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<p>This study examines the relationships among financial self-efficacy, financial goal setting, and financial well-being among salaried employees in Indian higher-education institutions. Drawing on social cognitive theory and self-regulation frameworks, it conceptualises financial goal setting as a distinct self-regulatory mechanism linking confidence in managing finances with financial well-being, rather than treating financial behaviour as a broad omnibus construct. The framework also allows for a direct association between self-efficacy and well-being. Survey data from 312 higher-education employees in India were analysed using partial least squares structural equation modelling (PLS-SEM). Financial self-efficacy was positively associated with financial goal setting (<i>β</i> = 0.609, <i>p</i> &lt; .001), and financial goal setting was positively associated with financial well-being (<i>β</i> = 0.401, <i>p</i> &lt; .001). Financial self-efficacy also retained a significant direct association with financial well-being (<i>β</i> = 0.372, <i>p</i> &lt; .001). The indirect association between financial self-efficacy and financial well-being via goal setting was significant (<i>β</i> = 0.245, <i>p</i> &lt; .001), consistent with a pattern of partial mediation. The model explained 37% of the variance in financial goal setting and 48% of the variance in financial well-being. These findings indicate a theoretically consistent pattern in which financial self-efficacy, financial goal setting, and financial well-being are systematically associated within an emerging-economy workplace context. By isolating goal-setting processes within the broader self-regulatory sequence, the study provides a more precise account of how motivational beliefs correspond with perceived financial well-being. However, given the cross-sectional design, the findings should be interpreted as associational rather than causal. The results carry implications for organisations and policymakers seeking to support financial well-being through interventions that strengthen financial self-efficacy and encourage structured goal-setting practices, while recognising the need for further longitudinal validation.</p>

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Unpacking the self-regulatory processes associated with financial self-efficacy and financial well-being: evidence from an emerging-economy workplace setting

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  • 发表日期：

    2026年4月2日

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  • Deepika Khurana,
  • Kavita Sharma

摘要

This study examines the relationships among financial self-efficacy, financial goal setting, and financial well-being among salaried employees in Indian higher-education institutions. Drawing on social cognitive theory and self-regulation frameworks, it conceptualises financial goal setting as a distinct self-regulatory mechanism linking confidence in managing finances with financial well-being, rather than treating financial behaviour as a broad omnibus construct. The framework also allows for a direct association between self-efficacy and well-being. Survey data from 312 higher-education employees in India were analysed using partial least squares structural equation modelling (PLS-SEM). Financial self-efficacy was positively associated with financial goal setting (β = 0.609, p < .001), and financial goal setting was positively associated with financial well-being (β = 0.401, p < .001). Financial self-efficacy also retained a significant direct association with financial well-being (β = 0.372, p < .001). The indirect association between financial self-efficacy and financial well-being via goal setting was significant (β = 0.245, p < .001), consistent with a pattern of partial mediation. The model explained 37% of the variance in financial goal setting and 48% of the variance in financial well-being. These findings indicate a theoretically consistent pattern in which financial self-efficacy, financial goal setting, and financial well-being are systematically associated within an emerging-economy workplace context. By isolating goal-setting processes within the broader self-regulatory sequence, the study provides a more precise account of how motivational beliefs correspond with perceived financial well-being. However, given the cross-sectional design, the findings should be interpreted as associational rather than causal. The results carry implications for organisations and policymakers seeking to support financial well-being through interventions that strengthen financial self-efficacy and encourage structured goal-setting practices, while recognising the need for further longitudinal validation.