This study analyses how financial literacy, financial inclusion, and financial resilience relate to financial well-being, controlling for individual objective characteristics and contextual factors. Relying on the 2020 Organisation for Economic Co-operation and Development International Survey of Adult Financial Literacy, it uses individual-level data of 17,789 respondents from 16 countries and applies a multilevel model. Results indicate that financial literacy, financial inclusion, and financial resilience enhance financial well-being. They also show that men, those who are younger, those with higher levels of education, and those who are employed have comparatively greater financial well-being. Further, the study accounts for contextual-level factors by adopting the sociodemographic (S), technological (T), economic (E), and political (P) spheres (STEP) approach, which shows that technological and political spheres are related to financial well-being. These findings highlight the need for combined analyses of multiple factors to explain financial well-being, which is deeply entrenched in local contexts with implications for policy issues related to the access to relevant resources that drive higher levels of financial well-being.

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Contextual factors,Financial inclusion,Financial literacy,Financial resilience,Financial well-being

• Economics and Business - Social Sciences