The Impact of Pandemic Affecting the Financial Stability of a Family

A Research Paper Presented to the Faculty of the Senior High

School Department STI College Novaliches,
Quezon City

In partial Fulfillment of the Requirements in Practical Research 2

for the completion of the K-12 Program

by:
Papa, John Christian C.
Pugao, Shania Mae L.
Sajuela, Victoria
Samson, Mariel Clariz M.
Sendrijas. Cherry Ann
Tobias, Oliver Jr.
Tolentino, Princess
Tolentino, Robyannalyn
Torres, John Arik C.
Villamor, Ma. Margaret N.
 Table of Contents
Acknowledgemet
Chapter 1: THE PROBLEM AND IT’S BACKGROUND
1.1 Introduction
1.2 Background of the Study
1.3 Research Objectives

1.4 Theoretical Framework

1.5 Statement of the Hypothesis
1.6 Statement of the Problem
1.7 Significance of the Study
1.8 Scope and Delimitation
Chapter 2: REVIEW OF RELATED LITERATURES AND STUDIES
2.1 Foreign Study
2.2 Local Study
Chapter 3: METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Respondents of the study
3.4 Sampling Method
3.5 Data Collection Procedure
3.6 Treatment of the data
3.7 Statistical treatment of data
Chapter 4: RESULT, DISCUSSION AND INTERPRETATIONS
4.1 Introduction
4.2 Explanation of Results (survey)
4.3 Result for each statement of the problem
4.4 Implication of the Study
Chapter 5: SUMMARY, CONCLUSION, AND RECOMMENDATION
5.1 Summary of the Findings
5.2 Conclusion
5.3 Recommendation
 ACKNOWLEDGEMENTS

We'd like to thank everyone who has supported and assisted us throughout the making of
our research paper. We are grateful for their aspiring guidance, invaluable constructive criticism,
and friendly advice throughout the ongoing development of the paper despite being enrolled in
online classes. We are grateful to them for sharing their honest and enlightening perspectives in
online classes. We are grateful to them for sharing their honest and enlightening perspectives on a
variety of issues concerning the paper that we have been doing.
First and foremost, praise and thanks to God, the Almighty, for showering blessings
throughout the marketing plan and providing us with enough strength and teamwork to complete
and accomplish our tasks even though we are in an online learning system. We would like to
express our gratitude to our instructor, Mr. Arnel Malitao, for his invaluable guidance and advice.
He greatly motivated us to work hard on this marketing strategy. His willingness to motivate us
was extremely beneficial to our Research Paper. We would also like to thank STI College
Novaliches for providing this opportunity by offering the Practical Research course. It provided
us with an opportunity to broaden our knowledge and experience in the marketing industry while
also allowing us, as students, to be creative and innovative in developing our own product. This
paper will be extremely beneficial to us, especially in the near future, when we will be starting as
college students and this could help us to know the surface or more of doing a research paper. An
honorable mention goes to the people or students who worked on the Research Paper for their
dedication, perseverance, and cooperation in completing and finishing this Research Paper: The
Impact of the Pandemic to the Financial Stability of a Family. We would have had a lot more
trouble with this Research Paper if it hadn't been for their hard work and cooperation.
 ABSTRACT

Since pandemic really changed our lives, from there, financial stability and employment
became a big issue in our country, for the pandemic caused some businesses to stop that results
unemployment. This study was taken to the 18 respondents of the online interview the researchers
set upped whereas the respondents gave their honest view, perception, and thoughts about this
matter. The objective of this study is to determine how great the impact of the pandemic is to the
financial stability of the families. Specially, this research focused on the ways of the people on
how they overcome their financial loses. Researchers gathered data by making the respondents
answer an online survey that helped them identify the effects of the pandemic, what they felt
about it, and things they do to overcome it. The results of the surveys gave the researches an idea
wherein people made a lot of changes in their ways of spending money and it was successful as
they overcome their financial difficulties. The findings of this study indicates that people have
different ways of surviving this kind of issue based on what they like and what they can do.
 CHAPTER 1:
THE PROBLEM AND ITS BACKGROUND

1.1 Introduction
This chapter presents the underlying background and rationale of the study. A study about The
Impact of Pandemic Affecting the Financial Stability of a Family. People have their own ways to
earn money in any possible ways. It’s really hard to earn money ever since and now it’s harder.
This will also include the dependent and independent variables used in the study as well as the
significance and limitations.

1.2 Background of the Study

Financial stability refers to a financial system that allows ordinary people and corporations
to borrow money to buy a house or a car, or to save for retirement or education. Businesses, too,
need to borrow money to develop, create factories, recruit new employees, and pay their bills. A
pandemic is a disease outbreak that affects multiple countries or continents at the same time. It has
a larger impact and kills more people than an epidemic. When it became obvious that the illness
was severe and spreading quickly across a large area, the World Health Organization (WHO)
proclaimed COVID-19 a pandemic.
The disease mitigation measures that have been imposed in many nations have resulted in
many nations have resulted in significant income reductions, increased unemployment and
disruptions in the transportation, service, and industrial industries. Most government throughout
the world appear to have misjudged the risks of rapid COVID-19 spread and have been primarily
reactive in the crisis response. Because disease outbreaks are unlikely to go away anytime soon,
aggressive international action is necessary to preserve lives while simultaneously safeguarding
economic growth.
The Philippines’ economy grew at one of the quickest rates in the world in 2019. Towards
the conclusion of the Ferdinand Marcos regime in the mid-1980s, it finally shed its “sick man of
Asia” reputation gained during the economic collapse. The country’s economic recovery began in
the decade before the pandemic, after decades of arduous reform-not to mention repaying debts
accrue during the dictatorship. The Philippine was hailed as the next Asian tiger economy, with an
average yearly growth rate above 6% between 2010 and 219 (based on statistics from Philippine
Statistic Authority on GDP growth rates at constant 2018 prices).
The pandemic brought the Philippines’ economy to its lowest point since World War II,
with GDP falling by 9.5 percent in 2020. It’s the worst loss since records began in 1947, and the
first-time economy has dropped since 1998, when it shrank by 0.5%. GDP went as low as -16.9%
in the second quarter of 2020, when the tightest lockdown (Enhanced Community Quarantine) was
applied.
 88% of firms reported a loss in sales between April and July 2020, and 67% reported a
drop in sales between July and November 2020. Limited operations (58%) and customers’
incapacity to visit brick-and-mortar enterprises were the leading causes of decreasing sales (38%).
Many businesses claimed to be cash-strapped and behind on payments. For more than a
month, 66% of firms lacked sufficient cash to fulfill all expenditures and liabilities, including
workers, suppliers, taxes, and loan repayment. Business was in default in 48% of cases. Two-thirds
of firms have adapted or increased their used of social media, specialized software, and digital
platforms for various business tasks, with these companies reporting that digital solutions
accounted for 10% of their sales. Last year, government enacted two financial stimulus bills that
gave targeted assistance to workers in key industries. Despite cautious optimism that sales and
jobs will recover over the next three months, many businesses expect their financial situation to
worsen.
The COVID-19 pandemic has a very huge impact in our life, many lives have been affected
since then, and the most affected factor is the financial stabilities of the families. From schools,
malls, night clubs and other establishments either closed for good or temporarily. As for that, many
employees lose their job that affected their financial stability in life. The yearly unemployment
rate in 2020 was 10.3%, or 4.5 million unemployed Filipinos, according to the Philippine Statistics
Authority. This is the highest annual jobless rate ever recorded, spanning back to April 2005.
Unfortunately, the problem appears to be getting worse: the Philippine Statistics Authority
estimates that unemployed people in nearly 4 million Filipinos were unemployed in January 2021.
This is higher than the 3.8 million in October 2020 and the 2.4 million unemployed people in
January 2020.

