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

Abstract

A constant rise in inflation rate as compared to the income of many households coupled
with several other fluctuating economic conditions lead to the issue of financial stress. Due to such dichotomy and instabilities, people find it difficult to create a balance between work and personal life and the acquisition of new knowledge. The literature review has revealed that there exists a relationship between financial condition and work-life balance as well as between financial condition and new knowledge acquisition. This study attempts to investigate how much one variable causes its influence on another variable, especially for salaried class households working in organizations. The salaried class is severely hit by the Covid-19 pandemic and is suffering from a constant increase in inflation. The Government of Pakistan has also given a little relief to the salaried class in the recent budget. The data is collected through self- administered questionnaires from the individuals working in different IT organizations in Lahore, Pakistan. IT industry is chosen because of the constant technology change. 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 fewer 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. Therefore, organizations should focus on financial conditions if they want to maintain work-life balance and want employees to learn new knowledge of knowledge.