INTRODUCTION

While everyone is trying to recover financially from the aftermath of

COVID-19, interests towards financial well-being are thriving rapidly.

Unfortunately, despite previous efforts, governments and researchers around

the world are still in quest of understanding financial well-being and have

recognized the urgency to address the issue with the goal to formulate

national strategies that could alleviate the financial well-being of their people

(Mahendru 2021, p.46). In terms of the agricultural industry, however,

research shows that during the transition of farmers to retirement, they face

several barriers and stressors in planning their retirement which if left

disregarded, could bring significant implications to their health and wellbeing

(Fletcher et al 2023, p.56). On top of that, farmers are also vulnerable to

financial pressure as they are most likely to experience insufficient/irregular

cash flow but high input costs, taxes, and debt (Daghagh et al 2019, p.49).

This actively demonstrates that people including farmers face a financial

strain, which according to Zia-ur-Rehman et al (2021, p.69), is caused by

unhealthy financial well-being that affects the individual, their family, and

society.

Considering the constant growth of the world’s population, people of all

statuses need to plan their personal finances to be able to have increased

financial well-being both in the present and future, especially retirement

(Riitsalu and Murakas 2019, p.2). Study of Sabri et al (2020, p.40) claimed

that stability in financial well-being is essential because it influences the

efficiency of an organization. They clarified that factors of financial well-being

such as wise expenditure pattern and savings account balance strengthens

the employee’s mental and physical well-being which helps them to perform

their duties and enhance the work environment at large. Similarly, the study of

Iannello et al (2021, p. 35) shows the importance of improving one’s financial

well-being since it is related or contributes to the overall subjective and

psychological well-being.

This study is anchored in the theory of planned behavior of Ajzen

(1991, p.181) which suggests that perceived behavioral control influences the

intention of an individual to do a certain action. Hence, good financial

behavior, if pursued, contributes to financial well-being. The study of Selvia et

al (2020, p.1) also determined that financial behavior along with financial

knowledge and financial inclusion have a strong positive effect on financial

well-being. Furthermore, the result obtained by Younas et al (2019, p.1) in

their study shows the strong impact of financial behavior towards financial

well-being. It is deemed to be stronger than the impact of other financial

variables used in their study such as financial literacy and self-control.

In fact, “it is necessary to ensure a better orientation about financial

behavior towards improving financial well-being” (Rahman et al 2021, p.12).

They have concluded that a high degree of financial behavior is the key

predictor of increased financial well-being that can be done through

maintaining a balance between monthly income and expenses, paying bills on

time and considering savings buffers. However, based on the informal

interview performed by the researchers among some farmers in Mabini,

Davao de Oro, paying bills on time and saving are some of their challenges.

They also added that they are having a hard time in matching their income to

their expenditures which pushes them to sometimes disregard this dilemma.

This might result in decreased financial well-being because financial behavior

is essential in identifying the person’s capability in improving their financial

well-being (Megananda & Faturohman 2022, p.214). Hence, the conduct of

this study is necessary to understand the possible implications of bad financial

behavior towards the financial well-being of the farmers in Mabini, Davao de

Oro.

Given that there is only limited understanding on how important it is for

farmers to have increased financial well-being, this study aims to determine

the importance of financial behavior and financial well-being of high-value

crops farmers in Mabini, Davao de Oro. Therefore, the future success of this

research endeavor will benefit the farmers by contributing knowledge about

good financial behavior that could possibly affect their financial well-being.

The government and other responsible authorities could somehow ponder

ideas in developing programs with the goal to improve the financial well-being

of farmers. Since financial well-being can influence efficiency, it might also

increase the productivity of the farmers which greatly affects the economy.

Moreover, as the increasing attention towards the subject of financial well-

being continues, this study will contribute ideas and relevant sources to the

interested future researchers. Consequently, researchers of this study aim to

assess the level of financial behavior in terms of cash, credit and saving, and

the level of financial well-being in terms of buying behavior, perception of

current finances, perception of financial future and attitude toward long term

care insurance of high-value crops farmers in Mabini, Davao de Oro. Also, to

ascertain if there is a significant relationship between financial behavior and

financial well-being. Lastly, to identify if there is significant influence between

financial behavior and financial well-being of the above-mentioned participant.

Therefore, the null hypothesis of the study will be measured at 0.05

level of significant correlation, which will state that there is no significant

relationship between financial behavior and financial well-being. Lastly, there

are no domains of financial behavior that have a significant influence on

financial well-being.
 METHOD

Research Participants

         Farmers who are involved in growing high-value crops such as

coconut, corn, cavendish, cardava, latundan, lakatan, lanzones, durian,

coffee, mango, abaca, cacao, rubber, rambutan, mangosteen, vegetables,

and rice will receive the survey questionnaire. A sample data of 374

respondents were acquired through the usage of Raosoft Online calculator

out of the original population of 13, 212. The participants, who have been

farming for three years or more and are of middle age, are identified since

they are listed in the data collected by the Department of Agriculture in Mabini

Davao De Oro. Farmers who aren’t residing in the said area of interest will be

excluded. Simple random sampling method will be utilized as the sampling

method to gather the data. Simple random sampling is a sampling method

that ensures that each member of a population has an equal chance of being

chosen as a respondent Thomas (2020, p.6). With the information gathered

from the Department of Agriculture, the researchers will choose a sample of

research participants.

Research Material and Instrument

         To be able to collect the data necessary to back up the study, the

researchers will use adapted and modified research questionnaires. The

adapted and modified research questionnaire used for the dependent variable
was acquired from the research of Malone et al (2009, p.70). While the

adapted and modified research questionnaire used for the independent

variable was acquired from the research of Xiao et al (2008, p.60). Both the

survey questionnaire for independent and dependent variables incorporates

or adapts the Five-Point Likert scale.

Research Design and Procedure

         This study employs quantitative non-experimental research design

utilizing correlational techniques to measure and examine the association of

financial behavior and financial wellbeing among farmers. Quantitative data is

based on precise measurements using structured and validated data-

collection instruments and involves statistical reports with correlations,

comparisons of means, and statistical significance of findings (Johnson et al

2008 p.34.). Moreover, correlational quantitative research study determines

the relationship between variables. A correlation shows how strong the

direction of the relationship between two variables are, whether the correlation

can be positive or negative.

         The researchers will inquire the following before starting the data

collection, by a formal letter signed by the research coordinator, dean, and

research adviser, approval is granted to carry out the study and request the

subject's involvement. The letters will be used by the researchers to conduct a

study on the responders by sending out printed survey questionnaires after

gaining approval. The respondents' free time was taken into consideration

when administering the survey and the data provided from the respondents
during the survey will be assured and kept confidential. The researchers will

personally hand questionnaires to the participants. The survey participants will

then be asked to respond by checking the appropriate box on the survey form,

and the researchers will then enter those responses into Google Forms.

Eventually, the data gathered from the survey will be collected and statistically

analyzed by the researchers. Lastly, the study’s statistical tool will be utilizing

“mean” to ascertain the level of financial behavior and financial well-being.

Furthermore, this study will be utilizing “pearson-r” as a statistical tool to

determine the significant relationship between variables. And, “regression

analysis” will be used as the statistical tool to identify the most pertinent

indicators that may contribute to the financial behavior and general well-being

of farmers in Mabini, Davao del Oro.

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