1.3 Research Objectives

This study aims to determine and answer the following:

1. On a scale of 1 to 3, how financially stable are your family?

1 2 3 Others, please specify

2. How many of you in the family are employed?

3. Are you one of t people who got fired on your job because of the pandemic?

4. Why does the Pandemic affect your Financial Stability?

5. Have you ever thought of a way to earn money during the pandemic? If so, what is it?
1.4 Theoretical Framework
Financial stability, according to the majority of economists, is defined as the absence of
system-wide instances in which the financial system fails to function (crises). It's also about the
financial systems' ability to withstand stress. In a stable system, shocks are absorbed mostly by
self-corrective processes, preventing bad events from disrupting the actual economy or other
financial systems. Financial stability. (n.d.). The World Bank. Retrieved October 16, 2021, from
https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/financial-stability.

Financial stability refers to a situation in which the financial system, i.e., the primary
financial markets and the financial institutional system, is resilient to economic shocks and capable
of performing its core functions: financial intermediation, risk management, and payment
arrangement. Defining financial stability. (n.d.). Magyar Nemzeti Bank. Retrieved October 16,
2021, from https://www.mnb.hu/en/financial-stability/defining-financialstability.

Being financially secure is an important aspect of having a secure family life for you and
your child. Despite the fact that money isn't everything, financial stress can have a negative impact
on your health, family life, and your child's possibilities. Financial concerns are the second leading
cause of divorce in the United States and the leading source of stress in partnerships. Financial
difficulties are often linked to mental health problems. Debtors are three times as likely than non-
debtors to suffer from mental health issues. Anxiety and sadness are two of the most prevalent
mental health problems that people who are in debt face. However, most parents will agree that
their child's or children's well-being is the most essential consideration in their lives. The most
important thing is to raise children to be loving, compassionate, and strong members of society,
but ensuring that kids have every opportunity in life can be influenced by your financial security.
It's critical to be in a situation where you can support your child if he or she requires expensive
therapy, medication, or equipment. Clark, MD, S. M. (2020, September 7). Becoming
financially stable as a new family. Https://Www.Babiesafter35.Com/Articles/Becoming-
Financially-Stable-as-a-New-Family. Retrieved October 16, 2021, from
https://www.babiesafter35.com/articles/becoming-financially-stable-as-a-new-family.

In our study the best definition of Financial Stability that we could apply is the last one
from the website Babies After 35. In the article they provided 12 tips on how can a family be
financial stable. Those tips include creating a financial plan, following a budget, allocating time to
work on finances, analyzing lifestyle and spending habits, having an emergency funds, plans to
clear debts, being a good communicator, ignoring status and focusing on stability, considering
investments, hiring a professional financial advisor, creating more sustainable household, and
getting a life insurance policy. These tips are important for this study because it will eventually
help us determine on how could we be more financially stable.
1.5 Statement of the Hypothesis

Null hypothesis (Ho) pandemic has no significant impact in the financial stability of a family.
Alternative hypothesis (H1) pandemic has a significant impact in the financial stability of a family.

1.6 Statement of the Problem

Generally, this study will determine the Impact of Pandemic Affecting the Financial
Stability of a Family.
Specifically, it aimed to answer the following:
1. How does the pandemic affect the flow of money in your family?
2. What problem/s about financial did you and your family encountered in the time of
pandemic?
3. How did the employed family members of the family overcome problems on their job in
this time of pandemic?
1.7 Significance of the Study
This study will conduct research that will help us to know what’s happening in every
member of the family and to measure its effectiveness through the behaviors of the family on there
special needs.

Benefiting the study are the Following Sectors as follows:

For the Students this study can support them to express their feelings and experience during
this pandemic, this also help them to have an idea on how can they avoid or reduce the feelings
that affect them during this time.
As for the Parents this is study will give them awareness and guide on how they can avoid the
financial impact to their family during this pandemic. And this study can give them some ideas so
that they can survive on their financials.
As for the Future Researchers this may serve as a reference material for those who would
like to conduct further study on similar topics. This research will assist and accommodate them in
making the most of their newfound knowledge.

Overall, this study will support the students, parents and future researchers to have a guide
on how financial stability affect each family especially this pandemic, this study also determines
the impact of the financial stability to every family. This study also can provide some learning for
the future researchers on how they can conduct their research that is similar to this.

1.8 Scope and Delimitation

The main focus of this study is to determine the impact of pandemic affecting the financial
stability of a family and how will they cope up with it. The respondents were composed of bread
winner of a family, both male and female as they are qualified for the standardize questionnaire
that will be used by the researches. It delimits that the study may not be generalized to other, such
as person who does not have enough money to manage.
 CHAPTER 2:
REVIEW OF RELATED LITERATURES AND STUDIES
This chapter discusses the review of the literature connected to the study. It contains
different articles that would support our specific topic.
2.1 Foreign Study

• Economic Impact of COVID-19

COVID-19 has had a large and destructive effect on economies all across the world since
it burst out like Noah’s flood, even if it hasn’t hit everyone’s home budgets. International trade
and small-town markets have been severely disrupted, ranging from the cancellation of major
athletic events and local religious gatherings to the closure of travel between the United States and
other countries. While Americans pride themselves on their rugged independence, sometimes to
the point of excessive isolationism, we have seen in recent years how economically intertwined
we are to countries all over the world. Everyday things began to vanish from retail shelves and
sales lots as trade between the United States, Europe, and Asia to came to a virtual halt for weeks,
if not month\s, in some cases. Fear of the unknown exacerbated the situation, resulting in shortages
of toilet paper, bottled water, and a variety of other household items.
This may appear to be a boost to American Made products, but fewer purchases equal to
lower corporate earnings, which means less money to hire and pay employees. We saw the
consequences when, in the spring of 2020, the world’s economies experienced the biggest decline
in production ever, due to the fact that there were so few people working outside of their homes.
With this fundamental grasp of the chain reaction that goes from decreased commerce to
smaller or fewer payments, you may expect US economy to stagnate for longer than a month or
two, as it did. Consumer spending appeared to be maintained as a result of emergency government
initiatives, including several stimulus payments. Even now, when the demand for employees
appears to outstrip the supply of willing workers, not all businesses are operating at full capacity.
As a result, not all communities have reaped the benefits of a long-term recovery. Going into the
depths of the COVID pandemic in the spring of 2020, many economists expected the financial
effects of the pandemic to cause greater economic stress in the US than even the housing crisis and
the Great Recession on the late 2000s.
Reference: Christensen, T. (2021, October 22). The financial impact of the coronavirus (COVID-
19). Debt Relief | Debt Consolidation | Credit Counseling. Retrieved November 11, 2021, from
htpps://moneyfit.org/blog/coronavirus-financial-impact

• Families Struggle to Cope with Financial Impacts of the COVID-19 Pandemic

Families see coronavirus as a threat to their financial well-being, according to Vanier
Institute of the Family survey. People who have immigrated to Canada and families with children
at home are most vulnerable. Early estimates indicate that more than 3 million people in Canada
have applied for government assistance. Nearly half (45%) of people in Canada say that their
income has decreased as a result of the coronavirus crisis. Income losses are impacting some more
than others, with recent immigrants, low-income families and families with children
disproportionately impacted by income loss.

