DIMENSIONS OF FINANCIAL WELLBEING: AN ALTERNATIVE SCALE FOR MICROFINANCE BORROWERS IN DIGOS CITY, PHILIPPINES

Freddy C. Navarro, John Vianne B. Murcia

Abstract


The aim of this study is to establish the dimensions of financial wellbeing of microfinance borrowers in Digos City. A sequential-exploratory mixed methods research design was used as the approach of the study, and data were gathered from N=10 key informant interviews which then became the basis in the development of the preliminary 30-item financial wellbeing scale. A total of N=377 lenders of microfinance institutions in Digos City participated in the cross-sectional online and face-to-face survey. Descriptive statistics and multivariate analysis via exploratory factor analysis were used as statistical tools, all carried in IBM-SPSS 20. Results revealed that 26 of the 28 items were found to have passed the +0.40-coefficient requirement. These 26 items clustered in five extracted dimensions. Thematic analysis of the item loadings revealed three valid dimensions – freedom from debt, investment and financial discipline, and financial resilience – all with acceptable Cronbach’s α and McDonald’s ω values. Implications of the utility of this alternative scale of financial wellbeing are discussed.

 

JEL: D01; D31

 

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financial management, financial wellbeing, microfinance borrowers, scale development, Philippines

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DOI: http://dx.doi.org/10.46827/ejefr.v6i1.1245

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