Prior research demonstrates that financial well-being is relatively stable over time. However, these studies have largely relied on group averages. No work has been done to explore intraindividual variability (i.e., variability in financial well-being for a given individual over time). Using individual coefficients of variation, we examined the intraindividual variability in financial well-being over a nine-month period using longitudinal panel data from 1,263 Australian adults. We found that roughly 10% of people experienced highly stable financial well-being (ICV = 0), while a small percent had high levels (ICV > 40), and the majority had some variation (0 < ICV > 40). Further, we explore individual, intrapersonal, community, and societal factors that may explain the intraindividual variability in financial well-being. The individual and interpersonal factors we considered played a role, while community and societal factors did not. Our results suggest that financial well-being is likely more volatile than previously reported. Such volatility may indicate the descent of one consumer into greater current money management stress and the resilience of another after such a decline. Programs and policies should consider not only factors that promote a higher level of financial well-being but also factors that enable an individual to maintain that level over time.

Accepted Oral Presentation