Developing Financial Culture Management and the Sustainability of Workplaces in an Emerging Economy
Keywords:
Behaviour, Emerging economy, Financial culture management, Microfinance institutions, Sustainability
Abstract
The quest for the sustainability of workplaces poses critical challenges, and studies have addressed the subject from several angles. This present research addresses this challenge from the angle of financial culture management (FCM). It has grown to become a particularly constraining issue for most businesses; regardless of workplaces experiencing higher profitability, it is more likely to be unsustainable due to a lack of proper financial culture. In order to accomplish this, the study used a descriptive survey approach. Based on factors like staff size, years of financial operations, and the locations of their offices both domestically and abroad, five (5) microfinance institutions in Lagos State, Nigeria, were selected as research participants. Findings revealed that financial culture management has a positive impact on the sustainability of workplaces, as evidenced by the results of the tested hypotheses using regression analysis. Leading to the conclusion that FCM supports and achieves workplaces' quest for sustained performance and viability.
References
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Kofi, F., Nunoo, F., Asamoah, E., Yaw, & Osei-Asare, Y. (2012). Economics of aquaculture production: a case study of pond and pen culture in Southern Ghana. Aquaculture Research, 45, 1 - 14. https://doi.org/10.1111/are.12003
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Liewellyn, N. (2016). ‘Money Talks’: Communicative and Symbolic Functions of Cash Money. Sociology, 50(4), 796 - 812. https://doi.org/10.1177%2F0038038515585475.
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McFall, L. (2014). Devising Consumption Cultural Economies of Insurance, Credit and Spending. Routledge, London, https://doi.org/10.4324/9780203147870.
MIT Sloan Management Review and Boston Consulting Group (2011). Sustainability: the ‘embracers’ seize advantages, research report. MIT Sloan Management, Winter, Review and Boston Consulting Group, Cambridge/Boston, MA.
Monyei, E. F., Agbaeze, K. E., & Isichei, E. E. (2020). Organisational paranoia and employees’ commitment: Mediating effect of human resources policies. Int. J. Sci. Technol. Res, 9, 2277 - 8616.
Monyei, F.E. & Ukpere, W.I. (2024). Non-financial employer-branding and workforce impetus: the mediating effect on the banking sector. Eureka: Social and Humanities, 1, 3-11. Doi: https://doi.org/10.21303/2504-5571.2024.003268.
Monyei, F.E., Aiyelabegun, H.T., Kelvin-Iloafu, L.E., & Ukpere, W.I. (2023). Strategy sustainability of small and medium-sized ventures in the 4IR and post-COVID-19 era. Onomázein, 62, 1258-1273.
Naudé, M. (2012). Sustainable development and organizational learning: mutually supportive? International Journal of Business and Management Studies, 1(1), 523–540.
Németh E., Jakovác K., Mészáros A., Kollár P., Várpalotai V. (2016). Insight and Blight - Initiatives on enhancing financial literacy in Hungary. Public Finance Quarterly, 3. 407 - 428/401 - 422.
OECD (2005). Financial Education Project: Background and Implementation. http://www.oecd.org/daf/fin/financialeducation/oecdfinancialeducationprojectbackgroundandimplementation.htm
OECD (2018). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion, OECD Publishing, Paris. www.oecd.org/.../financial.../2018-INFE-FinLit-Measurement-Toolkit.pdf.
Prugh, T. & Assadourian, E. (2003). What is sustainability, anyway? World Watch Magazine, September/October: 16–18.
Reuter, C. H. J. (2011). A Survey of Culture and Finance. Finance: Revue de L’association Française de Finance, 32(1), 76-152. https://ssrn.com/abstract=1317324.
Reuter, C. H. J. (2011). A survey of culture and finance. Finance, 32, 75 - 152. https://doi.org/10.3917/fina.321.0075
Saha, N. Gregar, A. & Sáha, (2017). Organisational agility and HRM strategy: do they enhance firms' competitiveness? International Journal of Organisational Leadership, 6, 323 - 334. https://ssrn.com/abstract=3335720
Salazar, A., Soto, C., & Espinosa, R. (2012). The impact of financial decisions and strategy on small business competitiveness. Global Journal of Business Research, 6, 93 - 103.
Schmidt, O., Niwaha, M., & Tumuramye, P. (2016). Financial literacy and development - experimental insights from rural micro- and small entrepreneurs (MSEs) in Western Uganda. International Journal of Development Research, 6, 6758 - 6764.
Sherehiy, B. (2008). Relationships between agility strategy, work organisation and workforce agility. ProQuest, 152, 0549548181. https://api.semanticscholar.org/CorpusID:113343957
Smith, P.A.C. & Sharicz, C. (2011). The shift needed for sustainability. The Learning Organization Journal, 18, 73 – 86. Doi: 10.1108/09696471111096019.
Stiglitz, J. E. (1989). Financial markets and development. Oxford Review of Economic Policy, 5(4), 55 - 68. https://doi.org/10.1093/oxrep/5.4.55.
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Published
2025-11-30
How to Cite
Monyei, F. (2025). Developing Financial Culture Management and the Sustainability of Workplaces in an Emerging Economy. Review of Applied Socio-Economic Research, 30(2), 176-191. https://doi.org/10.54609/reaser.v30i2.879
Section
Articles
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