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2017 (English)In: Journal of Behavioral and Experimental Finance, ISSN 2214-6350, E-ISSN 2214-6369, ISSN 2214-6350, Vol. 14, p. 30-38Article in journal (Refereed) Published
Abstract [en]
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)" role="presentation" style="box-sizing: border-box; display: inline-block; line-height: normal; font-size: 14.399999618530273px; word-wrap: normal; white-space: nowrap; float: none; direction: ltr; max-width: none; max-height: none; min-width: 0px; min-height: 0px; border: 0px; padding: 0px; margin: 0px; color: rgb(80, 80, 80); font-family: Arial, Helvetica, 'Lucida Sans Unicode', 'Microsoft Sans Serif', 'Segoe UI Symbol', STIXGeneral, 'Cambria Math', 'Arial Unicode MS', sans-serif; position: relative;"> 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.
Place, publisher, year, edition, pages
Elsevier, 2017
Keywords
Financial behavior, Financial well-being, Self-control, Decision making, Behavioral finance
National Category
Economics Psychology (excluding Applied Psychology)
Identifiers
urn:nbn:se:liu:diva-140677 (URN)10.1016/j.jbef.2017.04.002 (DOI)2-s2.0-85020027862 (Scopus ID)
Funder
Länsförsäkringar ABMarianne and Marcus Wallenberg Foundation, 2014.0187
Note
Export Date: 7 September 2017; Article
2017-09-072017-09-072021-12-28Bibliographically approved