Financial anxiety and coping strategies of middle-class households in Trece Martires City Cavite amidst COVID-19 pandemic / by Jesley L. Ambunan, Jane Glea M. Baroña and Noriefe P. Diano.

Thesis (Bachelor of Science in Business Management major in Financial Management) Cavite State University

Includes bibliographical references.

College of Economics, Management and Development Studies (CEMDS)

AMBUNAN, JESLEY L., BAROÑA, JANE GLEA M., DIANO, NORIEFE P. Financial Anxiety and Coping Strategies of Middle-Class Households in Trece Martires City Cavite amidst COVID-19 Pandemic. Undergraduate Thesis. Bachelor of Science in Business Management major in Financial Management. Cavite State University, Indang, Cavite. August 2022. Adviser: Ms. Danikka A. Cubillo.

As the COVID-19 peaks, many become worried about their financial future, and financial hardship was felt by individuals and households. Numerous people suffer from job loss or retrenchment, reduced income, and other financial problems associated with increased financial anxiety levels (International Labor Organization, 2020). The overall objective of this study was to determine the significant relationship between financial anxiety and coping strategies of middle-class households in Trece Martires City, Cavite amidst COVID-19 pandemic. The study was conducted from September to December 2021 in Trece Martires City, Cavite. Descriptive and correlational research design were used in this study. Using an adapted questionnaire, data were collected from the 100 participants in Trece Martires City, Cavite whose monthly household income ranges from and between PhP 50,000 up to PhP 100,000 which were chosen using the quota and purposive sampling. The results of this study were summarized using quantitative research and descriptive statistics. Based on the data gathered, participants were limited to female and married with ages 40 to 44 years old who attained bachelor's degree and were working in private sector with a PhP 50,000-PhP 55,000 estimated monthly household income. Meanwhile, the level of financial anxiety in terms of finances and debt were interpreted as both average financial anxiety and the coping strategies as to approach coping and avoidant coping were interpreted also as both good coping strategies. Additionally, the most common coping strategy used by middle-class households under approach coping was active coping (1 and 3) while the least coping strategy used was use of informational support (4 and 11). Furthermore, the most common coping strategy used by middle-class households under avoidant coping was self-distraction (1 and 14) and the least coping strategy was substance use (3 and 7). Lastly, the result of the Spearman's rank correlation found that there is a strong "significant inverse relationship" between middle-class household's financial anxiety as to finances and debt and coping strategy as to avoidant coping. This study suggests that it is high time to include middle-class households in policy making since they are also an important part of the community. Social financing programs in form of subsidies can be formulated that focuses on addressing the financial anxiety of middle-class households.

Submitted copy to the University Library. 10/17/2022 T-9192