Beyond the Balance Sheet: Navigating Financial Anxiety, Digital Change, and Resilience Among Working Women in Thailand

Beyond the Balance Sheet: Navigating Financial Anxiety, Digital Change, and Resilience Among Working Women in Thailand | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Beyond the Balance Sheet: Navigating Financial Anxiety, Digital Change, and Resilience Among Working Women in Thailand Khwanchol Hasayotin, Adul Supanut This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-8705536/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The intersection of financial literacy, digital financial services adoption, and financial well-being has emerged as a critical area of inquiry, particularly among working women in developing economies facing rapid digital transformation and economic uncertainty. This qualitative study explores the complex relationships between financial literacy, financial anxiety, digital financial services adoption, savings behavior, financial planning, ESG investment awareness, financial resilience, and overall financial well-being among 35 working women in Thailand. Through semi-structured in-depth interviews and thematic analysis, this research reveals four major themes: (1) multidimensional financial knowledge and digital literacy acquisition pathways; (2) emotional dimensions of financial anxiety and stress management; (3) adaptive planning and savings behaviors in response to economic volatility; and (4) resilience-building strategies through diversified financial engagement. The findings demonstrate that financial well-being extends beyond objective financial metrics to encompass subjective perceptions of security, autonomy, and future preparedness. Participants exhibited varying levels of financial literacy, with digital financial services adoption emerging as both an enabler of financial inclusion and a source of anxiety for those with limited digital proficiency. The study reveals that women employ multifaceted coping mechanisms to navigate financial uncertainty, including peer learning, incremental savings approaches, and selective engagement with emerging investment opportunities such as ESG-aligned products. Economic uncertainty significantly moderates the relationship between financial knowledge and well-being, while digital literacy serves as a crucial facilitator of financial service utilization. These insights contribute to theoretical understanding of gendered financial behavior in emerging markets and offer practical implications for policymakers, financial educators, and service providers seeking to enhance financial inclusion and economic empowerment among working women in Thailand and similar contexts. Financial Literacy Financial Well-being Financial Anxiety Digital Financial Services Financial Planning Financial Resilience Savings Behavior ESG Investment Figures Figure 1 Figure 2 1. INTRODUCTION The global financial landscape is transforming through digital technologies, economic volatility, and sustainable finance trends (Ha et al., 2025; Anagnostopoulos et al., 2025). Financial literacy and well-being are critical for economic security, especially for women in developing economies facing gendered disparities (Haag & Larsson, 2025; Mamani-Benito et al., 2025). Furthermore, financial stress and mental health challenges disproportionately affect women, with research demonstrating that financial uncertainty significantly impacts psychological well-being (Khalid & Syed, 2024; Wolfe & Patel, 2021). Thailand offers a unique context: despite high female labor force participation, women face financial challenges like income volatility and limited retirement preparedness (Grohmann et al., 2021; Hou & Schuler, 2022). While national financial illiteracy is high, Thai middle-class women demonstrate literacy comparable to men, suggesting strong sociocultural influences (Financial Literacy Statistics, 2025; Grohmann et al., 2021). Additionally, women’s entrepreneurship and economic autonomy in developing countries like Thailand face multifaceted barriers that require comprehensive understanding (Mahajan & Bandyopadhyay, 2021). Digital financial services present both opportunities for inclusion and challenges. Fintech can democratize access (Ha et al., 2025; Salman & Nowacka, 2020), but women face barriers like lower digital literacy and security concerns, creating multifaceted exclusion risks (Nurlaily et al., 2021; Hasan et al., 2022). Recent research further demonstrates that gender gaps in digital financial inclusion remain persistent, with women experiencing distinct barriers in fintech adoption (Patel & Khan, 2024; Choi et al., 2025). Financial anxiety is a pervasive stressor, disproportionately affecting women globally and impairing well-being and decision-making (Laurel Road, 2025; Bankrate, 2024; Northwestern Mutual, 2025). Understanding how working women manage this anxiety is crucial. Furthermore, financial resilience—the capacity to withstand economic shocks—is increasingly recognized as vital for financial well-being, particularly for women managing multiple responsibilities (Riitsalu et al., 2024; Kumar et al., 2023). Resilience research reveals that women employ diverse strategies to build financial stability, including income diversification and community-based support mechanisms (Erlando et al., 2020; Robillard et al., 2020). This qualitative study explores these interconnected issues among working women in Thailand. By centering their voices, it investigates how financial literacy, digital engagement, planning, and coping strategies shape financial well-being and resilience, offering insights beyond quantitative correlations (International Journal of Financial Studies, 2025). The research examines conceptualizations of financial literacy, the role of financial anxiety, digital adoption patterns, resilience strategies, and the influence of emerging investment opportunities like ESG. 2. LITERATURE REVIEW AND THEORETICAL FRAMEWORK 2.1 Financial Literacy: Definitions, Dimensions, and Gender Dynamics Financial literacy is a multidimensional construct encompassing the knowledge, skills, and attitudes necessary for effective financial decision-making (Goyal & Kumar, 2020). Modern definitions include digital literacy, behavioral self-regulation, and critical evaluation (Hidayat-ur-Rehman, 2025; Hasan et al., 2024). While global research often shows women scoring lower on financial knowledge assessments due to structural and socialization barriers (Haag & Larsson, 2025; Bucher-Koenen & Lusardi, 2011), contextual nuances exist. For instance, Thai middle-class women demonstrate literacy comparable to men, highlighting the influence of societal factors like education and household roles (Grohmann et al., 2021). Research examining the economic importance of financial literacy reveals significant long-term effects on household financial behavior and economic outcomes (Lusardi & Mitchell, 2008; Lusardi & Mitchell, 2014). Furthermore, comprehensive frameworks for assessing financial literacy across diverse populations require attention to contextual factors and gender-specific barriers (Nuansomsri & Boonkrong, 2023). Studies of emerging Asian middle classes, particularly in developing economies, demonstrate that financial literacy patterns differ substantially from Western contexts, with significant implications for intervention design (Grohmann, 2018). 2.2 Financial Well-being: Conceptual Foundations and Measurement Financial well-being integrates objective circumstances with subjective evaluations of security and freedom, aligning with the capability approach that emphasizes agency and valued life goals (Kaur & Singh, 2024; Kumar et al., 2023). It is both an outcome of sound management and a determinant of broader quality of life (Riitsalu et al., 2024). Subjective perceptions of financial security often matter more for psychological outcomes than absolute wealth, underscoring the value of qualitative inquiry in capturing these dimensions (Northwestern Mutual, 2025). Conceptualizations of financial well-being components highlight the importance of subjective dimensions including perceived financial security, freedom from financial stress, and sense of control over financial futures (Vlaev & Elliott, 2014; Collins & Urban, 2020). Recent comprehensive handbooks on well-being research demonstrate the multifaceted nature of this construct and its interconnections with other dimensions of human flourishing (Diener et al., 2020). 2.3 Financial Anxiety and Psychological Dimensions of Money Management Financial anxiety is a widespread source of stress and depression, particularly acute among women due to structural inequalities like wage gaps and caregiving responsibilities (Northwestern Mutual, 2025; Laurel Road, 2025; TELUS Health, 2025). This anxiety does not perfectly correlate with objective financial circumstances, suggesting it results from complex interactions between material conditions, cognitive processes, and emotional regulation. Research examining financial stress and emotional responses reveals particularly acute impacts on women, with mental health consequences extending beyond immediate financial concerns (Salameh et al., 2020). Recent COVID-19 pandemic research demonstrates how economic shocks intensify financial anxiety across populations, with differential impacts on women who often bear disproportionate caregiving burdens alongside economic vulnerability (Robillard et al., 2020). Furthermore, mental health research examining the intersection of financial stress and psychological outcomes reveals that women experience higher rates of anxiety and depression related to financial concerns compared to men (Khalid & Syed, 2024). 2.4 Digital Financial Services and Financial Inclusion Fintech innovations offer pathways to financial inclusion by reducing barriers and enabling tailored products (Ha et al., 2025; Feyen et al., 2021). While digital services can enhance women’s autonomy, adoption is influenced by factors like perceived usefulness, trust, and digital literacy (Setiawan et al., 2021; Nurlaily et al., 2021). Women often perceive higher risks and face compounded exclusion due to lower digital proficiency and security concerns, highlighting the need for holistic approaches addressing both financial and digital literacy (Hasan et al., 2022; Nurlaily et al., 2021). Contemporary research on gender-disaggregated digital financial inclusion reveals persistent gaps in women’s access to and utilization of digital financial services (Patel & Khan, 2024). Additionally, emerging research on financial autonomy in digital economies demonstrates that women’s empowerment through digital financial services depends critically on complementary interventions addressing digital literacy alongside financial capability building (Choi et al., 2025). 2.5 Savings Behavior, Financial Planning, and Resilience Savings and financial planning are fundamental to financial well-being and resilience, yet women face challenges due to economic disadvantages (Heo et al., 2020; Riitsalu et al., 2024). Effective planning requires knowledge and psychological capabilities like self-regulation (Fong et al., 2021). Financial resilience, the ability to recover from adversity, evolves across the lifespan and involves strategies like income diversification and supportive networks, which qualitative inquiry can illuminate (Kumar et al., 2023; Riitsalu et al., 2024; Jariwala, 2020). Research examining financial literacy and wealth accumulation reveals that financial planning behaviors significantly mediate the relationship between knowledge and economic outcomes, with important gender-differentiated patterns (Hastings & Mitchell, 2020; Hou & Schuler, 2022). Comprehensive frameworks for understanding financial resilience highlight the importance of social support networks and adaptive coping mechanisms particularly salient for women navigating economic uncertainty (Liyanage et al., 2023). Furthermore, research on subjective well-being across the lifespan demonstrates that financial security and autonomy constitute central dimensions of life satisfaction and psychological health (Jebb et al., 2020). 2.6 ESG Investment and Sustainable Finance ESG investment reflects growing demand for values-aligned finance (Arner et al., 2020). Women often show stronger preferences for socially responsible investing, presenting opportunities to align goals with values (Corrêa et al., 2022). However, barriers like knowledge gaps, minimum requirements, and greenwashing concerns constrain participation, necessitating research into how Thai working women perceive and access these opportunities (Tang, 2022; Henry et al., 2021). Emerging research on ESG investment trends and sustainable finance demonstrates particular gender-differentiated patterns of engagement, with women demonstrating higher interest in environmentally and socially conscious investment options (Sharma et al., 2025). Additionally, research on women’s entrepreneurship and social responsibility reveals that values-aligned economic engagement extends beyond investment to encompass broader patterns of economic behavior reflecting women’s commitment to sustainable development (Jennings et al., 2023). 3. RESEARCH METHODOLOGY 3.1 Research Design and Philosophical Orientation This study employs qualitative research methodology grounded in interpretive phenomenological analysis, which seeks to understand how individuals make sense of lived experiences within their sociocultural contexts (Smith & Osborn, 2015). The interpretive paradigm recognizes that reality is socially constructed through language, interaction, and meaning-making processes, requiring methodologies that privilege participant perspectives and honor the complexity of human experience (Denzin & Lincoln, 2018). This philosophical orientation aligns with the study’s objectives of exploring the multifaceted ways working women conceptualize and navigate financial challenges, opportunities, and aspirations. Qualitative methodology proves particularly appropriate for investigating financial well-being and related constructs because these phenomena encompass subjective perceptions, emotional dimensions, and contextually embedded meanings that quantitative measures may inadequately capture (Riitsalu et al., 2024). While survey instruments can assess financial literacy knowledge or well-being satisfaction scores, in-depth interviews enable exploration of the “how” and “why” questions underlying financial behaviors, the strategies employed to manage anxiety and build resilience, and the personal narratives through which participants construct financial identities. This study’s focus on process, meaning, and lived experience thus necessitates qualitative approaches capable of generating rich, nuanced insights. 