INFLUENCE OF LIFE EVENTS ON THE FINANCIAL SATISFACTION OF INDIVIDUALS
Download| Volume 15 Issue 1 2019 | |
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| Author(s): |
Waqas Ali
Rehman Javaid
Shujahat Ali
Yasir Akram
Ayaz Ul Haq
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| Abstract | This study aims to determine the effect of financial knowledge and financial socialization on the financial satisfaction of individuals when unexpected life events happen and to examine the mediating role of the financial stressor and financial behavior between them. The data collected from 243 respondents who had experienced any unexpected hospitality in the state of Azad Jammu and Kashmir. Grab sampling method utilized for data collection. Confirmatory factor analysis (CFA) and Structural Equation Modeling (SEM) utilized for data analysis. Results of a study reveal that: 1) financial knowledge and financial socialization have a positive influence on financial satisfaction; 2) financial knowledge has a positive effect on financial satisfaction with the mediating role of the financial stressor and financial behavior when an unexpected life event happens, and 3) financial socialization has a positive effect on financial satisfaction with the mediating role of the financial stressor and financial behavior when an unexpected life event happened. This study provides clear insight toward the financial satisfaction of the individuals while confronting unexpected life events. Practitioners and financial planners use this article for increasing the financial satisfaction of their customers. There are a plethora of researches conducted in different perspective except life events of individuals. This study utilized confirmatory factor analysis, which is necessary when research carried out from a different 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 | G41, G50 | DOI | http://dx.doi.org/10.46745/ilma.jbs.2019.15.01.10 | ISSN no (E, Electronic) | 2409-6520 | ISSN no (P, Print) | 2416-8393 | Country | Pakistan | City | Karachi | Institution Type | University | Journal Type | Open Access | Type of Reiview | Double Blind Peer Reviewed | Format | Paper Link | http://ibtjbs.ilmauniversity.edu.pk/journal/jbs/15.1/10.pdf | Page | 123-137 | References | Aboagye, J., & Jung, J. Y. (2018). Debt Holding, Financial Behavior, and Financial Satisfaction. Journal of Financial Counseling and Planning, 29(2), 208-218. doi:10.1891/1052-3073.29.2.208 Agnew, S., Maras, P., & Moon, A. (2018). Gender differences in financial socialization in the home—An exploratory study. 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