Home⇛International Journal of Multidisciplinary: Applied Business and Education Research⇛vol. 6 no. 7 (2025)

Assessing Financial Literacy Among Members of Agricultural Cooperatives in Cateel, Davao Oriental: A Quantitative Approach

Dem Francis S. Antenorio | Cecille D. Lintogonan | Mary Lovely Suzzeth P. Mendez

Discipline: Education

 

Abstract:

This study explored the level of financial literacy among 68 cooperative members in Cateel, Davao Oriental. It aimed to examine the re-spondents' profiles in terms of age, gender, educational background, and income level, and to assess financial literacy across four dimensions: financial knowledge, behavior, awareness, and attitudes. Using weighted mean and ANOVA for data analysis, the study identified sig-nificant differences in financial literacy based on demographic fac-tors. Results showed that most respondents were young and had var-ied educational backgrounds. Financial behavior significantly differed by age (p < 0.05), while educational attainment had a signifi-cant impact on financial knowledge, behavior, and attitude (p < 0.05), and a near-significant effect on overall financial literacy. Gender differences were significant in financial behavior, attitude, and overall financial literacy. However, no significant differences were found based on income level or prior financial literacy training. These find-ings underscore the importance of designing targeted financial edu-cation interventions that address age-, gender-, and education-re-lated disparities to improve financial literacy among cooperative members.



References:

