How Are You Doing? Financial Well-being During COVID-19

Abstract

Optimal financial well-being is a goal for both financial professionals and consumers. The COVID-19 pandemic raised concerns about consumers’ financial well-being. This study sought to explore the factors related to financial well-being using the Personal Financial Wellness framework (Joo, 2008). Data was collected from a diverse sample during the COVID-19 pandemic. Results indicated that objective financial status (e.g., income), positive pre-pandemic financial behaviors, financial satisfaction, and being older and single mattered in one’s increased level of financial well-being during the COVID-19 pandemic. Subsequently, financial satisfaction was found to be a mediating factor between subjective financial knowledge and financial well-being. Implications for financial professionals, researchers, and policymakers are provided.