Financial Literacy and Planning Practices toward Achieving Quality of Life among OFWs in Bahrain
Rommel B. Ronda, CPA
rommel28@gmail.com
https://orcid.org/0009-0001-3784-9898
University of Perpetual Help System Dalta, Philippines
DOI: https://doi.org/10.54476/ioer-imrj/
ABSTRACT
This study explored the financial literacy and planning practices of Overseas Filipino Workers (OFWs) in Bahrain, focusing on how demographic factors shape their financial behavior and decision-making. Using a quantitative descriptive research design, data were processed through SPSS and analyzed with t-tests, ANOVA, and Pearson correlation. The results highlighted significant variations in financial literacy based on education, job type, and number of dependents. Respondents with higher educational attainment and those engaged in white-collar work demonstrated stronger financial outcomes. However, overall financial literacy was generally limited, particularly in the areas of financial awareness, knowledge, behavior, culture, and risk management, challenges that were more evident among those with heavier financial responsibilities.
Similarly, financial planning practices covering investment, budgeting, taxation, risk management, retirement, and estate planning were found to be insufficient. Correlation analysis further revealed that financial awareness, knowledge, behavior, culture, risk management, and the use of e-finance were positively linked to better financial planning, especially in investment, budgeting, and risk management. Conversely, estate planning showed no significant association with respondents’ financial attitudes. The findings emphasize the importance of developing targeted financial education initiatives. Programs that strengthen skills in investment, budgeting, and risk management are especially needed to empower OFWs to make informed financial choices, secure their long-term stability, and build resilience for themselves and their families.
Keywords: OFW Financial literacy, OFW financial planning, OFW investment planning, OFW risk management insurance.
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