Conceptualizing Financial Wellbeing: An Ecological Life-Course Approach

Salignac, F; Hamilton, M; Noone, J; Marjolin, A; Muir, K

Conceptualizing Financial Wellbeing: An Ecological Life-Course Approach

Salignac, F

Hamilton, M Noone, J Marjolin, A Muir, K

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Publisher:: SPRINGER
Publication Type:: Journal Article
Citation:: Journal of Happiness Studies, 2020, 21, (5), pp. 1581-1602
Issue Date:: 2020-06-01

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Field	Value	Language
dc.contributor.author	Salignac, F https://orcid.org/0000-0002-8687-2963
dc.contributor.author	Hamilton, M
dc.contributor.author	Noone, J
dc.contributor.author	Marjolin, A
dc.contributor.author	Muir, K
dc.date.accessioned	2022-10-31T00:36:16Z
dc.date.available	2022-10-31T00:36:16Z
dc.date.issued	2020-06-01
dc.identifier.citation	Journal of Happiness Studies, 2020, 21, (5), pp. 1581-1602
dc.identifier.issn	1389-4978
dc.identifier.issn	1573-7780
dc.identifier.uri	http://hdl.handle.net/10453/163010
dc.description.abstract	Around the world, the financial landscape is becoming increasingly complex. In response to this, an array of initiatives seeks to address financial participation, education, and inclusion for the broad as well as the vulnerable population. There is an increased expectation that these programs will improve the financial wellbeing of individuals and households. But financial wellbeing is inadequately conceptualized and inconsistently defined, making it difficult to understand and improve financial outcomes. Existing conceptualizations, do not adequately account for the dynamic interplay between a person’s environment and their financial wellbeing as well as how aspects of financial wellbeing can interact according to age and life stages. This paper aims to address this gap by redefining and re-conceptualizing financial wellbeing and understanding its components and the relationships between them. To do so, nine focus groups with 54 people living in Australia of different ages, genders, and socio-economic statuses; and 18 one-on-one interviews with people experiencing challenges to their financial wellbeing, are conducted. Using an ecological life-course approach, this paper proposes a definition of financial wellbeing and puts forward a conceptual model allowing us to better understand how financial wellbeing may change over time, and how it is achieved, maintained, or challenged. Policy makers, regulators and organizations may use this model to consider where they might focus their efforts.
dc.language	English
dc.publisher	SPRINGER
dc.relation.ispartof	Journal of Happiness Studies
dc.relation.isbasedon	10.1007/s10902-019-00145-3
dc.rights	info:eu-repo/semantics/closedAccess
dc.subject	1701 Psychology, 1702 Cognitive Sciences
dc.subject.classification	Social Psychology
dc.title	Conceptualizing Financial Wellbeing: An Ecological Life-Course Approach
dc.type	Journal Article
utslib.citation.volume	21
utslib.for	1701 Psychology
utslib.for	1702 Cognitive Sciences
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Provost
pubs.organisational-group	/University of Technology Sydney/Provost/TD School
utslib.copyright.status	closed_access	*
dc.date.updated	2022-10-31T00:36:15Z
pubs.issue	5
pubs.publication-status	Published
pubs.volume	21
utslib.citation.issue	5

Abstract:

Around the world, the financial landscape is becoming increasingly complex. In response to this, an array of initiatives seeks to address financial participation, education, and inclusion for the broad as well as the vulnerable population. There is an increased expectation that these programs will improve the financial wellbeing of individuals and households. But financial wellbeing is inadequately conceptualized and inconsistently defined, making it difficult to understand and improve financial outcomes. Existing conceptualizations, do not adequately account for the dynamic interplay between a person’s environment and their financial wellbeing as well as how aspects of financial wellbeing can interact according to age and life stages. This paper aims to address this gap by redefining and re-conceptualizing financial wellbeing and understanding its components and the relationships between them. To do so, nine focus groups with 54 people living in Australia of different ages, genders, and socio-economic statuses; and 18 one-on-one interviews with people experiencing challenges to their financial wellbeing, are conducted. Using an ecological life-course approach, this paper proposes a definition of financial wellbeing and puts forward a conceptual model allowing us to better understand how financial wellbeing may change over time, and how it is achieved, maintained, or challenged. Policy makers, regulators and organizations may use this model to consider where they might focus their efforts.

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http://hdl.handle.net/10453/163010