Financial Stress Relationship with Work Life and Financial Well-Being

Suna Ozyuksel

doi:10.19044/esj.2022.v18n6p87

Abstract

In the survey, which examines employees’ status with respect to and the sources of stress as well as its effects on the workforce, a version of the “Financial Well-Being Scale” validated to Turkish has been used and stress levels, generalized anxiety, work performance and psychological resilience levels were measured. We have seen that as the age and education levels of the participants increase, their financial well-being levels improve and their financial stress levels decrease. It is understood that when the financial wellbeing improves/financial stress decreases, this leads to decrease in anxiety level, increase in psychological resilience and im-provement in job performance. We also found that even though participants had high income levels, sav-ings/investments, and no debt; they felt high / the highest levels of financial stress mainly due to high inflation, macroeconomic instability, not knowing how to make the right investments to protect their savings against macroeconomic instability and high level of expenses. We have concluded that financial stress causes them to be depressed at work, unable to concentrate on their work and decreases their perfor-mance.

Highlights

The results of the study found that, significantly, employees in the top two categories in terms of financial stress. have enormous negative costs for their employers today and in the future., and this group accounted for only 13% of those surveyed, their financial stress had the potential to disproportionately affect the health and performance of the workplace as a whole
35% of employees said they could not sleep due to financial stress and 21% had deteriorating physical health, and their job performance was negatively affected by this (National Endowment for Financial Education, 2020)
Financial Situation Analyses In terms of total household income, we have found that the majority of the households (46.1%). had a monthly income of 15,000 or more Turkish Lira. 31.6% of them had it between TRY5,000 and 10,000, whereas 14.5% had between TRY 10,000 and 15,000, and 6.4% between TRY 2,000 and TRY5,000

Summary

Introduction

Increased competition and reduced profitability of businesses have made efficiency an ever more important topic in our agendas. The common finding of these studies is that as financial stress increases, the physical and psychological health of the individual deteriorates, social and familial relations worsen and work performance decreases. Have enormous negative costs for their employers today and in the future (especially not being able to go to work)., and this group accounted for only 13% of those surveyed, their financial stress had the potential to disproportionately affect the health and performance of the workplace as a whole. According to the results of the study, the primary sources of financial stress for employees are credit cards and other debts (70%) The problems they have in saving for their retirement, the difficulties they face in covering their children's education costs and basic living expenses, are included as other sources of financial stress. 35% of employees said they could not sleep due to financial stress and 21% had deteriorating physical health, and their job performance was negatively affected by this (National Endowment for Financial Education, 2020)

The Relation Between Financial Stress and Performance Methodology Sample

Findings Descriptive Analysis

Conclusion