The financial sphere today is riddled with complexities. As a result, it becomes imperative to understand the key predictors of financial behaviour. It is a generally accepted opinion that the reason for unsustainable financial behaviour is largely due to unsound financial planning. However, the drawback of this viewpoint is that it disregards the psychological factors connected with financial behaviour. This study is an attempt to explore the extent of influence of financial planning, self-efficacy and risk tolerance on financial behaviour. Regression analyses were used to evaluate the impact of the variables of the study. The results showed that all three variables significantly influence financial behaviour. However, the strongest predictor was self-efficacy followed by risk tolerance. Financial planning did indeed show considerable influence but not all of its dimensions were found effective. These findings propose that positive financial behaviour cannot be achieved by financial planning alone. It must be accompanied with self-efficacy and a readiness to take calculated risks. This calls for a more holistic approach to the concept which involves the psychological drivers that outline people’s personal financial decisions.