Abm Qualitative Group 1 Revised

INQUIRY ON THE FINANCIAL MANAGEMENT STRATEGIES OF LOW-
INCOME FAMILY AMIDST PANDEMIC: A NARRATIVE ANALYSIS
A Research Presented to the Faculty of
Senior High School Department
San Diego Parochial School
In Partial Fulfillment of the Requirements
for the Subject Practical Research 1
Qualitative Research
Avendaño, Rose Nadine V.

Bautista, Bea Joy B.
Santos, Zyrine Shanne F.
Suatengco, Matthew Clarence V.
Suello, Railey James M.
Tura, Ma. Julianna O.
January 2022
SAN DIEGO PAROCHIAL SCHOOL PAGE
SENIOR HIGH SCHOOL DEPARTMENT 1
Chapter I
THE PROBLEM AND ITS BACKGROUND
Introduction
Financial management is the process of planning, organizing, regulating, and
monitoring financial resources to meet the goals and objectives of an organization
(Funds for NGOs, 2021). This is generally concerned with managing a family’s
everyday expenses, coping with unanticipated obligations, and planning ahead in
order to assist them in getting control over their finances (Raising Children, n.d.).
Furthermore, financial problems are also a major cause of family instability,
particularly among low-income earners who live beyond their means with money that
can only be used for food or rent and are unable to meet the requirements of their
families or achieve their goals. For that reason, financial strategy is important as it
helps people, families, and society as a whole by creating knowledge about the
importance of financial management for low-income individuals and families (Friday,
2013).
Making the most of a family's income ensures that they will have sufficient
money when they need it, which is not always easy (Thompson, 2018). In the case of
low-income families, they must first understand where their money is going before
they can establish an effective family financial plan (Geannette, 2021).

In the study of Raising Children Network (n.d.), they specify that the key to
budgeting is to spend less than you earn. Making a list of everything the household
earn, spend money on, and owe is one method they can use. Families should keep this
in mind whenever they spend or make money in any other way.
The foundation of planning was later studied by Strutner (2020) which they
concluded that the foundation of financial management is built on three pillars. First
is strategizing, which is determining a household's financial needs and obligations.
Second, decision-making assists a company or a group of parents in determining the
best way to carry out their decisions or plans in order to achieve a better outcome.
Lastly, it can be controlled to ensure that each department contributes to the vision
while staying within budget and in line with strategy.
Based on the previous researches, the studies that have been conducted
provided limited information on low-income families' financial management
strategies during health and emergency crisis must be prioritized since proper
financial management is necessary for low-income families to effectively assess their
spending commitments (Friday, 2013).
The purpose of this study is to explore the financial management strategies of
low-income families amidst the pandemic. Moreover, it will feature the following
points; sources and revenue among low-income families during pandemic, financial
management struggles of low-income families during pandemic and financial
management strategies of low-income families during pandemic.

Review of Related Studies and Literature
The paper gives a closer view on the papers’ related literature, significant
theoretical underpinnings and a brief survey of related studies on low-income
families’ sources of revenue, problems in financial management and financial
management strategies amidst pandemic. These will provide the bases for the
systematic analyses of data that will form the findings, conclusions and
recommendations of the study.
Low-income Families’ Sources of Revenue
The amount of revenue or income can affect the quality of living. It is
associated with how an individual live their life. Based on Boyte-White (2021), he
defines revenue as the total amount of income generated by the selling of goods or
services. Income, on the other hand, refers to the amount of money that a household
can spend in a particular year. It is composed of household earnings, self-
employment, and capital income, as well as public cash transfers; income taxes and
social security contributions are deducted (Organisation for Economic Co-operation
and Development, 2021).
A family's income or revenue may differ significantly from another's.
According to The Philippine Income Classes 2017 conducted by the Philippine
Institute for Development Studies (PIDS), a low-income family with a family size of
five members has a monthly income ranging between PHP 9,520 to PHP 19,040
while a middle middle-income class with a family size of five members has a monthly
income ranging between PHP 38,080 and PHP 66,640. The income disparity between
middle middle-income and low-income families is primarily attributable to income
inequality (Albert, et al., 2018).
According to Ericta and Fabian (2009), family income comprises both
primary sources of income as well as revenues from other sources obtained by all
family members as participants in any economic activity or as receivers of transfers,
pensions, and grants, among other things. Primary income includes commissions,
tips, bonuses, family and clothing allowances, transportation and representation
allowances, honoraria, and other forms of compensation, net receipts/profits from the
operation of family-owned businesses and the practice of professions or trades, as
well as salaries and wages that comprise all forms of compensation from
employment, whether in cash or in kind, obtained by family members. The
Organisation for Economic Co-operation and Development (2013) asserted that
receipts for participation in economic activities in a strictly employment-related
capacity are included in income from employment.
Making the most of household income guarantees that they have enough
money when they need it, which is not always simple. However, if they have
numerous income sources, the loss of one has a smaller impact on their whole
portfolio. Earned income, investment income, and government assistance are the
three main sources of household income. Moreover, wages and salaries, in the form
of a regular paycheck from earned income, are by far the most prevalent source of
family income for most people. Work, either as labor or as the sale of a work product,
is how a person is getting paid. A specific employer may pay them an hourly rate or a
salary that is paid on a regular basis. They could also be self-employed; in which case
they own a company that sells a product or service. Besides, if an individual is in a
difficult financial situation, they can be eligible for government aid to provide with an
additional source of income to help get through the tough times. Unemployment
benefits allow government assistance while looking for work (Thompson, 2018).
As specifies by Karpman, et al. (2020), the Corona Virus 2019 (COVID-19)
pandemic poses a threat to the health and well-being of families across the country. It
had a massive effect on everything, including families’ sources of income. Moreover,
loss of income due to an outbreak resulted in increased poverty, missed meals for
children and limited access to healthcare beyond pandemic for vulnerable families
(Evans & Over, 2020).
In addition, World Bank (as cited by Cordero, 2021) indicates that at least two
million more Filipinos became poor in 2020 than in 2018 because of reduced
household income and disrupted business activity caused by the pandemic. In its
report, it stated that the significant fall in household earnings, combined with reduced
business income and remittances, will likely lead to an increase in poverty despite
government assistance. Chua stated that People are frightened to go out, and they are
unable to do so. This has an impact on business operations, household incomes, and,
presumably in 2020, remittances. The results of the World Bank COVID-19

monitoring surveys (December 2020 – January 2021) show that households continue
to experience income losses, with forty-one percent (41%) of households reporting
lower or no income compared to pre-pandemic levels.
The government granted emergency subsidies under the Social Amelioration
Program (SAP) under the Bayanihan to Heal as One Act. The program covered 18
million poor and vulnerable households, accounting for seventy percent (70%) of the
population. The 4.4 million households registered in the country's flagship safety net
program, the Pantawid Pamilyang Pilipino Program (4Ps), constituted SAP
beneficiaries (World Bank, 2021). Moreover, the Pantawid Program is the
Philippines' flagship SAP program and poverty-reduction approach. It is a
Conditional Cash Transfer (CCT) program administered by the Department of Social
Welfare and Development (DSWD) that offers financial grants to low-income
families in order to keep their children healthy and in school, lowering dropout rates
and preventing child work, among other things (World Bank, n.d.).
In relation to that, Mosoetsa (2011) states that the low-income families rely
heavily on the government for income in the form of social grants, which most people
do not qualify for. This implies that the meager cash generated by grants must support
many individuals in addition to the intended recipients. Moreover, poverty erodes the
collective nature of families. Struggles over household income control become more
common. The money obtained from government grants and employment in the
informal economy barely covers the cost of the most necessities.

