Research Article
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Year 2023, Volume: 12 Issue: 2, 68 - 82, 30.07.2023
https://doi.org/10.17261/Pressacademia.2023.1739

Abstract

References

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  • Boost, M., & Meier, L. (2017). Resilient practices of consumption in times of crisis—Biographical interviews with members of vulnerable households in Germany. International Journal of Consumer Studies, 4 (4), 371-378. https://doi.org/10.1111/ijcs.12346
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  • Diener, E., Wirtz, D., Tov, W., Kim-Prieto, C., Choi, D., Oishi, S., & Biswas-Diener, R. (2010). New well-being measures: Short scales to assess flourishing and positive and negative feelings. Social Indicators Research, 97, 143–156. https://doi.org/10.1007/s11205-009-9493-y
  • Dietrich, A. M., Kuester, K., Müller, G. J., & Schoenle, R. S. (2020). News and uncertainty about COVID-19: Survey evidence and short-run economic impact. Federal Reserve Bank of Cleveland Working Paper 20-12. Retrieved from www.clevelandfed.org/research
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  • Euart, J., Ferreira, N., Gordon, J., Gupta, A., Hilal, A., & White, O. (2020). Financial life during the COVID-19 pandemic—an update. Mckinsey & Company Financial Services, July 23. Retrieved from https://www.mckinsey.com/industries/financial-services/our-insights/a-global-view-of-financial-life-during-covid-19
  • Evans, D., & Over, M. (2020). The Economic Impact of COVID-19 in Low- and Middle-Income Countries. Center for Global Development. Retrieved from https://www.cgdev.org/blog/economic-impact-covid-19-low-and-middle-income-countries
  • Financial Health Network (2020). The Financial Health Networks’ FinHealth Score Toolkit. Retrieved from https://finhealthnetwork.org/
  • Fujiwara, D., Dolan, P., Lawton, R., Behzadnejad, F., Lagarde, A., Maxwell, C., & Peytrignet, S. (2020). The wellbeing costs of COVID-19 in the UK. An Independent Research Report by Simetrica-Jacobs and the London School of Economics and Political Science. Retrieved from https://www.ceci.org.uk/wp-content/uploads/2020/05/jacobs-wellbeing-costs-of-covid-19-uk.pdf
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  • Gerrans, P., Speelman, C., & Campitelli, G. (2014). The relationship between personal financial wellness and financial wellbeing: A Structural Equation Modelling Approach. Journal of Family and Economic Issues, 35, 145–160.
  • Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512.
  • Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714.
  • Hammond, K.R. (2000). Judgments Under Stress. Oxford University Press, New York.
  • Hevia, C., & Neumeyer, A. (2020). A conceptual framework for analyzing the economic impact of COVID-19 and its policy implications. UNDP Latin America and the Caribbean COVID 19 Policy Documents Series No. 1. Retrieved from https://socialprotection.org/discover/publications/conceptual-framework-analyzing-economic-impact-covid-19-and-its-policy
  • Ho, C.S., Chee, C. Y., CM Ho, R. C. (2020). Mental health strategies to combat the psychological impact of COVID-19 beyond paranoia and panic. Ann. Acad. Med. Singapore, 49 (1), 1-3. Retrieved from http://www.anmm.org.mx/descargas/Ann-Acad-Med-Singapore.pdf
  • Hsu, T., Tam, L., & Howell, R. (2017). Do you feel financially secured? The investigation of economic indicators and consequences of financial well-being. Atlantic Marketing Journal, 5 (3), 15-34. Retrieved from https://digitalcommons.kennesaw.edu/amj/vol5/iss3/2
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FINANCIAL WELL-BEING AND LIFE SATISFACTION OF INDIVIDUALS DURING THE COVID-19 OUTBREAK

Year 2023, Volume: 12 Issue: 2, 68 - 82, 30.07.2023
https://doi.org/10.17261/Pressacademia.2023.1739

