Mediating effect of Education Level on the Relationship Between Financial Literacy and Financial Behaviour of Employees in Higher Education Institutions

Abstract

This study explored the interplay between financial literacy, education level, and financial behaviour among employees in Higher Education Institutions. Drawing on a sample of employees from various departments within these institutions, the research investigates whether education level mediates the relationship between financial literacy and financial behaviour. Data were collected through a survey and analysed using SMARTPLS for mediation. The findings suggest that financial literacy has a statistically significant positive association with financial behaviour, financial literacy has a statistically significant positive association with Education level but the relationship between education level and financial behaviour is not statistically significant. Additionally, the mediating effect of education level between financial literacy and financial behaviour was not statistically significant. These results have implications for financial literacy programs and policies targeting employees in higher education institutions with the major focus pointing towards building of financial literacy levels regardless of the employees’ education level if the financial behaviour is to be positively influenced