Home⇛Business Research Journal⇛vol. 6 no. 1 (2020)

Spending Habit, Saving Habit And Financial Knowledge Of Informal Sector In Caloocan City

Mayson F. Delos Santos | Nicole F. Granado | Romeo Mangahas

 

Abstract:

This research aims to assess the effect of financial literacy on informal sector when it comes to their spending habit, saving habit and financial knowledge. It also aims to know if their demographic profile can affect their spending habit, saving habit and financial knowledge. The study was conducted in Caloocan City. One hundred forty-nine (n=149) Jeepney drivers participate in this study. A descriptive and quantitative research method was used in this study, a purposive sampling was used for collecting and analyzing respondents. Adapted questionnaire from related study was used to collect data. The researchers used convenient statistical treatment such as mean, frequency, percentage and analysis of variance (ANOVA). This study also assessed the educational attainment, household income, level of spending habits, level of saving habits and level of financial knowledge. In addition, it also assessed if there is significant difference between the demographic profile of respondents as to their spending habit, saving habit and financial knowledge. Findings shows that the demographic profile of the respondents in terms of educational attainment are mostly in high school level with a household income ranging P8, 000- P15, 000. Moreover, this study shows that there is no significant difference between the spending habits of the respondents when their educational attainment is considered and there is no significant difference between savings habits and demographic profile. Furthermore, there is a significant difference between financial knowledge and respondents’ educational attainment while there is no significant difference between financial knowledge when household income of the respondents is considered. Thus, the researcher concluded that the jeepney drivers are not dependent on their spending and saving on what knowledge they have in terms of the financial affairs.



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