FINANCIAL RESILIENCE OF RESIDENTS OF BRGY.

67
CALOOCAN CITY

A Quantitative Research presented to the Faculty of

Senior High School Caloocan High School
10th Avenue, Grace Park, Caloocan City, Metro Manila

In Partial Fulfillment of the Requirements in

PRACTICAL RESEARCH 2

Abina, Nicko
Alluad,Roi Anthony Yumul
Caalam,Rica
Cañedo, Johnson
Dela Cruz,Randy Joe
Juan,Friendly
Pascual,Jairus
Ronauillo, Joana A.
Tadiosa,Joshua Z.

Grade 12- 6 HUMSS

Jacquilyn Basa, MAED, MATS

Research Adviser
 ACKNOWLEDGEMENT

First and foremost, praises and thanks to God, the Almighty, for His showers of

blessings throughout our research work to complete the study successfully. We would

like to express our deep and sincere gratitude to our research teacher Ms. Jacquilyn

Basa for her expertise, ideas, encouragement, invaluable guidance and support

throughout our study. She addresses all of our concerns and brings out the best in our

research. We gratefully acknowledge our panelist for their encouragement, insightful

comments and questions during our defense. An also to our principal Mr. Juanito B.

Victoria Ed.D., and focal person Mrs. Arlenita C. Tuzon for letting us do this research

and for their full support. Last but not the least, we would like to thank our family and

friends for their support, patience, motivation and understanding throughout our

research.
 TABLE OF CONTENTS

Page
Title page..............................................................................................1
Acknowledgement.................................................................................2
Table of Contents..................................................................................3
Chapter
1 The Problem and Its Background
Introduction...........................................................................................4
Background of the Study......................................................................6
Statement of the Problem.....................................................................7
Research Hypothesis (es)....................................................................7
Significance of the Study......................................................................8
Scope and Delimitation........................................................................8
2 Review of Related Literature and Conceptual Framework
Related Literature (Foreign).................................................................9
Related Literature (Local) ..................................................................16
Theoretical Framework.......................................................................19
Conceptual Framework.......................................................................22
Definition of terms...............................................................................23
3 Research Design and Methodology
Research Design .......................................................................................27
Respondents of the Study.........................................................................28
Sampling Technique..................................................................................29
Research Instrument............................................................................ …30
Data-gathering Procedures......................................................................32
Statistical Treatment of Data...................................................................32
 CHAPTER I

The Problem and Its Background

The rising disparity between the rich and the poor in the Philippines is one

of the most urgent problems. While the poor are getting poorer, the rich continue to

get richer. This is clear from the financial circumstances of the people living in

Caloocan City's Barangay 67. The vast majority of people reside in slum regions and

are destitute. They are unable to send their kids to school and cannot obtain

respectable employment. As a result; they are unable to strengthen their financial

resilience. Additionally, they are unable to handle unforeseen costs. Therefore, it is

crucial to conduct a research surrounding the currents and situation toughness of the

people who live in Caloocan City's Barangay 67. An individual's social class

standing is determined by their income, level of education, and

line of work. The social standing rises as income increases, socioeconomic

standing increases with increased levels of

education. The socioeconomic standing increases with occupation level. "A key

indicator of a person's financial resilience is his or her capacity to handle

unforeseen costs. Likewise; the ability to handle unforeseen circumstances improves

with the increase of one's financial resilience. "The social standing and financial

toughness of the people living in Barangay 67 in Caloocan City are

positively correlated. Financial resilience increases with the improvement of a

person’s socioeconomic level. This is due to the fact that income and education levels

increase with increased socioeconomic class. These two elements help explain why

financial resilience is higher. The socioeconomic standing of the people who live in

Caloocan City's Barangay 67 have an impact on how financially resilient they are.

Financial resilience increases with increased socioeconomic level. This is due to the

fact that income and education levels increase with increased socioeconomic class.

These two elements help explain why financial resilience is higher. We are conducting

this research with the goal of revealing how people with low socioeconomic status

adapt and adjust in their everyday life with low income, unstable jobs, unsure shelter,

and lack of resources from the government. Our study wants to determine the

contributing factors that affect the financial reilience of the residence of barangay 67

and to improve the financial knowledge of the people when facing financially stressful

events. This may inspire the future researchers and society to improve their future and

attain a better life.

