Determinants of Financial Literacy in the MIMAROPA Region

Abstract

Financial literacy is a way to maintainability and has an utmost vital part in guaranteeing the financial supportability of people, families, ventures, and national economies. The level of these financial pointers, such as obligation, investment funds, and budgetary administration, all interpret into success or bankruptcy and insolvency and result mostly from financial literacy. The higher the level of financial literacy, particularly of youthful individuals, the more positive the level of the financial market will be deciphered into the economy and feasible advancements. This research paper audits what we have accumulated with respect to financial literacy and its relationship to financial decision-making within the Philippines. In this study, researchers aim to determine the effects of being able to provide financial literacy to rural areas, specifically from the MIMAROPA region. In addition, through this study, researchers would be able to identify whether or not people in rural areas are financially literate to be able to determine if they are able to handle their money effectively. Utilizing the main research problem, we comprehensively studied the state of financial literacy within the region of MIMAROPA and decided whether they have the elemental information of economics and funds required to operate as successful decision-makers. We discover that levels of financial literacy are at stake within the confines of the region and counting those with well-developed financial markets. Additionally, the financial-related absence of education is especially intense for a few statistical groups, particularly women and the less-educated sector. These discoveries are critical since financial literacy is connected to borrowing, sparing, and investing system frameworks. The design utilized is a quantitative research method that endeavours to gather quantifiable data for factual examination of the population sample. It is an affluent market research instrument that permits us to cumulate and portray the statistical segment's nature. Based on the results of the online survey, findings showed that average income and average savings have little bearing on financial literacy, whereas educational attainment and marital status do.