Influence of Financial Literacy and Money Attitude to Employees’ Financial Well-Being In the Midst of…

And lastly, the highest mean score was gained by financial attitude with a mean of 2.95 and a standard deviation of 1.120, described as moderate. The data shown in appended Table 3.2 bring to light that the respondents have observed the following order of importance: a mean of 3.05 for feeling secure in my current financial situation, which is described as moderate; a mean of 2.94 for feeling confident about my financial future, which is described as moderate; and, a mean of 2.87 for feeling confident about having enough money to support myself in retirement, no matter how long I live, which is described as moderate.

4.4 Significance of the Relationship between Levels of Financial Literacy and Money Attitude to Financial WellBeing

Relatively, determining whether the financial literacy have significant relationship with financial well-being is one of the objectives of this study. After that, Pearson r was utilized to govern the correlation between variables. More so, presented in table 4 is the analyzed and interpreted results of financial literacy and money attitude.

The gathered outcomes exposed that all the indicators of financial literacy such as financial attitude and financial behavior are significantly related to financial well-being. The R-value for financial literacy is 0.414* with pvalue of 0.001 and a coefficient of determination of 0.171, shows a positive correlation.

of the Relationship between Levels of Financial Literacy and Money Attitude to Financial Well-Being

*Significant at 0.05 level of significance

Thus, the gathered outcomes exposed that all the indicators of money attitude such as achievement and success, saving concerns, mindful and responsible, power and status, and financial literacy worries are significantly related to financial well-being. The R-value for money attitude is 0.584* with p-value of 0.001 and a coefficient of determination of 0.341, shows a positive correlation.

Furthermore, as presented in the table, the hypothesis which states that there is no significant relationship between financial literacy and money attitude to financial well-being is also rejected.

4.5 Regression Analysis on the influence of Financial Literacy and Money Attitude to Financial Well-Being

Presented in table 5 is the regression analysis on the influence of financial literacy and money attitude to financial well-being. The table shows a computed F-ratio of 55.783 and p-value of 0.001, which means that there is a significant influence between financial literacy and money attitude to financial well-being. The R-value is 0.584 indicating a positive relationship between financial literacy and money attitude to financial well-being. The overall R2 is 0.342 indicating that 34.2% of the level of financial well-being is explained by financial literacy and money attitude and the remaining percentage is accountable to other variables not included in the study.

Table

on the Influence of employees’ Financial Literacy and Money Attitude to Financial Well-Being

Dependent Variable: Financial Well-Being

R = 0.584* R2 = 0.342 F-ratio = 55.783 p-value = 0.001

Moreover, financial literacy has beta of -0.009 with p-value of 0.911; and money attitude has beta of 0.591 with p-value of 0.001. Only money attitude have correspondingly 0.001 p-value which is lesser than 0.05 level of significance. Hence, only money attitude significantly influenced financial well-being. More so, financial literacy does not significantly influenced financial well-being of employees in Local Government Unit of Tagum.

V. DISCUSSION

This segment presents further understanding and related work to the outcomes of the study as well as the conclusions being drawn and the relevant and valuable recommendation offered by the researchers based on the obtained results.

5.1 Level of Financial Literacy

In the previous chapter, it was found that the level of financial literacy among employees of LGU Tagum was high. This is because of the high rating given by the respondents in terms of financial behavior. This indicates that financial literacy was much evident among the employees of LGU Tagum. It means that the employees of LGU Tagum save a part of their income every month, and think that money is made to be spent wisely.

The high descriptive equivalent in the level of financial literacy was supported by the various authors. This was in parallel to the study of Mahdzan&Tabiani (2013, as cited by Isomidinova and Singh, 2017, p. 18), Financial literacy is fundamental abilities and information that people need to get by in modern society. Additionally, the author expressed that the meaning of financial literacy incorporates the capacity to get individual income, the ability to settle on choices on uses, understanding the results of individual choices on present and future earnings, as well as market direction. Financial literacy is described as a person's ability to comprehend and use a certain financial skill or monetary-related facts in their daily lives (Ibrahim, Harun& Mohamed Isa, 2009, as cited by Isomidinova and Singh, 2017, p. 28).

