Purpose

This paper examines the effect of financial self-efficacy and financial behaviour on financial well-being and ascertains whether financial well-being affects an individual's level of happiness in life. The authors also show the mediating role of financial behaviour in the relationship between self-efficacy and financial well-being.

Design/methodology/approach

The survey method of research was adopted using questionnaires as the principal means of data collection. The hypotheses of the study were tested on a rich data set from a sample of 210 parliamentarians in Ghana using the structural equation modelling technique.

Findings

The results show that individuals with high level of financial self-efficacy practise responsible financial behaviour and find financial behaviour to be a good predictor of financial well-being. The authors also find financial behaviour to mediate between financial self-efficacy and financial well-being and conclude that well-being impacts positively on happiness.

Practical implications

Findings of this study demonstrate that the financial well-being of an individual has important implications on the quality of life and an important way of improving well-being is to promote responsible financial behaviour.

Originality/value

This study employs the subjective measure of financial well-being in its analysis and also examines an outcome of financial well-being.

中文翻译：

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财务福利的前因和后果：对加纳议员的调查

目的

本文考察了财务自我效能和财务行为对财务福利的影响，并确定财务福利是否会影响个人的生活幸福水平。作者还展示了财务行为在自我效能和财务福利之间的关系中的中介作用。

设计/方法/方法

研究采用调查方法，以问卷为主要数据收集手段。该研究的假设使用结构方程建模技术在来自加纳 210 名议员样本的丰富数据集上进行了测试。

发现

结果表明，具有高水平财务自我效能感的个人实践负责任的财务行为，并发现财务行为是财务状况的良好预测指标。作者还发现财务行为在财务自我效能感和财务幸福感之间起到中介作用，并得出结论认为幸福感对幸福有积极影响。

实际影响

这项研究的结果表明，个人的财务状况对生活质量具有重要影响，而改善福祉的重要途径是促进负责任的财务行为。

原创性/价值

本研究在分析中采用了财务福利的主观衡量标准，并检查了财务福利的结果。