The Philippines' household financial crisis is worse than that of most
Southeast Asian countries, with nearly half of households surviving with no income
under a month according to the regional average consisting only 8.8% of assessed
Filipino households could survive without money for more than 3 months, and only
fourteen-point one percent (14.1%) could last for up to three (3) months. (Rivas,
2021).
Professors of Ateneo de Manila University (AdMU) Department of
Economics (as cited by Baclig, 2021) prepared a report that focuses on low-income
families during the first Enhanced Community Quarantine (ECQ) in 2020. They
presented a deeper prove on the impact of the pandemic and government response to
it. Most of the 97,000 low-income households in microenterprises assessed in May
2020 suffered severely from the lockdown according to professors. The informants,
who are clients of a microfinance institution, were most affected by a sharp decrease
in earnings. During the 2020 ECQ, thirty-five percent (35%) of informants in all 17
areas polled indicated they moved into a lower-income category ranging PHP10,000
and below, while only three percent (3%) said they moved into a higher-income
category ranging PHP100,000 and above.

Problems in Financial Management
Financial management is the process of planning, organizing, regulating, and
monitoring financial resources to meet the goals and objectives of an organization. In
any organization, it is considered a critical task. It is an ideal practice for controlling
an organization’s financial activities, such as fund procurement, fund utilization,
accounting, payments, risk assessment, and anything else involving money.
Management of finances it is critical for any firm to invest the funds it receives in
such a way that the investment yields a larger return than the cost of capital. In a
word, financial management is the management of money (Funds for NGOs, 2021).
Furthermore, financial management is one of numerous functional areas of
management, but it is critical to the success of any business. This underlines financial
management's important role and position in respect to other aspects of corporate
management. Financial management encompasses all aspects of management that
include money, including not just the sources and uses of money in businesses, but
also the financial consequences of investment, production, marketing, and personnel
choices, as well as the overall success of the company. Likewise, financial
management is largely concerned with the future, with the objective of developing
methods to improve the efficiency of financial assets. Financial management also
includes creating the cash needed to support the firm's assets and activities,
distributing scarce money among competing objectives, and ensuring that the funds
are spent efficiently to achieve the firm's ultimate objective (Krah, et al., 2014).
Additionally, Strutner (2020) states that the foundation of financial
management is built on three pillars. The first is strategizing, which is determining
the financial needs and obligations of a company or household budget. Second,
decision-making aids a business or a set of parents in determining the best way to
carry out their decisions or plans in order to arrive at a better destination. Lastly,
controlling it can ensure that each department contributes to the vision while staying
within budget and in line with strategy.
The basic financial managing is tied in with meeting your family's everyday
costs, taking care of unforeseen bills, and putting something aside for what's to come.
It can place them in charge of their funds, which assists them with staying away from
stress and have a sense of safety (Raising Children Network, n.d.).
Moreover, adequate financial management is required for families to measure
efficiently, which might only be accomplished by budgeting. Creating a technique for
a way in spending money is a component of the budgeting process. This spending
strategy is thought as a budget. Making a spending plan allow individuals to grasp
sooner than time if they may have enough money to try and do the things they wish or
want to try to. As a result, it is useful to people, families, and society as a full in terms
of raising awareness about the requirement of financial management for low-income
individuals and families (Friday, 2013).

The existence of the COVID-19 has caused a significant decline in the
economy. Its consequences have not been evenly distributed. Existing inadequacies
have been highlighted, and inequalities have been immutable. Many of those with
limited funds and protection, such as those in informal employments or in a variety of
labor arrangements, have been the most susceptible to the crisis' effects (International
Labor Organization, 2020).
Furthermore, Child Poverty Action Group (2020) determined that many
parents have lost their jobs or dismissed, and many schools and childcare facilities
have closed, leaving those who remain employed with the daunting challenge of
managing work, daycare, and homeschooling. Also, in comparison to higher-income
parents, low-income parents were less likely to be able to work from home and had
more difficulties in making financial decisions to try to make ends meet. These
difficulties are exacerbated for low-income households. As a result, it is reported that
parents cut back their food consumption, lowered their savings, and loaning money to
be able to cope with the pandemic's economic effects (Karpman, et al., 2020).
Financial issues are one amongst the leading reasons of family instability,
particularly among low-income earners who live below the personal income, with
money that may only be used for food and housing. Making it unable to satisfy the
household’s requirements and achieve their goals. This scenario placed the low-
income family during a tough situation that might only be handled with enough
financial resources. The bulk of family crises are caused by budgeting, which when
performed deliberately or unconsciously, can help families handle crises in many
areas of their lives (Friday, 2013).
Low-income parents frequently struggle to satisfy their families' fundamental
economic necessities, such as rent, food, utilities, clothes, education, housing, health
care, health insurance, transportation, and childcare. Having a low income frequently
implies having restricted access to health care, food, and housing security, as well as
a higher chance of children dropping out of school, being homeless, being
unemployed owing to a lack of education or childcare, and ultimately, not attaining
one's full potential (Children’s Bureau, 2019).
As claimed by Karpman, et al. (2020), one of the most significant financial
management problems is the massive job losses and reduced work hours because of
the pandemic. The parents who are unemployed reported coping by cutting food
consumption, reducing savings, and having the opportunity to obtain loans.
Moreover, uncontrollable factors such as unemployment may increase a family's
financial difficulties (Whitney, 2009).
Apart from that, debt is one of several causes of financial management
disruption as well as a decline in one's spending abilities (Gingras, n.d.). Thus, it
becomes a cause of anxiety until they discover a way to repay it. In connection to
that, addiction, mental issues, and stress are among factors that contribute to illogical
spending practices in families (Whitney, 2009).

In academics, children raised from low-income families tend to face higher
levels of pressures and challenges. They are constrained by income sources, causing
them to select majors and courses that are compatible with their overall financial
situation (Quadlin, 2017).
Low-income families face financial obstructions consistently. Perhaps they
stress over having the option to put food on the table or garments on their developing
children's backs. Or on the other hand they need admittance to a bank account and
credit card and do not have a clue how they would potentially pay for an emergency.
Before the households can make a useful family financial plan, its members need to
know where their cash is going (Geannette, 2021). Consequently, on the off chance
that everybody has something to do with making the financial plan, the families are
bound to become tied up with keeping up with the financial plan. If their planned
costs surpass their pay, making a few changes is the only thing to do. Low-income
families just have two choices: cut their costs or increment their pay. Expanding the
employed members of the family’s wage or salary probably is not a choice and
cutting the costs could take some time. For instance, they may find that they do not
bring in sufficient cash to help the sum they are paying in lease (Bergeron, 2021).
Financial Management Strategies Amidst Pandemic
Families are overall experiencing firsthand, the spread of COVID-19 has
changed the worldwide landscape, influencing our financial, expert, and social
environments. The abrupt interruptions brought about by this general health
emergency are giving monetary difficulties developing repercussions. While a few
components influencing financial well-being are beyond individual ability to control,
financial knowledge can assist individuals with bettering deal with their funds
through occasions of difficulty and seasons of thriving (Global Financial Literacy
Excellence Center, 2021).
Whenever families have thought of an investment funds plan, it is a smart
move to survey the upsides and downsides before you start. In this way, families will
realize what it will mean for their day-to-day life (Barclay, 2020). Furthermore, at the
point when their funds are limited, having a family financial plan is not just a smart
thought; it is basic. Living on a careful spending plan may sound confining or like an
excessive amount of work. Be that as it may, having a functional family spending
plan is very freeing and straightforward. It places you responsible for your cash,
instead of permitting cash to control your life (Bergeron, 2021).
A previous study by Trisnaningsih (as cited by Megawati, et. al., 2020, p. 11-
13) revealed that many families today are not financially stable, causing complex
problems in the family. The cause is the family's inability to manage finances or the
absence of time to make financial planning, resulting in the following problems

