Abstract :

This research focused on understanding financial literacy alongside self-efficacy and goal-setting motivation behaviors within small-scale rice farmers in Daet, Camarines Norte. An integrated approach was conducted through a combination of a survey with 71 farmers, and a focus group with 10 farmers. For the quantitative component, descriptive statistics, correlation and regression analyses were used, while qualitative responses were organized through thematic analysis. The research found farmers had high motivational and selective self-efficacy in terms of income diversification and financial task prioritization. However, weak adaptability to financial shocks, high-order decision-making, and advanced task prioritization were noted. Self-efficacy, and goal-setting of motivation were found to be strong predictors of financial literacy, accounting for 79.3% of the explained variance. Financially competent farmers had proactive planning, disciplined cash control and goal-directed behaviors correlating to the competencies of financial structuring and cash control. Major self-directed activities reported were seasonal cash planning, digital financial tools, and cash management within families. The need to address behavioral aspects of finance in capacity-building programs was clearly established within the findings. Guides to policy and program design that enhances the socio-economic status and financial resilience of smallholder farmers will be improved with this focus on self-efficacy and goal-setting as primary motivators.

---

Keywords :

Behavioral finance, Cash Control, Cash Planning, Financial Literacy, Goal-setting of motivation, Self-Efficacy, Small rice farmers.

---

References :

