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The antecedents and consequence of financial well-being: a survey of parliamentarians in Ghana

Author

Listed:
  • Maureen Oquaye
  • Godfred Matthew Yaw Owusu
  • Godfred Alufar Bokpin

Abstract

Purpose - This paper examines the effect of financial self-efficacy and financial behaviour on financial well-being and ascertains whether financial well-being affects an individual's level of happiness in life. The authors also show the mediating role of financial behaviour in the relationship between self-efficacy and financial well-being. Design/methodology/approach - The survey method of research was adopted using questionnaires as the principal means of data collection. The hypotheses of the study were tested on a rich data set from a sample of 210 parliamentarians in Ghana using the structural equation modelling technique. Findings - The results show that individuals with high level of financial self-efficacy practise responsible financial behaviour and find financial behaviour to be a good predictor of financial well-being. The authors also find financial behaviour to mediate between financial self-efficacy and financial well-being and conclude that well-being impacts positively on happiness. Practical implications - Findings of this study demonstrate that the financial well-being of an individual has important implications on the quality of life and an important way of improving well-being is to promote responsible financial behaviour. Originality/value - This study employs the subjective measure of financial well-being in its analysis and also examines an outcome of financial well-being.

Suggested Citation

  • Maureen Oquaye & Godfred Matthew Yaw Owusu & Godfred Alufar Bokpin, 2020. "The antecedents and consequence of financial well-being: a survey of parliamentarians in Ghana," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 14(1), pages 68-90, October.
    • Handle: RePEc:eme:rbfpps:rbf-12-2019-0169
    DOI: 10.1108/RBF-12-2019-0169
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    Cited by:

    1. Ritika & Himanshu & Nawal Kishor, 2023. "Modeling of factors affecting investment behavior during the pandemic: a grey-DEMATEL approach," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(2), pages 222-235, June.

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