This study explored the intricate relationship between materialism and financial well-being (FWE), examining
how financial self-efficacy (FSE) and money attitude acted as mediators. It also examined the moderating effect
of spiritual well-being. Analyzing data from 301 middle-income individuals in Dhaka, Bangladesh, it employed
a moderated mediation model based on self-determination theory and the hedonic treadmill theory. The research
found that materialism is not directly related to financial well-being (FWB) but indirectly and positively
associated with FWB through FSE and money attitude. Spiritual well-being (SWB) reduced potential impacts
of materialism through FSE and money attitude on FWB. By highlighting the nuanced effects of materialistic
tendencies, FSE, money attitude, and SWB, this study expands FWB literature and offers practical insights for
enhancement. Recognizing these dynamics, practitioners can design more effective interventions for financial
and spiritual wellness. Additionally, the research fills a geographical gap, providing new perspectives on FWB
dynamics, notably in a developing country context.