EMPLOYER-SPONSORED FINANCIAL WELLNESS PROGRAMS ON FINANCIAL SUSTAINABILITY OF WORKING-CLASS MILLENNIALS IN CAVITE

Authors: Justine Marie V. Escalera, Daisy Clapis, Melany M. Encado, Jesusa June Salem, Gain A. Guijano, L. J Regondola & Ritch M. Banate

ABSTRACT

The study focused on determining the effect of employer-sponsored financial wellness initiatives on working-class millennial’s capacity to maintain their financial sustainability, with a particular emphasis on Cavite residents. The survey evaluates a number of financial wellness factors, including income stability, retirement planning, debt management, expenditure management, and savings. In order to better understand how these programs improve employees’ financial well-being, the study will assess participants’ demographic profiles, financial behavior, and assessments of the programs’ effectiveness.The effects of financial wellness initiatives supported by employers on the long-term financial stability of Cavite’s working-class millennial population. To determine the efficacy of different financial wellness programs, the study examines participant perceptions of their financial situation as well as demographic characteristics like age, gender, income, and employment status. The majority of respondents to a survey of 200 millennial’s were female, single, and between the ages of 28 and 30. They also made between Php 5,001 and Php 10,000 per month. Participants’ budgeting, saving, and investing techniques were much enhanced by the most popular program chosen, which was financial literacy seminar. The ability to handle unforeseen financial problems and retirement planning was especially improved, according to the participants, who also reported feeling more confident about handling their money. Employer-sponsored programs significantly increase financial well-being by lowering stress, increasing financial stability, and improving preparedness for future financial demands, according to the study’s findings. Employers are advised to improve and broaden these initiatives, offer focused financial literacy instruction, and conduct frequent assessments of their efficacy in order to meet the changing demands of the labor market.

Keywords: Employer-sponsored, financial wellness program, financial sustainability, working-class millennial’s, Cavite

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