Families report decline in retirement savings and other investments. 54% of adults report
that their retirement funds or other investments have been impacted negatively. Negative financial
impacts are likely just one of several factors influencing feelings of anxiety or nervousness since
the beginning of the pandemic. Nearly 3 in 10 adults in Canada say that the COVID-19 pandemic
has had a negative impact on their capacity to pay bills on time (28%) and 2 in 10 to cover their
rent or mortgage (22%). Just over half (51%) recent immigrants are having difficulty in paying
bills.
Reference: The Vanier Institute of the Family. (2021, June 21). Families Struggle to Cope with
Financial Impacts of the COVID-19 Pandemic. The Vanier Institute of the Family / L’Institut
Vanier de La Famille. https://vanierinstitute.ca/families-struggle-to-cope-with-financial-impacts-
of-the-covid-19-pandemic/

• Parents are struggling to provide for their Families during Pandemic

The economic impact of the COVID-19 pandemic threatens the health and well-being of
families across the nation and is particularly consequential for the nation’s 77 million children
ages 18 and under. Using data from the Urban Institute’s Health Reform Monitoring Survey
collected in late March and early April 2020, we assess how the pandemic is affecting family
employment and caregiving, financial decisions, and material hardship among parents living with
children under age 19. We find the following: More than 4 in 10 parents reported that they or
someone in their family lost work or work-related income because of the coronavirus outbreak.
This proportion rises to about 5 in 10 for non-Hispanic black parents and low-income parents and
to more than 6 in 10 for Hispanic parents. Low-income parents were less likely to be able to work
from home and more likely to have had difficulty arranging child care than higher-income parents.
The same holds true for Hispanic parents, who were less likely to be able to work from
home and more likely to have had difficulty arranging child care than non-Hispanic white parents.
Parents reported coping with the pandemic’s economic impacts by cutting back spending on food,
reducing savings, and going into debt. More than one-third of parents reported problems paying
for housing, utility, food, or medical costs in the past month, including roughly half of low-income
parents and black and Hispanic parents.
Reference: Parents Are Struggling to Provide for Their Families during the Pandemic | Urban
Institute
 • POVERTY IN THE PANDEMIC: The impact of coronavirus on low-income
families and children.
Coronavirus has thrown families with children's lives into disarray. Many parents have lost
their jobs or been furloughed, and many schools and daycare facilities have closed, leaving those
who remain employed with the daunting challenge of combining work, childcare, and
homeschooling. These difficulties are exacerbated for low-income households. Low-income
families face much more difficulties. Low-wage employees' lives are more at danger than those in
higher-paying jobs, according to research, with many lower-wage workers engaged in the
industries that have borne the brunt of the economic crisis.
Source:https://cpag.org.uk/sites/default/files/files/policypost/Poverty-in-the-pandemic.pdf

• Strategies for coping with health and economic effect of the covid 19 pandemic
Africa
The World Health Organization (WHO)’s March 11 recognition of COVID-19 as a global
pandemic has removed any doubt about the threat that the virus poses to every country in the
world. The virus has now been detected in 152 countries, with more than 180,000 infected and
more than 7,000 killed. Though Africa remains one of the regions with the fewest cases, the
number of countries affected has increased over the past week. As of this writing, nearly 450 cases
have been reported in 30 countries, concentrated in northern Africa and South Africa, with 10
deaths reported. While the relatively low number of cases on the continent so far is good news,
African policymakers should not be complacent. They should instead use this window of
opportunity to take decisive steps to protect their citizens and economies from the pandemic.

To achieve these goals, we recommend a three-step approach: (1) contain the spread of the virus;
(2) swiftly treat identified cases; and (3) cushion the economy from the effects of the pandemic. If
these measures are implemented, the human casualties will be limited, and Africa’s economic
growth will decline by around 1 percentage point or possibly less. If, on the other hand, the
measures to contain the pandemic are not swift, the number of deaths will soar, and economic
growth could drop by 2.1 percentage points or more.
Tighter financial conditions
The COVID-19 pandemic has severely disrupted financial markets, with equity indices in
major economies dropping significantly. Equity markets plunged by over 20 percent in the U.S.
and experienced the largest single-day drop of the Dow since “Black Monday” in 1987. African
equity markets have not been immune, with S&P All Africa index returns dropping by 30 percent
since the beginning of the year, and large drops in Egypt, South Africa, Kenya, Mauritius, and
Nigeria. The pullback from African markets as well as a projected decline in export revenues has
led to depreciations of local currencies. These exchange rate depreciations will push up local
inflation and trigger monetary policy and financial tightening. In addition, exchange rate
depreciations inflate local currency values of foreign currency debt and make debt management
and servicing more challenging, a particular threat in Africa, where an estimated one-third of
countries are either in or at high risk of debt distress.
Additionally, the risk-off sentiment in global markets will push up the cost of external
financing for African countries. According to Euromoney, the yield on Nigeria’s 2031 Eurobond
nearly doubled from 6.8 percent on February 21 to 12.1 percent on March 13. Similarly, the yield
on Ghana’s 2029 Eurobond shot up by 400 basis points to 11 percent, and that for Angola doubled
to 14.2 percent. Furthermore, investor pull will cause delays in planned Eurobond issuance by
several countries. Already, Nigeria has announced a delay in the issuance of $3.3 billion Eurobond,
and Côte d’Ivoire, Benin, and South Africa are all expected to postpone issuances until markets
stabilize. These delays will pose challenges for public finances in several countries.

Deteriorated consumer and business sentiment

The other channel through which COVID-19 will affect economic activity is through
consumer and business sentiment. According to a survey by KASI Insights, in seven African
countries, consumer sentiment for February dropped over COVID-19 concerns, a signal of
reductions in consumer spending. Faced with lower and uncertain demand, business confidence
will decrease and cause declines in investment.

