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Financial Capabilities and Financial Well-Being: The Mediating Role of Financial Resilience

Year: 2026

Type: article

Abstract: This study proposes a two-stage structural model that integrates financial literacy, educa-tion, attitudes, knowledge, behavior, advice, and financial stress as predictors of financial capabilities. It also examines the relationship between financial capabilities and financial well-being, highlighting financial resilience as a mediator. The main contribution is posi-tioning financial resilience as a central explanatory mechanism, challenging previous linear approaches. This holistic perspective addresses theoretical gaps and provides em-pirical evidence in an emerging economy context. A non-experimental, quantitative, cross-sectional design was used with a sample of 365 university students from Veracruz, Mexico. Data were collected through an online questionnaire and analyzed using explor-atory and confirmatory factor analysis, structural equation modeling (SEM), and media-tion analysis with bootstrap processing. Results show that financial literacy, education, attitude, advice, and behavior positively impact financial capabilities, with advice being the most significant predictor. Financial capabilities have a strong influence on financial well-being, while financial resilience does not act as a mediator. Study limitations include its cross-sectional design and non-probability sample, limiting generalizability. Future research could explore additional mediators and moderators and evaluate interventions tailored to different socio-economic contexts.

Source: Journal of risk and financial management

DOI: 10.3390/jrfm19020141

Author: Arturo Garcìa-Santillàn

Institutions: Tecnológico Nacional de México, Universidad Cristóbal Colón

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Quality education

Open Access status: hybrid

Estimated APC paid: $1,689