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One problem for sustainability of systems pensions is how people without specialized financial training could manage their resources and their actual personal intentions towards retirement. Research objective is to analyse the relationship among several factors that affect the behaviour towards retirement, the financial management practices and the financial resources, by carrying out a structural equation model (SEM) that was tested in Spanish workers sample in three phases.  The influence of financial literacy, financial retirement objectives, optimism on retirement, tolerance to financial risk, and the commitment to financial planning at time 1, are analysed as explanatory variables of financial management practices at time 2. Financial resources for retirement at time 3 are explained by financial management practices. According to results, the model can predict the 36% of the variance of financial management practices and 53% of the variance of financial resources for retirement. Thus, the model can be used for checking of knowledge of the personal financial behaviour before retirement, what enables a better personal financial planning. It would be possible to apply a model based on self-assessment in order to implement a complementary financial planning that would allow to maintain the welfare during retirement. First published online 30 December 2020

PurposeThe purpose of this paper is to investigate the current state of research on Personal Financial Management Behavior (PFMB), with a prime focus on its antecedents and the consequences. By analyzing the research trends, methods, determinants and outcomes, the PFMB literature is synthesized, and agenda for future research is suggested. A framework is presented that portrays PFMB's antecedents and consequences and further specification of the mediation and moderation linkages.Design/methodology/approachThe review is based on 160 articles published during 1970–2020. It follows a systematic approach and presents the definitions and theories of PFMB, publication trends based on time, region, sample population, research designs, data collection and analysis techniques, along with antecedents and outcomes through content analysis.FindingsThe synthesis draws upon various factors affecting PFMB, such as demographics, socio-economic, psychological, social, cultural, financial experience, financial literacy (FL) and technological factors. The prominent outcomes of PFMB include financial satisfaction, relationship satisfaction, quality of life, financial success, happiness, financial vulnerability/resilience and financial well-being. The future research agenda sums up the recommendations in the form of research questions on variables and their linkages, followed by methodological advancements.Originality/valueThis paper covers the scholarly work done in this area in the past 51 years. To the best of authors' knowledge, this is the first attempt to offer a most comprehensive and collective scholarship of this subject. It further gives an extensive future research agenda.

With the development of digital financial technology, financial behavior and financial literacy have become the focus of scholars’ research as well as the attention of the government and society in recent years. The article explores the level of personal financial literacy in the development of digital financial technology using a factor analysis model. A survey is conducted using 800 questionnaires to assess the basic financial literacy status of the population in Province A, and measurement analysis is carried out using factor analysis. Then a probit model was constructed from four aspects, namely, borrowing behavior, financial management behavior, insurance behavior and financial consulting behavior, to analyze the impact of personal financial literacy on financial behavior under the development of digital financial technology. In terms of the impact of financial literacy on financial behavior, financial literacy has a significant positive impact on the four financial behaviors of borrowing, wealth management, insurance, and financial consulting, and is significant at the 1% level. With digital financial technology support, the higher the personal financial literacy, the more rational the personal financial behavior.

PurposePrior work expresses concern about young people's rising debt and lack of financial preparedness. This study focuses on how financial socialization and psychological characteristics affect the personal financial management behavior (PFMB) of young professionals in India. The authors examine both the direct effect of these factors and the indirect effects through financial literacy and aforementioned psychological characteristics as mediators.Design/methodology/approachThe authors develop a conceptual framework based on the extant literature and empirically test its hypotheses employing partial least squares structural equation modelling (PLS-SEM).FindingsAttitude towards money, financial self-efficacy, financial risk tolerance, financial socialization through parental direct teaching and peers, and media are all positively associated with young professionals' PFMB, whereas external locus of control and procrastination are negatively associated with their PFMB. Almost all psychological characteristics partially mediate the association between financial socialization and PFMB. Finally, financial literacy plays a partially mediating role in the association between procrastination and PFMB as well as between financial socialization and PFMB.Practical implicationsThis study helps regulators and policymakers understand PFMB among young professionals. Interventions should build on the positive role of financial socialization, cultivating a good attitude towards money and financial self-efficacy, and reducing reliance on an external locus of control and procrastination. This study also helps policymakers and financial educators develop societally beneficial personal finance programs.Originality/valueThis research investigates social, psychological and cognitive characteristics in a comprehensive framework to further the authors’ understanding of the topic of PFMB.

