CHAPTER I

THE PROBLEM AND ITS BACKGROUND

Introduction

Filipinos are having difficulties in saving money. Philippines has one

of the lowest savings rate according to the survey administered by the

Bangko Sentral ng Pilipinas (BSP) last 2014 (“5 Reasons Filipinos Don't Save

Money”, 2017). According to “5 Reasons Filipinos Don't Save Money” (2017),

Filipinos (1) are happy-go-lucky or carefree, preventing them to save money;

(2) tend to spend a lot of money and end up not having enough money to

save and being buried in debt; and (3) lack knowledge in saving or managing

their money. According to De Vera (2016), the consumer expectation survey

that the BSP conducted showed that Filipinos are spending more and saving

less. In addition, based on the Kantar Worldpanel Survey last 2017, Filipinos

are spending more compared to other Southeast Asian countries (Llamas,

2017).

As a person ages, their expenses also increase due to having larger

expenditures. It is important to manage money to be able to save [money]

and satisfy one’s wants and needs. Students gain experience in budgeting

through their allowance (De Guzman, Fojas, Inamac, Lee, Sangria, & Tia,

2007). However, students also experience challenges because of the lack of

financial knowledge. Wong (2013) suggested that high school students have

less knowledge in how to manage money compared to college students for

the reason that schools fail to properly educate students about money

management. According to the National Student Money Survey in 2016, in

the United States, eighty percent (80%) of the students feel that they do not

have enough money. As a matter of fact, 1 out of 4 students do not budget

therefore a lot of students do not have savings (Butler, 2017).

Budgeting is the best way to manage money. Budgeting is a practice

that consists of activities that result to creating a budget (Angcanan, n.d).

When budgeting money, people create a budget that makes them aware of

how much of their income is allotted for a certain item and also helps them

control their spending. It gives them the opportunity to be able to have both

needs and wants and also save money. However, there are different factors

that can affect a budget, which are needed to be noted for a budget to be

effective.

With this in mind, this study aimed to explore the budgeting behavior

of students and its relationship between their profile such as gender and daily

allowance. The data recorded were from SHS 2 students of General

Academics Strand (GAS). In the study, the respondents’ expenses and

savings recorded for sixteen (16) days to analyze the respondents’ budgeting

behavior and correlate it with their personal profiles.

Theoretical Framework

The study used Proportional Budgeting, also known as the 50-30-20

rule as its theoretical framework. It was developed by a senator in the United

States named Elizabeth Warren. This rule was mentioned in her book she

wrote with her daughter, Amelia Warren-Tyagi, titled All Your Worth: The

Ultimate Lifetime Money Plan (Pant, 2018; Engelhardt, 2011).

Figure 1 shows how Elizabeth Warren’s Proportional Budgeting works.

Figure 1
Theoretical Framework

This model indicates that the income will be divided into three

classifications or categories: needs, wants, and savings. These

classifications would have different proportions hence the name 50-30-20

rule. The fifty percent (50%) of the income will be spent for needs. The thirty

percent (30%) will be spent for wants and the remaining twenty percent (20%)

will be saved.

This was chosen to become a basis in analyzing the respondents’

budgeting behavior. The respondents’ daily expenses were also categorized

by their personal wants and needs. The rule itself is compared to the

individual budgeting technique of the respondents.

Conceptual Framework

Based on the study’s theoretical framework, the researchers

generated a conceptual framework that presents and connects the data,

process, and goal of the research.

Figure 2 below presents the conceptual framework of the research.

INPUT PROCESS OUTPUT

Respondents’ Data Recording Budgeting

Profile - Orientation Behavior of the
- Gender - Distribution of respondents and
- Allowance Survey the significant
- Wants and Questionnaire relationship and
Needs - Recording of data difference between
- Expenses (16 days) the respondents’
budgeting behavior
Respondents’ Data Analysis: and profile
Perception on the - Frequency
Benefits of - Mean
Budgeting - Likert Scale
- T-test
- Pearson’s R

Figure 2
Conceptual Framework

This concept illustrates the independent and dependent variables of

the study and the processes involved in this study. There were three frames:

input, process, and output. Respondents’ profile and their perception towards

benefits of budgeting were the independent variables seen inside the input

frame. Survey questionnaire and data recording were done and after which

were analyzed using statistical treatments such as mean, frequency, Likert

scale, T-test, and Pearson r to determine if there is a significant difference

and relationship between the respondents’ budgeting behavior and profile.

Statement of the Problem

This study aimed to discover the budgeting behavior of the

respondents and its relationship to their profile. Furthermore, this research

sought to answer the following questions:

1. What is the profile of the respondents in terms of:

1.1. Gender

1.2. Daily Allowance

1.3. Considered Needs

1.4. Considered Wants

2. How do the respondents budget their allowance?

3. How do the respondents perceive the benefits of budgeting?

4. Is there a significant difference between the budgeting behavior of the

respondents when grouped according to gender?

5. Is there a significant relationship between the budgeting behavior to

respondents’ daily allowance?

Hypothesis

1. There is no significant difference between the budgeting behavior of the

respondents when grouped according to gender.

2. There is no significant relationship between the budgeting behavior and

the respondents’ daily allowance.

Significance of the Study

It is hoped that the results of this study would be beneficial to the

following:

For the students, results of this study would help them explore their

own budgeting technique. This study would also be helpful to the students to

become aware on how they handle their personal allowances. This will be an

informative reference for them to have a deeper knowledge about money

management.

For parents, this research will benefit them in assessing the financial

literacy of their children. It would also be an informative reference for them to

check the budgeting skills of their children. This can also allow parents to

have a glimpse of their children’s expenditures.

