habit of saving more improves the financial Hubbard et al. (2014) FR → FWB
Chu et al. (2017) FL → FS → FWB
well-being of individuals. Tonzer (2019) suggests that the lower prob­
Martos & Kopp (2012) FWB → GS → SWB
ability of a financial crisis helps increase individuals’ financial well- Martin & Hill (2015) EC → FWB
being. Hence, the regulators should focus on macroeconomic pruden­ Schmeiser & Seligman (2013) FK → FWB
tial policies to enhance financial satisfaction among individuals. Zyphur Elliott & Lewis (2015) EC → FWB
et al., (2015) suggested that subjective financial well-being improves if Green & Leeves (2013) FS → EC → FWB
Annink et al. (2016) FE and SSEC → FWB
policymakers focus on financial education. Regulators’ role is crucial in
Mathews & Volberg (2013) FB → FS → FWB
individuals’ subjective financial well-being, and regulators should focus Lindström & Giordano (2016) PT → T → FC → PWB
on effective measures to boost financial literacy. The policy implications Niedzwiedz et al. (2015) FST → FWB
for consumers, policymakers, banks, and regulators are documented in Zyphur et al. (2015) FB → FWB
Postmus et al. (2015) FB → FE → FWB
the existing literature.
Painter (2013) FE → E → FWB
To cultivate a culture of greater financial satisfaction among O’bryant & Morgan (1989) LE → FK and FEXP → FWB
households, regulators need to concentrate not just on income but also
on family subjective financial well-being (Heintz-Martin & Langmeyer, FWB - Financial Well-Being; FC - Financial Crisis; EC - Economic Conditions;
SFWB - Subjective Financial Well-Being; SWB - Subjective Well-Being; FB -
2020; Jones et al., 2015). Stressing authorities to insist on the consumer
Financial Behavior; FM - Financial Management; HC - Health Conditions; FST -
insurance policy, Dong et al. (2019) emphasize that insurance coverage
Financial Stress; FS - Financial Socialization; FSAT - Financial Satisfaction; SW -
increases individual financial well-being. Policymakers should concen­ Societal Wealth; LS - Life Satisfaction; IN - Income; FE - Financial Education; MH
trate on plans that inspire people to invest further since saving patterns - Mental Health; SS - Social Support; SSEC - Social Security; FK - Financial
further boosts individuals’ financial well-being. Tonzer (2019) believes Knowledge; GS - Goal Setting; FR - Financial Resources; PT - Personality Trait; T -
the lower risk of a financial recession helps improve individuals’ Trust; PWB - Psychological Well-Being; LE – Life Event; FEXP - Financial Expe­
financial well-being. Regulators can also rely on macroeconomic rience; E – Ethnicity; FSERV – Financial Services.

426
M. Mahendru et al.
Table 7
Findings from the 143 Papers under study.
S. Result Studies
No.
FC → FWB Deaton (2012) and Parker et al. (2016), Rezende
Machado de Sousa et al. (2019), Tonzer (2019)
EC → FWB Smales (2014) Xue et al. (2019), Lee et al. (2015), Franko
(2020), Temple and Williams (2018), Cherney et al.
(2019)
FS → EC → Parish et al. (2010), Coley and Lombardi (2014), Danzer
FWB and Dietz (2018), Parish and Cloud (2006), Heintz-Martin
and Langmeyer (2020), Disney and Emmerson (2005),
Penn (2009), Bonke and Browning (2009)
FS → EC (ES) Green & Leeves (2013), Choi et al. (2020), Halpern-
→ FWB Manners et al. (2015), Buchler et al. (2009), Guest and
Isaksson (2019)
FB → FM → Donnelly et al. (2012) and Ponchio et al. (2019), Wong
FWB and Lynn (2019), Michael Collins and Urban (2020)
FS → FWB Belbase et al. (2020), Draughn et al. (1994), Charles et al.