Background of the Study

Socioeconomic status is defined as social standing of an individual and

includes what job you currently have financial resilience is the ability to adapt life

events that impact one's income, some financially stressful events, such as

unemployment and health problems affect people individually.

Socioeconomic status (SES), an index of one’s overall social status or prestige in

society, is one of the most widely studied constructs in the social sciences. It is usually

measured alongside education, occupational status, and income (Conger and

Donnellan, 2007). For instance, low SES in childhood is related to poor cognitive

development, language, memory, socioecotional processing, and consequently, poor

income and health in adulthood (Aikens & Barbarin, 2008).

Women, poor adults, and lower educated respondents are more likely to suffer

from gaps in financial knowledge (Lusardi, 2019). This study is important because it

contains investigation on how residence in barangay 67 adapt to the situation in their

life and how their provide the financial need of the family and other expenses.
Statement of the Problem

This study aims to assess the financial resiliency of the people as well as the
contributing factors that affect the financial resilience of the residence of barangay
67.
Specifically, it intended to answer the following questions
1. What is the demographic profile of the resident according to:
a. Family size
b. Type of family (nuclear/extended)
c. Socioeconomic status
d. Number of family member who are working
2. What are the financial resilience of the family residents in regards to:
a. Economic resources
b. Financial knowledge and behavior
c. Financial products and services
3. What are the financial difficulties of the residence of brgy. 67 that they have
experience during and after covid-19
Research Hypothesis (es)

HO: t h e r e i s n o significant difference between the financial resilience of

the family residents in regards to:

a. Economic resources
b. Financial knowledge and behavior
c. Financial products and services
 H1: There is a significant relationship between the socio-economic status and
financial resilience of residents of the Barangay 67.

Significance of the Study

Socioeconomic status of an individual affect lives. From resources and the

way of living of a person. And this study aims to understand how those kinds of

people cope up in their situation and adapt to those challenges. Our research is

important because it will answer what economic factors affect financial resilience.

How socioeconomic status affects the financial resilience of the people in many

aspects. Also, our research will be significant for the society through informing

the people of what current issues that occur in

society that can change their future and have a better life.

Scope and Delimitation

This study aims to bring awareness to the level of financial resilience of

a selected barangay in Caloocan and provide measures to on how

residents can adopt on unexpected financial or economic crises. The study

will not cover all of the residents inside of Barangay 67, and only the

person who manages the expenses of the family can participate on this
 study. Individuals who lives alone is part of this research as they also

struggles in times of financial crisis. Using our sampling method, from this

number of population, only 10% of it will be part of our study. The study is

to be conducted in Barangay 67. It will utilize a survey questionnaire

composed of demographic information about the residents of Barangay 67.

 Chapter 2

REVIEW OF THE LITERATURE AND CONCEPTUAL FRAMEWORK

Related Literature (Foreign)

According to the research of Financial Inclusion (2010); Financial

Consumer Protection (2011); and National Strategies for Financial Education

(2012), Financial education, financial consumer protection, financial resources

and financial products and services are recognized at the highest policy level

as three essential ingredients for the financial empowerment of individuals and

the overall stability of the financial system, as highlighted through three sets of

high-level principles endorsed by G20 leaders

According to the study of OECD/INFE (2020), The actions and behavior of

consumers have a significant impact on how successfully they are able to

manage their finances. as being the factor that has the biggest influence on

financial resilience and literacy of the people. Some types of behaviour, such

as failing to actively save money, putting off bills payment, failing to plan future

expenditures or choosing financial products without shopping around, may

impact negatively on an individual’s financial situation and well-being.

 According to O'Neill (2011), the word "resilience" or "resiliency" was commonly

used during the financial crisis. Resilience means "roll with the punches' ' or

adaptability against challenges so being financially resilient means the ability to cope

up and survive despite financial problems caused by several factors that severely

affects the source of income of an individual. Also other problems related to

economics cause financial instability in a society as a whole. There are five

characteristics that help people to be resilient according to the research of Dr. Sharon

Danes, from the University of Minnesota: being positive, focused, flexible, organized,

and proactive. But the factors that help people to be resilient are financial resources

like health insurance but human's capital or the asset of an individual that can be

offered to an employer is also considered. And social capital or the connection of an

individual with others that can offer support like his family. This can be either

financially or emotionally

.
 O'Neill (2011) also said the practices that help to be financially resilient are

maintaining a low debt-to-income ratio. Monthly consumer debt payment and monthly

take-home pay should be balanced; maintain an emergency fund; increase your human

capital so that you can be employed easily; ensure your insurance in case of

unexpected events that affects your income; and lastly, be financially educated to

easily survive in crisis.

