313
Views
0
CrossRef citations to date
0
Altmetric
ORIGINAL RESEARCH

Regulatory Focus and Financial Satisfaction: The Sequential Mediating Roles of Construal Level and Opportunity Cost Consideration Among College Students

ORCID Icon, , &
Pages 2635-2645 | Received 13 Apr 2023, Accepted 27 Jun 2023, Published online: 12 Jul 2023

References

  • Hashmi F, Aftab H, Martins JM, et al. The role of self-esteem, optimism, deliberative thinking and self-control in shaping the financial behavior and financial well-being of young adults. PLoS One. 2021;16(9):e0256649. doi:10.1371/journal.pone.0256649
  • Iannello P, Sorgente A, Lanz M, Antonietti A. Financial well-being and its relationship with subjective and psychological well-being among emerging adults: testing the moderating effect of individual differences. J Happiness Stud. 2021;22(3):1385–1411. doi:10.1007/s10902-020-00277-x
  • Shim S, Serido J, Tang C, Card N. Socialization processes and pathways to healthy financial development for emerging young adults. J Appl Dev Psychol. 2015;38:29–38. doi:10.1016/j.appdev.2015.01.002
  • Huang W, Liao X, Li F, Yao P. Does enrolling in finance-related majors improve financial habits? A case study of China’s college students. Asia Pac Educ Rev. 2023;1–14. doi:10.1007/s12564-023-09856-y
  • Sorgente A, Lanz M. Emerging adults’ financial well-being: a scoping review. Adolesc Res Rev. 2017;2(4):255–292. doi:10.1007/s40894-016-0052-x
  • Ng W, Diener E. What matters to the rich and the poor? Subjective well-being, financial satisfaction, and postmaterialist needs across the world. J Pers Soc Psychol. 2014;107(2):326. doi:10.1037/a0036856
  • Hu J, Quan L, Wu Y, et al. Financial self-efficacy and general life satisfaction: the sequential mediating role of high standards tendency and investment satisfaction. Front Psychol. 2021;12:545508. doi:10.3389/fpsyg.2021.545508
  • Shim S, Xiao JJ, Barber BL, Lyons AC. Pathways to life success: a conceptual model of financial well-being for young adults. J Appl Dev Psychol. 2009;30(6):708–723. doi:10.1016/j.appdev.2009.02.003
  • Montalto CP, Phillips EL, McDaniel A, Baker AR. College student financial wellness: student loans and beyond. J Fam Econ Issues. 2019;40(1):3–21. doi:10.1007/s10834-018-9593-4
  • Damian LE, Negru-Subtirica O, Domocus IM, Friedlmeier M. Healthy financial behaviors and financial satisfaction in emerging adulthood: a parental socialization perspective. Emerg Adulthood. 2020;8(6):548–554. doi:10.1177/2167696819841952
  • Sabri MF, Wahab R, Mahdzan NS, Magli AS, Abd Rahim H. Mediating effect of financial behaviour on the relationship between perceived financial wellbeing and its factors among low-income young adults in Malaysia. Front Psychol. 2022;13. doi:10.3389/fpsyg.2022.858630
  • Utkarsh PA, Ashta A, Spiegelman E, Sutan A. Catch them young: impact of financial socialization, financial literacy and attitude towards money on financial well‐being of young adults. Int J Consum Stud. 2020;44(6):531–541. doi:10.1111/ijcs.12583
  • Higgins ET. Beyond pleasure and pain. Am Psychol. 1997;52(12):1280. doi:10.1037/0003-066X.52.12.1280
  • Higgins ET. Promotion and prevention: regulatory focus as a motivational principle. Adv Exp Soc Psychol. 1998;30:1–46.
