Financial Resilience and Household Finance Practices among Low-Income Families: Exploring Pyscho-Socio-Economic Influences

Finance, Business Administration

The study examined how low-income households in the province of Surigao del Sur cope with household financial struggles focusing on their psycho-socio-economic profile and household finance practices. Employing a quantitative descriptive research design, data were collected from low-income families in Bislig City, Tandag City, Barobo, and San Miguel municipalities. Findings indicate that most respondents were aged 35 to 44, with high unemployment rates, and belonged to medium-sized households of four to six members. While financial literacy levels were moderate, significant gaps persisted, particularly in savings, budgeting, and investment behaviors. Access to formal financial services remained limited, with informal support networks serving as the primary means of financial assistance. Household financial behavior showed consistent prioritization of essential expenses; however, saving, debt management, and investment practices were inconsistent and often inadequate. Statistical analyses revealed significant associations between financial practices and demographic variables such as age, employment status, household size, and financial literacy. These results highlight the pressing need for tailored financial education programs and greater access to inclusive financial services to enhance financial capability among low-income households. The study underscores the critical role of government assistance in sustaining household resilience amid economic challenges like inflation, income instability, and recurring expenses. In conclusion, the research advocates for a comprehensive policy framework aimed at strengthening the financial resilience of vulnerable families in Surigao del Sur. Such interventions are essential to empower low-income households to overcome persistent financial struggles and build sustainable economic well-being.

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