(negative cash flow), many illiquid assets, investment errors, education fund planning
errors, and many more. They also added that to address the issues that have been
recognized as being connected to the incapacity to manage limited income, education
on household financial management can be done. It starts with the stage of condition
awareness. At this stage, increasing awareness of the situation and increasing family
confidence takes place. Next is the educational transformation stage. The
transformation stage entails giving information in the form of knowledge, skills, and
capacities. Educational information in the form of learning videos using YouTube and
other video platforms on the internet is part of the transformation stage. Based on
their research a result, having a home financial management video available during
the Covid-19 pandemic is beneficial as an education on how to handle family
finances during a pandemic to keep them stable and secure.
One way of beginning planning is to list what the household earn, spend cash
on and owe. It can assist with checking out past salary statements, benefit statements,
charges, bank statements and financial records. Sort out whether the family members
are saving however much they can. Could they save on specific things? Do they have
any exorbitant interest other loans or different credits? Could they pay these off as
quickly as time permits and investigate more appropriate credit or advance choices? It
is a smart thought to do this routinely. Before they begin saving for their own needs,
save additional reserve funds for emergencies. For instance, the family could plan to
save some cash in a different investment account for crises. They should also know
what their goals and how much money are do they have to save to accomplish them
all. Give themselves a lot of time – saving can appear to take for eternity. In any case,
be sensible, and try not to feel pressure (Barclay, 2020).
A certified financial planner, Cheng (2020), states that the pandemic will
certainly continue to have an influence on families’ financial plans. Despite that, there
are actions individuals can take to secure their financial future. As they negotiate the
financial burden of the pandemic, she recommends keeping calm and focusing on the
following techniques: (1) Add emergency savings. People should always have enough
money set aside for emergencies. In general, three to six months' worth of costs
should be saved in an emergency fund, but in the scenario of a pandemic, a year's
worth of funds should be saved. If they do not know where to start, they should start
by cutting non-essential costs and putting any excess money saved toward an
emergency fund; (2) Reconsider their debt strategy. It is never a good idea to carry
debt, especially high-interest credit card debt. Interest rates have dropped
dramatically because of the stock market's volatility. It may be time to refinance debts
at a reduced rate if they have any. To get a lower interest rate on credit card debt, look
for a balance transfer credit card; (3) Give the family’s budget a makeover. With
many businesses unclear about what will happen next, making sure the household can
pay basic expenditures should be their top financial priority right now. Rethinking the
budget and looking for fresh methods to save money is the best thing to do; (4) If
possible, invest more.

Consider increasing investments on retirement savings and other investment accounts
they can afford; (5) Refinance the household’s mortgage. If they have a mortgage, the
Federal Reserve has decreased interest rates, which is great news. Consider
refinancing now that interest rates are at an all-time low. Even a 0.5 percent reduction
in mortgage rate may save thousands of money. This is an excellent opportunity to
reduce the length of your loan; (6) Help when and where you can.
If you can, think about how you can help others. Support local businesses,
restaurants, and cafés to help them generate cash and stay open.
Based on Raising Children Network (n.d.), there are some basic financial
managing practices: look over their spending, construct an investment buffer, open a
charge free bank account, investigate different choices, and speak to a financial
advisor. They also specify that spending less than you earn is the key to budgeting.
Making a list of everything an individual earns, spend money on, and owe is one
method to get started budgeting. Examining previous salary statements, benefit
statements, invoices, bank accounts, and credit card statements might be beneficial. If
someone spend or make money in any other way, they should keep this in mind. In
addition to that, analyzing enough receipts and statements from the previous year to
get a sense of your typical income and spending patterns is also recommended. After
an individual have paid for necessities and unexpected expenses, the goal is to have
money left over to spend on items they like.

Furthermore, choosing a budgeting system is helpful in managing the
finances of an individual. Four fundamental methods for creating, tracking, and
monitoring a budget are suggested; different strategies are used by each method. First
is The Notebook and Pen. This is the most traditional form of budgeting, as well as
the cheapest. Simply jot down all the sources of income and all the costs using this
manner. An individual is fine to go if they are in balance. Second is The Spreadsheet.
Microsoft Excel is the most widely used spreadsheet program for budgeting. Instead
of attempting to construct their own budgeting spreadsheets, several websites provide
free samples of Excel budgeting worksheets that users may use. A spreadsheet makes
it simple to arrange a large amount of data and does the calculations for you. Third is
Free Online Software. There are various free web-based budgeting software tools
available. Manilla and Mint.com, for example, allow you to generate and categorize
your costs, as well as track your spending, so you can know precisely where your
money is going as soon as the transaction occurs. Lastly, the fourth method is
Financial Software. Financial software applications are also available, but you must
be computer proficient to utilize them. Quicken is an example of a well-known
program for financial software application (Fay, 2020).
In line with that, Money Fit (n.d.) suggests that once the household have
created a spending plan (budget) for their present position, it is time to construct a
"Backup Budget," which they may use if they ever lose your job or have your salary
decreased.
They recommended five steps in creating a backup budget: (1) Consider what kind of
"Survival Resources" the family could have to enable to fund their budget; (2) Decide
which expenses they could live without in a pinch. For instance, cable/satellite TV,
tobacco, alcohol, lattés, etc.; (3) Add up their survival expenses, which include:
mortgage, utilities, groceries, insurance, clothing, prescription drugs, transportation;
(4) Compare the new “Survival Expenses” with the “Survival Resources”. This will
assist them in determining how long they can afford to stay in a survival mode like
this. If their finances are stretched too thin, try to put additional money into a savings
account while they still have money; (5) Avoid the temptation to raid your retirement
funds, if they have one.
Also, the most crucial thing in creating a financial plan is to discuss the
financial situation with the other members of the family. Determine as a family what
they believe they might save money on and what they want to be able to afford in the
future. Remember that each member is affected by this as well and involving them in
the family's financial decisions will help everyone understand how and why they can
contribute. The household may better grasp what they are aiming to achieve as a
family and keep on track by being upfront about their financial successes, problems,
and aspirations (One Family, n.d.).
Since financial management is all about meeting the family's daily costs,
dealing with unexpected obligations, and saving for the future that can help them gain
control over their finances, reducing stress and making them feel more comfortable
(Raising Children, n.d.). Such behavior is connected to Victor Vroom’s Expectancy
Theory of Motivation. This theory argues that behavior is the consequence of
intentional decisions between options with the goal of maximizing happiness and
minimizing pain (Barbača & Zekan, 2011). It is also related to The Bucket Theory of
Financial Management by Scott Taylor (2018), which focuses on how to plan for a
family's financial future. It assists families in setting and achieving financial goals in
a systematic manner, as well as in establishing a strong financial foundation and
stability (Taylor, 2018).
Synthesis
Financial management strategy is a good way to keep track of everyone's
financial operations, such as fund procurement, fund use, accounting, payments, risk
assessment, and everything else that has to do with money. In line with that, it is
essential for every family since expenditure per member is clearly linked to
significant events that affect everyone’s health and welfare, such as nutritious diets,
which require sufficient food supplies, as well as adequate clothing and housing to
protect family members from various diseases. When it comes to managing a low-
income household, it tends to be draining, but it does not prohibit them from reaching
their financial goals. They need to require a moment and be straightforward with
themselves about their present funds and their monetary objectives. As they gain a
foothold, families can move on to further ways of getting a good deal on a low-
income.
Theoretical Basis
The theoretical basis that will serve as the foundation to understand the
research study is: Expectancy Theory of Motivation by Victor Vroom (1964) and
Bucket Theory of Financial Management by Scott Taylor (2018).
The Expectancy Theory of Motivation was proposed by Victor Vroom (1964),
which claims that behavior is the product of conscious decisions between options
with the purpose of maximizing happiness and minimizing pain (Barbača & Zekan,
2011).
The Expectancy Theory of Motivation is related to the current study, since it
claims that the goals are to maximize happiness and minimize pain. As a result of the
low-income family situation, it is relevant to financial strategies. When a family's
income is in difficulty, they suffer from anxiety or anguish and plan how to manage
their finances. This theory explains how to use and solve financial problems, as well
as why some financial problems are complex to tackle. It provides a paradigm that
can be utilized to solve financial management issues and as a guide to understanding
low-income families' financial management strategies in the occurrence of a
pandemic.
The Bucket Theory of Financial Management by Scott Taylor (2018) asserts
becoming financially comfortable is not an unachievable goal. A family can achieve
this by taking a commonsense approach and working on it in a systematic manner.

