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Financial Management Competency, Financial Resources, Locus of Control, and Financial Wellness

Financial Management Competency, Financial Resources, Locus of Control, and Financial Wellness <p>Guided by a proactive coping theory, this online, cross-sectional study examined whether income, savings, debt service-to-income ratio, reluctance to think about finances, locus of control, and financial management competency were related to financial wellness. Based on data from a United States sample (<italic>N</italic> = 1,039), results of hierarchical regressions indicated that financial management competency, internal locus of control, and savings were positively associated with financial wellness, explaining 43.5% of the variance. Results suggest that, rather than resources themselves, resource allocation and perceived usefulness of financial actions are most critical to financial wellness. Educators and practitioners can emphasize proactive coping through behavioral approaches to financial management that foster greater internal locus of control and financial wellness.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Financial Management Competency, Financial Resources, Locus of Control, and Financial Wellness

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.27.2.142
Publisher site
See Article on Publisher Site

Abstract

<p>Guided by a proactive coping theory, this online, cross-sectional study examined whether income, savings, debt service-to-income ratio, reluctance to think about finances, locus of control, and financial management competency were related to financial wellness. Based on data from a United States sample (<italic>N</italic> = 1,039), results of hierarchical regressions indicated that financial management competency, internal locus of control, and savings were positively associated with financial wellness, explaining 43.5% of the variance. Results suggest that, rather than resources themselves, resource allocation and perceived usefulness of financial actions are most critical to financial wellness. Educators and practitioners can emphasize proactive coping through behavioral approaches to financial management that foster greater internal locus of control and financial wellness.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2016

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