Dealing with household finance : a study on coping strategies in times of COVID-19 of middle-class families from Trece Martires City, Cavite / by Jessa Lyn B. Cabael, Vhe Arr S. Evangelista, Mica Anne Faye G. Monteza and Arl Joseph L. Reyes.

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).

CABAEL, JESSA LYN B., EVANGELISTA, VHE ARR S., MONTEZA, MICA ANNE FAYE G., and REYES, ARL JOSEPH L. Dealing with Household Finance: A Study on Coping Strategies in Times of COVID-19 of Middle-Class Families from Trece Martires City, Cavite. Undergraduate Thesis. Bachelor of Science in Business Management major in Financial Management. Cavite State University, Indang, Cavite. August 2022. Adviser: Ms. Jemmalene O. Viado.

The pandemic has suppressed more than a million Filipinos, as the whole country has been put under enhanced community quarantine to prevent the transmission of the deadly virus. Significantly, the lockdown has revealed facets of a middle-class lifestyle that could probably go unnoticed. Most of these households have already been seriously affected by the economic downturn and work stoppage. They might be small businesses or workers, but their income and profit could not sustain their activities. The study was conducted to identify the coping strategies of middle-class families in terms of dealing with households' finance since the pandemic intervention. In detail, the study aimed to: (a) determine the household profile of the middle-class families in terms of household size, household income, household members currently working, civil status, and employment status; (b) Ascertain the different coping strategies applied by middle-class families to manage the challenges brought by coronavirus pandemic in terms of income, spending, savings, investing, and protection; (c) Determine the factors that influence the middle-class families from to adapt the coping strategies in times of covid-19, in terms of personal condition, and economic condition; (d) and determine how these coping strategies affect the way the middle-class families from Trece Martires City, Cavite handle their finances. The study was carried out in Trece Martires, City, Cavite, from March 2021 until January 2022. The participants were middle-class families with a maximum of 5 members per family with a total household income ranging from 19,040 to 114,240 pesos per month. Primarily, the study unfold that most participants belong to a household size of
4 to 5 members per family; monthly income ranges from 19,040 to 38,080 pesos; 1 to 2 household members currently working. Most participants were married and were full- time employed. Since the pandemic started, middle-class families experienced a decrease in their income because of job loss or cannot go out to earn a living; and those participants who had not seen their salary drop reported saving money by producing or selling essential goods. Asking for help from friends or family members and starting a business related to the current climate, adapting to the situation are often practiced to supplement income. Significant findings of the study revealed that the coping strategies observed and applied by middle-class families had been seen to affect their spending habits in a positive way where they could spend less and save more than usual before the pandemic. Though their income decreased, they still adapted to the changes brought by the pandemic and applied some coping strategies to deal with it. Actions taken by the middle-class families to adopt the coping strategies help them spend less than income to maximize its use in income-generating means, where proportionately, it shows that they saved less than 5,000 pesos. The study is still in need of comprehensive and extensive research as it mainly concentrated on how middle-class families reacted to their spending patterns since the beginning of the pandemic in terms of the financial aspect. Mainly, for the respondents of the study, the middle-class families, it is recommended that the latter should focus more on different income-generating means. In particular, this could be investments such as real estate, stocks, and mutual funds that, even in just a tiny amount of capital, a potential amount of significant earnings can be expected to benefit them in the future. As stated by Kholia in 2020, middle-class households' net worth will probably fall; thus, customers' consumption would expectedly fall off.

Submitted to the University Library 10/24/2022 T-9101