5.2 Level of Money Attitude

In the previous chapter, it was revealed that the level of money attitude among employees of LGU Tagum was moderate. This is because of the moderate-level which could be attributed to the high rating assumed by the respondents in terms of achievement and success, saving concerns, and mindful and responsible; moderate rating given by the respondents in indicator financial literacy worries; and low rating given by the respondents in indicator power and status. This indicates that money attitude was fairly experienced among the employees of LGU Tagum. It means that the employees of LGU Tagum think that you need money to buy good things, have a real fear of running out of money, also think that save money is very vital for the times of crisis, and enjoy buying products and share it to others, and lastly, keep a close track of their money affair.

The moderate descriptive equivalent in the level of money attitude was supported by the various authors. A study conducted byNickerson, Schwarz and Diener, (2007, as cited in Sabri, Wijekoon& Rahim, 2019, p. 4) attempted to establish a connection between financial success and personal fulfillment. Their review showed that individuals with high realism or who were fixated on money would in general be happier with their funds because of their capacity to bear the cost of their material longings. The outcomes demonstrate that the insight that people have of their well-being is controlled by their life desires.

5.3 Level of Financial Well-Being

In the previous chapter, it was found that the level of financial well-being among employees of LGU Tagum was moderate. This is because of the moderate rating given by the respondents in terms of financial anxiety and financial security. This indicates that financial well-being was fairly evident among the employees of LGU Tagum. It means that the employees of LGU Tagum get ensure by the jargon of financial specialists, and feel secure in their current financial situation.

The moderate descriptive equivalent in the level of financial well-being was supported by the various authors. This was in parallel to the study of CFPB (2015) barely characterizes financial well-being is defined as a state of being in which one's current and future financial obligations may be satisfied totally, can have a sense of safety in their financial future, and can settle on decisions that permit satisfaction throughout everyday life and infers the meaning of monetary prosperity from the overall prosperity and barely characterizes it as a condition of being monetarily sound, cheerful, and liberated from stress.

5.4 Significance on the Relationship between Financial Literacy and Money Attitude to Financial Well-Being

Financial literacy in terms of financial attitude and financial behavior; and money attitude in terms of achievement and success, saving concerns, mindful and responsible, power and status, and financial literacy worries shows a significant relationship with the financial well-being of the employees in Local Government Unit of Tagum City. The positive relationship implies that when the level of financial literacy and money attitude increases the financial well-being also increases.

Thus, this finding is in accordance with the study of Kamakia et al., (2017, p. 244) the amount of financial literacy of a person also influences the respondents' financial well-being. Positive and healthy financial literacy leads toward a higher level of financial well-being. The level of employees’ financial literacy has been found that there is a significant relationship between financial well-being and employee knowledge, implying that boosting employee financial understanding could improve their financial well-being. The association between financial literacy and financial well-being was discovered to have an intervening variable in the form of financial decisions.

5.5 Significance on the Relationship between Financial Literacy and Money Attitude to Financial Well-Being

Financial literacy in terms of financial attitude and financial behavior; and money attitude in terms of achievement and success, saving concerns, mindful and responsible, power and status, and financial literacy worries shows a significant relationship with the financial well-being of the employees in Local Government Unit of Tagum City. The positive relationship implies that when the level of financial literacy and money attitude increases the financial well-being also increases.

Thus, this finding is in accordance with the study of Kamakia et al., (2017, p. 244) the amount of financial literacy of a person also influences the respondents' financial well-being. Positive and healthy financial literacy leads toward a higher level of financial well-being. The level of employees’ financial literacy has been found that there is a significant relationship between financial well-being and employee knowledge, implying that boosting employee financial understanding could improve their financial well-being. The association between financial literacy and financial well-being was discovered to have an intervening variable in the form of financial decisions.

5.6 Regression Analysis on the Influence of Financial Literacy and Money Attitude to Financial Well-Being

In the regression analysis on the influence of financial literacy and money attitude to financial well-being among employees of Local Government Unit of Tagum City revealed that only the money attitude has a significant influence to financial well-being.

This result is parallel to the findings of González, López, Ares, and Pazos (2020, p.1) for sure, it recommends that individuals’ attitude to money impacts genuine financial behavior, other than arranging horizon and risk tolerance, that both apply an impact over actual financial behavior, and this, at last, impacts people's financial well-being.

