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Does self-control predict financial behavior and financial well-being?

Author

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  • Strömbäck, Camilla
  • Lind, Thérèse
  • Skagerlund, Kenny
  • Västfjäll, Daniel
  • Tinghög, Gustav

Abstract

To improve our understanding of how people make financial decisions, it is important to investigate what psychological characteristics influence individuals’ positive financial behavior and financial well-being. In this study, we explore the effect of individual differences in self-control and other non-cognitive factors on financial behavior and financial well-being. A survey containing measures of financial behavior, subjective financial well-being, self-control, optimism, deliberative thinking and demographic variables was sent to a representative sample (n=2063) of the Swedish population. Our findings extend the application of the behavioral lifecycle hypothesis beyond savings behavior, to include general financial behavior. People with good self-control are more likely to save money from every pay-check, have better general financial behavior, feel less anxious about financial matters, and feel more secure in their current and future financial situation.

Suggested Citation

  • Strömbäck, Camilla & Lind, Thérèse & Skagerlund, Kenny & Västfjäll, Daniel & Tinghög, Gustav, 2017. "Does self-control predict financial behavior and financial well-being?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 14(C), pages 30-38.
    • Handle: RePEc:eee:beexfi:v:14:y:2017:i:c:p:30-38
    DOI: 10.1016/j.jbef.2017.04.002
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    More about this item

    Keywords

    Financial behavior; Financial well-being; Self-control; Decision making; Behavioral finance;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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