Chapter 1

PROBLEM AND ITS SETTING

Background of the Study

According to S. Haughton (2013) good savings habit result in positive net cash

flows or savings, and are require good expense management. Anybody can save just

set aside a portion of earnings as savings before you pay for your expenses. (Colayco,

F. 2016)

International National Resources Defense Council organization (2010) is one

of the International Organization that shows savings practices when it comes to save

water, energy, fuel, and electricity with little upfront investment and no risk to product

delivery times, price or quality.

According to Laurence Jay Kotlikoff a Research Associate of the National

Bureau of Economics Research, saving means only one thing-consuming less out of

a given amount of resources in the present in order to consume more in the future.

Savings, therefore, is the decision to defer consumption and to store this deferred

consumption in some form of asset.

Unlad Kabayan (2014), points out that savings is that part of your disposable

income (that is your income after tax or your take home pay) that is not consumed. It

then becomes a financial asset that can be used to purchase interest earning financial

asset or directly invested in business in which case these is a return that accursed to

the one saving or investing.

According to Estanda (2014) the director of Ateneo de Davao university as they

have researched about the household financial situation, Davaoenos in the last three
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months, slightly above a quarter of (26%) claimed that their income is not enough

relative to their actual spending and yet 41% answered that their income is just

enough. of the respondents surveyed, only a little above ten percent 13% declared

that they are able to save from what they earned. These figures are slightly up when

the respondents were asked about their financial situation in the next three months,

with 29% projecting they will earn; less than what will be spent, and yet slightly below

half (49%) of them are claiming that they will earn just about the same. the figure of

those who are optimistic about saving is also up at 20% As regard sources of income

within the last three months, family savings (95%) topped the list. However, slightly

below three fourth of them(74%) said that they are expecting to rely on loans in the

next succeeding months, distantly followed by assistance from private persons and

institution(44%), with slightly below a third, or about a third (32%), expecting to depend

of family savings to get them through. Reliance on government support registered at

bellow ten percent (9%) Preparing for the future finances and managing money are

increasing slightly vital skills that consumers need to possess. While many are

perfectly competent at managing own finances and indeed those clients, for many

other people, financial matters are akin to the most intricate maze. This should be no

particular surprise as the vast majority of consumers have never actually been taught

even rudimentary money management strategies.

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Statement Of the problem

The study aimed to determine the savings practices of tricycle drivers in

Boulevard, Davao City especially it seeks to answer the following:

1. What is the profile of the tricycle drivers in Boulevard, Davao City in terms of:

1.1 Age;

1.2 Status; and

1.3 Income?

2. What are the savings practices of tricycle drivers in Boulevard, Davao City in terms

of:

2.1 Education of Children;

2.2 Medical/Life Insurance; and

2.3 Retirement?

3. Is there significant difference in the savings practices of tricycle drivers in Boulevard,

Davao City when they are evaluated according to their profile?

Hypothesis

There is no significant difference between the savings practices of tricycle

drivers and their profile.

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Review of the Related Literature

Education for Children

Human capital instruction and aptitudes is a basic weapon in the war against

destitution. In the event that poor nations are to accomplish quicker monetary

development a vital condition for lessening destitution they will require better-

instructed workforces. The perfect would be for all kids to finish nine years of

fundamental training nonetheless. A more reasonable objective would be to give

general access to six years of essential instruction, the base required for deep rooted

utilitarian education and numeracy. (Mingat and Winter, 2015)

As expressed by Statman (2014) instruction is an interest in one's children`s

future and by expansion in oneself. Guardians ought to pay their kids' school

educational cost in the event that they can, regardless of the possibility that that implies

getting cash or plunging into retirement investment funds. Further, Herman (2014)

expressed that the time has come to regard individuals as the grown-ups he wish them

to be and that incorporates anticipating that them should venture up to the plate and

assume liability for paying for school, it will help the guardians and it will help the

understudies too/the basic reality is that most guardians can no more shoulder the bill

for their kids' school training without putting their own fates at danger. Guardians are

frequently sandwich between administering to elderly guardians and additionally their

own youngsters while attempting to meet their own commitments and the weight is

likewise getting heavier.

Guardians arrangement for their kids' advanced education, they may look over a

variety of assessment favored investment funds vehicles and reasoning and other

alternatives. Choices incorporate training funds arranges, instruction credits,

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derivation of instructive costs, instruction reserve funds securities, training advances

and different options. No single choice works best for everybody, except by looking

into the upsides and downsides of every option, families can pick a system that best

addresses their issues. (Beams and Briggs, 2012)

Byron Messaris (2012) said that guardians frequently see guaranteeing their

youngsters get a decent instruction with high significance. In any case, numerous

guardians are still gone up against with the truth that they have basically not set aside

enough to have the capacity to easily finance their youngsters' tertiary studies.

As indicated by MoneySense (2013) that besides taking watch over the infant's

physical needs, guardians endeavor to contribute time and vitality to assemble the

childs center values and character vital for them to grow up as mindful grown-ups and

construct a fruitful future vocation. To every single Filipino guardian, instruction stays

to be a standout amongst the most imperative needs. In view of Filipino values, this is

seen as one of the fundamental legacies or "pamana" that guardians can present on

their youngsters.

According to Melissa Batai (2012) extracurricular exercises can help a youngster's

physical and social advancement. They can figure out how to act as a part of a group,

enhance their physical perseverance, sharpen imaginative aptitudes, and increase

certainty. In addition, they can build up a deep rooted adoration for games or the arts,

which benefits them for the duration of their lives. When one considers the present

youth obesity epidemic, giving your kids an adoration for physical action can positively

affect their health for years to come. In spite of the fact that games and creative

exercises can cost guardians a considerable measure of cash, you can discover

approaches to pay less for youngsters' extracurricular exercises, and still profit. On
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the off chance that your kids partake in games programs through their school, there is

frequently no charge for cooperation. With the plenty of private associations and

gatherings for both more youthful and more seasoned youngsters, guardians regularly

pay a generous expense for their kid to play a game.

Any budgetary fear parents feel when they begin investigating after-school

exercises is reasonable. Extracurricular exercises can be eye-popping costly. There

are a considerable measure of advantages for kids who rehearse the violin or catch

fly balls, and no guardian ought to be discouraged from demonstrating their youngsters

there's a wide world past TV and tablets. Be that as it may, it's pleasant to realize what

theyre getting into monetarily when they sign theyre children up for lessons and

exercises. (Geoff Williams, 2014)

According to Andrea Cannon (2016) college is costly, and it's exclusive going to

get more costly. Educational cost keeps on climbing at a rate altogether higher than

the inflation rate. Truth be told, by and large, the expense of school pairs about like

clockwork. This implies for a youngster conceived today, once they enter school, the

school expenses will be about four times what they are presently. They can help

youngster pay for school by saving early, however before they open any records, make

certain that they understand their circumstance, and their options. The best time to

begin making arrangements for their kids instruction is from the day they are

conceived. In the event that they start saving from the very beginning, a great

assessment is to spare $250 a month for an in-state open school, $400 a month for

an out-of-state open school, and $500 a month for a private school. Similar to the

situation when sparing ahead of schedule for retirement, sparing right on time for your

youngster's training can be tremendous. Self-multiplying dividends can be their closest

companion in light of the fact that the premium that they procure at an early stage will
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likewise win enthusiasm from that point on, which can spell gigantic increases in the

event that you begin contributing early. Then again, the more they hold up to spare,

the less intrigue they will collect, and the more they should spare later on.

A huge number of various reserve funds gets ready for a youngster's training gives

a circumstance that is imperative to exploit. Time is dependably a benefit when

attempting to spare, and assessment shielded records ensure that any profit won't be

gradually consumed by the legislature. In the event that time is no more on your side,

a 529 record is for the most part better as it will accommodate the greatest duty

investment funds in the briefest length of time, without influencing their youngsters'

application for money related guide. Be that as it may, on the off chance that they

would prefer not to be constrained in their speculation choices and portfolio blend, the

529 arrangement may not be the best decision. In the event that you have a lot of time

before your kid moves on from secondary school, the ESA might be a decent decision.

On the off chance that they would prefer not to give full control to their kids, the

UGMA/UTMA records may not be the best course. Whatever they choose, ensure they

comprehend the principles of the diversion before they play. (Investopedia Staff, 2014)

Wally David (2014) said that a counterbalance account against the home loan

gives the best budgetary result regarding an ensured rate of return. Be that as it may,

in the event that they don't trust have the order to not touch the assets for the long

haul, then maybe an alternate choice ought to be considered. A venture security can

be duty compelling, give adaptability and be that different pool of cash with the end

goal of financing instruction. On the other hand, a mix of two or more choices could

work for their family. His recommendation was to begin early, work out the amount

they will require for instruction costs, the amount they should spare to arrive and after
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that select the proper reserve funds vehicle. A decent monetary organizer ought to

have the capacity to set it on the right way.