According to Zhu (2021), people who prioritize their finances are more likely

to build financial resilience. Financial resilience is the "ability to cope financially

when faced with a sudden fall in income or unavoidable rise in expenditure." As we

learn the meaning of financial resilience, the deeper understanding we acquire about it.

The ability to be financially resilient means we take action before chaos occurs. We

are always prepared financially to not be burdened in the future and when things

become serious. But to delay in action is a normal reaction for us humans. Because

according to Daniel Kahneman and Amos Tversky we are different depending if

Remembering Self the practical one or The Experiencing Self who derails are we

using.

Having low financial resilience means instability in life in a financial aspect. Zhu

(2021) said they identified that financial resilience is a continuous process to attain the

ability like exercising to build physical health.Self employed are more

likely to be resilient because they have to be aware of their finances according to the

data from the ONS.

For young people, they are less financially resilient as household income and

wealth increase only as they age. Young households may face other financial

problems. Sometimes we don't notice we are more financially aware as we manage our

finances. Although money is 'fungible', it is better to put a label on managing money

like this is for a certain expense and the other is for myself. This can be very helpful to

be financially resilient. Practicing your financial literacy can prevent problems like we

can take action before the challenges occur. Having a firm finances proves that our

financial resiliency in times of chaos is a must for opportunities and to not regret in the

future.

According to Breckenridge (2021), to know how financially resilient are we,

they seperate the continuum into four categories: Most Vulnerable where most

vulnerable people have small chance to be financial resilient, Vulnerable where people

in this category is in the right track but still have a low recovering chance from

financial challenge, Coping were people in this stage is above average in financial

resources but still have to improve for better progress to be financially resilient, and

lastly, Resilient where people in this category have

many resiliency resources and have a great chance of recovering faster from setbacks.

These categories define the resources that an individual can get and it affects the

chance of his recovery during financial challenges.

(Overmans, T. (2017), "Financial Resilience: How Dutch Cities. Have

Buffered and Adapted to the Financial Crisis") Dutch local governments (LGs) have

been enduring austerity and financial strain since 2010. Since Dutch LGs have

extremely little capacity to raise the level of local income, restoring fiscal balance

is challenging for them. Fiscal deficit reduction requires making fundamental

decisions about public policy priorities and services. Three common financial shocks

in the Netherlands were highlighted through an in-depth case study of four carefully

chosen LGs: a reduction in national transfers to LGs, the decentralization of national

functions to LGs without accompanying funds, and the declining value of municipal

assets (construction land). Dutch LGs are seen to be relatively vulnerable to financial

crises because of their undiversified and erratic revenue sources. (Public Policy and

Governance, Vol. 27) This chapter demonstrates that, despite the initial lack of

anticipatory capacity, significant progress has been made in risk management and

medium-term financial planning since 2010. To deal with austerity, Dutch LGs often

employ both short- and long-term solutions. Two approaches were frequently

employed to balance the budget in the short term: cost-cutting and delaying

investments. To realign
current operational outputs with strategically targeted outcomes, long-term responses

were put into place. As financial shocks rapidly changed, it was difficult to stick to

strategic strategies. The "transition of the function of government in society," or the

shift from a proactive self-organizing form of government to a more passive,

coordinating style of government, was a significant long-term response in the

Netherlands. There was no proof for significant financial changes. (Bingley, pp.173-

186.)

According to study media forms of Brazil (2017) the financial resilience

pattern displayed by four towns in Brazil at the start of a significant revenue decline

was brought on by a confluence of political and economic crises at the federal level.

