Financial literacy of small school supplies' retailers

Abstract

The main purpose of the study was to determine the level of financial literacy of small school supplies’ retailers. The researchers used a selfconstructed questionnaire that was validated by experts. The researchers conducted a survey to know if there were significant differences in the level of financial literacy when grouped according to respondent’s profile. The 50 respondents of the study were the school supplies’ retailers, they were considered as the subject of the research since they are more suitable in rating the financial literacy obtained through convenient purposive sampling. The data were collected and treated statistically using Mean, Frequency and ANOVA to give the significant results. The researchers came up to a conclusion based on results. The area of record keeping got the highest overall mean of 4.63. Followed, by the area of budgeting with the mean of 4.50. Lastly, in terms of savings got the lowest mean of 4.50. The researchers came up to a conclusion that based on the Financial Literacy of Small School Supplies’ Retailers in Davao City indicators the record keeping got the highest result, record keeping is the activity of organizing and storing all the documents, files and invoices relating to a company's or organization's activities. The researchers recommended that based on the result in the area of budgeting, it is recommended to small business to give more attention in budgeting to have more chances of having a successful business in the future. Additionally, ensuring correct usage of business finances can be achieved through budgeting.