Employees’ Financial Literacy, Behavior, Stress and Wellness

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.