For teachers, they may be able to use this study as a guide in creating

performance tasks (PETA) for students that would serve as a practice for

students on money management. Teachers teaching Accountancy,

Business, and Management (ABM) students would also greatly benefit from

this research since it tackles about finances.

For future researchers, this study could be an added reference to their

study.

Scope and Delimitations

This study primarily focused on the budgeting behavior of the

respondents. It also aimed to analyze the relationship between respondents’

profile and budgeting behavior. In addition, the respondents’ perception

about the benefits of budgeting will also be studied.

This research was only limited to Senior High School GAS 2 students

of UST Angelicum College. The respondents’ daily expenses and savings

were recorded for one month; equivalent to 16 school days. All expenses

spent within the 16 school days were recorded, including expenses outside

the school premises. Expenses students made during weekends, holidays,

or non-school days were not be included. In addition, the respondents were

classified in terms of their gender and daily allowance.

Definition of Terms

Allowance. This term refers to the money given to students by their

parents for their daily expenses (De Guzman et al., 2007). In this research, it

still refers to the students’ money given by their parents or guardians.

Budgeting Behavior. This term refers to how the students plan and

spend their money (Wilson, 1998). In this research, budgeting behavior

relates to how the students allot their allowance to gain wants and needs, as

well as savings.

Gender. This term refers to the ideals to be a female or male. (Reeves

and Baden, 2000). In this study, gender pertains to the sex of the respondents

whether they are a male or female.

Needs. This term refers to a requirement or a necessary duty to satisfy

the basics in life or to live a healthy life (Smith, n.d). In this study, this term
refers to the items being bought that the respondents consider necessary for

them.

Savings. This term refers to the act of limiting expenses to be able to

improve the standard of living (Virani, cited in Rikwentishe, Pulka, and Yamta,

2015). In this study, this term refers to the remaining money the

respondents have after spending.

Wants. This term refers to the things that are nice to have only

(Marquit, n.d). In this research, this term refers to the items being bought that

the respondents wish to have.

 CHAPTER II

REVIEW OF LITERATURE

The following literatures were found to be related and useful in

exploring the concepts of this study.

Conceptual Literature

Needs.

According to Smith (n.d.), needs is a requirement or a necessary duty

to satisfy the basics in life or to live a healthy life, such as food, water,

clothing, housing. According to Marquit (n.d.), needs are the items needed by

people to survive, such as food, water, or shelter, but needs can also be

expanded through utility bills and minimum debt payments. Millennials

consider transportation and food as essentials (Tepper, 2018).

Wants.

According to Marquit (n.d.), wants are the items that you do not need

to survive, things that are nice to have only. There are times when needs turn

into wants which you take your needs beyond basics in life. According to

Jespersen (2017), wants are the expenses that make one live more

comfortably or things that are bought for fun and these are things people can

live without, but people buy them because they enjoy having it. According to

Schalk (2016) based on a study, college students, ages 18-24, spend 27

billion dollars on non-essential items such as clothes, shoes, alcohol, and

entertainment.
Savings.

Savings refers to the money put aside for future use rather than

spending it immediately. Pant (2017) defined savings as the money set aside

for a specific purpose. Pant also said that saving is not the absence of

spending but an intentional act of putting money aside for a specific needs or

purposes. But according to Shaankar (2018), savings consist of the amount

left after a person spends on products and services. For the people who have

a financial problem, savings can be useful at their problem, for those who

tend to rely on credit and loans to make ends meet, there is no money left for

savings. According to Decker (2018), saving money is really important for

students, it’s not just about saving money to spend their wants but it is for

their emergency purposes in the future. It also benefits them through

becoming financially independent; having emergency money and extra

money to go to school activities (Wright, n.d), and an aid to parents and being

able to treat them. Saving money can be really useful for students.

Budgeting.

According to Peavler (2018), budgeting is the process of preparing the

output of your money that can cover a given time period in the future. Peavler

also mentioned that budgeting can be prepared for a short period of time.

Budgeting can be useful when one wants to spend money but also want to

save more money. Budget is a spending plan, which will put money in control.

It shows how much money one has, where money would be used for needs
and wants, and when one would be able to reach goals for savings. According

to Buell (2007), he stated that “Budgeting is the process of setting financial

goals, forecasting future financial resources and needs, monitoring and

controlling income and expenditures, and evaluating progress toward

achieving the financial goals”.

According to Kline (n.d.), the benefits of budgeting is that it gives

power to control money; it helps track financial goals or helps a person avoid

spending on unnecessary things that will ruin financial goals. Budgeting could

also help to know exactly where a person’s money comes from, where it is

spent, and how much is earned at the end of each month. Budgeting would

not only help to control or track financial goals, but it would also help a person

organize his or her spending, and this will make it easier to know where a

person has been spending money. Kline (n.d) also suggested that making a

budget template can also help one stay organized. Budgeting will also help

to create an emergency fund and this will allow a person to be prepared for

future expenses. Similarly, budgeting improves communication with others,

debt payments, and saving money (“10 Benefits of Budgeting Your Money,

n.d.).

Budgeting Behavior.

Budgeting behavior of a student is affected by different factors. Each

behavior is different from another. Students have different wants and needs

hence, each have different expenses. This is influenced by their personal and
families’ lifestyle. According to Bona (2018), a person’s lifestyle affects

choices on what items to purchase; consequently, one’s life style is based on

family background. Salikin, Wahab, Masruki, & Nordin (2012) also agreed

that students’ parents affect their behavior.

Unfortunately, students are not aware of the importance of budgeting

(Shaji, Reghunath & Chandradathan, 2016). The same proponents explained

that they have discovered that students have their own savings, however,

they spend more than they save. How a person perceives budgeting,

especially its benefits, molds their financial management.

