Financial Management of Overseas Filipino Workers’ Beneficiaries

Ann Charyl M.  Gallo

doi:10.52006/main.v1i1.18

Ann Charyl M. Gallo Carlos Hilado Memorial State College

DOI: https://doi.org/10.52006/main.v1i1.18

Keywords: Overseas Filipino Workers’ Beneficiaries, Financial Management, Financial Literacy, Remittance Allocation, Investment Preference

Abstract

The study determined the financial management of overseas Filipino workers’ beneficiaries from selected cities and municipalities in Negros Occidental, Philippines in terms of their financial literacy, the extent of remittance allocation, and level of investment preference. Using a descriptive causal-comparative research design, the data were collected using a survey questionnaire and were analyzed with the use of descriptive and inferential statistics. Major findings of the study showed that beneficiaries had a high level of financial literacy, moderate extent of remittance allocation, and moderate level of investment preference. Also, findings revealed that remittance was allocated mainly to household expenses, education, and payment for debts. Both financial literacy and investment preference were significantly related to education and the amount of regular remittance. In addition, a significant relationship was found between financial literacy and the extent of remittance allocation and level of investment preference.