Financial Literacy Among Members of Baras Women’s Association: Basis for a Financial Education Enhancement Program

Abstract

This study assessed the financial literacy of the members of the Baras Women’s Association in Barangay Baras, Guiuan, Eastern Samar, as basis for the development of a Financial Education Enhancement Program. Specifically, the study determined the respondents’ demographic profile in terms of age, civil status, and income; assessed their level of financial literacy in budgeting, savings, investment, credit management, and risk management; and examined the extent of financial literacy manifestation through participation in trainings and seminars, adherence to financial rules and policies, and financial behaviors and practices. The study also explored the significant relationships between demographic variables and financial literacy indicators. A descriptive-correlational research design was utilized, employing a structured survey questionnaire adapted from previous studies on financial literacy. Total enumeration was used, involving sixty (60) active members of the association as respondents. Weighted mean and Pearson’s r were applied in analyzing the gathered data. Findings revealed that most respondents were married, middle-aged women with low to lower-middle income levels. The respondents demonstrated a very high level of financial literacy in budgeting, savings, credit management, and risk management, while investment literacy was rated high. Likewise, the extent of financial literacy manifestation in terms of trainings and seminars was very high, indicating active participation and application of financial knowledge in daily life. The study concluded that financial literacy significantly contributes to responsible financial behavior and household financial management. Based on the findings, a contextualized Financial Education Enhancement Program was proposed to strengthen investment literacy, financial resilience, and sustainable economic empowerment among the members of the Baras Women’s Association.