Financial management attitude and financial management practices among SMEs in Panabo City

Abstract

This study aimed to determine the relationship between financial management attitude and financial management practices among SMEs in Panabo City. A total of 207 micro, small, and medium-sized business owners were the respondents of this research. The statistical tools used were Mean and Pearson-r. Quantitative research utilizing the descriptive correlation method was the research design used in this study. Results revealed that the level of financial management attitude among SMEs is very high, which suggests that financial management attitude is always practiced, constituting a 4.36 overall mean score. The level of financial management practices in cash management, credit management, retirement and estate planning, risk management, and general management was high, yielding a 4.20 overall mean score. Results revealed a significant relationship between financial management attitude and financial management practices among SMEs in Panabo City. The results yielded an R-value of 0.450 and a P-value of 0.000, which was less than a 0.05 level of significance. Therefore, the null hypothesis (Ho) was rejected.