Awareness and willingness to avail retirement insurance plan of Overseas Filipino Workers in selected areas of Cavite / by Antoinette R. Limbag, Princess Elaiza C. Malanao and Erci G. Moran.

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), Department of Management

LIMBAG, ANTOINETTE R., MALANAO, PRINCESS ELAIZA C., MORAN, ERCI G. Awareness and Willingness to Avail Retirement Insurance Plan of Overseas Filipino Workers in Selected Areas of Cavite. Undergraduate Thesis. Bachelor of Science in Business Management, major in Financial Management. Cavite State University, Indang, Cavite. December 2019. Adviser: Ms. Princess M. Feliciano.
The study was conducted from August to November 2019 in the selected areas of Cavite, namely: Dasmarinas City, Tanza, Imus City, Bacoor City and General Trias, City. Mainly, the study was to identify the awareness and willingness to avail retirement insurance plan of selected Overseas Filipino Workers. Specifically, the study has also aimed to: (1) determine the socio-economic profile of the OFWs; (2) determine the source of awareness of the participants regarding retirement insurance plan; (3) assess the level of awareness of the participants regarding retirement insurance plan; (4) determine the level of willingness of the participants to avail a retirement insurance plan; (5) determine if there is a significant difference between the awareness of OFWs towards retirement insurance plan when grouped according to their socio-economic profile; (6) determine if there is a significant difference between the willingness of OFWs to avail retirement insurance plan when grouped according to their socio-economic profile; and (7) determine if there is a significant relationship between awareness and willingness of OFWs in availing a retirement insurance plan.
The descriptive, comparative, and correlational research design were employed in this study. Primary data were collected through survey questionnaires with 165 OFWs in selected areas of Cavite. Frequency counts, percentages, range, mean, standard deviation were used for the profile of the participants. Majority of the respondents are young adults, females, married, college graduates, with three dependents, have a temporary employment status, working abroad for zero to four years, with a monthly income of P21,000 to P40,000, have no other sources of income, and consider 46 to 50 and 56 to 60 as their desired retirement age. Most of the participants chose their friends, social media sites, and their family and relatives as the main source of their awareness towards retirement insurance plan.
Using five-point Likert Scale, the level of awareness and willingness to avail retirement insurance plan were measured. OFWs were moderately aware of the features and benefits of retirement insurance plan and they were somewhat willing and interested to avail retirement insurance plan. Their willingness to vail retirement insurance plan was measured by four factors such as monetary capability, personal preferences, reliability of insurance companies, and accessibility and services offered by insurance agents. The significant difference in awareness and willingness when grouped according to their socio-economic profile were obtained through the use of Kruskal-Wallis H Test and Mann-Whitney U Test. The study found out that there is no significant relationship between awareness and willingness to avail retirement insurance plan when the respondents were grouped based on their socio-economic profile except for the number of dependents. It was proven that the willingness of Overseas Filipino Workers is on its highest when they have no dependents. As the main objective of the study was to identify if there is a significant relationship between awareness and willingness to avail retirement insurance plan, with the use of Spearman's Rank Order Correlation, it was confirmed that there is a moderate positive correlation and significant relationship between the two variables. As the level of awareness towards retirement insurance plan increases, the level of Overseas Filipino Workers to avail retirement insurance plan also increases

Submitted to the University Library 02/19/2020 T-8708