Beyond the Piggy Bank: Bookkeeping Practices and Financial Competence of Market Vendors

Market vendors a key component of the informal economy but their bookkeeping practices and financial competency remain understudied especially in less urbanized regions. The bookkeeping practices and financial competence of 43 market vendors in Santiago City, Isabela, Philippines were assessed through a descriptive-quantitative research design. that was structured and made by the researcher, was administered to vendors in Santiago City Public Market through total enumeration. The instrument measured bookkeeping practices (recording of sales, expenses, and inventory) and financial competence (budgeting, cash management, and savings behaviour), and tested the relationship between the two constructs. Findings indicated that vendors generally practiced basic informal forms of bookkeeping most commonly recording daily sales in notebooks but showed limited use of structured recording of expenses, inventory, and profit-loss computation (Moderately Practiced). Financial competence was rated moderate overall, with budgeting and cash-on-hand management stronger than long-term saving and credit management. Upon analysis, the study’s findings revealed that a positive association existed between respondents’ bookkeeping practices and financial competence level. According to the study, local government units and cooperative development office suggest a conduct of basic trainings in bookkeeping, likewise this will be a basis for propose extension program for higher education institution specifically to accountancy and business students. Lastly, future research may be expanding this inquiry to other public markets in Region II.

Bookkeeping Practices, Financial Competence, Market Vendors, Financial Competence, Micro-Entrepreneurs

1. Anshika, Singla, A., & Mallik, G. (2021). Determinants of financial competence: Empirical evidence from micro and small enterprises in India. Asia Pacific Management Review, 26(4), 248–255. https://doi.org/10.1016/j.apmrv.2021.03.001 [Google Scholar] [Crossref]

2. Asadil-Daud, Z. (2025). Empowering microentrepreneurs through localized financial competence: Evidence from the Sugpat Kasilasa program in conflict-affected Sulu, Philippines. International Journal of Environmental Sciences, 11(21s), 1506–1516. https://doi.org/10.64252/kyp5dd24 [Google Scholar] [Crossref]

3. Asia, Ma. M. A. (2023). Financial management practices of public market vendors of Lucena City Philippines: Basis for business sustainability. Malaysian Business Management Journal, 2(2), 124–129. [Google Scholar] [Crossref]

4. Diaz, R. A., Natividad, N., & Pascua, I. (2025). The nexus of bookkeeping and tax compliance: A knowledge and skills assessment of barangay micro-entrepreneurs. Asian Development Policy Review, 13(3), 360–378. https://doi.org/10.55493/5008.v13i3.5609 [Google Scholar] [Crossref]

5. Dizon, K. L., Galvez, N., Mesina, D. M., Causo, I. K., Hernandez, J. B., & Villarosa, K. J. (2023). Difficulties encountered by selected Sari-Sari store owners in Poblacion, San Isidro, Nueva Ecija. Ascendens Asia Journal of Multidisciplinary Research Abstracts. [Google Scholar] [Crossref]

6. Francisco, C., Salcedo, A., Lazaro, I. L., Bondoc, B., Mangaliman, R. M., & Javier, I. G. (2023). Financial management practices of selected Sari-Sari stores in San Isidro, Nueva Ecija. Ascendens Asia Journal of Multidisciplinary Research Abstracts. [Google Scholar] [Crossref]

7. Hossain, S., Yaacob, A. S., Yusof, W. F. W., & Rahman, M. M. (2025). Valuing desired financial behavior, accounting competence as the predictors of financial behavior of street vendors. Journal of Entrepreneurship, Business and Economics, 13(2), 54–83. [Google Scholar] [Crossref]

8. [8] Jonck, P., & Nwosu, L. (2022). The influence of demographic variables on financial record-keeping in small- and medium-sized enterprises in the South African informal sector. Journal of Economic and Financial Sciences, 15(1), e1–e9. https://doi.org/10.4102/jef.v15i1.681 [Google Scholar] [Crossref]

9. Kraitzek, A., & Förster, M. (2023). Measurement of financial competence—Designing a complex framework model for a complex assessment instrument. Journal of Risk and Financial Management, 16(4), 223. https://doi.org/10.3390/jrfm16040223 [Google Scholar] [Crossref]

10. Macatumbas-Corpuz, B., & Bool, N. (2021). Working capital management practices and sustainability of Barangay Micro Business Enterprises (BMBEs) in Ilocos Norte, Philippines. International Journal of Research in Business and Social Science, 10(2), 21–32. [Google Scholar] [Crossref]