  • Shah J, Higgins ET. Expectancy× value effects: regulatory focus as determinant of magnitude and direction. J Pers Soc Psychol. 1997;73(3):447. doi:10.1037/0022-3514.73.3.447
  • Zhao XR, Namasivayam K. The relationship of chronic regulatory focus to work–family conflict and job satisfaction. Int J Hosp Manag. 2012;31(2):458–467. doi:10.1016/j.ijhm.2011.07.004
  • Li R, Liu H, Yao M, Chen Y. Regulatory focus and subjective well-being: the mediating role of coping styles and the moderating role of gender. J Psychol. 2019;153(7):714–731. doi:10.1080/00223980.2019.1601066
  • Manczak EM, Zapata-Gietl C, McAdams DP. Regulatory focus in the life story: prevention and promotion as expressed in three layers of personality. J Pers Soc Psychol. 2014;106(1):169. doi:10.1037/a0034951
  • Wu CW, Chen WW. Mediating role of regulatory focus in the relation between filial piety and youths’ life satisfaction and psychological distress. Asian J Soc Psychol. 2021;24(4):499–510. doi:10.1111/ajsp.12447
  • An U, Park HG, Han DE, Kim Y-H. Emotional suppression and psychological well-being in marriage: the role of regulatory focus and spousal behavior. Int J Environ Res Public Health. 2022;19(2):973. doi:10.3390/ijerph19020973
  • Winterheld HA, Simpson JA. Seeking security or growth: a regulatory focus perspective on motivations in romantic relationships. J Pers Soc Psychol. 2011;101(5):935. doi:10.1037/a0025012
  • Gao Q, Bian R, R-d L, He Y, Oei T-P. Conflict resolution in Chinese adolescents’ friendship: links with regulatory focus and friendship satisfaction. J Psychol. 2017;151(3):268–281. doi:10.1080/00223980.2016.1270887
  • Hoyle RH. Personality and self‐regulation: trait and information‐processing perspectives. J Pers. 2006;74(6):1507–1526. doi:10.1111/j.1467-6494.2006.00418.x
  • Steinbach AL, Gamache DL, Johnson RE. Don’t get it misconstrued: executive construal-level shifts and flexibility in the upper echelons. Acad Manage Rev. 2019;44(4):871–895. doi:10.5465/amr.2017.0273
  • Kanfer R. Motivation theory and industrial and organizational psychology. In: Dunnette MD, Hough LM, editors. Handbook of Industrial and Organizational Psychology. Vol. 2. Consulting Psychologists Press; 1990:75–171.
  • Trope Y, Liberman N. Construal-level theory of psychological distance. Psychol Rev. 2010;117(2):440. doi:10.1037/a0018963
  • Pennington GL, Roese NJ. Regulatory focus and temporal distance. J Exp Soc Psychol. 2003;39(6):563–576. doi:10.1016/S0022-1031(03)00058-1
  • Wiebenga JH, Fennis BM. The road traveled, the road ahead, or simply on the road? When progress framing affects motivation in goal pursuit. J Consum Psychol. 2014;24(1):49–62. doi:10.1016/j.jcps.2013.06.002
  • Lee AY, Keller PA, Sternthal B. Value from regulatory construal fit: the persuasive impact of fit between consumer goals and message concreteness. J Consum Res. 2010;36(5):735–747. doi:10.1086/605591
  • Pandey A, Tripathi S. To go or to let it go: a regulatory focus perspective on bundle consumption. J Serv Res. 2022;10946705211067101. doi:10.1177/10946705211067101
  • Eyal T, Liberman N, Trope Y, Walther E. The pros and cons of temporally near and distant action. J Pers Soc Psychol. 2004;86(6):781. doi:10.1037/0022-3514.86.6.781
  • Hong J, Lee AY. Feeling mixed but not torn: the moderating role of construal level in mixed emotions appeals. J Consum Res. 2010;37(3):456–472. doi:10.1086/653492
  • Sun W, Zheng Z, Jiang Y, Tian L, Fang P. Does goal conflict necessarily undermine wellbeing? A moderated mediating effect of mixed emotion and construal level. Front Psychol. 2021;1921. doi:10.3389/fpsyg.2021.653512
  • Ülkümen G, Cheema A. Framing goals to influence personal savings: the role of specificity and construal level. J Mark Res. 2011;48(6):958–969. doi:10.1509/jmr.09.0516
  • Ali A, Rahman MSA, Bakar A. Financial satisfaction and the influence of financial literacy in Malaysia. Soc Indic Res. 2015;120(1):137–156. doi:10.1007/s11205-014-0583-0
  • Lee JM, Lee J, Kim KT. Consumer financial well-being: knowledge is not enough. J Fam Econ Issues. 2020;41(2):218–228. doi:10.1007/s10834-019-09649-9
  • O’Neill B, Xiao JJ, Ensle K. Propensity to plan: a key to health and wealth. J Financ Couns Plan. 2016;29(3):42–50. doi:10.1037/a0036856
  • Xiao JJ, O’Neill B. Propensity to plan, financial capability, and financial satisfaction. Int J Consum Stud. 2018;42(5):501–512. doi:10.1111/ijcs.12461
  • Haghpour B, Sahabeh E, Halvari H. Opportunity cost in consumer behavior: definitions, operationalizations, and ambiguities. Int J Consum Stud. 2022;46(5):1942–1959. doi:10.1111/ijcs.12842
  • Buchanan J. Opportunity cost. In: Durlauf SN, Blume LE, editors. The New Palgrave Dictionary of Economics. 2nd ed. Palgram Macmillan; 2008.
