INFLUENCE OF LIFE EVENTS ON THE FINANCIAL SATISFACTION OF INDIVIDUALS

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Volume 15 Issue 1 2019

Author(s):

Waqas Ali
Limkokwing University of Creative Technology, Cyberjaya, Malaysia
waqas_ali1125@ yahoo.com

Rehman Javaid
Limkokwing University of Creative Technology, Cyberjaya, Malaysia,
rahmanjavaid@ hotmail.com

Shujahat Ali3
Mirpur University of Science and Technology, Mirpur A.K
shujahat@must.edu.pk

Yasir Akram
The Limkokwing University of Creative Technology, Cyberjaya,
yasirakramarain@ yahoo.com

Ayaz Ul Haq
University of Central Punjab, Rawalpindi Campus
drayazulhaq16@gmail.com

Abstract The study aims to determine the eff ect of fi nancial knowledge and fi nancial socialization on the fi nancial satisfaction of the individuals when unexpected life events happen and to examine themediating role of the fi nancial stressor and fi nancial behavior between them. The data collected from 243 respondents whohad experienced any unexpected hospitality in the state of Azad Jammu and Kashmir. Grab sampling method utilized for data collection. Confi rmatory factor analysis (CFA) and Structura Equation Modeling (SEM) utilized for data analysis. Results of study reveal that: 1) fi nancial knowledge and fi nancial socialization have positive infl uence on fi nancial satisfaction; 2) fi nancial knowledge has positive eff ect on fi nancial satisfaction with the mediating role of the fi nancial stressor and fi nancial behavior when an unexpected life event happens; and 3) fi nancial socialization has positive eff ect on fi nancial satisfaction with the mediating role of the fi nancial stressor and fi nancial behavior when an unexpected life event happened. This study provides clear insight toward the fi nancial satisfaction of the individuals while confronting the unexpected life events. Practitioners and fi nancial planners use this article for increasing the fi nancial satisfaction of their customers. There is plethora of researches conducted in diff erent perspective except life events of individuals. This study utilized confi rmatory factor analysis, which is necessary when research carried out from a diff erent perspective.
Keywords : Financial Stressor, Financial Socialization, Financial knowledge, Financial Behavior, Financial Satisfaction
Year 2019
Volume 15
Issue 1
Type Research paper, manuscript, article
Recognized by Higher Education Commission of Pakistan, HEC
Category "Y"
Journal Name IBT Journal of Business Studies
Publisher Name ILMA University
Jel Classification -
DOI https://doi.org/10.46745/ilma.ibtjbs.2019.151.10
ISSN no (E, Electronic) 2409-6520
ISSN no (P, Print) 2415-8393
Country Pakistan
City Karachi
Institution Type University
Journal Type Open Access
Manuscript Processing Blind Peer Reviewed
Format PDF
Paper Link http://ibtjbs.ilmauniversity.edu.pk/journal/jbs/15.1/10.pdf