Common Financial Challenges and Business Opportunities as Experienced by Filipino Seafarers

Over the years in the Maritime Industry, seafarers have been labeled as workers who have been earning a lot from the type of job they have. Seafarers may have earned a lot from their distinct job, but there will be a moment when their jobs won't be enough to support their family especially if their ships have been sold or have stopped operating. The only income of the seafarers was their job in the middle of the sea. The objective of this study was to determine the common financial mistakes committed by seafarers and investigate the businesses opportunities as experienced by the Filipino seafarers. The researchers have collected information through the use of making the respondents signed the informed consent form to signify their willingness to be part of the study. The researchers have informed and oriented the respondents regarding this study. After retrieving the data from the respondents, the researchers have gathered all the data accumulated from the respondents and have been computed and analyzed by the researchers. Results show that numerous seafarers quit their job, multiple reasons are starting from family and personal problems, health issues, piracy up to lack of shore jobs. Some leave deliberately and quit seafaring while others simply did not receive job offers anymore. Upon leaving seafaring it was reported that there is a huge number of seafarers who are having financial trouble after leaving their job that they can no longer support their family. The challenges that seafarers experience while working onboard are splurging on material things, salary dedicated to remittance, no budget, not saving for retirement, and the pasikat mentality. These are the financial mistakes that usually take up most of the seafarers' entire earnings. To avoid this financial crisis, the researchers came up with a study that presents business opportunities or investment schemes that an ex-seafarer can apply to avoid bankruptcy in case he no longer wishes to work on a seafaring-related job. Business opportunities come in the form of bank products, bonds, stocks, blogging, life insurance, and the most preferred—a start-up business.