International Journal of
Psychology and Counselling

  • Abbreviation: Int. J. Psychol. Couns.
  • Language: English
  • ISSN: 2141-2499
  • DOI: 10.5897/IJPC
  • Start Year: 2009
  • Published Articles: 213

Full Length Research Paper

Attitude towards savings, cooperative loans and monetary investment as predictors of psychological well-being among university non-academic staff

  John O. Ekore1* and Olufunmilayo O. Omisore2    
  1Department of Psychology, Faculty of Social Sciences, University of Ibadan, Ibadan, Nigeria. 2Audit Unit, Bursary Section, University of Ibadan, Nigeria.  
Email: [email protected]

  •  Accepted: 03 May 2013
  •  Published: 30 September 2013



The study explored attitude towards savings, loans and monetary investment in predicting psychological well-being of non-academic university employees. A sample of 230 that comprised 122 male (53%) and 108 females (47%) were the respondents. Their age ranged between 21 and 55 years, with a mean of 38 (SD=10.4). Participants were administered psychological well-being, attitude towards savings, attitude towards cooperative loan and attitude towards monetary investment scales. Attitude towards savings, co-operative loan and investments significantly predicted psychological well being (R=.226; F (3,225)=23.17; P<.01). Attitude towards co-operative loan and attitude toward savings significantly predicted psychological well-being independently (t= 6.04; β=.358; P<.05 and t=3.24; β=.210; P<.05 respectively). Attitude towards savings and cooperative loans play significant role in university employees’ psychological well being. It implied that having big savings and access to credit facility do enhance the psychological well-being of employees, whereas monetary investments may not. This might be attributed to the instability of capital markets where investment remain fluid and uncertain. Therefore, public institutions are encouraged to emphasise training and sensitization programmes where employees can learn more about attitude toward personal financial management because of the role in their psychological well-being.


Key words: Attitude, cooperative loans, monetary investment, psychological well-being, savings.