Job Experience and Personal Financial Management Among Finance Managers of Insurance Companies in Kenya

Abstract

Personal finance management is important so that people can manage personal finances and make informed financial and economic decisions. People with weak personal financial abilities are vulnerable to financial stress, which can harm their physical and mental health. The purpose of this study was to establish the relationship between job experience and personal financial management among finance managers of insurance companies in Kenya. The study adopted a descriptive research design and targeted finance managers from 53 licensed insurance companies in Kenya. Data was collected using a questionnaire and analyzed using descriptive statistics and regression analysis. Results indicated that job experience explained 34.9 percent of variations in personal financial management. Further, the findings revealed a positive and significant relationship between job experience and personal financial management (β=0.076, p=.000). The study concluded that job experience had a positive and significant effect on the personal financial management of finance managers. The study recommended that employees should use their financial literacy knowledge and experience gained in the insurance sector to employ investment practices in their personal finances.