Financial Knowledge and Practices of Online Freelance Professionals: A Gap Analysis
DOI:
https://doi.org/10.7719/jpair.v62i1.962Keywords:
Financial knowledge, financial management, freelance professionals, financial literacy, gig economy, descriptive-correlational, PhilippinesDisciplines:
Financial ManagementAbstract
The main goal of this paper is to analyze the gap between the financial knowledge and the financial management practices of online freelance professionals in the province of Negros Oriental. It utilized the descriptive-correlational research design. A self-made questionnaire validated by experts was used as the main tool to gather the data using a snowballing technique administered to 50 respondents. Data was analyzed using Spearman's correlation test. Results show that most freelancers have a moderate level of financial knowledge, excelling in budgeting while lacking awareness of financial risk management. Their financial practices reveal responsible budgeting and debt repayment, though some rely on borrowing to sustain the needs of the family. We find that educational attainment and years of freelancing moderately influence financial knowledge, while financial literacy positively correlates with financial management behavior. Furthermore, age does not significantly affect the financial knowledge or practices of the freelancers. In conclusion, financial knowledge significantly influences the financial decisions freelancers make, which in turn affects their financial practices and can lead to either financial wellness or financial stress. Given the rising gig economy, structured financial education and support programs are recommended to equip freelancers with essential financial management skills, fostering long-term financial well-being and resilience.
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References
Adrian, M. (2020, September 9). A Complete Guide To Health Insurance In The Philippines. iMoney Learning Centre. https://www.imoney.ph/articles/health-insurance-basics
Al-Bahrani, A., Weathers, J., & Patel, D. (2021). Persistence of the racial financial literacy gap: Can parental and formal financial education bridge the gap? Journal of Consumer Affairs. Advance online publication. https://www.aeaweb.org/conference/2019/preliminary/paper/3ihGHf9h
Aristei, D., & Gallo, M. (2021). Financial knowledge, confidence, and sustainable financial behavior. Sustainability, 13(19), 10926. https://doi.org/10.3390/su131910926.
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Copyright (c) 2025 Mary Monette W. Diputado, Lovely R. Tinguha
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Open Access. This article published by JPAIR Multidisciplinary Research is licensed under a Creative Commons Attribution-Noncommercial 4.0 International (CC BY-NC 4.0). You are free to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material). Under the following terms, you must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes.
