Financial socialization and well-being: the mediating role of psychological factors in Mexican adultsm
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Abstract
this study explores the direct impact of financial socialization on financial well-being and also evaluates the mediating effect of financial
trust, degree of control, and optimism as psychological factors, drawing on theories of family financial socialization, social learning, and behavioral
finance. Using structural equation modeling for an adult sample, the results indicate that financial socialization has a positive, but weak,
direct effect on financial well-being. However, this effect is intensified when psychological factors, particularly financial trust, intervene. The
analysis revealed complementary partial mediation, suggesting that, overall, indirect effects outweigh the direct effect. These findings emphasize
the importance of individual beliefs, perceptions, and attitudes in strengthening the relationship between formative experiences in childhood
and financial well-being in adulthood. In the Mexican context, characterized by high levels of informality and limited access to formal financial
services, the results highlight the importance of consolidating homes as spaces for economic education. It is recommended that financial education
strategies simultaneously integrate socio-emotional skills and practical financial management tools to optimize the use of public resources and
amplify the social impact of regional financial inclusion and well-being policies.
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