Effect on economic growth

We estimate that the COVID-19 related disruptions outlined above will lower sub-Saharan
Africa’s GDP growth in 2020 to between 1.5 percent and 2.5 percent, down from the projected 3.6
percent pre-COVID-19 projections. Under a scenario where African governments quickly take the
appropriate steps to contain the spread of the virus and global conditions stabilize, the regional
GDP growth will decline by around 1 percentage point, to 2.5 percent. In a scenario where the
responses are not swift, the pandemic lasts longer, and global conditions take more time to
normalize, the disruption will be more severe, resulting in a 2.1 percentage point reduction in
growth, to 1.5 percent.

The global community must come together to collaborate, coordinate, share lessons
learned, and assist each other to combat the pandemic. Until every country is safe, no country will
be safe. The outbreak should serve to highlight the extent to which countries are interconnected
and interdependent and should be a call to strengthen global institutions and the global governance
system.
Reference:https://www.brookings.edu/blog/africa-in-focus/2020/03/18/strategies-for-coping-
with-the-health-and-economic-effects-of-the-covid-19-pandemic-in-
africa/amp/?fbclid=IwAR32uhJtDxzquNK1M8pnYP6m0SwhNudLZ4YTKgwUHnVaON9v_5L
4NoJ10rI
 • The Covid 19 Pandemic's long term financial problem
Adults with upper incomes have fared better. About four-in-ten (39%) say their family’s financial
situation has improved compared with a year ago; 32% of those with middle incomes and just 22%
of lower-income adults say the same. Upper-income adults are also more likely than those with
middle or lower incomes to say they have been spending less and saving more money since the
coronavirus outbreak began. (Family incomes are based on 2019 earnings.). Upper-income and
middle-income adults, who saw declines in their personal financial ratings
from August2019toApril2020, are now about as likely as they were before the coronavirus
outbreak to say their personal finances are in excellent or good shape. Personal financial ratings
have been more stable among lower-income adults.

Looking ahead, about half of non-retired adults (51%) say the economic impact of the coronavirus
outbreak will make achieving their long-term financial goals harder. Just 7% say the economic
impact of the pandemic will make it easier and 41% say it’ll be neither easier nor harder for them
to achieve their financial goals in the long run. Among those in households that experienced job
or wage loss since the outbreak began, 62% say the economic impact of the pandemic will make
it harder for them to achieve their financial goals, compared with four-in-ten of those who haven’t
had these experiences. Many Americans were already struggling to save money before the
coronavirus outbreak hit. Some 29% of adults overall say they are not usually able to put any
money in savings. This is far more common among lower-income adults, 47% of whom say they
are usually not able to save (vs. 25% of middle-income adults and just 8% of upper-income adults).
About four-in-ten Black adults (38%) say they are usually not able to save, compared with 31% of
Hispanic, 27% of White and 19% of Asian adults. More Americans say their personal financial
situation has improved in the last year than say it has gotten worse. Despite the economic downturn
caused by the coronavirus outbreak, about half of U.S. adults (49%) say their family’s financial
situation is about the same as it was a year ago; three-in-ten say it has improved, and 21% say it is
now worse than it was a year ago.
Reference:https://www.pewresearch.org/social-trends/2021/03/05/a-year-into-the-pandemic-
long-term-financial-impact-weighs-heavily-on-many-americans/

• COVID-19 job and income loss leading to more hunger and financial hardship
According to (Despard et al., 2020) Unemployment rates reach the highest level in April.
Millions of people have lost their job because of the pandemic. The Social Policy Institute at
Washington University in St. Louis surveyed the impact of Covid-19 on Job loss. The results of
the survey are, some of them have lost their job because of the pandemic, and some of them says
that they got paid less due to reduced working hours. Survey respondents also said that they are
experiencing income loss. Affected Families are struggling because they are having difficulties
paying their bills and food.
Reference:https://www.brookings.edu/blog/up-front/2020/07/03/13/covid-19-job-and-income-
loss-leading-to-more-hunger-and-financial-hardship/
 • A Year into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many
Americans
According to (Horowitz et al., 2021), some signs of improvement have been seen in the
U.S labor market since the Coronavirus recession happened about a year ago. Still, according to a
new Pew Research Center survey, about half the non-retired adults say the outbreak's economic
impact will make it harder for them to attain their long-term financial goals. 44% of them think
that it will take about three years or more before they will be able to get back to where they were
a year ago. The economic fallout from COVID-19 continues to hit some sections of the population
harder than others. Lower-income adults –they or someone in their household– have lost a job or
taken a pay cut since the outbreak began in February 2020.
Reference:https://www.pewresearch.org/social-trends/2021/03/05/a-year-into-the-pandemic-
long-term-financial-impact-weighs-heavily-on-many-
americans/?fbclid=IwAR0HEC6sty3pLpXKQUqROOcIY6eMJ_ENK2CpbNivMcemM2_MLn
Do-JbiCYI
2.2 Local Study

• COVID-19 Impacts on Low Income Families in the Philippines

The COVID-19 Low Income Household Panel and Economic (HOPE) survey monitored
people's income and employment, food security, health, and education. It also assessed the role of
social protection programs. The survey was conducted by the World Bank and supported by the
Australian Government
REFERENCE: COVID-19 Impacts on Low Income Families in the Philippines (worldbank.org)

• Impact of COVID-19 poverty in the Philippines

One cannot say enough about the impact SARS-CoV-2 or COVID-19 has had on the Asian
continent. Claiming the lives of some 3 million globally and infecting close to 140 million people
around the world, the COVID-19 pandemic has affected the entire world. With the Philippines
being among the first to witness the brunt of the virus, the impact of COVID-19 on poverty in the
Philippines has been significant. After imposing lockdown measures in mid-March, President
Duterte of the Philippines has maintained an iron hand of control as numbers have continued to
rise.
The resulting lockdowns due to the virus have created a significant downturn in the job
market, thus exacerbating the impact of COVID-19 on poverty in the Philippines. At the beginning
of the pandemic, the Philippines’ unemployment rate hovered around 5%, but it has now worsened
due to lockdown measures. According to the Philippines Statistics Authority, unemployment rose
to 17.6% in April 2020 due to the COVID-19 pandemic. Moreover, it is a figure that could rise as
lockdown measures continue, leading to increased levels of poverty and hunger. As a result of
increased unemployment, poverty has risen, with expectations determining that almost 3 million
Filipinos would enter poverty by the end of 2020. The impact of COVID-19 on poverty in the
Philippines is temporary but the right measures and lifting lockdown measures as rates and
vaccinations roll out could alleviate it.
While rising poverty rates, increasing hunger levels and stagnating GDP have been
common for industrializing countries in this pandemic, the Philippines sees the woes as potential
wins, opportunities to flip its eager human capital into a Kickstarter for economic growth.
VivencioDizon, the Presidential Adviser for Flagship Programs, said that “Infrastructure, a
neglected aspect of the Philippines represents an opportunity for the country to reclaim some of its
lost economic potential.” Duterte’s government has reviewed almost $80 billion worth of physical
infrastructure projects. Many government officials in the Filipino government are confident that
these projects will help mitigate the impact of COVID-19 on poverty in the Philippines as many
are looking towards the future. One of the projects is the “Build Build Build” program, a project
that will involve building infrastructure across the Philippines. A combination of over 20,000
smaller infrastructure projects like the construction of airports, roads, seaports, hospitals,
administrative centers and more will demand both highly skilled and low skilled labor to
coordinate and enact and oversee construction projects across the rural and urban areas in the
country.
Reference: Impact of COVID-19 on Poverty in the Philippines - The Borgen Project