Putting something aside for school is like the learning procedure as a whole

experience as youngsters. It cumulates with heaps of little strides that take work over

a drawn out stretch of time. The craving to learn can be prodded by guardians who

read to their young kids, and later, read with their more seasoned kids. Getting

youngsters intrigued by school and animating their interest are key strides that fuel a

yearning to learn and as Jumpstart has taught us, the prior the better. (Roger Michaud,

2015)

According to Melissa Green (2015) saving cash for what's to come is one of the

considerable propensities for rich individuals. The rich is getting wealthier in light of

the way they spend their cash. They have fruitful propensities for controlling their costs

with a specific end goal to develop their riches. One illustration is Warren Buffett, one

of the worlds wealthiest. He generally works on burning through cash shrewdly.

Sparing cash does not imply that it must be cheap. They can spend their salary pay

yourself and spare first. "They should figure out how to spare first and spend a short

time later on the off chance that they need to accomplish their budgetary objective the

most critical stride is to spare first. They can't develop their riches or cash in the event

that they won't begin sparing first. Mark Zuckerberg, one of the most youthful

extremely rich people and fellow benefactors of Facebook, is extraordinary saver.

Amid their wedding, the gathering was held in their patio in Palo Alto, California as

opposed to in an extravagant five star lodging. Amid their special first night in Italy

numerous individuals saw them eating in McDonalds. This person is as yet wearing

conventional shirt to work each day. He comprehend why he works on sparing

propensities. Sparing cash is critical to him to develop his riches increasingly and
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quick. He utilize additional cash into different organizations, ventures and

procurement.

According to Annamaria Andriotis (2015) parents are having a harder efficient for

school. Less American guardians are putting something aside for school and the

normal entirety that families who are saving have collected to pay school costs has

fallen, by the report of the nation's biggest private understudy advance loan specialist

SLM, also called Sallie Mae, and statistical surveying organization Ipsos Public Affairs.

Forty-eight percent of guardians with youngsters under age 18 are putting something

aside for school this year, down from 51% a year ago and a crest of 62% in 2009, the

report says. By and large, those families that are sparing have $10,040 put aside for

school, down 25% from $13,408 in 2014. The decrease appears to come from a drop

in the aggregate sum school savers have in specific records, as per Sallie Mae and

Ipsos. Case in point, the aggregate sum the families put something aside for school in

stocks and different ventures outside of 529 school reserve funds arrangements and

retirement arrangements was $1,580 by and large this year, contrasted and $2,771 by

and large a year ago, as per the Sallie Mae-Ipsos report. Sallie Mae says it doesn't

comprehend what added to the drop yet brings up that distinctive guardians are

overviewed every yearhowever the blend of families, including their salary levels, is

the sameand that it is conceivable that the guardians studied for this present year

had littler sums in such reserve funds vehicles. The decrease in school funds likewise

mirrors a more extensive pattern in families' reserve funds. The report, which reviewed

1,988 guardians, found that their aggregate reserve funds, barring retirement stores,

fell 14% in 2015 to $98,867 from a year prior. The dollar sum reserved for school,

however down, keeps on representing around 10% of families' aggregate investment

funds, as indicated by the report. Among the individuals who are putting something
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aside for school, the vast majority of the guardians overviewed this year say they are

sparing the same sum or more than a year ago. The discoveries come as school costs

keep on rising. The normal yearly cost of educational cost, expenses and food and

lodging at private charitable four-year schools and colleges totaled $42,419 for the

current 2014-15 scholastic year, up 3.6% over a year earlier and up 21% from 2009-

10, as indicated by information from the College Board. At open four-year universities,

that figure was $18,943 for in-state understudies, up 3% and 24.3%, individually.

Guardians feel overpowered about how to put something aside for school costs, as

per the Sallie Mae-Ipsos report, with 20% of guardians putting something aside for

school and 38% of those not sparing sharing that inclination.

According to Farran Powell (2016) visiting a campus can be a great approach to

figure out whether a school is the right fit, specialists said, however it's not cheap. "You

would prefer not to spend such a great amount of cash on school visits that you are

pulling far from profitable cash that you're reserving to pay for school," says Peg

Keough, a riches counsel and originator of school arranging firm Way to the Quad,

situated in Bellevue, Washington. It's not surprising for somebody to burn through

$3,000 on travel, sustenance and hotel costs before selecting a school to go to albeit

a few families spend less, school budgetary organizers said. Experts said that

spending plan wise families can spend under $1,000 by restricting visits to less

schools and finding out about grounds inclinations by visiting universities locally.

Narrow the list of schools to reduce time and costs. One approach to lessen expenses

is to penetrate down a short rundown of more probable schools which kills over-

going to universities, says Sean Moore, organizer of school money related arranging

administration SMART College Funding situated in Boca Raton, Florida, who exhorts

keeping the rundown to under five schools.

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Medical/ Life Insurance

Life protection gives money related security to their affections ones at once they

require it most. They're delicate and reeling from the vacancy they takeoff has brought

about in their lives. Accommodating their family's money related necessities is one of

only a handful couple of things they can control with regards to an unexpected passing.

Its significant serenity and a path for their family to realize that they cherished them

enough to safeguard their future. (Hirschkorn, 2014)

As expressed by Bartholomew (2014) the most imperative reasons identified

with dealing with any wards they may have in their life, and not leaving their friends

and family with a money related weight. Consider their kids, life partner, accomplice

with whom they claim a house, and even grandparents they would abandon if

something somehow managed to transpire. Obtaining disaster protection will permit

them to unwind realizing that their wards are monetarily steady after they are gone.

Other purposes behind acquiring life coverage while theyre youthful incorporate

relieve their wards of paying for conceivable obligation theymay owe they might have

the capacity to utilize extra security as an extra reserve funds choice to leave gifts for

a most loved philanthropy or cause.

On the off chance that they are pondering beginning a family, it's a smart

thought to get ready for the sudden particularly with regards to their medical coverage.

They ought to get ready for changes in their restorative condition, work status and

medical coverage advantages. It's imperative to know the subtle elements of the

business' strategy with respect to pregnancy leave and other pregnancy-related

advantages. Businesses are not required by government law to give pregnancy-

related inability leave to their workers. Making sense of which advantages are
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pertinent to their circumstance and how they organize with each other can be dubious.

All things considered, a business doesn't bring to the table medicinal protection to its

specialists and on the off chance that it does, it can choose to renounce or confine

maternity scope. This is additionally the case with fleeting and long haul handicap

protection. Bosses are not required by government law to give pregnancy-related

incapacity leave to their representatives. (Insure.com, 2012)

The greatest factor in having life insurance is providing for those they leave

behind. This is critical in the event that they have a family that is subject to their

compensation to pay the bills. Industry specialists recommend a life coverage

arrangement ought to cover "ten times youre yearly wage." This whole would give

enough cash to cover existing costs, burial service costs and give their family a money

related pad. That pad will help them re-bunch after their demise. While assessing the

measure of disaster protection scope you require, recall to consider memorial service

costs, as well as home loan installments and everyday costs, for example, advances,

Mastercards and expenses, additionally kid consideration, and future school costs.

LIMRA, once known as the Life Insurance Marketing and Research Association, says

that if the essential worker bites the dust in a family with ward kids that family may

have the capacity to cover their everyday costs for a couple of months, and four in 10

would experience issues promptly. The two fundamental sorts of life coverage are

Traditional Whole Life and Term Life. Basically clarified, whole life is an approach they

pay on until they kick the bucket and term life is a strategy for a set measure of time.

They ought to look for the guidance of a budgetary master when arranging their

disaster protection needs. There are extensive contrasts between the two

arrangements. In choosing these two, customers ought to consider their age,

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occupation, number of ward kids and different elements to guarantee they have the

scope important to ensure their families. (Linda McMaken, 2012)

According to Mickel McCarthy (2010) a large portion of the general population

are not secured with dental protection and stress over it if issues emerge. Individuals

feel that having a dental protection is not a need to them. Be that as it may, for him it

is essential to utilize dental protection as a preventive measure. Staying aware of the

dental cleanliness and going by the dental practitioner for checkups are demonstrated

to keep the teeth and gums solid and it ought to be a reason enough to take part in a

dental protection arrangement. Protection bearers commonly pay a higher rate to the

dental specialist for cleanings and x-beams, with next to zero out-of-pocket expense

for the patient. By differentiation, when issues are identified, protection bearers more

often than not pay just around 50-60% of the bill, and the patient is in charge of the

parity. For a few techniques, this can transform into a considerable amount of cash,

so the rate paid by protection is not as supportive. In synopsis, if dental cleanliness is

kept up consistently, most tooth and gum calamities can be abstained from,

demonstrating that dental protection is cash spent astutely.