One factor that affects a budget is a person’s gender. Sereetrakul,

Wongveeravuti, & Likitapiwat (2013) explained that males and females are

raised differently by their parents resulting to different saving and spending

habits. There were studies that suggest women to spend more than men

(Balhorn, n.d). Women spend more money than men because shopping is

one of the nature of women, unlike men who are very simple when it comes

to clothing, and men usually just buy foods, unlike women that will buy even

the things that they really do not need (Shringi, 2018). Some reasons why

girls are more expensive than boys are: girls needs accessories like purses,

shoes, make up, hair stuff, and there are other feminine things to pay for, like

when their body changes, they start to buy pads due to menstruation. In

addition, boys are not interested in those things.

 Furthermore, Ning (2007) also believes that women spend more

money than men, but both of them spend big money. For example, men

usually spend money for the things that they only need to use, but sometimes

they spend money for buying cars or high definition television. However, even

though men buy cars, women still spend more money than men because

women often buy stuff that they do not really need or not that useful because

women love shopping. According to Kent (2015), he believed that when it

comes to financing, men are much better than women because women were

too much obsessed in the word “shopping”, while men did not spend money

on useless things, that is why men save a lot of money than women because

they can limit themselves on what they should buy. Sherry (n.d.) also agrees

that girls spends more money than boys. However, Sereetrakul et al. (2013)

stated that Thai male students range from 13-18 years old spend more

money than female students.

Even though women may seem to spend more than men, according

to Henry, Weber, & Yarbrough (2001) and Stollack, Vandenberg, Steiner, &

Richards (2011), women budget better than men. Stollack, et al. (2016) also

produced a resulted to the same notion that women are much better

budgeters and planners than men.

Students’ money usually comes from allowances given by parents

(Villanueva, 2017; Bona, 2018). When parents give high allowance,

tendencies lead to their children also having high expenses. Similarly,

Villanueva (2017) explained the same concept in her paper stating that

students who have higher allowances has more consuming power. However,

Wong (2013) disagrees and says people with low income tends to have less

expenses than high income people (Wong, 2013). Income of a person is a

driving force that affects budget and savings. Percueleza et al. (2016)

explained that with a person’s current income their expenses and savings

may stay the same, increase in expenses then decrease in savings or vice

versa.

Research Literature

Despite of several literatures claiming that women are huge spenders,

there are statements the women are better savers than men. There have

been reports that women who earns 20,000-40,000 dollars have saved 2,000

dollars more than men (Sullivan, 2015). In contrast to this belief, according to

Beard (2017), he thinks that men can save more money than women. In his

research, the results showed that 39% of women savings banked as opposed

to 45% of their male counterparts. Beard (2017) shares about a female friend

of his, the female friend stated that if she got extra money, she will definitely

blow it on clothing or make up. It seems that males save more money than

women (Beard, 2017). It is said that men are more financial confident than

women (Powell & Ansic, 1997).

Nonetheless, Shringi (2018) said that there is no battle of the sexes

here; it is the difference in their motives, rationales and perspectives which

makes their spending habits very different from the other. According to

Stollack, et al. (2016), women were more likely to have a budget than men

and women are more likely to follow their budget plan. There is also no

significant between men and women in when it comes on their spending cash

on their meal and no significant between men and women when their print

budget run out. (Stollack, et al., 2016).

Source of income also affects a person’s expenses (Percueleza,

Andal, Divino, Maderazo, Samonteza, & Manongsong, 2016). It can be easily

assumed that having a low source of income would automatically mean low

savings and difficulty in gaining wants and needs. According to Averia et al

(2018), in their conclusion of their thesis statement, students had a difficult

time in allotting their inadequate allowance due to small amount income of

their family. It stated that having a small amount of allowance can give

students a difficulty in saving and budgeting for their needs and wants.

According to Abesamis (2014), they conclude in their research that if the

family of the student has a high average income per month, the student can

have a high allowance. Wong (2013) also stated that people with low income

usually has low savings as well.

Synthesis

When a budget works, it is easier to save since “to budget helps you

save” (Johnson, n.d, para. 6). There are many budgeting techniques that can

make managing money easier, although, not all follows one budget. A budget
differs for every individual since each individual have different behaviors

towards budgeting. A person’s budget is created based on the one’s

considered needs and wants. Other factors like gender and amount of income

also affects a budget.

Based on studies, there are already brackets on what are needs

(essentials) and wants (non-essentials) (Smith, n.d; Marquit, n.d; Tepper,

2018; Jesperson, 2017; & Schalk, 2016). Nevertheless, these are

components that still differs from one person to another. A need of person A

may be a want for person B and vice versa.

Most studies stated above suggested that men save better than

women due to the fact that women tend to spend more money (Kent, 2015).

Compared to men, the expenses of a woman are greater (Ning, 2007;

Shringi, 2018; & Sherry, n.d). On the contrary, there are some researches

that stated women save and budget better than men (Henry et al., 2001;

Stollack et al., 2016; & Sullivan, 2015). Less had been said about men as

great budgeters.

Daily allowance affects one’s budget as well. It is a variable that has

become a crucial part of students’ life, since money is their means to

purchase. Lower allowance makes it more difficult for a student to budget an

allowance to satisfy one’s needs and wants and also be able to save money

at the same time (Percueleza, et al., 2016). This statement can be easily

accepted, but there are still studies which stated otherwise.

 Both men and women especially students should save because it is

beneficial to them. Savings can help students for their future. Having savings

can provide people with (1) financial independence; (2) emergency money;

(3) debt-free living; (4) family bonding; and (5) future earnings. In having

financial savings, budgeting is beneficial to (1) control and organize income

and expenses; (2) focus on financial goals and become aware of financial

status; (3) create emergency funds and pay debt easily; (4) improve

communication with others about finance; and (5) satisfy needs and wants.

