Title: An empirical study on financial well-being during the COVID-19 in India

Authors: Ujjal Sanyal; Furquan Uddin

Addresses: Department of Commerce, Maulana Azad College, Kolkata, West Bengal, India ' Department of Management & Business Administration, Aliah University, Kolkata, West Bengal, India

Abstract: Financial well-being is one of the several significant issues with its implications throughout the world. The outbreak of coronavirus or COVID-19 has rattled the Indian economy and made a colossal impact on the individual and financial well-being. It is the need of the hour, to quest for the factors that might determine the current psychological status of the people who make an enormous contribution to the financial infrastructure and superstructure of the country. A survey (n = 172) was conducted using convenience sampling on financial well-being during the COVID-19 in India. It also investigated how an ongoing pandemic affects individual perception of the future economic outlook in relation to their financial well-being. With the help of exploratory factor analysis and regression analysis, we identified that financial ignorance, satisfaction with life; financial stress and financial literacy were key contributing elements that constitute financial well-being in India.

Keywords: financial well-being; behavioural finance; COVID-19 and finance; financial ignorance; financial literacy; financial crisis; financial stress; satisfaction with life; rational expectations; COVID-19 and India.

DOI: 10.1504/IJFSM.2023.135765

International Journal of Financial Services Management, 2023 Vol.11 No.4, pp.269 - 281

Received: 27 Nov 2021
Accepted: 19 Oct 2022
Published online: 04 Jan 2024 *

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