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

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Self-efficacy and goal-setting strongly predict financial literacy, accounting for 79.3% of variance.
Farmers showed high motivation and self-efficacy for income diversification and prioritizing financial tasks.
Weak adaptability to financial shocks and advanced decision-making were notable issues among farmers.
Addressing behavioral finance is crucial in capacity-building programs to improve farmers' financial resilience.

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Survey and focus group analysis show financial literacy relates to self-efficacy and goal-setting in rice farmers, indicating areas for improvement.

Abasolo et al. (2025) studied this question.

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Survey and focus group analysis show financial literacy relates to self-efficacy and goal-setting in rice farmers, indicating areas for improvement.