(2019), Serido et al. (2010), Montpetit et al. (2015),
Sorgente and Lanz (2019), Lersch (2017), Curran et al.
(2010), Halvorsen (2016)
FS → FB → Irving et al. (2011), Porter and Garman (1992), Cwynar
FWB et al. (2019), Madero-Cabib and Fasang (2016)
FS → HC → Parish et al. (2012), Downward et al. (2020), Tangka
FWB et al. (2020), Chu et al. (2017), Panisch et al. (2019)
FWB → FS → Ngamaba et al. (2020)
FSAT
FS → FE → Losada-Otálora and Alkire (née Nasr) (2019), Cwynar
FWB et al. (2019)
FE → FWB Hageman et al. (2019)
FB → C → FWB Mahdzan et al. (2019), Vlaev and Elliott (2014)
PT → FWB Utkarsh et al. (2020), Gardarsdóttir et al. (2009), Singh
et al. (2015), Braun Santos et al. (2016)
FL → FB → Limbu and Sato (2019)
FWB
FWB → HC Wilkinson (2017), Piumatti (2017)
FK → FB → Mahendru (2020), Riitsalu and Murakas (2019), Rea et al.
FWB (2019)
FWB - Financial Well-Being; FC - Financial Crisis; EC - Economic Conditions; FB -
Financial Behavior; FM - Financial Management; HC - Health Conditions; FS -
Financial Socialization; FSAT - Financial Satisfaction; FE - Financial Education;
FK - Financial Knowledge; PT - Personality Trait; ES – Employment Status;
Control – C.
5.1. Socio-economic environment
In addition to the long-term macro-economic effects, financial crises
have a direct adverse effect on human and social well-being (Mohseni-
Cheraghlou, 2016). The 2008 financial crisis led to a surge in scholarly
attention to financial well-being (Sorgente & Lanz, 2017). In this
background, Deaton (2012) reports that the Great Recession post-2008
financial crisis resulted in increased financial stress among in­
dividuals. Following the 2008 global financial crisis, many countries’
economies crashed, leading to worse debt and mortgage ratios (Sharma,
Tiwari, et al., 2021). Gardarsdóttir and Dittmar (2012) find that debt
and mortgages are strongly related to materialism. More socio-economic
problems and lowered degrees of financial well-being are seen by in­
dividuals who support specific materialistic values. By comparatively
analyzing the differences between high and low religiosity (a sacred
value) consumers, La Barbera & Gürhan (1997) opine that some aspects
of materialism are positively realetd to the subjective well-being of low
religiosity consumers. Negative financial well-being is present in eco­
nomic conditions assessed by indebtedness (Elliott & Lewis, 2015), un­
employment, incomes, and workplace uncertainty (Green & Leeves,
2013). Kuanr et al. (2020) conclude that satisfaction with life and self-
efficacy mediate the relationship between materialism and voluntary
simplicity, deviating the individual from the dark-sided conceptions of
materialism. Alternatively, Furchheim et al. (2020) opine that a conflict
between materialistic and green value profiles arise in consumers
leading to lower levels of well-being. While extant literature validates
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Journal of Business Research 150 (2022) 417–436
that dispositional materialistic orientations are correlated with lower
well-being, Moldes & Ku (2020) find that materialistic cues have a
higher impact on the societal (interpersonal) well-being than on self-
evaluation (individual) indicators.
Parker et al. (2016) and Rezende Machado de Sousa, Saint Ville,
Maria Segall-Corrêa, and Melgar-Quiñonez (2019) report that well-
being is highly susceptible to external disruptions that influence in­
dividuals’ economic condition. The influence of an individual’s eco­
nomic situation on financial well-being has been investigated in many
dimensions. For example, Xue et al. (2019) indicate that, when coping
with spending patterns, financial literacy influences adults’ well-being
in Australia. Netemeyer et al. (2018) objectively examine and argue
that perceived financial well-being in economic and health settings af­
fects general well-being (including other life fields such as work fulfil­
ment, physical health evaluation, and satisfaction support
relationships). Lee et al. (2015) and Franko (2020) suggest that eco­
nomic trends characterize financial well-being in terms of wealth and
income differences. Smales (2014) notes that economic conditions in­
fluence financial well-being reported through asymmetric stock market
statistics. Wealth affects subjective well-being through financial well-
being, Arber et al. (2014) note, while Martos & Kopp (2012) suggest
that financial well-being has a beneficial effect on subjective well-being.
