Financial Management Practices of Young Professionals in the National Home Mortgage Finance Corporation

Abstract

The main objective of the study was to determine the effectiveness of financial management practices of young professionals in the corporation. The determination of the financial management practices of the young professionals will help management to prevent the occurrence of public distrust/disdain due to erring employees' mishandled financial management practices. The study specifically aimed to assess the levels of effectiveness of the young professionals' financial management practices in the following aspects: (1) personal financial planning; (2) risk management; (3) educational planning; and (4) retirement planning. A descriptive approach was the methodology employed and the data from respondents were subject to Analysis of Variance (ANOVA) and Independent Samples T-Tests. A total of 118 young professionals which were randomly selected were the samples of the study. Results showed that there is a significant difference in young professionals' financial management practices when they are grouped according to their civil status, highest educational attainment, average net income and employment status. The following were recommended: (1) conduct of financial literacy seminars, trainings, capacity building or workshops in a continuing or cyclical basis; (2) consider absorbing/promoting as organic employees/existing employees who are handling intricate data and processes to empower and motivate the employees; and (3) conduct research in another type of businesses, age bracket and industry.