THE EFFECTS OF FINANCIAL STRESS AND JOB PERFORMANCE

AMONG EMPLOYEES OF CRONASIA FOUNDATION

COLLEGE, INC. IN GENERAL SANTOS CITY

_______________________________

A Thesis Proposal

Presented to the
Faculty of Accounting and Information System
Cronasia Foundation College, Inc.
General Santos City

________________________________

In Partial Fulfillment
of the Requirements for the Degree of
Bachelor of Science in Accounting Information System

_________________________________

JEFELSON B. SUMILHIG
KAREN M. CASABUENA
ROSELYN T. PEPITO

AUGUST 2021
 Chapter I

INTRODUCTION

Background of the Study

Financial problems between employees cause tardiness, low job

performance and higher health care costs (Vozza, 2021). Having financial stress

might affect the work performance of employees and cause low productivity and

quality to get its task done. In other words, having problems dealing with their

finances could affect the behaviour and eagerness of employees to do their work

professionally. Also, financial stress causes health related illnesses such as

cardiovascular diseases, mental issues and their diet that could affect their well-

being. Financial stress affects the emotional control, personality and relationship

with their families and the working environment.

Furthermore, a recent study concluded that the factors that contributes

financial stress are overspending, lack of budgeting, high debts level, low salary

or wages, lack of knowledge about money and poor financial behaviour (Parcia &

Estimo, 2017). It is also revealed in a study that financial stress causes health

symptoms in aspects of psychological, behavioural, and physiological of an

individual that affects the work productivity (Olasehinde & Aigbavboa, 2018). By

this study it will give insights to the employers on providing efforts and programs

in coping of financial stress and to improve employees well-being in their

workplace. This study aims to measure the effects of financial stress to health

and job performance as experienced by workers. This study also determines if

there is a significant relationship between the financial stress and job

performance.

To support this study, it is being proved that having an unexpected

financial difficulty might cause them to be less productive (Cambridge, 2021).

Instead, it would cause them to think about problems that are associated with

finances. Moreover, when stress exceeds your ability to cope, it causes damage

into the mind and body as well as work productivity (Segal, Smith, Robinson, &

Segal, 2020). Thinking about the financial problems will give distraction, lack of

willingness to learn, and inability to work harder as health was being affected. By

understanding these factors this will make an importance on how to deal with

financial stress and to improve their work output.

According to a recent study, impacts of financial stress has not been given

attention by human resource professionals (Gualdrapa & Palic, 2018). The

problems of financial stress to workplace performance were disregarded due to

lack of giving importance of providing financial wellness programs and illiteracy of

financial management practices. There is also a lack of scientific studies and

materials that concerns the financial stress experienced by workers as to resolve

the impacts on health and job performance. Through this study this will give

attention to their financial problems that they cope with and to feel that they are

not being alone in difficult situations. The success of this research study will give

clear as to why financial stress affects the work performance of employees.

Statement of the Problem

 The main objective of this study is to determine the effects of financial

stress on the job performance among employees of Cronasia Foundation

College Inc, at General Santos City. It also aimed to answer the following

questions:

1. What are the effects of financial stress among job performance of

employees in terms of:

1.1. emotional or psychological;

1.2. social or moral behaviour; and

1.3. physical health?

2. What is the level of employees’ job performance of Cronasia

Foundation College, Inc. at General Santos City?

Is there a significant relationship between the effects of financial stress and job

performance among employees of Cronasia Foundation College Inc, at General

Santos City?

Hypothesis

The null hypothesis was tested at the significant level of 0.05.

1. There is no significant relationship between the effects of financial

stress and job performance among employees of Cronasia Foundation

College, Inc. at General Santos City.

Significance of the Study

The result of this study would be beneficial to the following:

 The Administrator. This study conducted and reminded them of what to

implement to avoid financial stress that could help the job performance of the

employees.

The Faculty. This study would provide good feedback and allow them to

manage finances successfully, possibly leading to improved job performance.

The Teachers. This study aims to increase knowledge, ability and

confidence to use their financial knowledge to financial decisions.

The Private Companies. This study could give advantages when it

comes to decision-making specially on giving privileges to the employees like

allowing cash advance, medical allowance, social therapy and loans so at least

they can avoid financial stress that could affect their job performance.

The Researchers. This study gives some insights into various effects of

financial stress especially on how to handle stress on job performance.

The Future Researchers. This study will be a reference for the future

researchers and would contribute to the understanding of financial stress to job

performance.

