Relationship Between Financial Literacy and Financial Behavior Among Seventh-day Adventist Full-Time Pastors in the North American Division of the Seventh-day Adventist Church
type: CreativeWork
description: Problem This investigation intended to examine the relationship between the financial literacy components of full-time pastors and their financial behavior components. Many pastors struggle with their finances and often retire unprepared due to having inaccurate or incomplete knowledge of relevant financial information and planning strategies. Method This study adopted a quantitative, descriptive, and correlational approach to investigate the financial and demographic characteristics of pastors. The questionnaire completed by participants was the financial literacy questionnaire developed by Stella et al. (2020), which helped measure general financial literacy among full-time pastors, and the Financial Management Behavior Scale (FMBS) developed by Xiao (2008) which measures financial behavior and includes any human behavior relevant to money management. Results The researcher used a canonical correlation analysis to examine the relationships among the independent variables of financial literacy (financial knowledge, financial attitude, and financial skills) and the dependent variables, i.e., the components of financial behavior (cash management, credit management, savings and investment behaviors, and insurance behavior). The relationship between the two sets of variables was statistically significant. The common variance between the first pair of variates of the first function was 14.1% (r = .376). Consequently, only the first function was interpreted. The first dependent variable, financial knowledge, was associated with lower scores in cash management (r = -.77), lower scores in savings and investment (r = -.78), and lower scores in insurance (r = -.62). The first predictor variate was associated with lower scores in financial knowledge (r = -.750), lower scores in financial skills (r = -.65) and lower scores in financial attitude (r = -.70). Taken together, the resulting lower scores in financial literacy were associated with lower scores in financial behavior. …
abstract: Problem This investigation intended to examine the relationship between the financial literacy components of full-time pastors and their financial behavior components. Many pastors struggle with their finances and often retire unprepared due to having inaccurate or incomplete knowledge of relevant financial information and planning strategies. Method This study adopted a quantitative, descriptive, and correlational approach to investigate the financial and demographic characteristics of pastors. The questionnaire completed by participants was the financial literacy questionnaire developed by Stella et al. (2020), which helped measure general financial literacy among full-time pastors, and the Financial Management Behavior Scale (FMBS) developed by Xiao (2008) which measures financial behavior and includes any human behavior relevant to money management. Results The researcher used a canonical correlation analysis to examine the relationships among the independent variables of financial literacy (financial knowledge, financial attitude, and financial skills) and the dependent variables, i.e., the components of financial behavior (cash management, credit management, savings and investment behaviors, and insurance behavior). The relationship between the two sets of variables was statistically significant. The common variance between the first pair of variates of the first function was 14.1% (r = .376). Consequently, only the first function was interpreted. The first dependent variable, financial knowledge, was associated with lower scores in cash management (r = -.77), lower scores in savings and investment (r = -.78), and lower scores in insurance (r = -.62). The first predictor variate was associated with lower scores in financial knowledge (r = -.750), lower scores in financial skills (r = -.65) and lower scores in financial attitude (r = -.70). Taken together, the resulting lower scores in financial literacy were associated with lower scores in financial behavior. …
author: Romero, Edwin G.
keywords: Financial Literacy, Pastors, Seventh-day Adventist, Financial Behavior, North American Division, Finance and Financial Management
date published: 2025-01-01T08:00:00Z
date modified: 2026-07-24T00:54:19Z
provider: Andrews University
publisher: Networked Digital Library of Theses and Dissertations
type: WebPage
source organization: Andrews University