Data for "Asset diversification, financial well-being, quality of life, and mental health: a study in Brazil

Published: 13 January 2023| Version 1 | DOI: 10.17632/xvzsd8gk63.1
Pablo Rogers,


Applied questionnaire (english and portuguese version) and database originated from the research published in the DOI article: 10.1590/1808-057x20221470.en, available at: Database source article abstract This study sought to investigate the relationship between diversification, financial well-being (FWB), quality of life (QoL), and mental health, and to see how FWB mediates this relationship, considering a sample of 1,047 Brazilian investors registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários [CVM]). In the national and international literature, no studies were found that sought to identify the mediating role of FWB between diversification, QoL, and mental health, as proposed in this study. This research may help brokers and financial institutions, allowing a new look at the profile of investors and their portfolios. It also widens the perspectives on studies of personal finance and mental health in Brazil and around the world. Mediation was conducted through structural equation modeling estimated by robust diagonally weighted least squares (RDWLS). ‘Asset classes’ was adopted as a proxy for diversification. For QoL, the World Health Organization Quality of Life (WHOQOL-Bref) scale was adopted, while the Beck inventories were used to measure mental health (depression and anxiety). For FWB, the measure of the Brazilian Credit Protection Service (Serviço de Proteção ao Crédito [SPC Brasil]) was used. The results showed a strong relationship between the FWB mediation between the diversification degree (asset classes) and the QoL and mental health scales (anxiety and depression). It was found that the diversification level is related to increased levels of anxiety and depression and decreased QoL in the short term, but when mediated by FWB, it decreases the anxiety and depression levels and increases QoL.


Steps to reproduce

1. This questionnaire refers to the research published in the form of article DOI: 10.1590/1808-057x20221470.en, available at:; 2. The quantitative analyses performed in the article were also documented in videos:; 3. There are two versions of the questionnaire, Portuguese and English. In the latter language only for dissemination of the research, because the questionnaire was applied only in Portuguese; 4. The codes of the variables (in bold) are unique, that is, they have acronyms only in Portuguese, according to the database: a. Profile = gender, age, marital status, education, number of dependents and income; b. BEF = Financial Well-being scale; c. NATIVOS = Multiple response variable with value 1 indicating the presence of the investment product and 0 its absence; d. IAB = Beck Anxiety Inventory; e. IDB = Beck Depression Inventory; f. Q = World Health Organization Quality of Life instrument – abbreviated version. 5. The suffix i at the end of some items of the questionnaire indicates inverted items; 6. The categories of nominal/ordinal variables are presented together with their numerical codes (in red), as stated in the database; 7. The questionnaire was not applied in the sequence that is forehead or with the indication of the codes in the body of the question. The questions were random and throughout the questionnaire also found three other questions for quality control.


Universidade Federal de Uberlandia


Personal Finance, Behavioral Finance, Financial Investment, Mental Health Promotion, Psychosocial Quality, Investors, Diversification Strategy, Educational Finance