Financial Wellness Essay

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The labor market is given a key role in the recent literature on economic growth. The rising of the labor force participants presents an opportunity to increase Gross Domestic Product (GDP) and drive economic expansion. However, the existing of financial problems among the employees has a real impact on financial wellness. According to University of Texas Arlington (2014), financial wellness is an intricate balance of the mental, spiritual and physical aspects of money. The unique combination is an ideal to strive towards in consumers dealings with money. Nowadays, an increase in the cost of living without an increase in salary requires consumers to manage their financial resources effectively in order to maintain their purchasing power.

According …show more content…

The individuals’ financial health can growth sustained only if financial resources are stability, adequacy, and satisfaction with material and non- material aspects of their financial situation. Logically, the higher level of financial wellness encourages employees have a better work performance and consequently stimulate high productivity in workplace, hence increase organization’s profit.
However, the ()highlights that there is low level of financial wellness among employees in Malaysia. (find evidence)…
Currently, the increase in the cost living among Malaysian without an increase in income requires an effective financial planning and money management skills to avoid overspending. Despite that, (any evidence?) many of them lack of financial literacy, they spend Sui XIN-without planned. Financial literacy is important to individuals by provided financial knowledge and money management skills for assess the suitability of financial products and investment. Unplanned spending can lead to financial problem and financial stress among them. At present in Malaysia, financial stress has become a hot issue for many employees not just the concern of the low income or poor, but the raising of household debt, eroding of purchasing power and income …show more content…

Related to this, Mohamed Khalil Jamaldin, head of corporate communications from the Credit Counselling and Debt Management Agency (AKPK) indicated that the factors that increasing household indebtness were due to the ease of lending loan, misuse of the credit card and poor financial planning. The increases of individuals burdened with debts and having difficulty to repay the debt lead to bankruptcy. During the 2007 to September 2013, personal loan and credit card debts made up 15.50 and 4.18 percent over the total number of 116488 bankruptcy cases in Malaysia (60 people declared bankrupt,

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