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G2b The Effects of Life Shocks, Material Hardship, and Supportive Intimate Relationships on the Assessment of Financial Well-being
Key Words
financial well-being, life shocks, material hardship, supportive relationship, objective financial situation, current money management stress, expected future financial security
Short Description
Ideally, financial well-being is the individual’s subjective assessment of their objective financial situation. In this paper, we examine how experiences of life shocks and material hardship alter the role of objective financial situation in an individual’s determination of their financial well-being and how the presence of supportive relationships can work to restore the reliance on objective markers. Using data from more than 3,000 Australian adults, we explore these associations using moderated moderation models for expected future financial security and current money management stress, the two dimensions of financial well-being. Our findings suggest that life shocks tend to reduce the individual’s reliance on objective markers while material hardship tends to increase the reliance, at least for assessments of expected future financial security. Our findings further suggest that the presence of supportive relationships may serve as a protective barrier against the effects of life shocks and/or material hardship on the individual’s assessment of their financial well-being.