IMRAD-Young Entrep Inv

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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YOUNG ENTREPRENEURS KNOWLEDGE AND PRACTICES ON PERSONAL SAVINGS

College of Business Education

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

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

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

an average weighted mean of 4.52.

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

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

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

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

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

researchers would like to provide the following recommendations.

The researchers would recommend that entrepreneurs should;

entrepreneurs with limited knowledge and practices provided to be rated.

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