Employees’ Financial Literacy, Behavior, Stress and Wellness

Robert Oton Parcia; Emeliza Torrento Estimo

doi:doi:10.11648/j.jhrm.20170505.12

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Employees’ Financial Literacy, Behavior, Stress and Wellness

Robert Oton Parcia, Emeliza Torrento Estimo

Published in Journal of Human Resource Management (Volume 5, Issue 5)

Received: 14 October 2017 Accepted: 30 October 2017 Published: 12 December 2017

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Abstract

A successful financial wellness initiative may provide people with the information and support they need to achieve an ideal state of being, the balance of which is unique to every person. This correlational study aimed to examine the financial wellness of the employees of a maritime school and the factors that influence it. A survey was administered to 96 employees of the institution. Findings revealed that the employees have a fair level of financial wellness, a moderate level of financial literacy, a very satisfactory level of financial behavior, and a low level of financial stress. The employees were found to be comparably the same in their state of financial wellness regardless of their age, family status, sex, tenure, and job position. Overall, the data implied that what the employees earn was just enough to support their basic needs but not enough to cover for cases of sickness, job loss, or any form of emergency. The employees were comparably the same in terms of their financial literacy, all variables considered. They also demonstrate a comparable financial behavior, except when they were grouped according to age. Results of this study also indicate financial behavior being related to financial literacy. This result implies that being financially literate could improve the employees’ ability to manage their financial resources. Financial literacy was found to be the best predictor of financial wellness.

Published in	Journal of Human Resource Management (Volume 5, Issue 5)
DOI	10.11648/j.jhrm.20170505.12
Page(s)	78-89
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Employees’ Financial Wellness, Financial Literacy, Financial Stress, Financial Behavior, Descriptive Design

References

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[11]	Delafrooz, N. & Paim, L. (2011). Determinants of financial wellness among Malaysia Workers, African Journal of Business Management Vol. 5 (24), pp. 10092-10100, Retrieved from http://www.academicjournals.org/AJBM, DOI: 10.5897/AJBM10.1267.
[12]	Deaton, A. (2005). Franco Modigliani and the Life Cycle Theory of Consumption. Research Program in Development Studies and Center for Health and Wellbeing Princeton University. Retrieved from https://www.princeton.edu/~deaton/downloads/romelecture.pdf.
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APA Style

Robert Oton Parcia, Emeliza Torrento Estimo. (2017). Employees’ Financial Literacy, Behavior, Stress and Wellness. Journal of Human Resource Management, 5(5), 78-89. https://doi.org/10.11648/j.jhrm.20170505.12

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ACS Style

Robert Oton Parcia; Emeliza Torrento Estimo. Employees’ Financial Literacy, Behavior, Stress and Wellness. J. Hum. Resour. Manag. 2017, 5(5), 78-89. doi: 10.11648/j.jhrm.20170505.12

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AMA Style

Robert Oton Parcia, Emeliza Torrento Estimo. Employees’ Financial Literacy, Behavior, Stress and Wellness. J Hum Resour Manag. 2017;5(5):78-89. doi: 10.11648/j.jhrm.20170505.12

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@article{10.11648/j.jhrm.20170505.12,
  author = {Robert Oton Parcia and Emeliza Torrento Estimo},
  title = {Employees’ Financial Literacy, Behavior, Stress and Wellness},
  journal = {Journal of Human Resource Management},
  volume = {5},
  number = {5},
  pages = {78-89},
  doi = {10.11648/j.jhrm.20170505.12},
  url = {https://doi.org/10.11648/j.jhrm.20170505.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20170505.12},
  abstract = {A successful financial wellness initiative may provide people with the information and support they need to achieve an ideal state of being, the balance of which is unique to every person. This correlational study aimed to examine the financial wellness of the employees of a maritime school and the factors that influence it. A survey was administered to 96 employees of the institution. Findings revealed that the employees have a fair level of financial wellness, a moderate level of financial literacy, a very satisfactory level of financial behavior, and a low level of financial stress. The employees were found to be comparably the same in their state of financial wellness regardless of their age, family status, sex, tenure, and job position. Overall, the data implied that what the employees earn was just enough to support their basic needs but not enough to cover for cases of sickness, job loss, or any form of emergency. The employees were comparably the same in terms of their financial literacy, all variables considered. They also demonstrate a comparable financial behavior, except when they were grouped according to age. Results of this study also indicate financial behavior being related to financial literacy. This result implies that being financially literate could improve the employees’ ability to manage their financial resources. Financial literacy was found to be the best predictor of financial wellness.},
 year = {2017}
}

