Overview of research on consumer well-being and transformative services
| Study | Problem addressed | Drivers of well-being | Interaction type | Theory | Informants | Findings/Contribution | Type of research |
|---|---|---|---|---|---|---|---|
| Stream 1 Contribution of consumer characteristics and other consumer-related factors to well-being | |||||||
| Barnes et al. (2021) | Impact of need identification on well-being and delight in crisis | Internal motivation | Firm’s offerings | Delight | Consumers | Eudaimonic needs are pronounced during crisis. Perceptions of delight in meeting eudaimonic needs take over hedonic needs | Qualitative |
| Utkarsh et al. (2020) | Financial decision making among young adults who transition from financial dependence on parents to independence | Personality characteristics | None | Socialization | Consumers (university students) | Discussion with parents and attitude toward money are determinants of financial well-being for those transitioning from dependence to independence | Quantitative |
| Ponchio et al. (2019) | Effects of individuals’ characteristics on perceived financial well-being | Personality characteristics and internal motivation | None | No theory | Consumers | Perceived well-being is a function of money-management stress and future expectations. Personality traits are strong predictors of dimensions of perceived financial well-being | Quantitative |
| Netemeyer et al. (2018) | Defining and measuring financial well-being; identifying individual characteristics as antecedents of financial well-being | Personality characteristics and internal motivation | None | No theory; measurement development and testing | Consum ers | Defines financial well-being as current money-management stress and expected future financial security; develops a measure of financial well-being. Individual characteristics are antecedents of financial well-being | Qualitative and quantitative |
| Xiao and O'Neill (2018) | The impact of individual characteristics as antecedents of financial well-being | Personality characteristics and internal motivation | None | No theory | Consumers | Financial planning is a desirable financial behavior that increases financial satisfaction by strengthening financial capability | Quantitative |
| Brüggen et al. (2017) | Difficulties of engaging in saving and financial planning behaviors | N/A | N/A | N/A | N/A | Framework distinguishing key elements of financial well-being – interventions and financial behaviors, consequences, contextual factors, and personal factors – and an agenda to guide future research on financial well-being | Conceptual |
| Strömbäck et al. (2017) | The impact of individual characteristics as antecedents of financial satisfaction | Personality characteristics and internal motivation | None | Economic behavior | Consumers | How psychological characteristics explain individuals’ financial behavior and financial well-being | Quantitative |
| McColl-Kennedy et al. (2017) | The interface between interactions, customer value cocreation practices, and customer well-being | Social interaction and consumer-related factors | Social interaction | Practice theory, self-regulation, and construal | Consumers | Interactions between actors at the service encounter determine what types of activities occur, which in turn determine well-being | Qualitative and quantitative |
| Martin and Hill (2015) | The interface between individual-level predictors and social-level predictors and their impact on individual well-being | Consumer-related factors | None | No theory | Secondary data, consumers | Conditions under which societal poverty influences individual financial factors and well-being | Quantitative |
| Stream 2 Relationship between service firms’ activities, consumer behaviors, and well-being | |||||||
| Dean and Indrianti (2020) | Interconnection between value creation and TSR | Resource accessibility | Co-creation (general) | TSR | Farmers, village leaders | Model of value cocreation | Qualitative |
| Tang et al. (2016) | The psychological mechanism underlying the impact of consumers’ perceptions of service organizations’ marketing strategies on consumers’ personal well-being | Firm characteristics and consumer-related factors | Marketing activities of the firm | Goal-driven behavior theory | Consumers (longitudinal) | Demonstrates the role of consumers’ perceptions of service organizations’ marketing strategies and its impact on their cognition, which affects goal pursuit and well-being enhancement | Quantitative |
| Mende and Van Doorn (2015) | The effectiveness of financial counseling and the mechanisms by which it helps improve consumer well-being is unclear | Consumer-related factors and society-level variables | None | Self-determination, attachment, self-regulation | Consumers | Explores the how financial literacy, consumer involvement, and attachment styles drive customer coproduction to improving their financial well-being | Quantitative |
| Guo et al. (2013) | Connecting organizational socialization to coproduction behaviors and subsequent consumer well-being | Personality characteristics and individual-related factors | Firm-related factors | Self regulation and power theory | Consumers | Coproduction is the mechanism that channels the effects of organizational socialization processes | Quantitative |
| Our study | Lack of clarity on how financial service firms act as integrated entities to support consumers’ financial well-being in transformative services | External motivation, FLEs’ behaviors and attitudes | Direct with FLEs, indirect with managers | Regulatory focus and conservation of resources | Consumers, FLEs, managers | Integrates TSR, self-determination, and conservation of resource theory to explain the role of external motivation in encouraging consumers to engage in financial planning behaviors. This is possible when climate, leadership style, and employees’ attitudes and behaviors are aligned and based on caring for consumers | Quantitative |
