The Impact of Financial Literacy on the Financial Well-being of Administrative Officers of Higher Educational Institutes in Sri Lanka

This study examines whether financial literacy affects the financial well-being of administrative officers in higher education institutes in Sri Lanka.This study specifically focuses on the connection between different aspects of financial literacy and financial well-being using testable hypotheses. It uses a quantitative cross-sectional research design with a structured questionnaire given to administrative officers in these institutions. Financial literacy is defined through four aspects: financial education, financial awareness, financial attitude, and financial behavior. Financial discipline is considered as a moderating variable.  The findings show that financial education and financial behavior have a significant positive impact on financial well-being, while financial awareness and financial attitude do not have statistically significant effects. The moderation analysis further shows that financial discipline enhances the relationship between financial literacy and financial well-being. This study contributes to the existing literature on financial literacy in the Sri Lankan public sector by focusing on administrative officers, who are relatively less studied in higher education settings. It suggests that targeted financial wellness programs can help improve employees' financial skills and long-term financial stability.