The Level of financial literacy of small sidewalk vendors in Tagbilaran City /
Kenneth Joshua C. Narit, Chabelita F. Real, Crystal Ann P. Sisican, Cherrie Pink P. Tan
ABSTRACT
Financial literacy is recognized as an important tool for the success of small businesses and is considered the starting point for fostering sustainable development among individuals, businesses, and the economy. With the use of a modified OECD-developed questionnaire, the study aims to determine the level of financial literacy of small sidewalk vendors in Tagbilaran City, particularly in the areas of financial knowledge and financial behavior.
Through the use of the simple random technique, sixty-two (62) sidewalk vendors around the vicinity of BQ Mall, Alturas Mall, City Square, and Rizal Park in front of St. Joseph the Worker Cathedral were given a questionnaire. The data gathered was subjected to statistical examination, during which frequency counts, percentages, weighted mean, Pearson r, one-way analysis of variance (ANOVA), and T-Test were utilized.
The results show that the respondents have a moderate overall level of financial literacy when all of the two components are considered. In addition, findings reveal that the respondents’ age, years of operation, educational attainment, monthly net income and marital status does not affect their overall financial literacy. Based on the results, the researchers recommend that the government should develop a special educational program for the sidewalk vendors through workshops and seminars to enhance their financial knowledge as well as their behavior for better and prudent financial decisions in the future.
College of Business and Accountancy Bachelor of Science in Accountancy