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Assessing Financial Literacy Levels Among Small-Scale Farmers

Author

Listed:
  • Revenlie G. Galapin

    (College of Business Management)

  • Daisy B. Ibieza

    (College of Business Management)

  • Julius T. Vergara

    (Office of the Vice-President for Research, Extension, Training and Innovation)

Abstract

The study investigates the financial literacy of farmers in San Lorenzo, Guimaraes, Philippines, with a focus on their knowledge, attitude, and behaviour regarding financial management. Recognizing the critical role agriculture plays in local economies, particularly in rural areas, the study emphasizes that financial literacy can significantly enhance farmers' ability to manage finances, adopt modern farming practices, and withstand economic challenges. A descriptive research design was employed, utilizing a researcher-made questionnaire to assess financial knowledge, attitude, and behaviour. The study revealed that while many farmers exhibit average to high levels of financial knowledge, there are still gaps in areas like investment, savings, and long-term financial planning. The results suggest that targeted financial literacy programs could improve resource allocation, farm productivity, and the overall financial resilience of small-scale farmers, contributing to sustainable agricultural livelihoods. The study underscores the importance of fostering financial education to empower farmers and support rural economic development.

Suggested Citation

  • Revenlie G. Galapin & Daisy B. Ibieza & Julius T. Vergara, 2025. "Assessing Financial Literacy Levels Among Small-Scale Farmers," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(14), pages 2059-2068, September.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-14:p:2059-2068
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    References listed on IDEAS

    as
    1. Dean Karlan & Robert Osei & Isaac Osei-Akoto & Christopher Udry, 2014. "Agricultural Decisions after Relaxing Credit and Risk Constraints," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(2), pages 597-652.
    2. Coleman-Jensen, Alisha & Rabbitt, Matthew P. & Gregory, Christian A. & Singh, Anita, 2020. "Household Food Security in the United States in 2019," Agricultural Economic Reports 305691, United States Department of Agriculture, Economic Research Service.
    3. Martinson Ankrah Twumasi & Yuansheng Jiang & Salina Adhikari & Caven Adu Gyamfi & Isaac Asare, 2021. "Financial literacy and its determinants: the case of rural farm households in Ghana," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 82(4), pages 641-656, August.
    4. Coleman-Jensen, Alisha & Rabbitt, Matthew P. & Gregory, Christian A. & Singh, Anita, 2020. "Statistical Supplement to Household Food Security in the United States in 2019," Agricultural Economic Reports 305693, United States Department of Agriculture, Economic Research Service.
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