Arber et al. (2014) suggest that wealth impacts subjective well-being
through financial well-being, while Martos & Kopp (2012) argue that
financial well-being affects subjective well-being.
Extant literature illustrates the effect of financial socialization
(including family pattern, parent–child interaction and knowledge ex­
change between family, workers or migrants, etc.) on financial well-
being under various economic conditions including income, assets, net
worth, and liquid assets (Danzer and Dietz, 2018; Heintz-Martin and
Langmeyer, 2020; Parish and Cloud, 2006). Financial socialization often
impacts financial well-being through certain mediating factors. For
example, Charles et al. (2019) say that financial socialization directly
impacts financial well-being; Parish et al. (2012) and Downward et al.
(2020) find that financial socialization affects financial well-being
through physical and mental health problems. Ngamaba et al. (2020)
say that, through financial socialization, financial well-being affects
financial satisfaction. Besides, Wilkinson (2017) and Piumatti (2017)
note a significant impact of financial well-being on mental health,
leading to increased acute physical symptoms in adults.
Our results reflect an underlying implication that the economic
climate facilitates the country’s education system, jobs, and economic
development, while socio-economic trends impact individuals’ goals
and behaviours, including family ties and social support. In addition, the
extent of aspirations, anxiety, protection, and constraints that affect
financial activity are dictated by social and political conditions. There­
fore, financial well-being is rooted in a social context and it is important
to analyse these relative variables. Based on our understanding of the
findings of the extant literature concerning the socio-economic envi­
ronment, we present the future research agenda (FRA).
FRA1: Examining individuals’ financial well-being in the context of the
diverse socio-economic environment.
FRA2: Evaluating the long-term and short-term impact of the changes in
the social, economic, demographic, and political set-up of the country on
individuals’ financial well-being.
5.2. Financial knowledge and personality traits
Financial education impacts financial well-being directly (Annink
et al., 2016; Drever et al., 2015) or indirectly (Painter, 2013). While
social welfare (Annink et al., 2016), mental wellbeing (Elbogen et al.,
2012), medicaid (Hu et al., 2018), financial literacy (Schmeiser &
Seligman, 2013), and financial capital (Hubbard et al., 2014) directly
affect financial well-being, life events (namely widowhood) impact
financial well-being through financial education and financial knowl­
edge (O’bryant & Morgan, 1989). The program for financial education
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

Fig. 9. Data Structure: Aggregate Dimensions.

428
M. Mahendru et al.
Fig. 9. (continued).
improves financial well-being (Hageman et al., 2019), while financial
literacy and financial intelligence, as shown by Limbu and Sato (2019),
Mahendru (2020) and Riitsalu and Murakas (2019), affect financial
well-being through financial behavior.
Personality attributes impact financial well-being by money mindset
(Utkarsh et al., 2020), self-centric approach (Gardarsdóttir et al., 2009),
engagement and exploration (Singh et al. (2015) and self-confidence
(Braun Santos et al., 2016). Lindström & Giordano (2016) analyse the
personality trait (generalized trust) against psychological well-being
before and after the 2008 recession and conclude sharp decreases in
429
Journal of Business Research 150 (2022) 417–436
individuals’ financial well-being. The attitude towards financial prac­
tices affects financial behavior, which affects the financial well-being of
an individual (Castro-González et al., 2020; Rea et al., 2019; Shim et al.,
2009).
