Background: The study is based on Theory of Planned Behaviour (TPB) and used psychological factors, including financial attitude (FA), locus of control (LOC) and financial self-efficacy (FSE) and their implications to the personal financial management behaviour (PFMB). A fast-emerging nation like India does not have the in-depth research on such psychological factors influencing financial behaviour particularly among teachers in school, as they are the key actors who develop future generations. Methodology: The sample size of 514 high school teachers who are teaching in public sector schools in Kerala, India. The data collected during August 2023-March 2024 has used for analysis and the hypotheses related to the study were measured using Structural Equation Modelling (SEM). Results: The results showed that there was a considerable immediate effect of FA on PFMB. The mediating effect of FSE on PFMB was stronger as compared to the impact of LOC. These factors also act as serial mediators which proves that there is a relation between FA, FSE, LOC and PFMB. Conclusion: The research highlights that the psychological mechanism that creates belief in teachers to handle their money effectively. Further, the study points out how it implied to policyholders, government and teacher training institutes to focus on these factors to enhance the financial behaviour of the teachers.
Parthasarathy et al. (Wed,) studied this question.