Title: Impact of self-control on financial behaviour and financial well-being: empirical evidence from India
Authors: Kanchan Sehrawat; Ankita Sehrawat; Madhu Vij
Addresses: Faculty of Management Studies, University of Delhi, New Delhi, India ' The Heritage School (Rohini), New Delhi, India ' Faculty of Management Studies, University of Delhi, New Delhi, India
Abstract: Self-control is often linked to various positive behaviours which are instrumental to overall well-being of the individual. Growing number of bankruptcy cases and financial crises across the globe has raised concerns about the ability of individuals to take necessary financial decisions. Hence, it becomes important to study the financial wellbeing (FWB) of individuals as a part of their overall well-being. This study aims to examine the relationship between self-control (SC), financial behaviours (FinB) and FWB. 172 online-survey responses from National Capital Region (India) are analysed using PLS-SEM. The results suggest a positive significant impact of SC on both the endogenous constructs. We identify the top three significant predictors of positive financial behaviour and discuss the direct and indirect impact of SC and FinB on FWB. The results are particularly useful for policy makers and academicians working towards policy formulation and imparting knowledge to help individuals achieve positive FWB.
Keywords: self-control; financial behaviour; financial-well-being.
World Review of Entrepreneurship, Management and Sustainable Development, 2021 Vol.17 No.6, pp.742 - 758
Received: 04 Dec 2019
Accepted: 11 May 2020
Published online: 30 Oct 2021 *