Scope and Delimitations

This study is conducted in order to determine the effects of financial stress

in relation to employees’ job performance in Cronasia Foundation College, Inc.

This study focuses on the bona fide instructors regardless of the course and

department. Information regarding to employee records, demographics, and

educational attainment are excluded in this study. This study aims to determine

the effects of financial stress in terms of different factors such as

emotional/psychological, social/moral behavior and health/physical and the

correlation between financial stress and job performance.

This study was conducted during the first semester of Academic year

2021-2022. The respondents of this study are the fifty (50) employees of this

institution and are currently employed this 2021-2022.

 Chapter II

REVIEW OF RELATED LITERATURE

Presented in this section were the related literature review and related

studies about the effects of financial stress on emotional or psychological, social

or moral behavior, and the physical health, and job performance.

Financial Stress

Financial stress defines as a feeling that people have when they are

struggling to cope with challenges related to finances, work, relationships,

environment, and other situations. People often use the word stress

interchangeably with anxiety, feeling anxious, fearful, nervous, overwhelmed,

panic, or stressed-out (Freshwater, 2018). Financial stress can also affect how

you think and feel, making it tough to get through your normal responsibilities and

make rational decisions (Bhandari, 2020). In some cases, this kind of stress can

impact behavior in other ways, and some people turn to drugs, alcohol or other

harmful substances to cope with their feelings. Excessive stress may also affect

your appetite, causing you to eat more or less than usual, and it may affect or

eliminate your motivation to exercise and stay fit. Additionally, the feelings you

get when you’re stressed may make you feel like withdrawing from friends and

family and isolating yourself.

Stress is not always easy to recognize, but there are some ways to

identify some signs that you might be experiencing too much pressure (Scott,

2020). Sometimes stress can come from an obvious source, but sometimes even

small daily stresses from work, school, family, and friends can take a toll on your
mind and body. The Impact of stress is out over a relationship, money, or your

living situation can create physical health issues. The inverse is also true. Health

problems, whether you're dealing with high blood pressure or you have diabetes,

will also affect your stress level and your mental health. When your brain

experiences high degrees of stress, your body reacts accordingly.

Stress if it has a good amount that can be handled by the employees’ it

does help denote positive influences as well as (Mai and Vu, 2016). Good stress,

called eustress, can actually be beneficial to you. Unlike bad stress, or distress,

good stress can help with motivation, focus, energy, and performance (Legg,

2019). For some people, it can also feel exciting. On the other hand, bad stress

typically causes anxiety, concern, and a decrease in performance. It also feels

uncomfortable, and it can lead to more serious issues if not addressed. It can

cause physical conditions, such as headaches, digestive issues, and sleep

disturbances. It can also cause psychological and emotional strains, including

confusion, anxiety, and depression.

According to Kishwar Ali and Muhammad Ehsan, February 2019. Stress

occurs with the interaction between an individual and the environment, which

produces emotional strain affecting a person’s physical and mental condition.

Stress is caused by stressors, which are events that create a state of

disequilibrium within an individual. These authors also stated that the cost of too

much stress on individuals, organizations, and society is high. Many employees

may suffer from anxiety disorders or stress-related illnesses (Van Eys. 2021). In
terms of days lost on the job, it is estimated that each affected employee loses

about 16 working days a year because of stress, anxiety or depression.

According to Cambridge Dictionary stress is the great worry caused by a

difficult situation or something that causes people headaches, minor pains, and

sleeping difficulties. While stress is universal among employees the difference

between stress symptoms and the effect on behavior is the coping mechanism of

employees (Van Berkel & Reeves, 2017). Stress has always been present in the

workplace. HR teams know that most employees experience job stress at some

point in their careers. However, new challenges and recent changes to the way

we work and live have increased employee stress. A new study from Pathways

found that nearly a third of employees are very concerned about their stress

levels (Van Eys, 2021).

Job Performance

Job Performance is how well an individual performs a job, role, task or

responsibility. This includes tangible things such a revenue targets and intangible

things such as communication. Performance is evaluated with respect to

documented responsibilities, objectives, goals, and reasonable expectations

associated with the role, profession and industry (Spacey, 2017). According to

Spacey, it has bearing to the present study because it clearly stated that job

performance pertains to how individual performs his/her role or responsibility.

Thus, every performance is evaluated is regards to profession. Teacher’s job

performance in the way teachers perform their work not just in the classroom but
also on the way they treat other in a professional way, how they relate the

accomplishments of the school to the community, and how they develop the

necessary life skills that can help them grow in the outside their profession.