Literature reports that individuals who are high in financial well-
being experience peaceful engagement in finance. People with a high
degree of awareness and emotional quotient are more likely to invest in
investment portfolios focused on merit and embrace the principle of
responsible investing for society and the environment. As seen by Aslund
et al. (2014) and Mende & Doorn (2015), financial stress mediates the
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

Fig. 10. Conceptual framework for future scholarship on financial well-being.

being through financial education and conduct, respectively. Alterna­

Table 8
Future Research Agendas.
Directions for Future Key Future Research Areas
Research
Topical Propositions FRA1: Examining individuals’ financial well-being in the
context of the diverse socio-economic environment.
FRA2: Evaluating the long-term and short-term impact of
the changes in the social, economic, demographic, and
political set-up of the country on individuals’ financial
well-being.
FRA3: Measuring and comparing the effect of different
financial knowledge levels, which can reduce financial
decision-making biases and lead to improved financial
well-being.
FRA4: Identifying the personality traits (including self-
confidence, empathy, calm approach, futuristic
approach, and motivation, to name a few) of an
individual and empirically testing their differential and
collective impact on financial well-being.
FRA5: Examining if mindful finance leads to improved
financial behavior and increases the likelihood of
experiencing higher financial well-being levels.
FRA6: Identifying the drivers of financial well-being
evaluation over different life events.
FRA7: Empirically testing the differential and collective
impact of saving behavior, spending behavior,
investment behavior, and credit management behavior
on financial well-being.
Methodological FRA8: Developing valid and reliable financial well-being
Propositions measures for individuals, but more extensively for family
and community levels, and developing standardized
measuring tools for organizational and institutional use.
FRA9: Developing and adopting various measuring
approaches including semi-structured interviews,
surveys, structured equation modelling (SEM), field
studies, or neuroscience techniques such as EEG, eye
tracking and heart rate measurements, and other
innovative methods of data collection such as
netnography, diaries, text and image processing.
FRA10: Use various data sets around countries with
varied cultures, geographies, and populations with
different data collection methods.
impact of financial behavior and engagement in financial services on
financial well-being. Aslund et al. (2014) also indicate that financial
socialization affects financial well-being through low social assistance.
Alternatively, financial distress is observed by Niedzwiedz et al. (2015)
to exhibit a direct correlation with lower financial well-being.
Some research suggests that parental financial socialization plays an
important role in achieving financial literacy and shaping sustainable
financial practices, all of which contribute to enhanced indices of well-
being and financial security (Cwynar et al., 2019). Research suggests
that financial socialization is the indicator, consequence, and mediating
factor in financial well-being. For example, Kirkpatrick Johnson (2013)
applies financial well-being to impact one’s family relationship (finan­
cial socialization as outcome). Guo et al. (2013) note that customers’
socialization facilitates co-production activities that ultimately lead to
financial well-being. Losada-Otálora and Alkire (née Nasr) (2019) and
Cwynar et al. (2019) find financial socialization affects financial well-
tively, financial socialization is interpreted by Chu et al. (2017) and
Mathews & Volberg (2013) as the mediating mechanism for the impact
on the financial well-being of financial literacy and financial behavior
(gambling). Furthermore, Fletcher-Brown et al. (2020) provides evi­
dence of the transformative role that the brand plays in replenishing the
social, emotional and operant resources through the engagement of
corporate social media with vulnerable consumers.
Higher financial knowledge strengthens one’s ability to make
financial decisions by having the flexibility to select from the right
choices accessible. It also raises the degree of trust and causes prudent
financial behavior, leading to a higher chance of achieving financial
well-being. Alternatively, character traits that guide the individual to
follow a relaxed attitude contribute to a higher degree of financial well-
being (Braun Santos et al., 2016). The attributes of personality and
financial expertise are intrinsic and central to financial well-being and
must thus be understood from a broader viewpoint.
FRA3: Measuring and comparing the effect of different financial knowl­
edge levels, which can reduce financial decision-making biases and lead to
improved financial well-being.