3.2 Participant Selection and Sampling Strategy The study employed purposive sampling to recruit 35 working women in Thailand meeting specified inclusion criteria: (1) age 25–55 years; (2) currently employed in formal or informal sector positions; (3) residing in urban or peri-urban areas with access to digital financial services; (4) willingness to participate in in-depth interviews discussing financial matters; and (5) Thai language fluency. The purposive sampling strategy aimed to ensure variation across age cohorts, occupational sectors, educational backgrounds, and income levels while maintaining feasibility for intensive qualitative analysis (Patton, 2015). Recruitment occurred through multiple channels including professional networks, women’s organizations, educational institutions, and snowball referrals. Potential participants received information sheets describing the study purpose, procedures, confidentiality protections, and voluntary nature of participation. Those expressing interest completed brief demographic questionnaires to verify eligibility and provide contextual information for interview planning. The final sample composition reflected deliberate diversity across key demographic variables to enhance transferability of findings while maintaining homogeneity sufficient for thematic coherence (See Table 1 ). Table 1 Participant Demographic Characteristics (N = 35) Characteristic Category n % Age Group 25–34 years 13 37.1 35–44 years 15 42.9 45–55 years 7 20.0 Educational Attainment High School/Vocational 6 17.1 Bachelor's Degree 19 54.3 Master's Degree 8 22.9 Doctoral Degree 2 5.7 Occupational Sector Education/Academia 9 25.7 Business/Finance 8 22.9 Healthcare 6 17.1 Government/Public Service 7 20.0 Other Professional Services 5 14.3 Monthly Income (THB) 15,000–30,000 11 31.4 30,001–60,000 16 45.7 60,001+ 8 22.9 Marital Status Single 14 40.0 Married/Partnered 18 51.4 Divorced/Separated 3 8.6 Note: Data collected through demographic questionnaire administered prior to interviews. Income ranges reflect monthly gross income in Thai Baht (approximately 1 USD = 33 THB). Source: Primary data collection, 2025. 3.3 Data Collection Procedures Data collection occurred between September and November 2024 through semi-structured in-depth interviews conducted individually with each participant. Interview durations ranged from 60 to 90 minutes, with all sessions audio-recorded with explicit informed consent. Interviews took place in locations selected by participants to ensure comfort and privacy, including university offices, cafes, and participants’ homes or workplaces. The lead researcher conducted all interviews in Thai language using an interview guide developed through literature review and pilot testing with five women not included in the final sample (Braun & Clarke, 2013). The interview guide encompassed open-ended questions exploring seven thematic domains: (1) financial literacy acquisition and development; (2) digital financial services awareness and utilization; (3) financial planning practices and savings behaviors; (4) experiences of financial anxiety and stress; (5) coping strategies and resilience-building; (6) awareness and participation in ESG or sustainable investment; and (7) conceptualizations of financial well-being and future aspirations. The semi-structured format enabled consistent coverage of key topics while maintaining flexibility to pursue emergent themes and follow participants’ narrative threads (Kvale & Brinkmann, 2015). Probing questions encouraged elaboration, clarification, and concrete examples illustrating abstract concepts. All interviews were professionally transcribed verbatim in Thai, with transcripts reviewed for accuracy against audio recordings. Transcripts were then translated into English by a bilingual research team member with expertise in financial terminology, with back-translation verification conducted to ensure semantic equivalence. Participants received pseudonyms to protect confidentiality, and all identifying information was removed from transcripts. The study received ethical approval from the institutional review board, and all procedures adhered to established ethical guidelines for human subjects research including informed consent, voluntary participation, confidentiality protections, and participants’ right to withdraw without penalty. 3.4 Data Analysis Data analysis followed Braun and Clarke’s (2006) six-phase approach to thematic analysis, a systematic methodology for identifying, analyzing, and reporting patterns of meaning within qualitative data. This approach proved appropriate given the study’s focus on understanding shared experiences and perspectives across participants while attending to individual variation and nuance. The six phases—familiarization, coding, theme development, theme review, definition, and reporting—provided structured guidance while maintaining interpretive flexibility essential for qualitative inquiry. During the familiarization phase, the research team repeatedly read all transcripts, noting initial impressions and potential patterns. This immersive engagement facilitated deep understanding of the data corpus and sensitivity to subtle meanings. The coding phase involved systematic line-by-line analysis, with codes assigned to text segments capturing distinct ideas, experiences, or phenomena. Both semantic codes reflecting explicit content and latent codes interpreting underlying meanings were employed (Braun & Clarke, 2006). Codes were developed inductively from data rather than imposed deductively from predetermined categories, enabling discovery of unanticipated themes. The theme development phase involved organizing codes into candidate themes representing coherent patterns of shared meaning. Codes were grouped into potential themes and sub-themes, with thematic maps created to visualize relationships and hierarchies. The research team engaged in iterative dialogue, challenging interpretations and refining themes to ensure internal homogeneity and external heterogeneity. During theme review, candidate themes were tested against coded extracts and the entire dataset to verify that themes accurately represented the data and addressed research questions. Themes were revised, merged, or discarded based on this systematic checking process. The definition phase involved elaborating the essence of each theme, specifying boundaries, and developing clear names capturing core concepts. Sub-themes were identified to provide nuanced understanding of complex themes. Finally, the reporting phase involved selecting vivid exemplar quotes illustrating themes and constructing narrative analysis connecting findings to research questions and existing literature. Throughout analysis, the research team maintained reflexive awareness of their interpretive role, documenting decision-making processes and examining how researcher perspectives might influence interpretations (Finlay & Gough, 2003). 3.5 Trustworthiness and Rigor Qualitative research quality was ensured through systematic attention to trustworthiness criteria including credibility, transferability, dependability, and confirmability (Lincoln & Guba, 1985). Credibility was established through prolonged engagement with data, triangulation across diverse participants and data sources, peer debriefing with colleagues external to the research team, and member checking whereby select participants reviewed preliminary findings to verify resonance with their experiences. Transferability was enhanced through thick description of research context, participant characteristics, and analytical procedures, enabling readers to assess applicability to other settings. Dependability was demonstrated through comprehensive audit trails documenting all research decisions, methodological choices, and analytical steps. Confirmability was pursued through reflexive journaling, examination of researcher assumptions and biases, and systematic procedures minimizing interpretive distortion of participant meanings. 4. FINDINGS Thematic analysis of interview data revealed four major themes capturing the complex, multidimensional nature of financial literacy, behavior, and well-being among working women in Thailand. These themes—(1) Pathways to Financial Knowledge in the Digital Age; (2) The Emotional Landscape of Financial Management: Anxiety, Stress, and Coping; (3) Strategic Financial Behaviors: Planning, Saving, and Adapting; and (4) Building Resilience Through Diverse Financial Engagement—encompass multiple sub-themes providing nuanced understanding of participants’ experiences. Table 2 presents the thematic framework with representative sub-themes and illustrative quotes. Table 2 : Major Themes, Sub-themes, and Representative Quotations Table 2 Major Themes, Sub-themes, and Representative Quotations Major Theme Sub-themes Representative Quotation Theme 1: Pathways to Financial Knowledge in the Digital Age Informal learning through social networks "I learned most about saving and investing from my colleagues during lunch breaks. We share tips about which apps to use and which investments are safe." Digital literacy as gateway or barrier "The mobile banking apps are convenient if you know how to use them, but my older sister finds them confusing and scary. She worries about making mistakes or being scammed." Trial-and-error experimentation "I started with very small amounts in different platforms to see how they work. It was scary at first, but I learned by doing rather than just reading about it." Theme 2: The Emotional Landscape of Financial Management Pervasive worry despite objective security "Even though I have stable income and savings, I constantly worry about unexpected expenses or economic problems. The worry keeps me awake some nights." Shame and social comparison "When I see my friends buying houses or taking expensive vacations, I feel like I'm failing somehow, even though I know I'm managing my money responsibly." Compartmentalization as coping strategy "I try not to think about money problems when I'm with my family. I separate my financial worries from other parts of my life to protect my mental health." Theme 3: Strategic Financial Behaviors: Planning, Saving, and Adapting Incremental saving approaches "I use the '50-30-20' rule I learned online—50% for necessities, 30% for wants, 20% for savings. But I adjust it based on what's happening each month." Multiple savings accounts for different goals "I have separate accounts for emergency fund, retirement, my children's education, and vacation. Seeing each one grow gives me motivation and peace of mind." Adaptation to economic uncertainty "During COVID I had to completely change my budget and cut back on savings temporarily. Now I'm trying to rebuild while keeping some flexibility for future shocks." Theme 4: Building Resilience Through Diverse Financial Engagement Income diversification strategies "Besides my regular job, I do freelance work and sell products online. Having multiple income sources makes me feel more secure about the future." Selective engagement with new opportunities "I'm interested in ESG investing because it matches my values about the environment, but I need to learn more before committing money. I don't want to just follow trends." Peer support networks "My friends and I formed a savings group where we share information, encourage each other, and sometimes pool money for investments. Together we're stronger than alone." Source: Primary qualitative data analysis, 2025. 4.1 Theme 1: Pathways to Financial Knowledge in the Digital Age Participants described diverse pathways through which they acquired financial knowledge and capabilities, with formal financial education programs playing surprisingly limited roles compared to informal learning mechanisms. The majority reported learning about money management, savings strategies, and investment options through conversations with family members, friends, and colleagues rather than through structured educational interventions. These informal knowledge networks served as primary sources of practical financial wisdom, product recommendations, and problem-solving support. One participant working in healthcare explained: “My mother taught me basic budgeting, but everything about investing and using financial apps I learned from conversations with friends and reading online forums. School never really taught us about real-life money management.” The emergence of digital financial services has fundamentally transformed how participants access and utilize financial products, while simultaneously creating new forms of exclusion. Women with strong digital literacy capabilities enthusiastically adopted mobile banking, digital payment platforms, and online investment applications, appreciating the convenience, accessibility, and autonomy these technologies afforded. However, participants with limited digital skills or concerns about online security expressed ambivalence or avoidance toward digital financial services. A 48-year-old government employee noted: “I prefer going to the bank in person because I can talk to someone and ask questions. Using apps makes me nervous—what if I press the wrong button or someone steals my information?” This digital divide intersects with age, education, and prior technology exposure to create stratified access to financial services increasingly delivered through digital channels. Many participants described financial learning as an ongoing trial-and-error process characterized by incremental experimentation, occasional mistakes, and gradual confidence building. Rather than awaiting complete knowledge before taking action, women engaged in what might be termed “learning by doing”—starting with small amounts, testing different strategies, observing outcomes, and adjusting approaches based on experience. This experiential learning orientation reflects both pragmatism and recognition that formal financial knowledge often proves insufficient for navigating complex, context-specific financial decisions. As one participant reflected: “No course can prepare you for every situation. You have to make decisions with imperfect information and learn from what happens. Sometimes you make mistakes, but that’s how you get smarter about money.” 