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RESEARCH PAPER
The Impact of Financial Management Practices on Financial Satisfaction of Recently Married Individuals
Jessamae D. Rigor, Maricris T. Sarabia, Merland Jhoie V. Abadejos, Jessica Gunday, Jenny Rose A. Magadia, Ranzel Jane R. Mandia, Michelle B. Luzon, Federico Cabailo Jr.
FINANCIAL RESEARCH
BACHELOR OF SCIENCE IN BUSINESS ADMINISTRATION
DIVINE WORD COLLEGE OF CALAPAN
CALAPAN CITY, ORIENTAL MINDORO
The Impact of Financial Management Practices on Financial Satisfaction of Recently Married Individuals
Jessamae D. Rigor, Maricris T. Sarabia, Merland Jhoie V. Abadejos, Jessica Gunday, Jenny Rose A. Magadia, Ranzel Jane R. Mandia, Michelle B. Luzon, Federico Cabailo Jr.
Abstract
Using a financial management model derived from the Deacon and Firebaugh Family Resource
Management Model, this study examined the impact of financial management practices on the financial satisfaction with financial status in a sample of 70 recently married individuals. Financial management practices were proven to have a positive influenced on the increased satisfaction with financial status. As the result of this study, cash management has the most impact on financial satisfaction of recently married individuals. The respondents are involved with the collection, handling, and usage of cash.
Keywords: Financial management practices, Financial satisfaction, Married Individuals
Introduction
Satisfaction with one's financial status can enhance marital satisfaction, and more broadly, life satisfaction (Berry & Williams, 1987; Mugenda, Hira, & Fanslow, 1990). Conversely, financial difficulties and dissatisfaction with one's financial status can lead to marital conflict and divorce (Poduska & Allred, 1990). How a person manages his/her personal finances has been shown to be a major factor contributing to satisfaction or dissatisfaction with one's financial status (Godwin, 1994; Hira, Fanslow, & Vogelsang, 1992; Porter & Garman, 1993; Scannell, 1990; Titus, Fanslow,& Hira, 1989; Walson & Fitzsimmons, 1993). People who use more of the financial management practices recommended by experts generally report being more satisfied with their financial status than people who employ fewer of the recommended strategies. Factors that are related to financial management practices are therefore important areas for research.
Similar research interests were sparked during the farm crisis of the 1980's when researchers asked questions related to economic distress, couple interaction, and psychological distress. Consider Johnson and Booth's (1990) study of married individuals living in farm households. They found that economic distress has direct effects on marital quality as well as an association with psychological distress. Johnson and Booth noted that slightly less than half of the effect of economic distress on thoughts of divorce was mediated through depression.
Marriage is important to most Filipinos. Married people do better financially than singles, not because financially successful people get married, but because married people who behave as true financial partners do better financially. A healthy marriage promotes financial success (Waite and Gallagher 2000).
In Calapan City, from the interview result researchers find out that the cause of problems nowadays between married couples are financial related issues, depression because of poverty, third party issues and problems among these problems, financial related issues were found to be the most common problem encountered by married individuals and it often leads some couples to divorce.
A sample of recently married individuals was selected for this study because this group of individuals is in the process of establishing financial management practices that may have an impact on their present and future financial satisfaction. Identifying variables influencing their financial management may provide insight into financial content to include in marriage preparation programs or in financial education courses for young adults (Eagly & Chaiken, 1993).
This study aims to investigate the problems of recently married individuals with their financial status and evaluate those problems in order to come up with the best possible solutions to solve their financial issues with the help of financial educators. This study investigates also the direct and combined impact of financial management practices on financial satisfaction, using a financial management model derived from the Deacon and Firebaugh (1988) Family Resource Management Model.
The purpose of this study is to assess variables related to use of recommended financial management practices, and the subsequent effect of these variables on financial satisfaction of recently married individuals. To asses which from the financial management practices may have the most positive impact on financial satisfaction.
Theoretical Framework
The family resource management model developed by Deacon and Firebaugh (1988) provided the theoretical foundation for this research. After reviewing a number of management models Heck and Douthitt (1982) concluded that the Deacon and Firebaugh model (1988) is best suited to empirical testing.
