In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
4991 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 4991-5000
Beha io al Finance: The Role o Sel -E icacy and Goal-Se ing o
Mo i a ion in Financial Li e acy among Small Rice Fa me s
Cesa P. Abasolo, DBA1, Michael A. Cues a, PhD2
1Mabini Colleges, Inc., Philippines
ORCID iD: 0009-0006-4940-5916
2A eneo de Naga Uni e si y, Philippines
ORCID iD: 0000-0001-8782-9337
ABSTRACT: This esea ch ocused on unde s anding inancial li e acy alongside sel -e icacy and goal-se ing mo i a ion
beha io s wi hin small-scale ice a me s in Dae , Cama ines No e. An in eg a ed app oach was conduc ed h ough a combina ion
o a su ey wi h 71 a me s, and a ocus g oup wi h 10 a me s. Fo he quan i a i e componen , desc ip i e s a is ics, co ela ion
and eg ession analyses we e used, while quali a i e esponses we e o ganized h ough hema ic analysis. The esea ch ound
a me s had high mo i a ional and selec i e sel -e icacy in e ms o income di e si ica ion and inancial ask p io i iza ion.
Howe e , weak adap abili y o inancial shocks, high-o de decision-making, and ad anced ask p io i iza ion we e no ed. Sel -
e icacy, and goal-se ing o mo i a ion we e ound o be s ong p edic o s o inancial li e acy, accoun ing o 79.3% o he
explained a iance. Financially compe en a me s had p oac i e planning, disciplined cash con ol and goal-di ec ed beha io s
co ela ing o he compe encies o inancial s uc u ing and cash con ol. Majo sel -di ec ed ac i i ies epo ed we e seasonal cash
planning, digi al inancial ools, and cash managemen wi hin amilies. The need o add ess beha io al aspec s o inance in capaci y-
building p og ams was clea ly es ablished wi hin he indings. Guides o policy and p og am design ha enhances he socio-
economic s a us and inancial esilience o smallholde a me s will be imp o ed wi h his ocus on sel -e icacy and goal-se ing
as p ima y mo i a o s.
KEYWORDS: Beha io al inance, Cash Planning, Cash Con ol, Financial li e acy, Goal-se ing o mo i a ion, Sel -e icacy,
Small ice a me s.
I. INTRODUCTION
The signi icance o ag icul u e o he Philippine economy canno be o e s a ed. In he Philippine economy, smallholde
ice a me s s uggle wi h low p oduc i i y, limi ed access o inancial se ices, and clima e change. Among he challenges o he
inancial sus ainabili y o smallholde a me s, inancial li e acy s ands ou . In he case o ice a me s, he absence o inancial
li e acy es ic s he abili y o alloca e esou ces, deal wi h isks, and adop cos -sa ing sus ainable p ac ices. The RFFA and FSRF
ha e been ci ed in public discussions as s a e inancial suppo mechanisms, ye he e ha e been epo s ha hey ha e no been
designed o achie e long- e m sus ainabili y (Philippine News Agency, 2023).
The in luence o inancial li e acy on household economics is widely acknowledged. In ag icul u e, he e is s ill limi ed
in o ma ion, pa icula ly on beha io al inance. P io esea ch (Lusa di & Mi chell, 2020; Obenza e al., 2024) illus a es people’s
sel -e icacy and mo i a ional goal-se ing as impo an d i e s o inancial beha io , a con en ion ha s ill needs o be es ed in
many u al a ming communi ies in he Philippines. Mos o he esea ch has concen a ed on he u ban popula ion and gene ic
household su eys, which do no cap u e he dis inc inancial en i onmen o smallholde ice a me s who deal wi h ola ile
seasonal incomes and capi al, as well as indeb edness o ha es and ma ke deb .
Dae , Cama ines No e, was chosen as he si e o he s udy because i is a p edominan ly ag icul u al municipali y whe e
ice a ming is he main sou ce o li elihood. The a me s in Dae se e as a good ep esen a ion o he ag icul u al u al households.
They in eg a e a ming wi h small-scale en ep eneu ship, depend on communi y-le el coope a i es o assis ance, and expe ience
ch onic cash low p oblems because o clima e ela ed ag icul u e isks and ha es luc ua ions. The Bo abod Fa me s Associa ion,
in pa icula , is ideal o he s udy o said phenomena because o i s o ganiza ional amewo k, p oac i e engagemen wi h municipal
ini ia i es, and a ied membe ship demog aphics.
