The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults

Autor: Hira Aftab, Fatima Hashmi, Pedro Neves Mata, Mário Nuno Mata, José Moleiro Martins, Hamza Ahmad Qureshi, António Abreu
Přispěvatelé: UNINOVA-Instituto de Desenvolvimento de Novas Tecnologias, CTS - Centro de Tecnologia e Sistemas
Rok vydání: 2021
Předmět:
Male
Financial behavior
Financial Management
Economics
Emotions
Social Sciences
Anxiety
Surveys
Creativity
Cognition
Surveys and Questionnaires
Self-esteem
Medicine and Health Sciences
Psychology
Pakistan
Public and Occupational Health
media_common
Multidisciplinary
Deliberative thinking
Self-control
Financial well-being of young adults
Research Design
Financial literacy
Medicine
Female
medicine.symptom
Behavioral and Social Aspects of Health
Research Article
Adult
media_common.quotation_subject
Science
Decision Making
Sustainable financial behavior
Research and Analysis Methods
Self-Control
Nonprobability sampling
Young Adult
Optimism
Numeracy
Mental Health and Psychiatry
medicine
Humans
Adults
General
Students
Finance
Behavior
Survey Research
business.industry
Cognitive Psychology
Biology and Life Sciences
Private sector
Self Concept
Young Adults
Age Groups
People and Places
Cognitive Science
Financial well-being
Population Groupings
business
Young adults
Neuroscience
Zdroj: PLoS ONE
Repositório Científico de Acesso Aberto de Portugal
Repositório Científico de Acesso Aberto de Portugal (RCAAP)
instacron:RCAAP
PLoS ONE, Vol 16, Iss 9, p e0256649 (2021)
ISSN: 1932-6203
Popis: Publisher Copyright: © 2021 Hashmi et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. The sustainable financial behavior and financial well-being have been a key concern among the developing societies; thereby encompassing the various psychological factors which play a role in influencing individual's positive financial behavior and financial well-being, this study is conducted. Research focusing on the psychological aspect of human financial behavior and well-being is scarce, focusing more on the cognitive side such as financial literacy and numeracy. The aim of this research study is to find the role played by the non-cognitive factors such as self-esteem, self-control, optimism and deliberative thinking, in forming the financial behavior and financial well-being of the young adults. A sample of 429 university students from public and private sector was collected via an online and field survey using purposive sampling technique. The survey contained measures for demographics, self-esteem, optimism, deliberative thinking, self-control, general financial behavior and financial well-being. SPSS and PLS-SEM tools were used for the exploration of the relationships among dependent and independent variables. The results of PLS path analysis demonstrate that among the non-cognitive factors, self-control and deliberative thinking show a significant association with both financial behavior, and financial security. Self-esteem plays no significant role in forming the financial behavior of the young adults when all the variables are taken together but it exhibits a significant association with financial well-being (financial security and financial anxiety). Optimism on the other hand exhibits no significant association with both financial behavior and financial well-being (financial security and financial anxiety). The results of this study complement the previous studies and also put forth new outcomes. This research is unique as it is the first of its kind conducted in a consumption-oriented economy like Pakistan. In addition to the previous studies which have often established the link of self-esteem with general well-being, this study goes further by analyzing the association between self-esteem and financial well-being and by the identification of the role played by non-cognitive factors like self-esteem, optimism, deliberative thinking and self-control together on the financial behavior and financial well-being of the individuals using PLS-SEM approach. publishersversion published
Databáze: OpenAIRE
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