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This paper investigates whether false confidence, as characterized by a high level of personal mastery and a low level of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various behavioral, socio-economic and demographic variables drawn from prior literature. Findings of this research reveal that false confidence is indeed a predictor of trading activity in individual investment assets, and it also has a negative impact on individual wealth creation across time.

Global consumers are experiencing the adverse effects of over-indebtedness, which impacts their well-being. This study article emphasises the significant repercussions experienced by consumers regarding their welfare due to over-indebtedness. A qualitative research approach was employed to identify a deliberate sample of five registered debt counsellors and financial planners. Semi-structured interviews were employed, and theme qualitative analysis was performed. The results indicate that excessive debt adversely affects consumer well-being and quality of life. Inadequate financial well-being was recognised as the primary catalyst that exacerbated other issues for over-indebted consumers, including deteriorated physical and mental health. Moreover, stress and stigmatisation have been identified as detrimental consequences stemming from financial hardships. This article demonstrates that financial debt is correlated with and adversely affects consumer physical and mental well-being, highlighting the necessity for immediate solutions, including enhanced financial education and more robust laws.   

The research focus was on the link between Personal Financial Management (PFM) and employees' productivity in Botswana’s public sector because this particular aspect remains largely unattended despite being an important gap within African public sector management studies. The research was conducted at the Department of Social Protection and entailed applying a quantitative research paradigm with structured research interviews (n=73). Analysis shows that there was statistical significance with PFM only marginally expanding employees' productivity at 19.3% variance significance level. It was established that marital status and age were not significant factors or interests influencing PFM while education was established as an important predictor variable using multiple regression analysis. It was established that poor PFM practice translates to employees' stress caused by financial problems manifesting at workplaces indicated by employees' lack of focus and related absenteeism. The study proposes specific programs for employees' financial well-being at workplaces.

The study examined financial retirement planning of government employees in Tanzania: Moderating effect of financial decision behavior. The study applied a cross-sectional survey strategy, positivist paradigm and deductive approach. The study collected quantitative data through questionnaire from government employees working in different ministries within Dodoma region in Tanzania. The study examined whether the moderator moderates the relationship between independent variables (computation capability, financial knowledge, financial education and risk attitude towards financial products) and dependent variable (retirement planning). Data analysis was through Smart PLS-SEM path modelling. The study findings were that financial decision behavior had statistically significant positive moderating effect (p=0.013) on retirement planning. Moderating effect of financial decision behavior on the relationship between risk altitude towards financial products and retirement planning found to be a theoretical contribution of this study as it supports behavioral finance advocates who asserts that the theory of expected utility is an incomplete model since it lacks individual behavioral aspects. This study has incorporating a moderating variable financial decision behavior borrowed from the theory of planned behavior, which has indicated a significant moderating effect that has widened the explanatory power of the theory. This study offers pertinent insights for policy makers concerns on reviewing policy guidelines by government regulators and professional bodies, to advocate for employee’s savings and investment behavior, employees access to a range of financial products, regular training on financial products available in the financial market for better investment decision. Lastly, practitioners and academia can use the results of this study for future references.

This study provides an empirical assessment of financial prudence among South African individuals, focusing on savings and investment behaviour. Prior research highlights a positive correlation between national savings rates and economic growth, with countries exhibiting high saving rates often experiencing stronger economic prosperity. However, as of 2023, South Africa's gross saving rate remains around 17%, ranking the lowest among BRICS nations. In contrast, countries like China and India boast saving rates above 40% and 30% respectively, underscoring South Africa's persistent challenge in fostering a robust savings culture. Despite various initiatives aimed at increasing the national savings rate, these efforts have yet to yield significant improvements. This research explores whether financial prudence characterised by conservative spending and careful planning in the face of future income uncertainty—could contribute to higher personal savings rates. To investigate this, an experimental design was employed where participants were presented with a hypothetical lottery payout scenario to gauge their prudence and its effect on saving behaviour. Analysis of the data indicated that while individuals generally displayed a lack of prudence, prudence itself has a notable influence on savings. Based on these findings, the study recommends that financial products and services in South Africa be designed to be affordable, accessible, and suited to the needs of the population. Additionally, it advocates for government investment in small businesses, job creation, and efforts to attract foreign investment to support a more robust savings culture.

Global consumers are experiencing the adverse effects of over-indebtedness, which impacts their well-being. This study article emphasises the significant repercussions experienced by consumers regarding their welfare due to over-indebtedness. A qualitative research approach was employed to identify a deliberate sample of five registered debt counsellors and financial planners. Semi-structured interviews were employed, and theme qualitative analysis was performed. The results indicate that excessive debt adversely affects consumer well-being and quality of life. Inadequate financial well-being was recognised as the primary catalyst that exacerbated other issues for over-indebted consumers, including deteriorated physical and mental health. Moreover, stress and stigmatisation have been identified as detrimental consequences stemming from financial hardships. This article demonstrates that financial debt is correlated with and adversely affects consumer physical and mental well-being, highlighting the necessity for immediate solutions, including enhanced financial education and more robust laws.   

