Miriam Flóres Bañuelos

UCC Business School, Cristóbal Colón University,

Veracruz, México

E-mail: mflores@ucc.mx

Three-dimensional model of financial resilience in workers: Structural equation modeling and bayesian analysis

Teresa Zamora-Lobato

Tecnológico Nacional de México – Sede ITSM

Veracruz, México 

E-mail: mtjzamora@itsm.edu.mx

Arturo García-Santillán

UCC Business School, Cristóbal Colón University,

Tecnológico Nacional de México – Sede ITSM

Veracruz, México 

E-mail: agarcias@ucc.mx

ORCID 0000-0001-7284-5959

Abstract. This work focused on evaluating financial health indicators, namely their perception, experiences lived during the pandemic, and actions carried out to face the financial crisis caused by the COVID-19. The eight financial health indicators proposed by BBVA bank and the Center for Financial Services Innovation were used for the study. These make up a 24-item scale and are often used to measure perception, experiences during the pandemic, and financial resilience. The sample included 357 workers from the Duxom Company, which has national coverage and operates in the private security sector. The validity test showed an acceptable Cronbach's alpha index for each construct (α; 0.848; α; 0.779; α; 0.818), denoting reliability and internal consistency. The values obtained from asymmetry (<2) and kurtosis (<7) justified the normality of the data. The research findings suggest that, while the perception of financial health indicators has a very low influence on financial resilience (.05), the experiences lived during the pandemic in relation to these indicators influenced (.74) the actions carried out to face the financial crisis caused by the COVID-19. The confirmatory model shows that the P-ISF construct is explained with 6 of the 8 variables; the Ev-ISF construct – with 3 of 8, and the financial resilience construct is explained with 7 of 8 variables (CMIN/DF:1.913; CFI:0.981; TLI: 0.973; RMSEA=0.05). The excluded variables show very low estimates; therefore, it is recommended to expand future studies to other populations and samples.

Received: March, 2023

1st Revision: January, 2024

Accepted: March, 2024

DOI: 10.14254/2071-789X.2024/17-1/5

JEL Classification: G51, G53

Keywords: methodology SEM, financial resilience, financial well health indicators