Financial socialization and literacy among student entrepreneurs in Iloilo City

Abstract

This study aimed to determine the relationship between financial socialization and literacy among student entrepreneurs. Data collection was conducted in Iloilo City, Philippines from May 2024 to June 2024. The study involved the administration of survey questionnaires among 50 student entrepreneurs purposely selected to achieve the research objectives. They were classified in terms of age, sex, program, type of business, and years in business, and their financial socialization and literacy were investigated. The collected data was processed using SPSS and analyzed using the frequencies, percentages, means, standard deviations, Mann Whitney U-test, Kruskal Wallis H-test, and Spearman Rho. In this study, statistical hypothesis testing was applied, and the significance level was set at 5% to demonstrate its very crucial role in evidence. Findings indicate no significant correlation between overall financial socialization and financial literacy, suggesting that other factors may mediate the relationship between socialization and literacy, such as individual engagement, practical application, and reinforcement of learned concepts. While implicit and explicit financial socialization alone may not significantly correlate with financial literacy, a more targeted approach that addresses specific gaps and needs of student entrepreneurs could be beneficial. This might include mentorship programs, hands-on workshops, and personalized financial planning session.