Financial Literacy and Financial Well-being of Public Sector Employees: A Correlational Study
Year: 2025
Type: article
Study design: Observational Study
Abstract: This study examined the interrelationship between financial literacy, financial well-being, and the socio-economic backgrounds of employees. The researcher developed a questionnaire based on existing studies and surveyed 212 regular employees from the Local Government Unit (LGU) of Kalibo across various job levels. Most of the respondents were female, aged 36 to 45, and married. Results indicated that employees had a moderate level of financial literacy regarding cash flow and basic needs, financial safety, and wealth accumulation. Their financial well-being level was also moderate, particularly in terms of financial freedom and legacy. There were no significant differences in their levels of financial literacy and financial well-being based on socio-economic backgrounds. Although some variations existed, they were not statistically significant. The study found a weak link between cash flow management and meeting basic financial needs, indicating that many employees do not see a strong connection between their financial safety and literacy. However, higher financial literacy was associated with more success in building wealth. The study emphasizes the need for educational programs to enhance financial knowledge. The researcher recommends implementing financial literacy plan tailored to LGU employees, aiming to empower them and improve overall productivity while fostering a financially capable workforce.
Author: Ma. Cecilia Calizo
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4409447950