Financial Capabilities and Financial Well-Being: The Mediating Role of Financial Resilience

This study proposes a two-stage structural model integrating financial literacy, education, attitudes, behavior, financial advice, and financial stress as predictors of financial capabilities. It examines the relationship between financial capabilities and financial well-being, highlighting financial resilience as a potential mediator. The main contribution is positioning financial resilience as a central explanatory mechanism, offering a holistic perspective that addresses theoretical gaps and provides empirical evidence in the context of an emerging economy. A non-experimental, quantitative, cross-sectional design was applied with a sample of 365 university students from Veracruz, Mexico. Data were collected via an online questionnaire and analyzed using exploratory and confirmatory factor analysis, structural equation modeling (SEM), and mediation analysis with bootstrap procedures. The results indicate that financial literacy, education, attitudes, financial advice, and behavior positively influence financial capabilities, with financial advice being the strongest predictor. Financial capabilities strongly affect financial well-being, whereas financial resilience did not mediate this relationship. Limitations include the cross-sectional design and non-probability sampling. Future research could examine additional mediators and moderators and evaluate interventions in diverse socio-economic contexts.