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TY - JOUR
T1 - Employees’ Financial Literacy, Behavior, Stress and Wellness
AU - Robert Oton Parcia
AU - Emeliza Torrento Estimo
Y1 - 2017/12/12
PY - 2017
N1 - https://doi.org/10.11648/j.jhrm.20170505.12
DO - 10.11648/j.jhrm.20170505.12
T2 - Journal of Human Resource Management
JF - Journal of Human Resource Management
JO - Journal of Human Resource Management
SP - 78
EP - 89
PB - Science Publishing Group
SN - 2331-0715
UR - https://doi.org/10.11648/j.jhrm.20170505.12
AB - A successful financial wellness initiative may provide people with the information and support they need to achieve an ideal state of being, the balance of which is unique to every person. This correlational study aimed to examine the financial wellness of the employees of a maritime school and the factors that influence it. A survey was administered to 96 employees of the institution. Findings revealed that the employees have a fair level of financial wellness, a moderate level of financial literacy, a very satisfactory level of financial behavior, and a low level of financial stress. The employees were found to be comparably the same in their state of financial wellness regardless of their age, family status, sex, tenure, and job position. Overall, the data implied that what the employees earn was just enough to support their basic needs but not enough to cover for cases of sickness, job loss, or any form of emergency. The employees were comparably the same in terms of their financial literacy, all variables considered. They also demonstrate a comparable financial behavior, except when they were grouped according to age. Results of this study also indicate financial behavior being related to financial literacy. This result implies that being financially literate could improve the employees’ ability to manage their financial resources. Financial literacy was found to be the best predictor of financial wellness.
VL - 5
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Author Information

Robert Oton Parcia

Administrative Department, Research Department, John B. Lacson Colleges Foundation, Bacolod City, Philippines
Emeliza Torrento Estimo

Administrative Department, Research Department, John B. Lacson Colleges Foundation, Bacolod City, Philippines

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APA Style

Robert Oton Parcia, Emeliza Torrento Estimo. (2017). Employees’ Financial Literacy, Behavior, Stress and Wellness. Journal of Human Resource Management, 5(5), 78-89. https://doi.org/10.11648/j.jhrm.20170505.12

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ACS Style

Robert Oton Parcia; Emeliza Torrento Estimo. Employees’ Financial Literacy, Behavior, Stress and Wellness. J. Hum. Resour. Manag. 2017, 5(5), 78-89. doi: 10.11648/j.jhrm.20170505.12

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AMA Style

Robert Oton Parcia, Emeliza Torrento Estimo. Employees’ Financial Literacy, Behavior, Stress and Wellness. J Hum Resour Manag. 2017;5(5):78-89. doi: 10.11648/j.jhrm.20170505.12

Copy | Download

@article{10.11648/j.jhrm.20170505.12,
  author = {Robert Oton Parcia and Emeliza Torrento Estimo},
  title = {Employees’ Financial Literacy, Behavior, Stress and Wellness},
  journal = {Journal of Human Resource Management},
  volume = {5},
  number = {5},
  pages = {78-89},
  doi = {10.11648/j.jhrm.20170505.12},
  url = {https://doi.org/10.11648/j.jhrm.20170505.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20170505.12},
  abstract = {A successful financial wellness initiative may provide people with the information and support they need to achieve an ideal state of being, the balance of which is unique to every person. This correlational study aimed to examine the financial wellness of the employees of a maritime school and the factors that influence it. A survey was administered to 96 employees of the institution. Findings revealed that the employees have a fair level of financial wellness, a moderate level of financial literacy, a very satisfactory level of financial behavior, and a low level of financial stress. The employees were found to be comparably the same in their state of financial wellness regardless of their age, family status, sex, tenure, and job position. Overall, the data implied that what the employees earn was just enough to support their basic needs but not enough to cover for cases of sickness, job loss, or any form of emergency. The employees were comparably the same in terms of their financial literacy, all variables considered. They also demonstrate a comparable financial behavior, except when they were grouped according to age. Results of this study also indicate financial behavior being related to financial literacy. This result implies that being financially literate could improve the employees’ ability to manage their financial resources. Financial literacy was found to be the best predictor of financial wellness.},
 year = {2017}
}

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