Personal factors as antecedents of perceived financial well-being: evidence from Brazil

Purpose - The purpose of this paper is to explore the impact of consumer spending self-control (CSSC), personal saving orientation (PSO), materialism, financial knowledge (FK) and time perspective (TP) on Brazilian consumers' perceived financial well-being. Design/methodology/approach - A conceptual framework is provided to support the research hypotheses. A survey with 1,027 respondents allowed the research hypotheses to be tested by means of regression-based models. Findings - The findings show that the two dimensions of financial well-being - current money management stress and future financial security - are predicted by CSSC, materialism and TP; PSO also predicts future financial security. TP moderates the effect of materialism on current money management stress, and CSSC mediates this relationship. Research limitations/implications - The role of FK in predicting financial well-being is weakened in the presence of the psychological variables investigated, which has important implications for financial education efforts. The use of survey data alone limits the research findings, as the advocated causal relationships are based solely on theory; gathering experimental data to further support the findings is a possibility for future research. Practical implications - Banks and other financial institutions can create tools to stimulate control of their customers' day-to-day spending and try to show assertive projections to evidence the impact of their present actions on their financial future, enhancing personal awareness and promoting overall well-being. Originality/value - The authors advance knowledge on the antecedents of financial well-being and offer two explanations involving moderating and mediating relationships that enhance the understanding of the individual differences that shape current money management stress.