Behavioral Finance: The Role of Self-Efficacy and Goal-Setting of Motivation in Financial Literacy among Small Rice Farmers

International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4991 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 Behavioral Finance: The Role of Self-Efficacy and Goal-Setting of Motivation in Financial Literacy among Small Rice Farmers Cesar P. Abasolo, DBA1, Michael A. Cuesta, PhD2 1Mabini Colleges, Inc., Philippines ORCID iD: 0009-0006-4940-5916 2Ateneo de Naga University, Philippines ORCID iD: 0000-0001-8782-9337 ABSTRACT: This research focused on understanding financial literacy alongside self-efficacy and goal-setting motivation behaviors within small-scale rice farmers in Daet, Camarines Norte. An integrated approach was conducted through a combination of a survey with 71 farmers, and a focus group with 10 farmers. For the quantitative component, descriptive statistics, correlation and regression analyses were used, while qualitative responses were organized through thematic analysis. The research found farmers had high motivational and selective self-efficacy in terms of income diversification and financial task prioritization. However, weak adaptability to financial shocks, high-order decision-making, and advanced task prioritization were noted. Selfefficacy, and goal-setting of motivation were found to be strong predictors of financial literacy, accounting for 79.3% of the explained variance. Financially competent farmers had proactive planning, disciplined cash control and goal-directed behaviors correlating to the competencies of financial structuring and cash control. Major self-directed activities reported were seasonal cash planning, digital financial tools, and cash management within families. The need to address behavioral aspects of finance in capacitybuilding programs was clearly established within the findings. Guides to policy and program design that enhances the socioeconomic status and financial resilience of smallholder farmers will be improved with this focus on self-efficacy and goal-setting as primary motivators. KEYWORDS: Behavioral finance, Cash Planning, Cash Control, Financial literacy, Goal-setting of motivation, Self-efficacy, Small rice farmers. I. INTRODUCTION The significance of agriculture to the Philippine economy cannot be overstated. In the Philippine economy, smallholder rice farmers struggle with low productivity, limited access to financial services, and climate change. Among the challenges to the financial sustainability of smallholder farmers, financial literacy stands out. In the case of rice farmers, the absence of financial literacy restricts the ability to allocate resources, deal with risks, and adopt cost-saving sustainable practices. The RFFA and FSRF have been cited in public discussions as state financial support mechanisms, yet there have been reports that they have not been designed to achieve long-term sustainability (Philippine News Agency, 2023). The influence of financial literacy on household economics is widely acknowledged. In agriculture, there is still limited information, particularly on behavioral finance. Prior research (Lusardi & Mitchell, 2020; Obenza et al., 2024) illustrates people’s self-efficacy and motivational goal-setting as important drivers of financial behavior, a contention that still needs to be tested in many rural farming communities in the Philippines. Most of the research has concentrated on the urban population and generic household surveys, which do not capture the distinct financial environment of smallholder rice farmers who deal with volatile seasonal incomes and capital, as well as indebtedness to harvest and market debt. Daet, Camarines Norte, was chosen as the site for the study because it is a predominantly agricultural municipality where rice farming is the main source of livelihood. The farmers in Daet serve as a good representation of the agricultural rural households. They integrate farming with small-scale entrepreneurship, depend on community-level cooperatives for assistance, and experience chronic cash flow problems because of climate related agriculture risks and harvest fluctuations. The Borabod Farmers Association, in particular, is ideal for the study of said phenomena because of its organizational framework, proactive engagement with municipal initiatives, and varied membership demographics. International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4992 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 This study aims to establish the relationship of self-efficacy, goal-setting in motivation, and financial literacy of small rice farmers in Daet, Camarines Norte. The inclusion of these components of behavioral finance in research is an attempt to bridge the gaps to be filled in theory and in practice. The study aims to provide insights