| Study | Problem addressed | Drivers of well-being | Interaction type | Theory | Informants | Findings/Contribution | Type of research |
|---|---|---|---|---|---|---|---|
| Impact of need identification on well-being and delight in crisis | Internal motivation | Firm’s offerings | Delight | Consumers | Eudaimonic needs are pronounced during crisis. Perceptions of delight in meeting eudaimonic needs take over hedonic needs | Qualitative | |
| Financial decision making among young adults who transition from financial dependence on parents to independence | Personality characteristics | None | Socialization | Consumers (university students) | Discussion with parents and attitude toward money are determinants of financial well-being for those transitioning from dependence to independence | Quantitative | |
| Effects of individuals’ characteristics on perceived financial well-being | Personality characteristics and internal motivation | None | No theory | Consumers | Perceived well-being is a function of money-management stress and future expectations. Personality traits are strong predictors of dimensions of perceived financial well-being | Quantitative | |
| Defining and measuring financial well-being; identifying individual characteristics as antecedents of financial well-being | Personality characteristics and internal motivation | None | No theory; measurement development and testing | Consum ers | Defines financial well-being as current money-management stress and expected future financial security; develops a measure of financial well-being. Individual characteristics are antecedents of financial well-being | Qualitative and quantitative | |
| The impact of individual characteristics as antecedents of financial well-being | Personality characteristics and internal motivation | None | No theory | Consumers | Financial planning is a desirable financial behavior that increases financial satisfaction by strengthening financial capability | Quantitative | |
| Difficulties of engaging in saving and financial planning behaviors | N/A | N/A | N/A | N/A | Framework distinguishing key elements of financial well-being – interventions and financial behaviors, consequences, contextual factors, and personal factors – and an agenda to guide future research on financial well-being | Conceptual | |
| The impact of individual characteristics as antecedents of financial satisfaction | Personality characteristics and internal motivation | None | Economic behavior | Consumers | How psychological characteristics explain individuals’ financial behavior and financial well-being | Quantitative | |
| The interface between interactions, customer value cocreation practices, and customer well-being | Social interaction and consumer-related factors | Social interaction | Practice theory, self-regulation, and construal | Consumers | Interactions between actors at the service encounter determine what types of activities occur, which in turn determine well-being | Qualitative and quantitative | |
| The interface between individual-level predictors and social-level predictors and their impact on individual well-being | Consumer-related factors | None | No theory | Secondary data, consumers | Conditions under which societal poverty influences individual financial factors and well-being | Quantitative | |
| Interconnection between value creation and TSR | Resource accessibility | Co-creation (general) | TSR | Farmers, village leaders | Model of value cocreation | Qualitative | |
| The psychological mechanism underlying the impact of consumers’ perceptions of service organizations’ marketing strategies on consumers’ personal well-being | Firm characteristics and consumer-related factors | Marketing activities of the firm | Goal-driven behavior theory | Consumers (longitudinal) | Demonstrates the role of consumers’ perceptions of service organizations’ marketing strategies and its impact on their cognition, which affects goal pursuit and well-being enhancement | Quantitative | |
| The effectiveness of financial counseling and the mechanisms by which it helps improve consumer well-being is unclear | Consumer-related factors and society-level variables | None | Self-determination, attachment, self-regulation | Consumers | Explores the how financial literacy, consumer involvement, and attachment styles drive customer coproduction to improving their financial well-being | Quantitative | |
| Connecting organizational socialization to coproduction behaviors and subsequent consumer well-being | Personality characteristics and individual-related factors | Firm-related factors | Self regulation and power theory | Consumers | Coproduction is the mechanism that channels the effects of organizational socialization processes | Quantitative | |
| Lack of clarity on how financial service firms act as integrated entities to support consumers’ financial well-being in transformative services | External motivation, FLEs’ behaviors and attitudes | Direct with FLEs, indirect with managers | Regulatory focus and conservation of resources | Consumers, FLEs, managers | Integrates TSR, self-determination, and conservation of resource theory to explain the role of external motivation in encouraging consumers to engage in financial planning behaviors. This is possible when climate, leadership style, and employees’ attitudes and behaviors are aligned and based on caring for consumers | Quantitative | |
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