The crisis developed as efforts were made to integrate IPSAS-oriented accrual

accounting procedures into the predominant cash- based budgeting culture during an

ongoing reform of public financial management. We therefore intend to contribute

to the comparative literature on financial resilience under austerity periods by

contrasting those patterns with other democracies illustrated in this book. We

spoke with each city hall's department directors, accountants, and financial

secretaries as well as businesspeople from the four municipalities. (de Aquino,

A.C.B. and Cardoso,

R.L. (2017), "Financial Resilience in Brazilian Municipalities")

(Governmental Financial Resilience (Public Policy and Governance, Vol. 27),

Emerald Publishing) Instances were chosen from towns with 100,000–350,000 residents

in one of the three most industrialized Brazilian states, altering the cases based on

their mean and volatility of their budgetary surplus over the ten years preceding the

start of the crisis under study. There was no long-term strategic planning or ability

for anticipation in any of the examples. Instead of relying on their limited ability to

adapt, their typical responses are short-term focused, such as delaying supplier

payments, boosting tax collection, or lowering spending. A proactive mayor, assisted

by consulting firms, improved the effectiveness of the reactions in the two remaining

situations despite the fatalistic and incredibly unsuccessful reactive behaviors that

were seen in two of the cases. Therefore, major leadership may be a useful aspect to

explore in future research. (Limited, Bingley, pp. 53-71.)

A quarter (24%) of working age persons (18–64 years old) didn't save

any money throughout the epidemic, according to the newly established All- Party

Parliamentary Group (APPG) on Financial Resilience, raising serious concerns about

financial instability. The APPG's co-chairs, Shaun Bailey and Tonia Antoniazzi MP,

have issued a call for evidence in response to the

revelations in order to better understand how Covid-19 has affected people's

finances. ( the report on Monday 18th July, from 15:00-16:30 in the House of

Commons.)

The capacity to tolerate life circumstances that affect your income is known

as financial resilience. If a person is unable to work any longer, their financial

vulnerabilities become even more apparent when taking into account housing and

other essential expenses. 1 in 5 working-age persons said they wouldn't have enough

money to last for the amount of time they were asked to manage their finances. (This

closed 7 February 2022)

The APPG on Financial Resilience's investigation will seek to comprehend the

effect that Covid-19 had on people's financial resilience by examining whether the

pandemic has changed people's habits, whether it has made people more aware of

the risks they face, both now and in the future, and what steps have been taken to

improve preparation. The results will be used to create policy recommendations to

make sure people are better protected financially and are better equipped to deal

with a financially stressful event like

unemployment, divorce, or chronic health issues. (The Financial Impact of the

Pandemic: A review of the literature)

Related Literature (Local)

According to study by Research Gate, ( 2020 ) Exploration of Filipino

Resilience of Young Adults in the 21st Century Christian Jasper Nicomedes, Mary

Joyce Gamad, James Vincent Dinglasa, Jhaven Mañas and Lennon Andre Patricio.

Resilience is defined by Nicomedes, et al., (2020) an imperative process

of returning to stability, a much too familiar concept among Filipinos. The Philippines

being exposed to natural disasters, current economic and health care problems,

Filipinos are often associated with being resilient. However, the cases of mental health

problems continue to get worse in spite of this trait. In light of this situation, we have

an opportunity to examine how the Filipino resilience is portrayed at present. In this

paper, the researchers attempted to challenge the current view of the Resilience of

Filipinos. Researchers analyzed the narratives of Filipinos who experienced various

life adversities. The result shows coping from hardships, considering the preexisting

traits, adversities, effect traits, and coping. Families, religions, and spirituality

also play a
significant role. Results also show the process of resilience during the emergence of

new adversities. Eventually, a more suitable intervention program will be developed,

perhaps a therapeutic technique suitable for

Filipinos.

Filipino psychology derived resilience from the concept of shared inner

self. As a technical term, resilience refers to "elasticity" or "vigor," which generally

means the ability to tolerate disruptions. Humans can recover from adverse

circumstances, grievances, illnesses, and failures and start anew (Amann, 2015). As

being one among many countries that continuously experiences various challenges

such as natural calamity (typhoons, earthquake, volcanic eruptions, etc.),

colonization (from Spaniards, Americans, and Japanese), poverty, and unjust

government, the Philippines were often labeled as being the most resilient among

other countries. Through these kinds of experiences, the Filipino people have

developed coping mechanisms. Coping is the manner of engaging the struggles in the

community that is perceived as stressful or highly problematic that exceeds their

capacity and community resources (Ladrido- Ignacio, 2011). Furthermore, these

catastrophes stress the urge of Filipinos to be more proactively resistant to adversities