to the Department of Agriculture (DA), Agricultural Training Institute (ATI), and Local Government Units (LGUs) so that these agencies, in designing programs beyond cash subsidies, can strengthen sustainable financial management, and foster financially self-directed programs to their constituents. II. METHODOLOGY Research Design A mixed-methods approach in this study involved descriptive-correlational and qualitative frameworks. For the quantitative part, the relationship between self-efficacy, goal-setting of motivation, and financial literacy of small rice farmers was determined. The qualitative part was then contextualized through focus group discussions (FGDs). The integration of both strands through triangulation enhanced the understanding of the behavioral factors surrounding the financial literacy and reinforced the validity of the findings. Research Locale and Participants Research was conducted in Barangay Borabod, Daet, in the province of Camarines Norte, part of Bicol Region. The region was selected because of its agriculturally diversified economy, mainly rice production, climate vulnerability, and the active role of Borabod Farmers Association (BFA). There was an economic dependence on farming and Daet was selected because of exposure to climate risks. BFA comprises 132 members and 71 small-scale rice farmers met the selection criteria of age, land ownership, and registration in the Registry System for Basic Sectors in Agriculture (RSBSA). Total enumeration was applied to ensure completeness of the data. For the qualitative part, an FGD was conducted with 10 purposively selected participants, representing diverse experiences in farming and household financial management. Data Collection Data were gathered through two methods. To start, a structured survey was self-efficacy, goal-setting of motivation, and financial literacy was measured. This survey was administered face-to-face during home visits and general assemblies. Then, a focus group discussion was conducted to explain and enrich the survey results. The sessions were guided by semi-structured questions, alongside observational notes on non-verbal communication and inter-group dynamics. This combination enabled the collection of quantifiable patterns and more contextualized farmer insights. Research Instruments Previously utilized scales were modified to be appropriate for small-scale rice farmers and constituency. As for selfefficacy, Ahn (2021) and Shim et al. (2020) were used and covered the cognitive, motivational, affective, and selective dimensions. The goal-setting constructs came from Locke and Latham (2020) and Bakker and Albrecht (2020), which focused on goal commitment, specificity, acceptance, and difficulty. Literature on financial literacy by Lusardi and Mitchell (2020), Farrell et al. (2022), Huston (2020), and Xiao and Porto (2020) was used, especially concerning cash planning and cash control. All the items used were on a 7-point Likert scale. To ensure cultural fit, the questionnaire was translated, back translated, and underwent a pilot test with farmers which confirmed strong internal reliability. The FGD guide aimed at understanding the financial practices and self-efficacy and goal-setting frameworks of the participants. This provided a way to qualitatively capture lived experiences and practices that were not covered in the survey. Data Analysis Descriptive statistics assisted in providing a summary of the demographic characteristics and the mean scores. Correlation analysis explored the relationships among self-efficacy, goal-setting, and components of financial literacy. Predictive relationships were assessed using multiple regression analysis. Thematic analysis of the FGD transcripts enabled the identification of recurring patterns in behavior and financial management. The combination of quantitative and qualitative results offered a comprehensive view of the financial behavior of the farmers. International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4993 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 III. RESULTS AND DISCUSSION The research is an attempt to examine the relationship between financial literacy and the behavioral traits of self-efficacy, and goal-setting of motivation among small scale rice farmers in Daet, Camarines Norte. The purpose is to inform intervention activities aimed at raising the level of financial literacy of small scale rice farmers. Level of Self-Efficacy among Small Rice Farmers. Small rice farmers in Daet, Camarines Norte demonstrated generally high self-efficacy in managing their finances, particularly in motivation and prioritization. They sought new income and livelihood opportunities, one of them stated, “Finding ways to earn more money,” P1,M,59. Others thoughtfully budgeted, “Set aside money for the next farming season’s expenses,” P1,M,59. This shows they have discretionary and discipline which is necessary for positive financial growth. Though, lower scores in adaptability and cognitive decision-making suggest the motivated and ordered farmers are still defenseless to financial shocks. “Just finding ways to manage it somehow,” P3,M,60, exemplifies the need for planning over improvisation. Table 1. Level of Self-Efficacy among Small Rice Farmers. Self-Efficacy Dimensions Indicator % Scored ≤ 3 Mean Score Interpretation Cognitive 1. I believe I can manage my finances effectively even in unexpected situations. 