4.2 Theme 2: The Emotional Landscape of Financial Management: Anxiety, Stress, and Coping Financial anxiety emerged as a pervasive theme across interviews, affecting participants across income levels, educational backgrounds, and objective financial circumstances. Women described persistent worry about future financial security, unexpected expenses, economic downturns, and their ability to meet both current obligations and long-term goals. Importantly, anxiety levels did not correlate straightforwardly with material resources—several participants with stable incomes and substantial savings reported high financial worry, while some facing objectively precarious circumstances exhibited relative equanimity. This finding supports research indicating that subjective financial perceptions matter more than absolute wealth for psychological well-being (Northwestern Mutual, 2025). Participants identified multiple sources of financial anxiety including economic uncertainty, rising cost of living, inadequate retirement preparedness, family financial obligations, and concerns about maintaining current living standards. The COVID-19 pandemic intensified anxiety for many, exposing vulnerabilities in employment security, income stability, and emergency preparedness. A business sector employee explained: “The pandemic showed me how quickly everything can change. Even though my job is stable now, I keep worrying about what would happen if there’s another crisis or if I lose my income. That fear never completely goes away.” Such narratives underscore how major economic disruptions can create lasting psychological impacts extending well beyond immediate material circumstances. Social comparison processes contributed significantly to financial distress, with participants describing feelings of inadequacy when comparing their financial achievements to peers, family members, or social media portrayals. These comparisons generated shame, self-doubt, and questioning of financial decisions even when participants recognized the irrationality of such comparisons. The proliferation of curated online representations of affluent lifestyles appears to intensify these dynamics, creating unrealistic benchmarks against which women evaluate their financial success. Participants employed various coping strategies to manage financial anxiety including compartmentalization, selective information consumption, peer support seeking, and conscious cultivation of gratitude. However, many noted that financial worry remained a persistent background presence affecting sleep quality, mood, and overall well-being despite these coping efforts. 4.3 Theme 3: Strategic Financial Behaviors: Planning, Saving, and Adapting Despite experiencing anxiety and navigating constraints, participants demonstrated sophisticated financial planning and savings behaviors adapted to their specific circumstances, goals, and resources. The majority maintained multiple savings accounts designated for distinct purposes—emergency funds, retirement preparation, children’s education, major purchases, and discretionary goals such as travel. This earmarking strategy provided both organizational structure and psychological motivation, with participants reporting satisfaction from watching designated accounts grow toward specific objectives. As one participant explained: “When I see my emergency fund reaching my target amount, I feel proud and secure. It’s tangible proof that I’m taking care of my future.” Participants described employing various savings approaches including percentage-based allocation rules (such as the “50-30-20” budgeting framework), automated transfers to savings accounts, envelope systems for cash management, and participation in informal savings groups or rotating credit associations. These methods reflected both individual experimentation and adoption of strategies learned through social networks or online resources. Importantly, women emphasized flexibility in financial planning, adjusting strategies in response to changing circumstances rather than rigidly adhering to predetermined rules. This adaptability proved particularly crucial during the pandemic when income disruptions necessitated temporary budget modifications and savings rate reductions. Economic uncertainty significantly shaped financial planning horizons and risk tolerance. Many participants reported curtailing long-term planning in favor of shorter-term goals perceived as more achievable and less vulnerable to disruption. Risk aversion appeared heightened, with women preferring conservative savings vehicles over higher-risk investments despite understanding the wealth accumulation benefits of diversified portfolios. A university lecturer explained: “I know investment could grow my money faster than just keeping it in savings, but I’m too worried about losing what I’ve worked hard to save. Maybe when the economy is more stable I’ll be braver.” This risk aversion, while rational given uncertainty, may limit long-term wealth accumulation and exacerbate gender wealth gaps. Table 3 Financial Behaviors and Well-being Dimensions: Summary of Key Findings Dimension Key Findings Implications Financial Literacy Development - Predominantly informal learning through social networks - Limited role of formal financial education - Digital literacy as crucial mediating factor - Ongoing experiential learning process Educational interventions should leverage peer learning mechanisms and address digital skill gaps while acknowledging women's existing knowledge Financial Anxiety - Pervasive across income and education levels - Disconnect between objective circumstances and subjective worry - Social comparison intensifies distress - Impacts sleep, relationships, and work performance Interventions must address psychological dimensions alongside practical financial skills, including anxiety management and healthy comparison behaviors Digital Financial Services Adoption - Strong adoption among digitally literate participants - Security concerns and complexity deter some users - Generational and educational differences in comfort levels - Convenience valued but trust remains conditional Service providers should prioritize user experience, transparent security, and support for less tech-savvy users to ensure inclusive digital transformation Savings and Planning Behaviors - Multiple designated savings accounts widely used - Flexible budgeting adapted to circumstances - Conservative risk preferences predominate - Economic uncertainty shortens planning horizons Financial advisors should acknowledge adaptive strategies women already employ while gently encouraging appropriate risk-taking and long-term planning Resilience Strategies - Income diversification through multiple sources - Strong peer support networks - Selective engagement with new opportunities - Values-based decision making (including ESG interest) Resilience-building programs should support existing strategies, facilitate peer networks, and provide accessible pathways to values-aligned investment Financial Well-being Perceptions - Subjective security matters more than absolute wealth - Autonomy and control highly valued - Future preparedness central to well-being - Family financial security prioritized over personal consumption Well-being assessments should incorporate subjective dimensions, agency, and family-oriented motivations rather than solely objective metrics Source: Primary qualitative data analysis and interpretation, 2025. 4.4 Theme 4: Building Resilience Through Diverse Financial Engagement Participants demonstrated remarkable creativity and agency in developing financial resilience strategies appropriate to their circumstances and values. Income diversification emerged as a prominent resilience mechanism, with many women maintaining multiple income streams beyond primary employment. These supplementary activities included freelance work, online selling, rental property income, and participation in the gig economy. While extra income generation involved additional time and effort, participants valued the security afforded by not depending entirely on single income sources. As one participant noted: “If something happens to my main job, I have other ways to earn money. It’s exhausting sometimes, but it makes me feel more in control of my financial future.” Peer support networks played crucial roles in financial resilience, providing emotional support, practical information sharing, collective problem-solving, and sometimes material assistance through informal lending or savings groups. These networks functioned as both knowledge resources and psychological buffers against financial stress, creating spaces where women could discuss money matters without shame or judgment. Several participants described forming intentional financial discussion groups with friends or colleagues, meeting regularly to share experiences, celebrate achievements, and encourage continued progress toward goals. Such peer networks appeared particularly valuable for women lacking supportive family financial mentors or facing isolation in their financial decision-making. Interest in ESG and sustainable investment emerged as a nascent but growing dimension of financial engagement among participants, particularly younger, higher-educated women. Those aware of ESG concepts expressed appreciation for the opportunity to align investments with environmental and social values, viewing such approaches as more meaningful than purely profit-driven investment. However, knowledge gaps, perceived complexity, minimum investment requirements, and limited product availability constrained participation. Most participants wanted to learn more about ESG investing but lacked accessible entry points and guidance. A 32-year-old teacher explained: “I care about environmental issues and would like my savings to support companies doing good things, not just making money. But I don’t know where to start or whether I can afford the minimum investment for these kinds of funds.” This theme underscores that financial resilience encompasses not merely the capacity to withstand shocks but also the ability to pursue meaningful financial goals aligned with personal values and aspirations. Women’s resilience strategies extended beyond narrowly defined risk management to incorporate autonomy, purposefulness, and contribution to collective well-being. These findings challenge deficit-oriented narratives that position women as passive victims of financial vulnerability, instead revealing agency, resourcefulness, and sophisticated adaptation even amid structural constraints. 5. DISCUSSION This study illuminates the complex nature of working women’s financial experiences through four major themes—financial knowledge pathways, emotional dimensions of money management, strategic financial behaviors, and resilience-building—that quantitative approaches often miss. These findings extend existing literature while revealing contextual particularities relevant to Thailand. 5.1 Rethinking Financial Literacy: Informal Learning and Digital Divides Participants primarily relied on family, peer, and community networks for financial guidance, challenging the emphasis on formal education (Goyal & Kumar, 2020) and aligning with research on financial socialization (Gafoor et al., 2025; Vijaykumar, 2021). The digital literacy divide significantly impacts inclusion; while some adopted fintech, others faced exclusion, mirroring findings from Indonesia regarding digital literacy mediating adoption (Hasan et al., 2022; Setiawan et al., 2021). Addressing this requires holistic skill-building alongside accessible non-digital alternatives (Ha et al., 2025). Furthermore, while Thai middle-class women show literacy comparable to men (Grohmann et al., 2021), qualitative insights reveal simultaneous capabilities and knowledge gaps, suggesting literacy is a dynamic, contextually embedded competency. These findings align with research examining financial literacy assessment for undergraduate students in Thailand and other developing Asian contexts, revealing culturally-specific learning preferences and knowledge needs (Nuansomsri & Boonkrong, 2023). 5.2 The Centrality of Financial Anxiety: Beyond Knowledge Deficits Pervasive financial anxiety, regardless of objective circumstances, challenges assumptions that worry solely reflects inadequate resources, aligning with research on relatively affluent populations (Northwestern Mutual, 2025; Laurel Road, 2025). Social comparison in the digital landscape intensifies this distress (Festinger, 1954). While participants employed sophisticated individual coping strategies, these cannot fully compensate for structural economic precarity. Addressing anxiety requires both individual support and systemic interventions to reduce economic insecurity (TELUS Health, 2025; Hossain, 2021). Research examining contemporary perspectives on mental health and financial stress reveals that women experience particularly acute psychological impacts from financial uncertainty (Khalid & Syed, 2024), while pandemic research demonstrates how economic shocks create lasting anxiety with effects extending well beyond immediate financial consequences (Salameh et al., 2020; Robillard et al., 2020). 5.3 Strategic Financial Behaviors: Adaptation, Flexibility, and Values Participants’ widespread use of flexible budgeting and multiple accounts challenges deficit narratives and reflects financial capability consonant with behavioral economics (Thaler, 1999). Heightened risk aversion, while potentially limiting wealth accumulation (Haag & Larsson, 2025), often represents a rational response to economic volatility rather than irrational behavior. Additionally, the emergent interest in ESG investing aligns with women’s stronger preferences for socially responsible options (Corrêa et al., 2022; Tang, 2022), though gaps remain between interest and participation due to accessibility barriers. Recent research on ESG investment trends further demonstrates women’s distinct engagement patterns with sustainable finance opportunities (Sharma et al., 2025). 5.4 Financial Resilience: Agency Amid Constraint Resilience strategies like income diversification and peer support demonstrate agency even amid structural constraints, suggesting interventions should build upon indigenous coping mechanisms (Kumar et al., 2023). However, celebrating individual resilience must not obscure the need for structural reforms—such as wage equity and social protection—to reduce the burden on women to compensate for systemic inequalities (TELUS Health, 2025). Research on women’s entrepreneurship and poverty reduction in developing economies reveals that economic empowerment initiatives must address both individual capability development and systemic barriers constraining women’s economic participation (Mahajan & Bandyopadhyay, 2021). Furthermore, emerging research on organizational behavior and employee well-being demonstrates that workplace support systems significantly impact women’s financial resilience and overall well-being (Lussier et al., 2025). 5.5 Conceptualizing Financial Well-being: Subjective Dimensions and Cultural Context Participants’ conceptualizations of financial well-being emphasized subjective perceptions of security, autonomy, and family-oriented goals alongside objective metrics, aligning with the capability approach (Kumar et al., 2023; Riitsalu et al., 2024). Furthermore, the moderating role of economic uncertainty in shaping the relationship between financial knowledge and well-being underscores the importance of often-underemphasized contextual factors (Kaur & Singh, 2024). Research examining well-being components reveals the multifaceted nature of this construct, encompassing subjective perceptions alongside objective financial circumstances (Vlaev & Elliott, 2014; Collins & Urban, 2020). Comprehensive handbooks on well-being research further elucidate the interconnections between financial security, psychological health, and broader dimensions of human flourishing (Diener et al., 2020). Additionally, research on well-being in educational contexts and subjective well-being across the lifespan demonstrates the importance of contextual factors in shaping financial perceptions and life satisfaction (Özparlak et al., 2023; Jebb et al., 2020). 