Financial Management Practices of Employees at Bureau of Internal Revenue

The research study concerning personal financial management practices of employees at BIR RDO 068, Sorsogon City, is focused on budgeting, spending, saving, and investing practices of the targeted respondents. This research study aimed to assess and evaluate the current financial management practices of employees and how they enhance their financial literacy in those areas through the quantitative data gathered in the conduct of the study. Moreover, the challenges encountered in managing and planning their finances were identified as well. Therefore, targeted financial literacy programs and development activities to improve the financial management practices were proposed.The data used in this study were collected through administering an online and pen-and-paper questionnaire to the permanent employees of BIR RDO 068, Sorsogon City. A Likert–scale questionnaire was utilized in measuring the financial practices and literacy levels of the employees. The result shows that the employees demonstrate strong budgeting and saving behavior but exhibit less consistent practices in spending and investing. Although there is a positive response to the engagement in financial literacy activities, it still shows that the practical application of the knowledge remains inconsistent. The accumulation of debt due to unfamiliarity with the interest rates and impulse spending were the commonly identified barriers to effective financial management.The researcher of the study suggests that there should be a structured financial literacy program that will help improve employees’ current personal financial management. The learning programs will include workshops or seminars that are mainly focused on mindful spending, saving strategies, usage of budgeting tools, and other digital financial tools, and investment education. Providing personal financial coaching is recommended as well, together with continuous support that will be provided for the improved and sustainable financial behavior of the employees at BIR RDO 068, Sorsogon City.