Personal financial management of working individuals in Davao City

Abstract

Personal financial management refers to the approaches and procedures used to manage one’s own personal finances. This study was conducted to determine the socio-demographic profile of selected working individuals in Davao City in terms of age; sex; educational level; employment status; and income. The study also measured the extent of the personal financial management of working individuals in Davao City in terms of obtaining income; saving; spending; investing; risk management; and retirement planning using the tool mean. Finally, it will describe systematically the significant difference in personal financial management of working individuals in Davao City when they are grouped according to their profile using T test. The mean, p-value, and the standard deviation were the methods used. The procedures and tools used are in accordance with the policies of the research council of the College of the Business Administration Education of the University of Mindanao. However, among one hundred respondents obtained, the study revealed that working individuals rated the indicators obtaining income; saving; spending; investing; risk management; and retirement planning as very high or the personal financial management are always observed in their financial knowledge. Therefore, the study failed to reject the null hypothesis that there are no significant differences in Personal Financial Management across different age groups; sex; educational level; employment status; and monthly income.