According to a survey conducted by Willis Towers Watson India, the

results show stress has a direct link to workplace performance and productivity.

While some employers in India have already taken steps to develop a stress or

mental health strategy, more focused effort is required to identify the specific

reasons of stress and design interventions aimed at addressing them and

improving the emotional and mental health of employees. Almost 60%

companies do not use data/matrix to measure the stress of the workforce and the

leading causes, and that surely is an area of improvement (Shetty, 2019).

A lot of studies have defined job satisfaction. Job satisfaction, according to

Hoboubi et al. (2017), refers to an employee's capacity to direct their task/work

efficiently. Furthermore, it has been argued that if employees are dissatisfied,

they would feel doubtful about their work, their supervisors will pay less attention

to them, and the working environment will be questioned, leading to employees

feeling as if they are not included as active members of the organization

(Armstrong et al., 2015). According to Gul et al. (2018), employee contentment

has a positive relationship with career opportunities. Furthermore, another study

revealed that there is a link between job satisfaction and employee performance

(Inuwa, 2016). Worker performance is crucial for any organization because it

determines the company's success in the end (Shaughnessy, 2017).

Correlation between Measures

In a study conducted at Cotabato Province during 2018, it shows

cooperative bank employees feel financial stress at their job performance which

is seen obvious. However, the results of the study are concluding that financial

stress experienced by bank employees does not affect their job performance

(Vidad, 2018). This research was also supported by a recent study conducted at

Negros Occidental. The results of the study concluding that there is no significant

difference of financial stress experience by government employees regardless of

demographics such as age, sex, family status, and workplace. However, position

level and estimated loan obligations shows that it affects the job performance

(Gualdrapa & Palic, 2020). In both studies, the results show that Filipinos are

tolerable and resilient and furthermore financial stress should be lowered to

increase the productivity of workers. However, foreign studies show contrast to

our local studies.

A study organizes by University of Stanford at highly urbanized

communities in U.S. The study concludes that teachers experienced

absenteeism and low work productivity due to financial stress experiences and

higher costs of living (Ross, Loeb, Penner, Rochmes, 2018). Another study has

also proved that higher cost of living might cause to feel financial stress at

workplace. A survey was also conducted for teachers at San Francisco,

California shows that teachers who rent homes, living in single status and

supporting for their child’s education are more likely to tend financial stress. On

that survey, financial stress has given the effects to chronic absenteeism of more
than 10 days that affect their work. Also, it concluded that 9% of Americans

agreed that it is difficult to them to paid their housing rent and 12% feeling

anxious on their financial situations that gives them disturbance during work.

Because of these financial situations and higher cost of living tend them to leave

their profession and find a more stable salary (Schwartz, 2018).

Definition of Terms

Financial stress – According to Financial Health Institute, financial stress

defines as a condition that is the result of financial and/or economic events that

create anxiety, worry, or a sense of scarcity, and is accompanied by a

physiological stress response. Financial stress is emotional tension that is

specifically related to money (Scott, 2021). As used in the study, this refers to a

type stress experienced by employees caused by financial issues, difficulties, or

problems that related to money.

Job performance – This refers to work-related activities expected of an

employee and how well those activities are executed (Kasemsap, 2016). As used

in this study, this refers to the quality of the task and work results done by

teachers including the eagerness to work, efficiency, and willingness to do the

tasks assigned to them.

Employees – It refers to a group of persons who has been engaged to

render a particular service in the usual business or trade of the employer. This

refers to bona fide instructors of Cronasia Foundation College Incorporated. They

are the main work force of the educational institution who are currently employed

and working as the respondents of this study.

General Santos City – This refers to the place where randomly selected

teachers would be part of the respondents of the study. Specifically, they were

working in Cronasia Foundation College Incorporated, Andres-Dizon Building,

Pioneer Avenue, Barangay Dadiangas West in General Santos City.

Theoretical Framework

As presented by Lazarus & Folkman (1984), the transactional theory of

stress and coping, stress when experienced as a stimulus affect the

psychological and physiological system of an individual, leading to alarm,

resistance and exhaustion. This can also be interpreted in a simpler manner –

where a person under stress being alarmed is considered distracted. When in

resistance, that person experiences difficulty in overcoming such distraction. With

all the resistance done by the individual, it leads to exhaustion that can either be

physical or mental, as this represents the condition of a human person depicting

whether or not he can function properly.

