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So WWY, Fong TCT, Woo BPY, Yip PSF. Psychosocial and financial well-being mediated the effects of COVID-19 distress on suicidality: a serial mediation model among Hong Kong young adults. Soc Psychiatry Psychiatr Epidemiol 2024; 59:165-174. [PMID: 37270725 PMCID: PMC10239540 DOI: 10.1007/s00127-023-02501-4] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Journal Information] [Submit a Manuscript] [Subscribe] [Scholar Register] [Received: 12/20/2022] [Accepted: 05/24/2023] [Indexed: 06/05/2023]
Abstract
PURPOSE The COVID-19 pandemic has brought significant distress on not only the physical health but also mental health of individuals. The present study investigated the direct and indirect effects from COVID-19 distress to suicidality via psychosocial and financial well-being among young people. METHODS This cross-sectional survey recruited 1472 Hong Kong young people via random sampling in 2021. The respondents completed a phone survey on COVID-19 distress, the four-item Patient Health Questionnaire and items on social well-being, financial well-being, and suicidality. Structural equation modeling (SEM) was conducted to examine the direct and indirect effects of COVID-19 distress on suicidality via psychosocial and financial well-being. RESULTS The direct effect of COVID-19 distress on suicidality was not significant (β = 0.022, 95% CI - 0.097-0.156). The total indirect effect from COVID-19 distress to suicidality was significant and positive (αβγ = 0.150, 95% CI = 0.085-0.245) and accounted for 87% of the total effect (B = 0.172, 95% CI = 0.043-0.341). There were significant specific indirect effects via social well-being and psychological distress, and financial well-being and psychological distress. CONCLUSION The present findings support different pathways from COVID-19 distress to suicidality via functioning in different domains among young people in Hong Kong. Measures are needed to ameliorate the impact on their social and financial well-being to reduce their psychological distress and suicidality.
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Affiliation(s)
- Wendy Wing Yan So
- HKJC Centre for Suicide Research and Prevention, University of Hong Kong, 2/F, HKJC Building for Interdisciplinary Research, Pokfulam, Hong Kong
| | - Ted Chun Tat Fong
- Centre on Behavioral Health, The University of Hong Kong, Pokfulam, Hong Kong
| | - Bowie Po Yi Woo
- HKJC Centre for Suicide Research and Prevention, University of Hong Kong, 2/F, HKJC Building for Interdisciplinary Research, Pokfulam, Hong Kong
| | - Paul Siu Fai Yip
- HKJC Centre for Suicide Research and Prevention, University of Hong Kong, 2/F, HKJC Building for Interdisciplinary Research, Pokfulam, Hong Kong.
- Department of Social Work & Social Administration, University of Hong Kong, Pokfulam, Hong Kong.
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Xu RH, Zhu L, Sun R, Zou S, Dong D. Impact of caregiver's eHealth literacy, financial well-being, and mental health on quality of life of pediatric patients with osteogenesis imperfecta. Health Qual Life Outcomes 2023; 21:67. [PMID: 37420281 DOI: 10.1186/s12955-023-02148-4] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 02/04/2023] [Accepted: 06/14/2023] [Indexed: 07/09/2023] Open
Abstract
OBJECTIVE This study assesses the association between health-related quality of life (HRQoL) for pediatric patients with osteogenesis imperfecta (OI) and their caregivers' eHealth literacy (eHL), financial well-being, and mental health along with the impact of eHealth literacy on the financial well-being and mental health of OI caregivers. METHODS Participants were recruited from a member pool of two OI patient organizations in China. Information about patients' HRQoL and their caregivers' eHL, financial well-being, and mental health was collected. Structure equation modeling (SEM) was used to estimate the relationship between the measures. The robust weighted least square mean and variance adjusted estimator was used. Three criteria, the comparative fit index, the Tucker-Lewis index, and the root mean square error of approximation, were used to evaluate the goodness-of-fit of the model. RESULTS A total of 166 caregivers completed the questionnaires. Around 28.3% indicated that pediatric OI patients experienced problems related to mobility, and 25.3% reported difficulty doing usual activities. Around 52.4% of caregivers reported that their care receivers have some emotional problems while 8.4% reported that their care receivers have "a lot of" emotional problems. 'Some problems' on all dimensions on EQ-5D-Y was the most frequently reported health state (13.9%), and around 10.0% have no problems on all dimensions on EQ-5D-Y. Caregivers tended to show a significantly high eHL, financial well-being, and mental health when their care receivers reported no problems with usual activities and emotions. The SEM demonstrated a significant and positive relationship between eHL, financial well-being, and mental health. CONCLUSION OI caregivers with high eHL reported satisfactory financial well-being and mental health; their care receivers rarely reported living with poor HRQoL. Providing multicomponent and easy-to-learn training to improve caregivers' eHL should be highly encouraged.
