Article | Open Access | Published: 9 July 2019
Influence of Life Events on the Financial Satisfaction of Individuals
| Views: | 22 | | | Downloads: | 13 |
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
Publisher:
ILMA UNIVERSITY
Published:
9 July 2019
Issue:
Issue 1 : Volume 15
E-ISSN:
2409-6520
P-ISSN:
2414-8393
DOI:
-
This is an open access article distributed under the terms of the Creative Commons Attribution CC BY 4.0 license, which permits any use, distribution, and reproduction of the work without further permission provided the original author(s) and source are credited.