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
4992 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 4991-5000
This s udy aims o es ablish he ela ionship o sel -e icacy, goal-se ing in mo i a ion, and inancial li e acy o small ice
a me s in Dae , Cama ines No e. The inclusion o hese componen s o beha io al inance in esea ch is an a emp o b idge he
gaps o be illed in heo y and in p ac ice. The s udy aims o p o ide insigh s o he Depa men o Ag icul u e (DA), Ag icul u al
T aining Ins i u e (ATI), and Local Go e nmen Uni s (LGUs) so ha hese agencies, in designing p og ams beyond cash subsidies,
can s eng hen sus ainable inancial managemen , and os e inancially sel -di ec ed p og ams o hei cons i uen s.
II. METHODOLOGY
Resea ch Design
A mixed-me hods app oach in his s udy in ol ed desc ip i e-co ela ional and quali a i e amewo ks. Fo he quan i a i e
pa , he ela ionship be ween sel -e icacy, goal-se ing o mo i a ion, and inancial li e acy o small ice a me s was de e mined.
The quali a i e pa was hen con ex ualized h ough ocus g oup discussions (FGDs). The in eg a ion o bo h s ands h ough
iangula ion enhanced he unde s anding o he beha io al ac o s su ounding he inancial li e acy and ein o ced he alidi y o
he indings.
Resea ch Locale and Pa icipan s
Resea ch was conduc ed in Ba angay Bo abod, Dae , in he p o ince o Cama ines No e, pa o Bicol Region. The egion
was selec ed because o i s ag icul u ally di e si ied economy, mainly ice p oduc ion, clima e ulne abili y, and he ac i e ole o
Bo abod Fa me s Associa ion (BFA). The e was an economic dependence on a ming and Dae was selec ed because o exposu e
o clima e isks. BFA comp ises 132 membe s and 71 small-scale ice a me s me he selec ion c i e ia o age, land owne ship, and
egis a ion in he Regis y Sys em o Basic Sec o s in Ag icul u e (RSBSA). To al enume a ion was applied o ensu e comple eness
o he da a. Fo he quali a i e pa , an FGD was conduc ed wi h 10 pu posi ely selec ed pa icipan s, ep esen ing di e se
expe iences in a ming and household inancial managemen .
Da a Collec ion
Da a we e ga he ed h ough wo me hods. To s a , a s uc u ed su ey was sel -e icacy, goal-se ing o mo i a ion, and
inancial li e acy was measu ed. This su ey was adminis e ed ace- o- ace du ing home isi s and gene al assemblies. Then, a ocus
g oup discussion was conduc ed o explain and en ich he su ey esul s. The sessions we e guided by semi-s uc u ed ques ions,
alongside obse a ional no es on non- e bal communica ion and in e -g oup dynamics. This combina ion enabled he collec ion o
quan i iable pa e ns and mo e con ex ualized a me insigh s.
Resea ch Ins umen s
P e iously u ilized scales we e modi ied o be app op ia e o small-scale ice a me s and cons i uency. As o sel -
e icacy, Ahn (2021) and Shim e al. (2020) we e used and co e ed he cogni i e, mo i a ional, a ec i e, and selec i e dimensions.
The goal-se ing cons uc s came om Locke and La ham (2020) and Bakke and Alb ech (2020), which ocused on goal
commi men , speci ici y, accep ance, and di icul y. Li e a u e on inancial li e acy by Lusa di and Mi chell (2020), Fa ell e al.
(2022), Hus on (2020), and Xiao and Po o (2020) was used, especially conce ning cash planning and cash con ol. All he i ems
used we e on a 7-poin Like scale. To ensu e cul u al i , he ques ionnai e was ansla ed, back ansla ed, and unde wen a pilo
es wi h a me s which con i med s ong in e nal eliabili y. The FGD guide aimed a unde s anding he inancial p ac ices and
sel -e icacy and goal-se ing amewo ks o he pa icipan s. This p o ided a way o quali a i ely cap u e li ed expe iences and
p ac ices ha we e no co e ed in he su ey.
Da a Analysis
Desc ip i e s a is ics assis ed in p o iding a summa y o he demog aphic cha ac e is ics and he mean sco es. Co ela ion
analysis explo ed he ela ionships among sel -e icacy, goal-se ing, and componen s o inancial li e acy. P edic i e ela ionships
we e assessed using mul iple eg ession analysis. Thema ic analysis o he FGD ansc ip s enabled he iden i ica ion o ecu ing
pa e ns in beha io and inancial managemen . The combina ion o quan i a i e and quali a i e esul s o e ed a comp ehensi e
iew o he inancial beha io o he a me s.
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
4993 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 4991-5000
III. RESULTS AND DISCUSSION
The esea ch is an a emp o examine he ela ionship be ween inancial li e acy and he beha io al ai s o sel -e icacy,
and goal-se ing o mo i a ion among small scale ice a me s in Dae , Cama ines No e. The pu pose is o in o m in e en ion
ac i i ies aimed a aising he le el o inancial li e acy o small scale ice a me s.