Workplace occurrences cause a colossal measure of physical, monetary and

enthusiastic hardship for individual laborers and their families. Consolidated with

deficient specialists' remuneration advantages and lacking restorative protection, work

environment wounds and ailments can bring about physical agony and enduring as

well as loss of business and wages, difficult obligation, powerlessness to keep up a

past way of life and loss of home proprietorship. At the point when executed viably,

damage and ailment aversion projects can help specialists and their families maintain

a strategic distance from these problematic and in some cases cataclysmic effects on
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their lives. In the meantime, these projects will help managers keep away from the

significant cost effects and business interruptions that go with word related wounds,

ailments and passing. One broadly referred to source with respect to assessments of

the extent of these expenses is the Liberty Mutual Research Institute, which reports

the immediate expense of the most crippling work environment wounds in 2008 to be

$53 billion. (Liberty Mutual Research Institute, 2010)

According to Kalen Bruce (2016) life protection is there to cover costs in then

occasion that they pass away the costs of the biting the dust, as well as

fundamentally the costs for their family to keep living. The main issue: on the off

chance that somebody relies on upon their pay or care, they require extra security. In

case you're single, they presumably needn't bother with extra security, unless the

above bolded line still applies to them. In case they are not single, they don't have

youngsters, and their life partner works all day also, regardless they may not require

much, assuming any, disaster protection. Once more, see the bolded line above.

Furthermore consider that it will be less expensive for them to get it now, as opposed

to later, so they might need to simply ahead and get it before they require it. They

might ponder "Imagine a scenario in which my companion stays home with the kids?"

In the above bolded sentence, it doesn't simply read " your wage," it likewise

peruses "or care." Here's what they will required for stay-at-home life partners. Extra

security for Stay-at-Home Spouses Stay-at-home life partners are extremely

important. I'll really be distributed a whole article on their quality one month from now.

As a result of this, they ought to have disaster protection on the off chance that they

are (or are hitched to) a stay-at-home companion. You'll need to figure out what they

may need to pay for, if they pass away. They can drop their protection once theyve

gained enough riches to have the capacity to cover the costs of their family, if
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something transpires. This may mean having enough for their life partner to have the

capacity to live on the interest. On the off chance that something transpires, the exact

opposite thing their life partner needs to stress over is transforming her whole way of

life. By then, their being gone is sufficiently hard on the family. On the off chance that

they can't bear to keep their way of life without them here, keep the life coverage.

When it goes to their accounts, they ought to dependably be set up for the

unforeseen, and this is the reason they required a secret stash. The best thing they

can accomplish for themeselves is plan for crises that obliged access to extra cash.

Having a just-in-case account put aside is the perfect arrangement. Budgetary crises

can come as an occupation misfortune, critical restorative costs, home or auto repairs

or something you've never longed for. The exact opposite thing they need to do is be

compelled to depend on Mastercards or an advance which could basically exacerbate

the issue. First is Delineate Your Monthly Expenses. Most money related counselors

concur that it's optimal to keep between three to six months of everyday costs put

aside in their rainy day account. This is the initial step they have to consider while

setting up their secret stash. Make sure to consider both settled and variable costs

while deciding the amount they have to set aside. The accompanying are

classifications of some altered and variable costs they have to consider: Second is

begin Accumulating Funds for their Emergency Fund. In the event that they don't have

a just-in-case account set up yet, or they think that its hard to spare cash the key is to

begin little. Aggregating one month of costs will take some time, yet in the event that

their set their prompt objectives to be little and sensible they will have a superior

opportunity to contact them. The most ideal approach to begin would presumably be

through their bank or credit union. Open up another investment account on the off

chance that they as of now don't have one and start to spare with this first. The
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following stride is to get into the propensity for making normal stores into this record.

Whether it is week by week, bi-week by week or month to month, make a calendar

and stick to it. When they make sparing programmed they won't need to consider it.

Third is set up their emergency fund savings account. They need your secret stash to

be effortlessly open whenever. They ought to begin with a bank account since it is

easy to utilize and for the most part does not cost anything. The comfort element is

what is critical while beginning. As your record develops they can discover a record

that gains sensible premium so that their cash is working for them. By taking after

these three stages, they will be well on your approach to being set up for any

circumstance that outcomes in a startling money related misfortune. Jeremy

Vohwinkle (2016)

Health care is a basic thought for any retiree. It's unavoidable that they will

require restorative treatment sooner or later amid retirement. There are two imperative

perspectives to consider in regards to restorative care: its expense and its quality. In

a few nations, for example, Malaysia, they may discover brilliant social insurance at

genuinely low expenses. Spain additionally has an astounding blend of both national

and private medicinal services suppliers. In others, for example, some Central and

South American nations, they will see that the costs are low, yet the quality may not

be decent. Likewise, check with their medical coverage supplier to see what they will

and won't cover in outside countries. (Mike Coady, 2014)

Eric McWhinnie (2014) Americans are not known for their judicious sparing

propensities. A few components, for example, stagnant wages, increasing costs, and

a general absence of money related information keep numerous individuals from

building a critical retirement fund for the long haul. Be that as it may, there are a lot of

motivations to get propelled and figure out how to spare more cash. "Reserve funds
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isn't something they do once per year, or one week out of the year. In any case,

America Saves Week gives every one of us a chance for a restored center not just on

why it's critical to spare, or to set up objectives for sparing, yet the part that investment

funds plays in helping us accomplished our individual needs and objectives," said

Nevin Adams, Director of the American Savings Education Council, in a public

statement. "America Saves Week is an extraordinary time to return to or set up those

objectives and to begin sparing, or begin sparing more." Let's take a gander at three

imperative reasons why Americans ought to spare more cash. First is saving. An

overview from Ally Bank found that sparing cash is one of the best propensities

individuals can take to build bliss. Second is for dreams. In the event that their fantasy

retirement incorporates getting out and seeing the world, theyre not the only one.

Americans need to travel and grab the advantages of making tracks in an opposite

direction from everything amid their brilliant years, however most are not sufficiently

sparing to make these objectives a reality. Finally for emergencies in the event that

they didn't see, life is loaded with shocks. On the off chance that they don't have an

investment funds pad, these amazements can rapidly transform into crises that lead

to extra obligation and an endless loop of failing to get ahead.

Retirement

Solanki (2012) expressed a few sorts of choice accessible to financial

specialists today and which one ought to be considered while making arrangements

for their retirement, for example, EPFL for pay rates people, Employee provident asset

is one of the best apparatuses for retirement arranging. This constrained speculation

will help in creating a decent measure of riches if proceeded for the working profession.
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The instruments appreciate EEE status i.e. exempted at venture, returns and

development in the event that a few conditions are satisfied. In spite of the fact that

there is liquidity window accessible to use it for different objectives, customary

commitment with no withdrawals can be exceptionally successful in meeting their

retirement objective. Next is PPF it is one of the best sparing plan accessible for

arranging long haul objectives like retirement. Since this is likewise appreciates EEE

status i.e. charge exempted at speculation of development it can create higher respect

financial specialists the choice of proceeding with the item uncertainly in square of 5

years after development helps in arranging at more youthful age. In spite of the fact

that the profits have now been connected to G-Sec of proportional development, the

item advantages make a solid point to include it in their venture portfolio

Moreover, Solanki (2013) when they are nearing retirement, they are free or

going to get free from their liabilities. They are achieving a phase where they would

have reimbursed every one of their liabilities and their kids would have begun entering

their working vocations. The greatest variables to number in this stage is their pay

which will be to crest thus theyre saving capacity will likewise be entirely high. Saving

is the standout amongst the most basic component of their budgetary arranging as it

gives them the required asset to accomplishing their all-consuming purpose. They

ought to arrange at early phase of their life and mean to have an obligation free life by

age of 65. Your advance liabilities ought to be confined and more astute not to surpass

them 2 times of their pay. For a decent monetary wellbeing no less than 10-12% funds

from their pay ought to be kept as a benchmark at all phases of their life while then

again.

