Behavioral Drivers of Financial Satisfaction: The Interplay of Perceived Financial Knowledge and Socio-Economic Status

This study explores what drives financial satisfaction among credit card users, focusing on how perceived financial knowledge and socio-‎economic status shape their contentment. The research also examines whether financial risk tolerance and financial behavior play mediating ‎roles in these relationships. Using a survey of 384 randomly selected credit card users across fifteen barangays, data were gathered through ‎a validated questionnaire with strong reliability. Statistical analyses, including Kruskal-Wallis tests and mediation modeling, were employed ‎to examine the relationships among variables. The findings revealed that respondents generally reported high levels of financial knowledge, ‎socio-economic status, risk tolerance, and positive financial behaviors, along with considerable financial satisfaction. Income and age ‎significantly influenced satisfaction levels, while factors like sex, marital status, education, and income source showed no meaningful ‎differences. Most importantly, the study uncovered that neither financial knowledge nor socio-economic status directly boosted satisfaction. ‎Instead, financial behavior emerged as the crucial link to what people actually do with their knowledge and resources matters far more than ‎simply possessing them. Surprisingly, risk tolerance played no significant role in translating knowledge or status into satisfaction. These ‎results suggest that knowing about finances or having favorable economic conditions isn't enough. The real key lies in turning that ‎knowledge into action through responsible financial practices. For developing economies like the Philippines, experiencing rapid credit ‎growth, this means financial education programs should focus less on theory and more on helping people develop practical money ‎management habits that truly improve their financial well-being‎.