• How to cope with financial stress and anxiety during the coronavirus pandemic
Accept the current state of affairs A lot of anxiety stems from not knowing what will
happen with regard to the coronavirus, or how long things will be different, Megan McCoy,
director of the personal financial planning master’s program at Kansas State University, tells
CNBC Make It. "When faced with the unknown, we often experience paralyzing anxiety," she
says.
The first step to overcoming that anxiety is accepting that your life is going to be different
for a while and focusing on tasks you can control. "I think recognizing that it is natural to feel this
underlying anxiety is really helpful because then we can recognize our desire for a sense of
control," says McCoy. Even for well-off people, worrying about money is common in times of
uncertainty, says Dr. Mary Gresham, an Atlanta-based psychologist who specializes in financial
concerns. That's because it is more socially acceptable to voice concerns about finances than things
like isolation or depression.
Know your emotional triggers
Pinpoint what your emotional triggers are and how you react to them. Maybe you're a stress
shopper or perhaps you're considering selling some investments. Whatever it is, don't let your
emotions take over. It's okay to distance yourself from upsetting news, as long as you're staying
informed. "Limit your social media exposure." That said, keep up to date on what your banks,
creditors, employer, local government, etc., are doing in response to the virus.
Prioritize mental health care
Don't skip your therapy appointments, if you already see a professional, and seek out
teletherapy options if you think they'd be beneficial. For Brewer, that means continuing to see her
therapist to talk through things and being intentional about listening to herself and practicing self-
care.
Don't take unnecessary risks
If you don't have a ton of savings, now is not the time to go on a stock-buying spree because
of a thread you saw on Reddit. "Don't gamble with the stock market if you don't have the
disposable income," says McCoy. "We don't know when things will recover."
Source:https://www.cnbc.com/amp/2020/03/16/how-to-cope-with-coronavirus-related-
financial-stress-and-
anxiety.html?fbclid=IwAR0vV6mVoFgr3q8Yrvm7Hseoq2M7oZoVhYRwDZbIRgcvtL3VabAc
n2MsEmo

• Pandemic negatively impacted income

According (Gonzales, 2021), TransUnion conducted a consumer pulse study from March
5 to 22, 2021, and adult Filipinos said that the covid-19 had a negative impact on their finances.
Consumers said that the pandemic has a negative impact on their income, while others say that it
had a negative impact but not currently. Also, a lot of Filipino workers said that they expected to
affect their incomes in the future because of Covid-19. Almost half of the respondents claimed that
they or someone in their household had lost their job, while the rest said that their working hours
were shortened because of the pandemic. Also, those who said that the pandemic has an impact on
their income are concerned about how are they going to pay their bills.
Source:https://www.manilatimes.net/2021/04/14/business/business-top/pandemic-negatively-
impacted-income/863733

• Without income, half of Filipino households would survive for only 2 weeks - study
According to (Rivas, 2021), the results of the study that the Asian Development Bank
Institute (ADBI) conducted showed that if people lose their income in the middle of a coronavirus
pandemic, half of Filipino households might only have up to two weeks of resource expenses. The
Philippine finance crush is more severe than the other countries here in Southeast Asia and the
regional average shows that nearly 50% might survive without an income in a month. According
to the surveyed Filipino household, only 8.8% of them can survive in 3 months without an income,
while 14.1% can survive in less than 3 months. The study said that a lot of households in the
Philippines may suffer from potential increased poverty and hunger if the Covid-19 will continue.
Reference:https://www.rappler.com/business/study-households-philippines-would-survive-
weeks-no-income-adb-
institute?fbclid=IwAR28E0pRw9rw0YUjhmWlrppPUSvrF1JtLH6oGbTcaHPJzMCUuXlX8Yr_
CVU

• PH financial markets strong amid COVID-19 pandemic – Diokno

Despite the COVID-19 epidemic, local financial markets have remained robust, according
to the Financial Stability Coordination Council, which also noted that economic risks have
increased in the wake of global recession. "While COVID-19 caused a lot of harm, our view of
market circumstances is that our financial market is still strong, and the movement we've
witnessed... is due to shifts in risk aversion rather than structural vulnerabilities," BSP Governor
Benjamin Diokno said in an online briefing.
The FSCC, which is made up of the BSP, the Department of Finance, the Insurance
Commission, the Philippine Deposit Insurance Corporation, and the Securities and Exchange
Commission, monitors the emergence of systemic risks in the local financial system and develops
policies to mitigate their impact. The Financial Stability Report for April stated that there were no
signs that the financial market was in danger. The 1997 and 2008 crises, according to Diokno,
were sparked by a stock market fall or a credit bubble in large economies rather than a contagion.
Reference: PH financial markets strong amid COVID-19 pandemic – Diokno
(cnnphilippines.com)
 CHAPTER 3:
METHODOLOGY

3.1 Introduction
This chapter will discuss the several methods performed by this research. Furthermore, it will
mention every component involved in conducting this research from the population, research
design, and sampling techniques used for gathering information. The researcher also discusses the
methods used to analyze the data. Finally, the statistical data of this research were also discussed.

3.2 Research Design

The Descriptive research design was used by the researchers to perform this study. The
researchers were able to describe the impact of pandemic affecting the financial stability of a
family using this method. Descriptive research is used to characterize the features of a population
or phenomenon. It doesn't explain how, when, or why the qualities developed. Rather, it responds
to the "what" query, such as what are the features of the population or circumstance under
investigation? The features used to define the situation or population are usually descriptive
categories, which are a type of category scheme. Since the target population of this study is the
family breadwinner, they were expected to be exposed to financial stability, as per the researchers
Review of Relevance Literature.

Quantitative research is typically used to confirm or test hypotheses and assumptions that
may be represented graphically or numerically. This form of study permits you to come up with
generalizable facts regarding the subject. In this form of study, the researcher is looking to see if a
hypothesis about a phenomenon or circumstance is true or not. Experiments and surveys with
closed-ended questions are two examples of quantitative research methods. This sort of study is
considered objective since it involves conducting a survey of respondents, creating a set of highly
structured questions, and having them respond by selecting responses from a list of options offered
in the questionnaires. The fundamental benefit of quantitative research is that it can quickly create
vast volumes of data and uncover patterns in a variety of contexts. It can also be used to forecast
new patterns and solutions in the future. (Williams, 2021)

3.3 Respondents of the study

The researchers chosen respondents for their study are the breadwinners of their family.
First, we are going to define what a breadwinner is, breadwinner is simply the person or member
of the family that his/her wage(s) supplies food for the family o provides livelihood to the family.
We chose them as our respondents because they are the person that could fit on our research topic
or title that is, The Impact of Pandemic Affecting the Financial Stability of a Family. According
to some news, there were companies and other working establishments that were forced to remove
their employees because they couldn’t give them their supposed salary or the companies or
establishments goes bankrupt. As a breadwinner of a family, they could really assess our
questionnaire and it will help us be more open about our topic.

