Introduction

Household financial well-being is a critical and timely topic for several reasons. First, it directly impacts the quality of life for individuals (Mathew et al., 2024) and their families. It influences their ability to meet basic needs, access healthcare and education, and ensure a comfortable living environment. When households experience financial stress, it can lead to a range of negative consequences, including physical and mental health problems, family conflicts, and a decline in overall happiness (Ryu & Fan, 2023). At the macro level, household financial well-being significantly impacts the overall economic stability of a country. Financially secure and stable households are more likely to contribute positively to the economy through spending, savings, and investments (Cashin et al., 2001). Conversely, financially stressed households may require social assistance or contribute to economic downturns during financial crises.

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