Laureane du Plessis, Yolanda Jordaan, Liezl-Marié van der Westhuizen
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Psychological needs and financial well-being: the role of consumer spending self-control
Financial service providers continually strive to develop innovative financial products and services that address customer needs and aim to improve customers’ financial well-being. Previous studies discovered that psychological need satisfaction is positively associated with psychological well-being and growth, while psychological need frustration is associated with problematic behaviour and ill-being. However, uncertainty still exists as to whether psychological needs are associated with financial well-being. Furthermore, whereas psychological need satisfaction is associated with positive day-to-day behaviours such as exhibiting self-control, psychological need frustration has been associated with irresponsible spending. Spending can be a psychological coping mechanism, and as such, the regulation of spending behaviour may aid financial well-being. Therefore, the main purpose of this article is to explore the relationship between psychological needs and financial well-being, and to assess whether consumer spending self-control can act as a regulating mechanism in this relationship. Data were collected by means of a self-administered questionnaire distributed via an online paid-for consumer panel to credit-active South African consumers. The results revealed that CSSC had a mediating effect on the relationships between psychological needs and financial well-being. This highlights the importance of developing and promoting consumer spending self-control as a strategy for financial well-being.
期刊介绍:
Under the guidance of its expert Editors and an eminent international Editorial Board, Journal of Financial Services Marketing has become one of the world''s leading forums for the latest thinking, techniques and developments in marketing financial services. The Journal has established itself as a key bridge between applied academic research and commercial best practice, globally.
The journal covers:
marketing banking services, pension plans, insurance, saving schemes, investment finance, personal finance, mortgages and credit and debit cards
loyalty plans
brand management
cross-selling products and services
customer relationship management
online services
customer profiling
targeting
product positioning
pricing
distribution management
consumer finance
pooled investment funds
The Journal of Financial Services Marketing publishes detailed and authoritative:
Case studies from marketers worldwide, detailing their practical experiences, the problems faced and the lessons learned
Research with IMPLICATIONS FOR PRACTICE from leading business schools, research institutes and universities, worldwide
Reviews and briefings by expert practitioners and academics sharing thought-provoking and challenging ideas
Legal reviews examining in detail the major changes in legislation
Book reviews providing a ''thumbnail'' of best practice in marketing within the financial services field
...to keep subscribers up-to-date with the latest developments and thinking in bank and financial services marketing.