Financial Literacy, Budgeting Practices, and Financial Stability Among Working Mothers: A Correlational Study
DOI:
https://doi.org/10.54536/jcbmm.v2i1.8259Keywords:
Budgeting Practices, Financial Literacy, Financial Stability, Working MothersAbstract
This study examined the relationship between financial literacy, budgeting practices, and financial stability among working mothers in the Third District of Bukidnon, Philippines. A quantitative descriptive-correlational research design was employed involving 420 working mothers selected through proportionate stratified random sampling. Data were collected using a structured and validated survey questionnaire with excellent internal consistency (Cronbach’s α = .982). Financial literacy was assessed through the dimensions of financial knowledge, financial skills, and financial attitude, while budgeting practices were measured in terms of income allocation, expense tracking, and savings and financial planning. Financial stability was evaluated through solvency, resilience, and financial security. Respondents demonstrated high financial literacy, consistently practiced sound budgeting, and reported a high level of financial stability. Pearson’s product-moment DOI: https://doi.org/10.54536/jcbmm.v2i1 correlation analysis revealed significant positive relationships between financial literacy and financial stability (r = .562, p < .001) and between budgeting practices and financial stability (r = .716, p < .001), with budgeting practices exhibiting the stronger association. All dimensions of financial literacy and budgeting practices were likewise significantly associated with financial stability. These results affirm that financial literacy and budgeting practices are significant correlates of financial stability among working mothers. Strengthening financial education and practical budgeting programs through collaborative initiatives among government agencies, employers, financial institutions, educational institutions, and community organizations may further enhance the long-term financial well-being of working mothers and their families.
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