Kaur Gagandeep, Singh Manjit, Gupta Sanjay
University School of Applied Management, Punjabi University, Patiala, India.
Sri Aurobindo College of Commerce and Management, Ludhiana, Panjab University, Chandigarh, India.
Qual Quant. 2023;57(2):1533-1559. doi: 10.1007/s11135-022-01422-9. Epub 2022 May 28.
A growing complexity in the financial world has attracted the interest of academicians and policymakers to examine the financial planning and well-being of individuals. This study attempts to explore the individual level determinants for improving financial well-being. Based upon the literature review, key enablers of individual financial well-being were identified which were then finalized by incorporating expert suggestions. Pursuant to this, six levels hierarchical structure was developed with the application of interpretive structural modeling (ISM) technique. Next, Matriced'ImpactsCroises Multiplication Appliques a un Classement (MICMAC) analysis was applied to determine the dependence and driving power of the identified variables. Our findings demonstrate that socio-economic factors and financial socialization are placed at the bottom level in the ISM hierarchy and all of them are also found to have the highest driving power under the MICMAC classification. On the other hand, healthy financial behaviors emerge on the top level and have the highest dependence power. The results of the study can provide valuable insights to financial educators and policymakers in terms of a better understanding of individual level enablers and their interrelationships. The knowledge of the importance of each enabler can enhance their capability to formulate improved strategies focused on securing the financial future of individuals. The concern of living a financially secured life is growing in a world full of economic uncertainties. Individual differences play a vital role in achieving a higher level of financial well-being. This study is one of the preliminary attempts to identify the individual level factors and rank them according to importance.
金融领域日益增长的复杂性吸引了学者和政策制定者的兴趣，促使他们研究个人的财务规划和福祉。本研究试图探索提升财务福祉的个人层面决定因素。基于文献综述，确定了个人财务福祉的关键促成因素，随后纳入专家建议进行了最终确定。据此，运用解释结构模型（ISM）技术构建了一个六级层次结构。接下来，应用交叉影响矩阵乘法应用于分类分析（MICMAC）来确定所识别变量的依赖性和驱动力。我们的研究结果表明，社会经济因素和金融社会化在ISM层次结构中处于底层，并且在MICMAC分类下它们也被发现具有最高的驱动力。另一方面，健康的金融行为出现在顶层并且具有最高的依赖度。该研究结果可以为金融教育工作者和政策制定者提供有价值的见解，以便更好地理解个人层面的促成因素及其相互关系。了解每个促成因素的重要性可以增强他们制定改进策略的能力，这些策略侧重于保障个人的财务未来。在一个充满经济不确定性的世界中，对过上财务安全生活的担忧日益增加。个体差异在实现更高水平的财务福祉方面起着至关重要的作用。本研究是识别个人层面因素并根据重要性对其进行排序的初步尝试之一。
