Financial well-being: An integrated framework, operationalization, and future research agenda

Abstract

Financial well-being occupies a pivotal juncture between money and happiness, serving as fundamental components for favorable individual and organizational outcomes. The exponential growth in literature seeking to delineate its conceptualization, mechanisms, and enablers underscores its significance and implications. However, the varied scholarly contributions have also given rise to persistent discrepancies and a subjective-objective dichotomy within the field, necessitating a comprehensive review. To address this gap, we conducted a thorough bibliometric analysis employing citation, co-citation, and co-occurrence techniques. Our study enriches the theoretical underpinnings by examining its thematic nuances, underlying nomological networks, and evolutionary trends. Specifically, our findings unveil a notable shift toward subjective evaluation shaped by temporal perspectives. Moreover, we discern an increasing influence of psychological variables in shaping individuals' subjective assessments of their financial well-being, extending beyond traditional cognitive and objective dimensions. Additionally, our analysis underscores the pivotal role of financial socialization, highlighting the impact of social and environmental factors on subjective perceptions. These insights are encapsulated within our proposed operationalization, integrated framework, and future research direction.