Financial Literacy and Business Challenges among Food Cart Entrepreneurs

This study determined the level of financial literacy and business challenges encountered by food cart entrepreneurs in one of the cities in Negros Occidental in 2026. Specifically, it assessed financial literacy in terms of budgeting, record-keeping, debt management, and saving and investment practices; determined business challenges in terms of financial, operational, marketing, and competition-related challenges; and examined the relationship between the two variables. A quantitative descriptive-correlational research design was employed with 186 registered food cart entrepreneurs selected through purposive sampling from a population of 348. Data were gathered using a validated and reliable 64-item researcher-made questionnaire and analyzed using frequency, percentage, mean, standard deviation, and Spearman's rho. Findings revealed a moderate level of financial literacy (M = 3.28), with record-keeping practices obtaining the highest mean, followed by budgeting, saving and investment, and debt management practices. The respondents also experienced an overall moderately serious level of business challenges (M = 3.24), with competition challenges obtaining the highest mean. Spearman's rho revealed a very weak positive but statistically non-significant relationship between financial literacy and business challenges (ρ = .134, p = .069). The findings indicate that financial literacy was not significantly associated with the business challenges encountered by food cart entrepreneurs and that other internal and external factors may contribute to these challenges.

Financial literacy; business challenges; food cart entrepreneurs; financial management practices; microenterprise; small business

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