Assessment of Farm Financial Literacy of Rice Farmers in Sanchez Mira, Cagayan Valley

Date

11-2017

Degree

Bachelor of Science in Agribusiness Management

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Mar B. Cruz

Committee Member

Nanette A. Aquino, Juan Paulino S. Trespalacio, Junior, Agnes T. Banzon, Normito R. Zapata, Jr.

Abstract

This research assessed the level of financial literacy of rice farmer in the Municipality of Sanchez Mira, Cagayan. The aim was to present the profile of the rice farmers and their farms, present the Personal Entrepreneurial Competencies of rice farmers, determine the level of financial literacy among rice farmers in relation to their personal and financial decisions, analyze the relationship of socio-demographic, farm profile, and personal entrepreneurial profile to the level of financial literacy of rice farmers, and lastly, develop a recommendation that will address the issues and challenges.

The analysis of the level of financial literacy of the 95 randomly selected rice farmers in the area of study was founded using the methods of in- depth interviews and observation among the rice farmers. The study used qualitative research and quantitative research methods composed of descriptive statistics and other statiscal tools.

The analysis conducted was based solely on the perception of the farmers and self- evaluation which explained why the results of some factors relating to their behavioral profile are not parallel with the studies reviewed and thus subject to further study.

The respondents of this study ranges from 19-75 years of age and most of them are male which implies that males are more involved in rice farming than females. Rice farming is the primary source of income for the majority.

The level of financial literacy was measured with reference to the socio-demographic factors which are the personal and farm profile, and the personal entrepreneurial competencies.

Moreover, the research showed how farmers’ level of financial literacy were generally low to moderate. The level of farm financial literacy was measured with reference to the six criteria in assessing which knowledge and dealing with financial institutions, insurance, savings, credit-taking, business literacy and financial record keeping, and numeracy and general calculations.

As a further matter, the relationship of socio-demographic, farm profile, and personal entrepreneurial profile to the level of financial literacy of rice farmers were also reviewed using statistical tools; Fisher’s Exact Test, Kendall’s tau-b, and Ordered Logistic Regression.

In light of this, several recommendations were made to assist rice farmers in safeguarding and sustaining their farms and their financial inclusions. As for the rice farmers, the challenges they face require multi-faceted solutions so that farmers can survive and continue their business operations and be able to cope up with the trends of farming today. Moreover, support sectors are recommended to continue giving aid to the farmers and develop programs concerning the improvement financial literacy of the rice farmers.

Language

English

LC Subject

Financial literacy, Rice farming, Rice farmers

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993 2017 M17 S265

Notes

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Document Type

Thesis

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