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Affiliation(s)
- Richard Huan Xu
- Department of Rehabilitation Sciences, The Hong Kong Polytechnic University, Hong Kong SAR, China
| | - Liling Zhu
- JC School of Public Health and Primary Care, The Chinese University of Hong Kong, Hong Kong SAR, China
| | - Rongjia Sun
- The Illness Challenge Foundation, Beijing, China
| | - Sainan Zou
- Department of Intensive Care Unit, The Sith Affiliated Hospital of Sun Yat-Sen University, Guangzhou, China
| | - Dong Dong
- JC School of Public Health and Primary Care, The Chinese University of Hong Kong, Hong Kong SAR, China.
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Rizk R, Haddad C, Sacre H, Malaeb D, Wachten H, Strahler J, Salameh P. Assessing the relationship between food insecurity and lifestyle behaviors among university students: a comparative study between Lebanon and Germany. BMC Public Health 2023; 23:807. [PMID: 37138254 PMCID: PMC10154760 DOI: 10.1186/s12889-023-15694-9] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 01/09/2023] [Accepted: 04/17/2023] [Indexed: 05/05/2023] Open
Abstract
BACKGROUND Food insecurity is a common public health problem in both developed and developing countries. This study aimed to profile food insecurity among university students in a developed country with stable economic circumstances (Germany) and a developing Mediterranean country undergoing a severe economic and financial crisis (Lebanon) and examine the associations between food insecurity and lifestyle behaviors (i.e., physical activity, sleep, and adherence to a healthy eating pattern, such as the Mediterranean diet), stress, and financial well-being. METHOD This online cross-sectional study was conducted between September 2021 and March 2022. Subjects were recruited through social media platforms (Facebook, WhatsApp, Instagram, and personal email) and in-class announcements by several university professors of various majors and from different universities in Lebanon and Germany. The final sample included 547 participants (197 from Lebanon and 350 from Germany). RESULTS Our findings showed a higher food insecurity rate in Lebanon compared with Germany (59% versus 33%). In the bivariate analysis, food insecurity was associated with insomnia (r = 0.230; p < 0.001) and stress (r = 0.225; p = 0.001); German university students had higher physical activity (p < 0.001), better diet quality (p < 0.001), and lower adherence to the Mediterranean diet (p < 0001) than Lebanese students. In the multivariable analyses, more stress was related to insomnia (B = 0.178; p < 0.001), while financial well-being was not associated with any of the lifestyle behaviors. Physical activity, insomnia, and Mediterranean diet adherence were not associated with the country or food insecurity (p > 0.05); however, living in Germany was associated with better diet quality (B = -7.85; p < 0.001). CONCLUSION The high prevalence of food insecurity reported in this study is alarming, particularly among Lebanese students; German students had better diet quality and higher physical activity but worse adherence to the Mediterranean diet. Moreover, food insecurity was also associated with worse sleep and stress. Further studies are necessary to assess the role of food insecurity as a mediating factor between sociodemographic characteristics and lifestyle behaviors.
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Affiliation(s)
- Rana Rizk
- INSPECT-LB (Institut National de Santé Publique, d'Épidémiologie Clinique Et de Toxicologie-Liban), Beirut, Lebanon
- Department of Natural Sciences, School of Arts and Sciences, Lebanese American University, Byblos, Lebanon
| | - Chadia Haddad
- INSPECT-LB (Institut National de Santé Publique, d'Épidémiologie Clinique Et de Toxicologie-Liban), Beirut, Lebanon.
- School of Medicine, Lebanese American University, Byblos, Lebanon.
- Research Department, Psychiatric Hospital of the Cross, Jal Eddib, Lebanon.
- School of Health Sciences, Modern University for Business and Science, Beirut, Lebanon.
