Lifestyle and saving practices of minimum wage earners in barangay Peñaplata IGACOS

Abstract

This research study entitled "Lifestyle and saving practices of minimum wage earners in barangay Peñaplata, IGACOS" was conducted to sought what is the level of lifestyle of minimum wage earners in terms of their cost of living and personal credit, the level of their saving practices in terms of retirement, insurance, education, personal needs, and to know if there is a significant relationship between lifestyle and saving practices of minimum wage earners. The hypothesis was tested at 0.05 level of significance and that there is no significant relationship between lifestyle and saving practices of minimum wage earners. The researchers used a descriptive correlation method employing a validated questionnaire as data gathering instrument. This study was conducted to the 124 minimum wage earners of Brgy. Peñaplata. IGACOS. The statistical tools used in analyzing and interpreting the data selected were mean and Pearson-r. Based on the obtained data, the researchers found that the level of lifestyle of minimum wage earners has a descriptive equivalent of low. the lifestyle was measured thru the minimum wage earners' cost of living and personal credit. The data gathered implied that lifestyle of minimum wage earners is low, which means they spend less on their living and personal credit. The level of saving practices of minimum wage earners has also a descriptive equivalent of low. Their saving practices where measured thru their saving practices for their retirement, insurance, education, and personal needs. The data obtained show that the saving practices of minimum wage earners have a love level, which means that they save less for their retirement, insurances, education and personal needs. In overall, it shows that when lifestyle indicators was paired with saving practices indicators of minimum wage earners, it gives an overall r-value of 0.984 which is significant at p-value 0.000. This means that lifestyle and saving practices have a very high correlation with each other. Such finding led to the rejection of the hypothesis and it implies and signifies that there is a significant relationship between the lifestyle and saving practices of minimum wage earners.