This theory supports the relationship between financial stress and job

performance. Considering that financial stress is defined as emotional tension

that is specifically related to money, emotional tension is a psychological state in

which a person experiences pressure and difficulty when dealing with such

circumstances. That individual inflicted with such a condition is assumed to be

unable to function normally due to the unusual or abnormal state of mind that
which contrasts from a motivator, leading to exhaustion either physically or

mentally.

Conceptual Framework

As presented in Figure 1, the relationship between financial stress and job

performance is determined by the stimulus-response instigated by the presence

of financial stress. As financial stress is considered to be emotional tension over

money, individuals who are distracted or tensed by their circumstances that

involve crises or issues related to money or monetary needs, they may

experience exhaustion, distraction and difficulty in their condition of living as

results of financial stress. These conditions may inflict short or long-term effects

to their performance as a working member of society and may experience

decrease in energy and motivation to work making them underperforming, lack of

focus or concentration which affects their ability to complete tasks within a given

period of time, and their inability to function normally shown as behavioural

changes that may cause problems with their working capacity and work

environment.

Independent Variable Dependent Variable

Financial Stress

 Emotional or psychological

 Social or moral behavior Job Performance

 Physical health
 Figure 1: Conceptual Framework of the Study
Chapter III

METHODOLOGY

This chapter would present and explained in detail the procedure to be

followed in conducting the study. This included discussions on the design of the

research, description of the locale of the study, description of respondents and its

sampling design and procedure, description of a research instrument to be used,

steps in collecting data, and appropriate statistics to use to analyze and interpret

the data.

Research Design

The researchers will use quantitative research design using descriptive-

correlative method to determine the effects of financial stress to the employees’

job performance. The researchers will use quantitative research design in order

to assess a social phenomenon by collecting data through the use of structured

questionnaires where the results are being interpreted by statistical and

numerical data (Apuke, 2017; Bhattacharya & Chetty, 2020; Bhandari, 2021).

This research study uses descriptive design as it is intention to answer

‘what’ related effects of financial stress to job performance in reality and the

observations cannot be intervene by researchers (Bhattacharya & Chetty, 2020).

It is also a correlational study as to determine the significant relationship between

the financial stress and job performance (Cherry, 2020). Moreover, researches

related to financial stress and job performance uses descriptive-correlational

research design will be used to assess and determine the relationship between

the two variables (Parcia & Estimo, 2017; Vidad, 2018; Gualdrapa & Palic, 2020).

Population and Sample

The respondents that will be used upon conducting this study are

composed of employed and currently teaching professionals and instructors

regardless of their age, gender, civil status, and academic recognitions.

Information relating to employment is also excluded in this study such as

employment records, average salary, job designation, years of service, course or

department, and professional licenses duly registered by the Professional

Regulatory Commission of the Philippines. The researchers pledged to keep this

records restricted as possible in order to protect their privacy and to follow the

ethical standards. Here in this study, employees not related to teaching

profession are also excluded since this study aims to know the financial stress

experienced by teaching professionals as to the main workforce of this institution.

Employees not involved in teaching refer to secretaries, assistants, security,

maintenance, utility, and the like.

In determining the respondents, simple random sampling is preferred are

a random portion of the entire population is taken to represent the entire data

(Hayes, 2021). The researchers have chosen simple random sampling to confirm

that each instructor have given a chance to answer the survey questionnaire. In

conducting this study, the researchers randomly selected 50 instructors currently

employed and active in their service to answer the questionnaires. These refer to
bona fide instructors of Cronasia Foundation College, Inc. and regardless they

teach Senior High School learners or College students.

Research Locale

The researchers will conduct their study at Cronasia Foundation College,

Inc., General Santos City. It is a higher-educational institution that offers Senior

High School Programs and College Degree Courses located at Pioneer Avenue,

Barangay Dadiangas West, General Santos City. It is also a notable private-

educational institution in General Santos City.

As of 2021, according to the Office of the Students and Academic Affairs

there are 76 active teaching professionals and currently employed. For this

reason, it was selected as location to conduct this study.

 Figure 2. Location Map

Research Instruments

The survey questionnaire will be used in this study is consisted of two

parts. The Revised Levels of Financial Stress Scale in first part is used to

determine the effects of financial stress in terms of emotional or psychological,

social or moral behaviour and physical health as experienced by employees.

