The Impact of Financial Knowledge and Financial Socialization on Financial Satisfaction in Covid-19: A Mediating Role of Information Management
DOI:
https://doi.org/10.47067/ramss.v8i1.463Keywords:
Financial Knowledge, Financial Socialization, Financial Satisfaction, Information ManagementAbstract
If you're happy with your financial situation, you'll feel better about yourself and your life in general. If you're having financial problems or aren't happy with your financial situation, you may experience anxiety and depression. Previous studies on the topic of financial happiness have found that one's own financial habits significantly affect their level of contentment or discontentment. Additionally, it is widely known that other elements, such as financial literacy, financial information, financial socialisation, and information management, can influence financial behaviour. The study's goals are to (1) identify factors that predict financial contentment and (2) investigate the role of financial behaviour as a mediator between financial knowledge, financial socialisation, information management, and financial satisfaction. China's Shanghai province is the source for our sample size of 420 people. The participants filled out their own questionnaires to provide the necessary information. The resulting model was validated using Structural Equation Modelling (SEM) in AMOS, and the mediating influence of information management on financial socialisation and financial knowledge was evaluated using the mediation approach of Baron and Kenny (1986) in Amos. Findings pointed to the importance of both financial socialisation and financial knowledge with information management in predicting financial contentment. More specifically, information management's potential mediating role was investigated.
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