Money on the mind: emotional and non-cognitive predictors and outcomes of financial behaviour of young adults

Godfred Matthew Yaw Owusu (), Gabriel Korankye (), Octavia Ama Serwaa Otchere () and Maryam Kriese ()
Additional contact information
Godfred Matthew Yaw Owusu: University of Ghana Business School
Gabriel Korankye: University of Professional Studies, Accra
Octavia Ama Serwaa Otchere: University of Ghana Business School
Maryam Kriese: University of Professional Studies

SN Business & Economics, 2022, vol. 2, issue 11, 1-22

Abstract: Abstract Studies have shown the important role financial behaviour plays in the lives of individuals. However, few papers have looked at the determinants of financial behaviour and even fewer have examined the role of non-cognitive factors in explaining financial behaviour. We examine the effect of non-cognitive factors including financial anxiety, financial attitude, financial self-efficacy, and self-control on financial behaviour of young adults. Further, we explore the impact of financial behaviour on an individual’s level of happiness in life. Using cross-sectional data from a survey of business students from a university in Ghana, the partial least square structural equation modelling technique was employed to analyse the data. We find that individuals with higher levels of self-control, financial self-efficacy and financial attitude are more likely to exhibit good financial behaviour, and improved financial behaviour leads to higher levels of happiness among individuals.

Keywords: Financial behaviour; Financial attitude; Self-control; Happiness; Self-efficacy; Financial anxiety (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s43546-022-00340-0 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:snbeco:v:2:y:2022:i:11:d:10.1007_s43546-022-00340-0

Ordering information: This journal article can be ordered from
https://www.springer.com/journal/43546

DOI: 10.1007/s43546-022-00340-0

Access Statistics for this article

SN Business & Economics is currently edited by Gino D'Oca

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