Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

Abstract

Purpose The purpose of this paper is to investigate whether financial distress explains the relationship between financial literacy and quality of life (QoL) among consumers who have faced life-threatening cancer. To extend this line of research, the moderating role of social supports in the relationship between financial distress and QoL is examined. Design/methodology/approach A cross-sectional survey was utilized to collect quantitative data through a self-administered questionnaire. A total of 223 consumers diagnosed with cancer in Iran participated in the study by means of a convenience sampling technique. Using a forward–backward method the questionnaire was translated from English into Persian. Findings The findings highlight the importance of financial literacy in managing direct and indirect costs of chronic diseases that in turn can improve consumers' QoL. Moreover, while perceived social support improves QoL of consumers diagnosed with cancer, it strengthens the negative association between financial distress and QoL. Consequently, solely receiving of emotional support from acquaintances with no financial support might be bothersome. Practical implications The findings highlight the need for interventions that target financial literacy and perceived financial distress for consumers with chronic diseases. These consumers can benefit from interventions that offer support based on accurate assessments of their needs and priorities. Originality/value The present study is the first of its kind to highlight the importance of financial literacy in improving the QoL of consumers with chronic diseases.