Financial Literacy and Income Management Practices of Fishermen in Samal District

This study examined the financial literacy and income management practices of fishermen in the Samal District of the Island Garden City of Samal. Using a descriptive-correlational research design, adapted and modified questionnaires were administered through total population sampling to 362 registered fishermen across all barangays. Statistical tools, including the mean, Pearson's r, and regression analysis, were used to analyze the data. The level of financial literacy among fishermen was very high, indicating that it was evident. The income management practices of fishermen were described as high, indicating that such practices were evident. Among the four indicators, budgeting was rated very high, spending and saving were rated high, while investing was rated average and described as somewhat evident. A significant positive relationship was found between financial literacy and income management practices, indicating a noticeable connection between the two variables. Regression analysis further revealed that financial literacy significantly influences income management practices, suggesting that the more knowledgeable fishermen are about financial concepts, the more effectively they apply these practices in their daily financial decisions. The results align with the Financial Capability Theory and Self-Determination Theory, which emphasize the importance of financial knowledge, behavior, and self-motivation in achieving sound financial outcomes. Based on these findings, it is recommended that fishermen maintain their budgeting, spending, and saving practices while improving their investing habits through participation in community-based seminars and trainings on investment opportunities, and that government agencies implement financial literacy programs and collaborate with local banks and financial institutions to provide accessible financial services and counseling for fisherfolk.