Furthermore, Davis and Helmick (1985) concluded that the Deacon and Firebaugh systems theory is consistent with the widely used Campbell, Converse and Rogers (1976) conceptual framework of life satisfaction.
THROUGHPUTInternalManagerialProcessTHROUGHPUTInternalManagerialProcessOUTPUTSatisfaction OUTPUTSatisfaction INPUTAvailableResourcesINPUTAvailableResources
THROUGHPUT
Internal
Managerial
Process
THROUGHPUT
Internal
Managerial
Process
OUTPUT
Satisfaction
OUTPUT
Satisfaction
INPUT
Available
Resources
INPUT
Available
Resources
OUTPUT
Figure 1. Family Resource Management model (Deacon and Firebaugh, 1988)
The Deacon and Firebaugh model consists of input, throughput and output. Input refers to the resources available to households and demands placed upon those resources. Throughput consists of the internal managerial process of planning and implementing behaviors that connect input and output. Output refers to the satisfaction or sense of well-being derived from demands being met (Deacon & Firebaugh, 1988).
In general, inputs enter the system and are transformed to produce outputs. The financial management research literature generally defines inputs to the system as material resources (such as income, net worth, and savings), or as human resources (such as general education, age, or financial knowledge). Outputs from the system have been commonly operationalized as objective outcomes, such as change in net worth (Titus et al., 1989) or as subjective outcomes, such as satisfaction (Davis & Helmick, 1985; Hira et al., 1992, Mugenda et al., 1990; Titus et al., 1989). Satisfaction with financial status is used in this study.
The study conducted Jodi L. Parrotta and Phyllis J. Johnson (1998) serves as the based related research in this study. For this study, financial knowledge and demographic variables such as income and age represent the inputs to the system. The throughput includes financial attitudes (personal subsystem) and financial management (managerial subsystem). The output is satisfaction with financial status.
Figure 2. Financial Management Model: Adaptation of the Deacon-Firebaugh Model
For this study, financial knowledge and demographic variables such as income and age represent the inputs to the system. The throughput includes financial attitudes (personal subsystem) and financial management (managerial subsystem). The output is satisfaction with financial status.
In the conceptual framework shown in figure 2 it defines inputs to the system as material resources (such as income, net worth, and savings), or as human resources (such as general education, age, or financial knowledge). Personal and managerial subsystems comprise the system's throughput or transformation process. The managerial subsystem is conventionally defined as financial management practices (Mugenda et al., 1990), where financial management is the set of practices performed in the areas of cash management, credit management, risk management, and retirement planning (Deacon & Firebaugh, 1988; Godwin, 1994; Godwin & Koonce, 1992). The personal subsystem has not been specifically operationalized in previous financial management models. The rationale for including attitudes in the personal subsystem is derived from combining the definition of attitudes in the psychological research literature with Deacon and Firebaugh's definition of personal subsystem. In the psychological literature, an attitude is defined as "a psychological tendency that is expressed by evaluating a particular entity with some degree of favor or disfavor" (Eagly & Chaiken, 1993, p.1). Therefore, financial attitudes can be considered the psychological tendency expressed when evaluating recommended financial management practices with some degree of agreement or disagreement. Deacon and Firebaugh (1988) emphasize that values evolve, and cognitive, emotional, social, and physical capacities develop in the personal subsystem. The personal subsystem "represents the composite of social psychological- physiological-spiritual development that gives integrity to management.
Cash management
It refers to a broad area of finance involving the collection, handling, and usage of cash. It involves assessing market liquidity, cash flow, and investments. Cash management, or treasury management, is a marketing term for certain services related to cash flow offered primarily to larger business customers.
Credit management
It is the process of controlling and collecting payments from customers. This is the function to control credit policies that will improve revenues and reduce financial risks. credit management is, could be to define it as the 'financial management of the sales process', or also as the 'financial management of customer relations'
Retirement Planning
It refers to the allocation of finances for retirement. This normally means the setting aside of or other to obtain a steady at retirement. The goal of retirement planning is to achieve financial independence, so that the need to be gainfully employed is optional rather than a necessity.
Risk Management
It is the identification and assessment of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources.