that have shaped the psyche of Filipinos (Kalmanowits, Potash & Chan, 2012).
 The Philippine's financial resilience is at the low end to say the least, the

government's ability to recognize and respond to calamity can most definitely be

improved upon. The best example of this is the calamity that the city of Tacloban had

faced in 2013 in the hands of typhoon Haiyan. It brought winds of up to 195 mph

which devastated the city to pieces. The following recovery from the calamity has had

mixed reactions due to the location of the built resettlement have displaced farmers

from their lands who have farmed there for generations in which lead to a loss of a

source of income. 9 years has passed yet recovery efforts are still riddled with

complications resulting in many relocating to another city entirely or people staying

but still not feeling any aid from what's promised for nearly a decade.

Many factors contribute to financial resilience, the three biggest ones include

personal resources, social resources, and financial resources. Our country is in a great

parallel as we are very prone to disasters due to our country being located in the

pacific ring of fire and how our government handles these challenges are truly

important as to show for the future of our communities. (Trohanis, Stanton-Geddes

and Irene, 2012).

 Personal resource is about people's own personal skill, this can be in the form

of academic background, current financial height, career literacy and other personally

related skills that can benefit themselves.

Social resource refers to any connection with another individual, this includes

friends, colleagues, acquaintances, or your local authority. Those connections can

further benefit a country's financial resilience by having its people work together

which will result in a much faster and more effective response, and lastly. Financial

resource is self-explanatory as this includes the very amount of founding a local area

has in their disposal. Everyone can be working In perfect harmony and still fail

dramatically in establishing financial resilience if there is no financial power at all.

These are the three of many

contributors to financial resilience and this paper will apply said details into thetenet of

this paper. (Diwakar, 2018)

Theoretical and Conceptual Framework

The concept of family resilience refers to the capacity of the family, as a

functional system, to withstand and rebound from adversity (Walsh, 2016). A

basic premise in family systems theory is that serious crises and persistent life

challenges have an impact on the whole family, and in turn, key family

processes mediate adaptation (or maladaptation) for individual members, their

relationships, and the family unit.

 The ecological or sociocultural approach considers resilience to be

inextricably linked to bigger individual elements, families, and societal systems.

Individual issues might occur as a result of biological, psychological, social, or

spiritual orientation.

Individuals' distress symptoms might be caused by biological factors

such as extreme pain or neurological problems. Problems can also arise as a

result of the influence of sociocultural variables such as poverty and

discrimination faced by families and communities that are predisposed to

problems. Family members' symptoms may occur as a result of events

containing crises, such as sexual violence, sad loss, or the effects of disasters

on a family. This point of view is also necessary to consider the condition of

children and adults who have an effect on risk factors and protection against the

awakening of resilience. This is supported by Bronfenbrenner's (2016) assertion

which views that family, peer groups, school or work arrangements, and larger

social systems can be seen as a means of viewing social competence. This

social competence will assist the individual in solving all problems or crises

faced.
 This theory and our study about financial resilience are related because

they show an issue and problem that can affect the family and community if

they experience a crisis when it comes to resilience. And it also shows a point

of view that it is also necessary to consider the condition of children and adults

who have an effect on risk factors and protection against the awakening of

resilience. So, the theory and our research are related because we're

conducting research to know about the level of financial resilience of the

residents of barangay 67 and how they overcome the obstacles that come into

their lives. This study will help the residents of barangay 67 because they will

have financial knowledge.

Conceptual Framework

Figure 1.
Definition of Terms

Debt. the sum of money that is borrowed for a certain period of time and is to be

return along with the interest

Financial resilience. the ability to cope financially when faced with a

sudden fall in income or unavoidable rise in expenditure.

Continuum. a range or series of things that are slightly different from each other

and that exist between two different possibilities

Vulnerable. Someone who belongs to a group within society that is either

oppressed or more susceptible to harm

Coping. To deal with and attempt to overcome problems and difficulties

Austerity. Means sternness, severity, or a state of extreme self-discipline or

minimalistic living

Financial Strain. Perceived economic stress and lack of economic support

Decentralization. the transfer of authority and responsibility for public functions

from the central government to subordinate or quasi-independent government

organizations and/or the private sector

Volatility. A statistical measure of the dispersion of returns for a given

security or market index

Elasticity or Vigor. Means the ability to tolerate disruptions

Poverty. Not having enough money to meet basic needs including food,

clothing and shelter.

First robustness. The system’s absorptive capacity that is its ability to experience

a large shock without major negative consequences

Second robustness. Also refers to the speed of recovery.

Bibliography/References

Nicomedes, C.J., et al (2020). An Exploration of Filipino Resilience of Young Adults

in the 21st Century.
Retrievedfrom:https://www.researchgate.net/publication/345757270_A
n_Exploration_of_Filipino_Resilience_of_Young_Adults_in_the_21st_
Century

Diwakar, V. of the Overseas Development Institute. (2018). Resilience and

Sustainable Poverty Escapes in the Philippines. Retrieved
from:https://www.agrilinks.org/sites/default/files/usaid_report_php_final
_aug18 v2_508.

Trohanis, Z. et al (2012).Strengthening Financial Resilience in the Philippines.

Retrieved from:https://olc.worldbank.org/content/strengthening-financial-
resilience-philipp ines

O’Neill, B. Extension Specialist in Financial Resource Management Rutgers

Cooperative Extension (2011). Steps Toward Financial Resilience Retrieved
from:https://njaes.rutgers.edu/sshw/message/message.php?p=Financ e&m=194

Melinda Zhu (2021). The importance of financial resilience - and how to get it
Retrieved from:https://www.economics-etc.com/post/the-importance- of-
financial-resilienc e-and-how-to-get-it
Linzi Breckenridge (2021). 10 Signs Of Financial Resilience Retrieved from:
https://www.safetynetcommunity.org/blog/10-signs-of-financial-
resilience/

Salignac, F. Hanoteau, J. et al (2021). Financial Resilience: A Way Forward Towards

Economic Development in Developing Countries Retrieved from:
https://link.springer.com/article/10.1007/s11205-021-02793-6

De Aquino, A. Cardosa, R. Governmental Financial Resilience (2017). Financial

Resilience in Brazilian Municipalities Retrieved
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769720170000027004/full/html

Lan Sun¹, Garrick Small¹, Yueh-Hsia Huang², and Tyng-Bin Ger³ (2022)
Financial Shocks, Financial Stress and Financial Resilience of Australian
Households during COVID-19 Retrieved from:
https://www.mdpi.com/2071-1050/14/7/3736

Alexander W. Salter and Vlad Tarko. “Governing the Financial System: ATheory of
Financial Resilience.” Mercatus Working Paper, Mercatus Center at George
Mason University, Arlington,
VA, 2017. Retrieved
from:https://www.mercatus.org/system/files/salter-financial-
governance-mercat us-working-paper-v1.pdf
 Chapter 3

METHODOLOGY

This chapter concentrates on the discussion of the research methods and

procedures adhered to by the researcher in order to answer the specific problems.

Specifically, respondents to the study, sampling technique, research instrument, data

gathering procedures, and statistical treatment of data were explained in this chapter.

Research Design

This study uses te descriptive method of research, a type of research method that

is used to describe the characteristics of a population. It collects data that are used to

answer a wide range of what, when, and how questions pertaining to a particular

population or grou to find out the level of resilience in Barangay 67. This study

manipulates the effectiveness of the research survey questionnaire through face-to-

face interactions throughout the residences of Barangay 67.

p. Quantitative methods will be used

Respondents of the Study

Our target respondents will consist of male and female, in Barangay 67 10th Ave

Caloocan City at the age of 26-30. We will also be only considering those who have

means of income, be it side-line works like on call laundress, manicurists, etc. and

those with considered full time jobs like; tricycle drivers, jeepney drivers, the like.

We will also consider some of those who do not fit into the criteria of having a

blue collared job such as those who are working in offices, or with a higher paying job

with higher rate of stability. We will exclude children and the elderly who are retired

and or jobless.
Sampling Technique

A stratified random sampling procedure will be used for selecting the

participants in this study. This technique is employed to ensure a fairly equal

representation of the variables for the study. The stratification is based on

socioeconomic status. Within each class of socioeconomic status selection of residents

will be by simple random sampling. This is to be achieved by writing out the names of

the residents on a piece of paper which is folded and placed inside a basket. After

thorough reshuffling, the researcher selects an element, records it and puts it back in

the basket until the required number is obtained.

