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Financial well-being and financial stress as predictors of overall well-being and life satisfaction among Peruvian workers
Author(s)
Mamani-Benito, Oscar Javier
Universidad Señor de Sipán
Cruz-Ordinola, María Celinda
Universidad Señor de Sipán
Olazabal Boggio, Roberto Dante
Universidad Señor de Sipán
Universidad Ricardo Palma
Pacheco-Vizcarra, Milagros Yesenia
Universidad Nacional del Altiplano
Date Issued
25 de septiembre de 2025
Type
Article
Publisher
Frontiers Media SA
Volume
16
Series/Report No.
Frontiers in Psychology
Contained in
Frontiers in Psychology
ISSN
1664-1078
Abstract
Background The COVID-19 pandemic significantly impacted the mental health and overall well-being of the working population, exacerbating financial problems that influence subjective well-being and life satisfaction. Financial stress and financial well-being have emerged as key predictors of these dimensions. Objective To determine whether financial well-being and financial stress are significant predictors of overall well-being and life satisfaction among Peruvian workers. Methods A cross-sectional predictive study was conducted with 1,208 Peruvian workers aged 18–64 years (M = 25.26, SD = 7.99), using standardized instruments such as the General Well-Being Index, Financial Stress Scale, Satisfaction with Life Scale, and Financial Well-Being Scale. Results The model demonstrated a good fit to the data (χ2 = 1399.76, p < 0.001, df = 269, CFI = 0.962, TLI = 0.958, RMSEA = 0.062, SRMR = 0.051). Financial well-being had a positive effect on overall well-being (β = 0.52, p < 0.001) and life satisfaction (β = 0.24, p < 0.001). Financial stress showed a negative effect on life satisfaction (β = −0.19, p < 0.001) but did not significantly affect overall well-being (β = −0.02, p > 0.001). Conclusion Financial well-being plays a critical role in subjective well-being and life satisfaction, while financial stress negatively impacts cognitive evaluations of life. Occupational health strategies should incorporate financial education programs and measures to mitigate financial stress, fostering economic resilience and holistic well-being among workers.