The mediating role of work-life balance in the relationship between financial well-being and turnover intention of millennial employees: An organizational behavior outlook

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Abstract

This study looked into the mediating effect of work-life balance on the relationship between financial well-being and intention to leave. Additionally, the possibility of job sector moderating was investigated. The millennial workforce from Philippine public and private organizations makes up the respondents. The study adopted a quantitative methodology. Respondents were given the adopted instrument, which was utilized to quantify the responses. Purposive sampling was used in the selection of the respondents. The results showed that there were notable relationships between work-life balance and financial well-being, as well as between work-life balance and turnover intention. The results were consistent with the findings of Kundnani and Mehta (2015) showing that stress caused due to financial obligations is negatively related to work-life balance. Also, financially unstable employees are more likely to seek new job opportunities. Moreover, work-life balance was found to partially mediate between financial well-being and turnover intention and is supported by the study of Lestari and Margaretha (2021). Nevertheless, it was discovered that the moderating influence of the employment sector on the correlations between the variables was not statistically significant. In light of the study’s findings, conclusions were reached and suggestions for resolving the problems were made.

Keywords: Work-Life Balance, Financial Well-Being, Turnover Intention, Work Sector, PLS-SEM

Authors’ individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

Declaration of conflicting interests: The Author declares that there is no conflict of interest.

JEL Classification: M00, M12, M5, M54

Received: 12.02.2024
Accepted: 12.07.2024
Published online: 17.07.2024

How to cite this paper: Ponio, J. C. (2024). The mediating role of work-life balance in the relationship between financial well-being and turnover intention of millennial employees: An organizational behavior outlook [Special issue]. Corporate Governance and Organizational Behavior Review, 8(2), 388–399. https://doi.org/10.22495/cgobrv8i2sip13