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G4b Financial Resilience Alleviates Financial Anxiety in Global Contexts: Hierarchical Linear Modeling on Cross-National Socioeconomic Development Indicators
Short Description
Financial anxiety is a crucial topic in financial well-being and public health issues. Financial resilience, as a specific financial capability for coping with adversity, can promote financial well-being and holistic health. However, the association between financial resilience and financial anxiety has yet to be examined, particularly considering cross-national heterogeneities. Built on resilience theory and international evidence, this study proposed and examined a framework of global financial health nexuses. Empirical data was extracted from the World Bank, United Nations, and Fraser Institute. Hierarchical linear modeling was used to analyze the multilevel data from 100,134 adults across 131 countries. After considering country-level indicators, there were still significantly negative associations between subjective or objective financial resilience and financial anxiety. Cross-national differences in financial anxiety were also significantly influenced by individual characteristics, human development index, and social welfare expenditure. Subjective financial resilience showed higher effects than its objective counterparts. Extreme poverty and social welfare expenditure were significant moderators. This study contributes to providing a global development perspective on relations and variations between financial resilience and financial anxiety, and it also suggests contextually adaptable implications for international policies and services on socioeconomic interventions, sustainable development, and financial health promotion.
Type of presentation
Accepted Oral Presentation