Impact of Financial Condition on Work Life Balance and New Knowledge Acquisition: A Case of Pakistan

Fahim  Mukhtar; Maayda  Shahid; Shahid Ghafoor  Khokhar

doi:10.54692/ajss.2022.06021683

Fahim Mukhtar School of Banking and Finance, University of International Business and Economics, Beijing, China
Maayda Shahid Department of Management Sciences, Lahore Garrison University, Lahore, Punjab, Pakistan.
Shahid Ghafoor Khokhar UE Business School, Division of Management and Administrative Sciences, University of Education, Lahore, Punjab, Pakistan

DOI: https://doi.org/10.54692/ajss.2022.06021683

Keywords: Work Life Balance, Financial Stability, Financial Status, New Knowledge Acquisition

Abstract

Constant rise in inflation rate as compared to income of many household coupled with several other fluctuating economic conditions leads to the issue of financial stress. Due to these instabilities, people find it difficult to create balance between work and personal life and acquisition of new knowledge. The literature review has revealed that there exists a relationship between the financial condition and work-life balance as well as between financial condition and new knowledge acquisition. This study attempts to investigate that how much one variable causes its influence on another variable especially for salaried class households working in organization. Salaried class is highly hit because of Covid-19 pandemic and is suffering from constant increase in inflation. The Government of Pakistan has also given a little relief to salaried class in the recent budget. The data is collected through self-administered questionnaires from the individuals working in IT organizations of Lahore. IT industry is chosen because of the constant change in technology. The learning factor is maximum in this sector and employees can be given work at any time because they know how to use technology which can disturb work life balance. However, because of financial instability and less job opportunities employers can take extra advantage of their employees. The findings of this study reveal that financial conditions significantly affect work-life balance; thereby, increasing the possibility of acquiring new knowledge.