Suppose five buckets, each representing a basic financial goal, are placed on a stair
step below and to the right of the one above it. Each bucket must be filled before
resources can flow to the next one in order to build a strong financial base for a
family (Taylor, 2018).
The Bucket Theory of Financial Management, particularly focuses on how to
plan for a family's financial future, is relevant to the current study since it helps
families set and achieve financial goals in a systematic way and build a strong
financial foundation and stability. This allows families a systematic and logical way
of defining as well as accomplish monetary objectives while also assisting them in
establishing a solid budgetary platform. Additionally, it assists each member of the
family in determining which necessities they need to prioritize in order to maximize
their happiness whilst also minimizing pain.

Conceptual Framework
The conceptual framework represents the overall structure and flow of the
study. This qualitative study utilized Input-Process-Output (IPO) method to identify
how essential concepts will come together to understand the problem.
INPUT PROCESS OUTPUT
 Financial - Data gathering - Inquiry on the

Management using an financial
Strategies interview management
 Expectancy - Narrative strategies of
Theory of analysis low-income
Motivation - Evaluation of family amidst
(Vroom, 1964) Data pandemic
 Bucket Theory
of Financial
Management
(Taylor, 2018)
Figure 1. Conceptual Paradigm
In the figure shown above is the IPO method of the conceptual framework. It
has generally been the approach to understanding and clarifying group execution and
continues to have a significant effect on group research today. In the IPO method, a
process is viewed as an arrangement of boxes connected by input, process, and
output.
The input is located at the left side of the paradigm that consists the following:
Financial Management, Expectancy Theory of Motivation by Victor Vroom (1964),
and The Bucket Theory of Financial Management by Scott Taylor (2018). These
three will help the researchers to expand their knowledge about the study.
In the middle of the paradigm is the process. In this stage, the researchers
utilized data gathering using an interview, narrative analysis, and evaluation of data.
The researchers will provide a questionnaire they need to answer that can help them
explore the financial management strategies of low-income families amidst the
pandemic.
The last box, which is the output, is the inquiry on the financial management
strategies of low-income family amidst pandemic. After conducting the input and the
process, the researchers are able to gather new information that can help them to have
an inquiry and can eventually explore the financial management strategies of low-
income families amidst the pandemic.

Statement of the Problem
The general problem of this study is: How low-income families manage their
finances during pandemic?
Specifically, this study seeks to answer the following questions:
1. What are the sources of revenue among low-income families during
pandemic?
2. What are the financial management struggles of low-income families during
pandemic?
3. What are the financial management strategies of low-income families during
pandemic?
Scope and Delimitation
This qualitative study is focused on exploring the financial management
strategies of low-income families amidst the pandemic. It will primarily identify and
evaluate their sources of revenue, financial management struggles, and financial
management strategies. This will help the researchers to gain a better understanding
on how low-income families manage their finances in the middle of COVID-19
outbreak that spreads across countries or continent.
The research sample consists of five (5) purposively selected low-income
families in Obando, Bulacan. The informants are chosen using a set of guidelines and
standards provided by the researchers in order to acquire information that is based on
the research study's aims and objectives. The information will be gathered through an
interview, which will take place in the second semester of the academic year 2021-
2022 through Google Meet.
The results of the study may only be applicable to the informants since every
low-income families have different sources of income, financial management
struggles, and financial management strategies during pandemic for the reason that
what works for them may not work for others.
Significance of the Study
The result of this study can contribute to the improvement of financial
management strategies of low-income families amidst pandemic. This study will also
provide valuable information that could be beneficial by providing insight on how
important it is to determine the inquiry on the financial management strategies of
low-income families amidst pandemic. Therefore, this study will most likely be
useful for the following:
Low-income Families. The result of this study may fill in as guide for the low-
income families to be available to every one of the things that should be gained, like
being sharp and viable in improving and expanding their financial management
strategies amidst pandemic.
Financial Managers. This research will assist financial managers in becoming more
aware of low-income families’ financial management. Knowing each of the factors
works on their capacity to figure out what they can contribute to low-income families
during a pandemic.
Financial Institution. This study will benefit financial institutions for the reason that
they will have more knowledge on how to help people, families, and society as a
whole by creating knowledge about the importance of financial management for low-
income individuals and families.
Entrepreneurs. This research study will help the entrepreneurs in developing and
limiting his or her production. Moreover, by realizing their clients' financial
management strategies, they might have the option to direct them on the most
important products to serve in order not to lose their net income.
Future Researchers. Future researchers will accumulate data about this specific
topic included in our research especially about the financial management of low-
income families amidst pandemic and they will be able to compare their research to
ours.
Definition of Terms
There are some words, phrases, terms used in the study which may confuse
the readers. To comprehend and explain the terms utilized in study, the following are
therefore defined conceptually and operationally:
Consumption. This refers to the use of something (Merriam-Webster, n.d). As used
in the study, it refers on how they use resources in their daily lives.
Financial Crisis. It pertains to any situation where one or more significant financial
assets – such as stocks, real estate, or oil – suddenly (and usually unexpectedly) lose a
substantial amount of their nominal value (Corporate Financial institute, n.d). As used
in the study, it relates to any circumstance in which the informants with a low source
of income and are unable to meet their basic necessities.
Financial Management. This corresponds to planning, organizing, directing and
controlling the financial activities such as procurement and utilization of funds of the
enterprise (Juneja, n.d). As used in the study, it refers to the strategic planning,
organizing, directing, and controlling of financial undertakings in an organization or
an institute.
Financial Plan. It is a document containing a person’s current money situation and
long-term monetary goals, as well as strategies to achieve those goals (The
Investopedia team, 2021). As used in the study, it refers to the informants' obligation
to overcome the financial crisis they are experiencing as a result of the pandemic.
Government Assistance. It is an action by government designed to provide an
economic benefit that is specific to an entity or range of entities qualifying under
certain criteria (The International Financial Reporting Standards, 2021). As used in
the study, it refers to the donations and benefits given to families in need of financial
support.
Income. It is a gain or recurrent benefit usually measured in money that derives from
capital or labor (Merriam-Webster, n.d). As used in the study, it refers to the amount
of money that a household can spend in a particular year.