  • Leder S, Florack A, Keller J. Self-regulation and protective health behaviour: how regulatory focus and anticipated regret are related to vaccination decisions. Psychol Health. 2015;30(2):165–188. doi:10.1080/08870446.2014.954574
  • Pierro A, Leder S, Mannetti L, Higgins ET, Kruglanski AW, Aiello A. Regulatory mode effects on counterfactual thinking and regret. J Exp Soc Psychol. 2008;44(2):321–329. doi:10.1016/j.jesp.2007.06.002
  • Lim J, Hahn M. Regulatory focus and decision rules: are prevention-focused consumers regret minimizers? J Bus Res. 2020;120:343–350. doi:10.1016/j.jbusres.2019.11.066
  • Gabillon E. When choosing is painful: anticipated regret and psychological opportunity cost. J Econ Behav Organ. 2020;178:644–659. doi:10.1016/j.jebo.2020.08.010
  • Hoskin RE. Opportunity cost and behavior. J Account Res. 1983;21(1):78–95. doi:10.2307/2490937
  • Golman R, Hagmann D, Loewenstein G. Information avoidance. J Econ Lit. 2017;55(1):96–135. doi:10.1257/jel.20151245
  • Hershfield HE, Goldstein DG, Sharpe WF, et al. Increasing saving behavior through age-progressed renderings of the future self. J Mark Res. 2011;48(SPL):S23–S37. doi:10.1509/jmkr.48.SPL.S23
  • Nenkov GY, Inman JJ, Hulland J. Considering the future: the conceptualization and measurement of elaboration on potential outcomes. J Consum Res. 2008;35(1):126–141. doi:10.1086/525504
  • Bartels DM, Urminsky O. To know and to care: how awareness and valuation of the future jointly shape consumer spending. J Consum Res. 2015;41(6):1469–1485. doi:10.1086/680670
  • Mead NL, Williams LE. The pursuit of meaning and the preference for less expensive options. J Consum Res. 2022. doi:10.1093/jcr/ucac019
  • Faul F, Erdfelder E, Buchner A, Lang A-G. Statistical power analyses using G* Power 3.1: tests for correlation and regression analyses. Behav Res Methods. 2009;41(4):1149–1160. doi:10.3758/BRM.41.4.1149
  • Semin GR, Higgins T, De Montes LG, Estourget Y, Valencia JF. Linguistic signatures of regulatory focus: how abstraction fits promotion more than prevention. J Pers Soc Psychol. 2005;89(1):36. doi:10.1037/0022-3514.89.1.36
  • Yang W, Li Q, Guo M, Fan Q, He Y. The effects of power on human behavior: the perspective of regulatory focus. Acta Psychol Sin. 2017;49(3):404. doi:10.3724/SP.J.1041.2017.00404
  • Pham MT, Avnet T. Contingent reliance on the affect heuristic as a function of regulatory focus. Organ Behav Hum Decis Process. 2009;108(2):267–278. doi:10.1016/j.obhdp.2008.10.001
  • Förster J, Higgins ET, Werth L. How threat from stereotype disconfirmation triggers self-defense. Soc Cogn. 2004;22(1: Special issue):54–74. doi:10.1521/soco.22.1.54.30982
  • Vallacher RR, Wegner DM. Levels of personal agency: individual variation in action identification. J Pers Soc Psychol. 1989;57(4):660. doi:10.1037/0022-3514.57.4.660
  • Xu J, Jiang Z, Dhar R. Mental representation and perceived similarity: how abstract mindset aids choice from large assortments. J Mark Res. 2013;50(4):548–559. doi:10.1509/jmr.10.0390
  • Spiller SA. Opportunity cost consideration. J Consum Res. 2011;38(4):595–610. doi:10.1086/660045
  • Sharma E, Alter AL. Financial deprivation prompts consumers to seek scarce goods. J Consum Res. 2012;39(3):545–560. doi:10.1086/664038
  • Podsakoff PM, Organ DW. Self-reports in organizational research: problems and prospects. J Manage. 1986;12(4):531–544. doi:10.1177/014920638601200
  • Hayes AF. Introduction to Mediation, Moderation, and Conditional Process Analysis: A Regression-Based Approach. Guilford Publications; 2017.
  • Wen Z, Ye B. Analyses of mediating effects: the development of methods and models. Adv Psychol Sci. 2014;22(5):731. doi:10.3724/SP.J.1042.2014.00731
  • Parkin M. Opportunity cost: a reexamination. J Econ Educ. 2016;47(1):12–22. doi:10.1080/00220485.2015.1106361
  • Fernbach PM, Kan C, Lynch JG Jr. Squeezed: coping with constraint through efficiency and prioritization. J Consum Res. 2015;41(5):1204–1227. doi:10.1086/679118
  • Frederick S, Novemsky N, Wang J, Dhar R, Nowlis S. Opportunity cost neglect. J Consum Res. 2009;36(4):553–561. doi:10.1086/599764
  • Lynch JG Jr, Netemeyer RG, Spiller SA, Zammit A. A generalizable scale of propensity to plan: the long and the short of planning for time and for money. J Consum Res. 2010;37(1):108–128. doi:10.1086/649907
  • Venus M, Johnson RE, Zhang S, Wang X-H, Lanaj K. Seeing the big picture: a within-person examination of leader construal level and vision communication. J Manage. 2019;45(7):2666–2684. doi:10.1177/0149206318761576