The Investments Financial Literacy Advisorship of Certified Public Accountants
Keywords:
certified public accountants (CPAs), financial advisorship, investment, financial literacyAbstract
The main objective of the study was to assess the level of literacy on investments financial advisorshipby Certified Public Accountants (CPAs). Specifically, it aimed to address the following concerns:
(1) the socio-demographic profile of the respondents;
(2) the respondents’ assessment on level of literacy on investments financial advisorship in terms ofincome, liquidity, safety, tax efficiency and time; and
(3) if there is a significant difference in the respondents’ assessment of literacy on investments advisorship when they are grouped according to profile. The descriptive method was used to gather information about the existing conditions. A survey questionnaire was used to collect pertinent data from 117 respondents. The gathered data were tested at the .05 assumed level of significance. Frequency, percentage distribution, ranking, weighted mean, T-test, and One-Way Factor Analysis of Variance (ANOVA) were employed as statistical tools. Results showed that all aspects of investment financial literacy advisorship in terms of income, liquidity, safety, tax efficiency, and time are all literate based on respondent's assessment. There was a significant difference in the respondents’ assessment on the literacy of investment financial advisorship in terms of age, gross monthly income, employment status and sectors they are currently working in among different profiles. However, there were no significant differences in the respondents’ assessments in terms of sex, civil status, and year/s of experience when grouped according to profile. The following are recommended:
(1) CPAs investment financial advisorshipmust continue;
(2) advisorship of CPAs investments financial literacy program must be enhanced;
(3) CPAs should educate more investors;
(4) CPAs should improve and develop investment financial literacy advisorship program that can (5) help investors tosustain their business and financial needs; and
(5) the government and private institutions should encourage more CPAs to participate in investment financial advisorship.
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