Financial Planning and Self-control on Retirement Well-being through Financial Behaviour: Evidence from a Developing Country
A. N. S. Anuradha 
T. Udayangani
S. Jayarathna
Abstract
This study explores how financial behaviour mediates the relationship between financial planning, self-control and retirement well-being among employees in Sri Lanka. Using quantitative methods and a cross-sectional research design, data was gathered from 672 employees across various sectors. The findings indicate a partial mediation of financial behaviour on financial planning and self-control on retirement well-being and a significant relationship between the two variables on retirement well-being. Individuals who engage in effective financial planning are more likely to exhibit positive financial behaviour, leading to better retirement well-being. Results highlight the critical role that financial behaviour plays in determining retirement well-being, with efficient financial planning having a greater impact than self-control. Findings provide valuable insights for individuals, policymakers, and researchers, facilitating informed decision-making regarding retirement well-being. Further, it contributes to the literature by introducing financial planning as having a significant impact on retirement well-being through financial behaviour in the context of a developing country.
Keywords: Financial Planning, Self-control, Financial Behaviour, Retirement Well-being, Sri Lanka
Volume 15, Issue 2
December 31, 2024
Pages: 28-53
DOI: https://doi.org/10.4038/cbj.v15i2.176
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Suggested citation:
Anuradha, P. A. N. S., Udayangani, T. T. & Jayarathna, G. S. (2024). Financial planning and self-control on retirement well-being through financial behaviour: Evidence from a developing country. Colombo Business Journal, 15(2), 28-53. https://doi.org/10.4038/cbj.v15i2.176
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P. A. N. S. Anuradha
Department of Finance, University of Sri Jayewardenepura, Sri Lanka
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T. T. Udayangani
Open University of Sri Lanka, Sri Lanka
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G. S. Jayarathna
Faculty of Management, Horizon Campus, Sri Lanka
