Islamic financial literacy and well-being of Muslim people in Island Garden City of Samal

Abstract

This study aimed to investigate the financial literacy and well-being of Muslim individuals residing in Barangay Limao, Island Garden City of Samal. A quantitative descriptive correlational design was employed, with a sample size of 100 participants. The sampling technique used in this text is a non-probability sampling method, specifically a form of convenience sampling. Convenience sampling involves selecting participants who are readily available and accessible. In this case, the researchers selected participants who were residents of Barangay Limao and were active and available during the survey period. Descriptive statistics (mean and standard deviation) and Pearson's correlation coefficient (r) were used to analyze the data. The results revealed that the descriptive of financial behavior scored moderately high, indicating that such behaviors are sometimes exhibited. A significant positive correlation was found between financial literacy and well-being, suggesting that individuals with high financial financial literacy tend to adopt better savings habits. Furthermore, the study found tat Muslim individuals' financial behavior is influenced by factors such as savings attitude and motivation, with financial knowledge playing a more significant role in shaping savings behavior than financial literacy. The findings show a significant relationship between financial literacy and well-being. This study provides valuable insights into the financial literacy and well-being of Muslim populations in Island Garden City of Samal, with practical implications for policymakers, educators, and individuals seeking to improve their financial well-being.