Impact of Financial Education on Financial Wellness During COVID-19

Abstract

The study intentions to examine the result of getting financial education through the workshop on the financial wellness of people during the COVID-19. Primary data are collected from the participants of a Financial Education workshop in India. The study contained 996 respondents for research using the Personal Financial Well-Being Scale (PFWS) questionnaire from the respondents before and after participating in the workshop. Using Hayes’ macro process model and SPSS, the study tested mediation (financial behavior) and moderation (financial education). All the independent variables were encouraging effect on financial wellness by taking the financial behavior and participation of the respondent as the mediator and moderator variables. The independent variables of subjective aspects such as financial stress, situation, and condition have a more significant effect on financial wellness. This study indicates that policymakers and financial regulatory institutions should improve FE to improve financial behavior and wellness during a crisis for individual and economic well-being.