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The study was aimed at exploring the association between financial satisfaction and financial capability and assessing the level of financial capability using data through salaried individuals of Indore district. A cross-sectional sample survey was conducted used to collect the primary data with a sample size of 550 and the study found that, respondents have “good level of financial capability” where they shows agreement towards “good money management ability, confident for management of finance and manage of money well. The relationship between financial satisfaction and financial capability was found moderately positive and statistically significant i.e., most financial capability encourages the financial satisfaction level.

1. To explore the association between financial satisfaction and financial capability through salaried individuals of Indore district. 2. To assess the financial Capability of salaried individuals of Indore district.

Arifin (2018) in their study conducted on workers in Jakara of Indonesia concluded that financial capability has positive relationship with financial satisfaction and higher financial satisfaction is influnce by the greater managing ability of persons’ financial conditions. Taylor (2010) using survey data from a general household (“The Birtish Household Panel Survey) found that unemployed youngs adults living with non-working have the lowest financial capability, while older employement husband and wife living togther have most financial capabiity. Xiao & O'Neill (2018) found that plan to prospensity is positivley associated with financial capability and has unique contribution to financial satisfaction with contorlled socioeconmic and other financial capability factors. Fan, Chatterjee, & Kim (2021) study result showed that financial well-being and personality traits like extroversion, conscientiouness, financial responsibilty and neuroticism has positve association with perceived financial capability. Cera et al. (2020) concluded that financial capability has both direct and indirect effects on financial satisfaction and play a mediating role in influence of financial attitude and financial knowledge. Xiao & Porto (2017) Using a large nationally representative dataset show that “subjective financial literacy, desirable financial behaviour, and the financial capability index are strong mediators between financial education and financial satisfaction, while objective financial literacy and perceived financial capability are weaker mediators. The results suggest that financial education has multiple benefits for improving financial well-being such as facilitating knowledge acquisition, enhancing confidence in knowledge and ability, and encouraging action taking”. Arifin, Rahamat, & Widayati (2018) Found that financial capability has indirect relationship with financial staisfaction through financial behvaiour and also has positive effect on financial satisfaction. At the end they concluded that “a person with good financial capability, the behaviour will be more based on goals and directed so that the own satisfaction of finances reaches the maximum state”. Research Gap Almost all prior study exploring assoiciation between financial satisfaction and financial capability are conducted in western country, yes there is some study available that have measured financial behaviour, financial literacy, financial knowledge , financial capability and there association but may be there is no or very less study in India that have explored association of financial capability and financial satisfaction. This study will fill this gap and will explain the type of association between them in Indian sub-continent.

A cross-sectional sample survey have been used to collect the primary data with a sample size of 550. Due the pandemic situation COVID-19, the data were collected using non-probability convenient sampling method from the salaried individuals of Indore district in India through questionnaire using google form send via WhatsApp, Email and Facebook. Measure The financial capability was measured on 7-point likert-type questions, ranging from stronlgy disagree to strongly agree and the questions found reliable (Cronbach’s Alpha= 0.880, No of items=3). Financial satisfaction have been meaured using 5 question on 7-point likert scale ranging from strongly disagree to strongly agree and its found reliable (Cronbach’s Alpha=0.816 , No. of items=5).

Financial Capability
To assess financial capability, the study have used 3 item are detailed below:
Table 1 Agreement level on Financial Capability Items

Source: Collected Primary data
Inference
Table 1 shows the agreement level of respondents on financial capability items. Out of 550 respondents, majority of 373 (67.9%) respondents agreed to “have good management ability”, only 120 (21.8 %) respondents do not agreed to “have good management ability”. Majority 385 (70 %) respondents are agreed that they can “manage money well” while 108 (19.6%) respondents don’t agreed that they can “manage money well”. 385 (70%) respondents are “confident that they can manage their finance”, whereas  only 92 (16.7 %) respondents are not “confident that they can manage their finance”.
Table 2 : Financial Capability Items Descriptive Statistics 

Source: Collected Primary data
Inference
Table 2 shows the “Median” and “Inter-Quartile Range” score of the respondents’ overall agreement level on financial capability items. Overall, Respondents were  agree to manage their money well  [M=6 (3)], and confident towards management of finance [M=6(3)], but somewhat agree with “good money management ability” [M=5(3)].
 Table 3: Financial Capability Level

Source: Collected Primary data
Inference
Table 3 shows the overall financial capability level of the respondents measured on 7-point scale ranging from 1= lowest to 7= Highest. Overall, the respondents were found to have “good level of financial capability” as the mean score of 5.15 (SD=1.6) and median score of 5.33 (2.42), skewed to right side of the continuum.
Hypothesis Testing  
H₀₁: There is no significant relationship between financial satisfaction and financial capability.
H₁:  There is  significant relationship between financial satisfaction and financial capability.
 Table 4: Correlation Result between Financial Satisfaction and Financial Capability

Source: Collected Primary data.
Table 4 shows the correlation coefficient between financial satisfaction and financial capability. The Spearman’s rho has been used to test the relation because both the variable are measured on ordinal scale, and  it is found that financial satisfaction and financial capability have moderately positive and statistically significant relationship between them (r_s=.516, P<.001) . Since the significance value is less than 0.05 and significant at 1% level of significance, the alternative hypothesis is accepted, i.e., “There is significant positive relationship between the financial satisfaction and financial capability”.

Being financial contented is more advantageous and practical goal than becoming debt-free, which requires an important and deciding finance management over’s one life cycle. This study was aimed at exploring the relationship between financial satisfaction and financial capability and assessing the level of financial capability. The study found that, respondents have “good level of financial capability” where they shows agreement towards “good money management ability, confident for management of finance and manage of money well”. The relationship between financial satisfaction and financial capability was found moderately positive and statistically significant i.e., higher financial capability encourages the financial satisfaction level which found similar to most of study conducted in western country.

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