Chapter II
METHODOLOGY
This chapter of the research study will be served as the outline of the research
methods that will be used to collect the qualitative data in order to complete the
research study. The chapter is consisting of the research design, locale, informants,
instrumentation, data gathering and procedure, and data analysis.
Research Design
This qualitative study uses narrative research design as a way to gather
information about the experiences and situation of an individual. Clandinin and
Connely (as cited in SciELO, n.d.) defined narrative research design as:
“A way of understanding experience involving

collaboration between researcher and participants,
over time, in a place or series of places, and in social
interaction with milieus. The most common narrative
research can be described as a methodology which
consists of gathering stories about a certain theme
where the researcher will find out information about a
specific phenomenon. In order to collect the data,
several techniques can be used: interviews, journals,
autobiographies, oral recording, written narratives,
and field notes.”
The study considered the narrative research design as it allows the researchers
to know the financial management strategies of low-income families, which requires
experience and situation of an individual in order to explore the research’s
effectiveness and potential.

Research Locale
The purpose of this qualitative study is to explore the financial management
strategies of low-income families amidst the pandemic. This research was
implemented in selected low-income families in Obando, Bulacan within the year
2021-2022.
Informants of the Study
In order to participate in the study, informants must meet the stated set of
guidelines and standards employed by the researchers. The purposive sampling
technique will be utilized in the study to identify the financial management strategies
of low-income family amidst pandemic. The preceding standards that will be used to
select research informants are based on the study of The Philippine Income Classes
2017 conducted by the Philippine Institute for Development Studies (PIDS): (1) the
family must have five members; (2) the family must have a monthly income ranging
from PHP 9,520 to PHP 19,040; and (3) the family must reside in Obando, Bulacan.
The stated standards are used in the selection of informants that are based on the
research's aims and objectives of the research study. The above standards will be
validated by the research adviser for confirmation.

Instrumentation
The instrumentation utilized in arrangements to accumulate distinctive
information and data around the chosen study was a semi-structured interview. The
researchers will select five (5) low-income families who fit upon the study’s
informant qualifications and standards. The situation and questions presented in this
study will be validated by the research adviser (see Appendix A for the interview
guide). Each interview session will be presented with the initial and fundamental
information of the study and also inquires for the consent of participants.
The informants will be given a consent form which clarifies that they
approved upon conducting an interview and securing it with the informant’s signature
(see Appendix B for Formal Consent). No interview session is permitted to conduct
without the consent of the informants. The questions were formulated to address and
achieve the purpose of the study. All sessions of interview will be conducted
professionally and exclusively between the informants and the researchers using a
virtual platform called Google Meet.

Data Gathering and Procedure
In this study, the researchers presented data collection methods in order to
carry out the study's objectives through the usage of phases. The phases are discussed
in this section of the study.
Phase I
After receiving authorization to conduct a study, a letter of consent is written
and will be distributed to the head of each family that will be interviewed within
Obando, Bulacan to ask for permission in conducting the study. The letter clarifies
the situation and conditions, as well as their rights as volunteers in the study.
Phase II
After the consent letter has been approved and confirmed, the researchers will
provide an interview guide relevant to the exploration of the financial management
strategies of low-income families in gathering qualitative data. Five (5) low-income
families in Obando, Bulacan will be chosen by the researcher. Google Meet will be
used to conduct the interview.
The researchers will assess and categorize the qualitative data collected, then
identify regular patterns to extract meaning from what may appear to be unrelated and
wordy responses.
Phase III
The focused group discussion will be facilitated using the Google Meet
software program. The conversation's content will be recorded and used as the basis
for the transcript.
When the transcript is finalized, a table with three columns will be created,
containing the verbatim response, preliminary and final coding, and emergent themes
that will be used as qualitative data.
Data Analysis
The researchers will provide an interview questions that will be answered by
five (5) low-income families from Obando, Bulacan. The primary goal of completing
the data collection is to examine the similarities and differences in the responses of
the informants. While the interview of the research is being conducted, a verbatim
transcription will be recorded by the researchers. The researchers will combine the
responses of the informants to finalize the results and identify the key findings.
Narrative analysis will be used to record data patterns in order to conduct an in-depth
exploration and analysis of the data in order to produce relevant data for the study.
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Appendix A
INTERVIEW GUIDE
Tell me something about yourself
 What is your name?
 How old are you?
 What is your role in the family?
Tell me about your sources of revenue during pandemic
 How many members of the family work during pandemic?
 Does your family have a business?
 What is your family’s source of income during pandemic?
 Did the pandemic have an impact on your family's source of income?
Tell me about your financial management struggles during pandemic
 What kinds of financial problems did you encounter during the pandemic?
 What is the most difficult financial struggles you are facing during the
pandemic?
 How do you balance your income during this pandemic?
 What do you usually do when you are in a situation of facing a financial
problem/s?
 How do you solve the struggles in balancing your finances?

Tell me about your financial strategies during pandemic
 How do you manage your income during a pandemic?
 What do you think is the simplest and easiest way to manage your finances?
 What kind of financial strategies do you prefer?
 Why do you think financial strategies are important to you, particularly for
low-income families?
Appendix B
CONSENT FORM
Date: ____________________
I, ___________________________________________, being over the age of
_________, an informant from Obando, Bulacan, hereby give my consent to participate and
be an informant in the study entitled: Inquiry on the Financial Management Strategies of
Low-Income Family Amidst Pandemic: A Narrative Analysis.
I understand that:
 I may not directly benefit from this part in this research;
 I am free to withdraw from the participation in this research at any time and I am free
to refuse to answer particular questions;
 While the information gained in this study will be published and explained, I will not
be identified and individual information will be confidential;
 The conversation will be audio-recorded and I may ask for it to be stopped at any
time, and that I withdraw at any time from the interview without disadvantage.
___________________________________
Participant’s Signature over Printed Name
Date: ______________________________
I certify that I have explained the purpose of the research to the participant and
consider that he/she understands what is involved and liberally consents to participate.
Researchers’ Signature over Printed Name:
____________________________ ___________________________
Avendaño, Rose Nadine V. Bautista, Bea Joy B.
___________________________ ___________________________
Santos, Zyrine Shanne F. Suatengco, Matthew Clarence V.
___________________________ ___________________________
Suello, Railey James M. Tura, Ma. Julianna O.
Noted by:
___________________________
Mr. Roberto C. Dizon
Practical Research I Adviser
Appendix C
INTERVIEW TRANSCRIPTS, CODES, AND THEMES
Q1: Low-income Family’s Sources of Revenue during Pandemic
Q1.1: How many members of the family work during pandemic?
Verbatim Response Codes Emerging Themes
I1: Dalawa Preliminary Code: There are

two members of the family that
are working during pandemic
Final Code: There are two

members of the family that are
working during pandemic
I2: I am the only one Preliminary Code: The

who’s working right now. respondent is the only one who’s
working during the pandemic.
Final Code: The respondent is

the only one who’s working
during the pandemic.
I3: Nung mismong Preliminary Code:

lockdown wala. Tigil ako
wala rin yung asawa ko. Both of them as parents are
unemployed during the
pandemic.
Final Code: Both of them were

unemployed during the
pandemic.
I4: Dalawa Preliminary Code: There are

two members that are working
during pandemic

I5: Ahmm… dalawa lang Preliminary Code: There are

po kami, ako at ang aking two members of the family that
asawa, aking kabiyak are working during pandemic

Q1.2: Does your family have a business?

