4518 - THE MANY FACES OF MONEY: EXPLORING MONETARY STYLES AND THEIR LINK WITH FINANCIAL WELL-BEING

Session: 4515 - FINANCIAL WELL-BEING - WEALTH OR LIFE PHILOSOPHY?
AUTHORS:
Sesini Giulia (Università Cattolica del Sacro Cuore ~ Milan ~ Italy)
Abstract text:
Financial well-being has been the focus of extensive research across disciplines, with growing consensus that it should be understood as a multidimensional construct encompassing not only objective financial indicators but also subjective experiences and psychological factors. This qualitative study investigates the relationship between financial well-being and monetary styles, focusing on the symbolic meanings that individuals attribute to money. In fact, a monetary style corresponds to a way to relate with money stemming from subconscious fixations on its symbolic meanings, which subsequently manifest in distinct behaviors and values. These meanings shape financial attitudes and behaviors, influencing spending, saving, and financial stress. Through in-depth interviews and thematic analysis, the research uncovers recurring patterns that contribute to either financial satisfaction or distress by examining different ways individuals relate to money. The findings underscore the psychological and social dimensions of money, offering valuable insights for financial education and counseling programs. By addressing the symbolic aspects of money and their impact on behavior, such interventions can promote healthier financial relationships and enhance overall well-being.