Future Expectations and Financial Satisfaction*

Abstract

Advances in conceptualisation of financial well-being include factoring future outlook into models, as consumers under financial stress can still expect to be better off in the future. This study applies a financial well-being framework to Australian university students, defining financial well-being to be made up of a set of personal attributes, current money management indicators and expectations about the financial future. We find that being least satisfied with financial situation is associated with higher likelihoods of using short-term credit, not having a financial safety net, not being willing to take financial risks and having negative expectations of the future. The results of this study are useful for educators and policy-makers in designing policies and programmes for university students.