I1: Wala Preliminary Code: The

family does not have a
business.
Final Code: The family does

not have a business.
I2: My family has no Preliminary Code: The

business. respondent’s family has no
business.
Final Code: The family has

no business.
I3: Wala po kaming Preliminary Code:

business Their family does not have a
business.
Final Code: The family does

not have a business
I4: None Preliminary Code: The

business.
Final Code: Family does not

have business.
I5: Wala po Preliminary Code: The

business.
Final Code: Family does not

have business.
Q1.3: What is your family’s source of income during pandemic?
I1: Ahm… nananahi Preliminary Code: Being a

tailor is their means for
income.
Final Code: Being a tailor is

their means for income.
I2: Working in a company Preliminary Code: The

as a call center agent is our respondent is working in a
source of income during the company as a call center
pandemic. agent for their source of
income.
Final Code: Being a call

center agent is their source of
income.
I3: Ang pinagmumulan ng Preliminary code: The main

aming kita ay nanggagaling source of their income comes
sa kaunting tulong from their past bosses and
pinansyal ng amo ko dati na government financial
doctor at idagdag mo pa assistance.

ang tulong na mula sa Employers as a
gobyerno. Final Codes: financial support
Financial assistance from

their boss
Government as a
Government financial financial support
assistance
I4: My source of income is Preliminary Code: Through

our monthly salary with my their salary they can manage
husband the source of income.
Final Code: With salary they

can manage their income.
I5: ako ay nagkukumpuni Preliminary Code: Through

ng mga sirang electronics o repairing broken electronics
sirang appliances or appliances is the family’s
source of income
Final Code:
Repair shop as a source of

income.
Q1.4: Did the pandemic have an impact on your family's source of income?
I1: Ahm... Hindi [maganda Preliminary Code: Their

ang naging epekto], kasi source of income has closed.
ano noong siguro dumating
yung pandemya eh ano Final Code: Their source of Unemployment as a
tumigil yung patahian income has closed. cause of financial
namin yon kaya walang burden
kita.
I2: The pandemic has no Preliminary Code: The

negative impact on our pandemic impacted the family
family's source of income financially because of
because our salary is inflation.
continuous as our work is
still functional even if we Final Code: Inflation
are working from home. In Negative impact of
a way the effect is the inflation to employees’
financial difficulty due to salaries
inflation caused by the
pandemic's effect on the
economy.
I3: Opo, nagkaroon ng Preliminary Code:

masamang epekto dahil Pandemic affected their
higit na humirap ang buhay source of income because
namin nung pandemic pero they are unemployed;
nasanay na rin kami tightening of budget.
[because she was
unemployed]. Sa
kadahilanan na noong ay
nagtitipid kami ngayon may
pandemic mas lalo kami
naghigpit sa paggastos at Final Codes:
Unemployment as a
pagtitipid upang magkasya Unemployment cause of financial

ang pera nasa akin. burden
Difficulties of
Tight budget budgeting to provide
needs for the family
I4: Yes. Preliminary Code: Impacted

family’s source of income
Final Code: Impacted family Negative impact of the

source of income. pandemic in the
income of family
I5: Hindi naging maganda Preliminary Code:

ang naging epekto ng aming Pandemic has a negative
kabuhayan dahil may mga impact on the income of the
hindi na nagpapagawa ng family.
sirang appliances. Negative impact of the
Final Code: Adversely pandemic in the
impacted family source of income of family
income.
Q2: Low-income Family’s Financial Management Struggles during Pandemic
Q2.1: What kinds of financial problems did you encounter during the
pandemic?
I1: Ahm... ah ano... yung Preliminary codes:

kinikita namin pinaghahati Difficulties of dividing the
namin para kumasya sa salary for the needs of their
aming pamilya ganon [it’s family.
difficult to divide their Difficulties of
income for their family]. Final Code: Budgeting budgeting to provide
I2: The financial problem I Preliminary Code: Making

encountered during the both ends meet is the
pandemic is making both financial problem that the
ends meet. Due to high respondent’s family
prices of basic encountered due to high
commodities. prices of commodities.
Final Code: Making both

ends meet. Difficulties of
budgeting to provide
I3: Ang problema madalas Preliminary Code:

na nararanasan namin sa Difficulties of dividing the
pinansyal ay yung hindi ko salary for the needs of their
mai-budget yung perang family.
nasa sa akin sa loob ng
isang linggo dahil
nagkukulang ito.
Final Code: Struggles in Difficulties of

budgeting budgeting to provide
I4: When the lockdown Preliminary Code:

began, our company Shutdown of the company
decided to close for one affected their income;
month. Of course, we have budgeting for necessities.
to budget our money for
food and bills. Final Codes:
Unemployment Unemployment as a
cause of financial
Budgeting burden
Difficulties of
I5: Dahil sa pandemya ay Preliminary Code: Income

hindi sapat ang aking was not enough to provide for
kinikita kaya hindi ko family needs
matustusan ang
pangangailangan ng aking Final Code:
pamilya Insufficient income as
Insufficient income a financial burden
Q2.2: What is the most difficult financial struggles you are facing during the
pandemic?
I1: Ahm… Ano ba yon? Preliminary code:

Ganon nga po yung Difficulties of dividing the
paghahati-hati ganon salary for the needs of their
family.
Final code: Budgeting

Difficulties of
I2: The most difficult Preliminary Code: Family’s

financial struggle that my health condition is the most
family had was when my difficult financial struggle
daughter was diagnosed that the respondent
with asthma. Though it is encountered.
really dangerous and scary
at the same time for us Final Code: Family’s health Impact of health
going to the hospital, I need condition conditions to financial
to find a way for me to management
manage and severely affect
our budget.
I3: Yung pinakamahirap na Preliminary code:

kinaharap ay kung paano Challenges of managing the
ko mapagkakasya yung income for the basic needs of
perang hawak ko para sa their family.
pangangailangan ng
pamilya ko.
Final code: Budgeting Difficulties of