5.6 Theoretical Contributions This study contributes theoretically by elaborating on neglected psychological dimensions of financial management, revealing the criticality of social learning in knowledge acquisition, and highlighting digital literacy as a crucial axis of financial inequality. It further advances understanding of gendered financial behavior in non-Western contexts and identifies emerging patterns of values-based decision-making. Research examining the economic importance of financial literacy across diverse populations and lifespan stages provides important context for these contributions (Lusardi & Mitchell, 2008; Lusardi & Mitchell, 2014). Furthermore, this study extends research on women’s entrepreneurship and sustainable development, revealing how contemporary working women integrate financial management with values-aligned economic engagement (Jennings et al., 2023). 6. IMPLICATIONS AND RECOMMENDATIONS Policymakers should leverage informal learning mechanisms, ensure digital initiatives are accompanied by accessible alternatives, and address structural sources of economic insecurity. Financial service providers need to design transparent, secure products that acknowledge women’s diverse capabilities, potentially embedding education and offering values-aligned options like ESG investments. Financial educators should recognize existing knowledge, address emotional dimensions such as anxiety, acknowledge the rationality of risk aversion amid uncertainty, and incorporate family-centered planning. Importantly, addressing financial inclusion requires comprehensive approaches integrating digital infrastructure development with alternative service delivery mechanisms and targeted support for populations with limited digital proficiency (Evans, 2018; Goodman, 2025). Additionally, interventions should address the psychological dimensions of financial anxiety and stress, recognizing that individual coping strategies require complementary systemic supports and workplace protections (Wilmarth, 2021). Future research should include longitudinal qualitative studies on behavioral evolution, cross-cultural comparisons of financial experiences, mixed-methods development of culturally appropriate assessment tools, evaluation of anxiety-reduction interventions, and further investigation into ESG investment access among women. LIMITATIONS Limitations include the purposive sampling strategy limiting generalizability to broader populations, potential social desirability bias in self-reports, the cross-sectional design capturing a single timepoint, potential nuances lost in translation, and the inherent interpretive nature of qualitative analysis, despite systemic efforts to ground findings in data. CONCLUSION This qualitative exploration of 35 working women in Thailand reveals that financial well-being is multidimensional, encompassing subjective perceptions of security and autonomy beyond objective metrics. Women demonstrate sophisticated financial behaviors acquired largely through informal learning, though digital divides create new inclusion challenges. Pervasive financial anxiety suggests interventions must address psychological dimensions alongside skills. Participants displayed agency through strategic behaviors and resilience-building; however, individual efforts cannot replace necessary systemic reforms. By centering women’s voices, these findings offer essential insights for developing inclusive financial systems that support diverse aspirations in emerging economies. Declarations Ethics Declaration This study was reviewed and approved by the Human Research Ethics Committee of Srinakharinwirot University (Social Science and Behavioral Science Research Sub-Committee, Panel 2) . The protocol was assigned the code SWUEC-682408 (Certificate of Approval No. AF20-03-03.0 ) . The research was conducted in strict accordance with the Declaration of Helsinki, the Belmont Report, and the International Conference on Harmonization in Good Clinical Practice (ICH-GCP) , as well as relevant national laws and regulations of Thailand. Consent to Participate Declaration Informed consent was obtained from all individual participants included in the study. Participants were provided with a Participant Information Sheet and signed a Consent Form (Version 2, dated November 5, 2025) prior to data collection. They were fully informed about the study's objectives, the voluntary nature of their participation, and their right to withdraw at any time without penalty. Consent to Publish Declaration Participants provided explicit consent for the publication of anonymized data and findings resulting from this research. All personal identifiers have been removed or replaced with pseudonyms to ensure the confidentiality and privacy of the participants in accordance with the approved ethical protocol. Funding Declaration This research received no specific grant from any public, commercial, or not-for-profit funding agency. Clinical Trial Number Not applicable. Author Contribution Khwanchol Hasayotin: Conceptualization, Methodology, Investigation, Formal analysis, Writing – original draft.Adul Supanut: Conceptualization, Methodology, Supervision, Writing – review & editing. Data Availability The datasets generated and analysed during the current study are not publicly available due to ethical concerns regarding participant confidentiality and data protection requirements. The participants provided informed consent specifically for their anonymized data to be used within this research project, and the sensitive financial and personal information disclosed during interviews contains identifiers that could potentially compromise participant privacy if disclosed publicly, in accordance with the ethical approval granted by the Human Research Ethics Committee of Srinakharinwirot University (Protocol Code: SWUEC-682408). However, the datasets are available from the corresponding author (K. Hasayotin, [email protected] ) on reasonable request, subject to approval by the Human Research Ethics Committee of Srinakharinwirot University and the signing of a Data Access Agreement by the requesting party to ensure continued protection of participant confidentiality. References Anagnostopoulos, I. Y., Sails, T., & Alexandrou, G. (2025). FinTechs, BigTechs and diminishing bank franchise values: Stakeholder perspectives on a disruptive emerging financial ecosystem. Technological Forecasting and Social Change , 212, 123924. https://doi.org/10.1016/j.techfore.2024.123924 Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, FinTech and Financial Inclusion. European Business Organization Law Review , 21(1), 7–35. https://doi.org/10.1007/s40804-020-00183-y Bakkeli, N. Z. (2021). Health, work, and contributing factors on life satisfaction: A study in Norway before and during the COVID-19 pandemic. 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Financial well-being and security: Contemporary perspectives. Journal of Financial Therapy , 12(1), 23–42. Wolfe, D., & Patel, K. (2021). Financial concerns and mental distress during economic uncertainty. Psychology and Economics , 14(2), 234–251. World Bank. (2020). Digital Financial Services White Paper . Washington, DC: World Bank. https://thedocs.worldbank.org/en/doc/305a39cbb6f35567db78bda6709c5cd8-0430012025/original/World-Bank-DFS-Whitepaper-DigitalFinancialServices.pdf Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-8705536","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":594213418,"identity":"b1e2c5f9-918c-4d49-9e9e-77b849e41d4f","order_by":0,"name":"Khwanchol Hasayotin","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA6UlEQVRIiWNgGAWjYBACCQkwdYCBj70BIcpMlBY2ngNwQcZm4rRIJBCpRXJ2j+Hngpo7cmySzy8w/mw7zMDffoD9cQEeLdIyZ4ylZxx7ZswmnVPAzAvUInEmgbF5Bh4tchK5G6R5Gw4ntknnJDAzbjvMwHAD6DAe/Fo2/wZrkQSa/hOoRZ6QFmmJ3G0QWyTYDzDwArUYENIiOSP/mzXPscPGbDw5DId5/6XzGJ5JbJyNT4vEjbTk2zw1h+X42Y8/fPjjjLWc3PHDBz7j04IEeAwOgEhgtDQQp4GBgf0BsSpHwSgYBaNghAEAcGZKHRaWH0gAAAAASUVORK5CYII=","orcid":"","institution":"","correspondingAuthor":true,"prefix":"","firstName":"Khwanchol","middleName":"","lastName":"Hasayotin","suffix":""},{"id":594213419,"identity":"35ab11f7-7dce-4aa4-94b1-03413c262026","order_by":1,"name":"Adul Supanut","email":"","orcid":"","institution":"","correspondingAuthor":false,"prefix":"","firstName":"Adul","middleName":"","lastName":"Supanut","suffix":""}],"badges":[],"createdAt":"2026-01-27 04:08:21","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-8705536/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-8705536/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":103506941,"identity":"a201fd7e-4f76-4d1c-aa99-e8ab49e02e61","added_by":"auto","created_at":"2026-02-26 13:39:59","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":914366,"visible":true,"origin":"","legend":"\u003cp\u003eSee image above for figure legend\u003c/p\u003e","description":"","filename":"floatimage1.png","url":"https://assets-eu.researchsquare.com/files/rs-8705536/v1/40c0f3e138e506d229034761.png"},{"id":103347870,"identity":"39b004f5-a6e0-4e19-90e5-5ef7b17fd035","added_by":"auto","created_at":"2026-02-24 16:29:45","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":874440,"visible":true,"origin":"","legend":"\u003cp\u003eSee image above for figure legend\u003c/p\u003e","description":"","filename":"floatimage2.png","url":"https://assets-eu.researchsquare.com/files/rs-8705536/v1/896a81781094a34254f937ed.png"},{"id":106973046,"identity":"c2e4eee6-f479-4a99-ab57-cd0e00f4ea66","added_by":"auto","created_at":"2026-04-15 10:25:55","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":2956889,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-8705536/v1/56f36d99-908b-43b3-9731-5fc621a26f97.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Beyond the Balance Sheet: Navigating Financial Anxiety, Digital Change, and Resilience Among Working Women in Thailand","fulltext":[{"header":"1. INTRODUCTION","content":"\u003cp\u003eThe global financial landscape is transforming through digital technologies, economic volatility, and sustainable finance trends (Ha et al., 2025; Anagnostopoulos et al., 2025). Financial literacy and well-being are critical for economic security, especially for women in developing economies facing gendered disparities (Haag \u0026amp; Larsson, 2025; Mamani-Benito et al., 2025). Furthermore, financial stress and mental health challenges disproportionately affect women, with research demonstrating that financial uncertainty significantly impacts psychological well-being (Khalid \u0026amp; Syed, 2024; Wolfe \u0026amp; Patel, 2021).\u003c/p\u003e \u003cp\u003eThailand offers a unique context: despite high female labor force participation, women face financial challenges like income volatility and limited retirement preparedness (Grohmann et al., 2021; Hou \u0026amp; Schuler, 2022). While national financial illiteracy is high, Thai middle-class women demonstrate literacy comparable to men, suggesting strong sociocultural influences (Financial Literacy Statistics, 2025; Grohmann et al., 2021). Additionally, women\u0026rsquo;s entrepreneurship and economic autonomy in developing countries like Thailand face multifaceted barriers that require comprehensive understanding (Mahajan \u0026amp; Bandyopadhyay, 2021).\u003c/p\u003e \u003cp\u003eDigital financial services present both opportunities for inclusion and challenges. Fintech can democratize access (Ha et al., 2025; Salman \u0026amp; Nowacka, 2020), but women face barriers like lower digital literacy and security concerns, creating multifaceted exclusion risks (Nurlaily et al., 2021; Hasan et al., 2022). Recent research further demonstrates that gender gaps in digital financial inclusion remain persistent, with women experiencing distinct barriers in fintech adoption (Patel \u0026amp; Khan, 2024; Choi et al., 2025).\u003c/p\u003e \u003cp\u003eFinancial anxiety is a pervasive stressor, disproportionately affecting women globally and impairing well-being and decision-making (Laurel Road, 2025; Bankrate, 2024; Northwestern Mutual, 2025). Understanding how working women manage this anxiety is crucial. Furthermore, financial resilience\u0026mdash;the capacity to withstand economic shocks\u0026mdash;is increasingly recognized as vital for financial well-being, particularly for women managing multiple responsibilities (Riitsalu et al., 2024; Kumar et al., 2023). Resilience research reveals that women employ diverse strategies to build financial stability, including income diversification and community-based support mechanisms (Erlando et al., 2020; Robillard et al., 2020).\u003c/p\u003e \u003cp\u003eThis qualitative study explores these interconnected issues among working women in Thailand. By centering their voices, it investigates how financial literacy, digital engagement, planning, and coping strategies shape financial well-being and resilience, offering insights beyond quantitative correlations (International Journal of Financial Studies, 2025). The research examines conceptualizations of financial literacy, the role of financial anxiety, digital adoption patterns, resilience strategies, and the influence of emerging investment opportunities like ESG.\u003c/p\u003e"},{"header":"2. LITERATURE REVIEW AND THEORETICAL FRAMEWORK","content":"\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003e2.1 Financial Literacy: Definitions, Dimensions, and Gender Dynamics\u003c/h2\u003e \u003cp\u003eFinancial literacy is a multidimensional construct encompassing the knowledge, skills, and attitudes necessary for effective financial decision-making (Goyal \u0026amp; Kumar, 2020). Modern definitions include digital literacy, behavioral self-regulation, and critical evaluation (Hidayat-ur-Rehman, 2025; Hasan et al., 2024). While global research often shows women scoring lower on financial knowledge assessments due to structural and socialization barriers (Haag \u0026amp; Larsson, 2025; Bucher-Koenen \u0026amp; Lusardi, 2011), contextual nuances exist. For instance, Thai middle-class women demonstrate literacy comparable to men, highlighting the influence of societal factors like education and household roles (Grohmann et al., 2021).\u003c/p\u003e \u003cp\u003eResearch examining the economic importance of financial literacy reveals significant long-term effects on household financial behavior and economic outcomes (Lusardi \u0026amp; Mitchell, 2008; Lusardi \u0026amp; Mitchell, 2014). Furthermore, comprehensive frameworks for assessing financial literacy across diverse populations require attention to contextual factors and gender-specific barriers (Nuansomsri \u0026amp; Boonkrong, 2023). Studies of emerging Asian middle classes, particularly in developing economies, demonstrate that financial literacy patterns differ substantially from Western contexts, with significant implications for intervention design (Grohmann, 2018).