Affiliation:
1. College of Agriculture, Occidental Mindoro State College, Philippines
2. College of Business Administration and Management, Occidental Mindoro State College, Philippines
Abstract
The study was conducted to determine the level of knowledge of married couples in financial literacy, the level of married professionals' involvement in household financial decision-making, and identify the problems encountered by them. The paper employed a descriptive research design and was conducted at Occidental Mindoro State College (OMSC) in Philippines from February to September 2022. The result shows that the married professionals are young adults, from small households, with long experience working in OMSC and household income above the poverty threshold. In addition, the majority of married professionals have a high level of knowledge of financial literacy, they have financial plans and practice savings as cash in the bank. Further, the financial decisions in the household are done by both the husband and wife and they neither agree nor disagree on the problems encountered in financial management. Moreover, this study provides insight into the views and challenges of married professionals in financial management. The findings of the study will serve as a guide for partners to avoid arguments about handling finances and will aid them to reach their financial goals more easily. Hence, this could be served as an additional reference for married professionals’ efficiency in household resource management.
Publisher
Editorial Internacional ERUDITUS, S.L
Reference22 articles.
1. Alsemgeest, L., & Grobbelaar, C. (2015). Spouses’ views of gender roles: Financial management in marriage. Journal of Economic and Financial Sciences | JEF| October 2015 8(3), 843-860. Available at: https://core.ac.uk/download/pdf/222967603.pdf
2. Ashraf, N. (2009). "Spousal Control and Intra-Household Decision Making in the Philippines." American Economic Review 99(4): 1245-1277. DOI: 10.1257/aer.99.4.1245
3. Becker, G. S. (1973). A theory of marriage. The Journal of Political Economy, Vol. 81, No. 4. (Jul. - Aug. 1973), pp. 813-846. Available at: http://links.jstor.org/sici?sici=0022-3808%28197307%2F08%2981%3A4%3C813%3AATOMPI%3E2.0.CO%3B2-4
4. Bernasek, A., & Bajtelsmit, V. L. (2002). Predictors of women’s involvement in household financial decision-making. Financial Counseling and Planning, 13(2),39–47. ISSN: 1052-3073. Available at: https://www.researchgate.net/publication/251814863_Predictors_Of_Women's_Involvement_In_Household_Financial_Decision-Making
5. Britt, S. L., & Huston, S. J. (2012). The role of money arguments in marriage. Journal of Family and Economic Issues, 33, 464-476. DOI: https://doi.org/10.1007/s10834-012-9304-5