The increasing financial worry among retirees is a major concern for the government. To address this concern, we examine the linkage between a sense of personal control and financial well-being among the elderly during COVID-19 using nationally representative data of 934 respondents. Based on personal control theory, we find a positive relationship between personal control and financial well-being. We also investigate whether the big five personality traits moderate the given relationship and find that openness to experience and conscientiousness positively, whereas neuroticism negatively moderates this linkage. The implications for the theory and practice are discussed.