Financial preparedness among public market vendors in Davao City

Abstract

The research is about the “ Financial Preparedness Among Public Market Vendors in Davao City ’’. It sought to determine how financially prepared are the public market vendors in Davao City. The researchers were able to survey 30 public market vendors who were randomly chosen. Results of the study showed that most public market vendors were between the of 38-43 years old, female, married and with a monthly income of Php9,000-12,000. Public market vendors were financially prepared with retirement, education of children and lastly with their medical/ life insurance as gleaned from the results of the study. There is a significant difference among public market vendors on their financial preparedness of their children with their monthly income. This implies that the tuition of their children has an effect on their monthly income. The researchers have proposed 5 recommendations. First, the Local Government Unit ( LGU ) should do seminars like proper financial planning and appropriate fund allocation to its community . Second, the public market vendors should seek ways to efficiently allocate their money in the different field of needs like in the education of children, medical / life insurance and retirement. Third, the public market vendors should make more investment to have a sustainable source of income and to cover extra expenses on the future purposes. Fourth, the students should learn more the proper handling of money and allocating it into the most crucial needs of a person’s life such as education, medical or life insurance and even at the stage of retirement. Lastly, it is recommended that the future research on this topic will add more questions on gathering a data like the number of children of the respondents, their religion and other source of income that the households have.