Examining the relationship between financial literacy and debt management in eThekwini municipality employees.

Abstract

Every day, workers must make important decisions about investing portfolios, purchasing assets, and acquiring insurance. As a result of the financial markets making products more accessible without disclosing the risks involved, some workers wind up with a heavy workload. The purpose of the study was to examine the relationship between financial literacy and debt management in eThekwini municipality employees and to raise employee understanding of financial literacy and improve debt management skills. The quantitative research methodology used in scientific research was employed to conduct this study. The study's goal was to examine the degree of financial literacy and debt management among eThekwini municipality employees working in the Human Settlement and Transport Authority departments by using a questionnaire-based survey method. Non-probability sampling was used in the research, and respondents were chosen according to availability or convenience. Smart PLS4 and SPSS version 29.0 were used to analyse the data gathered from the answers. For the acquired quantitative data, the results display the descriptive statistics as graphs, cross-tabulations, and other figures. The study's findings were utilised to develop recommendations for the eThekwini municipality structures, with the aim of establishing employee beneficial financial literacy programs and preparing staff members for efficient debt management.