Personal Budgeting: Implications for Financial Wellbeing of University Staffers in Nigeria

This paper was conceptualised to investigate the relationship between personal budgeting and financial well-being among tertiary institution staff in Ogun State, Nigeria. Drawing upon the individualistic/cultural theory of well-being, the study employed a survey research design, utilizing a structur...

Full description

Saved in:
Bibliographic Details
Published in:African journal of business and economic research 2023-12, Vol.18 (4), p.351
Main Authors: Ben-Caleb, Egbide, Madugba, Joseph, Ben-Caleb, Ogochukwu Jane, Mercy, Agi-Ilochi, Ayomide, Ibrahim Abdul-Lateef, Adesola, Ayomide Deborah
Format: Article
Language:English
Subjects:
Analysis
Budget
Budgeting
Budgets
Cultural theory
Economic stress
Finance
Households
Intelligence
Personal finance
Polls & surveys
Surveys
Welfare economics
Well being
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This paper was conceptualised to investigate the relationship between personal budgeting and financial well-being among tertiary institution staff in Ogun State, Nigeria. Drawing upon the individualistic/cultural theory of well-being, the study employed a survey research design, utilizing a structured questionnaire to collect data from a diverse group of tertiary institution staff. Correlation and regression analyses were conducted to examine the data. The result indicates a significant positive association between personal budgeting and tendencies for enhanced financial well-being among staff. The paper established that a change in the value and behavioural patterns of individuals and households, especially in the areas of personal spending and budgeting could drastically reduce the incidence of the severity of financial stress, hence enhancing wellness among staff members. This research has practical implications for various specialized areas, including Budget Management, Personal and Family Accounting and Finance, Welfare Economics, and Financial Intelligence. Additionally, the study represents a pioneering effort in the underexplored field of personal budgeting in Nigeria, making a valuable contribution by establishing a functional and statistical connection between personal budgeting and the financial well-being of tertiary institution staffers, thus serving as a reference for future research in this domain.
ISSN:1750-4554
1750-4562
DOI:10.31920/1750-4562/2023/v18n4a17