I4: Is when you have Preliminary Code:

nothing but for the food and Insufficient income to buy
yet you have to buy foods and medicine
medicine for your child
because she can’t go outside Final Code:
because it’s prohibited
Insufficient income Insufficient income as
a financial burden
I5: Sa pinansyal, dahil sa Preliminary Code: Income

kakulangan ng kinikita ay was not enough to provide for
hindi sapat ang pang-gastos family needs
sa pang araw-araw
Final Code:
Insufficient income Insufficient income as

a financial burden
Q2.3: How do you balance your income during this pandemic?
I1: Ahhh… Ganun din Preliminary codes: Dividing

parang pinagkakasya- the income; savings for the
kasaya din. Minsan child's needs.
nagtatabi para sa pag-aano
[the needs] ng bata. Final codes:
Budgeting Balancing income

through budgeting
Saving
Saving money as a
financial support
I2: I balance my income by Preliminary Code: Buying

not buying unnecessary only basic family needs.
things for the family's
needs. I only buy our basic Final Code: Buying only
needs, foods in particular. basic family needs. Role of proper
purchasing habits in
budgeting
I3: Ginagawa ko bumibili Preliminary Code: Purchase

ako ng konting grocery kasi the most important needs;
sa panahon na yon pati save money for other
palengke nagsasara. Yung purposes
pera na natira ay itinatabi
ko para kapag kinailangan Final Codes:
ng pera meron akong
madudukot sa bulsa. Budgeting
Balancing income
through budgeting
Saving
Saving money as a
financial support
I4: It is important to Preliminary Code:

manage your income Managing the income through
properly by buying the prioritizing necessities
necessary needs of your
family. You must provide Final Codes: Prioritizing Role of proper
their food first and the other necessities purchasing habits in
is for bills for every month. budgeting
I5: Kami po ay nagtitipid Preliminary Code:

na lang, hinihigpitan na
lang po namin ang aming Money budgeting to survive
sinturon para maka-survive during pandemic
sa araw-araw
Final Code:
Balancing income
Budgeting through budgeting
Q2.4: What do you usually do when you are in a situation of facing a financial
problem/s?
I1: ‘Yon ahmm… Preliminary code: Extra job

naghahanap kami ng extra for extra income.
… extrang ano..
hanapbuhay ganon Final code: Extra job for
extra income. Finding another source
of income
I2: I just pray for God's Preliminary Code: Praying

help so as not to worry for God’s help. Religion as an
much and find other ways emotional support
and means when in Final Code: Praying for
financial difficulty. God’s help. Finding another source
of income
I3: Madalas ang ginagawa Preliminary Codes:

ko ay umuutang dahil na rin Sometimes borrowing money
‘di ko mapagkasya ang pera to sustain their needs
namin.
Final Codes:
Borrowing money Loan as a source of

funds
I4: Well, just think positive. Preliminary Codes: God’s

I'm just asking God for guidance; saving some money
guidance. Mahalagang
meron ka ding naiipon kahit Final Codes:

paano para pag oras ng Religion as an
kagipitan may madudukot God’s guidance emotional support
ka.
Saving Saving money as a
financial support
I5: Nag-iisip pa ng ibang Preliminary Code:

paraan kung paano kumita
Thinking of another way how
to earn
Final Code: Thinking of Finding another source

another way how to earn of income
Q2.5: How do you solve the struggles in balancing your finances?
I1: Ahm… Ganon din Preliminary codes: Saving

parang parehas lang din… money
minsan nagtatabi din kahit
papaano pag walang Final codes: Saving
pambili ng ganito ‘yon may Saving money as a
nabubunot. financial support
I2: I seldom buy personal Preliminary Code: Rarely

necessities to balance my buy his personal needs to
finances. I practice balance their finances.
thriftiness and not spoiling
even a little amount of food Final Codes: Rarely buy his

to balance my finances. personal needs to balance
their finances. Role of proper
budgeting
I3: Yung ginagawa ko yung Preliminary Code:

pinaka importante dapat Prioritizing necessities
inuunang bilhin ay ang mga
basic needs namin. Sa
aming pamilya may bata, at
senior kaya mahalaga Final Code:
samin laging mapakain sila
upang sa ganon maging Prioritizing necessities Role of proper
malusog sila at malayo sa purchasing habits in
mga sakit [To purchase budgeting
foods and medicine to
prevent unexpected
situations that might
happen]
I4: Nagpapatulong ako sa Preliminary Code: By the

aking asawa, importante help of a husband they can
din kasi na kayong dalawa solve their problems.
ang nagsosolve ng
problema. Final Codes:
Assistance of partner Assistance of partner

to overcome financial
problems
I5: Halimbawa sa pagkain, Preliminary Codes:

imbes na tatlong beses Reducing food intake
kumakain sa isang araw ay
nagiging isa na lang
Forfeiting healthy
Final Code: lifestyle to overcome
financial problems
Sacrificing eating
Q3: Low-income Family’s Financial Strategies during Pandemic
Q3.1: How do you manage your income during a pandemic?
I1: Ahm.. gastusin… Preliminary Code: Dividing

ahm… parang ganon din e the income for food,
pinaghahati-hati ko rin sa electricity bill, water bill, and
pagkain, sa bayarin, tapos other expenses.
sa… tapos sa ano sa bahay Role of proper
ganon [electricity and water Final Code: Budgeting for purchasing habits in
bills]. necessities budgeting
I2: I manage my income Preliminary Code: Practical

wisely; I buy only our basic buying
needs; I buy in the market Role of proper
most of the time because Final Code: Practical buying purchasing habits in
commodities are cheaper budgeting
than in groceries in malls; I
practice being thrifty; I
teach my family to avoid
cooking excess dishes so as
to avoid throwing them.
This is how I manage my
income.
I3: Katulad ng sinabi ko Preliminary Code:

kanina dapat unahin yung Prioritizes buying the most
mas importante tulad ng important basic needs such as
pagkain namin at kung may foods and medicine.
matirang pera ay isusubi ko
ito para kung may
kailangan pang bilhin
magagamit namin iyon. Final Code:
Prioritizing basic needs

Role of proper
budgeting
I4: Bago mag sweldo Preliminary Code: Prioritize

nakabudget na lahat ng to save money to bought the
iyong bibilhin at needs
Babayaran. Para may
matira pa at maipon kahit Final Code:
konti.
Saving money Saving as financial
strategy
I5: halimbawa kapag ako Preliminary Code:

ay kumita nilalaan ko na Allocating money to
yung aking kita sa mga necessities
pambayad halimbawa sa
tubig, sa kuryente, at sa Final Code:
pagkain Role of proper
Prioritizing needs purchasing habits in
budgeting
Q3.2: What do you think is the simplest and easiest way to manage your
finances?
I1: Ahm… ano… minsan… Preliminary Code: Choosing

kung ano na lang yung the cheapest products to fit
maanuhan [mapagkasya] sa the budget
mga anak ko… yun… kung
ano na lang yung mga Final Code:
murang kanin… para po
ma-ano… para ma-budget Choosing the cheapest Price of products as a
ko. products to fit the budget factor in managing
finances
I2: I think the easiest and Preliminary Code: Skills in

simplest way is as I have budgeting
said, having the skill in
budgeting. Final Code:
Budgeting as financial
Skills in budgeting strategy
I3: Sa akin hindi ko maisip Preliminary Codes: Give

sa panahon ng pandemic importance to purchasing
ang mag ipon. Kasi sa habits to buy basic needs that
panahon na yon nakapokus the family needed that
ako sa pagbili ng mga suitable to the budget; having
kakailanaganin namin kasi a proper action to save money
mahirap magkasakit. Pero
nung tumingin ako sa fb Final Codes: Role of proper
may napanood akong video. purchasing habits in
Doon ko rin nasabi na ang
pinaka simpleng gawin sa Purchasing habits budgeting.

