Archives

DIYIP

Volume no. 2 | 2022/10/26
Issue no. 1


Title
an “ALA PERA EH”: THE RELATIONSHIP BETWEEN THE PERSONAL INCOME OF EMPLOYED BATANGUEÑOS AND THEIR AWARENESS LEVEL ON FINANCIAL LITERACY
Author
Kiersten Rose G. Mercado Leanzy Aeriel D. Carag Luis Marcelo D. Joaquin Edith G. Leynes
Views: 180 Cited: 0
Downloads: 1
Click here to download
Abstract
This paper entitled “‘ALA PERA EH’: The Relationship Between the Personal Income of Employed Batangueños and Their Awareness Level on Financial Literacy” was conducted to extensively define financial literacy and its core ideas in the Batangueño context, specifically to the employed population whose remuneration is regularly received. The purpose of this study was to determine the degree of understanding of employed Batangueños toward different lessons of financial education on specific aspects of theory and application. It also focused on the analysis of how the course of financial literacy is being implemented and whether personal income can be a standard basis to infer an employed Batangueño’s background knowledge on the subject matter. The study utilized correlational research design in order to determine the existence of a relationship between the two variables: personal income and awareness level on financial literacy. In data gathering, an online survey questionnaire was disseminated to obtain significant data which later served as the findings to complete the study. From analysis of results, the researchers concluded that there was no significant correlation between the personal income of employed Batangueños and their awareness level on financial literacy as the respondents variedly agreed on statements pertaining to basic financial concepts and activities regardless of the personal income range they were included. This strengthened the notion that the implementation of financial literacy is based on how they perceive the topic and how well they know what concepts are within financial education. In the end, the researchers devised a modified approach to financial literacy programs, a mobile application, and an action plan which would focus on creating changes in the current curriculum of financial education and introducing innovations to practice financial knowledge among employed Batangueños.
Keywords
financial literacy, financial education, basic financial concepts, financial activities, correlational research, revisions, curriculum, technology-based
References
Acharjya, B., & Natarajan, S. (2018). Review on the theories of financial planning. International Journal of Pure and Applied Mathematics, 118(18), 4347-4355. https://acadpubl.eu/jsi/2018-118-18/articles/18e/31.pdf

Agcaoili, L. (2020, July 14). Pinoys need to improve financial literacy - BSP. Philstar. https://www.philstar.com/business/2020/07/14/2027722/pinoys-need-improve-financial-literacy-bsp

Akims, M., & Jagongo, A. (2017). Financial literacy and its impact on investment decisions in Nigeria: A theoretical perspective. International Journal of Scientific Research and Innovative Technology, 4(11), 2313–3759. https://www.ijsrit.com/uploaded_all_files/3258395038_u2.pdf

Bahovec, V., Barbić, D., & Palić, I. (2015). Testing the effects of financial literacy on debt behavior of financial consumers using multivariate analysis methods. https://hrcak.srce.hr/ojs/index.php/crorr/article/view/2818

Barrot, J. (2017). Practical research 2. Quezon City: C & E Publishing, Inc. Batangas City Planning & Development Office. (2019). City socio-economic, physical and political profile for CY 2019. https://www.batangascity.gov.ph/web/images/SEPPP/SEPPP-CY-2019.pdf

Batangas City Planning & Development Office. (2020). City socio-economic, physical and political profile for CY 2020. https://www.batangascity.gov.ph/web/images/SEPPP/SEPPP_CY2020.pdf

Bauhoff, S., Carman, K.G., & Wupperman, A. (2013). Financial literacy and consumer choice of health insurance. (RAND Working Paper No. 1013). RAND Corporation. https://www.rand.org/content/dam/rand/pubs/working_papers/WR1000/WR1013/RAND_WR1013.pdf

Bayar, M.Y., Sezgin, H.F., Ozturk, O.F., & Sasmaz, M.U. (2017). Impact of financial literacy on personal saving: A research on Usak University staff. https://www.researchgate.net/publication/323074914_Impact_of_Financial_Literacy_on_Personal_Saving_A_Research_on_Usak_University_Staff

Bolilia, L. (2019). House bill no. 4793. https://www.congress.gov.ph/legisdocs/basic_18/HB04793.pdf

Business Diary. (2019, September 12). Lack of financial literacy makes 65% of Filipinos fall short of money. https://businessdiary.com.ph/18848/lack-of-financial-literacy-makes-65-of-filipinos-fall-short-of-money/

Candamio, L., & Díaz, J. (2020). Evaluating financial and fiscal knowledge for an inclusive society. https://www.igi-global.com/chapter/evaluating-financial-and-fiscal-knowledge-for-an-inclusive-society/248928

