Prof. Satish Kumar, co-authored paper on ‘The direct and indirect effects of financial socialization and psychological characteristics on young professionals' personal financial management behaviour’ has been published in the International Journal of Bank Marketing (ABDC-A, ABS-2, IF= 5.083).
Prof. Kirti Goyal, Department of Business Administration, School of Business and Commerce, Manipal University Jaipur, Jaipur, India; Prof. Arvid Hoffmann, Adelaide Business School, The University of Adelaide, Adelaide, Australia, are Prof. Satish Kumar’s co-authors. This study focuses on how financial socialization and psychological characteristics affect the personal financial management behaviour (PFMB) of young professionals in India. In this study, the authors examine both the direct effect of these factors and the indirect effects through financial literacy and aforementioned psychological characteristics as mediators.
Attitude towards money, financial self-efficacy, financial risk tolerance, financial socialization through parental direct teaching and peers, and media are all positively associated with young professionals' PFMB, whereas external locus of control and procrastination are negatively associated with their PFMB. Almost all psychological characteristics partially mediate the association between financial socialization and PFMB. Finally, financial literacy plays a partially mediating role in the association between procrastination and PFMB as well as between financial socialization and PFMB, the study reveals.