Various indicators have been used to analyse the financial well-being of households during the last few decades (i.e. household income, financial debt, economic, social, financial health, and psychology). Financial well-being, on the other hand, cannot be quantified just on the basis of these few characteristics. It encompasses a variety of factors that influence financial well-being. Thus, this study will examine both objective and subjective qualities, or both subjectively or objectively traits, that contribute to the definition of financial well-being in three selected developed, developing, and underdeveloped countries. The authors conduct a systematic review of the literature (SLR) to inform future research on financial well-being. Identifying prior conceptualisations and definitions of financial well-being was the primary goal of this systemic literature review. Next, the second goal was ascertaining factors that influence financial well-being in three distinct nations. These countries were divided into three categories: developed, developing, and underdeveloped countries. A systematic review enables a researcher to identify the most pertinent papers to address the study issue while minimising errors. As a result of the findings, a subjective method is recognised as a more inclusive technique than an objective approach for defining and measuring a complex and personal phenomenon such as financial well-being. This study is intended to stimulate scholars to continue developing knowledge to enable financial institutions to adopt proactive measures to improve financial well-being.
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In-Text Citation: (Magli et al., 2021)
To Cite this Article: Magli, A. S., Sabri, M. F., Rahim, H. A., & Magli, A. S. (2021). Review of The Factor Influencing and Measurements of Financial Well-Being. International Journal of Academic Research in Business and Social Sciences, 11(19), 293–308.
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