ISSN: 2222-6990
Open access
Many countries are establishing national programs to increase their citizens’ family economic well-being. However, the concept of family economic well-being is still in its infancy, with only a few models established for developing countries. Thus, to create and implement effective policies, it is necessary to comprehend the concept family economic well-being from a multi-disciplinary and multi-dimensional perspective, especially for a developing country like Sri Lanka. In the current study, path analysis was performed to examine the drivers that affect family economic well-being of coconut growers in Sri Lanka. Data from 400 respondents were analyzed empirically to validate the hypothesized relationships using the PLS-SEM approach. The findings provide support for the relationships between money attitude, technology adoption, financial behavior, financial knowledge, and family economic well-being which explained 91.2% of variance in family economic well-being. Understanding the paths that lead to better individual economic well-being has the potential to aid in successful policymaking, and curriculum design to assist individuals’ efforts to achieve greater family economic well-being.
Abdekhoda, M., Ahmadi, M., Gohari, M., & Noruzi, A. (2015). The effects of organizational contextual factors on physicians’ attitude toward adoption of Electronic Medical Records. Journal of Biomedical Informatics, 53, 174–179.
Abdullah, N., Sabri, M. F., & Arif, A. M. M. (2019). The Relationship between attitude towards money, financial literacy and debt management with young worker’s financial well-being. Pertanika Journal of Social Sciences and Humanities, 27(1), 361–387.
Ahmad, N. F., & Paim, L. (2012). Income poverty status and well-being of the vulnerable households in Malaysia: A comparative study. In N. Sulaiman, N. Yahaya, M. A. Razak, N. A. A. N. A. Aziz, & T. Suhaimi (Eds.), Prosiding Seminar (p. 171). Persatuan Ekonomi Pengguna Dan Keluarga Malaysia (MACFEA).
Ahmed, M. H., Geleta, K. M., Tazeze, A., & Andualem, E. (2017). The impact of improved maize varieties on farm productivity and wellbeing: Evidence from the east hararghe zone of Ethiopia. Development Studies Research, 4(1), 9–21.
Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2), 179–211.
Ajzen, I., & Fishbein, M. (2000). Attitudes and the attitude-behavior relation: Reasoned and automatic processes. European Review of Social Psychology, 11(1), 1–33.
Alwang, J., Gotor, E., Thiele, G., Hareau, G., Jaleta, M., & Chamberlin, J. (2019). Pathways from research on improved staple crop germplasm to poverty reduction for smallholder farmers. Agricultural Systems, 172, 16–27.
Central Bank of Sri Lanka. (2019). Annual Report 2019. Retrieved on 31/08/2021 from https://www.cbsl.gov.lk/en/publications/economic-and-financial-reports/annual-reports/annual-report-2019
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy: Results of the OECD. OECD working papers on finance, insurance and private pensions, 44(2), 296–316.
Aw, E. C.-X., Cheah, J.-H., Ng, S. I., & Sambasivan, M. (2018). Breaking compulsive buying-financial trouble chain of young Malaysian consumers. Young Consumers, 19(3), 328-344.
Bauer, M. A., Wilkie, J. E. B., Kim, J. K., & Bodenhausen, G. V. (2012). Cuing consumerism: Situational materialism undermines personal and social well-being. Psychological Science, 23(5), 517–523.
Bernard, T., De Janvry, A., Mbaye, S., & Sadoulet, E. (2017). Expected product market reforms and technology adoption by Senegalese onion producers. American Journal of Agricultural Economics, 99(4), 1096–1115.
Bigot, F., Castanon, E., Baldini, C., Hollebecque, A., Carmona, A., Postel-Vinay, S., Angevin, E., Armand, J.-P., Ribrag, V., Aspeslagh, S., & others. (2017). Prospective validation of a prognostic score for patients in immunotherapy phase I trials: The Gustave Roussy Immune Score (GRIm-Score). European Journal of Cancer, 84, 212–218.
Consumer Financial Protection Bureau. (2015). Financial well-being: The goal of financial education. Retrieved on 31/08/2021 from https://www.consumerfinance.gov/ dataresearch/ research-reports/financial-well-being.
Chavali, K., Raj, P. M., & Ahmed, R. (2021). Does financial behavior influence financial well-being? Journal of Asian Finance, Economics and Business, 8(2), 273–280.
Chikezie, O. C., & Sabri, M. F. (2017). The financial well-being of Nigerian students in Universiti Putra Malaysia. Journal of Education and Social Sciences, 6(2), 287–294.
Delafrooz, N., & Paim, L. H. (2011). Determinants of financial wellness among Malaysia workers. African Journal of Business Management, 5(24), 10092–10100.
Diagne, A., & Cabral, F. J. (2017). Agricultural transformation in Senegal: Impacts of an integrated program. Partnership for Economic Policy Working Paper, 2017–09.
Diener, E. D., Emmons, R. A., Larsen, R. J., & Griffin, S. (1985). The satisfaction with life scale. Journal of Personality Assessment, 49(1), 71–75.