FRA4: Identifying the personality traits (including self-confidence,
empathy, calm approach, futuristic approach, and motivation, to name a
few) of an individual and empirically testing their differential and collective
impact on financial well-being.
FRA5: Examining if mindful finance leads to improved financial behavior
and increases the likelihood of experiencing higher financial well-being levels.
FRA6: Identifying the drivers of financial well-being evaluation over
different life events.
5.3. Financial behavior
Financial behavior is the most prominent factor influencing financial
well-being directly or indirectly (through a mediating factor). For
instance, Houmanfar et al. (2015) and Zyphur et al. (2015) exhibit
financial behavior that directly influences financial well-being, while
Donnelly et al. (2012) and Postmus et al. (2015) propose financial
management and financial education as mediating variables. Ng &
Diener (2014) conclude that financial happiness influences life satis­
faction through social capital, a fact substantiated by Lane (2017).
Furthermore, Haslam et al. (2009) conclude that social groups provide
individuals with a sense of meaning, purpose, and belonging, that tends
to have a positive psychological impact in terms of health and well-
being. In comparison, Ponchio et al. (2019) notice financial activity
impacting financial well-being through wealth management. Michael
Collins and Urban (2020) observe financial behavior affecting financial
well-being through investment behavior, while Mahdzan et al. (2019)
observe financial behavior positively impacting financial well-being via
control locus. Alternatively, Martin and Hill (2015) claim that saving
capacity has dramatically improved well-being. Brüggen et al. (2017)
suggest a philosophical structure that defines core financial well-being
components. Economic conditions, together with financial behavior,
directly affect a person’s financial well-being regarding the real and
anticipated ideal living standard and financial independence.
FRA7: Empirically testing the differential and collective impact of saving

430
M. Mahendru et al.
behavior, spending behavior, investment behavior, and credit management
behavior on financial well-being.
Besides topical directions for future study, we also present certain
methodological suggestions. This new research area involves measuring
financial well-being. The literature validates that the idea of financial
well-being is studied as a continuum/condition/state changing over
time. The concept’s dynamic existence requires a mixed-method
application.
FRA8: Developing valid and reliable financial well-being measures for
individuals, but more extensively for family and community levels, and
developing standardized measuring tools for organizational and institutional
use.
FRA9: Developing and adopting various measuring approaches including
semi-structured interviews, surveys, structured equation modelling (SEM),
field studies, or neuroscience techniques such as EEG, eye tracking and heart
rate measurements, and other innovative methods of data collection such as
netnography, diaries, text and image processing.
FRA10: Use various data sets around countries with varied cultures, ge­
ographies, and populations with different data collection methods.
Overall, the above discussion based on the extant literature’s find­
ings outlines the objective factors including the economic conditions in
income, employment status, net worth, assets, debt, savings, wages, job
insecurity, and financial resources. Subjective measures also account for
financial satisfaction, financial socialization, social wealth, social
assistance, subjective financial well-being and subjective well-being.
Moreover, current research indicates that financial knowledge and
personality traits function as mediating variables to promote the effect
of subjective factors, objective factors, and financial behavior on
financial well-being. More recently, Mahendru, Sharma, & Hawkins
(2020) claim that the relationship between objective and subjective
factors and financial behavior is often mediated by mindful finance.
Fig. 10 presents the conceptual framework of financial well-being for
future scholarship. Our findings indicate that financial well-being is a
function of objective and subjective measures. Financial behavior,
which is intervened by financial knowledge and personality traits, de­
termines this relationship in a given socio-economic environment. We
further recognize that achieving financial well-being leads individuals to
meet their current and future commitments, embracing the freedom of
choice and experience improved quality of life. Acquiring financial well-
being under specific socio-economic conditions is not an end in itself,
but a means for improving the quality of life.
