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Debt Holding, Financial Behavior, and Financial Satisfaction

Debt Holding, Financial Behavior, and Financial Satisfaction <p>This study examined factors associated with financial satisfaction and found that financial behaviors/attitudes provide the strongest explanation for the total variance in financial satisfaction. While overspending had a strong negative association with financial satisfaction, having a higher risk tolerance, no difficulty with monthly bill payments, and savings in an emergency fund, were all positively associated with financial satisfaction. Households with student loan debts and homeowners with mortgage loans were also less likely to be satisfied with their overall financial situation. The findings underscore the important role of positive savings and spending behavior on overall financial satisfaction and the opportunity for financial counselors, educators, and coaches to focus on motivating clients to save and plan ahead.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Debt Holding, Financial Behavior, and Financial Satisfaction

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.29.2.208
Publisher site
See Article on Publisher Site

Abstract

<p>This study examined factors associated with financial satisfaction and found that financial behaviors/attitudes provide the strongest explanation for the total variance in financial satisfaction. While overspending had a strong negative association with financial satisfaction, having a higher risk tolerance, no difficulty with monthly bill payments, and savings in an emergency fund, were all positively associated with financial satisfaction. Households with student loan debts and homeowners with mortgage loans were also less likely to be satisfied with their overall financial situation. The findings underscore the important role of positive savings and spending behavior on overall financial satisfaction and the opportunity for financial counselors, educators, and coaches to focus on motivating clients to save and plan ahead.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Nov 1, 2018

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