Original Research

Analysing personal financial wellness amongst employees of a South African tertiary institution

Jacobus P. Fouché, Johanna Manyaapelo
The Journal for Transdisciplinary Research in Southern Africa | Vol 16, No 1 | a682 | DOI: https://doi.org/10.4102/td.v16i1.682 | © 2020 Jacobus P. Fouché, Johanna Manyaapelo | This work is licensed under CC Attribution 4.0
Submitted: 13 March 2019 | Published: 14 December 2020

About the author(s)

Jacobus P. Fouché, School of Accounting, Faculty of Economic and Management Sciences, North-West University, South Africa; and Workwell Research Unit, North-West University, South Africa
Johanna Manyaapelo, School of Accounting, Faculty of Economic and Management Sciences, North-West University, South Africa; and Workwell Research Unit, North-West University, South Africa


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Abstract

The financial health of employees is increasingly becoming important in many organisations. Personal financial wellness not only contributes to the overall well-being of employees but also affects their job productivity. Thus, employers need the necessary knowledge to evaluate and address employees’ personal financial wellness levels effectively. The main objective of this study was to analyse the level of personal financial wellness amongst employees at a South African tertiary institution and gain insight which employers can use in addressing the needs of their staff with regard to personal finances. The study followed a cross-sectional design. Primary data were collected using a self-administered questionnaire from 60 attendees of a personal finance workshop, using the validated Personal Finance Well-being Scale. Practically visible to practically significant correlations were found between the number of years employed, income tax percentage paid on income earned, age, number of years being a homeowner and personal financial well-being, respectively. There were also practically non-significant correlations between general health levels, highest qualification, the number of children living in a household, number of children or other financially responsible adults and personal financial well-being. Employees’ sources of advice also seemed to influence their financial well-being. Respondents indicated that they experienced high financial stress to overwhelming stress and were dissatisfied with their current financial situation. It is also the first study to determine the level of financial wellness amongst a group of employees in the higher education sector using the Personal Finance Well-being Scale and only the third study that was found to use this scale amongst employees. This should enable employers to better support their employees.

Keywords

personal finance well-being scale; personal financial well-being; tertiary education; university employees; employee financial wellness; personal finance.

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