The antecedents and consequence of financial well-being: a survey of parliamentarians in Ghana

Maureen Oquaye, Godfred Matthew Yaw Owusu and Godfred Alufar Bokpin

Review of Behavioral Finance, 2020, vol. 14, issue 1, 68-90

Abstract: Purpose - This paper examines the effect of financial self-efficacy and financial behaviour on financial well-being and ascertains whether financial well-being affects an individual's level of happiness in life. The authors also show the mediating role of financial behaviour in the relationship between self-efficacy and financial well-being. Design/methodology/approach - The survey method of research was adopted using questionnaires as the principal means of data collection. The hypotheses of the study were tested on a rich data set from a sample of 210 parliamentarians in Ghana using the structural equation modelling technique. Findings - The results show that individuals with high level of financial self-efficacy practise responsible financial behaviour and find financial behaviour to be a good predictor of financial well-being. The authors also find financial behaviour to mediate between financial self-efficacy and financial well-being and conclude that well-being impacts positively on happiness. Practical implications - Findings of this study demonstrate that the financial well-being of an individual has important implications on the quality of life and an important way of improving well-being is to promote responsible financial behaviour. Originality/value - This study employs the subjective measure of financial well-being in its analysis and also examines an outcome of financial well-being.

Keywords: Happiness; Financial behaviour; Financial well-being; Financial self-efficacy (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:rbfpps:rbf-12-2019-0169

DOI: 10.1108/RBF-12-2019-0169

Access Statistics for this article

Review of Behavioral Finance is currently edited by Professor Gulnur Muradoglu

More articles in Review of Behavioral Finance from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().