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    IMRAD-Young Entrep Inv

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    Jolina Reyes
    This study examined the personal savings knowledge and practices of young entrepreneurs in Dagupan City. A survey was conducted and found that most respondents were female, aged 24-35, single, and college graduates who saved less than 5% of their monthly income. Respondents had high knowledge of paying bills on time to avoid penalties but moderate knowledge of investment benefits. They highly practiced paying bills on time and comparing prices but had moderate savings practices overall. The study concluded that female entrepreneurs had higher savings knowledge and recommendations were made to help entrepreneurs set savings goals, seek financial advice, review expenses, and for future research to study savings more broadly.

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    IMRAD-Young Entrep Inv

    Uploaded by

    Jolina Reyes
    41 views3 pages
    This study examined the personal savings knowledge and practices of young entrepreneurs in Dagupan City. A survey was conducted and found that most respondents were female, aged 24-35, single, and college graduates who saved less than 5% of their monthly income. Respondents had high knowledge of paying bills on time to avoid penalties but moderate knowledge of investment benefits. They highly practiced paying bills on time and comparing prices but had moderate savings practices overall. The study concluded that female entrepreneurs had higher savings knowledge and recommendations were made to help entrepreneurs set savings goals, seek financial advice, review expenses, and for future research to study savings more broadly.

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    This study examined the personal savings knowledge and practices of young entrepreneurs in Dagupan City. A survey was conducted and found that most respondents were female, aged 24-35, single, and college graduates who saved less than 5% of their monthly income. Respondents had high knowledge of paying bills on time to avoid penalties but moderate knowledge of investment benefits. They highly practiced paying bills on time and comparing prices but had moderate savings practices overall. The study concluded that female entrepreneurs had higher savings knowledge and recommendations were made to help entrepreneurs set savings goals, seek financial advice, review expenses, and for future research to study savings more broadly.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views3 pages

    IMRAD-Young Entrep Inv

    Uploaded by

    Jolina Reyes
    This study examined the personal savings knowledge and practices of young entrepreneurs in Dagupan City. A survey was conducted and found that most respondents were female, aged 24-35, single, and college graduates who saved less than 5% of their monthly income. Respondents had high knowledge of paying bills on time to avoid penalties but moderate knowledge of investment benefits. They highly practiced paying bills on time and comparing prices but had moderate savings practices overall. The study concluded that female entrepreneurs had higher savings knowledge and recommendations were made to help entrepreneurs set savings goals, seek financial advice, review expenses, and for future research to study savings more broadly.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    YOUNG ENTREPRENEURS KNOWLEDGE AND PRACTICES ON PERSONAL SAVINGS

    Genoveva Y. Reyes, Jolina Reyes, Caren Field Carbonell and Beverly Dela Cruz

    College of Business Education

    To become competitive in business, an entrepreneur needs particular skills; financial

    management is one of the main skills. When running a business, it is easy for young

    entrepreneurs to get overwhelmed. Young businessmen could end up not spending money

    wisely. This research was conducted to determine the Young Entrepreneurs Knowledge and

    Practices on Personal Savings in Dagupan City. The researchers used a descriptive research

    method using a survey questionnaire. The principal tool used in data gathering was the survey

    questionnaire made by the researchers. All the data gathered were treated statistically by using

    percentage, weighted mean, chi-square test, and Pearson r.

    The findings in the first part of the questionnaire which is the profile of the respondents.

    In terms of age, the highest result is 24-29 and 30-35 years old (39%). In terms of sex, the

    highest result is female (65%). In terms of marital status, the highest result is single (65%). In

    terms of highest educational attainment, the highest result is college graduate (84%). In terms of

    monthly saving based on gross income, the highest result is below 5%(52%).

    The findings in the second part of the questionnaire are the respondent's knowledge of

    personal savings. In terms of budgeting, the highly knowledgeable is the I should pay my bill on

    time to avoid penalties with an average weighted mean of 4.58. In terms of investment, the

    moderately knowledgeable is Investment is better than saving on my pocket, investment

    encourages me to plan well in advance to provide higher/professional education and training to

    children and I should seek financial advice from financial advisors for my investment decisions

    with an average weighted mean of 3.97, 3.65 and 3.71 respectively. In terms of benefits, the
    highly knowledgeable is the personal saving makes me prepared for circumstance changes with

    an average weighted mean of 4.52.

    The last part of the questionnaire is the respondent's practices on personal savings, the

    highly applied is the I pay my bills on time to avoid penalties and I often compare prices before I

    make a purchase with an average weighted mean of 4.71 and 4.55respectively

    Based on the findings on the level of knowledge of young entrepreneurs in terms of

    budgeting researchers concluded that respondents are highly knowledgeable that they should

    pay their bills on time to avoid penalties. Paying bills on time is one of the many ways of

    budgeting in which penalties associated with it in not paying on time can be soon saving and

    can be put to other day to day expenditure. In terms of investment, researchers concluded that

    the respondents are moderately knowledgeable that investment is better than saving on their

    own pocket. Respondents are aware that saving on their own pocket is not a good habit to

    have. The risk that they can pulled it out and spend it was there, just like put it on pocket then

    pulled it in a minute. But, if they saved through investment such risks in saving on pocket will be

    eliminated. Advantageous of having an investment is that it accumulates interest that soon be

    an interest income. Circumstance changes can’t be avoided, but being prepared can secure it,

    and researchers concludes drawn from findings that respondents are highly knowledgeable with

    it.

    In the data analysis, there is a significant relationship between young entrepreneurs’

    profile with respect to sex and knowledge on personal saving with the value p=0.013, other

    profile exceeds alpha (a=0.05). There is no significant relationship between; young

    entrepreneurs’ profile and practices on personal savings; young entrepreneurs’ knowledge and

    practices on personal savings. It was revealed that the young entrepreneurs are moderately

    knowledgeable in terms of budgeting, investment and benefits of personal savings, and

    moderately applies practices on how to save. According to the findings female young
    entrepreneurs have higher knowledge on personal savings. Therefore, to improve and increase

    their knowledge and to encourage them to practice strategies to save personally, the

    researchers would like to provide the following recommendations.

    The researchers would recommend that entrepreneurs should;

    First, they should set systematic ways on implementing their knowledge into practices

    by drawing a clear line between the personal funds and business funds. Second, always seek

    financial advisors and/or assistance to help them on their investment decisions. Third,

    reviewing their Cost cutting Techniques. Lastly, future researchers should study further about

    personal saving broader than the limitations this study had, since it was just a study for young

    entrepreneurs with limited knowledge and practices provided to be rated.

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