Le el o Sel -E icacy among Small Rice Fa me s.
Small ice a me s in Dae , Cama ines No e demons a ed gene ally high sel -e icacy in managing hei inances,
pa icula ly in mo i a ion and p io i iza ion. They sough new income and li elihood oppo uni ies, one o hem s a ed, “Finding
ways o ea n mo e money,” P1,M,59. O he s hough ully budge ed, “Se aside money o he nex a ming season’s expenses,”
P1,M,59. This shows hey ha e disc e iona y and discipline which is necessa y o posi i e inancial g ow h. Though, lowe sco es
in adap abili y and cogni i e decision-making sugges he mo i a ed and o de ed a me s a e s ill de enseless o inancial shocks.
“Jus inding ways o manage i somehow,” P3,M,60, exempli ies he need o planning o e imp o isa ion.
Table 1. Le el o Sel -E icacy among Small Rice Fa me s.
Sel -E icacy
Dimensions
Indica o
% Sco ed
≤ 3
Mean
Sco e
In e p e a ion
Cogni i e
1. I belie e I can manage my inances e ec i ely e en in unexpec ed
si ua ions.
7%
5.99
High
Cogni i e
2. I am con iden in my abili y o make sma inancial decisions.
5.6%
5.94
High
Cogni i e
3. I belie e I can success ully adap my inancial plans when needed.
5.6%
5.83
High
Cogni i e
4. I eel capable o unde s anding and applying inancial ad ice.
4.2%
6.00
High
Mo i a ional
5. I am mo i a ed o seek ou new inancial oppo uni ies o g ow h
5.6%
6.07
High
A ec i e
6. I can s ay calm and composed while handling inancial s ess.
5.6%
5.99
High
Selec i e
7. I can easily p io i ize impo an inancial asks o e less impo an ones.
7%
6.01
High
Selec i e
8. I can e ec i ely con ol my spending o mee inancial goals.
7%
5.96
High
O e all
Mean
5.97
High
No e. Sco es we e based on a 7-poin Like scale (1 = S ongly Disag ee o 7 = S ongly Ag ee). In e p e a ion guide: 1.00–1.86 =
Ve y Low, 1.87–2.72 = Low, 2.73–3.58 = Mode a ely Low, 3.59–4.44 = Mode a e, 4.45–5.30 = Mode a ely High, 5.31–6.16 =
High, 6.17–7.00 = Ve y High.
These indings a e consis en wi h Bandu a’s (1997) sel -e icacy heo y in ha inancial beha io is only sus ained on
adap abili y, and wi h o he au ho s such as Xiao and Po o (2020) and Asebedo and Seay (2021) ha desc ibed sel -e icacy in
budge ing, and cash low con ol as sel -e icacy in budge ing, and cash low con ol. Wi h espec o Obenza e al. (2024) and Kim
e al. (2020) he indings sugges ha knowledge accompanied by con idence esul s in e ec i e inancial ac ion. Mi a and De
(2024) ha e desc ibed simila si ua ions in which u al households wi h low cogni i e sel -e icacy, and hus lack con idence in
ac ion, ails o p ac ice he inancial li e acy ha is augh . This as a call o building bo h con idence in sol ing he p oblem and
p oblems so ha ac ion can be aken.
Le el o Goal-Se ing o Mo i a ion among Small Rice Fa me s.
Posi i e esul s we e appa en wi h espec o he goal-se ing o mo i a ion ha small ice a me s ha e wi h espec o
commi men and cla i y. Fa me s desc ibe pe sis ence on inancial objec i es and equen e iews o he plans. One a me said,
o example, “I ’s al eady calenda ed… o ganized,” P2,M,54, which sugges s inancial plans ha e a calenda , a sign o ad anced.
O he a me s showed s ong esol e in achie ing inancial objec i es as e idenced by s a emen s like “We do i e en i i ’s ha d,
o he amily,” P5,F,48. Howe e , a me s' goal-se ing di icul y pe cep ion sco ed nega i ely, which sugges s he a me ’s
eluc ance o s i e o long e m objec i es which can build esilience.
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
4994 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 4991-5000
Table 2. Le el o Goal-Se ing o Mo i a ion among Small Rice Fa me s.
No e. Sco es we e based on a 7-poin Like scale (1 = S ongly Disag ee o 7 = S ongly Ag ee). In e p e a ion guide: 1.00–1.86 =
Ve y Low, 1.87–2.72 = Low, 2.73–3.58 = Mode a ely Low, 3.59–4.44 = Mode a e, 4.45–5.30 = Mode a ely High, 5.31–6.16 =
High, 6.17–7.00 = Ve y High.
