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Financial advice to financial well-being: the mediating role of financial self-efficacy
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Orientador(es)
Resumo(s)
A central goal in consumer financial decision-making is to understand the factors that promote financial well-being. Previous studies show that interventions aimed at improving consumer objective knowledge of personal finance to affect financial well-being have only minor effect sizes, and that the effects are weaker for individuals in a state of financial vulnerability. In this research, the authors examine the effects of financial advice on consumer financial self-efficacy and downstream influence on perceived financial well-being. They present five studies that examine when, how, and why financial advice improves financial well-being via a financial advice → financial self-efficacy → financial well-being chain of effects. Two correlational studies show that receiving financial advice is positively related to financial self-efficacy, which is strongly related to financial well-being. Three experimental studies examine the effects of simple versus more complex general advice from popular authors, the effect of “just-in-time” actionable financial advice, and the effect of advice tailored to a financially vulnerable population. Overall, the findings show that financial advice can foster financial self-efficacy when it is simple, actionable, and tailored to a specific financial need or population, thereby improving financial well-being. The results have implications for research and policymaking.
Descrição
Palavras-chave
Financial advice Financial decision-making Financial self-efficacy Financial well-being
Contexto Educativo
Citação
Editora
SAGE Publications Ltd
Licença CC
Sem licença CC