Abstract
Important strides have been made toward understanding the relationship between self-efficacy and life satisfaction. However, existing studies have largely focused on work and academic domains, leaving self-efficacy in the finance domain less frequently investigated. The present study applied the self-efficacy construct to the finance domain, namely “financial self-efficacy” (FSE), and tested the sequential mediating roles of high standards tendency and investment satisfaction in the relationship between FSE and general life satisfaction. A total of 323 employees from finance-related businesses completed anonymous questionnaires regarding FSE, high standards tendency, investment satisfaction, and general life satisfaction. Results indicated that FSE influenced general life satisfaction through investment satisfaction, and sequentially through high standards tendency and investment satisfaction. These results provide contributions to the current literature on life satisfaction, and positive psychology literature by shedding light on the roles of high standards tendency and investment satisfaction in the relation between FSE and general life satisfaction.
Highlights
With recent developments in positive psychology, life satisfaction has become a frequently studied topic (Diener, 2000; Peterson et al, 2005; Ginevra et al, 2018; Russo-Netzer et al, 2019)
financial self-efficacy” (FSE) and high standards tendency was positively associated with investment satisfaction
The present study aimed to investigate the influence of FSE on general life satisfaction
Summary
With recent developments in positive psychology, life satisfaction has become a frequently studied topic (Diener, 2000; Peterson et al, 2005; Ginevra et al, 2018; Russo-Netzer et al, 2019). To the best of our knowledge, no studies have yet tested the mediating relationships between these variables in the finance domain Another potential mechanism underlying the association between FSE and life satisfaction is high standards tendency. Hypothesis 4: FSE would sequentially increase high standards tendency and investment satisfaction, which in turn would contribute to general life satisfaction. In a study by Giacopelli et al (2013), high standards tendency was found to significantly predict increased job satisfaction, suggesting a positive association between high standards tendency and domain-specific satisfaction.
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