Implicações ao bem-estar financeiro: um modelo integrativo sob a perspectiva das finanças comportamentais

Abstract

In recent years, market transformations and changes in financial systems have increased the responsibility of individuals for managing their own economic security. In this context, the concept of financial well-being has garnered growing attention within the field of Behavioral Finance, reflecting an acknowledgment of the influence finance has on people's lives. Given this importance, this study aimed to understand—from a Behavioral Finance perspective—if and how family financial socialization, financial literacy, and overconfidence interact to shape the perception of financial well-being. To this end, the research adopted a hybrid multi-method approach grounded in a realist ontological stance, an objectivist epistemological stance, and a positivist paradigm, resulting in two articles. The first is an integrative literature review based on the Scopus and Web of Science databases, which sought to understand the implications of family financial socialization, financial literacy, and cognitive biases for the perception of financial well-being. The results revealed that financial well-being is a multifaceted and contextual construct associated not only with financial knowledge but also with psychological, behavioral, and social factors. The analysis further demonstrated that financial literacy and family financial socialization interact synergistically, and that the heterogeneous results found in the literature stem, in part, from a lack of integrated and contextualized analyses of these phenomena; consequently, an integrative theoretical framework was proposed to guide future research. The second study consists of quantitative, cross-sectional field research aimed at proposing a structural model to describe if and how family financial socialization, financial literacy, and the cognitive bias of overconfidence interact to shape the perception of individual financial well-being. To achieve this, an exploratory and explanatory quantitative field study was conducted, with data analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). A survey-based data collection method was employed, involving teachers from the state public school system in a municipality in southern Minas Gerais. The results demonstrated that financial behavior, financial attitude, overconfidence, and family financial socialization had significant effects on financial well-being—with financial behavior being the construct with the greatest impact—whereas financial knowledge showed no significant relationship. It was also found that overconfidence is positively associated with financial wellbeing, particularly when operationalized through appropriate financial behaviors. The primary finding, however, concerns family financial socialization; this proved to be not only a direct antecedent of financial well-being but also a negative moderator of the relationships between financial attitude, financial behavior, and financial well-being. This suggests a compensatory effect, wherein family influence is more significant when individuals have a lower level of development regarding these individual resources. Thus, this thesis contributes to advancing the literature by highlighting the multifactorial nature of financial well-being and providing insights for policies and initiatives aimed at strengthening individuals' financial security and quality of life.