| | - Hala Sacre
- INSPECT-LB (Institut National de Santé Publique, d'Épidémiologie Clinique Et de Toxicologie-Liban), Beirut, Lebanon
| | - Diana Malaeb
- School of Pharmacy, Lebanese International University, Beirut, Lebanon
- College of Pharmacy, Gulf Medical University, Ajman, United Arab Emirates
| | - Hanna Wachten
- Sport Psychology, Institute of Sport and Sport Science, Albert-Ludwigs-University Freiburg, Freiburg Im Breisgau, Germany
| | - Jana Strahler
- Sport Psychology, Institute of Sport and Sport Science, Albert-Ludwigs-University Freiburg, Freiburg Im Breisgau, Germany
| | - Pascale Salameh
- INSPECT-LB (Institut National de Santé Publique, d'Épidémiologie Clinique Et de Toxicologie-Liban), Beirut, Lebanon
- School of Medicine, Lebanese American University, Byblos, Lebanon
- Faculty of Pharmacy, Lebanese University, Hadath, Lebanon
- Department of Primary Care and Population Health, University of Nicosia Medical School, 2417, Nicosia, Cyprus
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Metin T, Uğur Ö, Özdemir SÇ, Gönderen A, Sunu C. The unknown impact of multiple myeloma: assessing the impact of financial well-being on quality of life of caregivers. Support Care Cancer 2023; 31:288. [PMID: 37079098 DOI: 10.1007/s00520-023-07751-1] [Citation(s) in RCA: 1] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/28/2022] [Accepted: 04/13/2023] [Indexed: 04/21/2023]
Abstract
PURPOSE Patients with multiple myeloma and their caregivers are financially burdened, and their quality of life is significantly affected by treatment costs and care expenses. The aim of our study is to examine the impact of financial well-being of the caregiver on the life quality of patients with multiple myeloma. METHODS The study included 113 patients with multiple myeloma and 113 caregivers in two hospitals located in Western Turkey. This study evaluated the demographic characteristics of patients and their caregivers, financial status, financial well-being, and quality of life of caregivers. Simple linear regression analyses were used to examine the impact of financial well-being on caregiver quality of life. RESULTS The average age of multiple myeloma patients and caregivers is 64.00 ± 11.05 and 48.02 ± 11.4, respectively. Of patients, 50.4% and 62.8% of their caregivers were female. It is determined that 51.3% of the patients were diagnosed in 1-5 years, 85% received chemotherapy, and 80.5% had an ECOG performance status between 0 and 1. Caregivers' quality of life and financial well-being were found to be low. On one hand, while caregivers' financial well-being (β = - 1.003; t = - 3.831; p = .000) negatively affected the quality of their lives, their financial satisfaction (β = 2.507; t = 3.820; p = .000) positively affected the quality of their lives, on the other hand. CONCLUSIONS Caregivers' quality of life declined as their financial well-being got worse. Decreased quality of life of caregivers may affect the quality of care they provide to patients with MM. Hence, this study recommends the following. First, nurses who care for patients with MM should always assess the financial situation of patients and caregivers. Second, patient navigators, hospital billing specialists, and social workers should provide financial guidance to multiple myeloma patients and caregivers and provide help in solving their financial problems. Finally, policies that support the financial situation of patients and caregivers should be developed.
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Affiliation(s)
- Tuba Metin
- Simav Vocational School of Health Services, Kutahya Health Sciences University, Kutahya, Turkey.
| | - Özlem Uğur
- Department of Oncology Nursing, Faculty of Nursing, Dokuz Eylül University, İzmir, Turkey
| | | | - Aysun Gönderen
- Department of Hematology, Kutahya Health Sciences University Evliya Çelebi Training and Research Hospital, Kutahya, Turkey
| | - Cenk Sunu
- Department of Hematology, Faculty of Medicine, Sakarya University, Adapazarı, Sakarya, Turkey
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Riitsalu L, Sulg R, Lindal H, Remmik M, Vain K. From Security to Freedom- The Meaning of Financial Well-being Changes with Age. J Fam Econ Issues 2023; 45:1-14. [PMID: 36742444 PMCID: PMC9883609 DOI: 10.1007/s10834-023-09886-z] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 06/29/2022] [Accepted: 01/11/2023] [Indexed: 06/18/2023]
Abstract
Financial well-being is becoming more prominent in policy, research, and the financial sector. However, there is a lack of understanding of its meaning, and the vast majority of financial well-being research employs quantitative methods whereas recent literature reviews advocate for qualitative studies into the meaning of financial well-being and its associations with age. We contribute to that by conducting exploratory qualitative research into the phenomenon of perceived financial well-being and its components. It is based on three studies each of which used in-depth semi-structured interviews (N = 47). The first key finding is that youth perceive financial well-being to be comprised of three components: keeping the current lifestyle and making ends meet; achieving desired lifestyle; and achieving financial freedom. In contrast, older groups distinguish only two: keeping and achieving the lifestyle in the present and in the future. The second finding is that the definition of financial freedom differs across age groups. Young people aspire to become financially independent, while middle-aged individuals prioritize supporting their children, and older people are afraid of becoming a financial burden. Third, regardless of age, many do not plan, save or invest for securing their financial well-being. We conclude by proposing implications for increasing financial well-being in different age groups, and suggesting paths for further investigation.
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Affiliation(s)
- Leonore Riitsalu
- University of Tartu, Johan Skytte institute of political studies, Tartu, Estonia
| | - Rene Sulg
- University of Tartu, Johan Skytte institute of political studies, Tartu, Estonia
| | | | - Marvi Remmik
- University of Tartu, Johan Skytte institute of political studies, Tartu, Estonia
| | - Kristiina Vain
- University of Tartu, Johan Skytte institute of political studies, Tartu, Estonia
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Kaur G, Singh M, Gupta S. Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach. Qual Quant 2023; 57:1533-1559. [PMID: 35669163 PMCID: PMC9143713 DOI: 10.1007/s11135-022-01422-9] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Subscribe] [Scholar Register] [Accepted: 05/02/2022] [Indexed: 11/01/2022]
Abstract
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.
