TY - JOUR
T1 - Personal Emotions and Family Financial Well-Being
T2 - Applying the Broaden and Build Theory
AU - Enete, Shane
AU - Seay, Martin
AU - Asebedo, Sarah
AU - Wang, David
AU - McCoy, Megan
N1 - Funding Information:
This study used survey data collected at the end of 2018 by Asebedo et al. (2020). The dataset was funded by Dr. Russell James III, the CH Foundation chair of Personal Financial Planning, Texas Tech University; and the College of Human Sciences at Texas Tech University. The purpose of the collected data was to assess attitudes and intentions toward saving in a savings account, investment account, or a retirement account. Participants of the survey were recruited through Amazon’s MTurk platform, which is known to provide access to a relatively low-cost, large pool of Americans that approximates the general U.S. population demographics for age and race but may not be representative when predicting religious affiliation or personality (Burnham et al., 2018).
Publisher Copyright:
© Copyright 2022 Association for Financial Counseling and Planning Education, U.S.A.
PY - 2022/4/22
Y1 - 2022/4/22
N2 - The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory (BBT) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial well-being. Using a convenience sample of 993 U.S. adults, emotions were found to explain the variation in family financial well-being, measured by income and net worth, of U.S. households beyond demographic variables. More specifically, feelings of contentment, love, anger, anxiety, and loneliness were found to be associated with financial well-being. Results suggest that policymakers, financial professionals, and academics should collect more data on the emotions of individuals to help explain the variation in the financial well-being of U.S. households. Results also provide evidence in support of the financial counseling industry’s efforts to incorporate emotions as an important variable when modeling family financial well-being.
AB - The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory (BBT) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial well-being. Using a convenience sample of 993 U.S. adults, emotions were found to explain the variation in family financial well-being, measured by income and net worth, of U.S. households beyond demographic variables. More specifically, feelings of contentment, love, anger, anxiety, and loneliness were found to be associated with financial well-being. Results suggest that policymakers, financial professionals, and academics should collect more data on the emotions of individuals to help explain the variation in the financial well-being of U.S. households. Results also provide evidence in support of the financial counseling industry’s efforts to incorporate emotions as an important variable when modeling family financial well-being.
KW - broaden and build theory
KW - emotions
KW - financial behavior
KW - financial well-being
KW - positive psychology
UR - http://www.scopus.com/inward/record.url?scp=85129630178&partnerID=8YFLogxK
U2 - 10.1891/JFCP-20-00030
DO - 10.1891/JFCP-20-00030
M3 - Article
AN - SCOPUS:85129630178
SN - 1052-3073
VL - 33
SP - 79
EP - 96
JO - Journal of Financial Counseling and Planning
JF - Journal of Financial Counseling and Planning
IS - 1
ER -