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One (Financial Well-Being) Model Fits All? Testing the Multidimensional Subjective Financial Well-Being Scale Across Nine Countries

Author

Listed:
  • Angela Sorgente

    (Università Cattolica del Sacro Cuore)

  • Bünyamin Atay

    (TED University)

  • Marc Aubrey

    (Université du Québec à Trois-Rivières)

  • Shikha Bhatia

    (International Management Institute New Delhi)

  • Carla Crespo

    (CICPSI, University of Lisbon)

  • Gabriela Fonseca

    (University of Coimbra
    University of Coimbra)

  • Oya Yerin Güneri

    (Middle East Technical University)

  • Žan Lep

    (University of Ljubljana)

  • David Lessard

    (Université du Québec à Trois-Rivières)

  • Oana Negru-Subtirica

    (Babeş-Bolyai University)

  • Alda Portugal

    (University of Coimbra
    University of Madeira)

  • Mette Ranta

    (University of Helsinki)

  • Ana Paula Relvas

    (University of Coimbra
    University of Coimbra)

  • Nidhi Singh

    (Jaipuria Institute of Management)

  • Ulrike Sirsch

    (University of Vienna)

  • Maja Zupančič

    (University of Ljubljana)

  • Margherita Lanz

    (Università Cattolica del Sacro Cuore)

Abstract

A multidimensional model of emerging adults’ subjective financial well-being was proposed (Sorgente and Lanz, Int Journal of Behavioral Development, 43(5), 466–478 2019). The authors also developed a 5-factor scale (the Multidimensional Subjective Financial Well-being Scale, MSFWBS) intending to measure this construct in the European context. To date, data using this instrument have been collected in nine countries: Austria, Canada, Finland, India, Italy, Portugal, Romania, Slovenia, and Turkey. In the current study, data from these countries were analysed to test the validity of this model internationally. In particular, using an international sample of 4,475 emerging adults, we collected the following kinds of validity evidence for the MSFWBS: score structure, reliability, generalizability, convergent, and criterion-related evidence. Findings suggest that the MSFWBS (1) yields valid and reliable scores, and (2) works well in individualistic and economically developed countries, producing comparable scores. Implications for researchers and practitioners are discussed.

Suggested Citation

  • Angela Sorgente & Bünyamin Atay & Marc Aubrey & Shikha Bhatia & Carla Crespo & Gabriela Fonseca & Oya Yerin Güneri & Žan Lep & David Lessard & Oana Negru-Subtirica & Alda Portugal & Mette Ranta & Ana , 2024. "One (Financial Well-Being) Model Fits All? Testing the Multidimensional Subjective Financial Well-Being Scale Across Nine Countries," Journal of Happiness Studies, Springer, vol. 25(1), pages 1-26, February.
    • Handle: RePEc:spr:jhappi:v:25:y:2024:i:1:d:10.1007_s10902-024-00708-z
    DOI: 10.1007/s10902-024-00708-z
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    References listed on IDEAS

    as
    1. Ifra Bashir & Ishtiaq Hussain Qureshi, 2023. "A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030," FIIB Business Review, , vol. 12(1), pages 31-48, March.
    2. Shatakshee Dhongde, 2020. "Multidimensional economic deprivation during the coronavirus pandemic: Early evidence from the United States," PLOS ONE, Public Library of Science, vol. 15(12), pages 1-15, December.
    3. Brüggen, Elisabeth C. & Hogreve, Jens & Holmlund, Maria & Kabadayi, Sertan & Löfgren, Martin, 2017. "Financial well-being: A conceptualization and research agenda," Journal of Business Research, Elsevier, vol. 79(C), pages 228-237.
    4. Angela Sorgente & Casey J. Totenhagen & Margherita Lanz, 2022. "The Use of the Intensive Longitudinal Methods to Study Financial Well-Being: A Scoping Review and Future Research Agenda," Journal of Happiness Studies, Springer, vol. 23(1), pages 333-358, January.
    5. Richard G Netemeyer & Dee Warmath & Daniel Fernandes & John G LynchJr. & Eileen FischerEditor & Olivier ToubiaAssociate Editor, 2018. "How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents, and Its Relation to Overall Well-Being," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 45(1), pages 68-89.
    6. Leonore Riitsalu & Adele Atkinson & Rauno Pello, 2023. "The bottlenecks in making sense of financial well-being," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 50(10), pages 1402-1422, April.
    7. Paola Iannello & Angela Sorgente & Margherita Lanz & Alessandro Antonietti, 2021. "Financial Well-Being and Its Relationship with Subjective and Psychological Well-Being Among Emerging Adults: Testing the Moderating Effect of Individual Differences," Journal of Happiness Studies, Springer, vol. 22(3), pages 1385-1411, March.
    8. Jing Xiao & Chuanyi Tang & Soyeon Shim, 2009. "Acting for Happiness: Financial Behavior and Life Satisfaction of College Students," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 92(1), pages 53-68, May.
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