Financial well-being for a sustainable society: a road less travelled
Qualitative Research in Organizations and Management
ISSN: 1746-5648
Article publication date: 2 July 2020
Issue publication date: 3 November 2021
Abstract
Purpose
Measurement of financial well-being has remained a challenge for the governments for a long time. This paper responds to this challenge by taking an integrative approach, whereby the previous conceptualizations of financial well-being are examined. Further, we propose a new conceptualization of financial well-being using the parameters of objective and subjective well-being.
Design/methodology/approach
We conduct a widespread review of the literature with regard to the linkage between financial literacy and financial capability.
Findings
Numerous studies report the pertinent role of behavioural economics in rational decision making. This paper understands the role of behavioural economics in regard to financial well-being.
Research limitations/implications
Empirical investigation in measuring the linkage between financial literacy and financial capability needs to be developed to achieve the goal of financial well-being.
Originality/value
This paper makes a noble contribution to the literature by proposing a new conceptualization of financial well-being spread over financial literacy, financial capability and psychological factors.
Keywords
Acknowledgements
The author acknowledges the support for this research in terms of fellowship from the State Bank of India vide letter number SBIL/2018-19/PDRF/331.This papers forms a part of special section “The Roads Less Travelled: Transformation Towards a Sustainable and Equitable Community”, guest edited by Gagan Deep Sharma and Meenakshi Handa.
Citation
Mahendru, M. (2021), "Financial well-being for a sustainable society: a road less travelled", Qualitative Research in Organizations and Management, Vol. 16 No. 3/4, pp. 572-593. https://doi.org/10.1108/QROM-03-2020-1910
Publisher
:Emerald Publishing Limited
Copyright © 2020, Emerald Publishing Limited