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Exploring the Relationship Between Financial Education, Financial Attitude, Financial Advice, and Financial Knowledge: Insights Through Financial Capabilities and Financial Well-Being

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  • Arturo García-Santillán

    (UCC Business School, Cristóbal Colón University, Veracruz 94274, Mexico
    Instituto Tecnológico Superior de Misantla, Misantla 93850, Mexico)

  • Ma. Teresa Zamora-Lobato

    (Instituto Tecnológico Superior de Misantla, Misantla 93850, Mexico)

  • Esmeralda Tejada-Peña

    (Economic-Administrative Center, Tecnológico Nacional de México Campus Tuxtepec, Oaxaca 68350, Mexico)

  • Liduvina Valencia-Márquez

    (Business School Faculty, Broward Internacional University, Miami, FL 33131, USA)

Abstract

This study analyzes the relationship between financial education, financial attitude, financial advice, financial knowledge, and behavior and its influence on financial capabilities, as well as their impact on financial well-being. The population consists of individuals over 18 years of age, who are primarily higher education students. A non-probabilistic self-selection sampling method was used, and data were collected through an electronic form on Google Forms. The design is quantitative, non-experimental, and cross-sectional. The instrument includes sections on sociodemographic profiles, financial education, financial attitudes, financial advice, financial knowledge and behavior, financial capabilities, and financial well-being using a 1 to 5 Likert scale. To ensure validity and reliability, statistical indices such as Cronbach’s alpha and McDonald’s omega were applied. Data normality was assessed, and exploratory and confirmatory factor analyses were conducted using structural equation modeling (SEM). The findings from the results of this study largely align with the existing literature regarding the relationship between financial knowledge and financial capabilities, as well as between financial capabilities and financial well-being. However, a discrepancy is observed in the hypotheses related to financial education, financial attitudes, and financial counseling, suggesting that although these factors are important, their influence may depend on other contextual elements or mediators not considered in this study. This opens the possibility for further investigation into how these factors interact in the development of financial capabilities.

Suggested Citation

  • Arturo García-Santillán & Ma. Teresa Zamora-Lobato & Esmeralda Tejada-Peña & Liduvina Valencia-Márquez, 2025. "Exploring the Relationship Between Financial Education, Financial Attitude, Financial Advice, and Financial Knowledge: Insights Through Financial Capabilities and Financial Well-Being," JRFM, MDPI, vol. 18(3), pages 1-24, March.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:3:p:151-:d:1611367
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    References listed on IDEAS

    as
    1. Arturo García-Santillán & Milka Elena Escalera-Chávez & Josefina C. Santana, 2024. "Exploring resilience: a Bayesian study of psychological and financial factors across gender," Cogent Economics & Finance, Taylor & Francis Journals, vol. 12(1), pages 2431544-243, December.
    2. Abu Elnasr E. Sobaih & Ibrahim A. Elshaer, 2023. "Risk-Taking, Financial Knowledge, and Risky Investment Intention: Expanding Theory of Planned Behavior Using a Moderating-Mediating Model," Mathematics, MDPI, vol. 11(2), pages 1-17, January.
    3. Xiaoling Song & Jiaqi Li & Xueke Wu, 2024. "Financial inclusion, education, and employment: empirical evidence from 101 countries," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    4. Gilles E. Gignac & Adrian Gepp & Terence J. O’Neill & Rui Xue, 2024. "The Impact of Housing Tenure on Financial Wellbeing Among Elderly Australians," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 171(2), pages 655-675, January.
    5. Amany A. El Anshasy & Mrittika Shamsuddin & Marina-Selini Katsaiti, 2023. "Financial Wellbeing and International Migration Intentions: Evidence from Global Surveys," Journal of Happiness Studies, Springer, vol. 24(7), pages 2261-2289, October.
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