Does self-control constitute a driver of millennials’ financial behaviors and attitudes?

Abstract Millennials are currently facing particular financial challenges that will condition the future financial well-being of the society as a whole, and the decision-making process happening in worse circumstances than those of preceding generations. However, few studies to date have deeply analyzed millennials’ financial behaviors, and particularly, how self-control operationalizes their financial choices. Using data from the 2017 Survey of Financial Competences of Spanish individuals, this paper analyzes how self-control influences different financial behaviors and attitudes and whether this effect differs between millennials and older generations. The results indicate that self-control does influence the individuals’ financial attitudes regardless of generation, whereas in the case of financial behaviors, only those millennials exhibiting the highest levels of self-control are affected by it when deciding on a saving account or a personal loan. These outcomes have numerous significant implications, in addition to providing recommendations to policy makers aimed at engaging millennials in healthier financial behaviors.