The most difficult piece of parts of their work is one that a significant number of

them don't give much genuine through, which implies it is an angle that is regularly
 19

ignored. Alluding to the contention between the customer's future needs and

everything previously that blinds the customer that what those need are and how

essential it will be to them. (DiGiovanni, 2015)

The key to begin sparing and contributing as ahead of schedule as would be

prudent for your retirement. The best open door for somebody to do this is the point at

which they complete their instruction and begin an all-day work. The adjustment in pay

is typically extensive right now and it is conceivable to spare a decent rate of salary

while as yet overhauling their understudy way of life. Numerous new school graduates

have credits, however they can pay these off gradually while sparing and contributing

for retirement at the same time. Start putting at a very early stage in their profession

and it will end up being a propensity. By putting something aside for retirement when

they begin working, they will spend less cash generally speaking and figure out how

to contribute. In 30 years, their retirement record will be fit as a fiddle than the vast

majority of their colleagues. (Joe Udo, 2011)

As posted by Bell (2015) the quantity of today's specialists who are sure they'll

appreciate a protected, agreeable retirement keeps on developing while in the

meantime, their genuine readiness has all the earmarks of being declining. That is a

focal finding from the most recent yearly Retirement Confidence Survey from the

Employee Benefit Research Institute (EBRI).in expansion, based to the 2015 study,

58% of today's laborers are fairly or extremely certain about having enough cash to

live easily throughout their retirement years. That is up from 55% in 2014; be that as

it may, among specialists age 55 or more established, only 39% said that they have

more than $100,000 in reserve funds and speculations down from 42% in 2014.

According to Rebecca Lake (2016) everybody ought to have an individual can

rundown of things they'd like to do or see amid their lifetime. Since once they look their
 20

retirement, they might be prepared to check more things off and that is the place things

can get unsafe. In case they are recently resigned, the primary thing they have to do

is make sense of where they are fiscally. That implies knowing the amount of cash

they have doused dependably, what they are foreseen withdrawal rate will be and how

they costs sack up.

When choosing where to resign, an immense assortment of variables become

possibly the most important factor. These are monetary contemplations, for example,

the general typical cost for basic items and what number of moderate homes are

accessible. There are additionally way of life choice including the sort of climate they

incline toward and how close it is on their family and companions. Retirement

medicinal services expense are everywhere. In any case, expense will absolutely

ascended as they age. Their expense may change, however, contingent upon their

wellbeing, age at retirement, retirement medical advantages and different elements.

Still they can effectively work to diminish you their retirement social insurance

spending by picking a state with lower normal human services expense of retirements.

Setting in a state with more moderate therapeutic consideration by and large could

spare them a pack amid retirement. (Robert Berger, 2016)

Emily Brandon (2013) calls attention to that numerous laborers life to work past

age 65 to beyond any doubt up their retirement funds. A few representatives are going

to play a part with this with almost a third saying that emphatically bolster their

representatives contain at work after age 65 as indicated by Transamenia Center for

retirement studies and harris pol serve of 1022 business executes and 4550 laborers

at revenue driven organizations that utilizes to 10 or more specialists. Nonetheless,

representatives recognize the arrangement distinctively with under 9 quarter saying

their bosses are firmly strong of more seasoned specialists. Vast organizations with
 21

500 or more representatives are particularly liable to have a cynical perspective of

their more established specialist with 62 percent having some negative recognitions

about laborers age 50 and more seasoned contrasted with 51 percent of businesses

over all Transamerica found. The vast majority of the unfavorable ascribes were

identified with the laborer cost connected with more established representatives

including high pay rates and a greater potential for extensive social insurance and

incapacity cost

As indicated by Beth Braverman (2015) everybody has goals to go amid their

retirement whether that implies unwinding on a shoreline or climbing it is a typical

people they are contemplating their brilliant years. After all they must compensate for

all the excursion time there not talking amid their working days. Getting as particular

as could reasonably be expected about their touring arrangements won't just make

they more inclined to legitimately get ready however advise additionally rouse them to

really travers instead of simply discuss it Americans who have an investment funds

arrangement with particular objectives are almost three times as liable to spare

effectively than those without particular objectives.

According to Susan Johnston Taylor (2015) making a financial plan can help

them keep focused of your accounts yet in the event that their financial plan does

exclude every one of theirr costs then it's not as valuable as it could be. A few

representatives are lucky to have programmed retirement sparing choice through work

in actuality a characterized commitment arrangements is the fundamental wellspring

of retirement wage for workers other can select in businesses. Supported retirement

investment funds arrangement for retirement ought to be a major part if everybody's

financial plan yet for two frequently is not a need in the event that thay can begin
 22

reserve funds of montage costs clean. Theyre not youthful to need to spare as much

in the event that they hold up five years they're going to spare more every month.

As expressed by JustinRoG (2013) the way to resigning early is straight forward

precisely enough resources for asset every one of theirr costs for whatever is left of

your life. Making sense of what is sufficient and afterward sparing that sum can

challenge. The way to a fruitful early retirement is recognizing what they need to spend

and investment funds enough to have the capacity to support their coveted way of life

detail theyre following their costs now and think about what they need to do in

retirement and what it may cost. Make sense of regions where theyre spending in

retirement may contrast from their spending while working and take their present costs

and include or subtract as important in regions of spending that will change in

retirement. Sparing can be a test, one approach to defeat that test is to regard sparing

as a repeating cost. Much of the time this is less demanding to achieve when there is

an expansion in discretionary cash flow, for example, from a pay increment or change

in family status that outcome in less costs.

In terms of having a prepared budget for a business when I retired. (3.40)

Today's retirees have a craving for business, which permits them to seek after

interests and offers adaptability. Tips for beginning their own business in or close

retirement. To start with figure out if theyre thought is truly a decent business plan.

Second assess your aptitudes. Third is thinking about the time involved. Fourth is to

get great advice. Fifth is to make sense of how to back your startup. Sixth is to know

whether you need to oversee others or can deal with the separation of working alone.

Seventh is having a way out system. Eight is to utilize your expert connections. Ninth

is to grasp innovation. Tenth is to ensure your assets. Lastly is not to expect overnight

achievement. (Teresa Mears, 2015)

 23

Emily Brandon (2013) said that is amusing to envision a retirement loaded with

travel and relaxation, and their retirement years could extremely well begin that way.

Yet, later on in retirement, there's an expanding probability that they will require a lot

of social insurance administrations they will likewise need to figure out how to pay for

them. Medicare gives close all-inclusive health care coverage scope to individuals age

65 and more seasoned, however retirees still face frequently critical out-of-pocket

costs. The manners by which to spending plan for likely social insurance costs in

retirement first get ready for premiums. A great many people don't pay a premium for

Medicare Part A healing center protection. The standard month to month premium for

Medicare Part B restorative protection is $104.90 in 2013, which the vast majority have

withheld from their Social Security checks. Retirees who acquire more than $85,000

($170,000 for couples) pay higher Part B premiums. Second is suspect deductibles

and coinsurance. Medicare Part B has a deductible of $147 in 2013, after which

retirees must pay 20 percent of the Medicare-endorsed sum for some restorative

administrations. There's no yearly breaking point on the amount you may need to pay.

While yearly health visits and numerous safeguard care administrations are free, they

could bring about extra expenses if an issue is found. Third is financial plan for what's

not secured. Numerous medicinal administrations normally utilized by more seasoned

individuals are not secured by Medicare, including dentures, listening devices and

eyeglasses. Broad long haul care in a nursing home or helped living office likewise

won't be repaid by Medicare. Consider supplemental scope. Medicare Advantage and

Medigap arranges spread a large number of customary Medicare's out-of-pocket

expenses and will now and again cover extra administrations in return for a month to

month premium. "Most Medigap approaches get the cost-sharing that recipients would

somehow or another face in the event that they didn't have supplemental scope," says
 24

Juliette Cubanski, a Medicare strategy expert at the Kaiser Family Foundation. "For a

generally high premium, they get the genuine feelings of serenity that the Medigap

approach will pay the out-of-pocket bills they bring about as a Medicare recipient, as

opposed to paying 20 percent for every administration." Fourth is to maintain a

strategic distance from punishments. In the event that they don't agree to the different

parts of Medicare on time, they could be charged higher premiums. The fifth and the

last is save an expansive sum. Individuals who don't have a sufficiently extensive

savings to set aside a fourth of a million dollars particularly for retirement medicinal

services costs are liable to spend a developing segment of their Social Security keeps

an eye on hospital expenses. "The Medicare premium bits are deducted from your

Social Security check," says Dallas Salisbury, president of the Employee Benefit

Research Institute. "For the low-and direct salary individual, that can now be an

extremely huge segment of their Social Security check."

