Financial Literacy and Financial Condition of Single Parents in Selected Areas of Cavite

Abstract

The study determines the financial literacy and financial condition of single parents in selected areas of Cavite. Specifically, this study aimsto determine the socio-demographic profile of single parents; determine the level of financial literacy of single parents; determine the differences in the financial literacy of single parents by sex; determine the financial condition of single parents; determine the significant relationship between socio-demographic profile and financial literacy of single parents; determine the significant relationship between socio-demographic profile and financial condition of single parents; determine the significant relationship between financial literacy and financial condition of single parents; and determine the financially related problems encountered by single parents in selected areas of Cavite. The study was conducted in five selected municipalities of Cavite namely: Alfonso, Dasmarinas City, General Trias, Mendez, and Silang. The 200 respondents were selected through purposive sampling technique. This study was conducted from December 2015 to January 2016. Frequency count, percentage, mean, range, standard deviation were used to determine the socio-demographic profile of the respondents. Likert scale was used to determine the level of financial literacy and financial condition of the respondents, the relationship between financial literacy and financial condition. Mann Whitney test was used to determine the differences in financial literacy of the respondents by sex. Spearmen Rank. Chi-Square test and Point Biserial were used to determine the relationship between socio-demographic profile and financial literacy, between socio-demographic profile and financial condition of the respondents. Most of the respondents are widow/widower, 40-49 years old, high school graduate, and had two children. Female single parents was found to be highly literate than male single parents. The study also revealed that the age(in terms of financial knowledge) and the educational attainment (in terms of financial attitude and behavior) of the respondents had significantly related to their financial literacy and financial condition. The result also revealed that the level of financial condition of the respondents can’t say stable nor unstable. Significant relationship also existed between the financial literacy and financial condition of the respondents.