Determinants of Financial Well-Being: The Role of Financial Attitudes, Behaviors, and Trust

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Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi
Cilt: 13 Sayı: 3
Determinants of Financial Well-Being: The Role of Financial Attitudes, Behaviors, and Trust

Determinants of Financial Well-Being: The Role of Financial Attitudes, Behaviors, and Trust

Pages : 1687-1715

View : 21 | Download : 47

Publication Date : 2025-12-30

Article Type : Research Paper

Abstract :The aim of this study is to examine whether psychological factors such as attitudes, behaviours and trust have an impact or effects on financial well-being. To achieve this objective, a questionnaire designed through Google form was administered to 321 respondents between January 2025 and February 2025. Hypotheses were tested with partial least squares structural equation modelling (PLS-SEM). In the study, 9 hypotheses were tested and all hypotheses were supported. From the analyses, it is concluded that financial attitude, behaviour and trust have a significant effect on financial well-being. A one unit increase in financial behaviour leads to a 0.361 unit increase in financial well-being. Those who have the ability to manage their savings with their own knowledge and skills and those who feel competent in dealing with financial risks have higher levels of financial well-being. In the study, it was also concluded that those who make financial plans for the future and make efforts to obtain financial information have higher financial well-being than others. In addition, a person with a high internal locus of control is more willing to save and invest. Individuals think that the situations that will arise after the investment (profit or loss) are caused by individual decisions, not by factors such as luck and fate. According to the results of the analysis, financial confidence, financial attitude and financial behaviour variables mediate the relationship between internal locus of control and financial well-being. It is thought that the findings obtained from this study will provide benefits to researchers and individual investors.
Keywords : Structural equation modelling, mediation effect, internal locus of control, psychological factors, financial well-being

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