7% 5.99 High Cognitive 2. I am confident in my ability to make smart financial decisions. 5.6% 5.94 High Cognitive 3. I believe I can successfully adapt my financial plans when needed. 5.6% 5.83 High Cognitive 4. I feel capable of understanding and applying financial advice. 4.2% 6.00 High Motivational 5. I am motivated to seek out new financial opportunities for growth 5.6% 6.07 High Affective 6. I can stay calm and composed while handling financial stress. 5.6% 5.99 High Selective 7. I can easily prioritize important financial tasks over less important ones. 7% 6.01 High Selective 8. I can effectively control my spending to meet financial goals. 7% 5.96 High Overall Mean 5.97 High Note. Scores were based on a 7-point Likert scale (1 = Strongly Disagree to 7 = Strongly Agree). Interpretation guide: 1.00–1.86 = Very Low, 1.87–2.72 = Low, 2.73–3.58 = Moderately Low, 3.59–4.44 = Moderate, 4.45–5.30 = Moderately High, 5.31–6.16 = High, 6.17–7.00 = Very High. These findings are consistent with Bandura’s (1997) self-efficacy theory in that financial behavior is only sustained on adaptability, and with other authors such as Xiao and Porto (2020) and Asebedo and Seay (2021) that described self-efficacy in budgeting, and cash flow control as self-efficacy in budgeting, and cash flow control. With respect to Obenza et al. (2024) and Kim et al. (2020) the findings suggest that knowledge accompanied by confidence results in effective financial action. Mitra and De (2024) have described similar situations in which rural households with low cognitive self-efficacy, and thus lack confidence in action, fails to practice the financial literacy that is taught. This as a call for building both confidence in solving the problem and problems so that action can be taken. Level of Goal-Setting of Motivation among Small Rice Farmers. Positive results were apparent with respect to the goal-setting of motivation that small rice farmers have with respect to commitment and clarity. Farmers describe persistence on financial objectives and frequent reviews of the plans. One farmer said, for example, “It’s already calendared… organized,” P2,M,54, which suggests financial plans have a calendar, a sign of advanced. Other farmers showed strong resolve in achieving financial objectives as evidenced by statements like “We do it even if it’s hard, for the family,” P5,F,48. However, farmers' goal-setting difficulty perception scored negatively, which suggests the farmer’s reluctance to strive for long term objectives which can build resilience. International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4994 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 Table 2. Level of Goal-Setting of Motivation among Small Rice Farmers. Note. Scores were based on a 7-point Likert scale (1 = Strongly Disagree to 7 = Strongly Agree). Interpretation guide: 1.00–1.86 = Very Low, 1.87–2.72 = Low, 2.73–3.58 = Moderately Low, 3.59–4.44 = Moderate, 4.45–5.30 = Moderately High, 5.31–6.16 = High, 6.17–7.00 = Very High. These findings are consistent with the work of Locke and Latham (2019, 2020), who focus on the value of precise and stimulating goals and their impact on performance, as well as Bakker and Albrecht (2020), who assert that goal commitment and clarity improve outcomes but poorly set goal difficulty lessen the advantages of goal attainment. Structural and resource constraint concerns, as raised by Yuanita and Surjandari (2023), Wibowo et al. (2023), and in this study, imply the need for resource allocation aimed at removing inertia in goal setting and facilitating positive shifts towards financial planning that is more aggressive and more future focused. Level of Financial Literacy among Small Rice Farmers in terms of Cash Management Cash Planning. Many of the farmers had a positive view in this area and were planning their finances, as many of them set goals in financial planning, resource allocation for periods of relative scarcity, and for emergencies. One participant explained, “Set aside money for the next farming season’s expenses,” P1,M,59, while another participant, “It’s already calendared… organized,” P2,M,54, captured a very organized and scheduled approach to financial planning. They did flawlessly in that part. However, on the other side, many farmers said that remaining balance of income after a harvest was spent used as “in the harvest” and were very exhausted to continue keeping long term savings. Table 3. Cash Planning among Small Rice Farmers. Indicator % Scored ≤ 3 Mean Score Interpretation 1. I create detailed financial plans to achieve my long-term goals. 