APRIL 2024 ISSUE

Research Article

Assessing the Financial Literacy of the Blue-Collar Job Workers in terms of Financial Management Practices

John Lloyd P. Alarcon*, Joshua M. Pamisa, Daniella Sophia P. Alarcon, Joven Jonen V. Ellacone, Rodel John A. Esmalde, Dave Stephen C. Pedroza

Abstract

The study aimed to assess the financial literacy of blue-collar workers in Valencia City, Philippines, based on their financial management practices. It employed a quantitative approach, using descriptive statistics to analyze data collected from 100 randomly chosen participants. The study found that blue-collar workers in Valencia City showed moderate proficiency in saving, managing expenses and bills, and setting financial goals. They also displayed a fair understanding of financial management principles. However, investment practices were limited due to concerns about scams and distrust, while debt management was rarely practiced due to income fluctuations from hourly wages and project-based work. Despite these challenges, the overall results suggest a moderate financial literacy level of among this group. The study recommends that financial literacy education must be improved. It also encourages companies to provide financial education programs for their employees. And support initiatives that expand access to affordable financial services and promote fair lending practices for low- and moderate-income individuals.

Keywords: Financial literacy; Financial management; Financial education; Income; Debt management

Assessing the Financial Literacy of the Blue-Collar Job Workers in terms of Financial Management Practices