The Financial Management Literacy of Seafarers from Selected Areas in the National Capital Region

Abstract

The main objective of the study was to determine the level of financial management literacy of seafarers in selected areas in the National Capital Region. There were four variables used in the study: Planning, Control, Risk, and Attitude. This study employed the descriptive research method which is designed to gather information about the present and existing conditions needed in the chosen field of study. The respondents of this study are Filipino seafarers involved in the operation of a particular shipping company. Respondents live in different areas in the National Capital Region. A survey questionnaire was used to gather pertinent information from 168 respondents. The study revealed that majority of respondents were between 20 and 30 years old, single, college graduates, with an average monthly income of $1,000 and below, in service for less than five years, were not engaged in any business, and have attended 1 or 2 training sessions. The seafarers assessed their financial management literacy as “Literate” in terms of Planning, Control, Risk, and Attitude. The researcher recommends that employers shall provide adequate reading materials, which the seafarers can read while on board, and an in-depth regular financial management training to seafarers with their allottees. The Maritime Industry Authority should also reach seafarers through social media by creating online groups exclusively for seafarers, where they can regularly share and read articles on financial management. The Commission on Filipino Overseas (CFO) should include financial management seminars in the conduct of the Pre-Departure Registration and Orientation Seminars (PDOS). Seafarers should avail medical, life insurance, and insurance policies covering their dependents in addition to what they receive from their employers. The government should provide free personal financial consultancy for Filipino seafarers during their vacation leave in the Philippines, which should be made available online during onboard periods.