Testing
a conceptual model of financial well-being. Financial Counseling
and
Planning,
4, 135-164.
Testing a Conceptual
Model of Financial Well-Being
Nancy M. Porter1
and E. Thomas Garman2
The purpose of this study
was to conceptualize and test a measurement of financial well-being as
a function of personal characteristics, objective attributes, perceived
attributes, and evaluated attributes of the financial domain. The
dependent
variable, financial well-being, was measured using an adaptation of
Cantril’s
self-anchoring scale. In the empirical test of the model, a multiple
regression
analysis of all the independent variables produced an R2 of .71, which
was a much higher explanatory power than obtained by previous
researchers.
Key Words: Financial well-being, Economic well-being, Financial
satisfaction, Quality of life
Clemson
University, Clemson, SC 29634-0312, (803) 656-3090. E-mail:
nporter@clemson.edu
Advisor; Fellow and
Professor
Emeritus, Virginia Tech, 8044 Rural Retreat Court, Orlando,
FL 32819,
Phone/Fax: 407-363-9048, E-mail: tgarman@bellsouth.net, Web:
www.EThomasGarman.net.