Financial Literacy, Financial Management, and Retirement Planning

Abstract: This study examined the financial literacy, financial management behavior, and retirement planning behavior of members of a multipurpose cooperative to propose a financial literacy and management training program aimed at strengthening retirement preparedness. Anchored on the Theory of Planned Behavior, the Theory of Reasoned Action, and core concepts of financial literacy, financial management, and retirement planning, the study adopted a quantitative approach using descriptive-comparative and correlational designs. A total of 362 cooperative members were selected through stratified random sampling, and data were gathered using validated and reliable questionnaires. Analysis employed mean, standard deviation, and Spearman rho. Findings revealed that cooperative members exhibited a high level of financial literacy , with behavior rated highest and skills lowest. Financial management behavior was also at a high level , with cash management scoring highest and insurance lowest. Retirement planning behavior obtained a high level overall, with saving attitude consistently rated highest and materialism lowest. Variations across age, sex, civil status, educational attainment, and membership years were minor but pointed to the need for customized interventions. Correlation analysis confirmed significant positive relationships among the three variables. Financial literacy correlated with financial management behavior and retirement planning behavior . Financial management behavior showed the strongest correlation with retirement planning behavior. The study concludes that while members demonstrate generally high levels across all domains, gaps remain in skills, insurance, and materialism. A comprehensive, demographic-sensitive financial literacy and management training program is recommended to enhance financial well-being and retirement preparedness. Keywords: financial literacy, financial management, retirement planning, cooperative, training program