INTRODUCTION:

Understanding financial behaviour is crucial for improving financial literacy and decision-making strategies^1-3. The capacity to attain financial satisfaction is fetching gradually difficult due to increasing standards and costs of living coupled with debt accumulations. The financial behaviour of salaried individuals refers to how they manage, spend, save, and invest their income derived from regular employment. Financial behaviour is influenced by various personal, social, economic, and psychological factors^1,4-6. Financial satisfaction of individuals is an important predictor of the physiological wellbeing of individuals. Financial satisfaction refers to an individual’s sense of gratification or fulfilment with their financial situation, including income, spending, saving, and overall wealth. For salaried individuals, financial satisfaction is closely linked to various factors such as income stability, budgeting habits, personal goals, and the ability to manage financial challenges⁷. While some salaried employees report high levels of financial satisfaction, many face challenges that affect their contentment with their finances.

While both financial behaviour and financial satisfaction play crucial roles in the financial lives of salaried individuals, they are not the same. These two aspects are closely connected—how people manage their money (financial behaviour) can greatly influence how satisfied they feel about their financial situation (financial satisfaction). Understanding this connection helps us better grasp how individuals handle their finances and how those decisions affect their overall sense of wellbeing. One of the key challenges, is low financial literacy. This is largely because financial education is often missing from school curriculums. As a result, many young people enter adulthood without the skills needed to make informed financial decisions. Financial satisfaction depends on several factors—how a person behaves with money, how much stress they feel about their finances, their income level, and their overall financial knowledge. Being able to manage money well is not just about meeting expenses; it's an essential life skill that contributes to long-term success and stability. Research shows that financial behaviour is one of the strongest predictors of financial satisfaction. However, it's not shaped in isolation—it’s influenced by early experiences, the role of parents and peers in teaching financial values, and the level of financial education a person receives over time. People with limited financial literacy often struggle with planning for the future, especially for retirement, and tend to make less effective financial decisions. Moreover, studies have consistently found a strong link between financial literacy and smart investment choices. Simply put, the more financially informed someone is, the more likely they are to make confident and well-planned financial decisions^3,8.

People who have a positive attitude toward money tend to be more financially literate. Interestingly, individuals who see money as a reward for their hard work also show higher levels of financial literacy. On the other hand, those who view money mainly as a way to avoid problems or as a symbol of success tend to have lower financial literacy. Several factors influence these levels, including gender, education, income, and even personality traits. Although there’s a growing body of research on financial literacy and the use of financial products, very few studies have explored how financial literacy influences people’s investment preferences. This study aims to address that gap and provide a clearer understanding of how being financially informed shapes investment decisions. Financial satisfaction, which is how people subjectively assess their financial situation, can be described as a state of being financially healthy, content, and free from constant worry. It’s not just about how much one earns, but how confident and secure one feels about their financial life^7-9.

Both financial knowledge and financial socialization—the lessons people learn from family, peers, or mentors about money—positively influence how satisfied individuals feel about their finances. When unexpected life events occur, like a job loss or medical emergency, these factors continue to play an important role. In such situations, financial knowledge contributes to satisfaction by helping people manage stress and make better financial decisions. Similarly, people who have been positively influenced by others in their financial upbringing are better equipped to handle financial stress and behave in ways that support their financial wellbeing. Everyday financial behaviours—like how people manage their cash, credit, and savings—matter a lot. Consumer economists recommend adopting smart financial habits, such as budgeting, saving regularly, and using credit responsibly, to improve overall financial satisfaction. There’s also an interesting connection between how confident people feel about their financial knowledge and their actual financial outcomes. Confidence (often called subjective financial knowledge) is important for taking charge of one’s finances. However, overconfidence can lead to poor financial decisions, like overspending or misusing credit cards. That’s why it’s crucial to balance both objective knowledge (what one actually knows) and subjective confidence (what one thinks they know). Together, both types of knowledge—real and perceived—can influence important financial choices. For example, how someone uses a credit card can impact their financial satisfaction, which is a key part of overall consumer wellbeing^10,11.