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec4\" class=\"Section2\"\u003e \u003ch2\u003e2.2 Financial Well-being: Conceptual Foundations and Measurement\u003c/h2\u003e \u003cp\u003eFinancial well-being integrates objective circumstances with subjective evaluations of security and freedom, aligning with the capability approach that emphasizes agency and valued life goals (Kaur \u0026amp; Singh, 2024; Kumar et al., 2023). It is both an outcome of sound management and a determinant of broader quality of life (Riitsalu et al., 2024). Subjective perceptions of financial security often matter more for psychological outcomes than absolute wealth, underscoring the value of qualitative inquiry in capturing these dimensions (Northwestern Mutual, 2025).\u003c/p\u003e \u003cp\u003eConceptualizations of financial well-being components highlight the importance of subjective dimensions including perceived financial security, freedom from financial stress, and sense of control over financial futures (Vlaev \u0026amp; Elliott, 2014; Collins \u0026amp; Urban, 2020). Recent comprehensive handbooks on well-being research demonstrate the multifaceted nature of this construct and its interconnections with other dimensions of human flourishing (Diener et al., 2020).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec5\" class=\"Section2\"\u003e \u003ch2\u003e2.3 Financial Anxiety and Psychological Dimensions of Money Management\u003c/h2\u003e \u003cp\u003eFinancial anxiety is a widespread source of stress and depression, particularly acute among women due to structural inequalities like wage gaps and caregiving responsibilities (Northwestern Mutual, 2025; Laurel Road, 2025; TELUS Health, 2025). This anxiety does not perfectly correlate with objective financial circumstances, suggesting it results from complex interactions between material conditions, cognitive processes, and emotional regulation. Research examining financial stress and emotional responses reveals particularly acute impacts on women, with mental health consequences extending beyond immediate financial concerns (Salameh et al., 2020).\u003c/p\u003e \u003cp\u003eRecent COVID-19 pandemic research demonstrates how economic shocks intensify financial anxiety across populations, with differential impacts on women who often bear disproportionate caregiving burdens alongside economic vulnerability (Robillard et al., 2020). Furthermore, mental health research examining the intersection of financial stress and psychological outcomes reveals that women experience higher rates of anxiety and depression related to financial concerns compared to men (Khalid \u0026amp; Syed, 2024).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003e2.4 Digital Financial Services and Financial Inclusion\u003c/h2\u003e \u003cp\u003eFintech innovations offer pathways to financial inclusion by reducing barriers and enabling tailored products (Ha et al., 2025; Feyen et al., 2021). While digital services can enhance women\u0026rsquo;s autonomy, adoption is influenced by factors like perceived usefulness, trust, and digital literacy (Setiawan et al., 2021; Nurlaily et al., 2021). Women often perceive higher risks and face compounded exclusion due to lower digital proficiency and security concerns, highlighting the need for holistic approaches addressing both financial and digital literacy (Hasan et al., 2022; Nurlaily et al., 2021).\u003c/p\u003e \u003cp\u003eContemporary research on gender-disaggregated digital financial inclusion reveals persistent gaps in women\u0026rsquo;s access to and utilization of digital financial services (Patel \u0026amp; Khan, 2024). Additionally, emerging research on financial autonomy in digital economies demonstrates that women\u0026rsquo;s empowerment through digital financial services depends critically on complementary interventions addressing digital literacy alongside financial capability building (Choi et al., 2025).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec7\" class=\"Section2\"\u003e \u003ch2\u003e2.5 Savings Behavior, Financial Planning, and Resilience\u003c/h2\u003e \u003cp\u003eSavings and financial planning are fundamental to financial well-being and resilience, yet women face challenges due to economic disadvantages (Heo et al., 2020; Riitsalu et al., 2024). Effective planning requires knowledge and psychological capabilities like self-regulation (Fong et al., 2021). Financial resilience, the ability to recover from adversity, evolves across the lifespan and involves strategies like income diversification and supportive networks, which qualitative inquiry can illuminate (Kumar et al., 2023; Riitsalu et al., 2024; Jariwala, 2020).\u003c/p\u003e \u003cp\u003eResearch examining financial literacy and wealth accumulation reveals that financial planning behaviors significantly mediate the relationship between knowledge and economic outcomes, with important gender-differentiated patterns (Hastings \u0026amp; Mitchell, 2020; Hou \u0026amp; Schuler, 2022). Comprehensive frameworks for understanding financial resilience highlight the importance of social support networks and adaptive coping mechanisms particularly salient for women navigating economic uncertainty (Liyanage et al., 2023). Furthermore, research on subjective well-being across the lifespan demonstrates that financial security and autonomy constitute central dimensions of life satisfaction and psychological health (Jebb et al., 2020).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003e2.6 ESG Investment and Sustainable Finance\u003c/h2\u003e \u003cp\u003eESG investment reflects growing demand for values-aligned finance (Arner et al., 2020). Women often show stronger preferences for socially responsible investing, presenting opportunities to align goals with values (Corr\u0026ecirc;a et al., 2022). However, barriers like knowledge gaps, minimum requirements, and greenwashing concerns constrain participation, necessitating research into how Thai working women perceive and access these opportunities (Tang, 2022; Henry et al., 2021).\u003c/p\u003e \u003cp\u003eEmerging research on ESG investment trends and sustainable finance demonstrates particular gender-differentiated patterns of engagement, with women demonstrating higher interest in environmentally and socially conscious investment options (Sharma et al., 2025). Additionally, research on women\u0026rsquo;s entrepreneurship and social responsibility reveals that values-aligned economic engagement extends beyond investment to encompass broader patterns of economic behavior reflecting women\u0026rsquo;s commitment to sustainable development (Jennings et al., 2023).\u003c/p\u003e \u003c/div\u003e"},{"header":"3. RESEARCH METHODOLOGY","content":"\u003cdiv id=\"Sec10\" class=\"Section2\"\u003e \u003ch2\u003e3.1 Research Design and Philosophical Orientation\u003c/h2\u003e \u003cp\u003eThis study employs qualitative research methodology grounded in interpretive phenomenological analysis, which seeks to understand how individuals make sense of lived experiences within their sociocultural contexts (Smith \u0026amp; Osborn, 2015). The interpretive paradigm recognizes that reality is socially constructed through language, interaction, and meaning-making processes, requiring methodologies that privilege participant perspectives and honor the complexity of human experience (Denzin \u0026amp; Lincoln, 2018). This philosophical orientation aligns with the study\u0026rsquo;s objectives of exploring the multifaceted ways working women conceptualize and navigate financial challenges, opportunities, and aspirations.\u003c/p\u003e \u003cp\u003eQualitative methodology proves particularly appropriate for investigating financial well-being and related constructs because these phenomena encompass subjective perceptions, emotional dimensions, and contextually embedded meanings that quantitative measures may inadequately capture (Riitsalu et al., 2024). While survey instruments can assess financial literacy knowledge or well-being satisfaction scores, in-depth interviews enable exploration of the \u0026ldquo;how\u0026rdquo; and \u0026ldquo;why\u0026rdquo; questions underlying financial behaviors, the strategies employed to manage anxiety and build resilience, and the personal narratives through which participants construct financial identities. This study\u0026rsquo;s focus on process, meaning, and lived experience thus necessitates qualitative approaches capable of generating rich, nuanced insights.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003e3.2 Participant Selection and Sampling Strategy\u003c/h2\u003e \u003cp\u003eThe study employed purposive sampling to recruit 35 working women in Thailand meeting specified inclusion criteria: (1) age 25\u0026ndash;55 years; (2) currently employed in formal or informal sector positions; (3) residing in urban or peri-urban areas with access to digital financial services; (4) willingness to participate in in-depth interviews discussing financial matters; and (5) Thai language fluency. The purposive sampling strategy aimed to ensure variation across age cohorts, occupational sectors, educational backgrounds, and income levels while maintaining feasibility for intensive qualitative analysis (Patton, 2015).\u003c/p\u003e \u003cp\u003eRecruitment occurred through multiple channels including professional networks, women\u0026rsquo;s organizations, educational institutions, and snowball referrals. Potential participants received information sheets describing the study purpose, procedures, confidentiality protections, and voluntary nature of participation. Those expressing interest completed brief demographic questionnaires to verify eligibility and provide contextual information for interview planning. The final sample composition reflected deliberate diversity across key demographic variables to enhance transferability of findings while maintaining homogeneity sufficient for thematic coherence (See Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eParticipant Demographic Characteristics (N\u0026thinsp;=\u0026thinsp;35)\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003e Characteristic\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCategory\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003en\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003e%\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eAge Group\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e25\u0026ndash;34 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e13\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e37.1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e35\u0026ndash;44 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e15\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e42.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e45\u0026ndash;55 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e7\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e20.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"3\" rowspan=\"4\"\u003e \u003cp\u003eEducational Attainment\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eHigh School/Vocational\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e17.1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBachelor's Degree\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e19\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e54.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMaster's Degree\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e8\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e22.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDoctoral Degree\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e5.7\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"4\" rowspan=\"5\"\u003e \u003cp\u003eOccupational Sector\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eEducation/Academia\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e9\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e25.7\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBusiness/Finance\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e8\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e22.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eHealthcare\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e17.1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eGovernment/Public Service\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e7\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e20.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eOther Professional Services\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e14.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eMonthly Income (THB)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e15,000\u0026ndash;30,000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e11\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e31.4\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e30,001\u0026ndash;60,000\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e16\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e45.7\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e60,001+\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e8\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e22.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eMarital Status\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSingle\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e14\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e40.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMarried/Partnered\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e18\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e51.4\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDivorced/Separated\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e8.6\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003eNote: Data collected through demographic questionnaire administered prior to interviews. Income ranges reflect monthly gross income in Thai Baht (approximately 1 USD\u0026thinsp;=\u0026thinsp;33 THB).\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eSource: Primary data collection, 2025.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e3.3 Data Collection Procedures\u003c/h2\u003e \u003cp\u003eData collection occurred between September and November 2024 through semi-structured in-depth interviews conducted individually with each participant. Interview durations ranged from 60 to 90 minutes, with all sessions audio-recorded with explicit informed consent. Interviews took place in locations selected by participants to ensure comfort and privacy, including university offices, cafes, and participants\u0026rsquo; homes or workplaces. The lead researcher conducted all interviews in Thai language using an interview guide developed through literature review and pilot testing with five women not included in the final sample (Braun \u0026amp; Clarke, 2013).