In a flawless world, they ought to spare both for their retirement and their kid's

training. It's likewise vital to have a sizable bank account if there should arise an

occurrence of a crisis. In any case, on the off chance that they can't put something

aside to everything, the main need is to put something aside for their own future

retirement. On the off chance that their kid doesn't have enough cash for their

instruction, they can simply take out instructive advances and apply for grants. They

won't have the capacity to take out advances for your retirement, so it's imperative that

they put something aside for retirement first. (Andrea Cannon, 2016).
 25

Theoretical Framework

This study is tied down in the hypothesis of Bodie, Treussardand Wille (2016)

on the Theory of LifeCycle Savings it expresses that the utilization of nancial

resources as an intend to exchange utilization from purposes of an individual's life

cycle when utilization is of moderately low esteem to focuses when utilization is

generally more important. The ideas of the life-cycle display that are straightforwardly

important to the act of life-cycle arranging which the thought of a lifetime spending

imperatives the significance of unforeseen cases in life-cycle arranging and the

exchange off Imposed by shifting expenses of utilization over one's lifetime with the

part of unsafe resources and resource portion over the life cycle they perceive the

multifaceted nature of life-cycle arranging and the pertinence of money related

contacts at the individual level, and, as needs be, they contend that it is the part of

particular firms to design and convey life-cycle items that address the issues of family

unit. The life-cycle model, lets us know the amount to spare or get and how to

contribute any reserve funds today as well as later on and the amount they ought to

pull back in retirement. That arrangement may likewise rely on upon possibilities along

the high-salary way, or they might need to spare more along a way of weakness, that

might need to pull back less to get ready for high bills.

There are three standards in life-cycle and utilization decision first rule is focus

not on the nancial arrangement itself but instead on the consumption prole that it

infers. It is easy to calculate consumption, as it equals income less savings during

working years, and withdrawals less health expenses in retirement. Second view is

monetary resources as vehicles for moving utilization from one area in the life cycle to

another. They needed to expand utilization in youth by lessening saving in youth and

leaving the sum spared unaltered in prime earning years, or they can exchange
 26

utilization from retirement to youth by diminishing sparing in youth and bringing setting

aside in middle age, they can exchange utilization from prime acquiring years to youth.

The third and last is that a money is more profitable to an investor in circumstances

where utilization is low than in circumstances where utilization is high. In money

related arranging takes after specifically from Principle 2 that under specific conditions,

family unit utilization over the life cycle depends completely on the present marked

down estimation of lifetime wage and not on the development of salary itself. All the

more specically, assume two speculators each have some nancial riches

furthermore expect some surge of work salary over their staying working lives.
 27

Conceptual Framework

The figure shows the conceptual framework of the study. The framework

illustrates Savings Practices of Tricycle Drivers in Boulevard, Davao City. The

moderating variable is Profile of the customers, under the Profile is Age, Monthly

Income and Civil Status. The main variable are Education of Children, Medical/ Life

Insurance and Retirement.

MAIN VARIABLE

Saving Practices

Education of children

Medical/Life Insurance

Retirement

PROFILE
Age

Monthly Income

Civil Status

Figure 1. Conceptual Framework of the Study

 28

Significance of the Study

The outcome of the study will beneficially of the following:

Local Government Unit (LGU). A pillar of proper financial management and to

recognize the importance of the long-term financial planning.

Households. In order for them to know the importance of savings money and how to

handle the circumstance that people encountered.

Students. Can benefit on this study since they can acquire knowledge on how to

prepare their finances and proper allocation of it in the future.

Researcher. It will serve reference material.

Speaker. As the one who conducts orientation can share the idea of the study.

Definition of Terms

Savings Practices it is the stage which an individual has to perform savings action

in order to stable the financial condition in terms of allocation the funds into his/her

different fields of needs

Tricycle Driver they are the hard working people who do not acquired any pre-need

plan from insurance company.

 29

Chapter 2

METHOD

This chapter presents the research methodology use in concluding the study,

specifically, the research design, research respondents, research instruments, data

gathering procedures and the statistical treatment of data.

Research Design

The researchers employ the descriptive survey method in the study. Descriptive

survey method research, participants answer questions administered through

questionnaires. After the participants answer the questions, researchers describe the

response given; in order for the survey to be both reliable and valid it is important that

the questions are constructed properly. Questions should be written so they are clear

and easy to comprehend. Research involves collecting data in order to test hypothesis

or to answer questions concerning the current status of the research subjects, and it

aims to determine the saving practices of tricycle drivers in Boulevard, Davao City.

Since the present study is concerned about the savings practices of tricycle drivers,

the descriptive survey method is the most suitable method to use.

Joseph F. Hair (2011) data to be collected, how it will be collected and analyzed

thus summarizes the steps that will be taken to achieve the research objectives to

describe the savings practices of tricycle drivers in Boulevard, Davao City.

Research Respondents

The respondents of this study are the tricycle drivers that are members of the

TRABUCODA Association in Barangay 76-A Trading Boulevard, Davao City.

 30

Research Subject

The focused of this study is on the Saving Practices of Tricycle drivers in

Boulevard, Davao City in term of their needs such as education for their children,

medical/ life insurance and retirement in association of their personal finances among

these needs. The researchers will select 30 tricycle drivers that are single or married.

These selected non-plan holders gave relevant information about their Saving

Practices.

Research Instrument

The researcher will use a self-constructed questionnaire on the Saving

Practices of Tricycle drivers in Boulevard, Davao city. The questionnaire used Likert-

scale form shown below:

Scale Ranged Descriptive level Interpretation

Indicates that the low supervision

relating to Savings Practices in the item
1 4.5 - 5.0 Very Highly Prepared is very well.

Indicates that the low supervision

relating to Savings Practices in the item
2 3.5 - 4.49 Highly Prepared is much practiced and is relatively
evident.

Indicates that the low supervision

relating to Savings Practices in the item
3 2.5 - 3.49 Moderately Prepared is much practiced and is often observed.

Indicates that the low supervision

relating to Savings Practices in the item
4 1.5 - 2.49 Low Prepared is much practiced and is not so much
evident.
Indicates that the low supervision
relating to Savings Practices in the item
Very Low Prepared
5 1.0 - 1.49 is not practiced or nonexistent.
 31

Data Gathering Procedure

The following steps were undertaken in gathering the significant data for study:

1. Permission to conduct study. The researcher prepared a letter and was

approved by the president of the TRABUCODA Association to conduct a

research on the Tricycle drivers in Barangay 76-A Bucana Boulevard, Davao

City.

2. Administration question are upon validation and approval the questioners were

disseminated to each tricycle drivers with the researcher guidance for

assistance in answering a question.

3. Collection of data. The questionnaires were collected after the respective

respondent had answered and the researchers checked to ensure that all items

were filled up and to ensure validity of answers then it was encoded to the

computer for the statistical treatment.

Statistical Treatment of Data

The data that will be collected through distributing the questionnaires is tail,

tabulate and interpret accordingly. The following statistical treatment is use in the

analysis of the gathered data. Frequency and percentage category is use as a tool to

analyze the data on the profile and saving practices of tricycle drivers in Boulevard,

Davao city such as frequency, percentage and mean.

Mean. This tool is use to analyze the data on significant difference in the level

of Savings Practices of Tricycle drivers in Boulevard, Davao city when analyzed in

terms of their profile.

 32

CHAPTER 3

PRESENTATION AND ANALYSIS OF FINDINGS

In this chapter, the data gathered from the members of the TRABUCODA, a

group of tricycle drivers in Barangay 76-A Bucana Boulevard, Davao City in relation to

the research objective. This chapter discusses the result of the semi-structured

questionnaire responded by 30 participants. Before the initiation of the research study

the significance, rationale and purpose of the study were provided respondents.

Furthermore, the respondents have also been given the assurance that all the data

they will give are used for the purpose of the research and the identities of the

respondents will be confidential. The objective is to determine if there is a relationship

between the profiles of the respondents on their saving practices.

The conduct of this study entails a detailed account of the profile of the

respondents. It is assumed that the attributes of the respondents have no connection

with their behavior and answers on the survey questions. On particular significance to

the achievement of the goals and objectives of the study- which is to be instrument of

analysis of the institution to gauge where it is now heading, thus what changes to be

made and it will be able to answer the research question.