Financial Satisfaction
Financial satisfaction is an individual's subjective perception of the adequacy of his or her own financial resources (Hira & Mugenda, 1998). Financial satisfaction has long been acknowledged as a component of well-being (Campbell, Converse, & Rodgers, 1976) and has received attention in studies on wellness related stressors such as financial strain, risk management issues, locus of control and employment issues (Porter & Garman, 1993). Financial satisfaction is the subjective evaluation of one's financial status of being happy and free from financial worries. Financial satisfaction as a state of being healthy, happy and free from financial worries but Williams's (1983) concept on financial satisfaction and wellbeing include factors related to the material and non-material aspects of one's financial situation, including objective and subjective constructs.
Research Model
Figure 3 illustrates the research model with the financial management practices to financial satisfaction. The framework is derived from the Deacon and Firebaugh Family Resource Management Model. The arrows indicate the hypothesized relationships towards the financial management practices.
Financial Management PracticesCash ManagementCredit ManagementRetirement PlanningRisk ManagementFinancial Management PracticesCash ManagementCredit ManagementRetirement PlanningRisk ManagementFinancial Satisfaction of Married Recently IndividualsFinancial Satisfaction of Married Recently Individuals
Financial Management Practices
Cash Management
Credit Management
Retirement Planning
Risk Management
Financial Management Practices
Cash Management
Credit Management
Retirement Planning
Risk Management
Financial Satisfaction of Married Recently Individuals
Financial Satisfaction of Married Recently Individuals
Figure 3. Research Framework
Methodology
A convenient random sampling technique was conducted to test the hypotheses. 70 recently married individuals from Calapan City were the respondents in this study. The respondents are randomly selected.
The researchers prepared an interview guide and ask each respondent before answering the question proper. The recently married individuals are the target respondent of the study. The questionnaire was divided into two parts: Financial Management and Financial Satisfaction. Part 1 focuses on the financial management practices; it is composed of four distinct dimensions these are cash management (5 item), credit management (5 item), retirement planning (3 items), and risk management (4 items). Part 2 focuses on the financial satisfaction of the respondents (6 items). The Part 1 of the questionnaire were all measured using 5-point Likert's scale for 'Strongly Agree (5)' to 'Strongly Disagree (1)' responses. The Part 4 of the questionnaire was measured using 5-point Likert's scale.
In order to confirm content validity, items used to measure the hypotheses in the proposed research model were adapted mainly from some previous researches and slightly adapted to suit the study.
The study of Parrota and Johnson suggests universality of variables affecting use of recommended financial practices and subsequent financial satisfaction.
Results
As a result of our evaluation from the respondents of Calapan City, the researchers found out that Cash Management has the highest mean recorded (µ = 4.4999), Credit Management (µ = 4.4800), Retirement Management (µ = 4.3829) and Risk Management (µ = 4.2464) who got the lowest mean (Table 1).
Table 1: Descriptive Statistics
Indicators
Mean
Std. Dev
Sig
Cash Management
4.4999
.40950
.000
Credit Management
4.4800
.30149
.000
Retirement Management
4.3829
.38934
.000
Risk Management
4.2464
.49726
.000
The researchers examined the theoretical model by testing the hypothesized impact among the research variables (Table 2). The results reveal that cash management significantly and positively had impact to financial satisfaction (β = 0.976, p < .01) supporting hypotheses. Breaking it down to show highest correlation between financial management variables and financial satisfaction, credit management (β = 0.615, p < .01), retirement planning (β = 0.571, p < .01), and risk management (β = 0.320, p < .01). Furthermore the results show that financial management practices do have significant impact on the financial satisfaction of married individuals.
Table 2: Regression Results. Financial Management and Financial Satisfaction
Independent variables
Dependent variables
Financial Management
Β
R2
Sig
Cash Management
0.976
0.953
0.000
Credit Management
Financial Satisfaction
0.615
0.378
0.000
Retirement Planning
0.571
0.326
0.000
Risk Management
0.320
0.102
0.000
The researchers also examined the theoretical model by testing independently the impact of financial management practices on financial satisfaction. The result confirm that the cash management has the greater impact (r2=0.953, p=0.001). Followed by credit management (r2=0.378, p=0.001), retirement planning (r2=0.326, p=0.001) and the least is risk management (r2=0.102, p=0.001). Furthermore financial management had recorded the most significant variables to financial satisfaction (r2=0.602, p=0.01). Results find out, that the financial management seems to have essential impact to financial satisfaction for married individual.
