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- Title
Personal Budgeting: Implications for Financial Wellbeing of University Staffers in Nigeria.
- Authors
Ben-Caleb, Egbide; Madugba, Joseph; Ben-Caleb, Jane Ogochukwu; Mercy, Agi-Ilochi; Ayomide, Ibrahim Abdul-Lateef; Adesola, Ayomide Deborah
- Abstract
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.
- Subjects
NIGERIA; OGUN State (Nigeria); CONSUMPTION (Economics); BUDGET management; FINANCIAL stress; PERSONAL finance; WELL-being; HOUSEHOLD budgets
- Publication
African Journal of Business & Economic Research, 2023, Vol 18, Issue 4, p351
- ISSN
1750-4554
- Publication type
Article
- DOI
10.31920/1750-4562/2023/v18n4a17