Among working women, financial attitude and financial behaviour are more strongly linked to financial literacy than financial knowledge alone. While it’s often believed that behaviours like saving, spending, insuring, or borrowing are driven mainly by income levels, this is only part of the picture. Traditional economic thinking assumes that people behave rationally with their money. However, insights from behavioural economics challenge this view, showing that financial decisions are not always logical or well thought out. In fact, many financial behaviours are influenced by automatic responses and unconscious motives, as revealed by research in social cognition. People don’t always make financial choices through deliberate reasoning—instead, their actions are often shaped by deeper psychological factors. These influences can be both general personality traits, like conscientiousness, self-control, and neuroticism, as well as finance-specific traits, such as one’s attitude toward money, spending habits, and level of materialism. Ethical dimensions are also considered in decision making under different contexts¹². When these psychological aspects are considered, it becomes easier to understand seemingly irrational financial decisions—such as why someone with limited income might still purchase expensive, non-essential items^1,13-15.

PROBLEM STATEMENT:

In today's complex financial landscape, salaried individuals face numerous decisions that significantly impact their financial well-being. While factors such as financial literacy and economic conditions are known to influence financial behaviours, the role of individual personality traits remains underexplored. Prior literature in different domains have identified different gaps and agendas for further exploration^1,14-29. Understanding how financial behaviour (FB) affect financial satisfaction (FS), and overall financial well-being (FWB) is crucial for developing personalized financial strategies^9,11,30. Studies has also found similar results in Gen Y(31). This study aims to investigate the intricate relationships between FB, FS and FWB among salaried individuals.

RESEARCH QUESTIONS:

RQ1: How do salaried individuals perceive their financial behaviour (FB), financial satisfaction (FS), and financial well-being (FWB)?

RQ2: How does financial behaviour (FB) influence financial satisfaction (FS) among salaried individuals?

RQ3: How does financial behaviour (FB) affect financial well-being (FWB) among salaried individuals?

Research Objectives

· To study the FB, FS and FWB of salaried individuals

· To study the influence of FB on FS and FWB.

· To study the influence of FB and FS on FWB.

Research Hypotheses:

RH1: FB has a significant positive effect on FS.

RH2: FB has a significant positive effect on FWB.

RH3: FS has a significant positive effect on FWB.

RH4: FS mediates the relationship between FB and FWB.

Significance and Scope of the Study:

Financial behaviour refers to the way individuals manage their finances, including earning, saving, spending, and investing. For salaried individuals, financial behaviour plays a pivotal role in determining their financial stability and overall well-being. The significance of financial behaviour lies in its direct impact on an individual’s financial future and peace of mind.

One of the key aspects of financial behaviour is spending habits. How an individual allocates their income affects their ability to cover essential expenses, save for future needs, and enjoy discretionary spending. Effective financial behaviour involves a balance between meeting current needs and ensuring future financial security, which can be achieved through disciplined budgeting.

Another critical component is savings and investments. Salaried individuals who consistently save a portion of their income and make wise investment decisions are more likely to achieve long-term financial goals, such as buying a home, funding children's education, or preparing for retirement. Good financial behaviour also includes managing debt effectively, as excessive debt can lead to financial stress and lower credit scores.

Financial satisfaction refers to the contentment individuals feel about their financial situation. It is subjective and influenced by a variety of factors, including income, wealth accumulation, savings, and overall financial security. The significance of financial satisfaction lies in its effect on an individual’s mental and emotional well-being. Individuals who are satisfied with their financial standing experience lower levels of financial stress, which can positively influence their physical health, relationships, and job performance.

Income adequacy is a significant determinant of financial satisfaction. Salaried individuals who perceive their income as sufficient to meet their needs and maintain their desired lifestyle are more likely to be satisfied with their financial situation. On the other hand, individuals who struggle to make ends meet often experience financial dissatisfaction, which can lead to anxiety, depression, and a diminished quality of life.

Another factor contributing to financial satisfaction is financial security. The belief that one’s financial resources are stable and sufficient to weather emergencies, retirement, or unforeseen events contributes greatly to peace of mind. Individuals who have established emergency funds, insurance coverage, and retirement savings tend to feel more secure and, therefore, more financially satisfied.

The scope of both financial behaviour and financial satisfaction for salaried individuals is vast. Financial behaviour covers everything from budgeting and debt management to savings, investments, and financial planning. It involves the ability to navigate complex financial decisions that affect an individual’s immediate and long-term financial health.

MATERIALS AND METHODS:

The present study is descriptive in nature using predominantly primary data collected using structured questionnaires from a sample of 360 salaried individuals using social media random route sampling. After removing the incomplete responses, a final sample of 324 responses are used for drawing inferences. Validated scale items are adopted from literature for the same³⁰. The scales were found to be reliable with a Cronbach's Alpha above 0.70 and eligible for further statistical procedures³². Descriptives Statistics of percentages and mean scores are used to describe the data. PLS SEM using SmartPLS³³ was applied to study the relationships. Descriptive statistical procedures were performed using Jamovi(34). Zotero software has been used for citation and referencing in APA style³⁵.

