Pathways to Life Success: a Comparative Study of Financial Well-Being among Males and Females in an Emerging Economy

Financial well-being is a psychological notion that determines an individual’s level of happiness in life and contributes to the success of economic growth. However, there is little research on the factors influencing the individual’s financial well-being by focusing on the comparative analysis between male and female individuals. This study is uniquely developed and empirically tests a novel framework on gender differences in financial well-being by using two datasets. Data was collected through “self-administered questionnaires,” which included 398 males from Study M and 409 females from Study F in the National Capital Region (NCR) India. In both studies, this research indicates that financial socialization and financial self-efficacy improve financial behavior, financial satisfaction and financial well-being. However, financial stress reduces financial behavior, financial satisfaction and financial well-being in both studies. Notably, financial attitude enhances financial well-being in Study F and reduces financial well-being in Study M. The study’s insights offer financial educators and policymakers valuable guidance by formulating more effective strategies to safeguard individuals’ financial futures. Accordingly, this study extends the earlier literature by evolving and empirically testing a novel framework on the antecedents of financial well-being by using a comparative analysis of two datasets in an emerging nation.