These indings a e consis en wi h he wo k o Locke and La ham (2019, 2020), who ocus on he alue o p ecise and
s imula ing goals and hei impac on pe o mance, as well as Bakke and Alb ech (2020), who asse ha goal commi men and
cla i y imp o e ou comes bu poo ly se goal di icul y lessen he ad an ages o goal a ainmen . S uc u al and esou ce cons ain
conce ns, as aised by Yuani a and Su janda i (2023), Wibowo e al. (2023), and in his s udy, imply he need o esou ce alloca ion
aimed a emo ing ine ia in goal se ing and acili a ing posi i e shi s owa ds inancial planning ha is mo e agg essi e and mo e
u u e ocused.
Le el o Financial Li e acy among Small Rice Fa me s in e ms o Cash Managemen
Cash Planning. Many o he a me s had a posi i e iew in his a ea and we e planning hei inances, as many o hem se goals
in inancial planning, esou ce alloca ion o pe iods o ela i e sca ci y, and o eme gencies. One pa icipan explained, “Se aside
money o he nex a ming season’s expenses,” P1,M,59, while ano he pa icipan , “I ’s al eady calenda ed… o ganized,” P2,M,54,
cap u ed a e y o ganized and scheduled app oach o inancial planning. They did lawlessly in ha pa . Howe e , on he o he
side, many a me s said ha emaining balance o income a e a ha es was spen used as “in he ha es ” and we e e y exhaus ed
o con inue keeping long e m sa ings.
Table 3. Cash Planning among Small Rice Fa me s.
Indica o
% Sco ed ≤ 3
Mean Sco e
In e p e a ion
1. I c ea e de ailed inancial plans o achie e my long- e m goals.
5.6%
5.97
High
2. I plan my inances o he u u e o ensu e s abili y.
5.6%
6.23
Ve y High
3. I always alloca e enough esou ces o u u e inancial needs.
7%
5.97
High
4. I am able o an icipa e u u e cash needs and p epa e o hem.
8.5%
5.70
High
5. I make plans o g ow my inancial asse s o e ime.
8.5%
5.90
High
6. I egula ly e iew my inancial plans o adjus o changing ci cums ances.
7%
5.89
High
7. I ha e a inancial plan ha includes sa ing o e i emen o eme gencies.
7%
5.90
High
8. I ha e a solid plan o manage my cash low du ing economic down u ns.
7%
5.90
High
O e all Mean
5.93
High
No e. Sco es we e based on a 7-poin Like scale (1 = S ongly Disag ee o 7 = S ongly Ag ee).
In e p e a ion guide: 1.00–1.86 = Ve y Low, 1.87–2.72 = Low, 2.73–3.58 = Mode a ely Low, 3.59–4.44 = Mode a e, 4.45–5.30 =
Mode a ely High, 5.31–6.16 = High, 6.17–7.00 = Ve y High.
Goal-Se ing o
Mo i a ion
Dimensions
Indica o
%
Sco ed ≤
3
Mean
Sco e
In e p e a ion
Goal Commi men
1. I am ully commi ed o achie ing my inancial goals.
2.8%
6.41
Ve y High
Goal Commi men
2. My inancial goals mo i a e me o ake ac ion and manage my money
well.
2.8%
6.17
Ve y High
Goal Commi men
3. I ha e inancial goals ha I am cons an ly wo king owa ds.
4.2%
6.15
High
Goal Speci ici y
4. I ha e speci ic inancial goals ha guide my spending and sa ing
decisions.
2.8%
6.08
High
Goal Speci ici y
5. I equen ly e isi my inancial goals o make su e I am on ack.
4.2%
6.15
High
Goal Speci ici y
6. I unde s and he impo ance o ha ing well-de ined inancial goals.
2.8%
6.15
High
Goal Accep ance
7. I accep he challenges in ol ed in eaching my inancial goals.
4.2%
6.13
High
Goal Di icul y
8. The inancial goals I se o mysel a e ambi ious ye ealis ic.
2.8%
6.01
High
O e all Mean
6.16
High
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
4995 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
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Page No. 4991-5000
The esea ch o Lusa di and Mi chell (2020) ei e a es ha success ul inancial planning in ol es he dual componen s o
ha ing goals and making plans o he unexpec ed. This is also consis en wi h he indings o Fa ell e al. (2022) and Hus on
(2020), whe e mo e esilien households we e iden i ied as hose wi h highe planning compe encies. Ye in line wi h Philippine
News Agency (2023), adap i e planning is minimal among Filipino a me s. This esul s eac i e a he han p oac i e inancial.
Cash Con ol. Rega ding cash con ol, he a me s in e iewed showed s ong con ol, managing hei spending, and con ol o e
hei cash low. One o he in e iewed a me s said, “I ’s ue, cu ing back on wan s, and p io i izing needs,” P7,F,59. Ano he
showed a mo e pessimis ic iewpoin , “Righ a e he ha es , i ’s al eady gone… we jus bo ow,” P2,M,54). This illus a es how
spending discipline is subjec i e and usable discipline seems poo in he ace o bo owing. These seem o show a pa e n o poo
income s eams and ine ec i e no bo owing sa ings, spending, and discipline. I is poo discipline and con ol o e cash ha d i es
hem o epea bo owing.
Table 4. Cash Con ol among Small Rice Fa me s.
Indica o
% Sco ed ≤ 3
Mean Sco e
In e p e a ion
1. I egula ly ack my income and expenses o s ay wi hin my budge .
5.6%
6.00
High
2. I know how o con ol impulse spending o mee inancial goals.
4.2%
5.87
High
3. I can manage my cash low wi hou bo owing money.
8.5%
5.89
High
4. I eel con iden in my abili y o con ol my daily expenses.
7%
6.03
High
5. I use ools like budge ing apps o con ol my spending e ec i ely.
8.5%
5.70
High
6. I a ely o e spend beyond my means.
2.8%
5.92
High
7. I ensu e I ha e enough cash ese es o manage unexpec ed expenses.
7%
5.93
High
8. I egula ly adjus my spending o a oid inancial di icul ies.
5.6%
5.97
High
O e all Mean
5.91
High
No e. Sco es we e based on a 7-poin Like scale (1 = S ongly Disag ee o 7 = S ongly Ag ee).
In e p e a ion guide: 1.00–1.86 = Ve y Low, 1.87–2.72 = Low, 2.73–3.58 = Mode a ely Low, 3.59–4.44 = Mode a e, 4.45–5.30 =
Mode a ely High, 5.31–6.16 = High, 6.17–7.00 = Ve y High.
Xiao and Po o (2020) show ha , as he le el o inancial li e acy inc eases, playe s end o ine icien cash con ol and
poo spending con ol mechanisms. This is epea ed in BusinessWo ld (2023) whe e a me s we e epo ed o ha e poo cash con ol
due o he es ic ed inancial access and se ices. Obenza e al. (2024) showed ha lack o con idence in inancial con ol
mechanisms esul ed in cash bo owing and poo discipline.
Co ela ions among Sel -E icacy, Cash Planning, and Cash Con ol.
Pea son co ela ion analysis, sel -e icacy, cash and cash planning, and budge ing all s ongly co ela e, sugges ing sel -
e icacious a me s a e also budge ing and cash disciplined. As no ed du ing ocus g oup discussions (FGDs), some a me s
men ioned inancial planning as, “se aside money o he nex a ming season’s expenses” (P1, M, 59) and “I ’s al eady
calenda ed… o ganized” (P2, M, 54). FGDs also no ed he comple e planning and cash discipline sugges ed by, “I can do i as long
as I ha e esou ce ulness.” These na a i es and planning sugges sel -e icacy is a use ul esou ce, as con i med by he quan i a i e
esul s sel -e icacy le els a e posi i ely co ela ed wi h abili y o inancially plan and con ol cash ou lows.
Table 5. Co ela ions among Sel -E icacy, Cash Planning, and Cash Con ol
Cash Managemen Va iables
Sel -E icacy ( )
p- alue
Cash Planning
.814**
.000
Cash Con ol
.844**
.000
No e. Pea son co ela ion coe icien s a e p esen ed. p < .01 (2- ailed).
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
IJCSRR @ 2025
www.ijcs .o g
4996 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
A ailable a : www.ijcs .o g
Page No. 4991-5000
The indings align wi h Bandu a’s (1997) sel -e icacy heo y, which connec s con idence wi h sel - egula ed, goal-
di ec ed ac ions. The indings also co obo a e wi h S ömbäck e al. (2020) and Lusa di and Mi chell (2020), who a gue sel -
e icacy s imula es mo e ocused sel -con ol and disciplined spending. Mo eo e , goal-o ien ed inancially con iden indi iduals
a e p oac i e, as s a ed by Fo ne o and Lo P e e (2023) and Czech e al. (2024) and simila ly, Palis (2020) obse ed his in Filipino
a me s, whe e sel -e icacy ein o ced e ec i e budge ing and encou aged ein es men . Soek ani e al. (2020) and Napu e al.
(2025) also epo ed ha a me s wi h s onge sel -e icacy exe cised g ea e con ol o e sa ing and spending, which sel -e icacy
s ongly p edic s op imal inancial beha io .