pagbubudget ay bumili ng
mga kinakailangan pero
dapat may tinatabi ka for
savings para sa ganon hindi Saving Saving as financial
gaano kabigat sa pamilya strategy
ko kung gipitin kami.
I4: Huwag maging Preliminary Codes:

gastador. At huwag ding Spending too much money is
palautang bad; taking loan is a bad habit
Final Codes: Role of proper

Bad spending money budgeting
Bad habit in taking loan Loan as a bad strategy

in financial
management
I5: Hindi ko maintindihan Preliminary Code:

kung paanong paraan ang Struggling to manage
gagawin dahil mahirap finances with a limited
magbadyet kapag walang amount of money
pera
Final Code:
Struggling to manage Difficulties of

finances with a limited budgeting to provide
amount of money needs for the family
Q3.3: What kind of financial strategies do you prefer?
I1: Ahm… ano… ahm.. Preliminary Code: Saving

ano. Nag-tatabi ako ng pera money
yun nga din para may ano
din… may madukot ganon. Final Code:
Saving Saving as financial

strategy
I2: I prefer budgeting well Preliminary Code:

to make both ends meet as Budgeting
the financial strategy.
Final Code:
Budgeting
Budgeting as financial
strategy
I3: Ang pinansyal strategies Preliminary Codes:

na madalas kong ginagawa
ay magtabi ng pera para sa Saving strategy; Paying debt
savings sa mga anak at as soon as possible
siguraduhin na nagbayad
na sa utang upang sa gayon Final Codes:
madali na sa amin ang
paggastos sa tamang Saving strategy Saving as financial
paraan. strategy
Paying Debt
Paying debt to lessen

financial burden
I4: Maging masinop sa Preliminary Code:

pera sabihin man nilang
kuripot ka pero para din Saving specially for the
naman yun sa mga anak child's needs.
mo.
Final Code:

strategy
I5: Siguro sa pagtitipid na Preliminary Code:

stratehiya
Saving money
Final Code:

strategy
Q3.4: Why do you think financial strategies are important to you, particularly
for low-income families?
I1: Ahm… ano… Preliminary Code: Saving as

magtitipid ka para ano… a way to budget money.
magtitipid ka sa… para
magkasya yung mga budget Final Code:
mo, bibilhin mo. Wala… Saving as financial
pagkakasyahin mo lang. Saving strategy
I2: It is important especially Preliminary Codes: Avoid

to low income families to lack in basic needs; avoid
avoid a lack in basic needs running into debt.
and also to avoid running
into debt. Final Codes:
Avoid a lack in basic needs Role of proper

budgeting
Avoid running into debt. Paying debt to lessen

financial burden
I3: Bilang isang ina, Preliminary Codes:

sobrang mahalaga nito Budgeting money; Allocating
dahil tulad ko na isang the income to basic needs
mahirap na mamamayan
limitado yung perang Final Codes:
meron ako. Kaya dapat
kong gamitin ng maayos Budgeting Budgeting as financial
upang sa gayon hindi kami strategy
mahirapan ng pamilya ko.
Dapat nakatuon ako sa

kung ano ang kailangan ng
pamilya sa mga araw na Prioritizing necessities Role of proper
aming kahaharapin sa purchasing habits in
kinabukasan. budgeting
I4: Family budget is Preliminary Code:

essential to managing your Importance of managing
Money. It's important money helps to buy things
because it helps you to save and pay those expenses.
money for the things you
like but you can live Final Codes:
without these. Set aside
money for unseen expenses. Managing money for Role of proper
necessities purchasing habits in
budgeting
I5: Pagbabadyet ay Preliminary Codes:

mahirap kung hindi sapat
ang kinikita dahil hindi Able to allocate money to
sapat ang pera para sa necessities; Prioritizing needs
ibang pang mga gastusin,
kaya mahirap magbadyet... Final Codes:
mahalaga ang pagbabadyet
dahil mahahati-hati mo Allocate money Budgeting as financial
kung paano mo gagastusin strategy
ang pera para sa mga
Role of proper
pangangailangan ng aking Prioritizing necessities purchasing habits in
pamilya
budgeting

Abm Qualitative Group 1 Revised

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Abm Qualitative Group 1 Revised

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INQUIRY ON THE FINANCIAL MANAGEMENT STRATEGIES OF LOW-

INCOME FAMILY AMIDST PANDEMIC: A NARRATIVE ANALYSIS

A Research Presented to the Faculty of

Senior High School Department

San Diego Parochial School

In Partial Fulfillment of the Requirements

for the Subject Practical Research 1

Avendaño, Rose Nadine V.

THE PROBLEM AND ITS BACKGROUND

Financial management is the process of planning, organizing, regulating, and

monitoring financial resources to meet the goals and objectives of an organization

everyday expenses, coping with unanticipated obligations, and planning ahead in

Furthermore, financial problems are also a major cause of family instability,

importance of financial management for low-income individuals and families (Friday,

they can establish an effective family financial plan (Geannette, 2021).

in mind whenever they spend or make money in any other way.

is strategizing, which is determining a household's financial needs and obligations.

Second, decision-making assists a company or a group of parents in determining the

while staying within budget and in line with strategy.

provided limited information on low-income families' financial management

financial management is necessary for low-income families to effectively assess their

spending commitments (Friday, 2013).

The purpose of this study is to explore the financial management strategies of

management struggles of low-income families during pandemic and financial

management strategies of low-income families during pandemic.

Review of Related Studies and Literature

theoretical underpinnings and a brief survey of related studies on low-income

families’ sources of revenue, problems in financial management and financial

recommendations of the study.

Low-income Families’ Sources of Revenue

The amount of revenue or income can affect the quality of living. It is

can spend in a particular year. It is composed of household earnings, self-

social security contributions are deducted (Organisation for Economic Co-operation

and Development, 2021).

A family's income or revenue may differ significantly from another's.

According to The Philippine Income Classes 2017 conducted by the Philippine

middle middle-income and low-income families is primarily attributable to income

inequality (Albert, et al., 2018).

According to Ericta and Fabian (2009), family income comprises both

family members as participants in any economic activity or as receivers of transfers,

tips, bonuses, family and clothing allowances, transportation and representation

operation of family-owned businesses and the practice of professions or trades, as

employment, whether in cash or in kind, obtained by family members. The

Organisation for Economic Co-operation and Development (2013) asserted that

receipts for participation in economic activities in a strictly employment-related

capacity are included in income from employment.

they own a company that sells a product or service. Besides, if an individual is in a

As specifies by Karpman, et al. (2020), the Corona Virus 2019 (COVID-19)

had a massive effect on everything, including families’ sources of income. Moreover,

(Evans & Over, 2020).

presumably in 2020, remittances. The results of the World Bank COVID-19

to experience income losses, with forty-one percent (41%) of households reporting

lower or no income compared to pre-pandemic levels.

The government granted emergency subsidies under the Social Amelioration

program, the Pantawid Pamilyang Pilipino Program (4Ps), constituted SAP

beneficiaries (World Bank, 2021). Moreover, the Pantawid Program is the

Philippines' flagship SAP program and poverty-reduction approach. It is a

Conditional Cash Transfer (CCT) program administered by the Department of Social

Welfare and Development (DSWD) that offers financial grants to low-income

informal economy barely covers the cost of the most necessities.

The Philippines' household financial crisis is worse than that of most

Professors of Ateneo de Manila University (AdMU) Department of