Financial Management Practices Among Sari-Sari Store Owners in Selected Barangay in Padada, Davao del Sur

Sari-sari stores are important in our local communities; however, many SMEs face challenges managing their finances. This struggle holds them back from expanding, competing with bigger businesses, and ultimately, from contributing even more to our overall economy. This study aimed to determine the financial management practices of sari-sari store owners in selected barangays in Padada, Davao del Sur. This quantitative study employed a descriptive-comparative research design and utilized an adapted standardized questionnaire gathered from 168 respondents. The study looked at the demographic profiles of the respondents. It also evaluated how well they manage their finances and examined the differences based on age, educational attainment, gender, years in business, capital, and funding sources. The results indicated a high overall level of financial management among the respondents, with financial planning receiving the highest average score. Moreover, significant variations in these practices were observed in the demographic profile of the store owners, although no significant differences were identified concerning the years of operation. The study concluded that factors like education, age, and access to financial resources impacted financial behaviors. Thus, the researchers recommended enhancing financial literacy initiatives, especially for younger and less educated store owners, and called for future research to cover a wider geographic and methodological range.