Abstract

Purpose - This study aims to identify how factors related to financial health, financial ignorance, future prospects, emotional constructs, mental accounting, financial crisis, and household consumptions affect adult population’s financial well-being and life satisfaction in Turkey during an ongoing pandemic.
Methodology - The data were collected through an online survey between May 26 and June 15, 2020. The sample of the study consisted of 1333 participants (58.7% women; 41.3% men). Descriptive statistics were calculated regarding the socio-economic variables (frequency, percentage, average, standard deviation, maximum, minimum). Then independent groups t-test analyses were conducted to compare the means of the scales by gender. Finally, Linear Regression Model were used to compare the effects of independent variables on three dependent variables (financial well-being measured as financial security/anxiety and life satisfaction).
Findings- The result shows that participants were financially coping during the COVID-19 outbreak. There was a significant difference when comparing mean financial health, spending and saving scores between men and women This study concluded that financial ignorance, financial health, perceptions of the household’s future economic outlook and national economic situation, emotional constructs and gender were significantly related to financial well-being. Furthermore, financial health, financial security, perceptions of the future economic outlook of the household economic situation, mental accounting, changes in consumption, emotional constructs, gender, and marital status were predicted life satisfaction.
Conclusion- The findings would be useful for policy makers to maintain the parallel expansion of financial, psychological and welfare measures to improve people’s financial well-being and life satisfaction and to strengthen the subjective well-being of individuals to fight against COVID-19. This research will help government and policymakers to maintain their economic and psychological policies and measures to provide relief to individuals during this current and post COVID-19 recovery knowing the psychological and financial situation of the general public.

