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The purpose of this study was to examine a sample of employed individuals who participated in credit counseling through a non-profit consumer credit counseling agency in the Mid-Atlantic. Using data collected at two points in time, this sample was examined to measure changes in personal financial variables, health status, and work outcomes. The sample respondents were also examined to determine the extent to which they instituted positive financial behaviors following participation in credit counseling. In addition, this research assessed differences in the demographics among the clients. Also studied was the extent to which individual and family characteristics, health status, financial concerns and related stress, and financial wellness accounted for the variance in work outcomes of productivity, presenteeism, and worktime used for personal financial matters. Significant changes in personal financial outcomes, health status, and work outcomes were found between the initial and follow-up study. One year following credit counseling, respondents had decreased levels of financial concerns and financial stress, experienced fewer workloss days, and spent less time using work hours to handle personal financial matters. They also indicated improvements in their level of financial wellness, health status, and job productivity. Respondents had instituted a number of positive financial behaviors since receiving credit counseling one year earlier. Most had reduced some of their personal debts and cut down on living expenses. A model of work and personal financial outcomes was presented in this study. Hierarchical regression analyses using both data sets revealed that health status and financial concerns explained a significant amount of the variance in four work outcomes: (1) productivity, (2) presenteeism, (3) work time used for personal financial matters, and (4) workloss days. Adding financial wellness as the final step in the analysis, did not explain any additional variance in each of the work outcomes. This research assessed only the demographic and personal financial variables explanatory relationships to work outcomes. Therefore, life events beyond these variables may offer additional explanation of the work outcomes. Of importance is that this research provides documentation of positive changes in personal finances and work outcomes of employed individuals who participated in credit counseling one year earlier. In addition, the research presented a model of personal financial and work outcomes that can be advanced through further research. / Ph. D.

The problem that was examined in this research was to develop and test a conceptual model that describes the relationship between personal financial wellness and worker job productivity. The research questions were (1) what is the personal financial wellness profile?; (2) how does the personal financial wellness profile differ by the demographic characteristics?; (3) what is the relationship between financial stressors and personal financial wellness profile?; (4) what is the relationship between personal financial wellness and financial stress level?; (5) what is the worker job productivity profile?; (6) what is the relationship between personal financial wellness and worker job productivity?; (7) what is the relationship between financial stress and worker job productivity?; and (8) what financial education programs do employees want in the future? In order to test a part of the conceptual model, a survey research design was undertaken. A questionnaire was developed and pre-tested. A mail survey (N=474) of white-collar clerical workers of a large employer located in mid-eastern state was conducted during January, February, and March of 1998. From a random sample of 447 (27 out of original 474 were undeliverable), 288 questionnaires were returned (64.4%). Seventeen questionnaires were determined unusable resulting in a 60.4% usable return rate (271/447). In terms of subjective perception, as a group, the respondents were not financially well. In the behavioral assessment, the respondents reported above a mid-point score. On overall financial wellness scales, the respondents were not satisfied with their financial situation. Personal financial wellness was influenced by some of the demographic characteristics and financial stressors. The lower levels of personal financial wellness were related to the financial stress level. Those who have high levels of personal financial wellness reported better performance ratings, less absenteeism, and less work time used for personal financial matters. Workers are interested in comprehensive financial education programs which include retirement education, better use of employee benefits, money management, credit management, and consumer protection. Some workers are not financially well because they have financial problems. If employers can improve personal financial wellness of workers, such as through financial education, it may increase productivity, because personal financial wellness is related to worker productivity. / Ph. D.

This study seeks to show that a higher usage of debt instruments by consumers with limited available funds leads to the usage of savings tools to finance debt costs, which subsequently results in lower levels of savings. This was espoused by the literature on PFM and also proven by the test results from the research hypotheses that were computed by means of a logistic regression. The test results showed that there is a statistically significant relationship between the usage of debt instruments and the usage of savings tools. An emphasis is placed on the importance of savings as an integral component of the PFM concept: it is namely seen to be indispensable to good financial planning to ensure current and future consumer financial security. Therefore, this study concludes by highlighting the importance of consumers’ financial- management skills in minimising debt costs to increase levels of savings by controlling higher consumption expenditure through debt. / Business Management / M. Com. (Business management)