Falahati, L., Sabri, M. F., & Paim, L. H. J. (2012). Assessment a model of financial satisfaction predictors: Examining the mediate effect of financial behavior and financial strain. World Applied Sciences Journal, 20(2), 190–197.
Fei, C., Sabri, M. F., Mohamed, N. A., Wijekoon, R., & Majid, A. Z. A. (2020). Determinants of financial vulnerability. Journal of Critical Reviews, 7(15), 3097–3107.
Fraering, M., & Minor, M. S. (2006). Sense of community: An exploratory study of US consumers of financial services. International Journal of Bank Marketing, 24(5), 284-306.
Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 5(5), 501–509.
George, D., & Mallery, P. (2003). SPSS for Windows step by step: A simple guide and reference (4th ed.). Allyn & Bacon.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (6th ed.). Pearson Education.
Hair, J. F. Jr., Hult, G. T. M., Ringle, C. M., Sarstedt, M. (2014). A Primer on partial least squares structural equation modeling (PLS-SEM). European Journal of Tourism Research, 6(2), 211–213.
Hasibuan, B. K., Lubis, Y. M., & HR, W. A. (2018). Financial literacy and financial behavior as a measure of financial satisfaction. Retrieved on 30/08/2021 from https://doi.org/10.2991/ebic-17.2018.79.
Haver, A., Akerjordet, K., Caputi, P., Magee, C., & Furunes, T. (2015). Measuring mental well-being: A validation of the Short Warwick–Edinburgh Mental Well-Being Scale in Norwegian and Swedish. Scandinavian Journal of Public Health, 43(7), 721–727.
Herath, C. S., & Wijekoon, R. (2013). Study on attitudes and perceptions of organic and non-organic coconut growers towards organic coconut farming. Idesia (Arica), 31(2), 5–14.
Herath, C. S., & Wijekoon, R. (2021). Growers’ fertilizer application behavior and their willingness to pay for the fertilizer: a study in coconut triangle of Sri Lanka. Thai Journal of Agricultural Science, 54(1), 1–17.
Hogarth, J. M., & Hilgert, M. A. (2002). Financial knowledge, experience and learning preference: preliminary results from a survey on financial literacy. Journal of Family and Consumer Sciences, 48, 1–7.
Joo, S., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50.
Kholilah, N. Al, & Iramani, R. (2013). Studi financial management behavior pada masyarakat Surabaya. Journal of Business and Banking, 3(1), 69.
Kinderman, P., Schwannauer, M., Pontin, E., & Tai, S. (2011). The development and validation of a general measure of well-being: the BBC well-being scale. Quality of Life Research, 20(7), 1035–1042.
Kumaraswamy, S., & Shetty, P. K. (2016). Critical abiotic factors affecting implementation of technological innovations in rice and wheat production: A review. Agricultural Reviews, 37(4), 268–278.
Lago, S., Cantarero, D., Rivera, B., Pascual, M., Blázquez-Fernández, C., Casal, B., & Reyes, F. (2018). Socioeconomic status, health inequalities and non-communicable diseases: a systematic review. Journal of Public Health, 26(1), 1–14.
Lee, J. M., Lee, J., & Kim, K. T. (2020). Consumer financial well-being: Knowledge is not enough. Journal of Family and Economic Issues, 41(2), 218–228.
Legrand, B., Perraut, A., Herath, C. S., Wijekoon, R., & Perera, L. (2018). The most frequent agronomic practices used by the coconut farmers in the “Coconut Triangle” of Sri Lanka. Cord, 34(2), 42–48.
Liliane, T. N., & Charles, M. S. (2020). Factors affecting yield of crops. Agronomy-Climate Change & Food Security, 9.
Mien, T., & Said, R. (2018). A cross-sectional household analysis of household consumption patterns: An indirect approach to identify the possible factors of personal bankruptcy. Jurnal Ekonomi Malaysia, 52(3), 231–246.
Nga, K. H., & Yeoh, K. K. (2015). Affective, social and cognitive antecedents of attitude towards money among undergraduate students: A Malaysian study. Pertanika Journal of Social Sciences & Humanities, 23.
Ntshangase, N. L., Muroyiwa, B., & Sibanda, M. (2018). Farmers’ perceptions and factors influencing the adoption of no-till conservation agriculture by small-scale farmers in Zashuke, KwaZulu-Natal province. Sustainability (Switzerland), 10(2).
OECD. (2011). Development co-operation report 2011. Retrieved on 31/08/2021 from https://www.oecd.org/dac/developmentco-operationreport2011.htm.
OECD. (2013). “Economic well-being”, in OECD framework for statistics on the distribution of household income, consumption and wealth. Retrieved on 31/08/2021 from https://doi.org/10.1787/ 9789264194830-5-en.
Orsila, R., Luukkaala, T., Luukkaala, T., Manka, M. L., & Nygard, C. H. (2011). A new approach to measuring work-related well-being. International Journal of Occupational Safety and Ergonomics, 17(4), 341–359.