5.6% 5.97 High 2. I plan my finances for the future to ensure stability. 5.6% 6.23 Very High 3. I always allocate enough resources for future financial needs. 7% 5.97 High 4. I am able to anticipate future cash needs and prepare for them. 8.5% 5.70 High 5. I make plans to grow my financial assets over time. 8.5% 5.90 High 6. I regularly review my financial plans to adjust for changing circumstances. 7% 5.89 High 7. I have a financial plan that includes saving for retirement or emergencies. 7% 5.90 High 8. I have a solid plan to manage my cash flow during economic downturns. 7% 5.90 High Overall Mean 5.93 High Note. Scores were based on a 7-point Likert scale (1 = Strongly Disagree to 7 = Strongly Agree). Interpretation guide: 1.00–1.86 = Very Low, 1.87–2.72 = Low, 2.73–3.58 = Moderately Low, 3.59–4.44 = Moderate, 4.45–5.30 = Moderately High, 5.31–6.16 = High, 6.17–7.00 = Very High. Goal-Setting of Motivation Dimensions Indicator % Scored ≤ 3 Mean Score Interpretation Goal Commitment 1. I am fully committed to achieving my financial goals. 2.8% 6.41 Very High Goal Commitment 2. My financial goals motivate me to take action and manage my money well. 2.8% 6.17 Very High Goal Commitment 3. I have financial goals that I am constantly working towards. 4.2% 6.15 High Goal Specificity 4. I have specific financial goals that guide my spending and saving decisions. 2.8% 6.08 High Goal Specificity 5. I frequently revisit my financial goals to make sure I am on track. 4.2% 6.15 High Goal Specificity 6. I understand the importance of having well-defined financial goals. 2.8% 6.15 High Goal Acceptance 7. I accept the challenges involved in reaching my financial goals. 4.2% 6.13 High Goal Difficulty 8. The financial goals I set for myself are ambitious yet realistic. 2.8% 6.01 High Overall Mean 6.16 High International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4995 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 The research of Lusardi and Mitchell (2020) reiterates that successful financial planning involves the dual components of having goals and making plans for the unexpected. This is also consistent with the findings of Farrell et al. (2022) and Huston (2020), where more resilient households were identified as those with higher planning competencies. Yet in line with Philippine News Agency (2023), adaptive planning is minimal among Filipino farmers. This results reactive rather than proactive financial. Cash Control. Regarding cash control, the farmers interviewed showed strong control, managing their spending, and control over their cash flow. One of the interviewed farmers said, “It’s true, cutting back on wants, and prioritizing needs,” P7,F,59. Another showed a more pessimistic viewpoint, “Right after the harvest, it’s already gone… we just borrow,” P2,M,54). This illustrates how spending discipline is subjective and usable discipline seems poor in the face of borrowing. These seem to show a pattern of poor income streams and ineffective no borrowing savings, spending, and discipline. It is poor discipline and control over cash that drives them to repeat borrowing. Table 4. Cash Control among Small Rice Farmers. Indicator % Scored ≤ 3 Mean Score Interpretation 1. I regularly track my income and expenses to stay within my budget. 5.6% 6.00 High 2. I know how to control impulse spending to meet financial goals. 4.2% 5.87 High 3. I can manage my cash flow without borrowing money. 8.5% 5.89 High 4. I feel confident in my ability to control my daily expenses. 7% 6.03 High 5. I use tools like budgeting apps to control my spending effectively. 8.5% 5.70 High 6. I rarely overspend beyond my means. 2.8% 5.92 High 7. I ensure I have enough cash reserves to manage unexpected expenses. 7% 5.93 High 8. I regularly adjust my spending to avoid financial difficulties. 