Chron Small Business. (2021). What is a contingency fund? https://smallbusiness.chron.com/contingency-fund-66446.html

Chua, M. (2021). Batangas — the industrial port city. Chamber of Real Estate & Builders’ Association, Inc. https://creba.ph/batangas-the-industrial-port-city/

Chung-Hua, S., Shih-Jie, L., De-Piao, T., & Yu-Jen, H. (2015). The relationship between financial disputes and financial literacy. https://www.tarjomefa.com/wp-content/uploads/2017/08/7400-English-TarjomeFa.pdf

Clark, R., Lusardi, A., & Mitchell, O. (2016). Employee financial literacy and retirement plan behavior: A case study. Forthcoming Economic Inquiry. https://gflec.org/wp-content/uploads/2016/06/Employee-Financial-Literacy-and-Retirement-Plan-Behavior-EI.pdf

ClearTax. (2021). Budgeting and saving. https://cleartax.in/g/terms/budgeting-and-saving Cooper, H. (2022). Basic maths skills oil the wheels of financial literacy. https://www.ft.com/content/89eca85d-9662-4a4d-9cc1-7b6a295b7ed9

Dam, L., & Hotwani, M. (2017). The relationship between age and income with financial planning – an exploratory study. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2934855

De Castro, N., Salamat, L., & Tabor, M. (2020). Financial literacy of young professionals in the Philippines. EPRA International Journal of Research and Development. https://www.eprajournals.com/jpanel/upload/1205am_56.EPRA%20Journals-4122.pdf

De Oliveira, S.F., & Santana, P.M. (2019). Financial education at workplace. Revista Pensamento Contemporâneo em Administração, 13(1), 123-149. https://www.redalyc.org/journal/4417/441759100015/html/

De Witte, K., Holz, O., & De Beckker, K. (2020). Financial education: Current practices and future challenges. https://www.researchgate.net/publication/342096429_Financial_education_Current_practices_and_future_challenges

eFinance Management. (2021). Types of financial decisions. https://efinancemanagement.com/financial-management/types-of-financial-decisions

Farida, M.N., Soesatyo, Y., & Aji, T.S. (2021). Influence of financial literacy and use of financial technology on financial satisfaction through financial behavior. https://www.researchgate.net/publication/349308055_Influence_of_Financial_Literacy_and_Use_of_Financial_Technology_on_Financial_Satisfaction_through_Financial_Behavior

Fernando, J. (2021). Financial literacy. https://www.investopedia.com/terms/f/financial-literacy.asp

Ferrer, J. (2018). Financial capability of public school teachers in the Philippines. https://www.researchgate.net/publication/329337668_Financial_Capability_of_Public_School_Teachers_in_the_Philippines

Financial Express. (2021). Importance of financial literacy in the new Indian retail investment landscape. https://www.financialexpress.com/money/importance-of-financial-literacy-in-the-new-indian-retail-investment-landscape/2361334/

Finke, M., Howe, J., & Huston, S. (2016). Old age and the decline in financial literacy. https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2015.2293

Fisch, J., Lusardi, A., & Hasler, A. (2020). Defined contribution plans and the challenge of financial illiteracy. Cornell Law Review, 105(741). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3384778

Fontinelle, A. (2021). Why saving money is important. https://www.investopedia.com/articles/personal-finance/031215/why-saving-money-important.asp

French, D., McKillop, D., & Stewart, E. (2021). Personal finance apps and low-income households. https://onlinelibrary.wiley.com/doi/full/10.1002/jsc.2430

Ghazaei, M., Khaki, M., Naderi, S., & Shams, S. (2016). The study of relationship between the awareness level of management tasks with self-efficacy in sport managers of Isfahan City. https://popups.uliege.be/0037-9565/index.php?id=5585&file=1

Hayes, A. (2021). Cash flow. https://www.investopedia.com/terms/c/cashflow.asp

Helmrich, M. (2019). Do better-off people have higher financial literacy? https://l-ift.com/do-better-off-people-have-higher-financial-literacy-by-maria-helmrich/

International Labour Organization [ILO]. (2021). Employment. https://www.insee.fr/en/metadonnees/definition/c1159

Jaadi, Z. (2019). Everything you need to know about correlations. https://towardsdatascience.com/eveything-you-need-to-know-about-interpreting-correlations-2c485841c0b8

Joshi, A., Kale, S., Chandel, S., & Pal, D.K. (2015). Likert scale: Explored and explained. https://www.researchgate.net/publication/276394797_Likert_Scale_Explored_and_Explained