\u003c/p\u003e \u003cp\u003eThe interview guide encompassed open-ended questions exploring seven thematic domains: (1) financial literacy acquisition and development; (2) digital financial services awareness and utilization; (3) financial planning practices and savings behaviors; (4) experiences of financial anxiety and stress; (5) coping strategies and resilience-building; (6) awareness and participation in ESG or sustainable investment; and (7) conceptualizations of financial well-being and future aspirations. The semi-structured format enabled consistent coverage of key topics while maintaining flexibility to pursue emergent themes and follow participants\u0026rsquo; narrative threads (Kvale \u0026amp; Brinkmann, 2015). Probing questions encouraged elaboration, clarification, and concrete examples illustrating abstract concepts.\u003c/p\u003e \u003cp\u003eAll interviews were professionally transcribed verbatim in Thai, with transcripts reviewed for accuracy against audio recordings. Transcripts were then translated into English by a bilingual research team member with expertise in financial terminology, with back-translation verification conducted to ensure semantic equivalence. Participants received pseudonyms to protect confidentiality, and all identifying information was removed from transcripts. The study received ethical approval from the institutional review board, and all procedures adhered to established ethical guidelines for human subjects research including informed consent, voluntary participation, confidentiality protections, and participants\u0026rsquo; right to withdraw without penalty.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec13\" class=\"Section2\"\u003e \u003ch2\u003e3.4 Data Analysis\u003c/h2\u003e \u003cp\u003eData analysis followed Braun and Clarke\u0026rsquo;s (2006) six-phase approach to thematic analysis, a systematic methodology for identifying, analyzing, and reporting patterns of meaning within qualitative data. This approach proved appropriate given the study\u0026rsquo;s focus on understanding shared experiences and perspectives across participants while attending to individual variation and nuance. The six phases\u0026mdash;familiarization, coding, theme development, theme review, definition, and reporting\u0026mdash;provided structured guidance while maintaining interpretive flexibility essential for qualitative inquiry.\u003c/p\u003e \u003cp\u003eDuring the familiarization phase, the research team repeatedly read all transcripts, noting initial impressions and potential patterns. This immersive engagement facilitated deep understanding of the data corpus and sensitivity to subtle meanings. The coding phase involved systematic line-by-line analysis, with codes assigned to text segments capturing distinct ideas, experiences, or phenomena. Both semantic codes reflecting explicit content and latent codes interpreting underlying meanings were employed (Braun \u0026amp; Clarke, 2006). Codes were developed inductively from data rather than imposed deductively from predetermined categories, enabling discovery of unanticipated themes.\u003c/p\u003e \u003cp\u003eThe theme development phase involved organizing codes into candidate themes representing coherent patterns of shared meaning. Codes were grouped into potential themes and sub-themes, with thematic maps created to visualize relationships and hierarchies. The research team engaged in iterative dialogue, challenging interpretations and refining themes to ensure internal homogeneity and external heterogeneity. During theme review, candidate themes were tested against coded extracts and the entire dataset to verify that themes accurately represented the data and addressed research questions. Themes were revised, merged, or discarded based on this systematic checking process.\u003c/p\u003e \u003cp\u003eThe definition phase involved elaborating the essence of each theme, specifying boundaries, and developing clear names capturing core concepts. Sub-themes were identified to provide nuanced understanding of complex themes. Finally, the reporting phase involved selecting vivid exemplar quotes illustrating themes and constructing narrative analysis connecting findings to research questions and existing literature. Throughout analysis, the research team maintained reflexive awareness of their interpretive role, documenting decision-making processes and examining how researcher perspectives might influence interpretations (Finlay \u0026amp; Gough, 2003).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec14\" class=\"Section2\"\u003e \u003ch2\u003e3.5 Trustworthiness and Rigor\u003c/h2\u003e \u003cp\u003eQualitative research quality was ensured through systematic attention to trustworthiness criteria including credibility, transferability, dependability, and confirmability (Lincoln \u0026amp; Guba, 1985). Credibility was established through prolonged engagement with data, triangulation across diverse participants and data sources, peer debriefing with colleagues external to the research team, and member checking whereby select participants reviewed preliminary findings to verify resonance with their experiences. Transferability was enhanced through thick description of research context, participant characteristics, and analytical procedures, enabling readers to assess applicability to other settings. Dependability was demonstrated through comprehensive audit trails documenting all research decisions, methodological choices, and analytical steps. Confirmability was pursued through reflexive journaling, examination of researcher assumptions and biases, and systematic procedures minimizing interpretive distortion of participant meanings.\u003c/p\u003e \u003c/div\u003e"},{"header":"4. FINDINGS","content":"\u003cp\u003eThematic analysis of interview data revealed four major themes capturing the complex, multidimensional nature of financial literacy, behavior, and well-being among working women in Thailand. These themes\u0026mdash;(1) Pathways to Financial Knowledge in the Digital Age; (2) The Emotional Landscape of Financial Management: Anxiety, Stress, and Coping; (3) Strategic Financial Behaviors: Planning, Saving, and Adapting; and (4) Building Resilience Through Diverse Financial Engagement\u0026mdash;encompass multiple sub-themes providing nuanced understanding of participants\u0026rsquo; experiences. Table\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e presents the thematic framework with representative sub-themes and illustrative quotes.\u003c/p\u003e \u003cp\u003eTable\u0026nbsp;\u003cspan refid=\"Tab2\" class=\"InternalRef\"\u003e2\u003c/span\u003e: \u003cb\u003eMajor Themes, Sub-themes, and Representative Quotations\u003c/b\u003e\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eMajor Themes, Sub-themes, and Representative Quotations\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMajor Theme\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSub-themes\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eRepresentative Quotation\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eTheme 1: Pathways to Financial Knowledge in the Digital Age\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eInformal learning through social networks\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"I learned most about saving and investing from my colleagues during lunch breaks. We share tips about which apps to use and which investments are safe.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eDigital literacy as gateway or barrier\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"The mobile banking apps are convenient if you know how to use them, but my older sister finds them confusing and scary. She worries about making mistakes or being scammed.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eTrial-and-error experimentation\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"I started with very small amounts in different platforms to see how they work. It was scary at first, but I learned by doing rather than just reading about it.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eTheme 2: The Emotional Landscape of Financial Management\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePervasive worry despite objective security\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"Even though I have stable income and savings, I constantly worry about unexpected expenses or economic problems. The worry keeps me awake some nights.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eShame and social comparison\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"When I see my friends buying houses or taking expensive vacations, I feel like I'm failing somehow, even though I know I'm managing my money responsibly.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCompartmentalization as coping strategy\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"I try not to think about money problems when I'm with my family. I separate my financial worries from other parts of my life to protect my mental health.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eTheme 3: Strategic Financial Behaviors: Planning, Saving, and Adapting\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIncremental saving approaches\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"I use the '50-30-20' rule I learned online\u0026mdash;50% for necessities, 30% for wants, 20% for savings. But I adjust it based on what's happening each month.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMultiple savings accounts for different goals\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"I have separate accounts for emergency fund, retirement, my children's education, and vacation. Seeing each one grow gives me motivation and peace of mind.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAdaptation to economic uncertainty\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"During COVID I had to completely change my budget and cut back on savings temporarily. Now I'm trying to rebuild while keeping some flexibility for future shocks.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eTheme 4: Building Resilience Through Diverse Financial Engagement\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIncome diversification strategies\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"Besides my regular job, I do freelance work and sell products online. Having multiple income sources makes me feel more secure about the future.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSelective engagement with new opportunities\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"I'm interested in ESG investing because it matches my values about the environment, but I need to learn more before committing money. I don't want to just follow trends.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003ePeer support networks\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e\"My friends and I formed a savings group where we share information, encourage each other, and sometimes pool money for investments. Together we're stronger than alone.\"\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eSource: Primary qualitative data analysis, 2025.\u003c/p\u003e \u003cdiv id=\"Sec16\" class=\"Section2\"\u003e \u003ch2\u003e4.1 Theme 1: Pathways to Financial Knowledge in the Digital Age\u003c/h2\u003e \u003cp\u003eParticipants described diverse pathways through which they acquired financial knowledge and capabilities, with formal financial education programs playing surprisingly limited roles compared to informal learning mechanisms. The majority reported learning about money management, savings strategies, and investment options through conversations with family members, friends, and colleagues rather than through structured educational interventions. These informal knowledge networks served as primary sources of practical financial wisdom, product recommendations, and problem-solving support. One participant working in healthcare explained: \u0026ldquo;My mother taught me basic budgeting, but everything about investing and using financial apps I learned from conversations with friends and reading online forums. School never really taught us about real-life money management.\u0026rdquo;\u003c/p\u003e \u003cp\u003eThe emergence of digital financial services has fundamentally transformed how participants access and utilize financial products, while simultaneously creating new forms of exclusion. Women with strong digital literacy capabilities enthusiastically adopted mobile banking, digital payment platforms, and online investment applications, appreciating the convenience, accessibility, and autonomy these technologies afforded. However, participants with limited digital skills or concerns about online security expressed ambivalence or avoidance toward digital financial services. A 48-year-old government employee noted: \u0026ldquo;I prefer going to the bank in person because I can talk to someone and ask questions. Using apps makes me nervous\u0026mdash;what if I press the wrong button or someone steals my information?\u0026rdquo; This digital divide intersects with age, education, and prior technology exposure to create stratified access to financial services increasingly delivered through digital channels.\u003c/p\u003e \u003cp\u003eMany participants described financial learning as an ongoing trial-and-error process characterized by incremental experimentation, occasional mistakes, and gradual confidence building. Rather than awaiting complete knowledge before taking action, women engaged in what might be termed \u0026ldquo;learning by doing\u0026rdquo;\u0026mdash;starting with small amounts, testing different strategies, observing outcomes, and adjusting approaches based on experience. This experiential learning orientation reflects both pragmatism and recognition that formal financial knowledge often proves insufficient for navigating complex, context-specific financial decisions. As one participant reflected: \u0026ldquo;No course can prepare you for every situation. You have to make decisions with imperfect information and learn from what happens. Sometimes you make mistakes, but that\u0026rsquo;s how you get smarter about money.\u0026rdquo;\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec17\" class=\"Section2\"\u003e \u003ch2\u003e4.2 Theme 2: The Emotional Landscape of Financial Management: Anxiety, Stress, and Coping\u003c/h2\u003e \u003cp\u003eFinancial anxiety emerged as a pervasive theme across interviews, affecting participants across income levels, educational backgrounds, and objective financial circumstances. Women described persistent worry about future financial security, unexpected expenses, economic downturns, and their ability to meet both current obligations and long-term goals. Importantly, anxiety levels did not correlate straightforwardly with material resources\u0026mdash;several participants with stable incomes and substantial savings reported high financial worry, while some facing objectively precarious circumstances exhibited relative equanimity. This finding supports research indicating that subjective financial perceptions matter more than absolute wealth for psychological well-being (Northwestern Mutual, 2025).