Financial Literacy in Relation to Well-Being of the Beneficiaries of Sustainable Livelihood Program (SLP)

This study examines the relationship between financial literacy and the well-being of the beneficiaries of Sustainable Livelihood Program (SLP) in the Philippines. Financial literacy is defined as the ability to understand and effectively use financial knowledge, including budgeting, saving, debt control, and informed decision-making. Recognizing that well-being is multidimensional, encompassing physical, emotional, psychological, and social aspects, this study investigates the impact of financial literacy on these domains. The study employed a descriptive-correlational design. Out of 800 SLP members, 100 respondents were chosen by random quota sampling. The data was collected using the level of financial literacy and well-being questionnaire which were created by the researcher. The acquired data was analyzed using mean and pearson-r correlation. The result showed that the beneficiaries level of financial literacy possessed a high degree especially in the areas of budgeting and planning. The beneficiaries well-being was generally good in the physical, psychological, emotional and social dimensions. Level of Financial literacy and well-being were found to be positively correlated, particularly in budgeting and planning with the overall well-being. The beneficiaries with stronger financial literacy reported reduced financial anxiety, better physical resource management, enhanced self-worth, and healthier social interactions. These findings underscore the vital role of financial education in improving not only economic outcomes but also the holistic well-being of low-income individuals.