11. Miguel, D. C. L., Oclaret, R. L., Arado, J. M., Gemina, R. C., Eruela, F. D. B., & Moreno, L. G. M. (2025). Bookkeeping practices and business performance among small and medium enterprises in Agusan Del Sur, Mindanao, Philippines. International Journal of Research and Innovation in Social Science, 9(10), 7438–7445. https://doi.org/10.47772/IJRISS.2025.910000605 [Google Scholar] [Crossref]

12. Mintah, C., Gabir, M., Aloo, F., & Ofori, E. K. (2022). Do business records management affect business growth? PLOS ONE, 17(3), e0264135. https://doi.org/10.1371/journal.pone.0264135 [Google Scholar] [Crossref]

13. Morales, R. P. (2023). Financial competence of micro entrepreneurs in Daet, Camarines Norte. IRE Journals, 7(5). [Google Scholar] [Crossref]

14. Nunden, N., Abbana, S., Marimuthu, F., & Sentoo, N. (2022). An assessment of management skills on capital budgeting planning and practices: Evidence from the small and medium enterprise sector. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2136481 [Google Scholar] [Crossref]

15. OECD. (2023). OECD/INFE 2023 international survey of adult financial competence. OECD Publishing. [Google Scholar] [Crossref]

16. Philippine Institute for Development Studies. (2023). Micro, small, and medium enterprises in the Philippines: Financial inclusion and sustainability gaps (PIDS Policy Brief No. 2023-07). [Google Scholar] [Crossref]

17. Ravikumar, T., Sriram, M., Girish, S., Anuradha, R., & Gnanendra, M. (2022). Financial stress, financial competence, and financial insecurity in India's informal sector during COVID-19. Investment Management & Financial Innovations, 19(2), 285–294. https://doi.org/10.21511/imfi.19(2).2022.25 [Google Scholar] [Crossref]

18. Sagario, R. J. (2025). Financial competence vis-à-vis performance of micro-enterprises in the City of Dipolog. International Journal of Research and Innovation in Social Science, 9(3s), 5888–5909. [Google Scholar] [Crossref]

19. Secretario, R. G., & Naval, G. H. (2021). Inventory management practices of micro, small and medium grocery stores in Daet, Camarines Norte. International Journal of Current Science Research and Review, 4(11). https://doi.org/10.47191/ijcsrr/V4-i11-06 [Google Scholar] [Crossref]

20. Tabayag, A. D., & Abrojena, A. B. (2025). Financial competence, financial management practices and problems of thrift businesses in the cities of Ilocos Norte. International Journal for Multidisciplinary Research, 7(4), 1–19. [Google Scholar] [Crossref]

21. Tumba, N. J., Onodugo, V. A., Akpan, E. E., & Babarinde, G. F. (2022). Financial competence and business performance among female micro-entrepreneurs. Investment Management and Financial Innovations, 19(1), 156–167. https://doi.org/10.21511/imfi.19(1).2022.12 [Google Scholar] [Crossref]

22. Yap, F. D. (2022). Organizational practices of income-generating projects: Basis for IGP model development. Journal of Governance Risk Management Compliance and Sustainability, 2(2), 67–74. [Google Scholar] [Crossref]

23. Yap, F. D. (2023). Financial competence level of dry market vendors. Journal of Business and Management Studies. https://al-kindipublisher.com/index.php/jbms/article/view/5610 [Google Scholar] [Crossref]

24. Nogueira, M. C., Almeida, L., & Tavares, F. O. (2025). Financial competence, financial knowledge, and financial behaviors in OECD countries. Journal of Risk and Financial Management, 18(3), 167. https://doi.org/10.3390/jrfm18030167 [Google Scholar] [Crossref]

25. Peralta, E. A. (2021). Financial management practices and financial performance of the selected Micro, Small and Medium-Sized Enterprises (MSMEs). Ascendens Asia Journal of Multidisciplinary Research Conference Proceedings, 4(1). [Google Scholar] [Crossref]

• Assessment of the Role of Artificial Intelligence in Repositioning TVET for Economic Development in Nigeria
• Teachers’ Use of Assure Model Instructional Design on Learners’ Problem Solving Efficacy in Secondary Schools in Bungoma County, Kenya
• “E-Booksan Ang Kaalaman”: Development, Validation, and Utilization of Electronic Book in Academic Performance of Grade 9 Students in Social Studies
• Analyzing EFL University Students’ Academic Speaking Skills Through Self-Recorded Video Presentation
• Major Findings of The Study on Total Quality Management in Teachers’ Education Institutions (TEIs) In Assam – An Evaluative Study