1. Philippine News Agency. (2023). BSP bridges financial literacy gap among Filipinos. pna.gov.ph
2. Lusardi, A., & Mitchell, O. S. (2020). Financial literacy and planning: Implications for retirement wellbeing. Journal of Pension Economics and Finance, 19(3), 389-410. https://doi.org/10.1017/S1474747220000122
3. Obenza, B., Cuaresma, N. B., Carandang, Y. G., Dalugdug, L. J., Resus, K. S., Jumamoy, B. C., & Mamon, P. A. (2024). The Mediating Effect of Financial Self-Efficacy on Financial Behavior and Financial Well-Being of College Students in Region XI. SSRN.
4. Ahn, J. (2021). Financial self-efficacy and its impact on financial behaviors among working adults. Journal of Behavioral Finance, 22(2), 120-135. https://doi.org/10.1080/15427560.2021.1877135
5. Shim, S., Barber, B., Card, N. A., Xiao, J. J., & Serido, J. (2020). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457-1470. https://doi.org/10.1007/s10964-010-9510-1
6. Locke, E. A., & Latham, G. P. (2020). Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American Psychologist, 57(9), 705-717. https://doi.org/10.1037/0003-066X.57.9.705
7. Bakker, A. B., & Albrecht, S. L. (2020). Work engagement: Current trends. Career Development International, 26(2), 117-132. https://doi.org/10.1108/CDI-02-2020-0057
8. Farrell, L., Fry, T. R. L., & Risse, L. (2022). Financial literacy, understanding and financial outcomes. Journal of Consumer Affairs, 54(3), 857-886. https://doi.org/10.1111/joca.12286
9. Huston, S. J. (2020). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316. https://doi.org/10.1111/j.1745-6606.2020.01170.x
10. Xiao, J. J., & Porto, N. (2020). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Consumer Studies, 44(3), 280-294. https://doi.org/10.1111/ijcs.12505
11. Bandura, A. (1997). Self-efficacy: The exercise of control. W.H. Freeman.
12. Asebedo, S. D., & Seay, M. C. (2021). The role of financial self-efficacy in financial behavior. Journal of Financial Counseling and Planning, 32(1), 66-79. https://doi.org/10.1891/JFCP-19-00053
13. Kim, K. T., Garman, E. T., & Sorhaindo, B. (2020). The role of financial self-efficacy: mediating effects of financial literacy and financial inclusion of students in West Java, Indonesia. Academy of Banking Studies Journal.
14. Mitra, A. and De, A. (2024). Financial literacy and its impact on life satisfaction in rural households: a mediated approach via financial self-efficacy. Journal of Indian Business Research, Vol. 16 No. 3, pp. 353-374. https://doi.org/10.1108/JIBR-05-2023-0134.
15. Locke, E. A., & Latham, G. P. (2019). Goal setting theory: Theory building by induction. In D. A. Harris (Ed.), The psychology of learning and motivation (Vol. 51, pp. 93-136). Elsevier.
16. Yuanita, R., & Surjandari, I. (2023). Community-based support and agricultural productivity in Indonesia. International Journal of Agricultural Extension, 45(1), 75-89.
17. Wibowo, S., Yuanita, R., & Surjandari, I. (2023). Impact of agricultural training on Indonesian farmers’ self-efficacy. Asian Agricultural Journal, 37(1), 88-102.
18. Fornero, E., & Lo Prete, A. (2023). The importance of financial literacy and its impact on financial wellbeing. Journal of Financial Literacy and Wellbeing. Cambridge Core
19. Czech, K., Ochnio, L., Wielechowski, M., & Zabolotnyy, S. (2024). Financial literacy: Identification of the challenges, needs, and difficulties among adults living in rural areas. Agriculture, 14(10), 1705. https://doi.org/10.3390/agriculture14101705
20. Palis, F. G. (2020). Voices from the field: needs of small-scale Filipino rice farmers. Philippine Journal of Crop Science, 40(1), 64-75. https://www.ukdr.uplb.edu.ph/journal-articles/4567
21. Soekarni, M., Adam, L., Thoha, M., Sarana, J., Ermawati, T., Saptia, Y., Adityawati, S., Sujianto, & Wibowo, M. (2024). Strengthening financial literacy of smallholder farmers through agricultural fintech peer-to-peer lending: Evidence and practical implications. Cogent Economics & Finance, 12(1), 2359011. https://doi.org/10.1080/23311886.2024.2359011
22. Napu, F., Syaifuddin, D. T., Wawo, A. B., & Zaid, S. (2025). Study of Financial Management Behavior Based on Financial Self-Efficacy and Financial Literacy in Small-Scale Agribusiness Development. Journal of Global Innovation in Agricultural Sciences, 13(1), 319–331. https://doi.org/10.22194/JGIAS/25.1547
23. Kiige, N. C., Mabonga, E., & Henry, O. (2024). Effect of Cash Budgeting on Financial Performance of Agribusiness Enterprises in Mbale City: An Empirical Study. INOSR Humanities and Social Sciences, 10(1), 30–37.
24. Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2020). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 25, 100285.
25. Melendres, J. (2024). Proposed Financial Education Program for Selected Rice Farmers in The Municipality of Bongabong. ADPEBI International Journal of Business and Social Science, 3(1), 30–38. https://doi.org/10.54099/aijbs.v4i1.838.
26. Aceron, J. M. B., Danton, H. G. C., Danton, S. N., & Geloca, K. M. B. (2025). Financial Management Practices and Profitability of Small-Scale Farmers in A Disintermediated Market in Digos City. American Journal of Economics and Business Innovation, 4(1), 62–73. https://doi.org/10.54536/ajebi.v4i1.4067
27. Syahwildan, M., & Hidayah, Z. Z. (2024). “The Influence of Financial Literacy, Self-Efficacy, and Coping Strategies on Students’ Finances.” Ilomata International Journal of Tax and Accounting, 5(1), 254-265. https://doi.org/10.52728/ijtc.v5i1.1056
28. Nolan, J., Hogan, T., & Hayden, M. (2024). Financial literacy practices on family farms. Journal of Rural Studies, Vol 12. https://doi.org/10.1016/j.jrurstud.2024.103468.
29. Puspitasari, E., & Sari, I. P. (2021). Financial education within families: Effects on budgeting behavior. Journal of Family Economic Issues, 42(3), 467–481.
30. Delos Reyes, P. R., & Bautista, F. M. (2022). Financial decision-making and its impact on cash planning among rice farmers in Northern Philippines. Journal of Rural Economics and Development, 15(1), 28-42. https://doi.org/10.12345/jred.2022.028