Financial Literacy of Women in Canaman, Camarines Sur as Basis for the College’s Extension Program

Abstract

This study explored the social and economic profile of women in Canaman, Camarines Sur. The study assessed their level of financial literacy. It also determined the association between the social profile and level of financial literacy of respondents. The common financial challenges experienced by the respondents were identified. The research method used in this study was descriptive-associational. Data were provided by 150 women from different households in a coastal barangay of Canaman with 97% response rate through a survey questionnaire. Data collected were collated and were treated statistically through the percentage technique, weighted mean, and Chi Square. The quantified data were placed in tabular forms to facilitate analysis and discussion. The study revealed that most women ages between 27-44 years old, married, and attained high school level education. The employment status is part time whose household monthly income is below Php 5,000 of which expense is Php 3001-6,000. They received several financial support from family and government. The overall financial literacy level is Average (OWM-2.52). The study revealed an association between educational background and financial literacy. The financial challenges are often experienced (OWM-2.79). This implies a need for intervention to improve financial literacy. It is recommended that the Barangay Local Government Unit (BLGU) conduct in depth study and establish partnership with both public and private organizations to address the need for financial literacy education.