Does shared prosperity affect perceived financial well-being among individual consumers?

Purpose The purpose of this study is to investigate the relationship between shared prosperity and financial well-being from the individual grassroot perspective in Malaysia through the mediating influence of technological empowerment and responsible citizenship. The study also incorporates the effects of political stability on developmental policies such as shared prosperity as well as behavioural mindset change on financial well-being. Design/methodology/approach This study employed the quantitative survey method using convenience sampling selected based on ethnicity and income levels. The questionnaire was developed for this study based on extant literature and the Malaysian Shared Prosperity Vision 2030 (SPV2030) policy document. The instrument was validated and data was then analysed using the Structural Equation Modelling approach. Findings The findings suggest that technological empowerment and responsible citizenship serve as mediators in ensuring that shared prosperity translates into financial well-being. Additionally, political stability and behavioural mindset are crucial in supporting SPV2030 and financial well-being, respectively. Research limitations/implications The study highlights the need for political awareness and education, as well as the importance of revising legacy policies and enhancing policy feedback mechanisms to support financial well-being. Practical implications This study suggests that individuals need to shift their mindset to create opportunities and take risks to improve their financial status and in embracing shared prosperity. It also calls for the integration of more open policy feedback mechanisms and social mobility through technological empowerment. Social implications Socially, this study underscores the importance of social cohesion and mobility, facilitated by technological empowerment, in the pursuit of shared prosperity and financial well-being. It also emphasizes the role of education in fostering political awareness necessary for sustaining these efforts. Originality/value This is a nascent study, with its focusing on individual grassroots perspectives and its identification of mediators like technological empowerment and responsible citizenship within the context of a developing, multi-ethnic nation. Methodologically, the study contributes a reliable and valid instrument for the further exploration of shared prosperity and financial well-being in literature.