3.4 Sampling Method

Since the researchers' target respondents are 20-35 people that were breadwinners of their
family, they used the Quota Sampling Method. Quota Sampling Method (Rukmana, 2014) is one
of the non-probability sampling methods in which samples are chosen based on the probability
proportionate to the distribution of a variable population. This strategy was chosen by the
researchers because it focuses on each family's breadwinner. As a result, quota sampling is the best
strategy for this study. There are 25 breadwinner/s of a family who answered the survey.

3.5 Data Collection Procedure

The researchers will ask Mr. Arnel L. Malitao, our Practical Research teacher, for his
permission to conduct our online survey with the breadwinner/s of a family. The researchers made
12 questions that consists of 1 Multiple responses, 3 Contingency, 4 Dichotomous, and 4 Open-
ended questions. Upon approval, the researchers will send the survey to the respondence by the
use of the messenger app. The researcher used the online survey type to get the needed data
information for this research.
The researchers chose to conduct a survey because it will help us know what is the impact
of financial stability on a family. The respondents will be encouraged to answer honestly at their
fullest potential. The researchers ensured that a total of 25 breadwinners should answer the survey.
After the online survey is conducted, the researchers will tabulate the data analysis.

3.6 Treatment of the data

In order to conduct research respectfully and responsibly, the researchers need to analyze
and understand how to treat the data properly. The researcher who manipulates their data in a way
that trick others, and even if the handlings seem insignificant at the time, they are both violating
the values and extensively acknowledged qualified standards. The researchers use a research
design that base on the title, that lead to having a biased or unbiased group of respondents, because
it requires a respondent that can fully answer the provided questions. Researchers draw
conclusions that based on their understanding and to the answers of the respondents. If the
researchers analyze the information inaccurate or incorrectly, it might have unpredictable
consequences that may cause inappropriate data, they subvert their own trust and authority.
Having misleading information can arise from deprived experimental design or care-less
measurements as well as from improper guidance.
The responses made by the bread winner/s of the family stating how many of them is
providing the needs of the family, describing their situation and how will they manage to take
action to every instance that they may encounter, changes in in the policies in the salary, especially
in this time of pandemic. Also, is there any financial budgeting happening, are there enough
savings in case of emergency, and what are the coping strategy they have done to survive the
challenges they have faced.

3.7 Statistical treatment of data

The response to the questionnaire by the bread winner/s of every family were statistically
analyzed with the data requirements of the study, it was statistically analyzed with the given
instruments of the study. The researchers look for the applicable statistical tool, so that they can
determine the data gathered and it will put through the statistical treatment.
The following statistical procedures were used to interpret the data gathered from the
respondents of the study.

FOR SPECIFIC A QUESTION:

The descriptive statistics mean that measuring the average of those people that was
affecting the flow of money to their finances can be determined using this statistic instrument.

FOR SPECIFIC A SPECIFIC:

Standard deviation will be used to determine and to measure the answer of the respondents
who were encountered trouble with their financial stability during the time of the pandemic. Also,
we can measure how many families overcome this situation.
Simple Percentage
The number of responses will determine the frequency of each response. Respondents who
intend to check in the specific item The Demographic Profile of therespondents will be derived
using a percentage method.

Descriptive Statistics Mean

The descriptive statistics mean that measuring the average of thosepeople that was affecting
the flow of money to their finances can be determined using this statistic instrument.
 CHAPTER 4:
RESULT, DISCUSSION AND INTERPRETATIONS

4.1 Introduction
This chapter presents the analysis, findings as well as the interpretations of the data gathered by
the researchers. The purpose of this study was to determine the Impact of Pandemic Affecting the
Financial Stability of a Family.

4.2 Explanation of Results (survey)

Question 1: How many members of your family are working?

CHOICES PERCENTAGE
1 16.7%

2 55.6%
3 22.2%

More 5.6%

- For the question number one, 55.6% of the respondents answer the first choice, while the
22.2% of the respondents choose the choices number two, and there are 16.7% who
answers the third choice, and lastly, 5.6% of the respondents choose the last choice.
- The question one asks about how many members of the family that is working. Out of the
18 respondents based on the table, there are 16.7% which is 3 respondents who answered
that there is only 1 person who has worked from their family. Also, there are 55.6% which
is 10 respondents who answered that there are2 members of their family that has work.
There is also 22.2% which is 4 respondentswho answered that there is 3 people in their
family that have work. Lastly, there are5.6% which is 1 person who answered that there
are more than 3 persons that havework in their family. Out of these 4 choices, number 2 is
the highest answer that has55.6% and more or the fourth choice is the lowest that has 5.6%
Question 2: If you answered more in question #1, please specify your answer here.

CHOICES PERCENTAGE

1-3 94.4%

More 5.6%

- Out of the 18 respondents, there is only one who answered more and stated that they have
6 family members who are working.
 - If you answered more in question #1, please specify your answer here. - base on thattable
that out of our 18 respondents,94.4% of our respondents answered that they have 1 to 3
persons of their family who has working while 5.6% answered more and stated that they
have 6 family members who are working.
Question 3: Are there any changes in the salary policies in your company because of the
pandemic?
CHOICES PERCENTAGE
Yes 44.4%
No 55.6%
- For the third question, 55.6% of the respondents answered no, there are no changes in their
salary policies, and the other 44.4% of the respondents, answered yes, that there are
changes in their salary policies.
- Question number 3 asks about are there any changes in the salary policies in your company
because of the pandemic?? There are only 2 choices in this question and out of 18
respondents based on the table, there are 44.4% which is 8 respondents who answered Yes,
and 55.6% which is 10 respondents who answered No. Out of the 2 choices the No answer
is the highest that has 55.6% while yes is the lowest that has 44.4%. From those 8
respondents who answered Yes in questions number 3 and we ask them in question number
4 what did they feel from the changes in their salaries. Some of them answered that they
feel sad, unusual, challenging, and worried.
Question 4: If you answered yes in question #3, what did you feel about these changes?

CHOICES PERCENTAGE

Yes 44.4%

No 55.6%

- For the fourth question, the 44.4% of the respondents who answered yes, said that they
feel unusual, worried and sad, they also said that the changes make it more challenging
to the point that it makes having more financial and it tighten the budget.
- If you answered yes in question #3, what did you feel about these changes? - For thefourth
question, 44.4% of the respondents who answered yes, said that they feel unusual, worried,
and sad, they also said that the changes make it more challenging to the point that it makes
having more financial and tighten the budget. While 55.6% who answered no that they
never felt the salaries changes to their companies
Question 5: Is your family affected by the salary cut?