Osberg, L., & Sharpe, A. (2002). An index of economic well-being for selected OECD countries. Review of Income and Wealth, 48(3), 291–316.
Poh, L. M., Sabri, M. F., Wahab, H. A. R. A., & Wijekoon, R. (2021). Determinants of financial vulnerability among civil servants in Peninsular Malaysia. Malaysian Journal of Consumer and Family Economics, 27, 113–143.
Radzyk, J. (2014). Validation of a new social well - being questionnaire. 18–21.
Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, financial behavior and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review, 8(1), 51–60.
Rajna, A., & Sabri, M. F. (2015). Financial management practices of medical practitioners in the private and public medical service in Malaysia. International Review of Management and Business Research, 4(4), 1105–1117.
Rimple, M., & Taneja, M. (2012). Money attitude – An abridgement. Journal of Arts, Science & Commerce, 3(3), 94-98.
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior, 22(1), 60–70.
Sabri, M. F., Juen, T. T., Othman, M. A., & Rahim, H. A. (2015). Financial literacy, financial management practices, and retirement confidence among women working in government agencies: A mediation model. The Journal of Developing Areas, 49(6), 405–412.
Sabri, M. F., & Falahati, L. F. (2013). Predictors of financial well-being among Malaysian employees: Examining the mediate effect of financial stress. Journal of Emerging Economies and Islamic Research, 1(3), 61–76.
Sabri, M. F., Abd Rahim, H., Wijekoon, R., Fardini, N., Zakaria, A. S. M., & Reza, T. S. (2020b). The mediating effect of money attitude on association between financial literacy, financial behavior, and financial vulnerability, International Journal of Academic Research in Business and Social Sciences, 10(15), 340-358.
Sabri, M. F., Reza, T. S., & Wijekoon, R. (2020a). Financial management, savings and investment behavior and financial well-being of working women in the public sector. Majalah Ilmiah Bijak, 17(2), 135–153.
Sabri, M. F., & Wijekoon, R. (2019). The influence of gender and ethnicity on young adults’ participation in financial education programme. Journal of Management and Sustainability, 9(1), 159–170.
Sabri, M. F., Wijekoon, R., & Rahim, H. A. (2020c). The influence of money attitude, financial practices, self-efficacy and emotion coping on employees’ financial well-being. Management Science Letters, 10(4), 889–900.
Sabri, M. F., Wijekoon, R., Ramli, N. N., & Dass, T. M. (2019). The impact of smart money kit on children’s financial knowledge, attitude and behavior. Journal of Social Sciences and Humanities, 3, 48-59.
Sabri, M. F., & Zakaria, N. F. (2015). The influence of financial literacy, money attitude, financial strain and financial capability on young employees’ financial well-being. Pertanika Journal of Social Sciences & Humanities, 23(4), 827-848.
Sehrawat, K., Vij, M., & Talan, G. (2021). Understanding the Path toward financial well-being: Evidence from India. Frontiers in Psychology, 12(July). Retrieved from https://doi.org/10.3389/ fpsyg.2021.638408.
Shareef, M. A., Kumar, V., Kumar, U., & Dwivedi, Y. K. (2011). E-government adoption model (GAM): Differing service maturity levels. Government Information Quarterly, 28(1), 17–35.
Smale, M., & Mason, N. (2014). Hybrid seed and the economic well-being of smallholder maize farmers in Zambia. Journal of Development Studies, 50(5), 680–695.
Theis, S., Lefore, N., Meinzen-Dick, R., & Bryan, E. (2018). What happens after technology adoption? Gendered aspects of small-scale irrigation technologies in Ethiopia, Ghana, and Tanzania. Agriculture and Human Values, 35(3), 671–684.
Topa, G., Hernández-Solís, M., & Zappalà, S. (2018). Financial management behavior among young adults: The role of need for cognitive closure in a three-wave moderated mediation model. Frontiers in Psychology, 9(NOV), 1–10.
Wijekoon, R., Sabri, M. F., & Paim, L. (2021). Poverty: A literature review of the concept, measurements, causes and the way forward. International Journal of Academic Research in Business and Social Sciences, 11(15), 39–111.
Wu, H., Ding, S., Pandey, S., & Tao, D. (2010). Assessing the impact of agricultural technology adoption on farmers’ well-being using propensity-score matching analysis in rural china. Asian Economic Journal, 24(2), 141–160.
Xiao, J. J. (2013). Family economic well-being. In Handbook of marriage and the family (pp. 573–611). Springer, Boston, MA.
Zulfiqar, M., & Bilal, M. (2016). Financial wellbeing is the goal of financial literacy. Research Journal of Finance and Accounting, 7(11), 94–103.
In-Text Citation: (Wijekoon et al., 2021)
To Cite this Article: Wijekoon, R., Sabri, M. F., Ahmad, N., & Rahim, H. A. (2021). Understanding the Path Toward Family Economic Well-Being of Coconut Growers. International Journal of Academic Research in Business and Social Sciences, 11(19), 327–348.
Copyright: © 2021 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode