Financial Knowledge, Behavior, and Attitude on The Financial Well-Being of The Sustainable Livelihood Program Associations

Abstract

Research Objective: This study evaluates and develop a predictive model on the financial well-being, financial knowledge, behavior, and attitudes of Sustainable Livelihood Program Association (SLPA) officers and members, a program of the Department of Social Welfare and Development (DSWD) under the Pantawid Pamilyang Pilipino Program (4Ps). Theoretical Framework: The study is grounded in the Sustainable Livelihood Program (SLP) Theory of Change, which seeks to understand how institutional initiatives such as policies, strategies, programs, or projects contribute to progressive and sustainable outcomes (Acosta & Avalos, 2018). The financial competencies of Sustainable Livelihood Program Associations (SLPAs), particularly in spending, are strongly influenced by Modigliani and Brumberg's Life Cycle Theory of Consumption and Spending. Methodology: This is a quantitative study using descriptive- correlational design. There are 209 participants consisting of officers and members from selected SLPAs in Malaybalay City. Results: Findings revealed that SLPA officers and members have a moderate level of financial knowledge and attitude. However, financial well-being requires improvement, underscoring a discrepancy between current and desired financial conditions within the association. Moreover, significant relationships exist among financial well-being, financial knowledge, attitude, and behavior. Implications: The communicated findings to DSWD Region X contributes for the enhancement of the implementation of the SLPA. The results on the level of financial well-being will be enhanced when focused is made on the financial knowledge and attitude. The materials for financial education may be revised. Originality or Value: This study contributes to the literature on financial literacy and well-being of the government supported associations to ensure that upliftment on the financial well-being of members.