Determinants of financial well-being among online financial education learners: a mixed-methods study

Abstract

Despite the expansion of online financial education, many learners struggle to achieve improved financial well-being (FWB). This study examines determinants of FWB among participants in online financial education, integrating hedonic and eudaimonic perspectives through perceived well-being and financial needs satisfaction. Using a mixed-methods approach, we surveyed 398 learners from the “Managing My Money” course and conducted qualitative interviews with six participants. Our results reveal that financial capacity, rather than financial behaviour, is the primary driver of both FWB components. Subjective financial literacy enhances the link between financial attitudes and needs satisfaction; it also mediates the effect of attitudes on needs satisfaction via behaviour. These insights can help educators and policymakers design more effective and sustainable FWB initiatives focused on financial capacity and other key determinants.