Impact of Socio-Demographic Factors on Financial Well-being of Academic Staff in Ugandan Universities

Abstract

This study investigated the level of Financial Well-Being (FWB) and its socio-demographic determinants among academic staff in Ugandan universities, East Africa. A cross-sectional research design was employed within a positivist paradigm using a quantitative approach. Data was collected from a disproportionate sample of 270 academic staff across 10 universities in Uganda through a questionnaire. The participants were selected using stratified sampling to ensure appropriate representation. Descriptive statistical method was used in data analysis. The study established that the level of financial well-being among the academic staff in Ugandan universities was generally low, with over 48% of the respondents reporting low FWB. Socio-demographic factors, especially academic qualifications, were found to significantly influence the financial well-being. To address the challenge, university stakeholders should develop and implement strategies aimed at improving the financial well-being of the academic staff. This could include offering financial literacy programs and providing additional financial benefits to enhance the financial security. Therefore, the academic staff need to be encouraged to pursue higher academic qualifications as the achievement is associated with better financial outcomes.