Financial well-being (FWB) includes both objective (e.g., income, savings) and subjective (SFWB) components, with increasing research attention on the latter due to its holistic perspective on financial perceptions (Bashir & Qureshi, 2023). While early studies treated SFWB as unidimensional, contemporary approaches recognize its multidimensional nature. The Multidimensional Subjective Financial Well-Being Scale (MSFWBS) (Sorgente & Lanz, 2019) is considered "the most complete instrument" to measure SFWB (de Oliveira Cardoso et al., 2023, p. 2913), assessing five dimensions across various countries.
Originally developed in Italy for emerging adults, the MSFWBS has been validated in multiple nations, confirming its structure except in India. Researchers suggest that cultural and economic factors may influence how individuals evaluate their FWB. However, recent findings challenge the notion that the MSFWBS may be unsuitable for developing countries, as its structure was confirmed in Brazil (de Oliveira Cardoso et al., 2024).
To further test its applicability, we examined the MSFWBS in Iranian emerging adults (N = 356). Results supported its validity: the five-factor model fit the data well (CFI = .950, RMSEA = .045), internal consistency was strong (ω > .70 for all dimensions), and the scale was invariant across gender, age, employment, and living arrangements. Convergent and criterion validity were also supported.
These findings reinforce the MSFWBS's cross-cultural relevance, suggesting a universal SFWB model may be viable. However, the lack of model fit in India remains an open question. To address this, ongoing research is expanding to additional developing countries (e.g., Bangladesh, Malaysia, Pakistan, Philippines) to determine whether a global SFWB framework is achievable or culturally specific adaptations are needed.