Financial Behavior and Financial Well-Being of College Student: Effect of Self-Control, Optimism, and Deliberative Thinking

Feronica Via Christiany, Sudarto Sudarto, Sulistyandari Sulistyandari


For the first time in their lives, most young adults are managing their finances on their own. In
today's society, the ability to manage personal finances has become increasingly vital. Thus,
personal finance study and how individuals make financial decisions are fascinating topics to
investigate. This research aims to know the influence of self-control, optimism, and deliberative
thinking on financial behavior and its impact on the financial well-being of college students.
The research methodology used in this study is a case study with a survey research method.
Judgment sampling techniques derived from non-probability sampling techniques are used for
sample selection. The sample of this research is 337 respondents, and we use the OLS regression as
the model estimation.
This study indicates that self-control and deliberative thinking significantly influence financial
behavior, but optimism does not affect financial behavior. Then, self-control significantly affects
financial well-being. Surprisingly, financial behavior does not affect the financial well-being of the
college student, and other variables such as optimism and deliberative thinking also do not affect
financial well-being. This result could give evidence about the factors affecting financial behavior
and financial well-being; thus, it could give the college student and financial institutions
implications for increasing personal financial ability as a whole.
Key Words: Financial behavior; Financial well-being; College student; Personal finance.

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