Financial Literacy of MSME Business Owners in the Municipality of San Jose, Negros Oriental, Philippines: A Basis for a State University’s Extension Program

IF 1 Q4 BUSINESS

International Journal of Asian Business and Information Management Pub Date : 2023-06-28 DOI:10.55927/ijabm.v2i3.4369

Jaysone Christopher M. Bancoro

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Abstract

Financial literacy is a crucial determinant of making sound and prudent financial decisions. However, a global study revealed that the majority of the world’s population is financially illiterate. From these precepts, this study was conducted to evaluate the level of financial literacy among 40 MSME business owners in the Municipality of San Jose, Negros Oriental, Philippines. The results will be used to decide if a university extension program could be started. This research made use of a descriptive methodology and collected data using five-point Likert scale survey method. The results of the study showed that MSME business owners have high levels of debt management, utilization of savings account, and reduce spending knowledge. On the other hand, MSME business owners need to improve in the overall personal financial management, long-term planning, emergency and risk. The researcher recommends the development of a comprehensive financial training program, sharing of best practices, and the provision of avenues for financial consultations. Improving financial literacy can help microbusiness owners better manage their finances, reduce financial stress, and increase the chances of their business's success

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菲律宾东内格罗斯州圣何塞市中小微企业主的财务知识:一所州立大学推广项目的基础

财务知识是做出合理和审慎的财务决策的关键决定因素。然而，一项全球研究显示，世界上大多数人都是金融文盲。根据这些准则，本研究评估了菲律宾东内格罗州圣何塞市40名中小微企业主的金融知识水平。结果将用于决定是否可以启动大学扩展计划。本研究采用描述性方法，并采用李克特五点量表调查方法收集数据。研究结果表明，中小微企业主具有较高的债务管理水平、储蓄账户利用率和减少支出的知识。另一方面，中小微企业主需要提高个人的整体财务管理、长期规划、应急和风险。研究人员建议制定全面的金融培训计划，分享最佳做法，并提供金融咨询渠道。提高财务知识可以帮助小企业主更好地管理财务，减轻财务压力，增加企业成功的机会

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来源期刊

International Journal of Asian Business and Information Management BUSINESS-

CiteScore

2.80

自引率

0.00%

发文量

期刊介绍： The mission of the International Journal of Asian Business and Information Management (IJABIM) is to establish an effective channel of communication between academic and research institutions, policy makers, government agencies, and individuals concerned with the complexities of Asian business, information technologies, sustained development, and globalization. IJABIM promotes and coordinates developments in the field of Asian and Chinese studies, as well as presents strategic roles of IT and management towards sustainable development with emphasis on practical aspects in Asia. It is especifically focused on Central Asia/Himalayan region/Southeast Asia/Far East.