Rodica Ianole-Calin, Geoffrey Hubona, Elena Druica and Cecilia Basu
The purpose of this paper is to investigate the extent to which financial behavior and financial well-being are affected by cognitive and non-cognitive factors in a specific…
Abstract
Purpose
The purpose of this paper is to investigate the extent to which financial behavior and financial well-being are affected by cognitive and non-cognitive factors in a specific Romanian post-communist context. This study shows that financial well-being is significantly linked to both financial education and to a set of non-cognitive factors. This paper offers strategic insights on what financial services should communicate to consumers and how they should be communicated, achieve the mutual benefits of the transformative paradigm.
Design/methodology/approach
This study uses an online sample of 1,602 participants, representative of the general population in Romania concerning income and education, to collect data on financial anxiety, financial security and financial saving behavior (dependent variables), self-control, optimism, future orientation, deliberative thinking and financial literacy (independent variables). This paper measures the latent constructs – as composite indices, using partial least squares – path modeling. Working with WarpPLS software version 6.0 allows exploration of both linear and non-linear relationships involved in the model, along with their practical and managerial implications.
Findings
The results indicate that the key component to address in the development of financial services (in the post-soviet context) is financial anxiety. This study finds that, in contrast to Western countries, in Central, Eastern and Southeastern Europe (CESEE), financial education is not always a panacea. Additionally, financial security is not always the most important goal for consumers.
Practical implications
This paper suggests managerial recommendations for redefining the relationship between banks and the Romanian population, focused mainly on diminishing financial anxiety and increasing financial security, as key elements of transformative financial services.
Originality/value
The study highlights the significant role played by behavioral variables in shaping financial well-being in Romania, being among the very few investigations illustrating the relevance of the topic in post-communist countries. This research shows unique challenges for the design of transformative financial services in a specific (post-communist) setting and provides insights on how financial services marketing can become more effective in the CESEE region.
Details
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Rodica Ianole-Calin, Elena Druica, Geoffrey Hubona and Bingyi Wu
This study aims to explore the relationship between different categories of motivation and the intention to engage in collaborative consumption (CC), using attitude as a mediator.
Abstract
Purpose
This study aims to explore the relationship between different categories of motivation and the intention to engage in collaborative consumption (CC), using attitude as a mediator.
Design/methodology/approach
The authors extend an existing measurement scale focused on sustainability, enjoyment, reputation and economic benefits, as factors relevant in shaping how people perceive CC. The extension includes the role of personal beliefs and social relationships. The authors conduct a mediation analysis using partial least squares path modelling.
Findings
This study partially confirms existing literature: sustainability and enjoyment are positively related and statistically significant in predicting attitude towards CC, while only enjoyment impacts behavioural intention; attitude further impacts behavioural intention. Further, reputation and economic benefits positively and significantly impact attitude; economic benefits are not significant for behavioural intention in this study’s Romanian sample, but reputation is. Neither beliefs nor relationships are significantly associated with behavioural intention.
Originality/value
The authors investigate CC determinants in a post-communist economy, a novel setting for the development of sharing economy, as most studies focus on traditionally developed economies.