Table 3: General Overview. Financial Management and Financial Satisfaction
Independent
Dependent
Β
R2
Sig
Financial Management Practices
Financial Satisfaction
0.776
0.602
0.000
The researchers constructed a path analysis diagram to easily examine the results and have a general overview of the regression result among the variables of the study.
Figure 2: Path Analysis Result
Financial Management PracticesCash ManagementCredit ManagementRetirement PlanningRisk ManagementFinancial Management PracticesCash ManagementCredit ManagementRetirement PlanningRisk Management
Financial Management Practices
Cash Management
Credit Management
Retirement Planning
Risk Management
Financial Management Practices
Cash Management
Credit Management
Retirement Planning
Risk Management
Financial Satisfaction of Married IndividualsFinancial Satisfaction of Married Individuals
Financial Satisfaction of Married Individuals
Financial Satisfaction of Married Individuals
R21=0.602R21=0.602
R21=0.602
R21=0.602
To summarize, all the researchers' hypotheses were verified based on the results of the study. It was proven that financial management variables (Cash Management, Credit Management, Retirement Planning, Risk Management) do have a considerable impact to financial satisfaction, it supports the third hypotheses. Cash management practices proven to have the most impact on financial management. The theoretical and scientific outcomes of the study are discussed in further detail below.
Discussion
The three main objectives of this study were to assess variables related to use of recommended financial management practices, to assess whether which financial management practice has the most impact on financial satisfaction; and to identify the variables related to satisfaction with financial status.
Cash management has found to have the highest mean recorded followed by credit management, then retirement planning and lastly risk management has the lowest mean recorded among the four variables.
The regression result shows that Cash management have the highest impact to financial satisfaction because respondent are well- educated on handling, spending , budgeting and using money wisely. The second is credit management; married individuals make sure that they settle their monthly bills in order for them not to have any problem regarding their credit status. Third is retirement planning, couples are planning to allocate their finance for benefits and to plan for their financial assistance when they retired from work. Last is the Risk management, because according to the respondents they don't give their full attention in developing and assessing of their resources to lessen the possible risk they may encounter and from this time of their lives they save little amount of money because they are in the process of building their houses and they have many priorities to be accomplished so that they will maintain a good living in the future.
Financial management practice tested the competency of married individuals in managing their money on four areas of finance, namely; cash, credit, retirement and risk management. Only 75.83% couples in the respondents say that they practice favourable financial management. Most of the respondents practice positive cash management. From this survey, it is found that only 10% of the married individuals do not estimate their household networth annually. Contradicting this, more than three quarter of the married individuals (90%) scored positive attitude in saying that it was typical of them to estimate household income and expenditure.
According to survey, most of the married couples are not saving enough; 77.50% attempted to follow a budget but less than 22.5% actually stick to it. 46 married couples acknowledge that they do budgeting on a monthly basis. Budgeting is viewed to be a critical financial management practice. They discuss financial goals with their spouses and make sure both have responsibilities in paying off bills. They check receipts with bills. Their financial knowledge, attitude and practice in cash management scored favourably.
Credit management analysis shows that a quarter (72.5%) of the survey respondents currently do not own any credit card. The face to face survey interview documented the reason for the majority of couples for not having credit cards are that they were either 'barred usage' by the credit card companies for mismanaging the facilities or fear of using the cards due to observations of families' and friends' unpleasant experiences with credit cards debts and for fear that the temptation of high credit limits would entice them to overspend. Only a handful of the couples genuinely did not use any credit card from the start of their marriage.
In retirement planning it was found out that only 8.33% couple plan for their retirement although majority of them knew that they need 70%-80% of their pre-retirement income to maintain the same standard of living during retirement. Despite half the married individuals' population scoring high scores for financial knowledge in retirement planning and another 91.67% scoring 'positive attitude' by admitting 'typical of me' for the statement 'financial planning for retirement is necessary for assuring one's security during old age', strangely, 60% are naïve in planning for their retirement. Worryingly, above 62.5% do not know how much money they need during retirement. Majority (88%) of these married individuals are in the public services and depend either on their contribution to a forceful Employment Provident Fund or a government pension plan for their retirement.
