Undergraduate Feasibility Study Bachelor of Science in Business Administration Major in Financial Management University of Rizal System Binangonan 2024

This study aimed to determine the financial practices among the members of Angono Credit and Development Cooperative (ACDECO) in Angono, Rizal, focusing on saving, investing, borrowing, spending, and budgeting practices. The 271 respondents were grouped by age, sex, civil status, and educational attainment. The descriptive method of conducting research was applied, in which data gathered from the survey questionnaire served as the primary source of data. The questionnaire was distributed to 271 members of Angono Credit and Development Cooperative (ACDECO) in Angono, Rizal, divided into four (4) parts. The first part encompassed the respondents' profiles, including age, sex, civil status, and educational attainment. The second part focused on the respondents' perceptions on saving, investing, borrowing, spending, and budgeting. The third part focused on the significant differences in the financial practices among the members of Angono Credit and Development Cooperative (ACDECO) in Angono, Rizal when they are grouped according to their profile. The fourth part focused on the problems encountered by the respondents in their financial practices. The last part focused on the action plan proposed based on the findings of the study. The paper utilized a statistical tool to analyze the gathered data. For the profile of the respondents, frequency, percentage, and rank distribution were employed. For the perception of the respondents regarding savings, investing. borrowing, spending, and budgeting, the weighted mean was utilized. For the significant difference on the perception of the respondents on the financial practices when grouped according to profile, One-Way Analysis of Variance (ANOVA) was used. The study revealed that in terms of age, the largest number of respondents fall under the age group of 46 and above 28 percent of the respondents. In terms of sex, most were female which was 59 percent of the respondents. In terms of civil status, most of the respondents were married, which was 63.1 percent of the respondents. Lastly, in terms of educational attainment, most of the respondents were high school graduates, which was 50.2 percent. Furthermore, based on the data, it was revealed that the respondents' perceptions on savings, borrowing, spending, and budgeting practices are interpreted as often practiced, with a grand mean of 3.67, 3.89, 3.74, and 3.54 respectively. However, when it comes to investing, the respondents' perception suggests that it is practice is only sometimes practiced, with a grand mean score of 3.19. In the analysis of variance of the respondents in terms of age, sex, civil status, and educational. The data revealed that there were no significant differences on the perception of the respondents in terms of saving, investing, spending, and budgeting when grouped according to age and sex. On the other hand, there is a significant difference in the perception of the respondents in terms of borrowing, therefore, the null hypothesis was rejected. In terms of civil status, the data revealed that there were no significant differences in the respondents' perceptions in borrowing, spending, and budgeting. On the other hand, there is a significant difference in the perception of the respondents in terms of saving and investing, therefore, the null hypothesis was rejected. Lastly, in terms of educational attainment, the data revealed that there were no significant differences in the respondents' perceptions in borrowing and spending. In contrast, there is a significant difference in the perception of the respondents in terms of saving, investing, and budgeting, therefore, the null hypothesis was rejected. The survey results revealed a variety of challenges faced by respondents in their financial practices. The data indicates that the most common issue encountered by respondents in terms of saving practices was low or inconsistent income. Limited financial knowledge or lack of investment experience were the primary obstacles faced by respondents when it came to investing. Giving in to the temptation of borrowing for unnecessary expenses emerged as the top problem in terms of borrowing. Overspending was identified as the predominant issue in terms of spending. Lastly, unforeseen expenses or financial emergencies were cited as the most prevalent problem in terms of budgeting. The researchers formulated a step-by-step action plan based on the findings of the study. These include developing educational materials and resources, plans for implementation of community workshops and seminars, recruitment of financial coaches, evaluation and monitoring interventions, and the last step is refining strategies. The researchers recommend that respondents continue with positive financial practices and work on improving areas that need growth. Suggestions for financial practices for the respondents include saving a portion of income regularly, creating a personal bank account, seeking financial education for investing, avoiding unnecessary expenses, developing a spending plan and budget. For the problems encountered by the respondents, it includes setting SMART savings goals, starting with low-risk investments, evaluating needs vs. wants for borrowing, creating a budget that tracks all expenses, offering programs to help members open personal bank accounts and transferring money to savings or investment accounts, providing investment education, promoting responsible borrowing practices, and offering professional financial advice. It is important to continuously monitor and adapt financial literacy initiatives to meet member needs and focus on improving financial literacy in areas such as investing and budgeting.