Profile of the Sample

The total sample of responses received for the study comprises of the following demographic profiles:

· Gender Distribution: Female respondents (66.7%) significantly outnumber male respondents (33.3%). This skewed gender representation may support a growing involvement or concern of women in financial decision-making and behaviour, especially among salaried individuals.

· Age Composition: The majority of respondents fall in the 25 to 50 years age group (66.7%), which is typically considered the most economically active and financially responsible phase. Young adults below 25 years (29.6%) represent a sizeable portion, indicating inclusion of early earners or those beginning financial independence. A very small proportion (3.7%) are above 50 years, which might limit insights into retirement or post-retirement financial behaviour. Since the present study being conducted among salaried individuals, this fits into the space well.

· Sector of Employment: The sample includes both public and private sector employees, with 59.3% employed in the private sector, and 40.7% in government or public sector. This provides a balanced understanding of financial behaviour across different employment contexts.

· Monthly Family Income: A large segment of the sample (48.1%) belongs to the low-income group (up to Rs 20,000), while 27.8% fall into the Rs 20,000–50,000 range. Only 3.7% report a family income above Rs 1,00,000, indicating an underrepresentation of high-income households. This income profile suggests that financial behaviour observed will primarily reflect lower to middle-income households, which may influence savings patterns, risk-taking ability, and investment preferences.

· Educational Qualification: The majority have at least graduate (46.3%) or postgraduate (37%) qualifications, reflecting a relatively well-educated sample. A smaller percentage has only schooling (14.8%), and diploma holders (1.9%) are minimally represented. This implies that financial literacy may be relatively higher in this sample, potentially influencing financial planning and behaviour positively.

· Region of Residence: Respondents are almost evenly distributed among urban (33.3%), semi-urban (29.6%), and rural (37%) areas. This regional balance enhances the generalisability of findings across geographic locations and allows for comparative analysis of rural-urban financial behaviour.

Exhibit 1 Conceptual Model

PLS SEM: Measurement Model

Cronbach’s Alpha of the study is above the threshold limit 0.70^32,36 i.e. Financial Behaviour (0.829), Financial Satisfaction (0.858) and Financial Wellbeing. The factor loadings of the scale items are in the acceptable range³⁷.

To report Convergent Validity, AVE scores were examined, the values are above 0.50^37,38. Fornell and Larcker and Henseler’s method is employed to examine the Discriminant Validity. As per Fornell and Larcker, the square root of AVE scores is greater than the correlation coefficient between the constructs³⁹. Following the Henseler method, the correlation coefficient is below the threshold limit of 0.85⁴⁰. Based on the VIF (Variance Inflation Factor) statistics, it appears that multicollinearity is not a major concern for the model^38,41.

RESULTS:

The results of the statistical procedures are presented herein:

Financial Behaviour of Individuals:

Financial behaviour encompasses the decisions and actions individuals take regarding their money. This includes a wide range of activities, from budgeting and saving to investing and spending. The present study measures it as a formative variable consisting of Investment Behaviour, Debt Behaviour, Savings Behaviour and Herd Behaviour.

Table 4: Path Coefficients (Indirect)

Specific Indirect Path	Original sample (O)	Sample mean (M)	Standard deviation (STDEV)	T statistics (\|O/STDEV\|)	P values
FB -> FS -> FWB	0.276	0.286	0.083	3.336	0.001**

Source: Generated using SmartPLS³³

**Significant at 1% level of Significance

Financial Satisfaction is found to fully mediate the relationship between Financial Behaviour and Financial Wellbeing as the direct path is not significant (p > 0.05) and indirect path is significant (p < 0.05)

Table 5 Summary of Hypothesis Testing

Research Hypotheses	Decision
RH1: FB has a significant positive effect on FS.	Supported
RH2: FB has a significant positive effect on FWB.	Not Supported
RH3: FS has a significant positive effect on FWB.	Supported
RH4: FS mediates the relationship between FB and FWB.	Supported

Source: Researchers’ Compilation

DISCUSSION:

Financial behaviour has a positive and statistically significant effect on financial satisfaction. This implies that individuals who demonstrate better financial behaviours (e.g., budgeting, saving, responsible spending) tend to be more satisfied with their financial situation. Financial behaviour does not have a direct significant effect on financial wellbeing. This suggests that good financial habits alone may not directly enhance one's sense of financial wellbeing—satisfaction fully mediate this relationship. Financial satisfaction has a very strong and statistically significant positive effect on financial wellbeing. This indicates that people who are satisfied with their financial status are far more likely to report higher financial wellbeing (e.g., feeling financially secure and stress-free).