In spite of the studies and data collected, there are still gaps that

needed to be filled, since studies were conducted from different settings and

used different variables that could have affected the results of the research.

The researchers sought to explore the budgeting behavior of Senior High

School students and how the profile of the person affects this.
 CHAPTER III

METHODOLOGY

This chapter discusses the study's research design, respondents,

sampling technique, data gathering instruments and procedure, and

statistical treatment.

Research Design

The research study adopted a descriptive research. According to

Pulmones (2016), a descriptive research is defined as a research method

that aims to describe the status of a certain variable. The research aims to

explore and discover the budgeting behavior of the respondents. This method

was chosen because it aided the researchers to directly know how the

respondents budget their allowance.

Respondents of the Study

The researchers chose thirty (30) respondents for the experiment. All

the respondents were Senior High School 2 students of UST Angelicum

College. In addition, the respondents were all from the academic track,

General Academics (GAS). They were assumed to receive a daily allowance

with varying expenses.

The study’s respondents were also profiled in terms of gender, daily

allowance, and considered wants and needs. The researchers intended to

compare the significant differences in the budgeting technique of the selected

senior high school students when grouped according to these profiles.

Sampling Procedure

The researchers used a non-probability sampling technique for this

study, which is a type of sampling technique that does not use randomization.

The researchers chose the purposive sampling or also known as judgmental,

selective, or subjective sampling. The purposive sampling method requires

researchers to have prior knowledge about the purpose of their studies so

that they can properly choose and approach suitable participants (Palys,

2008). This type of sampling helped the researchers to gain needed

information to be able to focus and properly record the data.

Sampling Technique

In order for the researchers to choose the respondents, the

researchers developed a set of criteria. The respondents must be (1) Senior

High School 2 students; (2) enrolled in the track of general academics; (3)

receiving daily, weekly, or monthly allowance; and (4) easily monitored.

Data Gathering Instrument

Survey questionnaire and logbook was used as the data gathering

instruments for this current study. Each instrument was important for the

researchers to be able to gather needed data. Moreover, the data was

verified and recorded properly.

The survey questionnaire was used primarily to profile the

respondents. The respondents’ will be profiled in terms of their gender,

allowance, and personal wants and needs. It is vital that the respondents are
profiled since this research seeks to explore the relationship between the

budgeting behavior and profile of respondents. The survey questionnaire is

consist of two parts. Aside from profiling the respondents, the survey

questionnaire asks about the respondents’ perception about benefits of

budgeting. It also contain questions about their view on the benefits of

budgeting in which the researchers prepared fourteen questions to get the

respondents perception.

Log Book

The logbook was used to record the respondents’ daily expenses and

savings. The researchers recorded the respondents’ expenses and savings

every day. The expenses were recorded by how much the respondents spent

their allowance, which was classified by their wants and needs.

Data Gathering Procedure

Before giving out the survey questionnaires, consent forms were given

to the respondents. The researchers were aware of the rights of the

respondents therefore, before the respondents answered questionnaires, the

respondents’ consent was secured via a letter, which stated the details

regarding the study. It was also stated there that they had the right to refuse

to partake in the study. The participants who agreed to partake in this

research answered a survey questionnaire. In addition, during this phase,

respondents were orientated on what would happen during the whole

research.
 Data were recorded for one month (16 school days). The recording of

data was conducted within the premises of UST Angelicum College.

Nevertheless, whatever amount the participants spent outside the premises

of the school was still part of their expenses and was recorded by the

researchers.

After the gathering of data, the researchers started analyzing the

budgeting behavior of the respondents. Then, it was determined whether

there was a particular budgeting pattern.

Statistical Treatment

The data obtained from the experiment was presented in tables and

graphs. The results were analyzed and interpreted by the researchers using

the following statistical techniques and procedures:

Frequency. This term refers to the number of times a specific score

has occurred (Lavrakas, 2008). In this study, this term refers to the number

of times the respondents’ answers appeared in the survey, such as the

frequency of male and females, and their varying daily allowance, expenses,

wants and needs, as well as their respondents’ perception.

Mean. This term refers to the average of the scores (Salkind, 2007).

In this study, this term refers to the statistical tool used to get the average

amount of money saved by the respondents.

Likert scale. This term refers to the statistical tool used to identify the

perception of respondents towards a topic (Joshi, Kale, Chandel, Pal, 2015).

In this study, this term refers to the 4-point Likert scale used to acquire the

perception of the respondents towards the benefits of budgeting.

Table 1 illustrates the used level of agreement scale.

Table 1
Level of Agreement
Scale Verbal Description Scale Verbal Interpretation

4 Strongly Agree 3.25 – 4 Strongly Agree

3 Agree 2.5 – 3.24 Agree

2 Disagree 1.75 – 2.49 Disagree

1 Strongly Disagree 1- 1.74 Strongly Disagree

T-test. As stated in “What are T-Tests for independent and paired

samples” (2008), independent samples T-test is used to compare groups of

participants that are not related in any way. This statistical tool helped the

researchers determine if there is a significant difference as to the

respondents’ budgeting behavior and gender.

Pearson r. Chee (2015) explained that this type of statistics measure

the relationship between two variables. One of the objectives of the study

was to relate the respondents’ budgeting behavior to their daily allowance

and see if there was a significant relationship between the two. Pearson r

was used to determine the significance between the two variable.

 CHAPTER IV

PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA

This chapter presents the analysis and interpretation of data from the

survey questionnaires and data recordings. Data presented include the

respondents’ profile, budget, respondents’ perception on the benefits of

budgeting, difference between the respondents’ budgeting behavior, and the

relationship between the respondents’ budgeting behavior and daily

allowance.