Co ela ions among Goal-Se ing o Mo i a ion, Cash Planning, and Cash Con ol.
Pea son co ela ion indica ed s ong and signi ican ela ionships be ween mo i a ion and cash planning, and also wi h cash
con ol, which means ha hese a me s wi h s onge mo i a ion o se and a ain inancial goals we e also mo e compe en in
planning and con olling cash low. This pa e n was also con i med in FGDs, whe e a me s indica ed ha hey delibe a ely acked
expense eco ds and me hodically alloca ed ha es income. One o he a me s pa icipa ing in he FGD desc ibed he low o
expense acking as, “I ’s al eady calenda ed… o ganized,” P2, M, 54. Ano he a me u he s essed he impo ance o acking
cash saying, “We do i e en i i ’s ha d, o he amily,” P5, F, 48. This implies ha inancial goals b ough abou disciplined
budge ing, sa ings p io i iza ion, and es ain om unnecessa y spending.
Table 6. Co ela ions among Goal-Se ing o Mo i a ion, Cash Planning, and Cash Con ol.
Cash Managemen Va iables
Goal-se ing o Mo i a ion ( )
p- alue
Cash Planning
.821**
.000
Cash Con ol
.798**
.000
No e. Pea son co ela ion coe icien s a e p esen ed. p < .01 (2- ailed).
These indings a e in line wi h he indings o Napu e al. (2025) which show ha sha ply de ined objec i es imp o e
sa ings and spending discipline. These indings a e also consis en wi h he s udies o Kiige e al. (2024) which showed ha clea
goals imp o e esou ce use and deb a oidance o small a me s. These indings a e also consis en wi h S ömbäck e al. (2020)
and Czech e al. (2024) which showed ha he ac o se ing goals wo ks as an emo ional and beha io al d i e o inancial
p oduc i i y. All hese indings suppo Locke and La ham’s (2019, 2020) goal-se ing heo y which s a ed ha mo i a ion in goal
se ing s eng hens he inancial beha io s o small ice a me s.
Mul iple Reg ession Analysis P edic ing Financial Li e acy among Small Rice Fa me s
The sel -e icacy and goal-se ing o mo i a ion beha io o small ice a me s s ongly oge he explained 79.3% o he
a iance o hei inancial li e acy (R² = .793). Mul iple eg ession analysis con i med inancial li e acy among small ice a me s
is signi ican ly p edic ed by sel -e icacy (β = .500, p < .001) and goal-se ing o mo i a ion (β = .432, p < .001). This inancial
li e acy is beha io al, as he demog aphic a iables o age, sex, educa ion, and p oduc ion did no signi ican ly con ibu e. This was
co obo a ed by FGD pa icipan s, wi h a me s emphasizing p oac i e planning wi h p io i iza ion. Fo ins ance, one a me no ed,
“I’ e planned i ou ,” P3,M,60, while ano he s essed, “When he e is income, I plan igh away… I p io i ize he impo an hings
i s ,” P4,M,69. These s a emen s illus a e ha inancial li e acy comes om no jus educa ion bu he psychological a ibu es o
con idence, sel -discipline, and he mo i a ion o achie e speci ic goals.
Table 7. Mul iple Reg ession Analysis P edic ing Financial Li e acy among Small Rice Fa me s
P edic o
B
SE B
Β
P
VIF
(Cons an )
0.467
0.636
—
0.733
.466
—
Age
-0.006
0.006
-0.055
-0.962
.340
1.03
Sex
0.149
0.132
0.066
1.132
.262
1.04
Educa ional A ainmen
-0.003
0.070
-0.003
-0.048
.962
1.03
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
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P edic o
B
SE B
Β
P
VIF
P oduc ion
0.000
0.002
0.007
0.118
.907
1.03
Sel -E icacy
0.459
0.083
0.500
5.560
< .001
2.51
Goal-Se ing o Mo i a ion
0.460
0.095
0.432
4.814
< .001
2.50
No e. R = .891, R² = .793, Adjus ed R² = .774. F(6, 64) = 40.93, p < .001.
Sex coded as 0 = Female, 1 = Male. Signi ican p edic o s a e bolded.
This aligns wi h he indings o Lusa di and Mi chell (2020), who s a ed he impo ance o sel -e icacy and mo i a ion
goal-se ing as de e minan s o inancial li e acy, and Napu e al. (2025), who indica ed ha sel -e icacy acili a es inancial
independence and money managemen in a sel -disciplined manne . Likewise, goal-se ing as a p edic o o sa ing and spending
habi s was e idenced in Kiige e al. (2024), wi h a ming households being he ocus o hei s udy. The wo ks o Czech e al. (2024)
and S ömbäck e al. (2020) u he acknowledge in e nal mo i a ion as a c i ical beha io al alignmen o one’s inancial objec i es,
he eby s eng hening he claim ha emo ional and beha io al componen s a e mo e signi ican de e minan s o inancial li e acy
han one’s demog aphics.
