Abstract:

Financial well-being reflects not only individuals’ objective economic circumstances but also their psychological beliefs and perceptions of their ability to manage financial challenges. Understanding how these factors relate to saving behavior and subjective financial assessments may provide further insights into individual financial decision-making. This study examines the relationships between financial locus of control, financial self-efficacy, saving motives, saving behavior, and subjective assessments of financial circumstances. The study draws on survey data collected in January 2026 from 172 students enrolled in economics-related degree programmes. Linear regression analyses were conducted to test four hypotheses. The results indicate that internal financial locus of control and financial self-efficacy are positively associated with saving behavior. Financial self-efficacy is also positively associated with more favorable subjective assessments of one’s financial situation. Furthermore, a more proactive orientation toward saving motives is positively associated with saving behavior. These findings highlight the relevance of psychological beliefs and saving motives for understanding financial behavior and subjective financial evaluations among young adults. The study contributes to research on financial well-being by examining these factors within a common analytical framework.