1. Respondents’ Profile

Before the daily expenses of the respondents were recorded, the

researchers conducted a survey to determine the profile and perception of

the respondents on the benefits of budgeting. After the survey, the

researchers tallied the respondents’ gender, daily allowance, and their

considered wants and needs.

Table 2 illustrates the profile of the respondents according to gender,

allowance, and considered wants and needs.

 Table 2
Respondents’ Profile

Frequency Percentage (%)

Gender

Female 13 43.33
Male 17 56.67

Total 30 100

Daily Allowance

P100 - less than P250 17 56.67

P250 – less than P500 10 33.33
P500 – P1000 3 10.00

Average: ₱259.25

Total 30 100

Considered Needs

Transportation 25 83.33
Food (E.g. lunch, water, snacks, juice) 27 90.00

Considered Wants

Food (E.g. lunch, water, snacks, juice) 13 43.33

Prepaid Load 16 53.33
Leisure (e.g. gala, treats, shopping, ticket) 15 50.00
Debts 3 10.00

The table shows that the majority of the respondents were male, which

was 56.6% of the total respondents. The table also shows the respondents’

daily allowance which had been classified to (1) – P100.00 to less than

P250.00, (2) – P250.00 to less than P500.00 and lastly, (3) – P500.00 to
P1000.00. Majority of the respondents had a daily allowance of P100.00 to

less than P250.00. The combined amount of the respondents’ daily allowance

had the average of Php 259.25. Lastly, Table 2 illustrates the respondents’

considered wants and needs. The considered needs according to the data

collected are food and transportation. It was not surprising that these were

the results, since these two were the basic necessities that the students spent

on every day. The considered wants were food, prepaid load, leisure, and

debts. Most of the students considered food and transportation as a need,

similar to the belief of Smith (n.d.) and Tepper (2018), who described needs

as basic necessities in life like food and transportation. It was also noticed

that even though these were necessities, not all the respondents considered

both as needs, but as a wants, since some of them had packed lunch and

were fetched to and from school.

2. Respondents’ Budget

The study aimed to explore and analyze how students alloted their

allowance to certain expenses. The results depicted the behavior of the

respondents on budgeting their allowance. The comparison and contrast

between each respondent can also be seen.

Table 3 shows how the respondents budgeted their daily allowance,

which was divided into their needs, wants, and savings.

 Table 3
Respondents’ Budget
Respondent Needs (%) Wants (%) Savings (%)

1 9.16 27.09 63.75

2 32.33 10.58 57.08
3 40.73 23.44 35.83
4 28.35 54.46 17.19
5 37.13 51.13 11.75
6 39.88 33.75 26.38
7 24.88 50.13 25.00
8 10.88 58.68 30.45
9 71.43 8.57 20.00
10 58.28 9.38 32.34
11 41.25 8.44 50.31
12 78.75 0.00 21.25
13 5.00 11.25 83.75
14 63.66 0.00 36.34
15 70.00 8.33 21.67
16 88.28 0.00 11.72
17 75.34 6.17 18.49
18 17.14 27.59 55.26
19 13.26 12.33 74.41
20 37.28 9.12 53.60
21 47.43 7.32 45.25
22 33.15 17.23 49.63
23 4.44 30.03 65.53
24 6.19 37.19 56.63
25 54.22 6.09 39.69
26 32.29 0.00 67.71
27 27.58 19.04 53.38
28 58.00 19.50 22.49
29 75.06 2.19 22.75
30 29.83 23.42 46.75

Composite Average 40.37 19.08 40.55

The researchers recorded the respondents’ daily expenses for 16

school days. The record showed that 40.37% of the respondents’ daily
allowance were spent for the respondents’ needs, 19.08% were spent for the

respondents wants, and lastly, 40.55% of the money were saved by the

respondents. It shows that the majority of the respondents alloted their daily

allowance for their needs. However, even though almost 60% of the

respondents’ daily allowance were spent, the percentage being saved was

larger than Elizabeth Warren’s Proportional Budgeting, which only allots 20%

of the allowance for savings. Thirteen of the respondents were able to save

more than 50% of their allowance by having less expenses because of

possible reasons, such as eating packed lunch, riding a school service, or

being fetched. Ten of the respondents spent more than 50% for needs, while

only 4 respondents spent more than 50% for their wants.

Based on the results, the reason why the respondents’ savings

percentage was larger compared to Warren’s proportional budgeting savings

percentage was probably because that they knew how to control their money

and they had knowledge in budgeting their daily allowances. When it comes

to spending their money, the students knew their limit, and when to stop

spending, especially when they noticed that they already spent too much in

a day. Lastly, their parents continuously supported them financially, which

really benefited them because they were able to save more money.

It is shown that the respondents had different expenses and savings

similar to the statement of Bona (2018), pertaining to students having

different expenses based on their personal and families’ lifestyle. The results
was also similar to the study of Shaji et al. (2016), where participants had

higher expenses than savings. However, the difference between the total

amount of expenses and savings of the respondents was not that large.

3. Respondents’ Perception on the Benefits of Budgeting

Budgeting is deemed beneficial for several reasons. For one, it aids

people in managing their income or allowance. Although budgeting is

considered helpful, it is still subjective to each one’s perception.

The researchers surveyed the respondents in order to have their

perception about the benefits of budgeting. The results are illustrated below

on table 4.