In addition, a study conducted by Sabri&Zakaria (2015, p. 833), good financial behavior towards money improves and influences financial well-being, and increases the financial security of consumers. Furthermore, a good money attitude, such as retention, and a healthy money attitude help a person manage their finances through budgeting, bolstering their attempts to produce revenue to fulfill future monetary demands.. Apart from that, financially capable people also can take advantage of financial inclusion as they can stay informed, choose the right products, and manage their money, and plan, leading them to increase their financial well-being in the future.

VI. CONCLUSION

Referring back to the results of the research objectives, the findings revealed that financial literacy in terms of financial attitude and financial behavior was much evident among the employees of Local Government Unit of Tagum City. It also revealed that money attitude in terms achievement and success, saving concerns, mindful and responsible, power and status, and financial literacy worries was fairly experienced by the employees. In addition, the study revealed that financial well-being in terms of financial anxiety and financial security was fairly evident among the respondents. Moreover, the findings revealed that financial literacy and money attitude has a significant relationship to financial well-being. More so, only money attitude has significant influence to employees’ financial well-being.

VII. RECOMMENDATION

After a profound consideration of the possible implications of the findings and conclusion of the study, the researcher came up with several recommendations on how employees of Local Government Unit in Tagum City can compete against financial well-being through battling their financial literacy and their attitude towards money.

Financial literacy is high including its indicators which are financial attitude and financial behavior. However, financial attitude got the lowest among the itemized responses as to spending money is more satisfying than saving it for the future. Tagum's local government unit is crucial in changing employees' attitudes about saving. With the help of policymakers, the administration can assist employees in developing a long-term strategy/program that is supported by policies. This could be in the form of training or seminars to improve their financial management knowledge and decision-making abilities in the future.

Moreover, it is recommended that employees of the Tagum Local Government Unit take at least one online course or class to improve their financial literacy. As a result, it is propose that the organization engage with financial institutions that offer free online courses on how to manage funds and improve basic investment skills such as asset allocation and diversification. Employees are encouraged to implement what they've learned from the online training and even share it with their colleagues.

Thus, another recommendation to Tagum Local Government Unit employees is to establish an Employees Emergency Fund, which would be of substantial assistance to employees in times of crisis or need. This may take some time to set up and will demand a lot of effort, but it will be one of the best ways to help in the case of a catastrophe, emergencies, or a fortuitous event. This demonstrates the need of financial literacy in learning how to save, acquire, earn, donate, and safeguard your money in a smart manner. It's also critical for cultivating short- and long-term financial habits and talents that contribute to total financial security.

On the other hand, as the result showed us that the employees of the Local Government Unit of Tagum City have no security of their finances in the future. It is recommended that employees of Tagum Local Government Unit can conduct an intervention to urge their employees to invest in their future, not only save. Also, seeing as the Local government unit Tagum can enlist an advisor or free monetary counselor with the assistance of the Human Resources department, an accomplished monetary guidelines that can assist the employees looking for data on day-to-day money management concerns or advice on more complicated matters such as about their company or personal budgets and projects.

In addition, Tagum City's Local Government Unit can form a group of employees or a cooperative. It is recommended that they submit a proposal for a salary deduction from their payroll in some kind of amount to put money aside for their account. This is to promote employees financial well-being; this amount of money serves as a savings account for the employee, which will assist them in times of need rather than borrowing from a credit institution. To increase their income and reserve funds, ventures, productivity, and purchasing control, as well as advance among them the equitable distribution of net excess through most extreme us. Furthermore, one of the things that can affect an individual's financial well-being is their lifestyle. It is recommended that Local government unit of Tagum can implement a program such as workshops to reduce personal and household spending habits and establish financial goals. We've all heard the phrase "if you fail to prepare, you prepare to fail." Keeping track of accounts isn't only stressful; it's also time-consuming. Whatever the case may be, how you manage and spend your money has a direct impact on your life. A program that assists employees in managing their accounts to their full potential. The activities in this program focused on creating an individual financial plan, dealing with ordinary and unexpected financial challenges, creating a will, and retirement planning.

Lastly, further studies may be conducted to contribute to the greater body of knowledge and will benefit a larger population. Future researchers can conduct another study investigating other factors that may influence financial well-being.

Influence of Financial Literacy and Money Attitude to Employees’ Financial Well-Being In the

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