Employee financial wellbeing - a part of optimal health
- May 13
- 1 min read
In this developmental research session presented at the Western Academy of Management Conference, we present a research study about how Millennials' financial stress is impacted by their personal characteristics.
Abstract: By 2020, Millennials will make up forty percent of the working population, but they are unlike their predecessors in their approach to the workplace. They expect their workplace to provide for their overall well-being, so organizations will need to undergo a paradigm shift away from providing merely healthcare insurance and even disease prevention benefits, towards an “optimal health” model incorporating eight dimensions of well-being: physical, emotional, spiritual, environmental, financial, intellectual, occupational, and social. Millennials as a group seem not to be “healthy” and are stressed especially regarding their personal financial situation. To date, employers are mostly trying to address their Millennial employees’ financial stress by providing financial education, but this is not adequate. In addition, we posit that employees’ degrees of financial stress are also affected by their perception of how personally important financial decisions are to them, and the degree to which they feel in control over financial matters. Gender is expected to moderate these variables’ effects on employees’ feeling of financial stress. We also believe that grit, a non-cognitive personal characteristic, the topic of many discussions in the field of positive psychology, will also play an important role.
Citation: Lassu, R.A., & Chan, K.K. (2015). A conceptual model of millennial employee financial well-being: Towards decreasing stress, promoting ‘optimal health’ and improving job performance. Western Academy of Management Conference. 11-14 March 2015. Kauai, HI
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