 33

TABLE 1

PROFILE OF THE RESPONDENTS BY AGE, MONTHLY INCOME & CIVIL

STATUS

Indicator Frequency Percentage

Age

16-20 3 10%

21-24 3 10%

25-28 7 23%

29-32 above 17 57%

Total 30 100%

Monthly Income

5,000-8,000 7 23%

8,000-11,000 15 50%

11,000 above 8 27%

Total 30 100%

Civil Status

Single 6 20%

Married 24 80%

Total 30 100%

Shown in Table 1 is the data profile of the respondents. The respondents

answered the questionnaires given by the researchers in a quantitative manner.

Specifically, the profile of the respondents are as follows: Age, Monthly Income and

Civil Status.
 34

The number of respondents are 30, all male. The table shows first the age range

of the respondents. Fifty seven percent (57%) of the respondents were 29-32 years

old and above. Twenty three percent (23%) of the respondents were between 25-28

years old. The age ranging 16-20 and 21-24 have the same percentage, ten percent

(10%). Based on the gathered data it shows that majority of the tricycle drivers who

are members of the TRABUCODA were adults. In relation of the age bracket of the

respondents the researcher could presume that in the said percentage, a nominal

number could be among the young adult members of the TRABUCODA.

Table 1 also shows the monthly income of the respondents. Fifty percent (50%)

of the respondents earns 8,000-11,000 a month. Twenty seven percent (27%) do

earns 11-000 and above every month and as for the remaining twenty percent (27%)

they earns 5,000-8,000 a month. Based on the figure, the dominated monthly income

of the respondents are 8,000-11,000 a month. Based on collated questionnaires, half

of the respondents earns 8,000-11,000.

Aside from age range and monthly income Table 1 also shows the civil status

of the respondents. Eighty percent (80%) of the respondents are married while the

remaining twenty percent (20%) are single. The respondents were asked for their civil

status and the report shows 80% of them are married and 20% are single. This is due

to the large number of the adults in the sample as compare to those who are young.
 35

TABLE 2

SAVING PRACTICES OF TRICYCLE DRIVERS IN TERMS OF EDUCATION

EDUCATION MEAN DESCRIPTION

1. Prepared enough budget for the education of my children. 3.37 Moderately

Prepared

2. Prepared budget for their tuition fees until tertiary level. 3.67 Highly Prepared

3. Prepared budget for their extracurricular activities. 3.30 Moderately

Prepared

4. Prepared a budget for college tours. 3.27 Moderately

Prepared

5. Prepared budget for their monthly allowance. 3.33 Moderately

Prepared

OVERALL MEAN 3.39 MODERATELY

PREPARED

There were 30 respondents in the study. There were 30 floated making the

retrieval rate 100%. The research ties to determine if there is a significant relationship

between saving practices of tricycle drivers and to the level of education among the

tricycle drivers, level of medical/life insurance among the tricycle drivers and lastly to

the level of retirement among the tricycle drivers.

Table 2 shows the saving practices of tricycle drivers in terms of education. As the

study tries to determine the level of education among the tricycle drivers. Particularly

in the area of where the tricycle drivers prepared budget for the tuition fees until tertiary

the respondents said that they are highly prepared (3.67). According to Byron

Messaris (2012) the guardians frequently see guaranteeing their youngsters get a

decent instruction with high significance. In any case, numerous guardians are still
 36

gone up against with the truth that they have basically not set aside enough to have

the capacity to easily finance their youngsters' tertiary studies.

In terms of preparing enough budget for the education of their children the

respondents said that they are moderately prepared (3.37). As indicated by

MoneySense (2013) that besides taking watch over the infant's physical needs,

guardians endeavor to contribute time and vitality to assemble the childs center values

and character vital for them to grow up as mindful grown-ups and construct a fruitful

future vocation. To every single Filipino guardian, instruction stays to be a standout

amongst the most imperative needs. In view of Filipino values, this is seen as one of

the fundamental legacies or "pamana" that guardians can present on their youngsters.

On the other hand, in the area of preparing budget for the monthly allowance the

respondents said that they are moderately prepared (3.33). According to Mark Canlas

(2014) for some guardians, the subject of the amount of school stipend if they give

their kids is a waiting one. By PhilStar.com's calculation, guardians could spend any

place amongst P25,000 and P30,000 (processed at three times each week of classes

for 18 weeks of two semester at P250 recompense per school year) College school

understudies regularly get P150 to P250 (barring transport stipend) every day.

Understudies from elite schools like Ateneo and DLSU get where encompassing spots

to eat have a tendency to be more costly get higher recompense. The remittance

covers P50 to P100 for lunch, P30 to P50 for merienda, P20 all things considered for

photocopies, and P50 to P80 for school prerequisites like printing, purchasing pens,

etc. The recurrence of giving the recompense is another issue. Understudies who live

with their folks generally get their stipends every day or week by week. Understudies

who move to concentrate far from their homes get theirs week by week or month to

month. Consider the expense as far as time and exchange charges when choosing
 37

the recurrence of remitting recompense for youngsters who live far from home. It is a

smart thought to show kids planning aptitudes as right on time as when they are

secondary school. There is nothing more genuine than the torment of a protesting

stomach to show them about taking care of their accounts well.

In addition, in the area of preparing budget for the extracurricular activities the

respondents said that they are moderately prepared (3.30). According to Melissa Batai

(2012) extracurricular exercises can help a youngster's physical and social

advancement. They can figure out how to act as a part of a group, enhance their

physical perseverance, sharpen imaginative aptitudes, and increase certainty. In

addition, they can build up a deep rooted adoration for games or the arts, which

benefits them for the duration of their lives. When one considers the present youth

obesity epidemic, giving your kids an adoration for physical action can positively affect

their health for years to come. In spite of the fact that games and creative exercises

can cost guardians a considerable measure of cash, you can discover approaches to

pay less for youngsters' extracurricular exercises, and still profit. On the off chance

that your kids partake in games programs through their school, there is frequently no

charge for cooperation. With the plenty of private associations and gatherings for both

more youthful and more seasoned youngsters, guardians regularly pay a generous

expense for their kid to play a game.

Finally in the area of preparing budget for college tours respondents said that

they are moderately prepared (3.27). According to Farran Powell (2016) visiting a

campus can be a great approach to figure out whether a school is the right fit,

specialists said, however it's not cheap. "You would prefer not to spend such a great

amount of cash on school visits that you are pulling far from profitable cash that you're

reserving to pay for school," says Peg Keough, a riches counsel and originator of
 38

school arranging firm Way to the Quad, situated in Bellevue, Washington. It's not

surprising for somebody to burn through $3,000 on travel, sustenance and hotel costs

before selecting a school to go to albeit a few families spend less, school budgetary

organizers said. Experts said that spending plan wise families can spend under $1,000

by restricting visits to less schools and finding out about grounds inclinations by visiting

universities locally. Narrow the list of schools to reduce time and costs. One approach

to lessen expenses is to penetrate down a short rundown of more probable schools

which kills over-going to universities, says Sean Moore, organizer of school money

related arranging administration SMART College Funding situated in Boca Raton,

Florida, who exhorts keeping the rundown to under five schools.

Generally the respondents said that they are moderately prepared with their

saving practice in terms of education. According to Mingat and Winter (2015) human

capital instruction and aptitudes is a basic weapon in the war against destitution. In

the event that poor nations are to accomplish quicker monetary development a vital

condition for lessening destitution they will require better-instructed workforces. The

perfect would be for all kids to finish nine years of fundamental training nonetheless.

