The Influence of Financial Literacy, Financial Self-efficacy and Financial Strain on Financial Independence of Employees of Pasakha Industrial Estate, Bhutan

Financial independence refers to the ability of individuals to manage personal finances without financial support from others. Financial independence has become crucial a concern for individuals, households, societies, and countries in recent years, yet research on the subject is done by few only. Thus, current research aims to understand the influence of financial literacy, financial self-efficacy, and financial strain on the financial independence of employees. A two-stage sampling method (Stratified and convenience sampling) was employed to draw a representative sample from the employees of Pasakha Industrial Estate and 356 responses were collected through questionnaire. Descriptive, correlation, and regression analysis were used to analyze the data collected. As revealed by correlation and regression analysis all the relationship were significant and only financial strain have negative relation with financial independence. Moreover, the study reveal that financial self-efficacy has significant influence as compared to other variables. Therefore, the study provides actionable insights to the concerned authorities to uplift the financial independence of employees.