Does self-control constitute a driver of millennials’ financial behaviors and attitudes?

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Except where otherwise noted, this item's license is described as Atribución-NoComercial-SinDerivadas 3.0 España
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Does self-control constitute a driver of millennials’ financial behaviors and attitudes?Date
2021-08Citation
Rey-Ares et al., 2021 L. Rey-Ares, S. Fernández-López, S. Castro-González, D. Rodeiro-Pazos Does self-control constitute a driver of millennials' financial behaviors and attitudes? Journal of Behavioral and Experimental Economics, 93 (2021), Article 101702
Abstract
[Abstract] Millennials are currently facing particular financial challenges that will condition the future financial well-being of the society as a whole, and the decision-making process happening in worse circumstances than those of preceding generations. However, few studies to date have deeply analyzed millennials’ financial behaviors, and particularly, how self-control operationalizes their financial choices. Using data from the 2017 Survey of Financial Competences of Spanish individuals, this paper analyzes how self-control influences different financial behaviors and attitudes and whether this effect differs between millennials and older generations. The results indicate that self-control does influence the individuals’ financial attitudes regardless of generation, whereas in the case of financial behaviors, only those millennials exhibiting the highest levels of self-control are affected by it when deciding on a saving account or a personal loan. These outcomes have numerous significant implications, in addition to providing recommendations to policy makers aimed at engaging millennials in healthier financial behaviors.
Keywords
Self-control
Financial behavior
Financial attitudes
Financial literacy
Millenial generation
Autocontrol
Comportamiento financiero
Actitudes financieras
Alfabetización financiera
Generación milenial
Financial behavior
Financial attitudes
Financial literacy
Millenial generation
Autocontrol
Comportamiento financiero
Actitudes financieras
Alfabetización financiera
Generación milenial
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Atribución-NoComercial-SinDerivadas 3.0 España