Junco, A. (2019). Why you need to embrace personal finance. https://thriveglobal.com/stories/why-you-need-to-embrace-personal-finance/

Kurt, D. (2020). Should I get a credit card? https://www.investopedia.com/should-i-get-a-credit-card-4589811

Liberto, D. (2021). Expense. https://www.investopedia.com/terms/e/expense.asp

Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. https://sjes.springeropen.com/articles/10.1186/s41937-019-0027-5

Manikandan, S. (2011). Measures of central tendency: The mean. Journal of Pharmacology and Pharmacotherapeutics, 2(2), 140. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3127352/

Ministry of Manpower. (2021). Percentages concepts and definitions. https://stats.mom.gov.sg/SL/Pages/Percentages-Concepts-and-Definitions.aspx#\

Muizzuddin, M., Taufik, T., Ghasarma, R., Putri, L., & Adam, M. (2017). Financial literacy; strategies and concepts in understanding the financial planning with self-efficacy theory and goal setting theory of motivation approach. International Journal of Economics and Financial Issues, 7(4), 182–188. https://www.econjournals.com/index.php/ijefi/article/view/4792

National Economic and Development Authority [NEDA]. (2018). Financial literacy for Filipinos: Understanding for better living. https://nro13.neda.gov.ph/financial-literacy-for-filipinos-understanding-for-better-living/

Nikolovska, H. (2021). 10 benefits of employee financial literacy programs. https://peoplemanagingpeople.com/articles/employee-financial-literacy-program/

Pace, K. (2012). Composite measures. https://www.healthit.gov/sites/default/files/pdf/2012-08-09-behavioral-health-clinical-quality-measures-technical-expert-panel-composite-measures.pdf

Pecson, R.R., Lampa, J.M., & Tadeo, J. (2019). Financial literacy among indigent families: Baseline for financial literacy initiatives. https://www.researchgate.net/publication/335105574_Financial_Literacy_among_Indigent_Families_Baseline_for_Financial_Literacy_Initiatives

Philippine Statistics Authority [PSA]. (2015). 2015 census of population, report no. 2 – demographic and socioeconomic characteristics. https://psa.gov.ph/sites/default/files/04A_Batangas.pdf

Picardo, E. (2021). What is investing? https://www.investopedia.com/terms/i/investing.asp

Pillai, D., Kohli, B., & Roy, D. (2017). Divergent media channels for expediting financial literacy outreach. https://link.springer.com/chapter/10.1007/978-3-319-66872-7_11

Price, P., Jhangiani, R., Chiang I., Leighton, D., & Cuttler, C. (2017). 6.1 overview of non-experimental research. https://opentext.wsu.edu/carriecuttler/chapter/correlational-research/

Runde, D., & Nealer, E. (2015, December 14). Financial literacy: Challenges and opportunities. Center for Strategic & International Studies. https://www.csis.org/analysis/financial-literacy-challenges-and-opportunities

Schaffer, B., & Mohs, J. (2016). Exploring the effect of financial literacy programs on low-income adults. https://digitalcommons.newhaven.edu/cgi/viewcontent.cgi?article=1001&context=accounting-facpubs

Shashikant, U. (2022). Why and when you need a financial advisor. https://economictimes.indiatimes.com/wealth/plan/why-when-you-need-a-financial-adviser/articleshow/89197239.cms

Shvaher, O., Degtyarev, S., & Polyakova, L. (2021). The effect of social media on financial literacy. https://cyberleninka.ru/article/n/the-effect-of-social-media-on-financial-literacy

Sudheer, C. S. (2018, October 1). Financial literacy: The key to the growth of the economy. Entrepreneur Asia Pacific. https://www.entrepreneur.com/article/320917

Sustainable and Inclusive DFS. (2019, April 15). Research suggests that financial literacy, not income, is the stronger determinant of financial inclusion. https://sustainabledfs.medium.com/research-suggests-that-financial-literacy-not-income-is-the-stronger-determinant-of-financial-6e45db901966

Tyagi, P. (2017). Variation in spending patterns: Preliminary findings of a study of three generations. https://www.researchgate.net/publication/321727570_Variation_in_spending_patterns_Preliminary_findings_of_a_study_of_three_generations

United States Senate Special Committee on Agency. (2022). Financial literacy in retirement. https://www.aging.senate.gov/imo/media/doc/Financial%20Literacy%20Booklet.pdf

U.S. Bureau of Economic Analysis [BEA]. (2020). Personal income. https://www.bea.gov/data/income-saving/personal-income

World Bank Group. (2015). Enhancing financial capability and inclusion in the Philippines: A demand-side survey. https://openknowledge.worldbank.org/handle/10986/25073