Calculating Financial Well-being: The Case of Young Adults in Latvia
Digital Transformation, Strategic Resilience, Cyber Security and Risk Management
ISBN: 978-1-80455-254-4, eISBN: 978-1-80455-253-7
Publication date: 28 September 2023
Abstract
To achieve success and results satisfying a wide range of stakeholders, the management and other decision-makers must consider that one of the central elements in the process mentioned above is the employee. Therefore, the employee’s well-being should play a crucial role in the management process (be a core stone in the decision-making process), and consequently, it should be considered an appropriate instrument to keep existing talents within the company and attract new ones. The main objectives of this chapter are to discover the level of the financial well-being of young adults in Latvia (the group of people responsible for the future sustainable development of the country) and to determine the factors influencing the level of financial well-being to create a prototype of financial well-being index. Based on an online questionnaire, the process first involves applying different statistical tests and regression analysis built-in MatLab programming. Second, we intend to create a prototype of the financial well-being index based on a three-step optimisation approach that allows determining the weightings for the factors selected as most important to influence the state of financial well-being and the scoring scale for each of the factors.
Keywords
Acknowledgements
Acknowledgements
The authors would like to express their gratitude to Lāsma Zaikovska – BA School of Business and Finance (Class 2022) – for her assistance in preparing the questionnaire and acquiring the data for further analysis in the current research chapter.
Citation
Kuzmina, J., Atstāja, D., Grima, S., Noja, G.G., Cristea, M. and Thalassinos, E. (2023), "Calculating Financial Well-being: The Case of Young Adults in Latvia", Grima, S., Thalassinos, E., Cristea, M., Kadłubek, M., Maditinos, D. and Peiseniece, L. (Ed.) Digital Transformation, Strategic Resilience, Cyber Security and Risk Management (Contemporary Studies in Economic and Financial Analysis, Vol. 111A), Emerald Publishing Limited, Leeds, pp. 49-59. https://doi.org/10.1108/S1569-37592023000111A004
Publisher
:Emerald Publishing Limited
Copyright © 2023 Jekaterina Kuzmina, Dzintra Atstāja, Simon Grima, Graţiela Georgiana Noja, Mirela Cristea and Eleftherios Thalassinos