 Does self-control predict financial behavior and financial well-being?Camilla Strömbäck, Thérèse Lind, Kenny Skagerlund, Daniel Västfjäll and Gustav Tinghög Journal of Behavioral and Experimental Finance, 2017, vol. 14, issue C, 30-38 Abstract: To improve our understanding of how people make financial decisions, it is important to investigate what psychological characteristics influence individuals’ positive financial behavior and financial well-being. In this study, we explore the effect of individual differences in self-control and other non-cognitive factors on financial behavior and financial well-being. A survey containing measures of financial behavior, subjective financial well-being, self-control, optimism, deliberative thinking and demographic variables was sent to a representative sample (n=2063) of the Swedish population. Our findings extend the application of the behavioral lifecycle hypothesis beyond savings behavior, to include general financial behavior. People with good self-control are more likely to save money from every pay-check, have better general financial behavior, feel less anxious about financial matters, and feel more secure in their current and future financial situation. Keywords: Financial behavior; Financial well-being; Self-control; Decision making; Behavioral finance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:14:y:2017:i:c:p:30-38 DOI: 10.1016/j.jbef.2017.04.002 Access Statistics for this article Journal of Behavioral and Experimental Finance is currently edited by Michael Dowling and Jürgen Huber More articles in Journal of Behavioral and Experimental Finance from Elsevier |
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