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Affiliation(s)
- Gagandeep Kaur
- University School of Applied Management, Punjabi University, Patiala, India
| | - Manjit Singh
- University School of Applied Management, Punjabi University, Patiala, India
| | - Sanjay Gupta
- Sri Aurobindo College of Commerce and Management, Ludhiana, Panjab University, Chandigarh, India
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Vesely CK, Brown EL, Mehta S, Horner CG. 'Staying Afloat': A Mixed Methods Study of the Financial and Psychological Well-being of Early Childhood Educators. Early Child Educ J 2022; 52:1-12. [PMID: 36531564 PMCID: PMC9734917 DOI: 10.1007/s10643-022-01429-9] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Accepted: 11/16/2022] [Indexed: 06/17/2023]
Abstract
Early childhood educators play a critical role in the lives of young children, especially through their sensitive interactions. Educators' capacities to engage in high-quality interactions are shaped by their mental health. Studies examining early childhood educators' mental health often focus on psychopathology or negative aspects of mental health, despite the importance of understanding mental health through a well-being lens. This study explores the connection between two important areas of well-being: psychological and financial well-being. Using mixed methods, we examined 123 early childhood educators' financial well-being and psychological well-being. Financial well-being predicted psychological well-being, but the relationship was curvilinear; those with the highest and lowest financial well-being had the highest psychological well-being. Qualitative findings suggest possible buffers for psychological well-being among educators with low-financial well-being and highlight struggles of those with low psychological well-being. Implications for how early childhood educators' well-being might be supported with policy and practice initiatives are discussed. Supplementary Information The online version contains supplementary material available at 10.1007/s10643-022-01429-9.
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Affiliation(s)
- Colleen K. Vesely
- College of Education and Human Development, George Mason University, Fairfax, VA 22030 USA
| | - Elizabeth Levine Brown
- College of Education and Human Development, George Mason University, Fairfax, VA 22030 USA
| | - Swati Mehta
- College of Education and Human Development, George Mason University, Fairfax, VA 22030 USA
| | - Christy Galletta Horner
- College of Education and Human Development, Bowling Green State University, Bowling Green, OH 43403 USA
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Blanco L, Cruz V, Frederick D, Herrera S. Financial Stress Among Latino Adults in California During COVID-19. J Econ Race Policy 2022; 5:134-148. [PMID: 35300316 PMCID: PMC8327043 DOI: 10.1007/s41996-021-00087-0] [Citation(s) in RCA: 8] [Impact Index Per Article: 4.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Subscribe] [Scholar Register] [Received: 03/16/2021] [Revised: 07/11/2021] [Accepted: 07/20/2021] [Indexed: 11/29/2022]
Abstract
We study the impact of COVID-19 on stress, and especially on financial stress, among Latino adults in California. We take a mixed methods approach and rely on quantitative and qualitative data for our analysis. We recruited 84 low- and moderate-income (LMI) Latino adults in California through the Understanding America Study (UAS) Internet Panel who also participated in the Mobile Financial Diary (MFD) project, which took place during 2018 − 2019. We analyze data about personal experiences during COVID-19 in October 2020 and compare this to data collected during the period from August to October 2018. Our study portrays the experiences of California Latino adults who were predominantly born in the USA and are likely to be working and speak English. We also observe that a large percentage of our participants had health insurance and relatively high levels of educational attainment. We find contradictory results from our quantitative measures, where one of our indicators of financial behavior and well-being showed a significant increase (Financial Health Score), and the other (Financial Well-Being Scale) showed a significant decrease during COVID-19. Anxiety (GAD-7) and depression (PHQ) measures show no significant changes during COVID-19 in comparison to 2018. Nonetheless, our qualitative data analysis shows that many of our participants were experiencing major stressors during the pandemic associated with labor market experiences and family circumstances. In our qualitative data analysis, we also observe that women seemed to have been affected the most by the pandemic.