A more reasonable objective would be to give general access to six years of essential

instruction, the base required for deep rooted utilitarian education and numeracy.
 39

TABLE 3

SAVING PRACTICES OF TRICYCLE DRIVERS IN TERMS OF

MEDICAL/LIFE INSURANCE

MEDICAL/LIFE INSURANCE MEAN DESCRIPTION

1. Prepared budget for sudden sickness within the family 3.63 Highly Prepared
members.

2. Prepared budget for emergencies like accident. 3.63 Highly Prepared

3. Prepared budget for maternity. 3.07 Moderately

Prepared

4. Prepared budget for natural disaster (e.g. flood, landslide 3.50 Highly Prepared
and earthquake).

5. Prepared budget for dental check-up. 3.53 Highly Prepared

OVERALL MEAN 3.47 MODERATELY

PREPARED

The saving practice of tricycle drivers in term of medical is shown in the Table

3. The respondents response on having a prepared budget for sudden sickness within

the family members and for having a budget for emergencies like accident they said

that they are highly prepared (3.63). Workplace occurrences cause a colossal

measure of physical, monetary and enthusiastic hardship for individual laborers and

their families. Consolidated with deficient specialists' remuneration advantages and

lacking restorative protection, work environment wounds and ailments can bring about

physical agony and enduring as well as loss of business and wages, difficult obligation,

powerlessness to keep up a past way of life and loss of home proprietorship. At the

point when executed viably, damage and ailment aversion projects can help

specialists and their families maintain a strategic distance from these problematic and
 40

in some cases cataclysmic effects on their lives. In the meantime, these projects will

help managers keep away from the significant cost effects and business interruptions

that go with word related wounds, ailments and passing. One broadly referred to

source with respect to assessments of the extent of these expenses is the Liberty

Mutual Research Institute, which reports the immediate expense of the most crippling

work environment wounds in 2008 to be $53 billion. (Liberty Mutual Research Institute,

2010)

In the area of having a budget for dental check-up the respondents said that

they are highly prepared (3.53). As per Mickel McCarthy (2010) a large portion of the

general population are not secured with dental protection and stress over it if issues

emerge. Individuals feel that having a dental protection is not a need to them. Be that

as it may, for him it is essential to utilize dental protection as a preventive measure.

Staying aware of the dental cleanliness and going by the dental practitioner for

checkups are demonstrated to keep the teeth and gums solid and it ought to be a

reason enough to take part in a dental protection arrangement. Protection bearers

commonly pay a higher rate to the dental specialist for cleanings and x-beams, with

next to zero out-of-pocket expense for the patient. By differentiation, when issues are

identified, protection bearers more often than not pay just around 50-60% of the bill,

and the patient is in charge of the parity. For a few techniques, this can transform into

a considerable amount of cash, so the rate paid by protection is not as supportive. In

synopsis, if dental cleanliness is kept up consistently, most tooth and gum calamities

can be abstained from, demonstrating that dental protection is cash spent astutely.

In addition the respondents were asked in terms of having a budget for natural

disaster the respondents said that they are highly prepared (3.50). When it goes to

their accounts, they ought to dependably be set up for the unforeseen, and this is the
 41

reason they require a secret stash. The best thing they can accomplish for yourself is

plan for crises that oblige access to extra cash. Having a just-in-case account put aside

is the perfect arrangement. Budgetary crises can come as an occupation misfortune,

critical restorative costs, home or auto repairs or something theyve never longed for.

The exact opposite thing they need to do is be compelled to depend on MasterCards

or an advance which could basically exacerbate the issue. First is Delineate Your

Monthly Expenses. Most money related counselors concur that it's optimal to keep

between three to six months of everyday costs put aside in their rainy day account.

This is the initial step they have to consider while setting up their secret stash. Make

sure to consider both settled and variable costs while deciding the amount they have

to set aside. The accompanying are classifications of some altered and variable costs

they have to consider: Second is begin Accumulating Funds for Your Emergency

Fund. In the event that they don't have a just-in-case account set up yet, or they think

that its hard to spare cash the key is to begin little. Aggregating one month of costs

will take some time, yet in the event that they set their prompt objectives to be little

and sensible they will have a superior opportunity to contact them. The most ideal

approach to begin would presumably be through their bank or credit union. Open up

another investment account on the off chance that they as of now don't have one and

start to spare with this first. The following stride is to get into the propensity for making

normal stores into this record. Whether it is week by week, bi-week by week or month

to month, make a calendar and stick to it. When they make sparing programmed they

won't need to consider it. Third is set up their emergency fund savings account. You

need their secret stash to be effortlessly open whenever. You ought to begin with a

bank account since it is easy to utilize and for the most part does not cost anything.

The comfort element is what is critical while beginning. As your record develops they
 42

can discover a record that gains sensible premium so that their cash is working for

them. By taking after these three stages, theyll be well on their approach to being set

up for any circumstance that outcomes in a startling money related misfortune.

(Jeremy Vohwinkle, 2016)

Lastly, in the area of having a budget prepared for maternity the respondents

said that they are moderately prepared (3.07). On the off chance that they are

pondering beginning a family, it's a smart thought to get ready for the sudden

particularly with regards to your medical coverage. They ought to get ready for

changes in their restorative condition, work status and medical coverage advantages.

It's imperative to know the subtle elements of the business' strategy with respect to

pregnancy leave and other pregnancy-related advantages. Businesses are not

required by government law to give pregnancy-related inability leave to their workers.

Making sense of which advantages are pertinent to their circumstance and how they

organize with each other can be dubious. All things considered, a business doesn't

bring to the table medicinal protection to its specialists and on the off chance that it

does, it can choose to renounce or confine maternity scope. This is additionally the

case with fleeting and long haul handicap protection. Bosses are not required by

government law to give pregnancy-related incapacity leave to their representatives.

(Insure.com, 2012)

For the overall response of the respondents they said that they are moderately

prepared (3.47) in terms of their medical/life insurance. The greatest factor in having

life insurance is providing for those they leave behind. This is critical in the event that

they have a family that is subject to their compensation to pay the bills. Industry

specialists recommend a life coverage arrangement ought to cover "ten times your
 43

yearly wage." This whole would give enough cash to cover existing costs, burial

service costs and give their family a money related pad. That pad will help them re-

bunch after your demise. While assessing the measure of disaster protection scope

you require, recall to consider memorial service costs, as well as home loan

installments and everyday costs, for example, advances, MasterCards and expenses,

additionally kid consideration, and future school costs. LIMRA, once known as the Life

Insurance Marketing and Research Association, says that if the essential worker bites

the dust in a family with ward kids that family may have the capacity to cover their

everyday costs for a couple of months, and four in 10 would experience issues

promptly. The two fundamental sorts of life coverage are Traditional Whole Life and

Term Life. Basically clarified, Whole Life is an approach they pay on until they kick the

bucket and Term Life is a strategy for a set measure of time. They ought to look for

the guidance of a budgetary master when arranging their disaster protection needs.

There are extensive contrasts between the two arrangements. In choosing these two,

customers ought to consider their age, occupation, number of ward kids and different

elements to guarantee they have the scope important to ensure their families. (Linda

McMaken, 2012)
 44

TABLE 4

SAVING PRACTICES OF TRICYCLE DRIVERS IN TERMS OF RETIREMENT

RETIREMENT MEAN DESCRIPTION

1. Prepared budget for the needs of medical check-up. 3.37 Moderately

Prepared

2. Prepared budget for medical supplements. 3.37 Moderately

Prepared

3. Prepared budget for daily household consumption. 3.90 Highly Prepared

4. Prepared budget for a business when I retired. 3.40 Moderately

Prepared

5. Prepared budget for planning a vacation of out of the town 3.07 Moderately
trip. Prepared

OVERALL MEAN 3.42 MODERATELY

PREPARED

In the Table 4 the respondents were asked on their perception in the area of

retirement their response generally were that they are moderately prepared (3.42).

The respondents said that in the area of having a prepared budget for daily

household consumption they said that they are highly prepared (3.90). As expressed

by JustinRog (2013) the way to resigning is straight forward precisely enough

advantages for asset every one of their costs for whatever remains of their life. Making

sense of what is sufficient and afterward sparing that sum can challenge. The way to

a fruitful early retirement is comprehending what they need to spend and investment

funds enough to have the capacity to subsidize they fancied way of life detail their

following the costs now and think about what they need to do in retirement and what

it may cost. Make sense of territories where their spending in retirement may vary from
 45

their spending while working and take their present costs and include or subtract as

fundamental in regions of spending that will change in retirement. Sparing can be a

test , one approach to defeat that test is to regard sparing as a repeating cost much of

the time this is less demanding to achieve when there is an expansion in extra cash,

for example, from a pay increment or change in family status that outcome in less

costs.

In terms of having a prepared budget for a business when retired they said that

they are moderately prepared (3.40). Today's retirees have a craving for business,

which permits them to seek after interests and offers adaptability. Tips for beginning

their own business in or close retirement. To start with figure out if they thought are

truly a decent business plan. Second assess their aptitudes. Third is thinking about

the time involved. Fourth is to get great advice. Fifth is to make sense of how to back

their startup. Sixth is to know whether they need to oversee others or can deal with

the separation of working alone. Seventh is having a way out system. Eight is to utilize

their expert connections. Ninth is to grasp innovation. Tenth is to ensure their assets.