CHOICES PERCENTAGE
Yes 50%
No 50%
- For the fifth question, 50% of the respondents answered yes, that their family is affected
by the salary cut and other 50% respondents, answered no, they are not affected by the
salary cut.
 - In question 5, is your family affected by the salary cut. Out of the 18 respondents who
answered our survey based on the table, 9 out of 18 respondents (50%) answered Yes that
their family is affected by salary cuts. However, the remaining 50% of the respondents
answered No.
Question 6: Do you have money savings that your family can spend in case of emergency?
CHOICES PERCENTAGE
Yes 55.6%
No 44.4%
- For the sixth question, 55.6% of the respondents who answered yes said that they have
savings that they can spend in case of emergency, while the other 44.4% of the respondents
answered no and said that they don’t have savings to spend in case of emergency.
- In question 6, do you have money saved that your family can spend in case ofemergency?
Out of the 18 respondents who answered our survey, based on table 10 of them (55.6%)
answered Yes, that they have money savings. However, the 8 remaining respondents
(44.4%) answered No, they don’t have money saved to spend in case of emergency. Out
of the 2 choices, the Yes answer is the highest thathas 55.6% while No is the lowest that
has 44.4%.
Question 7: What coping strategy you have done to survive financially or help you survive
financially during the pandemic?

CHOICES PERCENTAGE

They budget their money wisely 61.1%

They started to have a business 27.8%

No coping mechanism 11.1%

- According to other respondents they should save as much money as possible and handle
the money efficiently. Buy only the important and necessary needs, save money and think
of a way that they can do to earn or to have money. Some respondent is having their own
small business and helping each other on how they can earn some money. One of them
answers that making a budget plan is one of the strategies to survive financially during this
pandemic. One of them answers that he/she doesn’t have any coping mechanism. And one
of them answers none.
- What coping strategy has done you to survive financially or help you survive financially
during the pandemic? - Out of the 18 respondents we combined their answers because most
of their answers are similar. Base on table 61.1% which is 11 of our respondents answered
that they budget their money wisely, they tighten their budget, they save their money as
much as possible, they just only buy necessary and important things for their living, and
start to have a budget plan for their family. Then the 27.8% which is 5 of our respondents
answered that they started a business to add for their financial stability, they started to
become a reseller, built a small shop, and to find more clients for their business. Lastly,
11.1% which is 2 of our respondents answered that they have no coping mechanism.
Question 8: How do you budget your money in times of shortage?

CHOICES PERCENTAGE

Buy only necessary things 55.6%

They tighten their budget 44.4%

- Most of the respondents answered that, buy only what is important and those only
necessary things then set aside the things that are not needed and necessary. And save their
money for needy days.
- How do you budget your money in times of shortage? - base on the table that out of our 18
respondents we combine their answers because most of their answers are similar. 55.6%
which is 10 of our respondents answered that they budget their money to buy necessary
things only in times of shortage. While 44.4% which is 8 of our respondents answered that
they tighten their budget more for their living.
Question 9: Are there times that you spent your own savings?

CHOICES PERCENTAGE
Yes 61%
No 11%
Always 6%
Sometimes 22%

QUESTION 9
Yes Always No Sometimes
22%
11%
61%
6%
- For the ninth question, 11 out of 18 of the respondents answered yes, there are times that
they really spend their own savings, but when in needed situation only. While the others, 4
of them said sometimes, 1 said always, and the last 2 said no.
- Question 9 asks if there were times wherein, they spent their own savings. Out of 18
respondents who answered our survey, based on the table 11 out of 18 of the respondents
(61%) have answered yes explaining that there are times where they have spent their own
savings only on emergencies, meanwhile, 4 respondents (22%) have answered sometimes,
1 respondent (6%) answered always, and the last2 respondents (11%) have answered no.
Out of these 4 choices Yes is the highest that has 61% while the lowest is the Always that
has 6%.
Question 10: How is your financial stability before and after the pandemic?

CHOICES PERCENTAGE

Financially Stable 61.1%

Struggling 22.2%

Average 11.1%

No Answer 5.6%

- 5 out of 18 the respondents answer that their financial stability is the same from before and
after pandemic, while the other 8 respondents experience that they have a big difference
because they have greater income before the pandemic but now it is very urgent when it
comes to salary use. But one of them answer that before pandemic he/she don’t have saving
but because of pandemic he/she learn how to save money. Then 3 of them answer that they
are struggling and have difficulties. One of them answer that because of God’s mercy they
survive everyday life even before and after pandemic.
- How is your financial stability before and after the pandemic? - base on the table that out
of our 18 respondents we combine their answers because most of their answers are similar.
61.1% which is 11 of our respondents answered that they are financially stable and they
have that same income even before the pandemic. While 22.2% which is 4 of our
respondents answered that they are struggling with their financial stability since the
pandemic started. 11.1% which is 2 of our respondents answered that they are on average
in their financial stability. Lastly, 5.6% which is there is one person who has no answer.
Question 11: Have you experience not having money to spend for your family needs?
CHOICES PERCENTAGE
Yes 38.9%
No 61.1%
- For the eleventh question, 61.1% of the respondents answered no, they don’t experience
not having money to spend for family needs, while the other 38.9% who answered yes,
said that due to lack of income, they have experience not having money to spend for their
family needs.
- Question 11 asks if they have experienced not having money to spend for their family
needs. Out of 18 respondents who answered our survey, based on the table that 11 out of
18 respondents (61.1%) have answered No claiming that they have not yet experienced
having an insufficient amount of money to spend for their family needs. While the
remaining 7 respondents (38.9%) answered yes, saying that lack of income is what caused
them to have an insufficient amount of money to spend for their family needs. Out of these
2 choices, No has the highest percentage that has 61.1% while No is the lowest that has
38.9%.
Question 12: If yes how did your family manage to live? (Refer to question #11)

CHOICES PERCENTAGE

No answer 61.1%

They ask for help from their relatives 22.2%

They try to find extra income 16.7%

- For the twelfth question, to those 38.9% of the respondents who answered yes, some of
the said that they manage to live by asking their siblings, relative or friends if they can
borrow some money, while others said that they will find other way or have a strategy,
and give extra effort to have income.
- If yes how did your family manage to live? (Refer to question #11) - For the twelfth
question based on the table that out of our 18 respondents we combine their answers
because most of their answers are similar. 61.1% which is 11 of our respondents have no
answer to this question. While 22.2% which is 4 of our respondents answered that they ask
for help from their relatives. Lastly, 16.7% which is 3 of our respondents answered that
they try to look for their extra income.

Summary:
There are 6 tables that include the percentages of the answers of our 18 respondents to
our given survey questions. In question number 1, we have 4 choices, and out of these 4
choices, number 2 is the highest that has 55.6%, andthe “more” or the fourth choice is the
lowest that has 5.6%. In question number 3 we have 2 choices the Yes or No. from these 2
choices the No has the highest percentage which is 55.6% while the Yes has 44.4%. In question
number 5 we also have 2 choices it is also the Yes or No and from these choices, it has the same
percentage. While in question number 6 we have still had 2 choices and it’s still the Yes or No
and from these choices, the Yes has the highest percentage which is 55.6% while the No has
44.4%. In question number 9 we have 4 choices and from these 4 choices, the “Yes” or the first
choice is the highest percentage that has 61% and the lowest is the “Always” or the third choice
that has 6%. Lastly is question number 11 that has 2 choices the Yes or No choices and from
these 2 choices, the No has the highest percentage which is 61.1% while the Yes has 38.9%.
4.3 Result for each statement of the problem
SOTP#1: How does the pandemic affected the flow of money in your family?

