Exploring the role of help-seeking behavior, family financial socialization, and capability on financial well-being

IF 1.7 3区社会学 Q2 FAMILY STUDIES Family Relations Pub Date : 2024-09-21 DOI:10.1111/fare.13089

Yu Zhang, Jia Qi, Swarn Chatterjee

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Abstract

Objective

This study develops a conceptual framework for examining the associations between family financial socialization and financial capability on individuals' financial well-being and explores the mediating role of financial help-seeking when determining financial well-being.

Background

Individuals' family financial socialization and financial capability are associated with their financial well-being. This study extends the literature by examining whether seeking financial help can indirectly mediate the association between these factors and individuals' financial well-being.

Method

This study used the 2016 National Financial Well-Being Survey data set, consisting of 6,394 adults, and employed structural equation modeling with full information maximum likelihood and bootstrap estimation for empirical analyses.

Results

Financial knowledge and perceived financial capability were positive contributors to financial well-being. Family financial socialization showed positive direct and mixed indirect effects on help-seeking behaviors. When mediated by help-seeking behaviors, family financial socialization had significantly positive total and indirect associations and a negative direct association with financial well-being.

Conclusion

This study found that financial help-seeking behavior was a significant factor in the indirect association between family financial socialization, financial knowledge, and well-being.

Implications

Providing access to professional advice and encouraging family finance discussions can enhance people's financial well-being.

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探索求助行为、家庭财务社会化和能力对财务福祉的作用

目的本研究建立了一个概念框架，用于研究家庭财务社会化和财务能力对个人财务幸福感的影响，并探讨寻求财务帮助在决定财务幸福感方面的中介作用。研究背景个人的家庭财务社会化和财务能力与其财务幸福感相关。本研究通过探究寻求财务帮助能否间接调节这些因素与个人财务幸福感之间的关联，对相关文献进行了扩展。方法本研究使用了 2016 年全国财务幸福感调查的数据集，包括 6394 名成年人，并采用结构方程模型与全信息最大似然法和引导估计进行实证分析。结果财务知识和感知财务能力对财务幸福感有积极的促进作用。家庭财务社会化对求助行为有直接的积极影响，也有间接的混合影响。在寻求帮助行为的中介作用下，家庭理财社会化与财务幸福感的总关联和间接关联均呈显著正相关，而直接关联呈负相关。结论本研究发现，财务求助行为是家庭财务社会化、财务知识和幸福感之间间接关联的重要因素。启示提供专业建议和鼓励家庭财务讨论可以提高人们的财务幸福感。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Family Relations Multiple-

CiteScore

3.40

自引率

13.60%

发文量

164

期刊介绍： A premier, applied journal of family studies, Family Relations is mandatory reading for family scholars and all professionals who work with families, including: family practitioners, educators, marriage and family therapists, researchers, and social policy specialists. The journal"s content emphasizes family research with implications for intervention, education, and public policy, always publishing original, innovative and interdisciplinary works with specific recommendations for practice.

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