5.6% 5.97 High Overall Mean 5.91 High Note. Scores were based on a 7-point Likert scale (1 = Strongly Disagree to 7 = Strongly Agree). Interpretation guide: 1.00–1.86 = Very Low, 1.87–2.72 = Low, 2.73–3.58 = Moderately Low, 3.59–4.44 = Moderate, 4.45–5.30 = Moderately High, 5.31–6.16 = High, 6.17–7.00 = Very High. Xiao and Porto (2020) show that, as the level of financial literacy increases, players tend to inefficient cash control and poor spending control mechanisms. This is repeated in BusinessWorld (2023) where farmers were reported to have poor cash control due to the restricted financial access and services. Obenza et al. (2024) showed that lack of confidence in financial control mechanisms resulted in cash borrowing and poor discipline. Correlations among Self-Efficacy, Cash Planning, and Cash Control. Pearson correlation analysis, self-efficacy, cash and cash planning, and budgeting all strongly correlate, suggesting selfefficacious farmers are also budgeting and cash disciplined. As noted during focus group discussions (FGDs), some farmers mentioned financial planning as, “set aside money for the next farming season’s expenses” (P1, M, 59) and “It’s already calendared… organized” (P2, M, 54). FGDs also noted the complete planning and cash discipline suggested by, “I can do it as long as I have resourcefulness.” These narratives and planning suggest self-efficacy is a useful resource, as confirmed by the quantitative results self-efficacy levels are positively correlated with ability to financially plan and control cash outflows. Table 5. Correlations among Self-Efficacy, Cash Planning, and Cash Control Cash Management Variables Self-Efficacy (r) p-value Cash Planning .814** .000 Cash Control .844** .000 Note. Pearson r correlation coefficients are presented. p < .01 (2-tailed). International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4996 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 The findings align with Bandura’s (1997) self-efficacy theory, which connects confidence with self-regulated, goaldirected actions. The findings also corroborate with Strömbäck et al. (2020) and Lusardi and Mitchell (2020), who argue selfefficacy stimulates more focused self-control and disciplined spending. Moreover, goal-oriented financially confident individuals are proactive, as stated by Fornero and Lo Prete (2023) and Czech et al. (2024) and similarly, Palis (2020) observed this in Filipino farmers, where self-efficacy reinforced effective budgeting and encouraged reinvestment. Soekrani et al. (2020) and Napu et al. (2025) also reported that farmers with stronger self-efficacy exercised greater control over saving and spending, which self-efficacy strongly predicts optimal financial behavior. Correlations among Goal-Setting of Motivation, Cash Planning, and Cash Control. Pearson correlation indicated strong and significant relationships between motivation and cash planning, and also with cash control, which means that these farmers with stronger motivation to set and attain financial goals were also more competent in planning and controlling cash flow. This pattern was also confirmed in FGDs, where farmers indicated that they deliberately tracked expense records and methodically allocated harvest income. One of the farmers participating in the FGD described the flow of expense tracking as, “It’s already calendared… organized,” P2, M, 54. Another farmer further stressed the importance of tracking cash saying, “We do it even if it’s hard, for the family,” P5, F, 48. This implies that financial goals brought about disciplined budgeting, savings prioritization, and restraint from unnecessary spending. Table 6. Correlations among Goal-Setting of Motivation, Cash Planning, and Cash Control. Cash Management Variables Goal-setting of Motivation (r) p-value Cash Planning .821** .000 Cash Control .798** .000 Note. Pearson r correlation coefficients are presented. p < .01 (2-tailed). These findings are in line with the findings of Napu et al. (2025) which show that sharply defined objectives improve savings and spending discipline. These findings are also consistent with the studies of Kiige et al. (2024) which showed that clear goals improve resource use and debt avoidance of small farmers. These findings are also consistent with Strömbäck et al. (2020) and Czech et al. (2024) which showed that the act of setting goals works as an emotional and behavioral driver of financial productivity. All these findings support Locke and Latham’s (2019, 2020) goal-setting theory which stated that motivation in goal setting strengthens the financial behaviors of small rice farmers. Multiple Regression Analysis Predicting Financial Literacy among Small Rice Farmers The self-efficacy and goal-setting of motivation behavior of small rice farmers strongly together explained 79.3% of the variance of their financial literacy (R² = .793). Multiple regression analysis confirmed financial literacy among small rice farmers is significantly predicted by self-efficacy (β = .500, p < .001) and goal-setting of motivation (β = .432, p < .001). This financial literacy is behavioral, as the demographic variables of age, sex, education, and production did not significantly contribute. This was corroborated by FGD participants, with farmers emphasizing proactive planning with prioritization. For instance, one farmer noted, “I’ve planned it out,” P3,M,60, while another stressed, “When there is income, I plan right away… I prioritize the important things first,” P4,M,69. These statements illustrate that