In this survey risk management was found to be the most neglected area in financial management, although the married individuals knew that insurance is a way to reduce the risk of financial disaster, more than three quarter (80%) of them do not know the types of insurance cover available. Majority of the respondents don't give their full attention in developing and assessing of their resources to lessen the possible risk they may encounter and from this time of their lives they save little amount of money because they are in the process of building their houses and they have many priorities to be accomplished so that they will maintain a good living in the future. More than a three quarter of these 70 married individuals acknowledge that they set aside money for possible unexpected expenses but surprisingly, 81.67% married individuals are not prepared to meet sudden large emergencies and do not review the adequacy of the insurance cover they have. Somehow, close to three quarter of the married individuals' population are dissatisfied with their current insurance and unit trust agents.
Recently married individuals are financially dissatisfied with many things; their current amount in savings, current assets, current liabilities, current financial situations, and current loan repayments and importantly, their money management skills. Only 65.83% of married individuals in Calapan are satisfied with ther current financial status. During the face to face interview, it was learned that married individuals feel that they would have performed better financially if they had been exposed to financial education at younger age or just prior to employment. Financial satisfaction is related, both directly and indirectly, with diverse factors including financial behaviours, financial stress levels, income, financial knowledge, financial solvency, risk tolerance, and education. Contradicting all the previous studies, this research found that the married individuals have high positive financial attitude but somehow very dissatisfied with their current financial status.
Conclusions
The management subsystem, a throughput variable, influenced the output variable (financial satisfaction). These findings suggest that the personal system's effect on output is indirect through its effect on the managerial system. Additional testing of the model is needed. The findings of this study may not be generalizable to all recently married individuals. In comparison to provincial statistics on those married individual (not just recently married), our respondents were better educated and had higher incomes. The respondents had also educated and skilled developer. With the potential to influence so many aspects of everyday life, continued research in understanding the processes involved in this fundamental area of family studies is vital. Discovering which variables affect the use of recommended financial management practices, and the processes by which they do so, is a step toward that goal. The similarity between the results of this study and the results of studies from other countries suggests some universality of variables affecting use of recommended financial practices and subsequent financial satisfaction.
Financial management was the best predictor of satisfaction with financial status. Also, couples who felt more in control of their lives felt more satisfied with their financial status. One indication that respondents in the present study may feel more in control of their lives is that they all identified themselves as the household financial manager. Being the financial manager may have contributed to their use of the recommended practices and subsequently to their perceived financial status. Future studies on financial management and financial satisfaction that include issues of control or self-efficacy are needed to increase the understanding of the relationship between these two important variables.
Therefore we conclude that cash management was the highest mean recorded because the respondents are responsible enough in the day to day routine of dealing with financial matters. Based on research respondents, cash management was the most financial management practices that had impact to financial satisfaction, because this variable pertains to the ability of the couples to handle, budget, and the use of money in everyday living. All in all, financial management practices have relationship with financial satisfaction; it is because the five variables had impact to financial satisfaction of married individuals.
Recommendation
To increase the use of recommended financial management practices, the public must be convinced of the importance of sound financial management.
Professionals, such as those working in pre-marital preparation agencies, must make it their goal to motivate their clients to perform the recommended financial management practices, in addition to (or perhaps instead of) simply teaching them general skills such as budgeting and record-keeping (Godwin, 1994).
Also, our finding that use of recommended financial management practices is strongly associated with financial satisfaction provides a potentially strong motivation for increasing use of such practices.
Future research should continue to use measures with equivalent levels of specificity and multidimensionality. Development of such measures for financial satisfaction might clarify the role of financial management. An additional issue to address in creating knowledge scales is to ensure varying degrees of difficulty in answering the questions. Additional scale development is warranted to create measures of specific aspects of financial management. Then it would be possible to identify variables associated with specific dimensions, as well as with the global measure, of this concept.
A challenge for future researchers is to examine other personal subsystem variables, including personality, financial priorities, and level of self-monitoring, for their relationship to the use of recommended financial management practices and to financial satisfaction. Results of such research could then be incorporated into pre-marital preparation programs designed to address finances.
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