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Affiliation(s)
- Luisa Blanco
- Pepperdine University, 24255 Pacific Coast Highway, Malibu, CA 90265 USA
| | - Vanessa Cruz
- Pepperdine University, 24255 Pacific Coast Highway, Malibu, CA 90265 USA
| | - Deja Frederick
- Pepperdine University, 24255 Pacific Coast Highway, Malibu, CA 90265 USA
| | - Susie Herrera
- Pepperdine University, 24255 Pacific Coast Highway, Malibu, CA 90265 USA
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Bufe S, Roll S, Kondratjeva O, Skees S, Grinstein-Weiss M. Financial Shocks and Financial Well-Being: What Builds Resiliency in Lower-Income Households? Soc Indic Res 2022; 161:379-407. [PMID: 34697514 PMCID: PMC8528660 DOI: 10.1007/s11205-021-02828-y] [Citation(s) in RCA: 3] [Impact Index Per Article: 1.5] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Subscribe] [Scholar Register] [Accepted: 10/11/2021] [Indexed: 05/04/2023]
Abstract
Households in the U.S. regularly experience unexpected negative income or expense shocks, and low- and moderate-income households experience these shocks at disproportionately high rates. Relatively little is known about the impact these shocks have on households' subjective sense of financial well-being, and how access to different types of liquidity (e.g., liquid assets, credit cards, social resources, and income flows) can mitigate the impact of these shocks on subjective financial well-being. To address these gaps in the literature, this paper uses data from a two-wave survey administered to 3,911 low- and moderate-income tax filers in 2018. Applying a difference-in-difference analysis, we find that the experience of an income shock between survey waves was associated with a large decline in subjective financial well-being, while the experience of an expense shock was associated with a more modest decline. Relatively liquidity-constrained households tended to be more negatively impacted by shocks than their counterparts, though not all sources of liquidity were equally as effective in buffering households against shocks. The findings of this paper point to the need for policymakers and program administrators to develop tools that can facilitate access to different types of liquidity to offset different financial risks for households.
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Affiliation(s)
- Sam Bufe
- Social Policy Institute, Brown School, Washington University in St. Louis, St. Louis, USA
| | - Stephen Roll
- Social Policy Institute, Brown School, Washington University in St. Louis, St. Louis, USA
| | - Olga Kondratjeva
- Social Policy Institute, Brown School, Washington University in St. Louis, St. Louis, USA
| | - Stephanie Skees
- Social Policy Institute, Brown School, Washington University in St. Louis, St. Louis, USA
| | - Michal Grinstein-Weiss
- Social Policy Institute, Brown School, Washington University in St. Louis, St. Louis, USA
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Abstract
This study develops a conceptual framework that provides a broad understanding of financial well-being. Using the 2018 National Financial Capability Study and structural equation modeling methods, this study provides empirical evidence for the proposed framework by identifying significant direct and indirect determinants of financial well-being. Previous personal financial wellness and financial satisfaction-related research provides a theoretical rationale for the construction of the conceptual framework in the current study. The results reported the relationships among these determinants, including financial perceptions and knowledge factors, financial stress, short- and long-term positive financial behavior, and financial satisfaction. The findings indicate that financial satisfaction, short-term financial behavior, perceived financial capability showed positive and direct associations with financial well-being, whereas financial stress and long-term financial behavior were negatively and directly associated with financial well-being. Financial perception and knowledge factors, financial stress, and short-term financial behavior also showed significant indirect relationships with financial well-being. The findings of this study contribute to the literature on financial well-being and provide significant policy and practical implications. Implications for financial practitioners and policy makers are discussed.
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Affiliation(s)
- Lu Fan
- Program of Personal Financial Planning, Division of Applied Social Sciences, University of Missouri, 125B Mumford Hall, 1100 University Avenue, Columbia, MO 65211 USA
| | - Robin Henager
- Economics and Finance, Whitworth School of Business, 300 W Hawthorne Rd, Spokane, WA 99251 USA
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Barrafrem K, Tinghög G, Västfjäll D. Trust in the government increases financial well-being and general well-being during COVID-19. J Behav Exp Finance 2021; 31:100514. [PMID: 34545323 PMCID: PMC8444950 DOI: 10.1016/j.jbef.2021.100514] [Citation(s) in RCA: 7] [Impact Index Per Article: 2.3] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 10/20/2020] [Revised: 05/11/2021] [Accepted: 05/12/2021] [Indexed: 05/25/2023]
Abstract
We investigate the antecedents of subjective financial well-being and general well-being during the ongoing COVID-19 pandemic. In an online survey conducted in the midst of COVID-19 pandemic with over 1000 Swedish participants we found that distrust in the government to cope with financial (but not healthcare) challenges of the pandemic was negatively related to the feeling of financial security. In a structural equation model, we also show that trust in government to deal with financial challenges of COVID-19 pandemic has a significant impact on general well-being through the mediating channel of financial well-being. In addition, trust in government to deal with healthcare challenges of COVID-19 pandemic has a significant direct impact on individuals' general well-being. Our findings have important implications for public policy as they highlight the importance of citizens' trust in well-functioning governmental institutions to help cope with not only healthcare, but also financial challenges of an ongoing pandemic.