  1. Agarwal, S., & Mazumder, B. (2016). Cognitive abilities and household financial decision making. Journal of Financial Economics, 121(2), 305-324. DOI: 10.1016/j.jfineco.2016.02.001
  2. Ali, A., Anderson, M., & McNair, B. (2016). The significance of household income and ef-fective credit management for financial well-being. International Journal of Bank Marketing, 34(3), 317-339. DOI: 10.1108/IJBM-10-2014-0146
  3. Allgood, S., & Walstad, W. B. (2016). The ef-fects of perceived and actual financial lit-eracy on financial behaviors. Economic Inquiry, 54(1), 675-697. https://doi.org/10.1016/j.appdev.2016.07.002
  4. Asaad, C.T. (2015). Financial literacy and fi-nancial behavior. Financial Services Re-view. https://doi.org/10.61190/fsr.v24i2.3236
  5. Atkinson, A., & Messy, F. A. (2014). Measuring financial literacy: Results of the OECD/INFE pilot study. Journal of Finan-cial Services Marketing, 19(2), 178-186. DOI: 10.1057/fsm.2014.17
  6. Baptista, S.M. (2021). The Influence of Finan-cial Attitude, Financial Literacy, and Lo-cus of Control on Financial Management Behavior (Study Case Working-Age of Semarang). https://doi.org/10.23887/IJSSB.V5I1.31407
  7. Bateman, H., Deetlefs, J., Dobrescu, L. I., New-ell, B. R., Ortmann, A., & Thorp, S. (2014). Retirement investor risk aversion and portfolio choice heterogeneity. Journal of Pension Economics & Finance, 13(4), 427-446. DOI: 10.1017/S1474747214000104
  8. Brown, S., Henchoz, C., & Spycher, T. (2015). Culture and financial literacy: Evidence from a within-country difference. Journal of Consumer Psychology, 25(2), 274-293. DOI: 10.1016/j.jcps.2014.11.002
  9. Bucher-Koenen, T., Lusardi, A., Alessie, R., & van Rooij, M. (2017). How financially lit-erate are women? An overview and new insights. Journal of Consumer Affairs, 51(2), 255-283. https://doi.org/10.2139/ssrn.3063896
  10. Chaulagain, R. (2017). Relationship between Financial Literacy and Behavior of Small Borrowers. NRB Economic Review. https://doi.org/10.3126/nrber.v29i1.52529
  11. Chetty, Raj, Aiyengar, S., Feller, A. D., Rouse, C. E., & Saenz, E. M. (2014). The FICO and Vantage Credit Scoring Systems: Evidence and Analysis. National Bureau of Eco-nomic Research Working Paper No. 20329
  12. Chen, H., and R. P. Volpe. “An Analysis of Per-sonal Financial Literacy among College Students.” Financial Services Review 7.1 (1998): 107-128.
  13. Collins, J. M. (2015). Financial literacy and fi-nancial education: What works? SSRN Electronic Journal, 14(2), 153-186. https://doi.org/10.2139/ssrn.2581284
  14. Deepak, C., Singh, P., & Kumar, A. (2015). Fi-nancial Literacy Among Investors: Theo-ry and Critical Review of Literature. FinPlanRN: Financial Therapy.
  15. Ermawati, L. (2019). The Effect of Financial Literacy on Financial Performance in Co-operatives of State Employees in Bandar Lampung. FINANSIA: Jurnal Akuntansi dan Perbankan Syariah. https://doi.org/10.32332/finansia.v2i01.1441
  16. Farrell, L., Fry, T. R., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance be-havior. Australian Economic Review, 49(2), 160-170. DOI: 10.1111/1467-8462.12151
  17. Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial edu-cation, and downstream financial behav-iors. Management Science, 60(8), 1861-1883. https://doi.org/10.1287/mnsc.2013.1849
  18. Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial literacy, financial edu-cation, and downstream financial behav-iors. Management Science, 60(8), 1861-1883. https://doi.org/10.1177/0022242914535956
  19. Fonseca, R., Mullen, K. J., Zamarro, G., & Zissi-mopoulos, J. (2014). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, 46(1), 90-106. https://doi.org/10.1016/j.jebo.2012.06.018
  20. Gentile, M., Linciano, N., & Soccorso, P. (2016). Financial Advice Seeking, Financial Knowledge and Overconfidence. Evi-dence from the Italian Market. Commis-sione Nazionale per le Societa e la Borsa (CONSOB) Research Paper Series. https://doi.org/10.2139/SSRN.2802589
  21. Grashuis, J., & Su, Y. (2019). A Review of the Empirical Literature on Farmer Coopera-tives: Performance, Ownership and Gov-ernance, Finance, and Member Attitude. Social Entrepreneurship eJournal. https://doi.org/10.1111/apce.12205
  22. Greenberg, A.E., & Hershfield, H.E. (2018). Fi-nancial decision making. Consumer Psy-chology Review. https://doi.org/10.1002/ARCP.1043
  23. hofsteeHasler, A., & Lusardi, A. (2018). The gender gap in financial literacy: A global perspective. Global Financial Literacy Ex-cellence Center Working Paper. https://doi.org/10.2139/ssrn.3175658