- As we analyzed the answers of the people we interviewed, we observed that somehow the
pandemic had positive, neutral, and negative reflection to them. Some positive reflections
are, they become more efficient when it comes on budgeting their money, some became
more stable, and some even opened businesses that did them good. For the neutral, they
became more flexible when it comes to their jobs than before. And for the negative side,
they couldn’t buy the things they want anymore because their focus now is their everyday
needs and necessities. Another negative reflection is that they struggle more financially
now than before, to the point that some of them have spent their savings and emergency
money.
SOTP#2: What financial problem/s about you and your family encountered in the time of
pandemic?
- Parents are struggling to provide for the needs of their children and their expenses or
payments every month. Due to the pandemic, the source of income of the parents is affected
because of the lockdown. The savings or the money saved of the family are used to pay the
bills because of the pandemic that happened the people are adjusting to the changes (New
Normal). The salary is reduced because some companies are reducing the number of
working days because their profit is affected in the time of pandemic. The pandemic really
affects the financial stability of the family because of the quarantine policies that the people
need to obey.
SOTP#3: How did the employed family members of the family overcome problems on their job
in this time of pandemic?

- According to the people we interviewed, they had ways to overcome or to cope this
problem. They made sure to budget their money well, they also made sure to buy their
necessities first and spent their money on the things they need only, like food, water, water
and electricity, and rent. They also made sure to make a budget plan and stick with it. Some
also made way to earn more money, some opened a business, some became resellers, and
some invested on crypto currency. They made sure to adjust to the new normal and monitor
their progress on spending money and made sure to save whatever the excess is. And for
some that has a bank savings account, they budget it too and spend it according to their
budget plan.
4.4 Implication of the Study
The Philippine government introduced a large-scale social protection program while
placing the country on strict community quarantine. According; to The World Bank (BANK,
2021). Some 18 million poor and vulnerable households, comprising 70 percent of the population,
were covered by the program. The COVID-19 Low Income Household Panel and Economic
(HOPE) survey is a series of surveys that investigated the conditions of low-income households
during the pandemic and the impact of the government’s social protection programs. We know
that Covid-19 has a big impact on everyone’s financial stability, and people experienced wage loss
or lost their job due to the pandemic.
 CHAPTER 5
SUMMARY, CONCLUSION AND RECOMMENDATION

This chapter presents the summary of the findings as well as well as the conclusion based on the
data gathered and analyzed in the previous chapter. It is also followed by the recommendations for
future researchers and other people that will benefit this research.

5.1 Summary of the Findings

The findings showed different answers and opinions of the 18 respondents through survey
questionnaires that have been answered through an online interview. The focus of this paper is to
determine how the pandemic affected the financial stabilities of families.

Objective 1: Know how to spend your money wisely

On our survey, most of the people answered that what they bought are the things they need only,
means, what they buy or what they spend is for their food, water, electric bill, internet, and rent.
This way, they could save the rest of their salary and spent it when they got short for stocks.

Objective 2: Budgeting
On our survey we had people that tighten their budget to make sure that they only spend money
on needed things, buying their needs only and did not focus much on their wants, well it make
sense because now that we are under a pandemic, our interaction with other people and outside
our house is limited. Some people did spend their savings and made a budget plan for it, that is
very useful because in that way they could track the way they spend money.

Objective 3: Follow your Passion

Some interviewees did withdraw money out of their savings and started business, some of them
did it because they lose job and some did it is because it is much easier to sell things online and
people are really into online shopping. Following your passion, or doing things that you like, love,
and enjoy does not only brings more skills but also happiness to your soul.

5.2 Conclusion
The pandemic indeed changed our lives in one spin and affected families in different ways.
Not just that but it is currently a big threat to our lives, a big threat to the world. And by all of those
quarantine restrictions it wasn’t easy to earn money, and to live our lives to the fullest. Everyone
wasn’t expecting this and not everyone is prepared for this, especially financially. Many people
lose their job and find it hard to make a living and they don’t have savings, or enough savings, to
supply for their families.
According to the answers of the workers we interviewed, they did not have the same way
of coping out to the financial problem brought by the pandemic even if it wasn’t usual to us. Some
focused on their needs more than their wants, some opened businesses to provide for their wants
and needs, some stick on their budget plans, and others remained the way they are before the
pandemic.
5.3 Recommendation
The researchers want to recommend this research for them to help, guide, and learn more
about the comparative analysis of the impact of the pandemic to the financial stability of a family.
This research helps teens, workers and future researchers to determine the way the pandemic affect
the financial stability of the families.
After doing the conclusions of this research, the researchers do recommendations for the following
beneficiaries:

For the Teens, the researchers suggest that as a teenager they must already know how to
be responsible on their money, even if they want o enjoy their lives and live it to the fullest as
being a teen happens only once on a lifetime, they must still know how to balance everything, and
avoid buying things that they don’t even need and instead save their money to buy something
useful and is worth of their money.

For the Workers, the researchers suggest that as a worker they already know how to be
responsible of their money and how they spend it. Usually, as an adult there are many things that
they needed to spend with their money, like paying loans and debts, helping their family, or
spending it to their selves as some adults lives alone as they want to be independent. And because
of that, the researchers suggests that workers should have a budget plan and they should stick to it
so that they could pay the things they needed to and save the rest of their money or salary for future
uses.

For the Future Researchers, the researchers suggest that the future researchers that will
use this topic on their future study, they should enhance and improve more things, as for sure there
would be more developed information about this topic in the future. Researchers also recommend
that any information and data that haven’t meet of this research on their perspective hopefully
encourage them to do much better. This paper could also help them understood more terms and
could possibly guide and assist them whenever they have to use this topic or topic that could be
similar to this and could help them be more knowledgeable about the impact of the pandemic to
the financial stability of a family.
 APPENDIX

1. How many members of your family is working?

1 2 3 more

2. If you answered more in question #1, please specify your answer here.
__________

3. Are there any changes in the salary policies in your company because of the
pandemic??
Yes No

4. If you answered yes in question #3, what did you feel about these changes?
__________

5. Is your family affected by the salary cut?

Yes No

6. Do you have money savings that your family can spend in case of emergency?
Yes No

7. What coping strategy you have done to survive financially or help you survive
financially during the pandemic?
___________

8. How do you budget your money in times of shortage?

9. Are there times that you spent your own savings?

10. How is your financial stability before and after the pandemic?

11. Have you experience not having money to spend for your family needs?

12. If yes how did your family manage to live? (Refer to question #11)