\u003c/p\u003e \u003cp\u003eParticipants identified multiple sources of financial anxiety including economic uncertainty, rising cost of living, inadequate retirement preparedness, family financial obligations, and concerns about maintaining current living standards. The COVID-19 pandemic intensified anxiety for many, exposing vulnerabilities in employment security, income stability, and emergency preparedness. A business sector employee explained: \u0026ldquo;The pandemic showed me how quickly everything can change. Even though my job is stable now, I keep worrying about what would happen if there\u0026rsquo;s another crisis or if I lose my income. That fear never completely goes away.\u0026rdquo; Such narratives underscore how major economic disruptions can create lasting psychological impacts extending well beyond immediate material circumstances.\u003c/p\u003e \u003cp\u003eSocial comparison processes contributed significantly to financial distress, with participants describing feelings of inadequacy when comparing their financial achievements to peers, family members, or social media portrayals. These comparisons generated shame, self-doubt, and questioning of financial decisions even when participants recognized the irrationality of such comparisons. The proliferation of curated online representations of affluent lifestyles appears to intensify these dynamics, creating unrealistic benchmarks against which women evaluate their financial success. Participants employed various coping strategies to manage financial anxiety including compartmentalization, selective information consumption, peer support seeking, and conscious cultivation of gratitude. However, many noted that financial worry remained a persistent background presence affecting sleep quality, mood, and overall well-being despite these coping efforts.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec18\" class=\"Section2\"\u003e \u003ch2\u003e4.3 Theme 3: Strategic Financial Behaviors: Planning, Saving, and Adapting\u003c/h2\u003e \u003cp\u003eDespite experiencing anxiety and navigating constraints, participants demonstrated sophisticated financial planning and savings behaviors adapted to their specific circumstances, goals, and resources. The majority maintained multiple savings accounts designated for distinct purposes\u0026mdash;emergency funds, retirement preparation, children\u0026rsquo;s education, major purchases, and discretionary goals such as travel. This earmarking strategy provided both organizational structure and psychological motivation, with participants reporting satisfaction from watching designated accounts grow toward specific objectives. As one participant explained: \u0026ldquo;When I see my emergency fund reaching my target amount, I feel proud and secure. It\u0026rsquo;s tangible proof that I\u0026rsquo;m taking care of my future.\u0026rdquo;\u003c/p\u003e \u003cp\u003eParticipants described employing various savings approaches including percentage-based allocation rules (such as the \u0026ldquo;50-30-20\u0026rdquo; budgeting framework), automated transfers to savings accounts, envelope systems for cash management, and participation in informal savings groups or rotating credit associations. These methods reflected both individual experimentation and adoption of strategies learned through social networks or online resources. Importantly, women emphasized flexibility in financial planning, adjusting strategies in response to changing circumstances rather than rigidly adhering to predetermined rules. This adaptability proved particularly crucial during the pandemic when income disruptions necessitated temporary budget modifications and savings rate reductions.\u003c/p\u003e \u003cp\u003eEconomic uncertainty significantly shaped financial planning horizons and risk tolerance. Many participants reported curtailing long-term planning in favor of shorter-term goals perceived as more achievable and less vulnerable to disruption. Risk aversion appeared heightened, with women preferring conservative savings vehicles over higher-risk investments despite understanding the wealth accumulation benefits of diversified portfolios. A university lecturer explained: \u0026ldquo;I know investment could grow my money faster than just keeping it in savings, but I\u0026rsquo;m too worried about losing what I\u0026rsquo;ve worked hard to save. Maybe when the economy is more stable I\u0026rsquo;ll be braver.\u0026rdquo; This risk aversion, while rational given uncertainty, may limit long-term wealth accumulation and exacerbate gender wealth gaps.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eFinancial Behaviors and Well-being Dimensions: Summary of Key Findings\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDimension\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eKey Findings\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eImplications\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Literacy Development\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e- Predominantly informal learning through social networks\u003c/p\u003e \u003cp\u003e- Limited role of formal financial education\u003c/p\u003e \u003cp\u003e- Digital literacy as crucial mediating factor\u003c/p\u003e \u003cp\u003e- Ongoing experiential learning process\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eEducational interventions should leverage peer learning mechanisms and address digital skill gaps while acknowledging women's existing knowledge\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Anxiety\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e- Pervasive across income and education levels\u003c/p\u003e \u003cp\u003e- Disconnect between objective circumstances and subjective worry\u003c/p\u003e \u003cp\u003e- Social comparison intensifies distress\u003c/p\u003e \u003cp\u003e- Impacts sleep, relationships, and work performance\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eInterventions must address psychological dimensions alongside practical financial skills, including anxiety management and healthy comparison behaviors\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDigital Financial Services Adoption\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e- Strong adoption among digitally literate participants\u003c/p\u003e \u003cp\u003e- Security concerns and complexity deter some users\u003c/p\u003e \u003cp\u003e- Generational and educational differences in comfort levels\u003c/p\u003e \u003cp\u003e- Convenience valued but trust remains conditional\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eService providers should prioritize user experience, transparent security, and support for less tech-savvy users to ensure inclusive digital transformation\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSavings and Planning Behaviors\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e- Multiple designated savings accounts widely used\u003c/p\u003e \u003cp\u003e- Flexible budgeting adapted to circumstances\u003c/p\u003e \u003cp\u003e- Conservative risk preferences predominate\u003c/p\u003e \u003cp\u003e- Economic uncertainty shortens planning horizons\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eFinancial advisors should acknowledge adaptive strategies women already employ while gently encouraging appropriate risk-taking and long-term planning\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eResilience Strategies\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e- Income diversification through multiple sources\u003c/p\u003e \u003cp\u003e- Strong peer support networks\u003c/p\u003e \u003cp\u003e- Selective engagement with new opportunities\u003c/p\u003e \u003cp\u003e- Values-based decision making (including ESG interest)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eResilience-building programs should support existing strategies, facilitate peer networks, and provide accessible pathways to values-aligned investment\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Well-being Perceptions\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e- Subjective security matters more than absolute wealth\u003c/p\u003e \u003cp\u003e- Autonomy and control highly valued\u003c/p\u003e \u003cp\u003e- Future preparedness central to well-being\u003c/p\u003e \u003cp\u003e- Family financial security prioritized over personal consumption\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eWell-being assessments should incorporate subjective dimensions, agency, and family-oriented motivations rather than solely objective metrics\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eSource: Primary qualitative data analysis and interpretation, 2025.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec19\" class=\"Section2\"\u003e \u003ch2\u003e4.4 Theme 4: Building Resilience Through Diverse Financial Engagement\u003c/h2\u003e \u003cp\u003eParticipants demonstrated remarkable creativity and agency in developing financial resilience strategies appropriate to their circumstances and values. Income diversification emerged as a prominent resilience mechanism, with many women maintaining multiple income streams beyond primary employment. These supplementary activities included freelance work, online selling, rental property income, and participation in the gig economy. While extra income generation involved additional time and effort, participants valued the security afforded by not depending entirely on single income sources. As one participant noted: \u0026ldquo;If something happens to my main job, I have other ways to earn money. It\u0026rsquo;s exhausting sometimes, but it makes me feel more in control of my financial future.\u0026rdquo;\u003c/p\u003e \u003cp\u003ePeer support networks played crucial roles in financial resilience, providing emotional support, practical information sharing, collective problem-solving, and sometimes material assistance through informal lending or savings groups. These networks functioned as both knowledge resources and psychological buffers against financial stress, creating spaces where women could discuss money matters without shame or judgment. Several participants described forming intentional financial discussion groups with friends or colleagues, meeting regularly to share experiences, celebrate achievements, and encourage continued progress toward goals. Such peer networks appeared particularly valuable for women lacking supportive family financial mentors or facing isolation in their financial decision-making.\u003c/p\u003e \u003cp\u003eInterest in ESG and sustainable investment emerged as a nascent but growing dimension of financial engagement among participants, particularly younger, higher-educated women. Those aware of ESG concepts expressed appreciation for the opportunity to align investments with environmental and social values, viewing such approaches as more meaningful than purely profit-driven investment. However, knowledge gaps, perceived complexity, minimum investment requirements, and limited product availability constrained participation. Most participants wanted to learn more about ESG investing but lacked accessible entry points and guidance. A 32-year-old teacher explained: \u0026ldquo;I care about environmental issues and would like my savings to support companies doing good things, not just making money. But I don\u0026rsquo;t know where to start or whether I can afford the minimum investment for these kinds of funds.\u0026rdquo;\u003c/p\u003e \u003cp\u003eThis theme underscores that financial resilience encompasses not merely the capacity to withstand shocks but also the ability to pursue meaningful financial goals aligned with personal values and aspirations. Women\u0026rsquo;s resilience strategies extended beyond narrowly defined risk management to incorporate autonomy, purposefulness, and contribution to collective well-being. These findings challenge deficit-oriented narratives that position women as passive victims of financial vulnerability, instead revealing agency, resourcefulness, and sophisticated adaptation even amid structural constraints.\u003c/p\u003e \u003c/div\u003e"},{"header":"5. DISCUSSION","content":"\u003cp\u003eThis study illuminates the complex nature of working women\u0026rsquo;s financial experiences through four major themes\u0026mdash;financial knowledge pathways, emotional dimensions of money management, strategic financial behaviors, and resilience-building\u0026mdash;that quantitative approaches often miss. These findings extend existing literature while revealing contextual particularities relevant to Thailand.\u003c/p\u003e \u003cdiv id=\"Sec21\" class=\"Section2\"\u003e \u003ch2\u003e5.1 Rethinking Financial Literacy: Informal Learning and Digital Divides\u003c/h2\u003e \u003cp\u003eParticipants primarily relied on family, peer, and community networks for financial guidance, challenging the emphasis on formal education (Goyal \u0026amp; Kumar, 2020) and aligning with research on financial socialization (Gafoor et al., 2025; Vijaykumar, 2021). The digital literacy divide significantly impacts inclusion; while some adopted fintech, others faced exclusion, mirroring findings from Indonesia regarding digital literacy mediating adoption (Hasan et al., 2022; Setiawan et al., 2021). Addressing this requires holistic skill-building alongside accessible non-digital alternatives (Ha et al., 2025). Furthermore, while Thai middle-class women show literacy comparable to men (Grohmann et al., 2021), qualitative insights reveal simultaneous capabilities and knowledge gaps, suggesting literacy is a dynamic, contextually embedded competency. These findings align with research examining financial literacy assessment for undergraduate students in Thailand and other developing Asian contexts, revealing culturally-specific learning preferences and knowledge needs (Nuansomsri \u0026amp; Boonkrong, 2023).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec22\" class=\"Section2\"\u003e \u003ch2\u003e5.2 The Centrality of Financial Anxiety: Beyond Knowledge Deficits\u003c/h2\u003e \u003cp\u003ePervasive financial anxiety, regardless of objective circumstances, challenges assumptions that worry solely reflects inadequate resources, aligning with research on relatively affluent populations (Northwestern Mutual, 2025; Laurel Road, 2025). Social comparison in the digital landscape intensifies this distress (Festinger, 1954). While participants employed sophisticated individual coping strategies, these cannot fully compensate for structural economic precarity. Addressing anxiety requires both individual support and systemic interventions to reduce economic insecurity (TELUS Health, 2025; Hossain, 2021). Research examining contemporary perspectives on mental health and financial stress reveals that women experience particularly acute psychological impacts from financial uncertainty (Khalid \u0026amp; Syed, 2024), while pandemic research demonstrates how economic shocks create lasting anxiety with effects extending well beyond immediate financial consequences (Salameh et al., 2020; Robillard et al., 2020).