Do Self-Control and Financial Literacy Explain the Financial Behaviour? The Spanish Case

Posted: 13 Jan 2020

See all articles by Laura Oliva

Laura Oliva

Doctoral student

David Toscano

University of Liverpool; University of Huelva

Date Written: December 22, 2019


The aim of the present work is to analyze the effect that self-control and financial literacy has on the individual's financial behaviour, focusing specifically on the Spanish case. In order to do so, the survey of 8,554 people conducted by the Bank of Spain has been used and factors have been constructed for each of these variables based on the previous literature. These factors have been conditioned by socio-demographic and socio-economic characteristics, and they have been analysed by means of grouped regression methodology. The results show that: (i) there is a positive relationship between healthy financial behaviour, self-control and the financial culture of an individual, (ii) in addition, those individuals who have greater self-control have a greater risk propensity, (iii) being their feeling of financial security also superior. Finally, (iv) we have found a significant positive relationship between self-control and financial literacy, regarding the propensity to save both liquid and real estate and financial assets.

Keywords: Self-control; Financial Literacy; Financial Behaviour; Saving

JEL Classification: D03, D12, D14 G02

Suggested Citation

Oliva, Laura and Toscano, David, Do Self-Control and Financial Literacy Explain the Financial Behaviour? The Spanish Case (December 22, 2019). Available at SSRN:

Laura Oliva

Doctoral student ( email )


David Toscano (Contact Author)

University of Liverpool ( email )

Chatham Street
Liverpool, L69 7ZA
United Kingdom

University of Huelva ( email )


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