  24. Ibrahim, M.E., & Alqaydi, F.R. (2013). Financial Literacy, Personal Financial Attitude, and Forms of Personal Debt among Residents of the UAE. International Journal of Eco-nomics and Finance, 5, 126. https://doi.org/10.5539/IJEF.V5N7P126
  25. Irawati, L., and K. S. Lubis. “The Effect of Fi-nancial Literacy and Capital Management on MSME Performance.” Title of the Journal 1(1) (Year of publication): 9. doi:10.54099/aijb.v1i1.66
  26. Jones, D.C., & Kalmi, P. (2015). Membership and Performance in Finnish Financial Co-operatives: A New View of Cooperatives? Review of Social Economy, 73, 283-309. https://doi.org/10.1080/00346764.2015.1067753
  27. Kaiser, T., & Menkhoff, L. (2017). Does finan-cial education impact financial literacy and financial behavior, and if so, when? The Journal of Financial Economics, 131(3), 589-614. https://doi.org/10.1016/j.jfineco.2016.10.006
  28. Kannangara, T., & Ali Mohammed, L. (2023). Study on Identifying the Level of Inclu-sion of Financial Literacy in the Second-ary School Curriculum Grades 10 and 11 in Sri Lanka. International Journal of Emerging Issues in Social Science, Arts, and Humanities. https://doi.org/10.60072/ijeissah.2023.v2i01.002
  29. Lea, S. E. G., Webley, P., & Levine, R. M. (2016). The economic psychology of consumer debt. Journal of Economic Psychology, 52, 71-88. DOI: 10.1016/j.joep.2015.12.002
  30. Lusardi, A., & de Bassa Scheresberg, C. (2017). Financial literacy and high-cost borrow-ing in the United States. Journal of Eco-nomic Behavior & Organization, 107, 265-285. https://doi.org/10.1016/j.jebo.2014.02.009
  31. Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2017). Optimal Financial Knowledge and Wealth Inequality. Journal of Political Economy, 125(2), 431-477. https://doi.org/10.1086/690950
  32. Lusardi, A., & Mitchell, O. S. (2014). The eco-nomic importance of financial literacy: Theory and evidence. Journal of Econom-ic Literature, 52(1), 5-44. https://doi.org/ 10.1093/rof/rfs014
  33. Lusardi, A., Mitchell, O. S., & Curto, V. (2014). Financial literacy and financial sophisti-cation among older Americans. Journal of Pension Economics and Finance, 13(4), 347-366. https://doi.org/10.2139/ssrn.1685133
  34. Lusardi, A., Mitchell, O.S., & Curto, V.E. (2019). Financial Literacy Among the Young. FinPlanRN: Financial Therapy. https://doi.org/10.2139/ssrn.1476982
  35. Mckillop, D.G., French, D., Quinn, B., Sobiech, A.L., & Wilson, J.O. (2020). Cooperative financial institutions: A review of the lit-erature. International Review of Finan-cial Analysis, 71, 101520-101520. https://doi.org/10.1016/j.irfa.2020.101520
  36. McKee, K. & Kagan, C. (2014). Financial capa-bility and the role of financial services provision. Journal of Poverty and Social Justice, 22(4), 291-303. DOI: 10.1016/j.jebo.2014.03.021
  37. Miller, M., Reichelstein, J., Salas, C., & Zia, B. (2015). Can you help someone become financially capable? A meta-analysis of the literature. World Bank Research Ob-server, 30(2), 220-246. DOI: 10.1093/wbro/lkv009
  38. Miller, M.J., Reichelstein, J., Salas, C.E., & Zia, B. (2014). Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature. World Bank Policy Re-search Working Paper Series. https://doi.org/10.1093/WBRO/LKV009
  39. Mitchell, O. S. (2014). Financial literacy and financial decisions. Journal of Consumer Affairs, 48(2), 331-349
  40. Morris, M. D., & Perry, V. G. (2014). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Business Research, 67(5), 1415-1423. 10.1007/s10834-014-9392-3
  41. Mugo, E. (2016). “Effect of Financial Literacy on Investment Decisions among Savings and Credit Co-operative Societies Mem-bers in Nairobi.” (12/01467).
  42. Németh, E., Béres, D., Huzdik, K., Deák-Zsótér, B., & Mészáros, A. (2022). Teachers’ Fi-nancial Literacy. Pénzügyi Szemle = Pub-lic Finance Quarterly. https://doi.org/10.35551/pfq_2022_1_1
  43. Nye, P., & Hillyard, C. (2013). Personal Finan-cial Behavior: The Influence of Quantita-tive Literacy and Material Values. Nu-meracy, 6, 3. https://doi.org/10.5038/1936-4660.6.1.3
  44. OECD. (2018). OECD/INFE toolkit for measur-ing financial literacy and financial inclu-sion. OECD Publishing. https://doi.org/10.1787/9789264281318-en
  45. Perry, V. G., & Morris, M. D. (2014). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 48(3), 391-410. DOI: 10.1111/joca.12042