financial literacy comes from not just education but the psychological attributes of confidence, self-discipline, and the motivation to achieve specific goals. Table 7. Multiple Regression Analysis Predicting Financial Literacy among Small Rice Farmers Predictor B SE B Β t P VIF (Constant) 0.467 0.636 — 0.733 .466 — Age -0.006 0.006 -0.055 -0.962 .340 1.03 Sex 0.149 0.132 0.066 1.132 .262 1.04 Educational Attainment -0.003 0.070 -0.003 -0.048 .962 1.03 International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4997 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 Predictor B SE B Β t P VIF Production 0.000 0.002 0.007 0.118 .907 1.03 Self-Efficacy 0.459 0.083 0.500 5.560 < .001 2.51 Goal-Setting of Motivation 0.460 0.095 0.432 4.814 < .001 2.50 Note. R = .891, R² = .793, Adjusted R² = .774. F(6, 64) = 40.93, p < .001. Sex coded as 0 = Female, 1 = Male. Significant predictors are bolded. This aligns with the findings of Lusardi and Mitchell (2020), who stated the importance of self-efficacy and motivation goal-setting as determinants of financial literacy, and Napu et al. (2025), who indicated that self-efficacy facilitates financial independence and money management in a self-disciplined manner. Likewise, goal-setting as a predictor of saving and spending habits was evidenced in Kiige et al. (2024), with farming households being the focus of their study. The works of Czech et al. (2024) and Strömbäck et al. (2020) further acknowledge internal motivation as a critical behavioral alignment to one’s financial objectives, thereby strengthening the claim that emotional and behavioral components are more significant determinants of financial literacy than one’s demographics. Synthesis of Thematic Qualitative Results The focus group discussion involving small-scale rice farmers identified seven themes related to self-efficacy, goal-setting motivation, and practical financial literacy. In Theme 1: Budgeting and Planning as Core to Sustainable Farming, most participants demonstrated a positive outlook by consistently setting some money aside after harvest for the next cropping season. This proactive behavior exhibited alignment with cash planning and motivational goal setting (Melendres, 2024, Aceron et al., 2024). Theme 2: Adaptive Traits and Resourcefulness in Crisis acknowledged borrowing, pawning, and cost-cutting as coping strategies, reflecting self-efficacy under financial duress (Syahwildan & Hidayah, 2024). Theme 3: Evolving Financial Practices through Experience and Technology and described a shift in financial management and mechanization as an advancement. This improvement demonstrates a positive shift in cognitive self-efficacy as described by Nolan et al. (2024). Under Theme 4: Importance of Education and Continuous Learning, education was noted as one of the drivers of financial behavior, where respondents referred to the value of training and technical assistance in the enhancement of motivational selfefficacy and goal acceptance (Czech et al., 2024; Soekarni et al., 2024). Theme 5: Family Support in Financial Decisions focused on the shared spousal or intergenerational decision-making, thereby reinforcing the social support aspect of self-efficacy (Puspitasari & Sari, 2021). Theme 6: Entrepreneurial Mindset and Income Diversification discussed the increasing tendencies to adopt intercropping and new agribusiness initiatives which, according to goal-setting and financial stewardship literature, points to improved goal-setting and stewardship (Delos Reyes & Bautista, 2022). In Theme 7: Emotional Barriers and Behavioral Gaps, the old persistent mindsets and weak follow-through, which training was supposed to address, highlight a behavioral gap that sustains the lack of change (Lusardi & Mitchell, 2020). The rest of the themes reinforce the argument that while financial capability is increasing among farmers in terms of planning, adaptability, and entrepreneurship, the motivational family element, primary focus, and behavioral change needed are transformation in nature. Proposed Key Areas of Intervention to Enhance the Financial Literacy among Small Farmers Small rice farmers show gaps in behavior and financial management, which aligns the learnings across four intervention areas with the capacity building programs of DA-ATI, BSP, TESDA, and LGU. The first two interventions build on the farmers’ skills in setting attainable financial goals while also mastering seasonal cash planning and spending control synchronizing financial activities with crop cycles. FGD insights affirm the farmers’ motivation but also recognize the gaps in spending discipline, flexible adaptive planning, and cash management controls. The efforts of the third and fourth interventions touch on the gaps in digital financial literacy and the household financial learning ecosystem. Farmers do not