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Impact of self-control on financial behaviour and financial well-being: empirical evidence from India

Author

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  • Kanchan Sehrawat
  • Ankita Sehrawat
  • Madhu Vij

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.

Suggested Citation

  • Kanchan Sehrawat & Ankita Sehrawat & Madhu Vij, 2021. "Impact of self-control on financial behaviour and financial well-being: empirical evidence from India," World Review of Entrepreneurship, Management and Sustainable Development, Inderscience Enterprises Ltd, vol. 17(6), pages 742-758.
    • Handle: RePEc:ids:wremsd:v:17:y:2021:i:6:p:742-758
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