Individual Resilience and Financial Well-Being Early in the COVID-19 Pandemic in China

Background and Objective: Financial well-being (FWB) is closely intertwined with individual happiness and overall quality of life. Consequently, the prevalent concern surrounding financial insecurity, often identified as a leading stressor impacting FWB, has garnered significant attention. Resilience, alternatively termed as mental toughness, possesses the capability to alleviate adverse psychological conditions and stress responses, thereby potentially shielding individuals from the impacts of financial insecurity. Previous studies have indicated gender differences in resilience and FWB. Despite the significance of resilience, research on its correlation with FWB remains scant, particularly within the context of the COVID-19 pandemic. The COVID-19 outbreak has not only inflicted detrimental effects on physical health but has also exerted adverse influences on psychological well-being, potentially shaping individual resilience and FWB. This study examines the potential association between resilience and FWB in China, while also scrutinizing potential gender variations, during the early phases of the COVID-19 pandemic.

Methods: The data for this study were collected via an anonymous online survey conducted in China during February 2020, yielding a valid sample of 3,884 respondents. FWB, the dependent variable, was assessed using the Financial Well-Being Scale (ranging from 14 to 86), developed by the US Consumer Financial Protection Bureau. Resilience, the primary independent variable, was measured utilizing the Chinese Adults' Perseverance Personality Scale (ranging from 27 to 108). To explore the relationship between resilience and FWB, while controlling for demographic and socioeconomic factors, a multiple linear regression model was employed.

Results: The study's participants predominantly comprised females (60.2%), with 69.5% holding at least a bachelor's degree, and 68.1% reporting being unmarried. The majority (70.4%) reported a monthly income below RMB 5,000 yuan, with urban residents constituting 52.8% of the sample. The mean FWB score was 51.05 (SD = 9.12), whereas the mean resilience score was 72 (SD = 15.87). A statistically significant and positive association was observed between resilience and FWB (β=0.149, p<0.001). However, gender did not emerge as a statistically significant moderator in the analysis.

Conclusions and Implications: The findings suggest that resilience is associated with individual FWB during the early stages of the COVID-19 pandemic, with no significant gender differences observed in this analysis. However, overall, males reported higher financial well-being and resilience compared to females, likely due to men's greater confidence in their financial knowledge and decision-making abilities. Implications include focusing on enhancing and fostering individual resilience during public health crises and implementing targeted psychological interventions to improve FWB, particularly among females.