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Financial Planning and Self-control on Retirement Well- being through Financial Behaviour: Evidence from a Developing Country

Year: 2024

Type: article

Abstract: 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.

Source: Colombo Business Journal International Journal of Theory and Practice

DOI: 10.4038/cbj.v15i2.176

Authors: P. A. N. S. Anuradha, T. T. Udayangani, G. S. Jayarathna

Institutions: University of Sri Jayewardenepura, University of Colombo, Open University of Sri Lanka

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: diamond

OpenAlex ID: W4405909795