FACTORS IMPACTING FINANCIAL WELLNESS: INVESTIGATING THE EFFECTS OF INCOME LEVEL, RETIREMENT STATUS, AND JOB SECTOR ON FINANCIAL WELLNESS

The research aimed to explore the effect of level of the income, retirement status, and sector of the job on an individual’s overall financial wellness. Total 162 participants completed our online survey that measured financial wellness. Results indicated that income level was the strongest predictor of financial wellness followed by retirement status, and then job sector. We observed that financial wellness kept increasing as the salary increased and was highest in the highest salary group, but the level of propensity to plan was the least although a little minority of high earners showed great potential of propensity to plan. The results indicate that people of different age, Job sector, and retirement status require specific targeted financial education programs because their perceived financial wellness changes as the level of income, and sector of job changes. Also, workplace financial education plays a critical role in improving an employee’s financial wellness and dependency. Keywords: Financial Wellness, Financial Literacy, Income Level, Propensity to Plan, Retirement Status..