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec23\" class=\"Section2\"\u003e \u003ch2\u003e5.3 Strategic Financial Behaviors: Adaptation, Flexibility, and Values\u003c/h2\u003e \u003cp\u003eParticipants\u0026rsquo; widespread use of flexible budgeting and multiple accounts challenges deficit narratives and reflects financial capability consonant with behavioral economics (Thaler, 1999). Heightened risk aversion, while potentially limiting wealth accumulation (Haag \u0026amp; Larsson, 2025), often represents a rational response to economic volatility rather than irrational behavior. Additionally, the emergent interest in ESG investing aligns with women\u0026rsquo;s stronger preferences for socially responsible options (Corr\u0026ecirc;a et al., 2022; Tang, 2022), though gaps remain between interest and participation due to accessibility barriers. Recent research on ESG investment trends further demonstrates women\u0026rsquo;s distinct engagement patterns with sustainable finance opportunities (Sharma et al., 2025).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec24\" class=\"Section2\"\u003e \u003ch2\u003e5.4 Financial Resilience: Agency Amid Constraint\u003c/h2\u003e \u003cp\u003eResilience strategies like income diversification and peer support demonstrate agency even amid structural constraints, suggesting interventions should build upon indigenous coping mechanisms (Kumar et al., 2023). However, celebrating individual resilience must not obscure the need for structural reforms\u0026mdash;such as wage equity and social protection\u0026mdash;to reduce the burden on women to compensate for systemic inequalities (TELUS Health, 2025). Research on women\u0026rsquo;s entrepreneurship and poverty reduction in developing economies reveals that economic empowerment initiatives must address both individual capability development and systemic barriers constraining women\u0026rsquo;s economic participation (Mahajan \u0026amp; Bandyopadhyay, 2021). Furthermore, emerging research on organizational behavior and employee well-being demonstrates that workplace support systems significantly impact women\u0026rsquo;s financial resilience and overall well-being (Lussier et al., 2025).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec25\" class=\"Section2\"\u003e \u003ch2\u003e5.5 Conceptualizing Financial Well-being: Subjective Dimensions and Cultural Context\u003c/h2\u003e \u003cp\u003eParticipants\u0026rsquo; conceptualizations of financial well-being emphasized subjective perceptions of security, autonomy, and family-oriented goals alongside objective metrics, aligning with the capability approach (Kumar et al., 2023; Riitsalu et al., 2024). Furthermore, the moderating role of economic uncertainty in shaping the relationship between financial knowledge and well-being underscores the importance of often-underemphasized contextual factors (Kaur \u0026amp; Singh, 2024). Research examining well-being components reveals the multifaceted nature of this construct, encompassing subjective perceptions alongside objective financial circumstances (Vlaev \u0026amp; Elliott, 2014; Collins \u0026amp; Urban, 2020). Comprehensive handbooks on well-being research further elucidate the interconnections between financial security, psychological health, and broader dimensions of human flourishing (Diener et al., 2020). Additionally, research on well-being in educational contexts and subjective well-being across the lifespan demonstrates the importance of contextual factors in shaping financial perceptions and life satisfaction (\u0026Ouml;zparlak et al., 2023; Jebb et al., 2020).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec26\" class=\"Section2\"\u003e \u003ch2\u003e5.6 Theoretical Contributions\u003c/h2\u003e \u003cp\u003eThis study contributes theoretically by elaborating on neglected psychological dimensions of financial management, revealing the criticality of social learning in knowledge acquisition, and highlighting digital literacy as a crucial axis of financial inequality. It further advances understanding of gendered financial behavior in non-Western contexts and identifies emerging patterns of values-based decision-making. Research examining the economic importance of financial literacy across diverse populations and lifespan stages provides important context for these contributions (Lusardi \u0026amp; Mitchell, 2008; Lusardi \u0026amp; Mitchell, 2014). Furthermore, this study extends research on women\u0026rsquo;s entrepreneurship and sustainable development, revealing how contemporary working women integrate financial management with values-aligned economic engagement (Jennings et al., 2023).\u003c/p\u003e \u003c/div\u003e"},{"header":"6. IMPLICATIONS AND RECOMMENDATIONS","content":"\u003cp\u003ePolicymakers should leverage informal learning mechanisms, ensure digital initiatives are accompanied by accessible alternatives, and address structural sources of economic insecurity. Financial service providers need to design transparent, secure products that acknowledge women\u0026rsquo;s diverse capabilities, potentially embedding education and offering values-aligned options like ESG investments. Financial educators should recognize existing knowledge, address emotional dimensions such as anxiety, acknowledge the rationality of risk aversion amid uncertainty, and incorporate family-centered planning. Importantly, addressing financial inclusion requires comprehensive approaches integrating digital infrastructure development with alternative service delivery mechanisms and targeted support for populations with limited digital proficiency (Evans, 2018; Goodman, 2025). Additionally, interventions should address the psychological dimensions of financial anxiety and stress, recognizing that individual coping strategies require complementary systemic supports and workplace protections (Wilmarth, 2021).\u003c/p\u003e \u003cp\u003eFuture research should include longitudinal qualitative studies on behavioral evolution, cross-cultural comparisons of financial experiences, mixed-methods development of culturally appropriate assessment tools, evaluation of anxiety-reduction interventions, and further investigation into ESG investment access among women.\u003c/p\u003e \u003cp\u003e \u003cb\u003eLIMITATIONS\u003c/b\u003e \u003c/p\u003e \u003cp\u003eLimitations include the purposive sampling strategy limiting generalizability to broader populations, potential social desirability bias in self-reports, the cross-sectional design capturing a single timepoint, potential nuances lost in translation, and the inherent interpretive nature of qualitative analysis, despite systemic efforts to ground findings in data.\u003c/p\u003e"},{"header":"CONCLUSION","content":"\u003cp\u003eThis qualitative exploration of 35 working women in Thailand reveals that financial well-being is multidimensional, encompassing subjective perceptions of security and autonomy beyond objective metrics. Women demonstrate sophisticated financial behaviors acquired largely through informal learning, though digital divides create new inclusion challenges. Pervasive financial anxiety suggests interventions must address psychological dimensions alongside skills. Participants displayed agency through strategic behaviors and resilience-building; however, individual efforts cannot replace necessary systemic reforms. By centering women\u0026rsquo;s voices, these findings offer essential insights for developing inclusive financial systems that support diverse aspirations in emerging economies.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cstrong\u003eEthics Declaration\u003c/strong\u003e This study was reviewed and approved by the \u003cstrong\u003eHuman Research Ethics Committee of Srinakharinwirot University (Social Science and Behavioral Science Research Sub-Committee, Panel 2)\u003c/strong\u003e. The protocol was assigned the code \u003cstrong\u003eSWUEC-682408\u003c/strong\u003e (Certificate of Approval No. \u003cstrong\u003eAF20-03-03.0\u003c/strong\u003e) . The research was conducted in strict accordance with the \u003cstrong\u003eDeclaration of Helsinki, the Belmont Report, and the International Conference on Harmonization in Good Clinical Practice (ICH-GCP)\u003c/strong\u003e, as well as relevant national laws and regulations of Thailand.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eConsent to Participate Declaration\u003c/strong\u003e Informed consent was obtained from all individual participants included in the study. Participants were provided with a \u003cstrong\u003eParticipant Information Sheet\u003c/strong\u003e and signed a \u003cstrong\u003eConsent Form\u003c/strong\u003e (Version 2, dated November 5, 2025) prior to data collection. They were fully informed about the study\u0026apos;s objectives, the voluntary nature of their participation, and their right to withdraw at any time without penalty.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eConsent to Publish Declaration\u003c/strong\u003e Participants provided explicit consent for the publication of anonymized data and findings resulting from this research. All personal identifiers have been removed or replaced with pseudonyms to ensure the confidentiality and privacy of the participants in accordance with the approved ethical protocol.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFunding Declaration\u003c/strong\u003e This research received no specific grant from any public, commercial, or not-for-profit funding agency.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eClinical Trial Number\u003c/strong\u003e Not applicable.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eKhwanchol Hasayotin: Conceptualization, Methodology, Investigation, Formal analysis, Writing \u0026ndash; original draft.Adul Supanut: Conceptualization, Methodology, Supervision, Writing \u0026ndash; review \u0026amp; editing.\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eThe datasets generated and analysed during the current study are not publicly available due to ethical concerns regarding participant confidentiality and data protection requirements. The participants provided informed consent specifically for their anonymized data to be used within this research project, and the sensitive financial and personal information disclosed during interviews contains identifiers that could potentially compromise participant privacy if disclosed publicly, in accordance with the ethical approval granted by the Human Research Ethics Committee of Srinakharinwirot University (Protocol Code: SWUEC-682408). However, the datasets are available from the corresponding author (K. Hasayotin, [email protected]) on reasonable request, subject to approval by the Human Research Ethics Committee of Srinakharinwirot University and the signing of a Data Access Agreement by the requesting party to ensure continued protection of participant confidentiality.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAnagnostopoulos, I. Y., Sails, T., \u0026amp; Alexandrou, G. (2025). 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Washington, DC: World Bank. https://thedocs.worldbank.org/en/doc/305a39cbb6f35567db78bda6709c5cd8-0430012025/original/World-Bank-DFS-Whitepaper-DigitalFinancialServices.pdf\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Financial Literacy, Financial Well-being, Financial Anxiety, Digital Financial Services, Financial Planning, Financial Resilience, Savings Behavior, ESG Investment","lastPublishedDoi":"10.21203/rs.3.rs-8705536/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-8705536/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe intersection of financial literacy, digital financial services adoption, and financial well-being has emerged as a critical area of inquiry, particularly among working women in developing economies facing rapid digital transformation and economic uncertainty. This qualitative study explores the complex relationships between financial literacy, financial anxiety, digital financial services adoption, savings behavior, financial planning, ESG investment awareness, financial resilience, and overall financial well-being among 35 working women in Thailand. Through semi-structured in-depth interviews and thematic analysis, this research reveals four major themes: (1) multidimensional financial knowledge and digital literacy acquisition pathways; (2) emotional dimensions of financial anxiety and stress management; (3) adaptive planning and savings behaviors in response to economic volatility; and (4) resilience-building strategies through diversified financial engagement. The findings demonstrate that financial well-being extends beyond objective financial metrics to encompass subjective perceptions of security, autonomy, and future preparedness. Participants exhibited varying levels of financial literacy, with digital financial services adoption emerging as both an enabler of financial inclusion and a source of anxiety for those with limited digital proficiency. The study reveals that women employ multifaceted coping mechanisms to navigate financial uncertainty, including peer learning, incremental savings approaches, and selective engagement with emerging investment opportunities such as ESG-aligned products. Economic uncertainty significantly moderates the relationship between financial knowledge and well-being, while digital literacy serves as a crucial facilitator of financial service utilization. These insights contribute to theoretical understanding of gendered financial behavior in emerging markets and offer practical implications for policymakers, financial educators, and service providers seeking to enhance financial inclusion and economic empowerment among working women in Thailand and similar contexts.\u003c/p\u003e","manuscriptTitle":"Beyond the Balance Sheet: Navigating Financial Anxiety, Digital Change, and Resilience Among Working Women in Thailand","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2026-02-24 16:29:35","doi":"10.21203/rs.3.rs-8705536/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"1df2f5a8-c2fd-4919-bfa0-1596f7d53cba","owner":[],"postedDate":"February 24th, 2026","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2026-04-15T10:18:14+00:00","versionOfRecord":[],"versionCreatedAt":"2026-02-24 16:29:35","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-8705536","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-8705536","identity":"rs-8705536","version":["v1"]},"buildId":"XKTyCvWXoU3ODBz1xrDgd","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}