Financial Literacy Assessment of the Indigenous Peoples in Magsingal, Ilocos Sur: Basis for Extension Program
DOI:
https://doi.org/10.5281/zenodo.18888999Keywords:
financial literacy, financial knowledge, financial attitude, financial behavior, financial access and exposureAbstract
Financial literacy is widely recognized as a key driver of financial well-being, yet indigenous communities in rural Philippines remain underexamined in empirical research. This study assessed the level of financial literacy among Itneg/Tingguian ethnic people in Barangay Cadanglaan, Magsingal, Ilocos Sur, Philippines and examined the relationships among financial access and exposure and financial literacy in terms of financial knowledge, attitude, and behavior to develop culturally responsive extension program.
A quantitative descriptive research design was employed using a structured survey administered to Indigenous residents aged 18 and above. The instrument measured the level of financial access and exposure to financial institutions, financial literacy seminars, financial support programs, and media and information, as well as financial literacy across saving, budgeting, spending, debt management, investment, insurance, and retirement planning. Data were analyzed using descriptive statistics and multiple regression.
Results indicated high level of financial access and exposure (M = 3.84) and very high level of overall financial literacy (M = 4.28). Financial knowledge (M = 4.58) and financial attitude (M = 4.57) rated very high but weaker financial behavior (M = 3.68) in selected domains, particularly investment and retirement planning. Their financial access and exposure showed significant influence on overall financial literacy.
Findings suggest that improving culturally relevant financial access and education may strengthen financial practices in Indigenous communities. The study provides an empirical basis for targeted financial literacy interventions aimed at promoting long-term financial resilience.
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