FINANCIAL STABILITY AND DEBT MANAGEMENT OF MILLENNIAL IN ISLAND GARDEN CITY OF SAMAL

Abstract

This study investigated the significant relationship between financial stability and debt management among millennials in the Island Garden City of Samal. To achieve this, the study utilized a quantitative descriptive correlation research design, where data was collected through a research questionnaire and analyzed using mean and Pearson correlational coefficients. The results showed a strong and significant relationship between financial stability and debt management. Specifically, the study found that achieving financial stability for millennials requires progressive debt management and the application of critical variables such as net worth, income, and savings. The established null hypothesis was therefore rejected. The study concludes that there is a need for collaboration between the local government unit of Samal Island and the UM Penaplata College to establish a financial literacy program to promote financial stability and debt management among millennials. Such programs can help millennials understand the importance of net worth, income, and savings in achieving financial stability. Overall, this study provides important insights into the relationship between financial stability and debt management and highlights the need for proactive measures to promote financial literacy among millennials