Exploratory framework of determinants of financial satisfaction - Case in Vietnam
Abstract
This study was executed for the purpose of to examine the potential determinants affecting financial satisfaction accounted for the fact that few researches have been executed in developing countries. The framework was established based on the original one in the study of Joo and Grable (2004) with the combination of additional factors with a theoretical foundation of the Planned behavior theory (Ajzen, 1985), the Deacon-Firebough model (1988), and the theory of Relative deprivation (Merton, 1938). Factors involving in the study were: Financial Knowledge, Financial Stressors, Perceived Financial Capability, Risk Tolerance, Financial Behavior, Social Comparison, and Financial Stress. Database for the survey (N=348) was collected by snowing sampling techniques. For the statistics analysis, SPSS and AMOS programs were used for a thorough conduct of the Structuring Equation Modelling (SEM). Main findings from the generated results indicated that financial satisfaction was significantly affected by risk tolerance in a positive way. Financial stress level was also found to be negatively related to the extent of personal satisfaction about financial status. In addition, a consideration majority of the inter-relationships among independent variables that were tested in research hypotheses were also found to be significant. Some of them provided evidences supporting for the Planned Behavior theory and the Relative Deprivation theory.