Table 4
Perception on Benefits of Budgeting
Mean Interpretation Rank
Question

Budgeting helps/lets me…

1. Control my own money. 3.60 Strongly Agree 1
2. Focus on financial goals. 3.30 Strongly Agree 5
3. Avoid spending on unnecessary 3.10 Agree 7
things.
4. Become aware of what is going on 3.57 Strongly Agree 3
with my money.
5. Organize my expenditures and 3.23 Agree 6
savings.
6. Create an emergency fund. 2.70 Agree 10
7. Pay debts. 3.00 Agree 8
8. Communicate with (significant) others 2.80 Agree 9
about money.
9. Save money. 3.43 Strongly Agree 4
10. Buy my wants and needs 3.57 Strongly Agree 2

Composite Mean 3.23 Agree

 Table 4 shows the perception of the respondents about the benefits of

budgeting. The average mean of the respondents’ answers was 3.23,

interpreted as agree. It can be inferred that the respondents agreed that

budgeting helped them save money and benefit them in some other positive

aspects. It differed from the claim of Shaji, et al. (2016) that students are

unaware of the importance of budgeting.

The top 3 benefits of budgeting to the respondents were items 1, helps

them control their own money, with a weighted mean of 3.60 and verbal

interpretation of strongly agree; 4, helps them become aware of what is going

on with their money; and 10, helps them buy their wants and needs, both with

a weighted mean of 3.57 and verbal interpretation of strongly agree. The

researchers believed that these were the respondents’ top answers because

these practices were already self-thought. Students monitored where they

spent their money.

However, the bottom 3 benefits of budgeting to the respondents were

items 6, create an emergency fund, with a weighted mean of 2.70; 8,

communicate with others about money, with a weighted mean of 2.80; and 7,

pay debts, with a weighted mean of 3.0. All three items had verbal

interpretation of agree. These reasons had the lowest mean because

students did not have to worry yet about their financial resources since they

were still financially supported by their parents. Also, it may be inferred that
money was not a topic that students talk about between themselves and with

their parents.

The results of the survey relates supports the statements made by

Peavler (2018), who said that budgeting is the process of preparing the output

of money that can cover a given time period in the future. Peavler (2018) also

mentioned that budgeting can be prepared for a short period of time.

Budgeting can be useful when one wants to spend money but also want to

save more money. Budget is a spending plan, which can help a person

control his or her money. It shows how much money a person has, whether

the money will be used for needs and wants, and when one reaches his or

her goals for savings.

3. Significant Difference between the GAS 2 Students’ Budgeting

Behavior and Gender

Aside from exploring the budgeting behavior of the respondents, the

study also aimed to discover if there was a difference in budgeting when it

comes to gender. After the respondents’ profile was gathered, the

researchers grouped the respondents according to their gender. To know if

there is a significant difference in budgeting behavior when it comes to

gender, the researchers used t – test.

Table 5 shows the t-test results on the significant difference between

respondents’ budgeting behavior and gender.

 Table 5
T-test: Significant Difference between Budgeting Behavior and Gender
MALE FEMALE
Mean 0.33 0.50
Variance 0.04 0.02
Observations 17 13
Pooled Variance 0.03
Hypothesized Mean Difference 0
Df 28
t Stat -2.50
P(T<=t) one-tail 0.01
t Critical one-tail 1.70
P(T<=t) two-tail 0.02
t Critical two-tail 2.05

The table shows that there was a significant difference between the

respondents’ budgeting behavior and gender. It depicts that a person’s

gender actually affects their behavior towards budgeting. Table 5 also

showed that women were better budgeters than men and were able to save

more. The results were in line with the claims of different researchers like

Henry, et al. (2001) and Stollack, et al. (2011) that women were better

budgeters than men. Despite of the many claims that women spent more

money than men (Balhorn, n. d.; Shringi, 2018; Ning, 2007; Kent, 2015;

Beard, 2017), the results showed that men spent more money than women.

The researchers believed that this result was caused by the different

characters of both genders. Women were believed to be more mature and

responsible than men, hence, they budget more.

6. Significant Relationship between GAS 2 Students’ Budgeting
Behavior and Daily Allowance

One of the study’s objectives was to analyze the relationship between

the respondents’ budgeting behavior and daily allowance. In order for the

researchers to determine if there was a significant relationship, the

researchers recorded the respondents’ daily allowance and their budget,

which can been seen in the previous tables. These two were compared using

the Pearson r to evaluate if daily allowance affects a person’s budget.

Table 6 below presents the results of the Pearson r determining the

significant relationship between budgeting behavior and daily allowance.

Table 6
Significant Relationship between
Budgeting Behavior and Daily Allowance

Daily Allowance Budgeting Behavior

Daily Allowance 1
Budgeting Behavior 0.34 1

The results above was interpreted as low positive relationship. It

illustrated that there was a low significant relationship between the two

variables. Despite having low or small allowance, there were respondents

who had big savings. Similarly, respondents who had a large allowance were

not able to save lots of money. Therefore, this meant that the amount of the

respondents’ daily allowance did not necessarily have a direct relationship to

the budget and savings of a person. It meant that having a small or large
amount of allowance would not entirely affect a person’s budget and neither

their savings.

The results above were in contrast to the statement made by Averia,

et al. (2018), that students had a difficult time in allotting their inadequate

allowance due to the small amount of income of their family. They stated that

having a small amount of allowance can give students difficulty in saving and

budgeting for their needs and wants.

 CHAPTER V

SUMMARY, FINDINGS, CONCLUSION, AND RECOMMENDATION

This chapter presents the summary of findings, conclusions, and

recommendations of the study.

Summary

This study aimed to discover the budgeting behavior of the

respondents and its relationship to their profile. Furthermore, this research

sought to answer the following questions:

1. What is the profile of the respondents in terms of:

1.1 Gender

1.2 Daily Allowance

1.3 Considered Needs

1.4 Considered Wants

2. How do the respondents budget their allowance?

3. How do the respondents perceive the benefits of budgeting?

4. Is there a significant difference between the budgeting behavior of the

respondents when grouped according to gender?

