International Journal of Advanced and Applied Sciences, 11(2) 2024, Pages: 230-237 Contents lists available at Science-Gate International Journal of Advanced and Applied Sciences Journal homepage: http://www.science-gate.com/IJAAS.html 230 Extent of spending behavior, problems encountered, and financial knowledge across generational cohorts among state universities and colleges employees Madelyn R. Gumarac * College of Management, Northern Iloilo State University, Iloilo City, Philippines ARTICLE INFO ABSTRACT Article history: Received 7 October 2023 Received in revised form 26 January 2024 Accepted 4 February 2024 This study investigates how financial well-being, a key factor affecting life quality, job contentment, and retirement readiness, varies among individuals. It looks at the spending habits, financial challenges, and knowledge of four generations (Baby Boomers, Generation X, Generation Y, and Generation Z) working in four state universities and colleges (SUCs) in the Philippines. The study involved 371 regular staff and academic employees who completed a modified questionnaire. The results showed that these employees generally spend cautiously and face few financial problems, yet they possess considerable financial understanding. There was a noticeable link between how they spend and the problems they face. A strong connection was observed between their financial knowledge and spending habits. However, the link between the financial issues they face and their knowledge of finances was weaker. This suggests that the employees are careful with their spending and have good financial knowledge. These insights are useful for creating specific programs and educational efforts to improve the financial well-being of staff and academics at these Philippine universities. Keywords: Spending behavior Problems encountered Financial knowledge Employees © 2024 The Authors. Published by IASE. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). 1. Introduction *In the contemporary professional landscape, the workforce is witnessing a profound evolution characterized by a coalescence of diverse generational cohorts (Miller, 2023). This amalgamation encompasses Baby Boomers, Generation X, Generation Y (widely recognized as Millennials), and the emerging Generation Z, each introducing a distinctive set of perspectives, values, and financial paradigms into the workplace (Verma and Garg, 2023). Baby Boomers, who experienced the post-World War II economic boom, often prioritize job loyalty and financial stability. They tend to lean towards traditional financial values rooted in a different economic era. Generation X, born amidst socio-economic shifts, exhibits adaptability and pragmatism. They navigated the technological revolution and economic recessions, shaping their resilient financial outlook (Khajeheian, 2012). Generation Y values work-life balance and * Corresponding Author. Email Address: madzarth47@gmail.com https://doi.org/10.21833/ijaas.2024.02.024 Corresponding author's ORCID profile: https://orcid.org/0009-0008-4652-683X 2313-626X/© 2024 The Authors. Published by IASE. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/) experiences over material gains as characterized by their digital upbringing. Societal shifts towards sustainability and social responsibility often influence their financial mindset (Jasrotia et al., 2023). Generation Z, the youngest entrants, are digital natives with an entrepreneurial spirit. They perceive financial independence and technology- driven finance as integral to their financial future (Kangwa et al., 2021). The coexistence of these generational perspectives in the workplace underscores the importance of recognizing and understanding these differences to foster an inclusive and effective financial environment. This evolving diversity enriches the tapestry of the modern workforce, contributing to a multifaceted approach to financial behavior and management (Olawoyin and Ogutu, 2023). State Universities and Colleges (SUCs) play a pivotal role in shaping the academic landscape and, by extension, the lives and careers of their employees (Quimbo and Sulabo, 2014). The financial well-being of their workforce is intrinsically tied to their ability to fulfill their educational missions effectively (Brüggen et al., 2017). Therefore, understanding how spending behavior, financial challenges, and financial knowledge vary among different generational cohorts within the SUC employees is paramount (Reams-Johnson and