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Does self-control predict financial behavior and financial well-being?
Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. (JEDILab)
Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. (JEDILab)
Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene Oregon, USA. (JEDlLab)
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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. Vol. 14, p. 30-38
Keywords [en]
Financial behavior, Financial well-being, Self-control, Decision making, Behavioral finance
National Category
Economics Psychology (excluding Applied Psychology)
Identifiers
URN: urn:nbn:se:liu:diva-140677DOI: 10.1016/j.jbef.2017.04.002Scopus ID: 2-s2.0-85020027862OAI: oai:DiVA.org:liu-140677DiVA, id: diva2:1139417
Funder
Länsförsäkringar ABMarianne and Marcus Wallenberg Foundation, 2014.0187
Note

Export Date: 7 September 2017; Article

Available from: 2017-09-07 Created: 2017-09-07 Last updated: 2018-05-04Bibliographically approved

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Strömbäck, CamillaLind, ThérèseSkagerlund, KennyVästfjäll, DanielTinghög, Gustav

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EconomicsPsychology (excluding Applied Psychology)

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