The relationship between financial wellbeing and mental health of contract employees at ABSA Bank in Nairobi County Between 2019 - 2020

Abstract

This study’s aim was to find out the correlation that exists between financial wellbeing and mental health of contract employees employed through managed service providers in Nairobi County between 2019 and 2020. The specific objectives were to investigate the relationship between financial wellbeing and contract employees’ stress levels, ability to manage the daily demands of life, work performance and their general rating of happiness. The study used a descriptive study design. The study population was managed service employees in 32 outsourcing firms in Nairobi County and the study was conducted at Absa Bank Bishops Gate building which is located along Fifth Ngong Avenue in Upper Hill. The sample size comprised of 60 managed service employees from Absa Bank of Kenya sampled using purposive sampling method. This sample was obtained from managed service employees from two of the thirty-two outsourcing firms in Nairobi, Kenya. Primary data was gathered with the aid of a questionnaire. It contained 30 items measuring financial wellbeing, that is; both objective and subjective attributes of financial wellbeing (10 items), its relationship with stress levels (5 items), ability to meet the daily demands of life (5 items), work performance (5 items) and general rating of happiness (5 items). The study results were analysed both qualitatively and quantitatively, where quantitative data obtained from the questionnaire was cleaned, coded and computation of descriptive statistics done, aided by SPSS (Statistical Package for Social Sciences); whereas qualitative data that was obtained from the questions that were open ended was reported in the form of narration. To measure what relationship exists between the study variables, Pearson’s correlation analysis was employed. Regression analysis was used to show how age, gender and tenure contribute to employees’ mental wellbeing as a result of their financial status. The study revealed that the respondents occasionally experience stress when thinking or dealing with their finances, that majority of the employees indicated that financial concerns have caused them anxiety, frustrations, headaches and depression, and that there is a statistical and significant strong negative correlation between financial wellbeing and employees’ stress levels, (r (45) = -0.7123, p<.005). The study also found out that sometimes the respondents have had to make some financial adjustments because of lack of money, that it was moderately true that the respondents would suffer immediate financial difficulty if they were to lose their job, and that there is a statistical and significant strong positive correlation between financial wellbeing and employees’ ability to manage the daily demands of life, (r (45) = 0.6671, p<.005). It also revealed that just a few of the employees surveyed have left over money monthly in savings, and that most employees to a great extent are worried about their future financial wellbeing. In conclusion, the study found out that there is a statistical and significant strong correlation between financial wellbeing and employees’ mental health.