Financial Literacy in Micro Enterprises: The Case of CSU Andrews Campus Canteen Operators

This research was conducted to determine the Financial Literacy in Micro Enterprises: The Case of CSU Andrews Campus Canteen Operators. It aimed to look into the demographic profile of the respondents, their financial skills as well as their financial status, financial performance and the problems encountered by the respondents. The respondents are the twenty seven entrepreneurs operating within the University compound. The descriptive research design was used in the study. The questionnaire was the main instrument used in gathering relevant data needed in the study and accompanied with personal interviews. Results of the study revealed that the mean age of the entrepreneurs is 48. All the respondents are married and majority of them are females. Most of the respondents are degree holders in business administration, nursing, engineering, hotel and industry management, education and information technology. The entrepreneurs started their businesses as sole proprietors with own personal savings as start-up capital. The mean years in operation is 7. As to services offered, majority of them focus on selling snacks and meals. Most of the respondents possess the skills in their records keeping activities as well as in the preparation and analysis of their financial performance. On cash management, majority of the respondents sell on a cash basis and use their cash wisely. As to their financial status, the respondents had a mean average initial and present capital of P52, 240.74 and P71, 611.00 respectively. On financial performance, the respondents had a mean average monthly net income of P39, 129.63. The respondents had an average gross monthly revenues of P84, 222.22 and an average gross monthly expenses of P45, 092.59.

The study shows that the Micro Enterprises particularly the CSU Canteen Operators possess high financial skills. These were shown on their source of initial capital and their record keeping abilities. They also possess the capability in the preparation and analysis of their statement of financial performance. As to the problems encountered by the respondents all the respondents answered high cost of rent collected by the University Business Center as the most pressing problem.