Uncovering the factors of financial well-being: the role of self-control, self-efficacy, and financial hardship

Jorge Hernandez-Perez () and Salvador Cruz Rambaud ()
Additional contact information
Jorge Hernandez-Perez: University of Almería
Salvador Cruz Rambaud: University of Almería

Future Business Journal, 2025, vol. 11, issue 1, 1-18

Abstract: Abstract Financial well-being, a key determinant of life satisfaction, is increasingly threatened by economic volatility and complex financial systems. This study examines the interplay between psychological traits—financial self-control and financial self-efficacy—and their relationship with financial well-being, mediated by financial hardship. Theoretical frameworks include Scheier and Carver’s Self-Regulation Theory (In: Affect and cognition. Psychology Press, Philadelphia, pp 157–183, 2014), the Behavioral Life-Cycle Hypothesis (Shefrin and Thaler in Econ Inq 26:609–643. 10.1111/j.1465-7295.1988.tb01520.x, 1988; Thaler in Am Econ Rev 108:1265–1287, 2018), and Bandura’s Self-Efficacy Theory (in, Self-efficacy in changing societies, Cambridge University Press, Cambridge, 1997). Data were drawn from the Spanish Survey of Financial Literacy, a nationally representative sample of 8554 individuals. Spain’s unique macroeconomic context, influenced by the 2008 financial crisis and cultural factors such as family financial interdependence, provides a compelling backdrop for analysis. To test the hypotheses concerning the direct and indirect relationships between self-regulation factors and financial well-being, partial least squares structural equation modeling (PLS-SEM) was employed. The findings reveal a robust negative association between deficiencies in financial self-control (β = − 0.250, p

Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1186/s43093-025-00498-7 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

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:spr:futbus:v:11:y:2025:i:1:d:10.1186_s43093-025-00498-7

Ordering information: This journal article can be ordered from
https://fbj.springeropen.com/

DOI: 10.1186/s43093-025-00498-7

Access Statistics for this article

Future Business Journal is currently edited by Soad Kamel Rizk and Hayam Wahba

More articles in Future Business Journal from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().