Financial Planning and Self-control on Retirement Well-being through Financial Behaviour: Evidence from a Developing Country
This study explores how financial behaviour mediates the relationship between financial planning, self-control and retirement well-being among employees in Sri Lanka. Using quantitative methods and a cross-sectional research design, data was gathered from 672 employees across various sectors. The fi...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Faculty of Management & Finance, University of Colombo
2024-12-01
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| Series: | Colombo Business Journal |
| Subjects: | |
| Online Access: | https://mgmt.cmb.ac.lk/cbj/wp-content/uploads/2024/12/2.-CBJ-V15I2-Financial-planning-retirement-well-being.pdf |
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| Summary: | This study explores how financial behaviour mediates the relationship between financial planning, self-control and retirement well-being among employees in Sri Lanka. Using quantitative methods and a cross-sectional research design, data was gathered from 672 employees across various sectors. The findings indicate a partial mediation of financial behaviour on financial planning and self-control on retirement well-being and a significant relationship between the two variables on retirement well-being. Individuals who engage in effective financial planning are more likely to exhibit positive financial behaviour, leading to better retirement well-being. Results highlight the critical role that financial behaviour plays in determining retirement well-being, with efficient financial planning having a greater impact than self-control. Findings provide valuable insights for individuals, policymakers, and researchers, facilitating informed decision-making regarding retirement well-being. Further, it contributes to the literature by introducing financial planning as having a significant impact on retirement well-being through financial behaviour in the context of a developing country. |
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| ISSN: | 1800-363X 2579-2210 |