Money Matters: Financial Stress as a Mediator in the Relationship Between Financial Well-Being and Job Performance Among Millennial Universal Banking Employees in Makati City

Abstract

This study explored the gap by examining the mediating role of financial stress on the relationship between financial well-being and job performance among Millennial universal banking employees in Makati City. A cross-sectional, explanatory correlational design was employed. Data were collected from 128 respondents aged 25 to 45 through a quantitative survey questionnaire using the CFPB Financial Well-Being Scale, APR Financial Stress Scale, and the Individual Work Performance Questionnaire. Analysis was conducted using descriptive statistics, sequential regression, and bootstrapping in R software. Results indicated moderate financial well-being (M = 59.04, SD = 13.42), low financial stress (M = 26.28, SD = 18.77), and high job performance (M = 76.36, SD = 15.91). There was a positive relationship between financial well-being and job performance, and negative relationships between financial well-being and financial stress, and between financial stress and job performance. Financial stress mediated the relationship between financial well-being and job performance, empirically supporting partial-to-full mediation. These findings support the Joo Conceptual Model (Joo, 1998). The banking sector, HR professionals, financial planners, consultants, and policymakers need to conduct tailored financial education programs for employees.