5. Is there a significant relationship between the budgeting behavior to

respondents’ daily allowance?

Hypothesis

1. There is no significant difference between the budgeting behavior of

the respondents when grouped according to gender.

 2. There is no significant relationship between the budgeting behavior

and the respondents’ daily allowance.

This study adopted the descriptive research design. The researchers

chose thirty (30) respondents for the experiment. All the respondents were

Senior High School 2 students of UST Angelicum College. In addition, the

respondents were all from the academic track, General Academics (GAS).

The researchers chose the purposive sampling method. A survey

questionnaire and a logbook was used as the data gathering instruments.

The statistical treatment used were Frequency, Weighted Mean, T-test, and

Pearson r.

Findings

After gathering data from administered survey questionnaires and

data recordings, the following are the findings:

1. Respondents’ Profile

The researchers determined that 56.6% of the respondents were

males and 43.3% were females. 56.67% of the respondents received

allowance ranging from P100 – less than P250. 33.33% of the respondents

received P250 – less than P500 allowance and the remaining 10.00% of the

respondents have P500-P1000 daily allowance. The 43.33% of the

respondents considered food as want, 53.33% stated prepaid load as a want,

50.00% indicated leisure as wants, and 10.00% of the respondents defined

debts as a want. 83.33% of the respondents classified transportation as a

need and 90.00% of the respondents listed food among their needs.

2. For the whole 16 school days, the respondents allotted 40.37% of their

daily allowance for their needs and 19.08% for their wants. They were

able to save 40.55% of their allowance.

3. The top 3 benefits of budgeting to the respondents were items 1, helps

them control their own money, with a weighted mean of 3.60 and

verbal interpretation of strongly agree; 4, helps them become aware of

what is going on with their money; and 10, helps them buy their wants

and needs, both with a weighted mean of 3.57 and verbal

interpretation of strongly agree. The bottom 3 benefits of budgeting to

the respondents were items 6, create an emergency fund, with a

weighted mean of 2.70; 8, communicate with others about money, with

a weighted mean of 2.80; and 7, pay debts, with a weighted mean of

3.0. All three items had verbal interpretation of agree. Based on the

data, the respondents agreed that budgeting benefited them in

multiple ways such as being able to control their money and buy their

wants and needs. However, the respondents thought less of creating

emergency funds, communication (about money), and paying debts.

4. There was a significant difference between the respondents’

budgeting behavior and gender. The females also had higher

percentage of savings than males.

 5. There was low significant relationship between the respondents’

budgeting behavior and daily allowance.

Conclusion

Based on the results of the study, the following conclusions were

made:

1. The respondents spent most of their allowance on their needs.

However, respondents were still able to save a significant amount of

money despite having varying expenses.

3. The respondents had substantial awareness and control over their own

finances. This results to them being able to determine their own wants

and needs. However, students lack the ability to communicate with

other in terms of money. They were also still carefree since they were

still supported by their parents.

4. There is a significant difference between the budgeting behavior of the

respondents to their gender. The female participants were better

budgeters than their male counterparts and they were able to save

more.

5. Small or large amount of allowance did not necessarily affect a

person’s budget and neither their savings.

Recommendation

Based on the findings and conclusions, the following were

recommended:

1. The researchers would like to recommend to future researchers to

expand more in other strands or extend this study in college students

since they only focused in one strand.

2. Comparing and analyzing more profile, such as age and financial

literacy, to the budgeting behavior may improve the research.

3. Balancing the number of females and males equal can limit having

unbiased results.

4. For students, maintaining the level of control and awareness in

handling money is recommended. Also, engaging in conversations

about money with parents, professionals, and fellow students will

improve financial literacy and budgeting skills.

5. Parents and teachers are recommended to communicate with their

children/students about money management to further widen their

financial literacy and enhance their budgeting skills. Involving them in

a series of activities to practice budgeting will greatly benefit the

students as well as sharing with them the family budget.

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 APPENDICES
APPENDIX I: COMMUNICATION LETTER

January 24, 2019

Rosanni M. Del Mundo, Ph.D.

Senior High School Principal
UST Angelicum College

Dear: Dr. Rosanni M. Del Mundo,

We are researchers from GAS 2 and we would like to have your permission to allow us to
gather data for our research entitled, Exploring the Budgeting Behavior of the Senior High
School GAS 2 Students of UST Angelicum College. We will be surveying the Senior High
School GAS 2 students which is compose of 30 respondents. The gathering of data will
undergo for a month (16 school days) in which we will be conducting a survey about the
respondents’ profile and perception about budgeting. After which, we will also record their
daily expenses and savings to know their budgeting behavior.

We are planning on conducting the survey and start recording of data on January 29, 2019
(Thursday) at 9:00 am and aim on finishing the data recording by March 4, 2019 (Monday).

A copy of the survey questionnaire is attached with this letter.

We seek for your kind approval. Thank you.

Sincerely,
Ronyth Francette N. Cada
Norman Lee Brennand M. Baltazar
Camille Joyce J. Sate
John Lester DC. Bautista

Noted by:

Jann Ernest R. Fesalbon, LPT

Research Adviser

Endorsed by:

Glenn Irwin C. Reynon, MACOMM

Strand Adviser, HUMSS and GAS

Approved by:

Rosanni M. Del Mundo, Ph.D.

Senior High School Principal
 APPENDIX II: INFORMED CONSENT FORM

January 29, 2019

Dear Participant:

I am Ronyth Francette N. Cada, a GAS Senior High School 2 Student. I would

like to humbly invite you to participate in our research project entitled
Exploring the Budgeting Behavior of the Senior High School GAS 2
Students of UST Angelicum College, which aims to analyze the
respondents’ budgeting behavior. The study is essentially private and serves
as partial fulfillment for our course Research Project.