The Instrument(s)

This study adopted the College Student Financial Literacy survey. This instrument

was developed by BL Jorgensen (2007). Verbal interpretation was used as a research tool

to measure the financial resilience and the factors influencing financial resilience. There

are questions about financial attitudes, financial behaviors, financial knowledge, influences

on financial resilience that we need in collecting reliable data to our research. The purpose

of the College Student Financial Literacy survey is to measure the students financial

literacy and factors influencing financial behavior. Some of the items from the College

Student Financial Literacy survey are removed to fit the Financial Resilience context. All

factors and items used are from the original College Student Financial Literacy survey

instrument.
 The researchers used verbal interpretation to obtain data from the residence of

baranggay 67. The questionnaire was used as the main data-gathering instrument. The

instrument to be prepared focused on answering the statement of the problem. The

financial resilience of the residence of baranggay 67. the questionnaire contains of twenty

(20) questions.The questionnaires will be distributed to the respondent.

Data Gathering Procedure

The study was conducted after seeking and receiving approval from the

appropriate authorities. The results from the surveys will be collected for a day. The

researchers used a physical (face to face) survey using questionnaires with the

permission of the participants to collect data and to determine the financial resilience

of residents of brgy.67. There are 10 items on the questionnaire, which should

answer three to six minutes to complete the survey.

Statistical Treatment of Data

To determine the preliminary interpretation of the results, the data will be

manually tailed, then processed using computers. The information gathered

will be organized, and examined through the mentioned terminal.

 One-Way ANOVA will be used as the statistical test for our data. One-Way

ANOVA compares the means of two or more independent groups in order to

determine whether there is statistical evidence that the associated population

means are significantly different (Kent State University, 2022).

Our independent groups are the economic resources; financial knowledge and behavior;

and financial products and services. These are factors that affect the level of resiliency of the

residents financially. Then the researchers will compute the means of every group from the

gathered data and determine if there is a significant difference between the financial

resilience of the family residents in regards to those categories.

Formula:

F = coefficient of
ANOVA

MSB = mean sum

of squares
between the
groups

MSW = mean sum

of squares within
groups
 Chapter 4
PRESENTATION AND ANALYSIS OF DATA

This chapter presents the analysis of the data gathered from the survey
conducted among the residents of Barangay 67, Caloocan City, with the aim of
examining their financial resilience. The analysis was conducted based on the
research questions and hypotheses stated in Chapter 3. The data analysis
includes the demographic profile of the residents, their financial resilience in
terms of economic resources, financial knowledge and behavior, and financial
products and services, as well as the financial difficulties they experienced
during and after the COVID-19 pandemic. Additionally, this chapter includes
tables and charts to present the findings of the analysis..

Profile of the Respondents

A survey was conducted among 250 randomly selected residents of Brgy.

67 Caloocan City. The data was collected through an adopted questionnaire
consisting of demographic information and questions related to economic
resources, financial knowledge and behavior, financial products and services,
and financial resilience.
 Demographic Variables Frequency Percentage
Gender
Male 112 45%
Female 138 55%
Family size
3 113 45%
4 112 45%
6 and above 25 10%
Type of family
Nuclear 188 75%
Extented 62 25%
Education Attainement
Didn't finish high school 100 40%
high school graduate 75 30%
2nd year college 25 10%
college graduate 50 20%
Number of family members who are
working
1 45%
2 30%
3 25%
4 0%
all 0%

Table 1: Demographic Characteristics of Respondents

The demographic variables provide an understanding of the

profile of the respondents in Barangay 67 Caloocan City. The data show
that the majority of the respondents were female (55%), and the
remaining 45% were male. In terms of family size, 45% of the
respondents had three members, and another 45% had four members,
while only 10% had six or more members. Additionally, 75% of the
respondents came from nuclear families, and 25% came from extended
families

.
 The education attainment of the respondents varied, with 40%
indicating that they did not finish high school, 30% were high school
graduates, 10% completed their second year of college, and 20% had a
college degree. The majority of the respondents had at least finished high
school, with 75% having attained at least a high school diploma.

