Understanding the Financial Literacy and Practices of Indigenous Communities in Panaytayan, Mansalay, Oriental Mindoro
DOI:
https://doi.org/10.54536/ajsde.v5i2.6264Keywords:
Borrowing, Financial Literacy, Numeracy Skills, Selected Indigenous Community, Social SecurityAbstract
Financial literacy is one of the important life skills that indigenous communities in remote areas need. The study aims to understand the financial literacy and practices of the Panaytayan Indigenous Peoples (IP) community in Mansalay, Oriental Mindoro. The result of the study could be helpful to understand the effective and sustainable approach to community development programs such as the AWATI TI KAPE community development program. This study used qualitative methods which incorporate interviews and focus group discussions with locals of the community, and the field observations during immersions to the four selected sitios in Barangay Panaytayan. The study found positive basic financial practices done by the household communities such as budget priority on food and education, and setting limits on non-essentials. Basic numeracy skills were also manifested by their day-to-day money-related transactions. They are also aware of experiencing inflation.
On the other hand, various financial literacy gaps and practices need interventions. They encounter constraints to savings regularly, limited knowledge of compounding interest and retirement. They also manifested avoidance of borrowing money to financial institutions. The study also determines that they are not aware of most financial products such as retirement and pension funds and the access to basic financial services like microfinancing are not merely known to them. Social security is low, adding to anxieties about maintaining retirement contributions despite their desire to plan for the future. With this, any existing community development and extension programs and community-based initiatives shall incorporate financial literacy programs that fit to community’s culture and resources.
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