You will also be asked to answer a questionnaire wherein you will need to
provide some confidential and personal information but rest assure that we
will keep these information strictly confidential and for research purposes
only. Aside from this, your daily expenses and savings will also be recorded
for a month (16 school days).

We ask for your cooperation in the said research. We need you to disclose
the needed data honestly. We would like to remind you that you are not forced
to participate in this experiment and will understand if you are not willing to
be part of the experiment although, we would appreciate your participation.
Thank you so much.

Sincerely,

Ronyth Francette N. Cada

Noted by:

Jann Ernest R. Fesalbon, LPT

Research Adviser

Endorsed by:

Glenn Irwin C. Reynon, MACOMM

Strand Adviser, HUMSS and GAS

Please sign below if you are willing to participate in this research project.
Print Name: ______________________________________
Signature: _______________________________________
Date: _________________
APPENDIX III: SAMPLE SURVEY
 CURRICULUM VITAE

Norman Lee Baltazar is a current senior

high school 2 student in UST – Angelicum

College, under the academic track of General

Academic Strand (GAS). Back at the time that

he was in grade 11, he was an active member

of the art club in the UST – Angelicum College.

Norman also participated in the sportsfest of UST- Angelicum College

wherein he joined the basketball competition.

Norman is very dedicated and passionate when it comes to sports

especially in basketball. During the time when he was a junior high school

student, he was an active member of sports and health club and also a varsity

player in basketball since grade 7 until he finished junior high school in St.

Bernadette College of Valenzuela. He always participates in extra-curricular

activities.

When he was a grade ten (10) student he won the science amazing

race in their science week, and he also participated in the debate. Even when

he was an elementary student, he really loves to play basketball and became

a varsity player. That’s why he joins the basketball team of the St. Bernadette

College of Valenzuela, when he was a grade five (5) student until he

graduated from elementary. When he was in grade six (6) he became a NCR

player in basketball and become one of the representative of Valenzuela city.

 Norman dreams to become a travel agent or a flight attendant so that

he can travel the world and have his own travel agency.
 John Lester Bautista is a current

senior high school 2 student in UST –

Angelicum College, under the academic track

of General Academic Strand (GAS). Lester

also participated in the sportsfest of UST-

Angelicum College in where he joined the

swimming competition.

Lester is very dedicated and passionate when it comes to sports

especially in swimming. During the time when he was a junior high school

student, he was an active member of computer club and also a varsity in

swimming since grade 7 until he finished junior high school in Intergrated

School Of Montessori in Igulot Bocaue Bulacan. Lester always participates in

extra-curricular activities. Even when he was a Primary Student, he really

loves to swim and become a varsity player. That’s why he joins the swimming

team of Intergrated School of Montessori.

Lester dreams to become a successful businessman and continue

their family business.

 Ronyth Francette N. Cada is currently a

grade 12 student in UST Angelicum College and

is taking General Academic Strand (GAS). She is

known for being an active student in school who

always participate in different happenings. She is

sharp-witted, hardworking, and helpful. She is the

type of student that teachers and classmates can count on.

Ronyth is also known as a leader in her school. She has been a part

of the UST AC PEP SQUAD for 6 years and is the team captain for 3 years

already. She is also part of the Supreme Senior Student Government (SSSG)

when she was in grade 11 and now in grade 12. When she was a grade 11

student she was elected as one of the strand representative and now she is

the assistant secretary of the SSSG. She is also part of the Theatre club

and currently one of the actors for the upcoming play. She is also part of an

off-campus organization called CFC- Youth for Family and Life (YFL).

Ronyth’s dream career ever since she was young is to become a

successful doctor. She plans on becoming one in the future, not only to fulfill

a lifelong dream but to also be able to repay her family. She is planning on

getting her pre-med in the University of the Philippines Diliman and becoming

a member of the UP Pep Squad.

Ronyth lives by these mottos: “If you want to see the rainbow, you

have to get through the rain.” and “If you want something done, do it yourself.”
Ronyth has experienced different challenges and believes that these are

trainings that will teach and help her to become successful. She also pushes

herself to become an independent person.

 Camille Joyce J. Sate was born on January

4, 2000. She is a senior high school student and

she is currently studying at UST Angelicum College,

under the track of General Academic Strand, grade

12 (GAS - 2). When she was in grade 11, she

became a leader/ president in dance club. She joined pep squad, dance

competitions/ intermission and poster making.

Her former school was Divine Grace Center of Study, she graduated

there in 2017 and she was awarded as the best in Mandarin, also she got in

top 3 in her third year of high school. Camille already experienced thesis

before, entitled “Effects of Study Habits to the Academic Performance of the

High School Students Age 12-17 SY 2016-2017”. She is also awarded for

being enthusiastic student and for manifesting excellence in the interpersonal

intelligence and bodily kinesthetic intelligence. Camille became leader in a

dance competition (2015-2016). She also became one of the leaders in

Divine Grace Center of Study’s leadership training workshop (2016) and

member of drama club (2013). Camille spends her grade school in Philippine

Buddhacare Academy (PBA).

When she was in grade school, she didn’t get numerous awards and

she seldom joins in sports but she is a veteran member of their dance club.

She tried out in volleyball when she was in her junior year at her former school

(Divine Grace Center of Study), however, she didn’t make it. In addition,
Camille joined the logo competition of UST Angelicum Library 2018 and won

the 1st place with a cash prize. Sometimes she helps in designing a shirt and

logo for their batch. One of her skills is drawing and anything related to arts;

because of this sometimes they describe her as an artist. When it comes in

academic grades, Camille’s academic grades since grade school until now

are usually average only.