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<p>In an evolving, uncertain economic environment, understanding the factors predicting financial well-being (FWB) has become essential for achieving financial stability. Considering this issue, the study proposes a conceptual framework grounded in the theory of planned behavior, prospect and locus of control theory. This study analyzes the influence of financial attitude (FA), financial literacy (FL), financial socialization (FS), and the mediating effect of financial risk tolerance (FRT) and internal locus of control (ILC) on FWB. To achieve this, the study used structural equation modelling (SEM), artificial neural network (ANN) and importance-performance map analysis (IPMA). The responses were collected from 413 young Indian adults using a questionnaire-based multistage random sampling survey. The findings reveal that FL (<i>β</i> = 0.153, <i>p</i> &lt; 0.01), FRT (<i>β</i> = 0.423, <i>p</i> &lt; 0.01) and ILC (<i>β</i> = 0.336, <i>p</i> &lt; 0.01) positively, while the striking result shows that FA negatively (<i>β</i> = − 0.173, <i>p</i> &lt; 0.01) impacts FWB. Further, FRT and ILC significantly mediate the relationships between FWB and antecedents. Consequently, the ANN and IPMA analyses also confirm that FL and FRT have 100% while ILC has 84% ranking importance in predicting FWB. The study offers distinct novelty by applying a dual-staged SEM-ANN by highlighting internal psychological mediators of FWB. This study offers actionable strategies for financial service providers by linking FWB drivers to flexible financial product designing, like micro-savings and goal-based investment planning. The use of ethically integrated chatbots, cognitive-psychological financial education and tailored advice based on unique risk appetites can better align psychological traits with FWB.</p>

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Neural and structural pathways to financial well-being: dual-staged SEM–ANN analysis of financial risk tolerance and internal locus as mediators

  • 期刊论文

  • 发表日期：

    2025年11月18日

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  • Dipanshu Nijanandi,
  • Brajesh Kumar Tiwari

摘要

In an evolving, uncertain economic environment, understanding the factors predicting financial well-being (FWB) has become essential for achieving financial stability. Considering this issue, the study proposes a conceptual framework grounded in the theory of planned behavior, prospect and locus of control theory. This study analyzes the influence of financial attitude (FA), financial literacy (FL), financial socialization (FS), and the mediating effect of financial risk tolerance (FRT) and internal locus of control (ILC) on FWB. To achieve this, the study used structural equation modelling (SEM), artificial neural network (ANN) and importance-performance map analysis (IPMA). The responses were collected from 413 young Indian adults using a questionnaire-based multistage random sampling survey. The findings reveal that FL (β = 0.153, p < 0.01), FRT (β = 0.423, p < 0.01) and ILC (β = 0.336, p < 0.01) positively, while the striking result shows that FA negatively (β = − 0.173, p < 0.01) impacts FWB. Further, FRT and ILC significantly mediate the relationships between FWB and antecedents. Consequently, the ANN and IPMA analyses also confirm that FL and FRT have 100% while ILC has 84% ranking importance in predicting FWB. The study offers distinct novelty by applying a dual-staged SEM-ANN by highlighting internal psychological mediators of FWB. This study offers actionable strategies for financial service providers by linking FWB drivers to flexible financial product designing, like micro-savings and goal-based investment planning. The use of ethically integrated chatbots, cognitive-psychological financial education and tailored advice based on unique risk appetites can better align psychological traits with FWB.