International Journal For Multidisciplinary Research

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Financial Literacy, Financial Management Practices and Problems of Thrift Businesses in the Cities of Ilocos Norte

Author(s) Aldrix Domingo Tabayag, Angelina Bagalaro Abrojena
Country Philippines
Abstract The research study determined the level of financial literacy, extent of financial management practices, and the degree of problems encountered by thrift business owners in the cities of Ilocos Norte. It also assessed the relationship between the level of financial literacy and the extent of financial management practices, and the relationship between the level of financial literacy and the degree of problems encountered by the respondents.

Descriptive-correlational research design was employed. Total enumeration was used, with 30 respondents from the list provided by the Department of Trade and Industry (DTI). Researcher-made survey questionnaires were administered face-to-face. Data gathered were analyzed using mean and Pearson Product Moment Correlation Coefficient (Pearson r).

The findings revealed that thrift business owners are highly knowledgeable about financial literacy which means that they have a high level of understanding and proficiency to make current and future financial decisions that could enable them to navigate through challenges and opportunities.

In addition, the respondents have a high extent of financial management practices and have frequently practiced both cash management and inventory management. This implies of their business’ financial health.

Furthermore, thrift business owners have a low degree of encountering problems as they experience minor problems in managing their cash and inventories.

The study also found out that the level of financial literacy has a very strong relationship with the extent of financial management practices. In contrast, the level of financial literacy has a very weak relationship with the degree of problems encountered. Accordingly, there is no significant relationship between the two variables.

The researchers recommend that thrift business owners be encouraged to participate in training programs and seminars to increase their level of financial literacy and to improve the implementation of financial management practices. Educational institutions or other concerned groups may address the financial literacy gaps through the integration of training and seminars. Furthermore, more studies on financial literacy, financial management practices, and problems focusing on other aspects that were not included in the study should be conducted to provide more information on this subject matter.
Keywords Financial Literacy, Financial Management Practices and Problems, Thrift Businesses
Field Sociology > Banking / Finance
Published In Volume 7, Issue 4, July-August 2025
Published On 2025-08-03
DOI https://doi.org/10.36948/ijfmr.2025.v07i04.52804
Short DOI https://doi.org/g9vzm5
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