Materialism and Financial Well-Being: Financial Self- Efficacy and Money Attitude as Mediators and Spiritual Well-Being as a Moderator

Abstract

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.