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Affiliation(s)
- Kinga Barrafrem
- JEDI Lab, Division of Economics, Department of Management and Engineering, Linköping University, 581 83 Linköping, Sweden
| | - Gustav Tinghög
- JEDI Lab, Division of Economics, Department of Management and Engineering, Linköping University, Sweden
- The National Center for Priority Setting in Health Care, Department of Medical and Health Sciences, Linköping University, Linköping, Sweden
| | - Daniel Västfjäll
- JEDI Lab, Division of Psychology, Department of Behavioral Sciences and Learning, Linköping University, Linköping, Sweden
- Decision Research, Eugene, OR, USA
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Vieira KM, Potrich ACG, Bressan AA, Klein LL. Loss of financial well-being in the COVID-19 pandemic: Does job stability make a difference? J Behav Exp Finance 2021; 31:100554. [PMID: 36570718 PMCID: PMC9764367 DOI: 10.1016/j.jbef.2021.100554] [Citation(s) in RCA: 2] [Impact Index Per Article: 0.7] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 03/29/2021] [Revised: 07/21/2021] [Accepted: 07/26/2021] [Indexed: 05/25/2023]
Abstract
This article aims to assess the loss of financial well-being in the COVID-19 pandemic. The developed theoretical model identifies the impacts of the perception of financial risk and financial anxiety on financial well-being. It also seeks, through a comparative analysis, to assess whether public servants, due to their status of job stability in Brazil, are less likely to have the effects of the pandemic than private employees. A survey was carried out on 1222 Brazilians with structural equation modeling and multi-group invariance tests. The results indicate that lower financial well-being is influenced by the level of financial anxiety and financial risk. Public servants perceive fewer losses in financial well-being, anxiety and risks than other professions. In the pandemic context, where the risks of unemployment and loss of income are increased, job stability works like an insurance, allowing public servants greater financial security and then minor losses of financial well-being. Evidence indicates that in countries where a large percentage of workers have temporary or informal jobs, the challenge of reducing the financial impacts of the pandemic will be great. Interventions to alleviating anxiety and public policies of income transfer and reduction of unemployment are instruments to reduce the loss of financial well-being.
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Affiliation(s)
- Kelmara Mendes Vieira
- Postgraduate Program in Management of Public Organizations, Federal University of Santa Maria (UFSM), Av. Roraima, 1000, prédio 74C, 4212, 97105-900, Santa Maria, RS, Brazil
| | - Ani Caroline Grigion Potrich
- Postgraduate Program in Administration, Federal University of Santa Catarina (UFSC), Campus Reitor João David Ferreira Lima, s/n, 88040-900, Florianópolis, SC, Brazil
| | - Aureliano Angel Bressan
- Postgraduate and Research Center in Administration (CEPEAD) of the Federal University of Minas Gerais (UFMG), Av. Pres. Antônio Carlos, 6627, Pampulha, 31270-901, Belo Horizonte, MG, Brazil
| | - Leander Luiz Klein
- Postgraduate Program in Public Administration, Federal University of Santa Maria (UFSM), Av. Roraima,1000, prédio 74B, 3250, 97105-900, Santa Maria, RS, Brazil
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13
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Santos DB, Mendes-Da-Silva W, Norvilitis JM, Protin P, Onusic L. Parents Influence Responsible Credit Use in Young Adults: Empirical Evidence from the United States, France, and Brazil. J Fam Econ Issues 2021; 43:368-383. [PMID: 34456538 PMCID: PMC8383257 DOI: 10.1007/s10834-021-09792-2] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Accepted: 08/10/2021] [Indexed: 06/13/2023]
Abstract
From the start of adulthood, consumers are frequently faced with complex financial decisions, and the consequences of these decisions may be reflected throughout the rest of their lives. As access to credit has expanded among college students around the world, it is critical that we understand both universal and culture-specific processes. Although some work has examined credit card use in two cultures simultaneously, there is, to our knowledge, no research examining such use in three cultures on three continents and across both genders. This study analyzes credit card use behavior among 1458 young adults living either in Brazil, the United States, or France. A structural equations model is used to incorporate relationships between the latent variables. The model, which was validated by the study, examines how financial well-being is affected by the way in which the individual uses credit cards, which in its turn is affected by social comparison and by financial self-confidence, the latter being also impacted by the financial education received from the parents. In the comparison between groups we found evidence that men are more dependent on parental education than women.