Syn hesis o Thema ic Quali a i e Resul s
The ocus g oup discussion in ol ing small-scale ice a me s iden i ied se en hemes ela ed o sel -e icacy, goal-se ing
mo i a ion, and p ac ical inancial li e acy. In Theme 1: Budge ing and Planning as Co e o Sus ainable Fa ming, mos pa icipan s
demons a ed a posi i e ou look by consis en ly se ing some money aside a e ha es o he nex c opping season. This p oac i e
beha io exhibi ed alignmen wi h cash planning and mo i a ional goal se ing (Melend es, 2024, Ace on e al., 2024). Theme 2:
Adap i e T ai s and Resou ce ulness in C isis acknowledged bo owing, pawning, and cos -cu ing as coping s a egies, e lec ing
sel -e icacy unde inancial du ess (Syahwildan & Hidayah, 2024). Theme 3: E ol ing Financial P ac ices h ough Expe ience and
Technology and desc ibed a shi in inancial managemen and mechaniza ion as an ad ancemen . This imp o emen demons a es
a posi i e shi in cogni i e sel -e icacy as desc ibed by Nolan e al. (2024).
Unde Theme 4: Impo ance o Educa ion and Con inuous Lea ning, educa ion was no ed as one o he d i e s o inancial
beha io , whe e esponden s e e ed o he alue o aining and echnical assis ance in he enhancemen o mo i a ional sel -
e icacy and goal accep ance (Czech e al., 2024; Soeka ni e al., 2024). Theme 5: Family Suppo in Financial Decisions ocused
on he sha ed spousal o in e gene a ional decision-making, he eby ein o cing he social suppo aspec o sel -e icacy (Puspi asa i
& Sa i, 2021). Theme 6: En ep eneu ial Mindse and Income Di e si ica ion discussed he inc easing endencies o adop
in e c opping and new ag ibusiness ini ia i es which, acco ding o goal-se ing and inancial s ewa dship li e a u e, poin s o
imp o ed goal-se ing and s ewa dship (Delos Reyes & Bau is a, 2022).
In Theme 7: Emo ional Ba ie s and Beha io al Gaps, he old pe sis en mindse s and weak ollow- h ough, which aining
was supposed o add ess, highligh a beha io al gap ha sus ains he lack o change (Lusa di & Mi chell, 2020). The es o he
hemes ein o ce he a gumen ha while inancial capabili y is inc easing among a me s in e ms o planning, adap abili y, and
en ep eneu ship, he mo i a ional amily elemen , p ima y ocus, and beha io al change needed a e ans o ma ion in na u e.
P oposed Key A eas o In e en ion o Enhance he Financial Li e acy among Small Fa me s
Small ice a me s show gaps in beha io and inancial managemen , which aligns he lea nings ac oss ou in e en ion
a eas wi h he capaci y building p og ams o DA-ATI, BSP, TESDA, and LGU. The i s wo in e en ions build on he a me s’
skills in se ing a ainable inancial goals while also mas e ing seasonal cash planning and spending con ol synch onizing inancial
ac i i ies wi h c op cycles. FGD insigh s a i m he a me s’ mo i a ion bu also ecognize he gaps in spending discipline, lexible
adap i e planning, and cash managemen con ols.
The e o s o he hi d and ou h in e en ions ouch on he gaps in digi al inancial li e acy and he household inancial
lea ning ecosys em. Fa me s do no equen ly u ilize mobile banking and e-walle s bu he sys ems’ adop ion is imp o ing, and
a me s a ge ed by in ech ools designed o make cash low managemen easie will ind alue. Ha ing amily membe s in sa ings
and budge ing helps build inancial and emo ional esilience ac oss gene a ions. These gaps, summa ized as in e en ions in Table
8, p o ide a holis ic app oach o inancial li e acy wi h he p ac ical s eps aligned wi h he esea ch goals and emaining gaps in he
a me s’ inancial beha io s.
