In this study, the researchers will employ phenomenology as a research design.
Smith (2021) defines phenomenology as a qualitative research process that focuses
on studying individuals' living experiences in order to discover the core of a specific
occurrence. This technique tries to comprehend participants' subjective viewpoints
and interpretations, with the goal of capturing the depth and breadth of their
experiences. Smith (2021) highlights the need of immersing oneself in the participants'
reality in order to acquire insight into how they perceive and interpret their experiences.
Using a Phenomenological design, researchers can look into the unique viewpoints
and interpretations assigned to phenomena by individuals directly engaged.
Phenomenological design is most suited for this study because of its ability to dive
deeply into the lived experiences, creating significance processes, and situational
complexities of owners' financial habits in this particular socioeconomic environment.
Research Participants
The participants of this study will consist of 5 owners or managers of Sari -Sari
stores in urban areas. These participants will be selected based on their experience
in running these small convenience stores, their knowledge of financial practices, and
the diversity of their store operations. The sampling method to be employed in
selecting these participants will be Convenience sampling, a non-probability sampling
method, involves selecting readily available subjects based on accessibility, often
used in situations where time or cost constraints limit more rigorous sampling
techniques (Trochim, 2022).
Research Instrument
The researchers will conduct in-depth interviews (IDI) as a research instrument.
According to Smith (2020), an in-depth interview (IDI) is a type of interview aimed at
thoroughly examining and understanding the opinions, perspectives, and experiences
of respondents through probing questions and analysis. This method allows for a
detailed and comprehensive collection of information from individuals, enabling the
development of a deeper understanding of their thoughts and viewpoints. This process
is crucial in conducting research and theory-building as it provides an opportunity to
showcase various contexts and dimensions of an issue or phenomenon. The
researchers advocate for in-depth interviews as an effective method for data collection
in the study due to their ability to extensively explore participants' financial practices,
challenges, and strategies, particularly in small businesses like Sari-Sari stores.
Through open-ended questions, these interviews yield rich insights into the
complexities of financial management, fostering a comprehensive understanding of
the unique challenges encountered by store owners.
Data Collection Procedure
To collect the data, the following procedures must be followed. First, the
researchers will craft interview questions to ask to their respondents. Second, the
researchers will have the questions reviewed by their Practical Research 1 teacher for
approval. Third, once the interview questions are endorsed, the researchers will
embark on locating sari-sari store businesses in Davao City to conduct interviews with.
Following the identification of suitable participants that would match the objectives of
the study, the researchers will provide them with a briefing regarding the interview
process. Fourth, the researchers will prepare their equipment for recording, which
includes cell phones and writing materials. Fifth, after collecting the data or statements from the interviews, the researchers will transcribe, translate, and analyze it. The
accumulated recordings will be transcribed into text and will be translated into the
English language. The researchers will analyze the data using thematic analysis to
address the research questions. Finally, the researchers will synthesize and present
their analyzed data effectively to the panelists
Data Analysis
In this study, the researchers will use thematic analysis as a data analysis tool
since it helps discover repeating themes and patterns in the data, making it easier to
analyze essential topics. According to Smith (2020), thematic analysis is a process of
identifying patterns or themes in qualitative data. It is a method of systematically
organizing and analyzing complex data to find themes that can reveal the stories found
in the data. Rigorous thematic analysis can provide informed and reliable findings.
Ethical Considerations
Researchers ought to consider the following ethical considerations when
doing research:
Informed Consent
Ensuring that participants understand the purpose, procedures, and potential
risks of the research before agreeing to participate.
Confidentiality
Safeguarding the privacy of participants' financial information and identities to
prevent unauthorized access or disclosure.
Objectivity Maintaining neutrality and avoiding bias in the collection, analysis, and
interpretation of data to ensure accurate and unbiased findings.
Fair Treatment
Providing equal opportunities for participation and ensuring fair compensation
for participants' contributions to the research.
Cultural Sensitivity
Being aware of and respecting the cultural norms and values of the communities
being studied to conduct research in a respectful and culturally appropriate manner.
Transparency
Clearly communicating the research methods, procedures, and findings to
participants and stakeholders to promote trust and accountability.
References
Anshika, A., & Singla, A. (2022). Financial literacy of entrepreneurs: A systematic
