Cost Management Practices and Financial Literacy

With healthcare benefit costs in the Philippines expected to continue rising at a double-digit rate in 2025, it is becoming more important for both organizations and individuals to manage their costs effectively. As a result, businesses must find ways to control and reduce spending to keep their finances healthy. This is especially challenging for companies that provide healthcare benefits to their employees, as they need to balance higher costs with the goal of offering fair and sustainable benefits.

Along with cost management, financial literacy is also crucial. Understanding basic financial concepts, such as budgeting, forecasting, and risk management, helps both business leaders and employees make better decisions in the face of rising healthcare costs. Because of this, organizations with strong financial knowledge are better able to plan for future costs, adjust their strategies, and protect their financial well-being. In the end, as healthcare costs keep rising, making smart financial choices will be key to ensuring that businesses can handle these increases without sacrificing other important financial needs.

Who Can Use These Topics

These research topics are ideal for students and professionals pursuing:

College Programs:

• Business Administration (Major in Financial Management)

• Accountancy

• Economics

• BS in Public Administration

• BS in Civil Engineering

• BS in Construction Management

• BS in Information Systems

• BS in Data Analytics

Senior High School Strands:

• ABM

• STEM

• GAS

Why This Topic Needs Research

Although cost management is well-documented, the role of financial literacy in its execution remains insufficiently explored. Gaps include:

• Lack of research on financial literacy’s role in strategic adoption: While Ghanaian PHEIs adopt cost strategies, the influence of leadership's financial literacy remains unclear. Future studies must assess how capacity-building efforts can bridge this strategic gap (Ayam, 2024).

• Unexamined link between financial skills and cost accuracy in construction: In Nigeria, firms show strong results using cost management practices, yet the role of project managers' financial literacy remains underexplored. Researchers should examine how this knowledge influences procurement and long-term planning (Ahmed et al., 2024).

• Underexplored literacy-driven adoption of accounting innovations: While advanced cost systems boost sustainability, their implementation may fail without adequate financial literacy among SME leaders. Future research should investigate how knowledge levels affect integration (Hossain & Hasan, 2024).

• Neglected role of financial capability in digital transformation: Contractors in educational projects face performance issues not just due to tech limitations but also due to limited financial and digital literacy. Research must assess how these competencies interact (Maw et al., 2025).

• Unclear adoption pathways among operational staff: Strategic cost management tools are more effective when mid-level managers understand them. Future research should evaluate training programs and knowledge transfer methods to increase cost discipline (Ghanbari et al., 2022).

• Lack of context-specific analysis in developing economies: Uzbekistan's economy relies on improved cost control, but many institutions lack skilled staff. Studies should develop localized strategies that link financial literacy to cost resilience (Azimov & Hamidov, 2025).

• Gap in AI-based cost models and user readiness: Although AI improves cost management, its effectiveness depends on users’ financial literacy. Research should assess training needs and interpretation skills for sustainable use of AI-integrated systems (Chen, 2025).
  

Feasibility & Challenges by Target Group

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References

Ahmed, Z., Udegbunam, B. U., & Idachaba, D. G. (2024). PROSPECTS OF CONSTRUCTION COST MANAGEMENT PRACTICES ON CONSTRUCTION FIRMS IN NIGERIA. Journal of Built Environment and Geological Research.

Ayam, J. R. A. (2024). Strategic Cost Management Practices and Performance of Ghanaian Public Higher Education Institutions. International Journal of African Higher Education, 11(1).

Azimov, B., & Hamidov, A. (2025). THEORETICAL AND PRACTICAL ASPECTS OF MANAGING ORGANIZATIONAL COSTS IN THE ECONOMIC SECURITY SYSTEM. Journal of Applied Science and Social Science, 1(1), 356-363.

Chen, B. (2025). Leveraging Advanced AI in Activity-Based Costing (ABC) for Enhanced Cost Management. Journal of Computer, Signal, and System Research, 2(1), 53-62.

Ghanbari, J., Abbasi, E., Didekhani, H., & Ashrafi, M. (2022). The impact of strategic cost management on the relationship between supply chain practices, top management support and financial performance improvement. Journal of applied research on industrial engineering, 9(1), 32-49.

Hossain, M. Z., & Hasan, L. (2024). Sustainable cost management and green business: The role of managerial accounting innovations. European Modern Studies Journal, 8(4), 464-484.

Maw, M. M., Atmaja, S. K. R. P., & Murtika, I. W. (2025). Evaluating Contractor Performance through Cost-Time Management Strategies in Educational Building Project. Jurnal Ilmiah Telsinas Elektro, Sipil dan Teknik Informasi, 8(1), 58-63.

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