Money attitude and financial wellness of women professionals
DOI:
https://doi.org/10.14419/835ea432Keywords:
Money Attitude; Distrust; Anxiety; Power Prestige; Retention Time; Financial WellnessAbstract
The study clearly outlined the demographic profile of the respondents, their money attitudes, and their level of financial wellness. To address the research objectives, the study employed a descriptive research design. A structured questionnaire served as the prima-ry data collection instrument and was administered to 266 women professionals employed across the Batangas State University Sys-tem. The collected data were systematically tallied, tabulated, and analyzed using appropriate statistical tools, including frequency and percentage, weighted mean, standard deviation, and multiple regression analysis. Findings indicated that most respondents were middle-aged, married, held permanent employment status, earned a monthly income corresponding to salary grades one to twelve, were middle born in their families, and were college graduates. The study also revealed that the money attitudes of working women, specifically in the dimensions of power prestige, retention time, distrust, and anxiety, were generally in good standing. Moreover, their financial wellness, assessed through objective financial status, financial satisfaction, financial behavior, and subjective finan-cial perception, was also found to be sound. The analysis further showed that there was no statistically significant relationship be-tween the respondents’ profiles and their money attitudes or financial wellness. However, all dimensions of money attitude were found to have a significant relationship with the components of financial satisfaction and financial behavior. The results of the study ultimately informed the development of a proposed financial guide tailored for women professionals, serving as the practical output of the research.
References
- AKPK. (2018). Financial literacy and its impact on Malaysians.
- Babiarz, P., Robb, C., & Woodyard. (2012). The demand for financial professionals’ advice: The role of financial knowledge, satisfaction, and confidence. Retrived from:https://www.researchgate.net/publication/260553742.
- Bank Negara Malaysia. (2018). Annual report on economic indicators.
- Brüggen, E., Hogreve, J., Holmlund, M., Kabadayi, S., & Löfgren, M. (2017). Financial well-being: The role of financial literacy.
- Bryant, P. (2014). The financial behavior of women in the Philippines: Implications for policy and practice. Journal of Economic and Financial Studies, 6(2), 145-160.
- Bucher-Koenen, Tabea, Annamaria Lusardi, Rob Alessie, and Maarten Van Rooij. 2016. “How Financially Literate Are Women? An Overview and New Insights.” The Journal of Consumer Affairs 1-29. Retrived from: https://gflec.org/wp-content/uploads/2017/07/The-Gender-Gap-in-Financial-Literacy-A-Global-Perspective-Report.pd.
- Cartwright, D. (2001). Cognitive development theory and financial decisions.
- Charkhabi, M. (2018). Quantitative study of the relationship between financial distress and employee performance. International Journal of Business and Management, 13(3), 134–141. https://doi.org/10.5539/ijbm.v13n3p134.
- Clark, Robert L., Madeleine B. D’Ambrosio, Ann A. McDermed, and Kshama Sawant. 2006. “Retirement Plans and Saving Decisions: The Role of Information and Education.” Journal of Pension Economics and Finance 5 (1): 45-67. Retrived from: https://gflec.org/wp-content/uploads/2017/07/The-Gender-Gap-in-Financial-Literacy-A-Global-Perspective-Report.pd. https://doi.org/10.1017/S1474747205002271.
- Farrell, I., Fry, T.R. L.., & Risse, L. (2016). The significance of financial efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology.https://doi.org. https://doi.org/10.1016/j.joep.2015.07.001.
- Financial Education Network. (2019). Enhancing financial literacy in Malaysia.
- Gasiorowska, A. 2015. The Impact of Money Attitudes on the Relationship Between Incomeand Financial Satisfaction. Polish Psychological Bulletin, 46 (2), 197-208 Retrieved from: https://www.researchgate.net/publication/270584041_The_Impact_of_Money_Attitudes_on_the_Relationship_Between_Income_and_Financial_Satisfaction. https://doi.org/10.1515/ppb-2015-0026.
- Hira, T. & Loibl, C.(2005). Understanding the Impact of Employer-Provided Financial Education on Workplace Satisfaction . Journal of Consumer Affairs 39(1):173 - 194https://www.researchgate.net/publication/227673140. https://doi.org/10.1111/j.1745-6606.2005.00008.x.
- Idris, I., Krishnan, K., & Azmi, N. (2017). Impact of inflation on financial management in Malaysia.
- International Labor Organization (ILO). Gender Equality in the Philippines. Retrieved from https://www.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---ilo manila/documents/publication/wcms_173283.pdf.
- Jackson, D., & Fransman, S. (2018). Financial stress and its workplace consequences.
- Joo S. (2008) Personal Financial Wellness. In: Xiao J.J. Handbook of Consumer Finance Research. Springer, New York, NY.
- Joo, S., Grable, J., & Bagwell, D. (2003). Credit card attitudes and behaviors of college students. College Student Journal.
- Lusardi, A., Hasler, A., & Mitchell, O. S. (2020). Financial literacy and wellness among African-American and Hispanic women. TIAA Institute.
- Lusardi, A., Hasler, A., & Yakoboski, P. (2020). Women and financial literacy: A review of the recent literature. Journal of Consumer Affairs, 54(3), 1010–1030.
- Moore, D. (2003). Survey of financial literacy in Washington State: Knowledge, behavior, attitudes, and experiences. Washington State Department of Financial Institutions. https://dfi.wa.gov/sites/default/files/research/survey-of-financial-literacy.pdf.
- OECD. (2020). OECD/INFE 2020 international survey of adult financial literacy. Organisation for Economic Co-operation and Development. https://www.oecd.org.
- Riitsalu, L., & Murakas, R. (2019). Subjective financial knowledge, prudent behaviour and income: The predictors of financial well-being in Estonia. International Journal of Bank Marketing, 37(4), 934–950. https://doi.org/10.1108/IJBM-03-2018-0071.
- Samad, S., & Mansor, N. (2017). The impact of financial literacy on financial well-being among Generation-Y. Journal of Management and Marketing Review, 2(1), 12–20.
- Serido, J., Shim, S., & Tang, C. (2013). A developmental model of financial capability: A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development, 37(4), 287–297. https://doi.org/10.1177/0165025413479476.
- She, D., Rasiah, D., Rasiah, R., & Yasoa’, M. R. (2021). Impact of financial literacy on financial well-being: Evidence among Malaysian Gen Z youth. International Journal of Academic Research in Business and Social Sciences, 11(3), 637–650. https://doi.org/10.6007/IJARBSS/v11-i3/8889.
- Sulloway, F. J. (1996). Born to rebel: Birth order, family dynamics, and creative lives. Pantheon Books.
- Yamauchi, K. T., & Templer, D. I. (1982). The development of a money attitude scale. Journal of Personality Assessment, 46(5), 522–528. https://doi.org/10.1207/s15327752jpa4605_14.
Downloads
How to Cite
Received date: April 9, 2025
Accepted date: May 1, 2025
Published date: May 5, 2025