Direct and indirect effects of self-control and future time perspective on financial well-being
Bibliographic Data
| ID | 11289239 |
|---|---|
| Authors | W Fred Van Raaij (0000-0001-8548-8620, Tilburg University, corresponding author), Leonore Riitsalu (0000-0002-0941-7983, University of Tartu), Kaire Põder (0000-0001-6578-4852, Estonian Business School) |
| Year | 2023 |
| Volume | 99 |
| Pages | 102667 |
| Publication date | 2023-12-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Economic Psychology (JOURNAL) |
| Journal identifiers | ISSN: 0167-4870 • E-ISSN: 1872-7719 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.joep.2023.102667 |
| OpenAlex | W4385841243 |
| Language | EN |
| Citations received | 7 |
| References cited | 54 |
Financial well-being is getting more attention in research and consumer policy, but there is limited understanding of its determinants. In this study, the effects of two psychological factors (self-control and future time perspective) are studied on two components of financial well-being (current money management stress and expected future financial security). Using structural equation modelling in data from 16 countries (n = 15,773), we find that self-control and future time perspective have both direct and indirect effects on the components of financial well-being. The indirect effects are mediated by past and present financial behaviour and have smaller effect sizes than the direct effects. Self-control is the main determinant of current money management stress, while future time perspective is the main determinant of expected future financial security. Our results emphasize that financial well-being should not be treated as a one-dimensional construct. Instead, the interventions for improving financial well-being should clearly target either its present or future component and consider psychological characteristics in their design
Construct (python library · Control (management · Economics · Financial management · Perspective (graphical · Psychological intervention · Public economics · Structural equation modeling · Behavioral Health and Interventions · Computer Science · Psychological and Temporal Perspectives Research · Psychological Well-being and Life Satisfaction · Psychology · Finance
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| Unique citing works | 7 |
|---|---|
| Citations per year | 7 |
| Citation span | 2025 - 2026 (2) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 7 |