Psychological needs and financial well-being: the role of consumer spending self-control

Laureane du Plessis, Yolanda Jordaan () and Liezl-Marié van der Westhuizen
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Laureane du Plessis: University of Pretoria
Yolanda Jordaan: University of Pretoria
Liezl-Marié van der Westhuizen: University of Pretoria

Journal of Financial Services Marketing, 2024, vol. 29, issue 4, No 1, 1197-1206

Abstract: Abstract Financial service providers continually strive to develop innovative financial products and services that address customer needs and aim to improve customers’ financial well-being. Previous studies discovered that psychological need satisfaction is positively associated with psychological well-being and growth, while psychological need frustration is associated with problematic behaviour and ill-being. However, uncertainty still exists as to whether psychological needs are associated with financial well-being. Furthermore, whereas psychological need satisfaction is associated with positive day-to-day behaviours such as exhibiting self-control, psychological need frustration has been associated with irresponsible spending. Spending can be a psychological coping mechanism, and as such, the regulation of spending behaviour may aid financial well-being. Therefore, the main purpose of this article is to explore the relationship between psychological needs and financial well-being, and to assess whether consumer spending self-control can act as a regulating mechanism in this relationship. Data were collected by means of a self-administered questionnaire distributed via an online paid-for consumer panel to credit-active South African consumers. The results revealed that CSSC had a mediating effect on the relationships between psychological needs and financial well-being. This highlights the importance of developing and promoting consumer spending self-control as a strategy for financial well-being.

Keywords: Psychological needs; Consumer spending; Self-control; Well-being; Financial well-being (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1057/s41264-024-00270-y

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