frequently utilize mobile banking and e-wallets but the systems’ adoption is improving, and farmers targeted by fintech tools designed to make cash flow management easier will find value. Having family members in savings and budgeting helps build financial and emotional resilience across generations. These gaps, summarized as interventions in Table 8, provide a holistic approach to financial literacy with the practical steps aligned with the research goals and remaining gaps in the farmers’ financial behaviors. International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4998 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 Table 8. Intervention Matrix to Enhance the Financial Literacy among Small Farmers Key Area of Intervention Objective Core Topics Recommended Action Plan Possible Partners 1. SMART Goal-Setting and Self-Efficacy Improve farmers’ ability to set realistic goals and build confidence in financial tasks SMART goals, financial confidence Farmers complete SMART templates (ATI-FBS); self-efficacy assessed via preand post-training tests DA-ATI, TESDA, LGUs 2. Seasonal Cash Planning and Cash Control Strengthen consistent budgeting and cash control for daily spending Cash flow planning, expense monitoring Farmers submit seasonal budgets (LGU monitoring) and maintain expense logs (manual/digital) LGUs, Cooperatives, BSP 3. Digital Financial Literacy Promote use of mobile and digital tools for money management Tech-enabled practices Farmers adopt one fintech tool and show usage (screenshot/logbook proof) BSP, DA-ATI, LGUs 4. Entrepreneurship and Family-Based Financial Learning Encourage diversified income and family participation in finance Agripreneurship, family budgeting Farmers join agribusiness workshops (ATI/DTI) and co-sign family budgets/savings plans DA-ATI, DTI, LGUs, TESDA Additionally, these action areas outline a holistic approach to improving the financial literacy of small-scale rice farmers within the framework of self-efficacy and goal-setting motivation. This approach focuses on household-level resilience through the integration of cash planning, cash control, the use of digital tools, and family financial management, as well as the individual practices of goal-setting and self-efficacy. These recommendations are action-oriented and stem directly from the research questions, ensuring context relevance and sustainability, as aligned with the DA-ATI, BSP, TESDA, and LGU initiatives. IV. CONCLUSION AND RECOMMENDATIONS Conclusion Small rice farmers in Daet, Camarines Norte exhibit intermediate levels of financial literacy, with strongest cash management, budgeting, and savings skills, and weakest cash control, adaptive choice, and digital finance skills. Self-efficacy and goal-setting motivation, however, were significant predictors of financial literacy, accounting for almost 80% of the variance. These factors proved more important than demographic characteristics of age, sex, or education. Farmers' self-planning, motivational drive, and confidence in resourcefulness highlight their financial resilience. Gaps, however, in adaptability, cognitive and decision flexibility, and the systematic use of financial skills show farmers' exposure and vulnerability to precarious situations like distress, emergencies, and economic shocks. Overall, the findings show the direct importance of goal-setting of motivation and self-efficacy in developing sustainable financial literacy and financial resilience among smallholder farmers. Recommendations The current study addresses and recommends the integration of behavioral finance into training programs for farmers, as follows: (1) Combine SMART goal-setting techniques and self-efficacy training. (2) Improve seasonal cash flow planning and expense tracking. (3) Advance the use of mobile tools for digital financial literacy. (4) Foster entrepreneurship and financial learning at home. (5) Expand the “Kaya Ko, Kaya Natin” program as an integrated approach together with relevant government and allied agencies. (6) Extend future studies focusing on varied farming contexts, particularly with longitudinal studies as one of the methods. These recommendations emphasize that effective interventions must move beyond knowledge transfer to include behavioral, motivational, and family-centered approaches. By doing so, policymakers and institutions can strengthen financial literacy and resilience among small rice farmers, enabling them to achieve sustainable economic outcomes. International Journal of Current Science Research and Review ISSN: 2581-8341 Volume 08 Issue 10 October 2025 DOI: 10.47191/ijcsrr/V8-i10-12, Impact Factor: 8.048 IJCSRR @ 2025 www.ijcsrr.org 4999 *Corresponding Author: Cesar P. Abasolo Volume 08 Issue 10 October 2025 Available at: www.ijcsrr.org Page No. 4991-5000 V. 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