Published Online:July 2024
Product Name:The IUP Journal of Accounting Research & Audit Practices
Product Type:Article
Product Code:
Author Name:Ifra Bashir and Ishtiaq Hussain Qureshi
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:18
The relationship between demographic variables and financial wellbeing has not been clearly established in extant literature. The study seeks to explore the role of demographic variables in the financial wellbeing of people in Jammu and Kashmir, India. The methodology used was survey research design along with convenience sampling technique for selecting the participants. Descriptive statistics and one-way ANOVA were used to examine the data, and the analysis revealed that gender, age, personal income and occupation have a significant influence on financial wellbeing; however, marital status and education were found to be insignificant. The study has important implications for policymakers, financial services providers, and financial coaches to tailor their programs to increase consumers’ financial wellbeing in accordance with their demographic characteristics. Also, marketing research around these programs can make an extra effort towards the goals of transformative consumer research movement and UN 2030 agenda.
Extant literature on the economics of happiness has fairly covered studies on income and financial wellness in developed countries (Easterlin, 2001). However, research on the related concept of financial wellbeing remains underexplored (D’Agostino et al., 2020; and Kaur et al., 2021). Research on financial wellbeing is recommended due to its relationship with the transformative consumer research movement that attempts to improve personal wellbeing (Anderson et al., 2013). It is also important because it forms an essential bridge in the achievement of key sustainable development goals (Fu, 2020). As such, it is used by governments and policymakers to assess the performance of economic prosperity and to plan future progressive policies (Mahendru et al., 2020).