The links between job insecurity, financial well‐being and financial stress: A moderated mediation model
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Connects with: @choi2020 @heckman2014 @lim2014 @park2017 @sinclair2016 @voydanoff1990
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choi2020 - p. 354
Financial stress is defined as a combination of physical arousal and emotional responses influenced by financial stimuli such as urgent payment (Grable, Heo, & Rabbani, 2014)
choi2020 - p. 354
Based on Hill’s ABC-X model (1949), we posited that financial stress (the X-factor) is shaped by job insecurity and financial well-being. Figure 1 illustrates our conceptual model of job insecurity, financial well-being and financial stress in the financial vulnerability context. Specifically, job insecurity acts as an event that may induce a level of stress (the A-factor). Financial well-being can be treated as a coping resource (the B-factor) or the perception of the event (the C-factor).
choi2020 - p. 355
We collected data through an online survey using QuestionPro. The link to the questionnaire was sent to a U.S.-based convenience sample of 2,945 adults in July 2017. About 39% of respondents answered the questions required for this study, and the final sample used for data analysis were 1,145.
choi2020 - p. 355
he measure for job insecurity, adapted from Hellgren et al. (1999), consisted of seven items inquiring whether a respondent felt negative about his or her current job status using a 5-point Likert scale. All items in the scale are included in the Appendix (α = 0.76).
choi2020 - p. 355
We quantified financial stress with questions based on a multidimensional financial stress scale (Heo, Cho, & Lee, 2017). The measure consists of 24 items reflecting affective reaction, interpersonal behaviour and biophysiological responses. All items in the scale are included in the Appendix (α = 0.97). The response format for financial stress was a 5-point Likert scale. The mean financial stress level for the sample was 62.38 (SD = 24.13) with a range of 23–120.
choi2020 - p. 355
Financial well-being was measured by five items adapted from the CFPB’s Financial Well-Being Scale (2017). The CFPB’s scale included the concepts of financial situation and capability (CFPB, 2017) using a 5-point Likert scale. All items in the scale are included in the Appendix (α = 0.78).
choi2020 - p. 355
Income was divided into eight ranges (<15,000−25,000−35,000−50,000−75,000− 100,000−150,000).
choi2020 - p. 357
When a participant reported a higher level of income, the marginal effect of meditation (b* = −0.11, p < .001) through financial well-being towards financial stress was positively significant (b* = 0.25, p < .001). Income moderated the relationship between the financial well-being and financial stress such that this relationship was stronger when income was reported to be high rather than low.