CONCLUSION:

The findings reveal a significant positive relationship between financial behaviour and financial satisfaction, and a strong, highly significant relationship between financial satisfaction and financial wellbeing. Interestingly, financial behaviour did not directly influence financial wellbeing; however, the mediation analysis confirmed that financial satisfaction fully mediates this relationship.

These results underscore the pivotal role of financial satisfaction in translating positive financial behaviours into a greater sense of financial wellbeing. For salaried individuals—who often operate within fixed income structures—enhancing financial satisfaction through prudent financial behaviour emerges as a strategic pathway to improving their overall financial wellbeing. This insight holds valuable implications for employers, financial educators, and policymakers. Interventions aimed at improving financial wellbeing should focus not only on income enhancement but also on encouraging sound financial habits and fostering financial satisfaction.

In sum, the study contributes to the growing literature on personal finance by confirming the mediating role of financial satisfaction and highlighting its practical relevance in shaping financial wellbeing among salaried individuals. Future research may consider exploring additional mediators or moderators, such as financial anxiety, locus of control, or workplace financial support, to further enrich the understanding of financial wellbeing dynamics in various employment segments.

SUGGESTIONS:

1. Focus on Financial Literacy and Habit Formation: Since financial behaviour significantly impacts satisfaction, employers, financial advisors, and policymakers should:

· Conduct workplace-based financial literacy programs

· Encourage budgeting, regular saving, debt control, and retirement planning

· Use nudges or apps that help track expenses and financial goals

Strengthening basic financial behaviours will improve financial satisfaction, which in turn enhances overall financial wellbeing.

2. Enhance Financial Satisfaction Through Goal Alignment: Help employees set, monitor, and review short-term and long-term financial goals (e.g., EMIs, vacation savings, child’s education)

· Provide access to personalized financial counselling.

· Encourage use of Employee Assistance Programs (EAPs) that include financial wellness modules.

When salaried individuals feel they are achieving their financial goals, their satisfaction rises—this contributes strongly to their sense of wellbeing.

3. Incorporate Financial Satisfaction Metrics in HR Policies

· Use financial satisfaction surveys in annual assessments

· Create support mechanisms for individuals reporting low financial satisfaction (e.g., financial planning workshops or debt management assistance).

Targeting financial satisfaction is a key lever to improve wellbeing without needing to change the direct financial circumstances.

4. Promote Awareness of the Link Between Satisfaction and Wellbeing: Design internal campaigns or seminars highlighting how satisfaction with money matters (even before full financial independence) contributes to mental and emotional wellness

· Integrate holistic wellness models in the workplace that combine physical, mental, and financial health.

· Many individuals may not realize that improving satisfaction (not just income) is a path to wellbeing.

SCOPE FOR FURTHER RESEARCH:

· Mediated Pathways: Future studies could explore other mediators (e.g., perceived financial control, anxiety, or materialism) between financial behaviour and wellbeing.

· Segmented Interventions: Programs may be tailored differently for (i) Early-career vs. mid-career salaried individuals and (ii) Government vs. private sector employees

· Digital Tools: Investigate the role of fintech platforms (expense trackers, robo-advisors) in improving financial behaviour and satisfaction among salaried groups.

CONFLICT OF INTEREST:

NIL.

ACKNOWLEDGEMENTS:

We acknowledgement the support of all the respondents through their support in the survey and discussions.

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Received on 11.06.2025 Revised on 02.08.2025

Accepted on 09.09.2025 Published on 07.11.2025

Available online from November 20, 2025

Res. J. of Humanities and Social Sciences. 2025;16(4):273-280.

DOI: 10.52711/2321-5828.2025.00045

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Creative Commons License.

	InvestmentBehaviour	DebtBehaviour	SavingBehaviour	HerdBehaviour	FinancialBehaviour
Mean	4.18	4.26	3.92	2.86	3.80

	Financial Satisfaction	Financial Wellbeing
Mean	3.42	3.28

	Original sample (O)	Sample mean (M)	Standard deviation (STDEV)	T statistics (\|O/STDEV\|)	P values
FB -> FS	0.357	0.379	0.118	3.013	0.003**
FB -> FWB	0.090	0.090	0.083	1.084	0.278
FS -> FWB	0.772	0.764	0.066	11.671	0.000**