Peso Counts: A Policy-Oriented Study on the Financial Literacy of DOST Scholars in Region 1

Abstract

The aim of the study Peso Counts: A Policy-Oriented Study on the Financial Literacy of DOST Scholars in Region 1” was to assess the level of financial literacy among the Department of Science and Technology (DOST) scholars in Region 1 as a basis for the formulation of a financial literacy program. Specifically, it examined respondents’ profiles, levels of financial knowledge, financial practices, and financial skills in budgeting, saving, spending, borrowing, and investing, as well as the relationship between profiles and literacy levels. The researcher utilized a descriptive-correlation research design for 189 DOST scholars computed using Raosoft sampling software with a 5% margin of error, a 92% confidence level and a 50%response distribution. Survey questionnaires were used as the primary data-gathering instrument, validated by identified professionals and reliability-tested with a Cronbach’s Alpha of 0.96. Frequency, percentage and media are utilized for basic analysis and Kruskal-Wallis, Mann-Whitney, and Spearman rho correlation for the relationship of profile and literacy levels. Results revealed that the scholars demonstrated high level of financial literacy in both financial knowledge and practices with a median of 4, and borrowing rated a very high level of literacy with a median of 5. The study revealed that correlation has no significant difference across the variables, specifically age, gender, income and allowance group. Furthermore, the findings imply that DOST scholars possess sound financial awareness but require enhance the investment and financial budgeting exposure. Overall, the study recommends that Department of Science and Technology (DOST) should integrate the Financial Literacy Program: Peso Count: Empowering Scholars with Financial Skills and Knowledge into the DOST scholar programs to promote responsible money and financial management and sustainable economic attitude among future professionals.