Mediating effect of Financial Self-Control in the relationship between Financial Behavior and Financial Wellbeing: Evidence from Osun State, Nigeria

Ademola Samuel Sajuyigbe


This study examines the mediating effect of financial self-control in the relationship between financial behavior and financial well-being. Current research conceptualizes financial behavior in terms of credit discipline, savings and investment, and financial awareness. The data from this study came from a survey of 550 employees who have worked with the Osun government for at least 10 years. The structural equation model (SEM) using STATA version 15 was used to analyze the data. This study establishes a positive and significant relationship between financial behavioral parameters and financial self-control and financial wellbeing.  It also showed that financial self-control is a powerful predictor of financial well-being.  Given this, civil servants must be rational in their financial behavior in order to provide post-retirement financial stability and long-term financial well-being.  In addition, the results of the survey provide relevant data for governments and educators to hold seminars and workshops on the importance of financial behavior and self-regulation. This greatly contributes to ensuring that civil servants are financially safe after retirement and well cared for in the long run.


Financial behavior, Financial well-being, Investment, Savings, Self-control

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