Financial Capability Among Youngsters In Relation To Their Financial Well-Being
In present era economists and money planers have revolved their attention towards the information that tells how people happy or satisfied with their lives. We generally show that richer individuals are more satisfied with their lives as compare to poorer individuals. Much of the early research suggesting that absolute income plays an important role in influencing and effecting human well-being. The association between financial capability and financial well-being is more expected to occur when the average person’s material welfare accompanies rising income, when an individual become more satisfied with their current earnings and people become more optimistic about their futures. This paper presents an empirical analysis of the importance of financial capability and financial well-being for an individual well-being. Our present research advocates that financial well-being upswings with financial capability and income of an individual. A total number of 200 university male and female youngsters from Punjabi University Patiala, Punjab, India. Participants filled CFPB Financial Well-being Scale for measuring financial well-being and Finical Capability Scale for measuring financial capability among youngsters. Ruralyoungsters reported significantly higher scores in financial well-being as compared to urban youngsters. In both gender and location differences results were found significant, girls and boys differ significantly in financial well-being across low and high financial capability.
Keywords - Financial well-being, financial Capability, positive affect, psychological health, income, money, financial learning, financial distress, financial management, savings, youth