6. Conclusion
Financial well-being is a relatively recent field of study. While the
spread of the extant literature through disciplines augurs well for the
development of the field, it also restricts the capacity to inform the
microeconomic and macroeconomic policies (Brüggen et al., 2017). This
paper performed an integrative review with a bibliometric study of
authors, keywords, countries, co-citations, and synthesized the existing
literature by integrating the objectives, methods, predictors, outcomes,
and recommendations.
The contribution of our research is threefold. First, we discussed how
the concern for financial well-being has grown over time. Future
scholarship in this domain may aim to explore how financial well-being
impacts cognitive functioning. Our findings reflect a systemic approach
to financial well-being by illustrating that financial well-being is rooted
in a social context and is closely related to the developments taking
place in it.
Second, we proposed a theoretical framework outlining the
antecedents-based interventions to attain financial well-being in a given
socio-economic environment. Our findings indicate that financial well-
being is a function of objective and subjective measures. Financial
behavior, which is intervened by financial knowledge, personality traits,
and mindful finance, determines this relationship in a given socio-
economic environment. We further recognize that with necessary
431
Journal of Business Research 150 (2022) 417–436
interventions, individuals’ financial well-being can be improved,
increasing the likelihood of experiencing an improved quality of life.
Third, we listed a set of topical and methodological propositions that
prospective researchers and scholars could look into. We established ten
futures research agendas (FRAs) in regards to financial well-being,
addressing the need to analyze various countries with different market
structures; the ten FRAs include the following. One, to assess the long-
and short-term impact of the changes in the country’s socio-economic,
political and demographic situation. Two, measuring and comparing
the effect of different levels of financial knowledge. Three, identifying
the personality traits and empirically testing their differential and col­
lective impact. Four, examining if mindful finance leads to improved
financial behavior. Five, identifying the drivers of financial well-being
evaluation over different life events. Six, identifying various forms of
financial behavior and empirically testing their differential and collec­
tive impact. Seven, comparing the impact of different forms of financial
behavior. Eight, developing valid and reliable measures for financial
well-being for family and society, and for use by companies and in­
stitutions. Nine, developing and adopting different measurement tech­
niques. Lastly, ten, using different data sets and countries with different
time scopes and data collection methods.
The analysis has a few drawbacks. Despite using a systematic
methodology to eliminate bias in the literature review, this analysis’s
scope, research style, and techniques affected the results’ reliability. The
limits on those subjects may have reflected in the results carried out. We
employed a rigorous sample selection procedure by choosing suitable
keywords to solve this dilemma.
This paper will encourage future scholarship that could become a
starting point for theory development in this emerging field. We hope
this research consolidates and enhances the understanding of financial
well-being, which serves as a basis for macroeconomic policymakers and
marketers to formulate measures to change financial behaviours, which
improves the likelihood of achieving a better quality of life and
happiness.
The study is not free from limitations. First, we used an integrative
review to understand the context of financial well-being, and subsequent
research might lead to a better understanding of the direction and
severity of the relationship of financial well-being with different sub­
jective indicators such as, financial behavior, personality and psycho­
logical mechanism or objective indicators such as, income, debt,
savings, and spending. Second, future studies may develop and assess
scales relating to financial well-being, considering various other vari­
ables or using financial well-being as moderating/ mediating variables
to find the impact on the overall quality of life or well-being.
Data accessibility statement: The data shall be made available on
requests.
Uncited references
CRediT authorship contribution statement
Mandeep Mahendru: Formal analysis, Conceptualization. Gagan
Deep Sharma: . Vijay Pereira: Writing – review & editing, Validation,
Supervision. Mansi Jain: Writing – original draft, Resources, Formal
analysis, Data curation. Hardeep Singh Mundi: Formal analysis,
Conceptualization.
Declaration of Competing Interest
The authors declare that they have no known competing financial
interests or personal relationships that could have appeared to influence
the work reported in this paper.
