International Journal of

ADVANCED AND APPLIED SCIENCES

EISSN: 2313-3724, Print ISSN: 2313-626X

Frequency: 12
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 Volume 11, Issue 2 (February 2024), Pages: 230-237

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 Original Research Paper

Extent of spending behavior, problems encountered, and financial knowledge across generational cohorts among state universities and colleges employees

 Author(s): 

 Madelyn R. Gumarac *

 Affiliation(s):

 College of Management, Northern Iloilo State University, Iloilo City, Philippines

 Full text

  Full Text - PDF

 * Corresponding Author. 

  Corresponding author's ORCID profile: https://orcid.org/0009-0008-4652-683X

 Digital Object Identifier (DOI)

 https://doi.org/10.21833/ijaas.2024.02.024

 Abstract

This study investigates how financial well-being, a key factor affecting life quality, job contentment, and retirement readiness, varies among individuals. It looks at the spending habits, financial challenges, and knowledge of four generations (Baby Boomers, Generation X, Generation Y, and Generation Z) working in four state universities and colleges (SUCs) in the Philippines. The study involved 371 regular staff and academic employees who completed a modified questionnaire. The results showed that these employees generally spend cautiously and face few financial problems, yet they possess considerable financial understanding. There was a noticeable link between how they spend and the problems they face. A strong connection was observed between their financial knowledge and spending habits. However, the link between the financial issues they face and their knowledge of finances was weaker. This suggests that the employees are careful with their spending and have good financial knowledge. These insights are useful for creating specific programs and educational efforts to improve the financial well-being of staff and academics at these Philippine universities.

 © 2024 The Authors. Published by IASE.

 This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

 Keywords

 Spending behavior, Problems encountered, Financial knowledge, Employees

 Article history

 Received 7 October 2023, Received in revised form 26 January 2024, Accepted 4 February 2024

 Acknowledgment 

No Acknowledgment.

 Compliance with ethical standards

 Conflict of interest: The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

 Citation:

 Gumarac MR (2024). Extent of spending behavior, problems encountered, and financial knowledge across generational cohorts among state universities and colleges employees. International Journal of Advanced and Applied Sciences, 11(2): 230-237

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 Tables

 Table 1 Table 2 Table 3 Table 4 

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