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

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.