Crisis-induced financial anxiety, social support, socio-psychological wellbeing, and commitment to work in the tourism sector

ABSTRACT

Understanding the causal influence of financial anxiety on future work commitment with social support and socio-psychological wellbeing as mediators amongst crisis-induced redundant tourism employees remains limited. Using data collected from 547 COVID-19-induced redundant tourism employees, this paper examines the influence of financial anxiety on future work commitment with social support and socio-psychological wellbeing as mediators. The findings reveal that financial anxiety has a negative influence on social support and social and psychological wellbeing. Social support has a negative influence on social wellbeing, while social support has a positive influence on future work commitment. Both social and psychological wellbeing has a negative influence on future work commitment. Meanwhile, the influence of financial anxiety on future work is fully mediated by social support and socio-psychological wellbeing. Insurance uptake and establishment of welfare funds amongst tourism employees can be used to buffer the effects of financial anxiety on future work commitment.

KEYWORDS:

• Crisis management
• COVID-19
• financial anxiety
• Ghana
• redundancy
• socio-psychological wellbeing

Disclosure statement

No potential conflict of interest was reported by the author(s).