Abstract:
Financial stress is the emotional response to financial stressors such as sudden job loss
and outstanding debt. Unable to fulfil financial obligations can lead to financial worry
leading to financial stress and it can be exhibited as negative financial behaviour.
Financial stress may cause marital conflicts, reduced productivity, and adverse health
outcomes. Hence, this study aimed to identify financial stress, its causative factors, and
its impact on housewives of the Embilipitiya Division in Sri Lanka. A quantitative
descriptive study assessed a convenient sample of 150 housewives who live in the
Embilipitiya Divisional Secretary's Division, Sri Lanka. A pre-tested questionnaire was
used to collect data, and data analysis was done descriptively. Informed consent was
obtained, and voluntary participation was encouraged. According to the results, the
majority of housewives were Sinhalese (n=150, 100%), Buddhist (n=143, 95%),
married (n=128, 85 %), unemployed (n=50, 33%) and with a total income of < LKR
50,000.00 (n=94, 62.7%). Further, 81.3% (n=122) perceived that their household
income has declined since January 2023 mainly due to disruption of farming (n=32,
21.3%), failure of self-employment (n=28, 18.7%), loss of jobs of herself (n=16, 10.7%)
and of spouse (n=14, 9.3%), whilst, the household expenditure has increased due to
rising costs of essential foods (n=146, 97%), school children's stationery (n=116,
77.3%), footwear & clothing (n=114, 76%), and increased water/electricity bills (n=142,
94.7%). They experienced financial hardships such as difficulties in procuring their
main meals (64%), getting treatments (n=114, 76%), buying clothing (n=112, 74.6%)
and foot wares (n=84, 56%) for schoolchildren. Further, they showed negative financial
behaviour, including over-withdrawing bank deposits (n=136, 90.6%), getting more
loans from financial institutions (n=94, 63%), lenders on interest (n=78, 52%), or
friends (68%); pawning (76%) or selling (n=77, 51%) valuables; and seeking for
subsidies (n=84, 56%) to fill their daily household needs. Furthermore, they suffered
financial stress because of having unaffordable debt (n=88, 58.7%), higher interest to be
paid (57%), harassment of creditors’ calls (n=54, 36%), receiving red bills for electricity
(n=90, 60%) & water (n=80, 53%) bills; suspension of electricity (n=62, 41%) and
water supply (43%); sold her valuables (n=78, 52%); pawned valuables were about to
be exhausted (n=95, 63%); and inability to save money for an emergency (93.3%).
Moreover, they worried because of food depletion (50%), poor school attendance (n=62,
41.3%), children getting lower marks (n=65, 43%), and marital conflicts (n=58, 38.7%)
due to financial difficulties.