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
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A ailable a : www.ijcs .o g
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Table 8. In e en ion Ma ix o Enhance he Financial Li e acy among Small Fa me s
Key A ea o
In e en ion
Objec i e
Co e Topics
Recommended Ac ion Plan
Possible
Pa ne s
1. SMART Goal-Se ing
and Sel -E icacy
Imp o e a me s’ abili y o
se ealis ic goals and build
con idence in inancial
asks
SMART goals,
inancial con idence
Fa me s comple e SMART
empla es (ATI-FBS); sel -e icacy
assessed ia p e- and pos - aining
es s
DA-ATI,
TESDA, LGUs
2. Seasonal Cash
Planning and Cash
Con ol
S eng hen consis en
budge ing and cash con ol
o daily spending
Cash low planning,
expense moni o ing
Fa me s submi seasonal budge s
(LGU moni o ing) and main ain
expense logs (manual/digi al)
LGUs,
Coope a i es,
BSP
3. Digi al Financial
Li e acy
P omo e use o mobile and
digi al ools o money
managemen
Tech-enabled
p ac ices
Fa me s adop one in ech ool and
show usage (sc eensho /logbook
p oo )
BSP, DA-ATI,
LGUs
4. En ep eneu ship and
Family-Based Financial
Lea ning
Encou age di e si ied
income and amily
pa icipa ion in inance
Ag ip eneu ship,
amily budge ing
Fa me s join ag ibusiness
wo kshops (ATI/DTI) and co-sign
amily budge s/sa ings plans
DA-ATI, DTI,
LGUs, TESDA
Addi ionally, hese ac ion a eas ou line a holis ic app oach o imp o ing he inancial li e acy o small-scale ice a me s
wi hin he amewo k o sel -e icacy and goal-se ing mo i a ion. This app oach ocuses on household-le el esilience h ough he
in eg a ion o cash planning, cash con ol, he use o digi al ools, and amily inancial managemen , as well as he indi idual
p ac ices o goal-se ing and sel -e icacy. These ecommenda ions a e ac ion-o ien ed and s em di ec ly om he esea ch ques ions,
ensu ing con ex ele ance and sus ainabili y, as aligned wi h he DA-ATI, BSP, TESDA, and LGU ini ia i es.
IV. CONCLUSION AND RECOMMENDATIONS
Conclusion
Small ice a me s in Dae , Cama ines No e exhibi in e media e le els o inancial li e acy, wi h s onges cash managemen ,
budge ing, and sa ings skills, and weakes cash con ol, adap i e choice, and digi al inance skills. Sel -e icacy and goal-se ing
mo i a ion, howe e , we e signi ican p edic o s o inancial li e acy, accoun ing o almos 80% o he a iance. These ac o s
p o ed mo e impo an han demog aphic cha ac e is ics o age, sex, o educa ion. Fa me s' sel -planning, mo i a ional d i e, and
con idence in esou ce ulness highligh hei inancial esilience. Gaps, howe e , in adap abili y, cogni i e and decision lexibili y,
and he sys ema ic use o inancial skills show a me s' exposu e and ulne abili y o p eca ious si ua ions like dis ess, eme gencies,
and economic shocks. O e all, he indings show he di ec impo ance o goal-se ing o mo i a ion and sel -e icacy in de eloping
sus ainable inancial li e acy and inancial esilience among smallholde a me s.
Recommenda ions
The cu en s udy add esses and ecommends he in eg a ion o beha io al inance in o aining p og ams o a me s, as ollows:
(1) Combine SMART goal-se ing echniques and sel -e icacy aining.
(2) Imp o e seasonal cash low planning and expense acking.
(3) Ad ance he use o mobile ools o digi al inancial li e acy.
(4) Fos e en ep eneu ship and inancial lea ning a home.
(5) Expand he “Kaya Ko, Kaya Na in” p og am as an in eg a ed app oach oge he wi h ele an go e nmen and allied agencies.
(6) Ex end u u e s udies ocusing on a ied a ming con ex s, pa icula ly wi h longi udinal s udies as one o he me hods.
These ecommenda ions emphasize ha e ec i e in e en ions mus mo e beyond knowledge ans e o include beha io al,
mo i a ional, and amily-cen e ed app oaches. By doing so, policymake s and ins i u ions can s eng hen inancial li e acy and
esilience among small ice a me s, enabling hem o achie e sus ainable economic ou comes.
In e na ional Jou nal o Cu en Science Resea ch and Re iew
ISSN: 2581-8341
Volume 08 Issue 10 Oc obe 2025
DOI: 10.47191/ijcs /V8-i10-12, Impac Fac o : 8.048
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4999 *Co esponding Au ho : Cesa P. Abasolo Volume 08 Issue 10 Oc obe 2025
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V. ACKNOWLEDGMENT
The au ho s exp ess hei g a i ude o he Bo abod Fa me s Associa ion in Dae , Cama ines No e, o hei aluable pa icipa ion
and insigh s. Since e hanks a e ex ended o D . Michael A. Cues a, ad ise and co-au ho , o his in aluable guidance, and o
Mabini Colleges, Inc. and A eneo de Naga Uni e si y o hei academic and ins i u ional suppo .
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