  46. Peach, N.D., & Yuan, H. (2017). Assessing the Financial Knowledge, Behaviours, and At-titudes of Undergraduates. e-Journal of Business Education and Scholarship of Teaching, 11, 27-38.
  47. Perez, C.J., & Lopez, A. (2020). Financial Liter-acy and Borrowing Practices of School-based Multi-purpose Cooperative Mem-bers in Bacolod City. https://doi.org/10.52006/MAIN.V3I2.138
  48. Rai, K., Dua, S., & Yadav, M.P. (2019). Associa-tion of Financial Attitude, Financial Be-haviour and Financial Knowledge To-wards Financial Literacy: A Structural Equation Modeling Approach. FIIB Busi-ness Review, 8, 51-60. https://doi.org/10.1177/2319714519826651
  49. Rahmayanti, W., Nuryani, H.S., & Salam, A. (2019). Pengaruh Sikap Keuangan dan Perilaku Keuangan terhadap Literasi Keuangan. Jurnal Manajemen dan Bisnis. https://doi.org/10.37673/JMB.V2I1.267
  50. Ramalho, T.B., & Forte, D. (2019). Financial Literacy in Brazil – Do Knowledge and Self-Confidence Relate with Behavior? RAUSP Management Journal. https://doi.org/10.1108/RAUSP-04-2018-0008
  51. Robb, C. A., and D. L. Sharpe. “Effect of Per-sonal Financial Knowledge on College Students’ Credit Card Behavior.” Journal of Financial Counseling and Planning 20(1) (2009): 25-43 DOI: 10.2139/ssrn.1445635
  52. Roy, S., Singh, R., & Singh, H.R. (2017). Impact of Financial Awareness on Financial In-clusion of Members of Self Help Groups: A Study in Tripura. Asian Journal of Re-search in Banking and Finance, 7, 39-59. https://doi.org/10.5958/2249-7323.2017.00091.8
  53. Sabri, Y. (2014). Financial literacy, financial behavior, and financial well-being: A lit-erature review. Journal of Financial Counseling and Planning, 23(1), 7-22.
  54. Sharifi, O. (2013). Financial Management and Ratio Analysis for Agricultural Coopera-tives.
  55. Shefrin, H. (2015). Behavioral risk manage-ment: Managing the psychology that drives decisions and influences opera-tional risk. Kogan Page. DOI: 10.5040/9780749462474
  56. Shetty, V., & N., A. (2023). Beneficiaries Behav-ioural Intention Towards Primary Agri-cultural Co-Operative Credit Society – A Development of Conceptual Model. Inter-national Journal of Case Studies in Busi-ness, IT, and Education. https://doi.org/10.47992/ijcsbe.2581.6942.0298
  57. Spadaro, G., Jin, S., & Balliet, D. (2022). Gender differences in cooperation across 20 so-cieties: a meta-analysis. Philosophical Transactions of the Royal Society B, 378. https://doi.org/10.1098/rstb.2021.0438
  58. van Rooij, M., Lusardi, A., & Alessie, R.J. (2017). Financial Literacy and Stock Market Participation. FEN: Behavioral Finance (Topic). https://doi.org/10.2139/ssrn.1476958
  59. Tang, N., & Baker, A. (2016). Self-esteem, fi-nancial knowledge and financial behav-ior. Journal of Consumer Affairs, 50(2), 431-457. DOI: 10.1111/joca.12088
  60. Tomasi, M. (2020). “Perspective of Financial Literacy on Agribusiness Performance in Uganda: A Close Look at Farmers’ Atti-tude and Social Media Platforms.” Title of the Journal 5(01): 10. doi:10.36348/sjbms. 2020.v05i01.010
  61. Xavier, T.P., Ferreira, M.C., & Bizarrias, F.S. (2020). The Relation between Financial Attitude, Consumer Purchasing Behavior and Debt Background. https://doi.org/10.5585/remark.v18i4.13898
  62. Xiao, J. J., & O’Neill, B. (2016). Consumer finan-cial capability and well-being in the Unit-ed States: The case of financial literacy, financial education, and credit counsel-ing. International Journal of Consumer Studies, 40(1), 101-106. DOI: 10.1111/ijcs.12283
  63. Xiao, J. J., & Tang, C., Serido, J., & Shim, S. (2014). Financial capability and related financial behaviors among U.S. young adults. Journal of Family and Economic Issues, 35(2), 197-208. https://doi.org/10.1111/ijcs.12077
  64. Xiao, J. J., & O’Neill, B. (2016). Consumer finan-cial education and financial capability. In-ternational Journal of Consumer Studies, 40(6), 712-721. https://doi.org/10.1111/ijcs.1228
  65. Xiao, J.J., Chen, C., & Sun, L. (2015). Age Differ-ences in Consumer Financial Capability. International Journal of Consumer Stud-ies, 39, 387-395. https://doi.org/10.1111/IJCS.12205
  66. Yau, J.T. (2022). Financial Literacy and Finan-cial Behaviour in Four Different Age Groups in Malaysia. UNIMAS Review of Accounting and Finance. https://doi.org/10.33736/uraf.5248.2022
  67. Yong, C., Yew, S., & Wee, C. (2018). Financial Knowledge, Attitude and Behaviour of Young Working Adults in Malaysia.

Tools


Copyright © 2025  KITE Digital Educational Solutions |  Exclusively distributed by CE-Logic