Personal Finance Practices among Fashion Store Operators

Remedios  P. Magnaye,; Zahara  V. Punzalan,; Eunice Giselle  M. Bathan,; Margaret  Lamano,; Patricia Mae  M. Paner,

Personal Finance Practices among Fashion Store Operators

Zahara V. Punzalan | Eunice Giselle M. Bathan | Margaret Lamano | Patricia Mae M. Paner | Remedios P. Magnaye

Abstract:

Personal finance is management of one’s money, which includes budgeting, saving, spending, and investing. As most businesses rent, pay utilities, and pay their employees, the personal finance practices help operators make accurate financial decisions. This study aims to assess personal finance practices among fashion store operators. To accomplish this purpose, the primary data using survey instruments were collected from a sample of 52 fashion store operators at Taal, Batangas. Specifically, it determined the profile of the fashion store operators in terms of sex, average monthly income, and highest educational attainment; it assessed the budgeting in personal finance in terms of their money and credit management and savings and investment; it also tested the significant difference in response when grouped according to profile variables. The results indicated that most respondents are females with a monthly average income of less than 50,000 and a degree from college as their highest educational attainment. Moreover, the study shows that fashion store operators often considered money and credit management, and savings and investment in their personal finance practices. Hence, the proposed action plan was formulated to improve the personal finance practices of fashion store operators.

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