Financial Literacy Level of Dry Market Vendors

Abstract

Dry goods retail businesses are significant to one country's economic growth. However, despite being integral to the economy, small and large businesses are suffering challenges due to the unprecedented coronavirus crisis, which has caused destruction for many businesses. It is challenging to survive with reduced revenue, lost jobs and weak marketing performance. Therefore, the business survival of micro businesses in the present depends largely on sound financial management; financial literacy is one that enhances the capability to understand financial knowledge. To be considered financially literate, one must have a high level in all three aspects. This research determined the level of financial literacy among the 70 dry goods vendors in Subic Public Market, Philippines, in terms of their financial knowledge, financial behavior, and financial attitude, on how they managed their funds and finances during the pandemic; and further determined whether their financial literacy level differs based on their profiles. The respondents are very highly financially literate, wherein their financial knowledge and behavior vary depending on their sources of income, and their financial attitude varies depending on their age. The current findings are useful to dry market vendors not only in the research locale but to other vendors across the country as it will aid them in assessing themselves and making relevant decision-making to simple and crucial financial practices.