Article: Identity and Well-Being: Exploring the Missing Link in Personal Finance Domain Journal: Journal of Business and Management (JBM) 2024 Vol.29 No.2 pp.101 - 137 Abstract: Purposes - The study explores whether morally driven identity in the personal finance domain (i.e., financial moral identity, FMI) leads to financial well-being (FWB). This paper navigates toward the linear relationship between FMI and various FWB categories to measure this phenomenon. Methods - The study has Indian samples. This quantitative exploration has used multiple linear regression to test hypothesized relationships among key variables. Henceforth, robust regression and simulation are used to validate the relationships. Findings - FMI has reemerged as a valid and reliable construct to measure morally driven identity in the personal finance domain. It has significant relationships with subjective FWB (short-term and long-term of specific; generic) and objective FWB. Limitations - The study is limited to a single country. The sample size is restricted to online volunteers for participation. A few well-being scales are taken into consideration. Inputs from various doctrines like philosophical and behavioral are left unexplored in the measurement tools. Contributions to literature - The comprehensive outlook is the foundation for this study. It has revalidated FMI by extending the nomological net with FWB. Both perspectives are adopted from the moral identity (trait and social-cognitive), and self-interest is revisited with a broader outlook while formulating FMI in a previous working paper. It echoes here while adopting an integrated approach for measuring the FWB (Generic & Specific; Subjective & Objective). Practical implications - The FMI intended to quantify self-perception with the morality framework of an individual while managing one's monetary resources in the near and distant future. It is linked to FWB. This nomological extension signifies the direct implications related to FWB. The FMI may be instrumental in designing better policies. Social implications - Well-being leads to various direct health benefits and prevents mental health issues. Humans love to live in a prosperous family/society/state. The FMI may lead us to fulfill the ultimate desire in a small way. Originality - This is the most probably (as per present researchers' knowledge) initial attempt to measure the morally driven identity in the personal finance domain with an integrative framework of domain-specific well-being. Inderscience Publishers - linking academia, business and industry through research

Title: Identity and Well-Being: Exploring the Missing Link in Personal Finance Domain

Authors: Sulagna Nandy-Dutta; Niladri Das

Addresses: Author address listing can be found in the "About the Authors" section at the end of the article.

Abstract: Purposes - The study explores whether morally driven identity in the personal finance domain (i.e., financial moral identity, FMI) leads to financial well-being (FWB). This paper navigates toward the linear relationship between FMI and various FWB categories to measure this phenomenon. Methods - The study has Indian samples. This quantitative exploration has used multiple linear regression to test hypothesized relationships among key variables. Henceforth, robust regression and simulation are used to validate the relationships. Findings - FMI has reemerged as a valid and reliable construct to measure morally driven identity in the personal finance domain. It has significant relationships with subjective FWB (short-term and long-term of specific; generic) and objective FWB. Limitations - The study is limited to a single country. The sample size is restricted to online volunteers for participation. A few well-being scales are taken into consideration. Inputs from various doctrines like philosophical and behavioral are left unexplored in the measurement tools. Contributions to literature - The comprehensive outlook is the foundation for this study. It has revalidated FMI by extending the nomological net with FWB. Both perspectives are adopted from the moral identity (trait and social-cognitive), and self-interest is revisited with a broader outlook while formulating FMI in a previous working paper. It echoes here while adopting an integrated approach for measuring the FWB (Generic & Specific; Subjective & Objective). Practical implications - The FMI intended to quantify self-perception with the morality framework of an individual while managing one's monetary resources in the near and distant future. It is linked to FWB. This nomological extension signifies the direct implications related to FWB. The FMI may be instrumental in designing better policies. Social implications - Well-being leads to various direct health benefits and prevents mental health issues. Humans love to live in a prosperous family/society/state. The FMI may lead us to fulfill the ultimate desire in a small way. Originality - This is the most probably (as per present researchers' knowledge) initial attempt to measure the morally driven identity in the personal finance domain with an integrative framework of domain-specific well-being.

Keywords: Financial well-being; moral identity; financial moral identity; self-interest.

DOI: 10.1504/JBM.2024.141308

Journal of Business and Management, 2024 Vol.29 No.2, pp.101 - 137

Published online: 05 Sep 2024 *

Title: Identity and Well-Being: Exploring the Missing Link in Personal Finance Domain

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