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Financial Stress, Psychological Factors, and Financial Knowledge on Life Satisfaction: A Comparative Pre- and Post-COVID Cross-Sectional Analysis in the United States

Author

Listed:
  • Wookjae Heo

    (Purdue University)

  • Yi Liu

    (St. John Fisher University)

  • Heejung Park

    (Northern Michigan University)

Abstract

This research explored the impact of financial stress, psychological factors, and financial knowledge/education on life satisfaction using a cross-sectional analysis of data from 2019 to 2023. Data from a national online survey in the U.S. indicate a nuanced relationship where the physiological and relational components of financial stress, alongside higher self-esteem and financial education, contribute positively to life satisfaction. In contrast, a higher level of objective financial knowledge is negatively associated with life satisfaction. These findings suggest a nuanced interplay of psychological characteristics with life satisfaction in the face of global disruptions such as COVID-19.

Suggested Citation

  • Wookjae Heo & Yi Liu & Heejung Park, 2025. "Financial Stress, Psychological Factors, and Financial Knowledge on Life Satisfaction: A Comparative Pre- and Post-COVID Cross-Sectional Analysis in the United States," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 20(2), pages 665-684, April.
    • Handle: RePEc:spr:ariqol:v:20:y:2025:i:2:d:10.1007_s11482-025-10431-3
    DOI: 10.1007/s11482-025-10431-3
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