Data availability
The data is available in the supplemental file
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

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Dr Mandeep Mahendru holds PhD in financial economics. She has remained post-doctoral
research fellow on projects related to financial well-being with Technische Universitat,
Dresden (Germany); and State Bank of India, India. Besides, she has a teaching experience
of more than fifteen years. Her current areas of research include financial well-being,
welfare economics, banking and financial services. Mandeep has recently published in
Frontiers in Psychology, Journal of Public Affairs, Sustainability, etc.
Dr Gagan Deep Sharma holds PhD in Management and Masters in Philosophy and Com­
merce. He has an academic experience of over fifteen years. Currently, he is faculty in the
University School of Management Studies (USMS) of Guru Gobind Singh Indraprastha
University (GGSIPU), New Delhi. His interest in interdisciplinary research includes pro­
jects related to Energy Economics, Behavioral Economics, Financial Economics, Critical
Literature Reviews and Value-based business. Dr. Sharma has published more than 50
papers in international journals of repute. He is currently the Associate Editor of Journal of
Public Affairs (Wiley), and Corporate Governance (Emerald), Editorial Board member of
International Journal of Emerging Markets (Emerald), and the Guest Editor of journals
including ‘World Review of Entrepreneurship, Management, and Sustainable Develop­
ment’, ‘International Journal of Economic Policy in Emerging Economies’, ‘Qualitative
Research in Organizations and Management’. Besides, he has authored 4 books in the field
of management.
Vijay Pereira is Full Professor of Strategic and International Human Capital Management
and Head of Department (People and Organizations) at NEOMA Business School, Reims
Campus, France. He is the Associate Editor for Strategic Management and Organization
Behavior, Journal of Business Research and Global Real Impact Editor at the Journal of
Knowledge Management. He has experience and expertise in consulting, industry and
academia, globally. Prof. Pereira has published widely, in over 100 outlets, including in
leading international journals such as Academy of Management Perspectives, Human
Resource Management Journal, Journal of Business Ethics, British Journal of Manage­
ment, International Journal of Human Resource Management, Journal of Business
Research, International Management Review, among others. Apart from guest editing over
20 Special Issues, he is currently on the editorial and advisory board for the journals
Production and Operations Management (FT-listed), Journal of Management Studies (FT-
listed), IJHRM and APJM.
Mansi Jain completed her Master’s in Financial Markets, and then worked in the area of
financial consultancy for Evalueserve.com Pvt. Ltd, as a Business Analyst. She is currently
working on her doctoral thesis on ‘Economics of Happiness’ at University School of
Management Studies, Guru Gobind Singh Indraprastha University, India. She has visited
Germany and United Kingdom for academic purposes. My interest in interdisciplinary
research is confirmed by my research work, which includes projects related to behavioral
economics (financial well-being and human happiness), financial markets and sustainable
and responsible business. She is a fellow member of the ‘Academy of Management’ and
‘British Academy of Management’. She has extensively published papers in highly im­
pactful, ABDC listed, and Web of Science and Scopus indexed journals including Energy
Policy, Environmental Science and Pollution Research, Renewable and Sustainable Energy
Reviews, Journal of Environmental Management, Sustainability, Risks and Journal of
Public Affairs to name a few.
Hardeep Singh Mundi is teaching core finance and elective courses (Behavioral finance,
Mergers & Acquisitions, and Asset pricing) to post-graduate and under-graduate students
at the University of Petroleum and Energy Studies (UPES). Over the years, he has gained
knowledge and experience in teaching, and further enhanced his academic skills. He has
created a positive impact on society by leveraging his experience of learning from
M. Mahendru et al. Journal of Business Research 150 (2022) 417–436

renowned professors. His research interest revolves around behavioral corporate finance extensively published in highly impactful and reputed journals including the Renewable
and asset pricing. He has successfully completed his doctoral thesis based on the CEO and Sustainable Energy Reviews.
overconfidence and capital structure decisions for large Indian firms. Dr Mundi has

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