References

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  • Alonso, L., Rodriguez, C., & Rojo, R. (2015). From consumerism to guilt: economic crisis and discourses about consumption in Spain. Journal of Consumer Culture, 15(1), 66-85. https://doi.org/10.1177/1469540513493203
  • Baldwin, R., & Tomiura, E. (2020). Thinking ahead about the trade impact of COVID-19. In Economics in the time of COVID-19, eds. R. Baldwin and B. W. di Mauro. London: CEPR Press. Retrieved from https://innowin.ir/api/media/BQACAgQAAx0CPPk4JwACHxZeusXcwX.pdf#page=66
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  • Barrafrem, K., Vastfjall, D., & Tinghög, G. (2020b). Financial well-being, COVID-19, and the financial better-than-average-effect. Retrieved from https://doi.org/10.31234/osf.io/tkuaf.
  • Barua, S. (2020). Understanding coronanomics: The economic implications of the coronavirus (COVID-19) pandemic. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3566477.
  • Brüggen, E. C., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: A conceptualization and research agenda. Journal of Business Research, 79, 228-237. https://doi.org/10.1016/j.jbusres.2017.03.013
  • Boost, M., & Meier, L. (2017). Resilient practices of consumption in times of crisis—Biographical interviews with members of vulnerable households in Germany. International Journal of Consumer Studies, 4 (4), 371-378. https://doi.org/10.1111/ijcs.12346
  • Brooks, S. K., Webster, R. K., Smith, L. E., Woodland, L. Wessely, S., Greenberg, N., & Rubin, G. J. (2020). The psychological impact of quarantine and how to reduce it: rapid review of the evidence. Lancet, 395, 912-920. https://doi.org/10.1016/S0140-6736(20)30460-8.
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  • Çokluk, Ö., Şekercioğlu, G., & Büyüköztürk, Ş. (2010). Sosyal bilimler için çok değişkenli istatistik: SPSS ve LISREL uygulamaları. Pegem Akademi.
  • Diener, E., Emmons, R. A., Larsen, R. J., & Griffin, S. (1985). The Satisfaction with Life Scale. Journal of Personality Assessment, 49, 71-75. https://doi.org/10.1207/s15327752jpa4901_13.
  • Diener, E., Wirtz, D., Tov, W., Kim-Prieto, C., Choi, D., Oishi, S., & Biswas-Diener, R. (2010). New well-being measures: Short scales to assess flourishing and positive and negative feelings. Social Indicators Research, 97, 143–156. https://doi.org/10.1007/s11205-009-9493-y
  • Dietrich, A. M., Kuester, K., Müller, G. J., & Schoenle, R. S. (2020). News and uncertainty about COVID-19: Survey evidence and short-run economic impact. Federal Reserve Bank of Cleveland Working Paper 20-12. Retrieved from www.clevelandfed.org/research
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  • Dubey, S., Biswasb, P., Ghosh, R., Chatterjee, S., Dubey, M. J., Chatterjee, S., Lahiri, D., & Lavie, C. J. (2020). Psychosocial impact of COVID-19. Diabetes & Metabolic Syndrome: Clinical Research & Reviews, 14 (5), 779-788.
  • Euart, J., Ferreira, N., Gordon, J., Gupta, A., Hilal, A., & White, O. (2020). Financial life during the COVID-19 pandemic—an update. Mckinsey & Company Financial Services, July 23. Retrieved from https://www.mckinsey.com/industries/financial-services/our-insights/a-global-view-of-financial-life-during-covid-19
  • Evans, D., & Over, M. (2020). The Economic Impact of COVID-19 in Low- and Middle-Income Countries. Center for Global Development. Retrieved from https://www.cgdev.org/blog/economic-impact-covid-19-low-and-middle-income-countries
  • Financial Health Network (2020). The Financial Health Networks’ FinHealth Score Toolkit. Retrieved from https://finhealthnetwork.org/
  • Fujiwara, D., Dolan, P., Lawton, R., Behzadnejad, F., Lagarde, A., Maxwell, C., & Peytrignet, S. (2020). The wellbeing costs of COVID-19 in the UK. An Independent Research Report by Simetrica-Jacobs and the London School of Economics and Political Science. Retrieved from https://www.ceci.org.uk/wp-content/uploads/2020/05/jacobs-wellbeing-costs-of-covid-19-uk.pdf
  • Fünfgeld, B., & Wang, M. (2009). Attitudes and behaviour in everyday finance: Evidence from Switzerland. International Journal of Bank Marketing, 27(2), 108-128.
  • Gerrans, P., Speelman, C., & Campitelli, G. (2014). The relationship between personal financial wellness and financial wellbeing: A Structural Equation Modelling Approach. Journal of Family and Economic Issues, 35, 145–160.
  • Goodell, J. W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512. https://doi.org/10.1016/j.frl.2020.101512.
  • Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714.
  • Hammond, K.R. (2000). Judgments Under Stress. Oxford University Press, New York.
  • Hevia, C., & Neumeyer, A. (2020). A conceptual framework for analyzing the economic impact of COVID-19 and its policy implications. UNDP Latin America and the Caribbean COVID 19 Policy Documents Series No. 1. Retrieved from https://socialprotection.org/discover/publications/conceptual-framework-analyzing-economic-impact-covid-19-and-its-policy
  • Ho, C.S., Chee, C. Y., CM Ho, R. C. (2020). Mental health strategies to combat the psychological impact of COVID-19 beyond paranoia and panic. Ann. Acad. Med. Singapore, 49 (1), 1-3. Retrieved from http://www.anmm.org.mx/descargas/Ann-Acad-Med-Singapore.pdf
  • Hsu, T., Tam, L., & Howell, R. (2017). Do you feel financially secured? The investigation of economic indicators and consequences of financial well-being. Atlantic Marketing Journal, 5 (3), 15-34. Retrieved from https://digitalcommons.kennesaw.edu/amj/vol5/iss3/2
  • Joo, S. (2008). Personal financial wellness. In J. J. Xiao (Ed.), Handbook of consumer research (pp. 21–33). New York: Springer. https://doi.org/10.1007/978-0-387-75734-6_2.
  • Kalaylıoğlu, Y., Öztürk, A. M., & Eker, G. B. (2020). The economic and social impact of COVID-19 on women and men: Rapid gender assessment of COVID-19 implications in Turkey. UN Women Turkey. Retrieved from https://www2.unwomen.org//media/field%20office%20eca/attachments/publications/2020/06/rapid%20gender%20assessment%20report%20turkey.pdf?la=en&vs=438
  • Kaytaz, M., & Gul, M. C. (2014). Consumer response to economic crisis and lessons for marketers: The Turkish experience. Journal of Business Research, 67 (1), 2701-2706. https://doi.org/10.1016/j.jbusres.2013.03.019
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Details

Primary Language English
Subjects Finance, Business Administration
Journal Section Articles
Authors

Zeynep Copur This is me 0000-0002-1456-0522

Nuri Dogan This is me 0000-0001-6274-2016

Publication Date July 30, 2023
Published in Issue Year 2023 Volume: 12 Issue: 2

Cite

APA Copur, Z., & Dogan, N. (2023). FINANCIAL WELL-BEING AND LIFE SATISFACTION OF INDIVIDUALS DURING THE COVID-19 OUTBREAK. Journal of Business Economics and Finance, 12(2), 68-82. https://doi.org/10.17261/Pressacademia.2023.1739

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