Procrastination and Personal Finances: Exploring the Roles of Planning and Financial Self-Efficacy

Gamst-Klaussen, Thor; Steel, Piers; Svartdal, Frode

doi:10.3389/fpsyg.2019.00775

Cited by 42 publications

(47 citation statements)

References 56 publications

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“…This result could stem from the fact that individuals who score very high on the FSE scale are inherently very capable of handling financial distress and can deal with financial anxiety without any external motivators. Research has also shown that high FSE has a very strong relationship with positive financial behavior (Farrell et al, 2016;Lim et al, 2014;Danes and Haberman, 2007;Asebedo et al, 2019;Gamst-Klaussen et al, 2019).…”

Section: Discussionmentioning

confidence: 99%

Gamification of financial applications and financial behavior of young investors

Pal

Indapurkar

Gupta

2021

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Purpose This study aims to investigate the moderating role of gamification on the relationship of financial attitude (FA), financial self-efficacy (FSE) and financial planning activity (FPA) of individuals on the financial behavior of individuals and also provides a conceptual background on financial management behavior (FMB), FA, FSE and FPA of individuals. Design/methodology/approach A preliminary study with the help of a structured questionnaire was conducted by administering the questionnaire to individuals who are exposed to financial apps on their smart phones or personal computers for various money-saving and investment activities. Help of various financial planners and financial consultants led to successful circulation of the questionnaire to respondents. The research model was tested through structural equation modeling using AMOS-21 software. Firstly, a measurement model was evaluated that comprised five latent constructs, i.e. gamifying features (GF), FA, FSE, FPA and FMB. Subsequently, the structural model consisting of the hypothesized relationships was evaluated. Findings The role of GF in financial apps and applications in moderating the influence of FA, FSE and FPA on FMB has not been thoroughly studied in the past literature, and the results of this study show that GF significantly moderate the influence of FA and FPA on the FMB of individuals. However, according to the results GF in financial apps do not have a significant moderating role on the influence of FSE on FMB of individuals. Originality/value The studies in the past have not investigated the role of gamification in the area of personal finance of individual investors, specifically their financial behavior in both developed and developing countries. This study addresses this gap by examining the role of gamification in moderating the relationship that exists between FA, FSE, FPA and financial behavior.

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Section: Discussionmentioning

confidence: 99%

Gamification of financial applications and financial behavior of young investors

Pal

Indapurkar

Gupta

2021

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“…Planning for financial wellness could also be negatively affected due the problem of information overload whereby individuals feel there is too much information, and this makes it more difficult to make retirement decisions. Some further concrete reasons why people don’t save enough for the future are that people don’t have enough money or income [ 22 ], have other goals, think they have more time, thought their job was a short gig so they don’t invest in a retirement plan, or don’t believe it is important and necessary [ 23 ] or even simple procrastination [ 24 ]. For millennials, key reasons include a focus on student debt, or employers don’t offer retirement plan, or a perception that they don’t have enough money and therefore consciously decide not to save [ 25 ].…”

Section: Review Of Literaturementioning

confidence: 99%

Behavior science led technology for financial wellness

Raveendran

Soren

Ramanathan

et al. 2021

CSIT

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Financial wellness is regarded as a significant constituent of the overall well-being of individuals. Financial wellbeing is defined as having financial security and freedom of choice, in the present and in the future. This has a direct correlation to overall wellbeing: including productivity experienced at work, quality of relationship, quality of health and hence quality of life. Financial wellness is also challenging as everyone desires to achieve a state of wellness while the pathways to its achievement are not straightforward and can be easily overwhelming to many. In the Indian context, recent reports point to the fact that financial wellness emerges as a top stressor for a majority of people which has also heightened due to the pandemic. A lack of financial wellness thus emerges as a major problem in the country. The prevalence of concerns on financial wellness in fact, is witnessed across the globe. An approach to ameliorating this is through the field of behavioral finance which has uncovered many behavioral biases and barriers which impact how financial decisions are taken. Examples include lack of awareness of financial needs or awareness of the right products, lack of self-control, confusion in making financial choices or being unable to save/invest at the right time. To address this, we present a holistic and hyper-personalized approach that combines technology and behavioral science to influence financial behavior. The solution aims at enhancing financial wellness of individuals using behavioral levers and nudges. This combines two aspects: (1) an engaging user interface at the front-end and (2) a customer insights/behavioral analytics and intervention recommendation system at the back end that suggests appropriate hyper-personalized actionable steps to the user. The solution helps users to visualize their financial needs, set financial goals and receive appropriate personalized nudges to help them in implementing financial plans as they go through various phases of career/life stages. We present our thoughts on how financial wellness can be extended to address financial inclusion in India.

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“…Outrossim, Zhu, Bagchi e Hock (2019) explicam a lógica do comportamento e sua relação com o custo do atraso das tarefas, apontando que quanto mais distante o prazo, menor a percepção do custo e maior a probabilidade de procrastinar. Além disso, como a produtividade é vislumbrada como um valor (Gamst-Klaussen, Steel, & Svartdal, 2019), os indivíduos tendem a buscar um conforto psicológico ao iniciar a realização de tarefas não por ordem de prioridade, mas de acordo com seu grau de complexidade. Assim, iniciam por aquelas que requerem menor esforço (Rusou, Amar, & Ayal, 2020).…”

Section: Procrastinaçãounclassified

Procrastinação, Controle E Esforço Percebido No Comportamento De Desperdício De Alimentos

2021

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RESUMO O desperdício de alimentos pode ser observado em toda a indústria alimentícia, refletindo em efeitos negativos nas esferas social, ambiental e econômica. Este estudo objetiva contribuir para a identificação dos fatores preditores desse comportamento, especificamente, relacionando a propensão a procrastinar e as variáveis controle de alimentos e esforço percebido como mediadoras do comportamento em relação ao desperdício de alimentos. Para tanto, foi realizada uma coleta por meio de survey on-line, com uma amostra final de 279 respondentes, e as hipóteses foram analisadas com a modelagem de equações estruturais (MEE). Como principais resultados, destaca-se que a procrastinação não se mostrou significativa para explicar o comportamento de desperdício de alimentos, e o controle desses produtos reduz a percepção de esforço. Além disso, elucida-se que um maior controle realizado de maneira intuitiva é contraproducente. Como uma das principais contribuições gerenciais deste estudo, ressalta-se a urgência por difusão de cartilhas e treinamentos com o objetivo de disseminar técnicas de controle de alimentos e acessibilidade às informações sobre o período de durabilidade dos produtos alimentícios.

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Procrastination and Personal Finances: Exploring the Roles of Planning and Financial Self-Efficacy

Cited by 42 publications

References 56 publications

Gamification of financial applications and financial behavior of young investors

Gamification of financial applications and financial behavior of young investors

Behavior science led technology for financial wellness

Procrastinação, Controle E Esforço Percebido No Comportamento De Desperdício De Alimentos

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