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Affiliation(s)
- Danilo Braun Santos
- Federal University of São Paulo, R. Angélica, 100—Jardim das Flores, Osasco, SP 06132-380 Brazil
| | - Wesley Mendes-Da-Silva
- Sao Paulo School of Business Administration (FGV/EAESP), Rua Itapeva, #474, 8 floor, Sao Paulo, Sao Paulo 01332-000 Brazil
| | - Jill M. Norvilitis
- Buffalo State of The State University of New York, 1300 Elmwood Avenue, Buffalo, NY 14222 USA
| | | | - Luciana Onusic
- Federal University of São Paulo, R. Angélica, 100—Jardim das Flores, Osasco, SP 06132-380 Brazil
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14
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Howat-Rodrigues ABC, Laks J, Marinho V. Translation, cross-cultural adaptation, and psychometric properties of the Brazilian Portuguese version of the Consumer Financial Protection Bureau Financial Well-Being scale. Trends Psychiatry Psychother 2021; 43:134-140. [PMID: 34392663 PMCID: PMC8317546 DOI: 10.47626/2237-6089-2020-0034] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Download PDF] [Figures] [Subscribe] [Scholar Register] [Received: 04/06/2020] [Accepted: 08/28/2020] [Indexed: 11/20/2022]
Abstract
OBJECTIVE To translate and back-translate the Consumer Financial Protection Bureau (CFPB) Financial Well-Being Scale into Brazilian Portuguese, to assess its cross-cultural semantic equivalence, and to verify the psychometric properties of the final version. METHODS Adaptation of the original scale applied a three-step methodology: translation and back-translation, appreciation of semantic equivalence, and administration to a convenience sample of 834 subjects. The analysis of psychometric properties comprised evaluation of evidence of the instrument's validity by factor analysis, validity by contrasting groups, and internal consistency with Cronbach's alpha coefficient. The CFPB granted authorization to conduct cross-cultural adaptation into Brazilian Portuguese. RESULTS Results indicated adequate cultural adaptation between scales, with good equivalence between the original English version and the final Brazilian version. The Cronbach's alpha coefficient for the instrument's internal consistency in this sample was 0.89. Exploratory and confirmatory factor analyses demonstrated high levels of item reliability and goodness of fit, with all 10 items loading onto a single factor, financial well-being. The measure has shown structural stability in two different cultural contexts (Brazil and the USA). CONCLUSION The Brazilian version demonstrated acceptable psychometric properties and adequate structural and cross-cultural validity and the participants found it easy to understand.
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Affiliation(s)
| | - Jerson Laks
- Instituto de Psiquiatria (IPUB), Universidade Federal do Rio de Janeiro (UFRJ), Rio de Janeiro, RJ, Brazil
| | - Valeska Marinho
- Instituto de Psiquiatria (IPUB), Universidade Federal do Rio de Janeiro (UFRJ), Rio de Janeiro, RJ, Brazil
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15
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Zhou L, Wang J, Huang J. Brief Report: Health Expenditures for Children with Autism and Family Financial Well-Being in China. J Autism Dev Disord 2021. [PMID: 34318432 DOI: 10.1007/s10803-021-05214-2] [Citation(s) in RCA: 5] [Impact Index Per Article: 1.7] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Accepted: 07/21/2021] [Indexed: 10/20/2022]
Abstract
Little is known on the financial well-being of families raising children with autism spectrum disorders (ASD). Family financial well-being has important impacts on the development of children with ASD. The study uses a 2019 survey collected from Chinese families raising a child with ASD (N = 3064) to examine their financial well-being and its association with health expenditures for children. Extensive control variables (i.e., demographic and socioeconomic characteristics of children, respondents, and their families) are adjusted in analyses. Findings suggest that the amount of health expenditures is negatively associated with respondents' perception of their financial status. The significance of health expenditures disappears after household material hardship is adjusted. Health expenditures affect financial well-being mainly through resource competitions against family needs.
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Sorgente A, Totenhagen CJ, Lanz M. The Use of the Intensive Longitudinal Methods to Study Financial Well-Being: A Scoping Review and Future Research Agenda. J Happiness Stud 2021; 23:333-358. [PMID: 33841044 PMCID: PMC8017902 DOI: 10.1007/s10902-021-00381-6] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Subscribe] [Scholar Register] [Accepted: 03/16/2021] [Indexed: 06/01/2023]
Abstract
Financial well-being is a positive financial condition that has an objective (e.g., income) and a subjective (e.g., financial satisfaction) side. Much research has examined financial well-being using cross-sectional and classic longitudinal designs. More recently, researchers have begun to examine financial well-being using intensive longitudinal designs, collecting data in a repeated (at least five measurements) and intensive (short time interval between measurements) way. The goal of the current study was to systematically review all published research on financial well-being using intensive longitudinal methods, summarize themes from this work, and suggest future research directions. Searching three databases (Scopus, PsycINFO, Econpapers), we found nine articles that respected inclusion and exclusion criteria. From each selected article, we extracted information about (1) research field diffusion, (2) data collection methods, (3) financial well-being's definition and operationalization, (4) research questions addressed and (5) data analysis. Findings showed that most of the studies adopted an interval-contingent research design, collecting data once a day; that both the objective and subjective sides of the construct were assessed, and that, most of the time, the construct was conceptualized as financial stress (lack of financial well-being). Different kinds of research questions were addressed across studies and these were often analyzed using multilevel analysis. In the discussion section, future research directions are suggested.