These scales are published by the Journal of Financial Therapy of American

Financial Therapy Association. These measurements are also developed and

used in the survey conducted at January 2020. The researchers will adopt the

questionnaire from Heo, Cho & Lee (2020) in their study entitled “APR Financial

Stress Scale: Development and Validation of a Multidimensional Measurement”

The respondents of this research study will answer using a 5-point Likert

scale from “5” (strongly agree) to “1” (strongly disagree) to determine the effects

of financial stress experienced as to their health. The Revised Levels of Financial

Stress Scale was composed of five questions per three categories namely

emotional or psychological; social or moral behaviour; and physical health.

Therefore, in the first part there would be a total of 15 questions need to be

answered by the respondents. The researchers used 5-point Likert Scale to

describe the effects of financial stress with the indicators are presented in the

following representation.

Range of Descriptive Level Interpretation

Mean
4.20 – 5.00 Strongly Agree This purports that the items concerning to
financial stress are always observed.
3.40 – 4.19 Agree This purports that the items concerning to
financial stress are oftentimes observed.
2.60 – 3.39 Moderate Agree This purports that the items concerning to
financial stress are sometimes observed.
1.80 – 2.59 Disagree This purports that the items concerning to
financial stress are rarely observed.
1.00 – 1.79 Strongly Disagree This purports that the items concerning to
financial stress are never observed.

The researchers will use the adapted and modified survey questionnaire

of Revised Level of Job Performance Scale is used in the second part. It is used

to determine the levels of financial stress as experienced by employees to their

job performance. The scales used in this study was conducted by a previous

survey on assessment of job performance among university teachers. Moreover,

the scales were used also by Goodman and Svyantek in 1999 for job

performance of employees.
 In recent case, this was also utilized, developed and measured by Yusoff,

Ali, and Khan (2013) in their research study titled ‘’Assessing Reliability and

Validity of Job Performance Scale among University Teachers in Pakistan’’

during July 2013. This study was also published in the Journal of Basic and

Applied Scientific Research. It was also validated in their study that all items

have values higher than 0.60 on Cronbach’s Alpha Coefficient to prove its

reliability. Therefore, it could be considered as a reliable and valid self-

administered instrument for assessing the job performance levels among

instructors.

The respondents of this research study would answer using a 5-point

Likert Scale from “5” (strongly agree) to “1” (strongly disagree) to determine the

effects of financial stress experienced as to their job performance. The Revised

Levels of Job Performance Scale was composed of ten questions relating to the

effects of financial stress as experienced in the job performance. This survey

questionnaire should also to be answered by the respondents. The researchers

used 5-point Likert Scale to describe the impacts of financial stress to job

performance with the indicators are presented in the following representation.

Range of Descriptive Level Interpretation

Mean
4.20 – 5.00 Strongly Agree This purports that the items concerning to
job performance are always observed.
3.40 – 4.19 Agree This purports that the items concerning to
job performance are oftentimes observed.
2.60 – 3.39 Moderately Agree This purports that the items concerning to
job performance are sometimes
 observed.
1.80 – 2.59 Disagree This purports that the items concerning to
job performance are rarely observed.
1.00 – 1.79 Strongly Disagree This purports that the items concerning to
job performance are never observed.

Data Gathering Procedure

The researchers prepared a formal letter of permission to the school

administrator of Cronasia Foundation College Incorporated to conduct the study

to the instructors in each department. Due to the ongoing global pandemic, it is

advised to distribute the forms through an online platform to ensure the health

and safety of the researchers. The questionnaires are encoded through the use

of Google Forms to distribute the survey questionnaires and gather the

respondent’s response. During the answering of survey questionnaires, the

researchers would provide an allotted time to answer the online forms and to

submit the questionnaire responses through online.

Then, the researchers carefully made sure that the information gathered

would be secured and private to protect the respondent’s identity and

confidentiality. After the survey responses are gathered, the researchers will

check and verify the responses. These responses would be organized using

tables through Microsoft Excel to provide statistical data and it will be checked by
our statistician. The statistician will interpret the data to the researchers to draw

conclusions in their study.

Statistical Tools

The researchers use the following statistical tools to present and interpret

the observations of their study.

To determine the effects of financial stress among job performance of

employees in terms of emotional or psychological; social or moral behaviour; and

physical health, arithmetic weighted mean will be used.

To determine the level of employees’ job performance of Cronasia

Foundation College, Inc. arithmetic weighted mean will be used.

To determine the significant relationship between the effects of financial

stress and job performance among employees, Pearson r will be used.

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