Inclusive Financial Wellbeing and Empowerment: An Intersectional Analysis

Using the Inclusive Financial Wellbeing Empowerment Model, this research explores financial wellbeing as the culmination of three dimensions – Access, Action, and Affect, as it interacts with ten unique identity groups including Indigenous, Black, Hispanic, Asian, and White men and women. The model is explored using both hierarchical regression and ANOVA tests on the National Financial Capability Survey. Given the diversity of the United States and the complexity of consumer’s financial lives, this research explored the commonalities and divergent trends in financial wellbeing. Results indicated that when using the overall sample, financial worry is the most significant predictor of financial wellbeing. Despite the overall sample supporting existing literature, many divergent results were explored in the intersectional analysis. Identity specific regression analyses show that each identity group had entirely unique predictors of financial wellbeing. Results suggest that empowerment is the key to improving financial wellbeing. Initiatives should focus on increasing confidence, satisfaction, and self-efficacy while reducing financial worry, shame, stress, and anxiety.