“A Study on the Impact of Financial Well-Being on Mental Well-Being”
PRACHI MEHTA- 2406172000443
MBA Student, Faculty of Management Studies, Parul University, Vadodara, Gujarat, India.
KASHISH MAHESHWARI -2406172000440
MBA Student, Faculty of Management Studies, Parul University, Vadodara, Gujarat, India.
RESEARCH GUIDE:
Prof. SHAHIKUMAR BHAMBHANI
Assistant Professor, Faculty of Management Studies, Parul University, Vadodara, Gujarat.
shashikumar.bhambhani35341@paruluniversity.ac.in
Abstract
Financial well-being has emerged as a significant component of an individual’s overall quality of life, as it not only indicates financial health but also impacts mental and emotional wellness. This study aims to investigate the level of financial well-being among individuals and to explore how financial aspects such as saving habits, investment practices, financial planning, and financial stress affect mental health. The research is based on primary data gathered through a structured questionnaire administered to 50 respondents from various backgrounds.
The results of the study suggest that a majority of participants possess a fairly stable financial situation and engage in saving practices from time to time. The option of bank deposits is favored most as an investment choice because of its security and dependability, but knowledge of alternative investment opportunities is still limited. Additionally, the study shows that many people experience financial stress to a moderate extent, which has a direct effect on their mental health.
The study also emphasizes how important financial literacy is for bettering financial behavior and decision-making. People who are more financially literate typically handle their money better and feel less stressed. Nonetheless, the absence of regular emergency savings and financial planning suggests that financial procedures need to be improved.
The study comes to the conclusion that improving financial literacy, promoting sound financial planning, and encouraging saving behaviors can greatly enhance both financial and mental well-being.
Keywords: Financial Well-being, Mental Well-being, Financial Literacy, Financial Stress, Saving Habits, Investment Behavior
