Level of financial literacy of LGU employees in the municipality of Sipocot, Camarines Sur
Abstract
Financial literacy is a longstanding problem in the Philippines, resulting in widespread financial insecurity among people and groups. Financial literacy is defined as the ability to understand and apply financial principles in daily life, enabling informed decision-making and effective financial management. This study aimed to examine the level of financial literacy among Local Government Unit (LGU) employees in Sipocot, Camarines Sur. A descriptive-correlational research approach was employed, utilizing surveys and face-to-face interviews to gather data from 70 respondents. Statistical analysis revealed that civil status significantly impacts financial literacy, particularly in budgeting. No significant association was found between demographic factors and spending behavior. However, educational attainment emerged as a key factor influencing financial literacy in investing. To address gaps in financial literacy and improve financial stability, the LGU WISE program was established. This program aims to encourage Local Government Units (LGUs) to enhance the financial literacy of their employees by providing essential knowledge and skills in budgeting, spending, and investing. By building these competencies, LGU WISE aims to improve employees’ financial stability and positively impact their quality of life, reduce financial stress, and cultivate a culture of financial responsibility and empowerment within the LGU.
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