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Doctor of Philosophy / Department of Family Studies and Human Services / Sonya L. Britt / This dissertation, consisting of three studies, explores the factors that influence the financial wellness of employees participating in a workplace financial education program. This dissertation also explores the influence that financial wellness has on the intention to engage in retirement planning activities and perceived retirement preparedness. Data for all three essays was obtained from a Financial Wellness Assessment instrument used in conjunction with a workplace financial education program provided by Financial Finesse (2013). The primary conceptual framework used to guide the three studies was Joo’s (2008) conceptual framework of financial wellness. The first essay examined factors that have been conceptualized as components of financial wellness—financial behaviors, perceived financial knowledge, and financial attitudes. Results showed that employees comfortable with their current level of non-mortgage debt and those with perceived financial knowledge had a greater sense of overall financial wellness. Core financial behaviors and advanced financial behaviors were also found to be associated with financial wellness with core financial behaviors having the biggest effect on financial wellness. Maintaining an emergency fund, having a handle on cash flow, paying credit card balances off in full each month, and paying bills on time were significantly related to greater financial wellness. Personal factors associated with a greater sense of financial wellness included household income, being under age 30, homeownership, being married, and not having children in the household. The second essay examined the influence of various subcomponents of financial wellness on retirement planning intention. Results indicated that retirement was the leading financial topic of interest of employees. Findings also demonstrated that desirable core financial management behaviors and a financial attitude of comfort regarding current non-mortgage debt increased the likelihood of employee intentions to engage in retirement planning activities. Specific financial behaviors associated with retirement planning intention included having a handle on cash flow, paying bills on time, and paying off credit card balances in full each month. Personal factors such as age and income also influenced retirement planning intention as older employees and those with greater household income were more likely to intend to plan for retirement. Having children in the household and non-Caucasian/White ethnicity decreased the likelihood of retirement planning intention. Finally, the third essay utilized Joo’s (2008) conceptual framework of financial wellness to explore factors that predict perceived retirement preparedness. Higher levels of financial satisfaction, perceived financial knowledge, and confidence in current asset allocation increased the likelihood employees demonstrated a sense of retirement preparedness. Core and advanced financial behaviors were also associated with perceived retirement preparedness. Younger employees and household income of $100,000 or more increased the likelihood of perceived retirement preparedness. Results of these three studies demonstrate that financial wellness has a significant influence on perceived retirement preparedness of employees engaged in information seeking activities as part of a workplace financial education program. Key components of financial wellness such as objective financial status, financial knowledge, financial attitudes, financial satisfaction, and financial behaviors were also found to be associated with the intention to engage in retirement planning activities. These findings are relevant to financial counselors, financial planners, financial educators, academicians, and employers dedicated to promoting increased financial wellness among employees.

This study seeks to show that a higher usage of debt instruments by consumers with limited available funds leads to the usage of savings tools to finance debt costs, which subsequently results in lower levels of savings. This was espoused by the literature on PFM and also proven by the test results from the research hypotheses that were computed by means of a logistic regression. The test results showed that there is a statistically significant relationship between the usage of debt instruments and the usage of savings tools. An emphasis is placed on the importance of savings as an integral component of the PFM concept: it is namely seen to be indispensable to good financial planning to ensure current and future consumer financial security. Therefore, this study concludes by highlighting the importance of consumers’ financial- management skills in minimising debt costs to increase levels of savings by controlling higher consumption expenditure through debt. / Business Management / M. Com. (Business management)

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South African households are concerned with their financial wellness. This is evident through the recent social unrest, violent labour strikes and protest against government policies such as the demand for free higher education. The South African government’s redistributive policy to transfer funds from the financially well to the increasing number of financially unwell households are narrowing as the financially well households are declining in proportion to the total households. It is palpable that the situation is critical and decisive intervention is needed from the South African government, the private sector and labour unions. The main objective of this study was to investigate the main differences between households on the bottom end of the wealth spectrum compared to those on the top end in order to identify differentiating characteristics of the various groups in order to suggest targeted policy recommendations for the South African government to improve stability and increase the number of financially well households. In order to achieve this objective, the study was done in two phases. Phase 1 consisted of a traditional literature review where the balance sheet composition and characteristics across disaggregated households on a local and international level was examined. The purpose of phase 1 was to gain insight into the trends and characteristics of different categories of households internationally and in South Africa. Phase 2 consisted of secondary data analysis which was performed in three sub-phases. In sub-phase 2.1 the household balance sheet was used to determine the per asset and liability class contribution to total assets and liabilities for each of the disaggregated financial wellness categories. Each asset and liability class component was ranked according to its contribution percentage within each of the financial wellness categories. The outcome of the ranking highlighted differences in the asset and liability classes’ contribution to total assets within each financial wellness grouping. Sub-phase 2.2 evaluated the optimality of the household balance sheet composition of a financial wellness category in relation to the next financial wellness category by making use of game theory. The last sub-phase (2.3) iv examined possible reasons, through correlation, for the sub-optimality found in phase 2.2. The results of the study indicated differences in each financial wellness category asset and liability compositions in the household balance sheet. Age, gender and number of household members did not affect household wealth in this study. In contrast, income level, employment status, home ownership, education and marital status affected household wealth. Game theory indicated that the highest financial wellness category (Anchored Well) did not have the strongest balance sheet. Possible reasons were identified as the composition of financial assets. / Accounting Sciences / M.Phil. (Accounting Science)