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CHAPTER II. REVIEW OF RELATED LITERATURE The purpose of this study was to develop a conceptual model that describes the relationship between personal financial wellness and employee job productivity and test a part of the model. This chapter presents the review of related research of the components of the conceptual model of personal financial wellness and employee job productivity. The literature about personal financial wellness, financial problems, financial stress, the relationship between stress and productivity are discussed. Also included are the need for workplace financial education, employee assistance program, employee assistance program and stress management, workplace financial education and its effectiveness, and productivity. This chapter ends with the summary of the literature review.

Financial Wellness Meaning of Financial Wellness The terms economic well-being and financial well-being are used interchangeably in this study. Economic well-being and financial well-being can be proxies of financial wellness. The meaning of economic well-being has evolved from simple happiness or general satisfaction with one’s material or financial situation to a complicated perception of both the material and nonmaterial aspects of an individual’s financial situation. The complicated perception includes satisfaction with income and savings, awareness of opportunities, ability to make ends meet, sense of material security, and sense of fairness of the reward distribution system (Strumpel, 1976).

Williams (1983) theorized economic well-being as a function of material and non-material aspects of one’s financial situation. To identify economic well-being, she included money income, real or full income, agreement about distribution, and psychic income or perceived adequacy of income as independent variables. Fergusson, Horwood, and Beautrais (1981) described economic well-being with the level of financial inputs, such as income and assets.

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So-hyun Joo...

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