A Study on the Relationship between Financial Well-Being and Self-Control

Abstract

The prime objective of the human being in their household is to achieve financial well-being, because well-being is related to its mental satisfaction. In this analysis, various variables influencing a related financial well-being model of the family are identified and examined. An online survey is conducted to study the financial behaviour, subjective well-being, self-control, trust and demographic variables. Our experiments extend the use of behavioural life cycle theory to achieve general financial benefits in addition to savings behaviour. The study findings suggest that socioeconomic well-being has substantial impact on finance, financial knowledge, financial status, and marital status. Financial intervention profoundly impacts the consequences of financialliteracy, financial-behaviour and enforcement of financial-welfare. Marital status also increases the financial well-being effect on financial literacy but does not improve financial well-being. Individuals with high self-control are more likely to save money from each quest and improve their overall financial performance and investments.