Pay satisfaction and Financial Stress: A study of the school Teachers in the Northern Province, Sri Lanka

Abstract

The primary aim of the study is to find out the impact or influence of pay satisfaction on financial stress among the school teachers in Northern Province, Sri Lanka. Further, secondary objective is to suggest the government authoritative bodies to reduce the financial stress through the better level of pay satisfaction, which will give the long term value to the Northern Province, Sri Lanka in terms of social, economical and political development. The study employs Multiple Regression Analysis to test the operational hypotheses. The survey method used in this study is a questionnaire and a total of 360 usable responses were obtained using simple random sampling technique. Findings revealed that, pay satisfaction has the influence or impact on the financial stress. Especially in the pay satisfaction dimensions, financial stress is negatively influenced by pay level and benefits as expected. In contrast, financial stress is positively influenced by the pay raises. Further, dependent variable as financial stress is not influenced significantly by the pay structure and administration. Researchers suggested that, Ministry of Education should come up with proper policy draft regarding to the pay structure and administration. Meantime, Government should conduct the continuous survey among school teachers in terms of financial, occupational stress, work related satisfaction and also performance evaluation. This study would hopefully benefit to the policy makers, and practitioners of Sri Lanka as well as other countries.

Key Words: Financial Stress, Pay satisfaction, Northern Province, Sri Lanka and School Teachers