Lastly is not to expect overnight achievement. (Teresa Mears, 2015)

In the area of having a prepared budget for the needs of medical check-up and

having a prepared budget for medical supplements the respondents said that they

were moderately prepared ( 3.37) each. Health care is a basic thought for any retiree

it's unavoidable and they will require restorative treatment sooner or later amid

retirement. The two imperative perspectives to consider in regards to restorative care

are its expense and its quality. In a few nations just like Malaysia, they may discover

brilliant social insurance at genuinely low expenses. Spain additionally has an

astounding blend of both national and private medicinal services suppliers. In others,

for example, some Central and South American nations, theyll see that the costs are
 46

low, yet the quality may not be decent. Likewise, check with their medical coverage

supplier to see what they will and won't cover in outside countries. (Mike Coady, 2014)

Finally, in terms of having a prepared budget for planning a vacation of out of

the town trip the respondents said that they are moderately prepared (3.07). As

indicated by Beth Braverman (2015) everybody has goals to go amid their retirement

whether that implies unwinding on a shoreline or climbing it is a typical people they

are contemplating their brilliant years. After all they must compensate for all the

excursion time there not talking amid their working days. Getting as particular as could

reasonably be expected about their touring arrangements won't just make they more

inclined to legitimately get ready however advise additionally rouse they to really

travers instead of simply discuss it Americans who have an investment funds

arrangement with particular objectives are almost three times as liable to spare

effectively than those without particular objectives.

 47

TABLE 5

SIGNIFICANCE OF RELATIONSHIP OF SAVING PRACTICES WHEN

ANALYZE BY AGE

INDICATOR AGE N MEAN SD F-test S DECISION

ON Ho

16-20 3 3.13 2.01

EDUCATION 21-24 3 3.2 0.4

25-28 7 3.09 1.18 0.16 0.922 ACCEPT

29-32 17 3.42 1.14

TOTAL 30 1.15

16-20 3 3.87 0.50

MEDICAL 21-24 3 3.13 0.58

25-28 7 3.62 0.71 0.72 0.551 ACCEPT

29-32 17 3.4 0.74

TOTAL 30 0.70

16-20 3 3.87 0.99

RETIREMENT 21-24 3 3.47 0.31

25-28 7 3.63 0.66 0.97 0.423 ACCEPT

29-32 17 3.25 0.71

TOTAL 30 0.70

Table 5 represents the significance relationship in the level of saving practices

of tricycle drivers in Trading Boulevard when analyze by age. Based on the result of

the data gathered the F-test was used to determine if there were a significant

difference in the level of saving practices of tricycle drivers when respondents were
 48

grouped according to their age. The indicators of the saving practices of tricycle driver

measured to determine if there were a significance different in the area of education

the F-test of 0.16 shows that there were no significant difference exist. In the area of

medical/life insurance the F-test value of 0.72 shows that there were no significant

difference exist. Further in the area of retirement the F-test of 0.97 shows that there

were no significant different exist.

 49

TABLE 6

SIGNIFICANCE OF RELATIONSHIP OF SAVING PRACTICES

WHEN ANALYZE BY MONTHLY INCOME

MONTHLY N MEAN SD F-test S DECISION

INCOME ON Ho
INDICATOR

5,000-8,000 7 2.6 1.59

EDUCATION 8,000-11,000 15 3.72 0.80 2.71 0.085 ACCEPT

11,000 AND 8 3.1 1.06

ABOVE

TOTAL 30 1.15

5,000-8,000 7 3.86 0.62

MEDICAL 8,000-11,000 15 3.59 0.55 4.71 0.018 REJECT

11,000 AND 8 2.92 0.75

ABOVE

TOTAL 30 0.70

5,000-8,000 7 3.71 0.40

RETIREMENT 8,000-11,000 15 3.64 0.59 7.24 0.003 REJECT

11,000 AND 8 2.75 0.69

ABOVE

TOTAL 30 0.70

Shown in Table 6 is the data with regards to the significance difference in saving

practices of tricycle drivers when analyzed by monthly income. Found in the result of

the data gathered by the researchers, the F-test was used to determine if there were

a significance difference in the level of saving practices of tricycle drivers when

 50

respondents were grouped according to their monthly income. The indicators of the

saving practices of tricycle drivers measured to determine if there were significant

difference in the area of education the F-test of 2.71 shows that there were no

significant difference exist. In the area of medical the F-test value of 4.71 shows that

there were significant difference exist. Further in the area of retirement the F-value of

7.24 shows that there were significant difference exist.

 51

TABLE 7

SIGNIFICANCE OF RELATIONSHIP OF SAVING PRACTICES

WHEN ANALYZE BY CIVIL STATUS

MONTHLY N MEAN SD F-test S DECISION

INCOME ON Ho
INDICATOR

SINGLE 6 2.97 1.61

EDUCATION MARRIED 24 3.38 1.03 0.60 0.446 ACCEPT

TOTAL 30 1.15

SINGLE 6 3.93 0.64

MEDICAL MARRIED 24 3.36 0.67 3.57 0.069 ACCEPT

TOTAL 30 0.70

SINGLE 6 3.67 0.30

RETIREMENT MARRIED 24 3.36 0.76 0.94 0.342 ACCEPT

TOTAL 30 0.70

As presented in Table 7 the F-test was used to determine if there were a

significant difference in the level of saving practices of tricycle drivers when

respondents were grouped according to their civil status. The indicators of the saving

practices of tricycle drivers measured to determine if there were significant difference

in the area of education the F-test of 0.6 shows that there were no significant difference

exist. In the area of medical the F-test value of 3.57 shows that there were no

significant difference exist. Further in the area of retirement the F-value of 0.99 shows

that there were no significant difference exist.

 52

CHAPTER 4

SUMMARY, CONCLUSIONS & RECOMMENDATIONS

This chapter will discuss the outcomes of the data being gathered and the

recommendations of this research study. The interpreted perceptions of the selected

respondents in the questionnaires will also be presented in this chapter. Based on the

data gathered and the computations obtained from the statistical treatment, the

following findings are:

Summary of Findings

The study was conducted to determine the saving practices of the tricycle

drivers in Boulevard, Davao City. The findings are summarized as follows:

1. The research was conducted to study the saving practices of the tricycle drivers

in Boulevard, Davao City. The respondents were 30 and all male. The age of

the respondents is mostly 29-32 years old and above which take a total of 57%

of the total percentage, the age 25-28 got 23 % while the age 16-20 and 21-24

got 10% each. Most of the respondents were earning 8,000-11,000 a month

which take the 50%, the 27% of the respondents earned 11,000 and above

while the remaining 23% earned 5,000-8,000. Most of the tricycle drivers are

married with a percentage of 80% and the remaining 20% are single.

2. Having prepared budget for the tuition fees until tertiary level among the tricycle

drivers has the highest mean of 3.67 in education while the budget for the

college tour of the children have the lowest mean of 3.27. In line with the

medical/life insurance having a prepared budget for the sudden sickness within

the family members and having a prepared budget for emergencies like
 53

accident got the highest mean of 3.63 while having a prepared budget for the

maternity got the lowest mean of 3.07. Lastly having a prepared budget for daily

household consumption got the highest mean 3.90 and having a prepared

budget for planning a vacation out of town trip in retirement got the lowest mean

of 3.07.

3. There is no significant relationship between the saving practices of tricycle

drivers in Boulevard, Davao City, in terms of age and civil status while in terms

of their monthly income there is significant relationship in the saving practices

on medical/life insurance and retirement of tricycle drivers in Boulevard, Davao

City.

CONCLUSION

Based on the findings the following conclusions were made.

1. The respondents age ranging from 29-32 years old and above are mostly

married and earning 8,000-11,000 a month.

2. In terms of the education of their children the respondents prepared budget

for the tuition fees until tertiary level. For their medical/life insurance the

respondents have prepared budget for the sudden sickness within the family

members and prepared budget for emergencies like accident. Lastly for the

retirement of the respondents they have prepared budget for their daily

household consumption.

3. There is no significant relationship in terms of age and civil status of the

respondents on their saving practices.

 54

4. In terms of their monthly income there is significant relationship in the saving

practices on medical/life insurance and retirement of tricycle drivers in

Boulevard, Davao City.

RECOMMENDATION

In the glow of forgoing finding and conclusions, the following suggestions were

made:

1. It is recommended to the tricycle drivers to set up a financial plan for the college

tour of their children.

2. The respondents are recommended to secure a financial plan for maternity.

3. A vacation once in a while is recommended to the respondents. It is not

necessary to have a vacation somewhere far as long as you relax and enjoy.

4. For the future researchers to do more further study about the saving practices

of the tricycle drivers in Boulevard, Davao City as well as in different places in

order for them to be aware about the significance of having a readied spending

plan for the future.