This study examines how first-generation immigrants in the United States plan for retirement, report income, and engage with the Social Security system. The analysis combines an original anonymous survey of 120 first-generation immigrants with descriptive, correlational, and illustrative aggregate evidence constructed from Social Security Administration, Census Bureau, and related institutional data for 2013–2023. The survey results show three consistent patterns. First, retirement knowledge is limited: most respondents do not understand how Social Security benefits are calculated, yet a large majority would attend retirement-planning workshops. Second, financial behavior is shaped by legal status and labor-market formality. Tax filing rates are high overall, but underreporting incentives are stronger among respondents paid in cash and among groups facing legal or administrative uncertainty. Third, family obligations materially affect long-term planning. Many respondents prioritize supporting relatives over retirement savings, and women report lower earnings despite comparable English proficiency and, in this sample, higher educational attainment. Over 2013–2023, Social Security program income and program cost rose alongside the immigrant population, but this aggregate exercise is illustrative only, is not causal, and cannot identify immigrants’ net fiscal impact on the system. The paper’s main contribution is therefore behavioral: it shows how limited knowledge, payment formality, and family obligations shape retirement planning within a non-representative regional sample of first-generation immigrants.

The research focus was on the link between Personal Financial Management (PFM) and employees' productivity in Botswana’s public sector because this particular aspect remains largely unattended despite being an important gap within African public sector management studies. The research was conducted at the Department of Social Protection and entailed applying a quantitative research paradigm with structured research interviews (n=73). Analysis shows that there was statistical significance with PFM only marginally expanding employees' productivity at 19.3% variance significance level. It was established that marital status and age were not significant factors or interests influencing PFM while education was established as an important predictor variable using multiple regression analysis. It was established that poor PFM practice translates to employees' stress caused by financial problems manifesting at workplaces indicated by employees' lack of focus and related absenteeism. The study proposes specific programs for employees' financial well-being at workplaces.

The study examined financial retirement planning of government employees in Tanzania: Moderating effect of financial decision behavior. The study applied a cross-sectional survey strategy, positivist paradigm and deductive approach. The study collected quantitative data through questionnaire from government employees working in different ministries within Dodoma region in Tanzania. The study examined whether the moderator moderates the relationship between independent variables (computation capability, financial knowledge, financial education and risk attitude towards financial products) and dependent variable (retirement planning). Data analysis was through Smart PLS-SEM path modelling. The study findings were that financial decision behavior had statistically significant positive moderating effect (p=0.013) on retirement planning. Moderating effect of financial decision behavior on the relationship between risk altitude towards financial products and retirement planning found to be a theoretical contribution of this study as it supports behavioral finance advocates who asserts that the theory of expected utility is an incomplete model since it lacks individual behavioral aspects. This study has incorporating a moderating variable financial decision behavior borrowed from the theory of planned behavior, which has indicated a significant moderating effect that has widened the explanatory power of the theory. This study offers pertinent insights for policy makers concerns on reviewing policy guidelines by government regulators and professional bodies, to advocate for employee’s savings and investment behavior, employees access to a range of financial products, regular training on financial products available in the financial market for better investment decision. Lastly, practitioners and academia can use the results of this study for future references.

This study provides an empirical assessment of financial prudence among South African individuals, focusing on savings and investment behaviour. Prior research highlights a positive correlation between national savings rates and economic growth, with countries exhibiting high saving rates often experiencing stronger economic prosperity. However, as of 2023, South Africa's gross saving rate remains around 17%, ranking the lowest among BRICS nations. In contrast, countries like China and India boast saving rates above 40% and 30% respectively, underscoring South Africa's persistent challenge in fostering a robust savings culture. Despite various initiatives aimed at increasing the national savings rate, these efforts have yet to yield significant improvements. This research explores whether financial prudence characterised by conservative spending and careful planning in the face of future income uncertainty—could contribute to higher personal savings rates. To investigate this, an experimental design was employed where participants were presented with a hypothetical lottery payout scenario to gauge their prudence and its effect on saving behaviour. Analysis of the data indicated that while individuals generally displayed a lack of prudence, prudence itself has a notable influence on savings. Based on these findings, the study recommends that financial products and services in South Africa be designed to be affordable, accessible, and suited to the needs of the population. Additionally, it advocates for government investment in small businesses, job creation, and efforts to attract foreign investment to support a more robust savings culture.