Financial strategies and investigating the relationship among financial literacy, financial well-being, and financial worry

Abstract

Global competition, technology, value changes and population along with expense increase and lack of awareness about features and functions of these advantages caused countries to take into account the importance of financial planning training. Thus, individuals' financial awareness, financial well-being, and financial worry have become the matter of interest of investigators and some studies have been conducted in this area. In this regard, the current study investigated the relationship between financial literacy, financial well-being, and financial worry in the professors of Yazd Islamic Azad University. For this purpose, a questionnaire was designed; then, using random sampling, it was distributed among selected individuals. The data was analyzed using statistical analyses such as correlation and binomial. Results showed the strategy of "reducing expenses and the cost of living" is agreed on by most groups, except the group "having both financial literacy and financial well-being". In addition, none of the groups use specialized consulting services in financial area. Also, purchasing real estate is one of the common strategies. Finally, higher financial well-being caused less financial worry.