Towards Individual Human Resource Financial Well-being: Exploring the Intersection of Cognitive, Emotional and Financial Factors

This study investigated individual human-resource financial well-being by exploring the intersection between cognitive, emotional and financial factors. A qualitative research design was employed with close-ended questionnaires and interviews being used to collect data from a purposive sample of fifteen finance-academics in Zimbabwe’s institutions of higher education. The study found finance-academics in Zimbabwe to be financially literate and educated, thus having high cognitive ability for retirement financial planning. However, the study found that finance-academics in Zimbabwe were not confident with their level of retirement financial decisions resulting in low financial efficacy as well as high risk aversion resulting in negative emotional factors toward retirement financial planning. Poor financial behavior was found among finance-academics as they had heavy debt financing daily operations and poor budgeting habits. The study concluded that though finance-academics had high financial-cognitive ability, emotional and financial factors negatively affected their financial capability to adequately financially plan for retirement. The study recommended incorporation of regular financial wellness programs for all employees emphasizing active financial retirement planning.