Examining remittances, emissions, and tourism as drivers of financial well-being and sustainability in post-Soviet nations

This study aims to analyse the importance of inward remittances, greenhouse gas emissions, and international tourism in mitigating income disparity in post-Soviet countries, thus improving financial well-being and fostering sustainable practices. Panel data analysis was conducted using annual data from 15 post-Soviet nations, covering the period from 2000 to 2023. The key findings are that a positive shock in greenhouse gas emissions leads to increased income inequality, thereby reducing financial well-being and sustainable adoption. On the other hand, a positive shock in international tourism reduces income inequality and enhances financial well-being, promoting sustainable adoption among the post-Soviet population. Lastly, a positive shock in inward remittances promotes income inequality and reduces financial well-being, although this effect was not statistically significant. The study adds to the limited literature on financial well-being and sustainable adoption. The articles contextually focus on the post-Soviet nations, which are still in the early development phase and thus offer useful implications for developing countries. The study offers useful implications for policymakers, who can leverage the findings to reduce greenhouse gas emissions and promote international tourism. This can help reduce the prevalent income disparity, thereby promoting financial well-being, which is aligned with UNSDG 8.1. Enhanced financial well-being is linked to sustainable consumption, which is a key element of the circular economy.