MINDFUL SPENDING AND FINANCIAL WELL-BEING: A CONCEPTUAL FRAMEWORK LINKING CONSUMER MINDFULNESS TO LIFE SATISFACTION
DOI:
https://doi.org/10.55197/qjssh.v7si4.1537Keywords:
mindful spending, consumer mindfulness, financial well-being, life satisfaction, responsible consumptionAbstract
Consumer financial well-being has become a pressing concern in an era of rising personal debt, digital payment proliferation, and heightened economic uncertainty. Despite growing scholarly interest in mindfulness as a psychological tool for promoting well-being, its specific role in shaping financial behaviour and spending decisions remains insufficiently explored. This study addresses that gap by connecting consumers’ mindful spending, financial well-being, and life satisfaction. Against a backdrop of increasing consumerism and frictionless digital transactions, it examines how socio-cognitive mindfulness can promote responsible financial behaviour and curb impulsive consumption. The study adopts a conceptual research design developed through a systematic review and synthesis of prior literature. Drawing on three theoretical perspectives, which is Self-Determination Theory (SDT), Behavioural Economics, and Socio-Cognitive Mindfulness Theory, it integrates psychological, economic, and cognitive viewpoints to postulate testable relationships among these constructs. The proposed framework holds that consumer mindfulness fosters value-based financial choices, which in turn enhance financial well-being and life satisfaction. Mindful spending supports the psychological needs of autonomy, competence, and relatedness (SDT), reduces vulnerability to cognitive biases (Behavioural Economics), and encourages flexible, deliberate decision-making (Socio-Cognitive Mindfulness Theory). Financial well-being is proposed as a mediator linking mindful spending to life satisfaction. The paper further identifies how marketers, policymakers, and financial educators can embed mindfulness principles into campaigns, financial literacy programmes, and product design to encourage responsible consumption and consumer well-being. This article contributes to the literature by providing a theoretical synthesis of mindfulness, consumer behaviour, and financial decision-making. It offers a unified approach that advances academic knowledge while delivering practical implications for strengthening sustainable financial behaviour in contemporary consumer societies.
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