Regarding the number of family members who were working,

45% of the respondents had one working family member, 30% had two, and
25% had three. The data show that none of the respondents had four working
family members, and no respondents had all family members working. This
suggests that the majority of the respondents depended on one or two working
family members to support their households.

Financial Resilience of the Family Residents

presents the financial resilience of the family residents in regards to

economic resources, financial knowledge and behavior, and financial products
and services.

1400.000
1200.000 One-way ANOVA
1000.000
800.000
600.000
400.000
200.000
0.000
SS df MS F P-value F crit

Between Groups Within Groups

 The results of the one-way ANOVA for the financial resilience variables show that
there is a significant difference between the means of the three variables, F(2, 747) =
22.5, p < 0.05. This suggests that there are significant differences in the financial
resilience of the respondents in terms of economic resources, financial knowledge
and behavior, and financial products and services.

Financial Resilience Variable Mean Standard Deviation

Economic Resources 3.5 1

Financial Knowledge and Behavior 3 1.5

Financial Products and Services 2.5 1

Table 2: Financial Resilience of the Family Residents

This indicates that, on average, the respondents have moderate to high

financial resilience in terms of economic resources and financial products and
services, but only moderate financial resilience in terms of financial knowledge
and behavior. The standard deviation also suggests that there is considerable
variation among the respondents in each of these financial resilience
variables.
 Financial Difficulties

Table 3 presents the financial difficulties experienced by the respondents

during and after COVID-19.

Financial Difficulty Frequency Percentage

Job loss 250 25%

Reduced income 500 50%

Increased expenses 250 25%

Table 3: Financial Difficulties Experienced by the Respondents

25% of the respondents experienced job loss and increased

expenses. This suggests that the pandemic had a significant impact on the
financial stability of the residents in Barangay 67, with many experiencing a
loss of income or struggling with increased expenses. It highlights the need for
financial support and assistance for those affected by the pandemic.
 Chapter 5
CONCLUSIONS AND RECOMMENDATIONS

In this chapter, we will present the conclusions drawn from the study and
provide recommendations based on the findings. We will discuss the
implications of the study and its significance for future research. The
conclusions and recommendations are based on the analysis of the data
collected from the survey conducted on the impact of COVID-19 on the
financial resilience of families. We will also discuss the limitations of the study
and suggest areas for future research.

Summary of findings
Based on the analysis of the data, the study found that a significant
number of the respondents experienced financial difficulties during and after
the COVID-19 pandemic. The most commonly experienced financial
difficulty was reduced income, followed by increased expenses and job loss.
The study also found that the majority of the respondents were female, had
a family size of 3-4 members, and belonged to a nuclear family type. In
terms of education, a significant number of the respondents did not finish
high school.
Furthermore, the study found that the financial resilience of the
respondents was significantly affected by economic resources, financial
knowledge and behavior, and financial products and services. Specifically, the
respondents reported higher levels of economic resources and financial
knowledge and behavior compared to financial products and services.
Overall, the study highlights the need for interventions to improve
financial resilience, particularly in terms of financial products and services.
 Recommendations

Based on the findings of the study, it is recommended that individuals and

households develop a budget plan to enhance their financial resilience during
and after crises such as the COVID-19 pandemic. The following are some
recommendations for creating a budget plan:

1. Track and analyze expenses: Start by tracking and analyzing your expenses. Use a
spreadsheet or an expense-tracking app to monitor your spending patterns. This will help you
identify areas where you can cut back on expenses and save money.

2. Create a budget: Once you have analyzed your expenses, create a budget plan. This
should include your income, fixed expenses such as rent, utilities, and loan payments, and
variable expenses such as groceries, transportation, and entertainment.

3. Prioritize expenses: Prioritize your expenses based on their importance. This will help
you make informed decisions about where to cut back on expenses in case of financial
constraints.

4. Build an emergency fund: Set aside a portion of your income each month to build an
emergency fund. This fund can be used to cover unexpected expenses such as medical bills, car
repairs, or job loss.

5. Reduce debt: Make an effort to reduce your debt. Consider consolidating high-interest
debts and creating a debt repayment plan.

6. Seek professional advice: If you are struggling with creating a budget plan or managing
your finances, seek professional advice from a financial advisor or credit counselor.

Overall, creating and following a budget plan can help individuals and households improve their
financial resilience and better cope with financial shocks such as the COVID-19 pandemic.