Future time perspective and consumer well-being of millennials: implications for consumer resilience

Abstract

Purpose

The study investigated the relationship between future time perspective and financial well-being among Chinese working millennials and its serial mediators, such as financial goal clarity, subjective financial knowledge and responsible financial behaviour, to foster consumer resilience in the financial realm.

Design/methodology/approach

A total of 526 Chinese working millennials (Mage = 31.78) participated in the online survey in response to questions on demographic characteristics and items to measure the variables adopted in the research model. Covariance-based structural equation modelling (CB-SEM) and AMOS version 27 were used to test the research hypotheses.

Findings

The results revealed a positive correlation between future time perspective and financial well-being. Moreover, the results showed that financial goal clarity, subjective financial knowledge and responsible financial behaviour serially mediated the correlation between future time perspective and financial well-being.

Practical implications

The findings provide implications for companies and policymakers to refine their intervention programmes to boost young millennials' future time perspectives in reinforcing their financial knowledge and financial goal clarity which in turn fosters their responsible financial behaviour in contributing to financial well-being in boosting their overall consumer resilience. Future studies should deepen the way in which the studied factors are leveraged as a tool to improve individuals' resilience in the economic realm.

Originality/value

The findings of this study shed light on the underlying mechanisms that drive and promote the financial well-being of Chinese working millennials.

Citation

She, L., Ray, A. and Ma, L. (2023), "Future time perspective and consumer well-being of millennials: implications for consumer resilience", International Journal of Bank Marketing, Vol. 41 No. 5, pp. 1154-1176. https://doi.org/10.1108/IJBM-08-2022-0341