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Affiliation(s)
- Angela Sorgente
- Department of Psychology, Università Cattolica del Sacro Cuore, Milan, Italy
| | - Casey J. Totenhagen
- Department of Human Development and Family Studies, University of Alabama, Tuscaloosa, AL USA
| | - Margherita Lanz
- Department of Psychology, Università Cattolica del Sacro Cuore, Milan, Italy
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Barrafrem K, Västfjäll D, Tinghög G. Financial well-being, COVID-19, and the financial better-than-average-effect. J Behav Exp Finance 2020; 28:100410. [PMID: 33042778 PMCID: PMC7537622 DOI: 10.1016/j.jbef.2020.100410] [Citation(s) in RCA: 14] [Impact Index Per Article: 3.5] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 07/13/2020] [Accepted: 09/21/2020] [Indexed: 05/10/2023]
Abstract
At the onset of the COVID-19 outbreak we conducted two surveys in the United Kingdom and Sweden (N=2021) regarding how people assess the near future economic situation within their household, nation, and the world. Together with psychological factors related to information processing we link these prospects to financial well-being. We find that, although generally very pessimistic, a substantial proportion of individuals believes that their households' economy will be doing substantially better than the national and global economy, suggesting a "financial better-than-average" effect. Furthermore, we find that the pessimism regarding future household economic situation and being financially ignorant are associated with decreased financial well-being, while the (inter)national economic situation is not. This study shows how contextual factors and personal aspects shape financial well-being during turbulent and stressful times.
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Affiliation(s)
- Kinga Barrafrem
- JEDI Lab, Division of Economics, Department of Management and Engineering, Linköping University, Linköping, Sweden
| | - Daniel Västfjäll
- JEDI Lab, Division of Psychology, Department of Behavioral Sciences and Learning, Linköping University, Linköping, Sweden
- Decision Research, Eugene, OR, USA
| | - Gustav Tinghög
- JEDI Lab, Division of Economics, Department of Management and Engineering, Linköping University, Linköping, Sweden
- The National Center for Priority Setting in Health Care, Department of Medical and Health Sciences, Linköping University, Linköping, Sweden
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18
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Friedline T, Chen Z, Morrow S. Families' Financial Stress & Well-Being: The Importance of the Economy and Economic Environments. J Fam Econ Issues 2020; 42:34-51. [PMID: 32837140 PMCID: PMC7362317 DOI: 10.1007/s10834-020-09694-9] [Citation(s) in RCA: 26] [Impact Index Per Article: 6.5] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 05/24/2023]
Abstract
The Great Recession and the unfolding COVID-19 Pandemic Recession-two major disruptions to the economy that occurred just one decade apart-unequivocally confirm the importance of the economy and economic environments for understanding families' financial stress and well-being. However, recent published literature places too little emphasis on the economy and economic environments and instead focuses on explanations rooted within individuals and families. In this article, we review research on families' financial stress and well-being published in JFEI between 2010 and 2019, which analyzed data collected during the Great Recession and were subsequently published in the shadow of the economic downturn. We discuss the economy and economic environments as gaps in the literature and encourage future research to focus on these explanations of stress and well-being, especially in response to the pandemic recession.
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Affiliation(s)
- Terri Friedline
- University of Michigan School of Social Work, 1080 S. University Avenue, Ann Arbor, MI 48109 USA
| | - Zibei Chen
- University of Southern Mississippi School of Social Work, Hattiesburg, USA
| | - So’Phelia Morrow
- University of Michigan School of Social Work, 1080 S. University Avenue, Ann Arbor, MI 48109 USA
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Lee Y, Tang F, Kim KH, Albert SM. The Vicious Cycle of Parental Caregiving and Financial Well-being: A Longitudinal Study of Women. J Gerontol B Psychol Sci Soc Sci 2014; 70:425-31. [PMID: 24488255 DOI: 10.1093/geronb/gbu001] [Citation(s) in RCA: 34] [Impact Index Per Article: 3.4] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/31/2012] [Accepted: 01/05/2014] [Indexed: 11/14/2022] Open
Abstract
OBJECTIVES This study examines the relationship between caring for older parents and the financial well-being of caregivers by investigating whether a reciprocal association, or vicious cycle, exists between female caregiver's lower household incomes and caring for elderly parents. METHOD Data for women aged 51 or older with at least 1 living parent or parent-in-law were drawn from the Health and Retirement Survey 2006, 2008, and 2010 (N = 2,093). A cross-lagged panel design was applied with structural equation modeling. RESULTS We found support for the reciprocal relationship between parental caregiving and lower household income. Female caregivers were more likely than noncaregivers to be in lower household income at later observation points. Also, women with lower household income were more likely than women with higher household income to assume caregiving at later observation points. DISCUSSION This study suggests that there exists a vicious cycle of parental care and lower household income among women. A key concern for policy is female caregivers' financial status when care of older parents is assumed and care burden when women's financial status declines.
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Affiliation(s)
- Yeonjung Lee
- Faculty of Social Work, University of Calgary, Alberta, Canada.
| | | | - Kevin H Kim
- Department of Psychology in Education, School of Education, and
| | - Steven M Albert
- Department of Behavioral and Community Health Sciences, Graduate School of Public Health, University of Pittsburgh, Pennsylvania
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