PurposeThe intent of this study is to aggregate, in a measurable form, the results of previous studies on the association between personal financial management behavior (PFMB) and six psychological factors, which are financial attitude, financial self-efficacy, self-control, materialism, internal locus of control (LOC), and external LOC.Design/methodology/approachA stack of 32 research documents that investigated 52 relationships between various psychological variables and PFMB was analyzed using the meta-analysis technique. Along with the overall meta-analysis, a comprehensive subgroup analysis was also undertaken counseled to determine whether the results contrast on account of the age group of the sample and the economy of the country to which the sample belongs.FindingsThe overall meta-analysis findings do not support the association between PFMB and the various explanatory variables except for the significant positive association with self-control. In contrast, a subgroup study revealed that self-control (positively) and materialism (negatively) were found to be significantly associated with PFMB among adults. The association between internal LOC and PFMB is significant and positive among the young. Interestingly, self-control appeared to be significantly and positively associated with PFMB in developed countries. In developing countries, financial attitude, financial self-efficacy and internal LOC are significantly and positively associated with PFMB.Originality/valueDistinct from other review papers, this meta-analysis quantitatively cumulates and reconciles the conflicting findings on the linkage between psychological predictors and PFMB. To the best of the authors' knowledge, this is the first meta-analysis on the topic.

This study examined relationships among the financial practices, financial well-being, and health of a sample of 3,121 financially distressed consumers who were new clients participating in the debt management program of a large national non-profit credit counseling organization. Respondents who reported having improved health since participating in credit counseling were more likely than others to engage in positive financial behaviors. For six out of ten financial behaviors, respondents who reported improved health were more likely to report that their finances improved. Implications are provided for financial counselors and educators. [PUBLICATION ABSTRACT]

This study aims to identify renowned contributors, scholarly affiliations, and domains in the arena of Financial Literacy (FL) and Financial Planning (FP) through bibliometric analysis and systematic review to comprehend the integration between FL and FP to identify the most crucial aspect of FP in eyes of researchers as well as to identify the factors impacting this integration. The worldwide literature works connected to this theme were extracted from Scopus and Web of Science databases for this purpose. A total of 198 documents were selected through abstract reading and analyzed using Biblioshiny software. Systematic review as well as content analysis were also performed along with bibliometric analysis. The results show that FL is vital and plays a dominating role in multiple aspects of FP. The researchers in this arena are more inclined towards retirement planning. Other aspects like savings, investment planning, debt handling, insurance, etc., have been paid little attention comparatively. The United States is found as the most contributing country, and Anna Maria Lusardi and Olivia S. Mitchell as the leading authors in this field. The results from the systematic review identified various demographic, socio-economic, and psychological factors that influence this integration between FL and FP directly or indirectly. The previous studies conducted in this arena more or less focused on retirement planning behaviour. Other aspects like savings, investments, debt management, etc., have been almost ignored. This study takes into account all the studies covering all aspects of FP in the context of FL and provides a detailed literature for new researchers doing research in this arena.

This study investigates investment decision behavior. Specifically, the effects of a person's \"experienced regret\" and \"anticipatory regret\" are compared to the effects of an individual's risk tolerance on investment decision behavior. An individual's risk tolerance and \"experienced regret\" significantly influenced decisions. Anticipation of potential future regret did not predict subsequent investment decision behavior. The experience of regret with a particular type of investment did reduce one's tendency to make a similar investment. The individual's risk tolerance was predictive of participants' investment decision behavior regardless of regret condition. Practical implications of these findings for financial counseling are presented. [PUBLICATION ABSTRACT]

This paper presents a framework for explaining personal finance help-seeking behavior. The decision to seek help was tested using a randomly selected sample of clerical workers. Results from a discriminant analysis confirmed that the framework offers a practical insight into personal finance help-seeking behavior. Younger persons who did not own their own home and those who experienced more financial stressors and exhibited more poor financial behaviors tended to be more likely to seek help. Findings from this research support general conclusions presented throughout the help-seeking literature. [PUBLICATION ABSTRACT]

This article demonstrates that there are substantial costs to employers caused by the stresses associated with poor personal financial behaviors of employees. Approximately 15% of workers in the United States are currently experiencing stress from poor financial behaviors to the extent that it negatively impacts their productivity. The proportion of workers experiencing financial problems that negatively impact productivity for a single employer could range as high as 40 to 50% depending upon certain factors. The costs of reduced employee productivity because of poor personal financial behaviors are substantial. The full extent of the costs to employers is unknown. [PUBLICATION ABSTRACT]