Asset-Based Compensation Models, Psychological Ownership and Employee Financial Wellness in Selected Deposit Money Banks in Jos, Plateau State

Many employees in Deposit Money Banks in Nigeria still face financial stress, even though banks provide structured compensation packages. This raises an important question about whether benefits such as housing support, vehicle financing, health insurance, and pension or retirement benefits are enough to improve employees’ financial wellness. This study examined the relationship between asset-based compensation and employee financial wellness among employees of selected Deposit Money Banks in Jos, Plateau State. It also examined whether psychological ownership helps to explain this relationship. Data were collected through a questionnaire completed by 395 employees from five Deposit Money Banks in Jos. The data were analysed using simple linear regression and bootstrap mediation analysis in SPSS version 27. The findings showed positive and significant relationships between asset-based compensation and employee financial wellness, asset-based compensation and psychological ownership, and psychological ownership and employee financial wellness. The results also showed that psychological ownership partly explained the relationship between asset-based compensation and employee financial wellness. Specifically, asset-based compensation had a direct statistical relationship with employee financial wellness (c′ = 0.251) and an indirect relationship through psychological ownership (a × b = 0.234, 95% bootstrap CI [0.179, 0.290]). Psychological ownership explained about 48% of the total estimated statistical relationship. However, because the study used data collected at one point in time from the same respondents, and because the original item-level responses were not available, the findings should be understood as statistical relationships rather than proof of cause and effect. The measurement evidence should also be treated as preliminary. Based on the findings, the study recommends that Deposit Money Banks should continue to improve asset-based benefits, especially housing and pension benefits, while also helping employees better understand, control, and personally connect with the benefits they receive.