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Role of Self-control and Money Attitude in Personal Financial Planning

Authors :
Ram Kumar Mishra
Mousumi Singha Mahapatra
Source :
The Indian Economic Journal. 67:362-366
Publication Year :
2019
Publisher :
SAGE Publications, 2019.

Abstract

Having a suitable financial plan to take care of present and future financial needs as well as to balance day to day expenditure and savings is considered indispensable given the increased complexity and attention that the investment space taken in the recent times. Appreciating that there is a definitive role of intrinsic elements which can bring about a discipline to engage in the process or personal financial planning, the present study has the objective of understanding the role of self-control and money attitude in impacting personal financial planning. Considering a national sample of salaried individuals, the study has measured and collected data on self-control, money attitude and personal financial planning. Apart from conducting exploratory factor analysis, confirmatory factor analysis establishes a measurement model with satisfactory fit indices. Further, structural equation model exemplifies the positive a strong influence of self-control and money attitude on personal financial planning in presence of demographic factors viz. gender, age, education, income, job and marital status as control variables. The implications for investors, finance professional and academicians are discussed.

Details

ISSN :
2631617X and 00194662
Volume :
67
Database :
OpenAIRE
Journal :
The Indian Economic Journal
Accession number :
edsair.doi...........f51d67ac5c17633e6e1b8558c4501f10
Full Text :
https://doi.org/10.1177/0019466220933408