"A Conceptual Model of Millennial Employee Financial Well-Being: Towards Decreasing Stress, Promoting 'Optimal Health', and Improving Job Performance"

 

Reka Anna Lassu- California State University, Chico

Kenny Chan- California State University, Chico

 

Millennials as a group seem quite stressed over their personal “financial health.” To date, employers are mostly trying to address these early-career employees’ financial stress by providing financial education. This approach is not adequate as Millennials are unlike their predecessors; they expect their workplace to provide for their overall well-being.

 

We propose a conceptual model that captures how employees’ degrees of financial stress are affected by how important and salient personal finance is to them, the amount of subjective financial knowledge they have, and the degree to which employees feel in control over financial matters. Gender is expected to moderate these variables’ effects on degree of financial stress. Grit, the topic of many discussions in the field of positive psychology, will also play an important role.

 

This new framework could help organizations design integrated intervention strategies to help Millennial employees improve their financial health towards achieving “optimal health.” 

 

This research was presented at the following conference: