RESEARCH Only

Senior High School
LOPEZ NATIONAL COMPREHENSIVE

Multidisciplinary HIGH SCHOOL
Research Journal
QUALITY
Senior High School Program

ASSURED
COMPANY
ISO 9001
Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!

QAC/R63/0216
Level of Personal Finance knowledge among SHS Students: Basis for Financial
Literacy Program
A Research
Presented
To the Senior High School Faculty
Lopez National Comprehensive High School
In Partial Fulfillment for the
In the Subject Practical Research 2
Submitted by:
Chriselle. B.O.
John Sammuel, D.M.
John Aljig, G.
John Elord, N.
Mecaela, P.
Godwin Dave, S.
Bohn Reedly, V.P.
Submitted to:
SHARON A. VILLAVERDE
Research Teacher
October 2019
Chriselle. B.O., John Sammuel, D.M., John Aljig, G., John Elord, N., Mecaela, P.,
Godwin Dave, S.,BohnReedly, V.P. (2019), Level of Personal Finance knowledgeamong SHS Students: Basis for Financial Literacy Program
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
I. INTRODUCTION
According to Lewis Mandell (2009) many consumers appear to lack the
financial literacy needed to make financial decisions in their self-interest. A
growing number of analysts and politicians are blaming the intersection of low
levels of financial literacy with complex, financially-engineered products for the
current economic meltdown and have proposed a number of solutions to this
problem. These solutions range from mandatory education in personal finance
to required simplification of financial products and greatly increased regulation.
In, additional, personal finance education on both financial literacy and
financial behavior. If the problem can be solved through education, it is likely to
reduce the perceived need to limit choice in the marketplace for retail financial
products. If education is shown to be ineffective, the future of financial product
innovation and financial engineering may be greatly limited. Supporting the
effectiveness of education in promoting self-beneficial financial behavior is a
well-known paper by Bernheim, Garrett and Maki (2001) which linked required
high school education in personal finance to higher levels of saving, decades
later, in middle age. On the other hand, five national surveys of high school
seniors conducted since 2000 by the Jump$tartCoalition (Mandell 2001, 2002,
2004, 2006, 2009b) fail to show that students who have taken a semester-length
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
course in money management or personal finance are more financially literate
than those who were not given the education.
According to mandell (2003) While financial behavior seems to be
positively affected by financial literacy, the effects of financial education on
financial behavior are less certain. Bernheim, Garrett and Maki (2001) found that
those who took a financial management course in high school tended in middle
age to save a higher proportion of their incomes than others. On the other
hand, Mandell (2006b) found little positive impact of a well-regarded high
school personal finance course on objective, post-high school financial
behavior from 1 to 5 years after taking such a course and also found that self-
beneficial behavior did not improve with increased age and presumed greater
experience.
Statement of the Problem
1. What are the demographic profile of the selected students?

a. Age
b. Strand/Section
c. Gender
d. Parents Monthly Income
2. Is there a significant relationship as to;

1.1 socio economic status and personal finance knowledge
3. What is the level of personal finance knowledge among selected SHS

students?
4. What are the problems encountered in handling personal finance and

expenditures of selected SHS students?
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
5. What program or action can be given to raise awareness in financial

literacy to selected SHS students?
Theoretical Framework of the Study
Behavioral Finance Theory
According to Jay R. Ritter (2003) behavioral finance is the paradigm
where financial markets are studied using models that are less narrow than those
based on Von Neumann–Morgenstern expected utility theory and arbitrage
assumptions. Specifically, behavioral finance has two building blocks: cognitive
psychology and the limits to arbitrage. Cognitive refers to how people think.
There is a huge psychology literature documenting that people make
systematic errors in the way that they think: They are overconfident, they put too
much weight on recent experience, etc. Their preferences may also create
distortions. Behavioral finance uses this body of knowledge rather than taking
the arrogant approach that it should be ignored.
According to Bondt, Muradoglu, Shefrin, and Staikouras (2015)behavioral
finance does not assume rational agents or frictionless markets. It suggests that
the institutional environment is vitally important. The starting point is bounded
rationality. According to Paul Slovic (1972) writes that “a full understanding of
human limitations will ultimately benefit the decision-maker more than will naive
faith in the infallibility of his intellect.” That economic and financial intuition is
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
fragile may clash with our aspirations for mankind, but it looks more plausible
than the opposite view that investors and advisors (as well as bankers and
corporate managers) know perfectly well what to do. Behavioral finance is the
study of how psychology impacts financial decisions in households, markets and
organizations. The main question is: What do people do and how do they do it?
The research methods are mostly (but not exclusively) inductive. Behavioral
researchers collect “facts” about individual behavior (based on experiments,
surveys, field studies, etc.) and organize them into a number of “super facts.”
The psychology of decision-making can be explored in various ways. A quarter-
century ago, most effort went into cognition. Consider, for instance, the
heuristics and biases literature pioneered by Tversky and Kahneman (1974) and
Kahneman and Tversky (1979).
Social Exchange Theory Gallery newton and palm (2011)
According to Russell Cropanzano (2013)Social exchange theory (SET) is
one the most influential conceptual paradigms in organizational behavior.
Despite its usefulness, theoretical ambiguities within SET remain. As a
consequence, tests of the model, as well as its applications, tend to rely on an
incompletely specified set of ideas. The authors address conceptual difficulties
and highlight areas in need of additional research. In so doing, they pay special
attention to four issues: (a) the roots of the conceptual ambiguities, (b) norms
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
and rules of exchange, (c) nature of the resources being exchanged, and (d)
social exchange relationships.
Motivation Theory Maslow, 1963
According to Joseph Gawel (1997) in 1954, Maslow first published
Motivation and Personality, which introduced his theory about how people
satisfy various personal needs in the context of their work. He postulated, based
on his observations as a humanistic psychologist, that there is a general pattern
of needs recognition and satisfaction that people follow in generally the same
sequence. He also theorized that a person could not recognize or pursue the
next higher need in the hierarchy until her or his currently recognized need was
substantially or completely satisfied, a concept called prepotency.
Cognitive Experimental Self Theory Giazeral, walther (2013)
According to Seymour Epstein (1998) cognitive-experiential self-theory
(CEST) goes a considerable way, I believe, toward fulfilling all port's vision. I do
not mean to imply that I deliberately set out to construct an integrative, eclectic
personality theory along the lines advocated by all port. Rather, it occurred
fortuitously because of the confluence of two circumstances. First, as with all
port, although I was impressed favorably with certain aspects of several theories,
I was never sufficiently enamored with any to adopt it as my own. Second, I had
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
a sudden insight that caused the various disconnected aspects of the theories I
favored to fall into place within a single framework.
Conceptual Framework
Level of personal finance knowledge among SHS students: Basis for financial
literacy program
INPUT PROCESS OUTPUT
 Respondents  Survey
demographic  Data Collection
profile  Analyzing the
 Level of personal collected data
 Evaluation and Action Plan
finance knowledge
among SHS interpretation of financial literacy
students. data
 Significant
relationship
a. Age
b. Socio economic
status
c. Personal finance
knowledge
FEED BACK
The Input consisted of the demographic profile; Age, socio economic status, level of personal
knowledge, significance relationship as to Age, Parents Monthly Income, socio economic
status and personal finance knowledge
The Process contained the data collection and analyzing the collected and evaluation and
interpretation of data
The Output included the plans to improve the level of personal finance knowledge among
SHS students financial literacy program.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
Scope &Limitation
‘’Level of finance knowledge among SHS students: Basis for financial literacy
program”
This evaluation study focuses only on financial literacy program that

includes SHS academic strand students and the level of personal finance
knowledge in Lopez National Comprehensive High School Barangay
Magsaysay, Lopez, Quezon. It will employ mix method research design use
survey questionnaire use purposive sampling to determine the level of personal
finance knowledge among SHS students of LNCHS. The results of the findings will
serve as a guide in designing a plan for financial literacy program is a span of
three months.
Definition of Terms
Level – a measurement of the difference of attitude of two points by means of a

level.
Personal – Used to describe someone whose job involves working for or helping
a particular person.
Finance – the way in which money is used and handled; especially: the way in
which in which large amounts of money are used and handled by governments
and companies.
Knowledge - information, understanding or skill that you get from experience or

education.
SHS Student – Senior high school is a secondary school that students attend in
the three or four highest grades before college.
Financial – relating to money banking or investments.
Literacy – the ability to read and write, knowledge that relates to a specified
subject.
Program – a plan of things that are done in order to achieve a specific result.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
Chapter II
Review of Related and Studies
This chapter presents a review of related literature of the study. It also

presents the related studies on level of personal finance knowledge among
Senior High School Students: Basis for financial Literacy Program
RELATED LITERATURE
According toKumah, Sare (2014) entitled ‘’Personal Finance

Knowledge Level among SHS Students in cape metropolis of Ghana’’ it
examines the personal finance knowledge level among SHS students in the
cape coast metropolis, specifically, the study investigated how students apply
knowledge in personal finance management in their daily decision making
processes. Cross sectional research design was used. Self- administered
questionnaires and focus group interviews were the main instruments use to
gather data from respondents. The stratified sampling technique was use in
selecting the sample frame and size. The research findings showed that students
in the SHS have low level of knowledge in personal finance management and
therefore could not manage their personal finance properly.
According to Opuko (2015) entitled ‘’Financial Literacy among SHS
Students’’ the study of the study surveyed 320 students to investigated their level
of financial literacy through the administration of questionnaires. Findings from
the study reveal that students need to improve their personal finance
knowledge. The results show that the students answered about 48.7% of the
questions correctly. The results also reveal that many of the students are seen to
be familiar with issues relating to sample interest, compounding and loan
guarantee.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
According to Ansong (2011) entitled ‘’Level of knowledge in Personal

Finance by University Freshmen Business Students’’ the study was to determine
how well recent senior high school graduates understand basic consumer
financial concepts and to ascertain those financial topics for which a significant
proportion of students admit to not having knowledge. The sample for this
research consisted of first year degree students with a business major at the
University of Cape Coast. There were 343 out of 613 business-major first-year
students enrolled in the school of business that were tested on 20 multiple
choice questions dealing with basic knowledge of financial issues, which should
be understood in order to function in everyday life.
According to Cameron, Calderwood, Cox, Lim, Yamaoka (2013) entitled
‘’Personal Financial Literacy among High School Students in New Zealand,
Japan and the USA’’ Personal financial literacy is becoming increasingly
important in the modern world, especially for young people. In this article, the
authors compare the financial literacy of high school students in Hamilton, New
Zealand, with samples from Japan and the USA. The authors compare not only
overall financial literacy, but also literacy across five dimensions (or ‘themes’) of
financial literacy and across three cognitive levels. They find that financial
literacy is poor overall in all three countries, but is substantially worse in New
Zealand and the USA than in Japan. The performance is similar across themes
and cognitive levels for US and New Zealand students, but Japanese students
perform better mostly in terms of their greater knowledge of terminology and
definitions, rather than better comprehension and ability to apply their
knowledge. This suggests that all three countries should work harder to develop
the financial literacy of their high school students.
According to Mandell (2008) entitled ‘’Financial Literacy of High School
Students’’ Five, large-scale, biennial national surveys of high school seniors from
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
1997 to 2006 have been used to measure the financial literacy of young
American adults. The results show a low level of ability to make age-appropriate
financial decisions in their own self-interests. Low baseline results in 1997 have
further deteriorated with scores on the 31-question, multiple choice exam now
hovering just over 50 %. Students from families with greater financial resources
tend to be substantially more financially literate than those from families that are
less well-off, thereby exacerbating the inequality of economic welfare among
families. Moreover, high school classes in personal finance and money
management have not proven to be effective in raising levels of financial
literacy.
According to Cude, et al. (2006) entitled ‘’College Students and Financial
Literacy: What they know and what we need to Learn’’ This study examines
college students’ overall financial management practices using quantitative
and qualitative data from a multi-state research project. Specifically, the study
investigates how college students acquire financial knowledge and behaviors
and the factors that place some students at greater financial risk than others.
The findings show that parents play a key role in their children’s financial
socialization. The results provide important insight into financial education
opportunities for students, parents, campus administrators, and financial
professionals and educators.
According to Tennyson (2001) entitled ‘’State Curriculum Mandates and
Student Knowledge of Personal Finance’’ The study to assesses the relationship
between state curriculum mandates and student knowledge of personal
finance. This study examines student scores or students test of personal financial
literacy. Ever after controlling for individual student characteristics, school size
and characteristic of the state that might affect scores, significant relationships
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
between some curriculum mandates and students test scores emerges. The
averages over any forms of mandates.
According to Markovich, De Vaney (1997) entitled ‘’College Seniors
Personal Finance Knowledge and Practices’’ It is a survey of 500 randomly
selected college seniors at a large Mid-western university was conducted to
learn about knowledge of personal finance and financial practices. Seniors with
three or fewer credit cards tended to have smaller outstanding balances and
were more likely than seniors with four or more cards to pay credit card bills in
full each month. Most students agreed that a personal finance course would be
of benefit.
According to Chen, Volpe (1998) entitled ‘’An Analysis of Personal

Financial Literacy Among College Students’’ This study surveys 924 college
students to examine their personal financial literacy; the relationship between
the literacy and students' characteristics; and impact of the literacy on students'
opinions and decisions. Results show that participants answer about 53% of
questions correctly. Non-business majors, women, students in the lower class
ranks, under age 30, and with little work experience have lower levels of
knowledge. Less knowledgeable students tend to how wrong opinions and
make incorrect decisions. It is concluded that college students are not
knowledgeable about personal finance. The low level of knowledge will limit
their ability to make informed decisions.
According to Sabri, MacDonald (2010) entitled ‘’Savings Behavior and
Financial Problems Among College Students’’ This study analyzes the relationship
of savings behavior and financial problems to financial literacy among college
students in Malaysia. Controlling for correlates of financial literacy, multivariate
analysis of a sample obtained at 11 colleges and universities demonstrated that
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
students who had higher financial knowledge test scores were more likely to
report savings behavior and also reported fewer financial problems. The
influence of childhood consumer experience and financial socialization agents
on savings and financial problems was more mixed, indicating that financial
experience before college may create bad habits or poor attitudes toward
financial management that could be mitigated through financial education
during college. Implications of these findings for targeting financial education
on particular kinds of students are discussed.
According toMandell, Klein (2009) entitled ‘’The Impact of Financial
Literacy Education on Subsequent Financial Behavior’’ This study examined the
differential impact on 79 high school students of a personal financial
management coursecompleted 1 to 4 years earlier. This study used a matched
sample design based on a school system’s records toidentify students who had
and had not taken a course in personal financial management. The findings
indicatedthat those who took the course were no more financially literate than
those who had not. In addition, those who took the course did not evaluate
themselves to be more savings-oriented and did not appear to have
betterfinancial behavior than those who had not taken the course. The study
raises serious questions about the longer termeffectiveness of high school
financial literacy courses.
According to Nguyen (2013) entitled ‘’High School Seniors' Financial
Knowledge: The Impact of Financial Literacy Classes and Developmental
Assets’’ To determine Low levels of financial literacy among high school students
are a growing concern in the United States. High school students lack the
financial knowledge to make important financial decisions. Financial literacy
and money management skills are important for high school students as they
transition into an ever-changing economy. High school students, who are
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
financially literate, are likely to develop positive financial behaviors and make
positive financial decisions. Previous studies show that financial literacy classes
can increase financial knowledge.
According toKieschnick (2006) entitled ‘’Financial knowledge levels and
savings behaviors of Bermudian high school seniors at Cedar Bridge Academy’’
The purpose of this study was to determine the relationship between financial
knowledge and financial behaviors of high school seniors at Cedar Bridge
Academy in Devonshire Bermuda. This study will also be used to determine if
there is a need for a personal finance course at Cedar Bridge Academy.
Seventy-five high school seniors were given a thirty question survey pertaining to
financial topics and savings issues. This thesis is a detailed analysis of the
research findings and literature relating to the study topic of financial
knowledge and savings behaviors of teenagers.
According to Ritter (2003) entitled ‘’Behavioral finance’’ This article

provides a brief introduction to behavioral finance. Behavioral finance
encompasses research that drops the traditional assumptions of expected utility
maximization with rational investors in efficient markets. The two building blocks
of behavioral finance are cognitive psychology (how people think) and the
limits to arbitrage (when markets will be inefficient). The growth of behavioral
finance research has been fueled by the inability of the traditional framework to
explain many empirical patterns, including stock market bubbles in Japan,
Taiwan, and the USD 2003 Elsevier B.V. All rights reserved.
According to Bondt, Muradoglu, Shefrin, and Staikouras (2008) entitled

‘’Behavioral Finance’’to determine the behavioral finance endeavors to bridge
the gap between finance and psychology. Now an established field, behavioral
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
finance studies investor decision processes which in turn shed light on anomalies,
i.e., departures from neoclassical finance theory. This paper is the summary of a
panel discussion. It begins by reviewing the foundations of finance and it ends
with a discussion of the future of behavioral finance and a self-critique. We
describe the move from the standard view that financial decision making is
rational to a behavioral approach based on judgmental heuristics, biases,
mental frames, and new theories of choice under risk. A new class of asset
pricing models, which adds behavioral elements to the standard framework, is
proposed.
According to Belás, Nguyen, Smrčka, Kolembus, &Cipovová (2016)

entitled‘’Financial Literacy of Secondary School Students. Case Study from the
Czech Republic and Slovakia’’ Financial literacy is an important area of
education for secondary school students, because appropriate management
of personal finance creates preconditions for successful and quality life. In this
article we examined the level of financial literacy of students of commercial
academies in Czech Republic and Slovakia. Our results confirmed that the
learning process in both countries has some reserves.
According to Sarigul(2014) entitled ‘’A Survey of Financial Literacy Among

University Students’’ The purposes of the study are; to determine the level of
financial literacy among university students, to find out the relationship between
financial literacy and student characteristics, and to provide an information
resource that may assist with the development of strategies to improve financial
literacy among university students. In this study, a survey instrument which
includes 29 items that measure constructs such as saving and spending,
banking, risk and insurance, investing, and general financial knowledge levels of
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
the participants was administered to 1,127 students from three universities. The
results were analyzed based on gender, field of study, type of residence, class
rank, work status, parents’ education, and the school of student. The relationship
between financial literacy and demographic characteristics of the students
were examined by employing analysis of variance and logistic regression
analyses. Significant relationships were found between financial literacy and
student characteristics.
CHAPTER III
METHODOLOGY
This research employed a quali-quanti or mixed method research. Using
qualitative data, we explore their level of personal finance knowledge while they are
studying that can help in students. In this chapter aims to highlight the design and
methodology used to obtain required data. It explains thoroughly about the
informed consent, instrumentation, data gathering of the study. The respondents
of this study will be the 50 students of STEM, ABM, HUMMSS, H.E. AND GAS group
using purposive stratified sampling.
Informed Consent
The SHS whose age ranged from 16- 23 years old were asked and
consented to be part of this study. It was emphasized during the orientation in
conducting this study that their participation is voluntary, has no known risk if
they decide to join and will not cost them anything. Likewise it was explained
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
that the information gathered be solely for the conduct of this study. Thus, all of
them decided to participate.
Instrumentation
In order to determine the level of personal finance knowledge among SHS
students: Basis for financial literacy programin practical research 2. The
researcher use survey questionnaire instrument for interview. This instrument was
used interview with STEM, ABM, H.E., HUMMSS and GAS students who were the
respondents of the current study. The in-depth interview will be utilized to
determine the level of personal finance knowledge among SHS students: Basis
for financial literacy program.
Data Gathering Procedure
In accomplishing this study, the following procedures or steps considered
and followed.
First step will be to determine the level of personal finance knowledge
among SHS students: Basis for financial literacy program.
This will be followed by the analysis on the problems encountered by the
selected Senior High school students in handling personal finance and
expenditures of selected SHS students.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
The last part of the study will focus on the analysis of the significant
difference between level personal finance knowledge among SHS selected
Parameters Weighted Verbal Rank

Mean Description
1.I keep track of my finances using finance 3.28 FA 3
tracker application.
students.
IV. RESULTS AND DISCUSSION
Table 1 Level of Personal Finance Knowledge
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
2.I always plan my spending before 3.9 FA 4

making any purchase.
3.I avoid impulsive buying. 3.44 A 1
4.I have/maintain a bank account which I 3.2 FA 7
regularly save on.
5.I invest my money in small business like 3.1 FA 8
buying and selling.
6.I listen/watch financial literacy program. 3.42 A 2
7.I have a smattering in budgeting my 3.7 FA 5

personal finances.
8. I Am expert when it comes about 3.4 FA 6
finances.
GRAND MEAN 3.6 FA
Interpretation
Range Interpretation
4 3.26 – 4.0 Strongly Agree
3 2.51 – 3.25 Agree
2 1.76 – 2.50 Fairly Agree
1 1.0 – 1.75 Disagree
*M – Mean Int – Interpretation
Table 1 on the positive effect of data shows that the highest parameter is I avoid
impulsive buying with a WM of 3.44 of SA. It was followed by I listen/watch financial
literacy program with a WM of 3.42 or SA. The lowest parameter is I invest my money in
small business like buying and selling. With a WM of 3.10 or A.
It shows that almost all the parameters of the study got the highest WM and
description of FA, that the students have a smattering or knowledge in personal
finance, Helps in better understanding the personal finance by giving a financial
literacy program got the lowest WM.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
The findings of this study can be linked to the findings of According to Kenton
(2019), said that the main steps to achieving financial literacy include learning skills to
create a budget, the ability to track spending, learning the techniques to pay off debt
and effectively planning for retirement, In, additional that the importance of personal
finance knowledge, it helps individuals become self-sufficient so that they can achieve
financial stability.
Table 2
Problems encountered in managing personal finance and expenditures of
students.
Interpretation
Range Interpretation
3.26 – 4.0 Strongly Agree
2.51 – 3.25 Agree
1.76 – 2.50 Fairly Agree
1.0 – 1.75 Disagree
*M – Mean Int – Interpretation

3.075 Fairly Agree
Parameters Weighted Verbal Rank

Mean Description
1.Struggling with money and budgeting 3.5 FA 3
issues.
2.There’s too much financial chaos on 3.46 A 1
personal budget.
3.Dealing with money is totally 3.26 FA 2
overwhelming, confusing, secretive, and
stressful.
4.I don’t know to handle money. 2.84 DA 7
5.I do not have personal finance 2.94 FA 5

knowledge on managing money.
6.Not knowing where my money is going. 2.92 FA 6
7. Not having a plan for my money. 2.72 FA 8

8.Cannot determine Wants V.S Needs. 2.96 FA 4
GRAND MEAN 3.075 FA

Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
On the problems encountered in managing personal finance and expenditures
of students, shows that the 1st who garnered the highest WM of 3.46 or A,There’s too
much financial chaos on personal budgetand WM of 3.26 or FA Dealing with money is
totally overwhelming, confusing, secretive, and stressful; the last with a WM of 3.5 or FA,
Struggling with money and budgeting issues, WM of 2.96 or FACannot determine Wants
V.S Needs, WM of 2.94 or FAI do not have personal finance knowledge on managing
money and Not knowing where my money is going WM of 2.92 or FA.
The highest Problems encountered by selected SHS students in managing
personal finance and expenditures of students is there’s too much financial chaos on
personal budget and dealing with money is totally overwhelming, confusing, secretive,
and stressful.It means that mostly the students are scarcity in knowledge about
managing personal finances.
It shows that almost all the parameters of the study got the highest WM and
description of FA,dealing with money is totally overwhelming, confusing, secretive, and
stressful, helps in better understanding the Problems encountered in managing personal
finance and expenditures of studentsby giving a financial literacy program got the
lowest WM.
The findings of this study can be linked to the findings of According to Opuko
(2015), that students needs to improve their personal finance knowledge to face the
problems that encountered and the low level of financial literacy could also make
small financial issues become overwhelming which could turn into financial stress and
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
consequently affects the other aspects of live such as personal relationships or
performance at work.
V. CONCLUSIONS
In the light of the findings of this study, the following conclusions were drawn:
1.That personal finance knowledge is an effective tool to the students’ academic
performance of selected senior high school student to avoid the impulsive buying or
expendetures.
2.The problems encountered in managing personal finance and expenditures of
students like there’s too much financial chaos on personal budget, dealing with money
is totally overwhelming, confusing, secretive, and stressful,Struggling with money and
budgeting issues, cannot determine Wants V.S Needs.
VI. RECOMMENDATIONS
Based on the findings and conclusions, the following recommendations were
offered:
1. Replicate the study in other subjects to validate the findings of the present study.
2. Learn more in personal finances: Basis for financial literacy program.
5. Conduct an action research on the personal finance knowledge to improve more
the academic performance of students.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
ACKNOWLEDGEMENT
We wish to thank various people for their contribution to this research project; to
our Research Coordinator: Sir Gideon Louis Trañas, Sir Romeo Estos, and Mrs.Finaciel
Delos Santosfor their useful and constructive recommendations on this project, and our
subject teacherDr. Sharon A. Villaverde, for the generous advice and assistance in
keeping our progress on schedule and who have been supportive of our career goals
and who worked actively to provide us with the protected academic time to pursue
those goals.
We are grateful to all of those with whom we have had the pleasure to work
during this and other related projects. Each of the members has provided us \extensive
personal and guidance and taught us a great deal about both scientific research and
life in general.
Nobody has been more important to us in the pursuit of this project than the
members of our family. We would like to thank our parents, whose love and guidance
are with us in whatever we pursue. They are the ultimate role models and to our love
Almighty God for the gift of knowledge so that we will be able to pursue this study.
I THANK GOD FOR EVERYTHING.
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
REFERENCES
Kumah, Sare (2014) Personal Finance Knowledge Level among SHS Students in
cape metropolisof Ghana, https://www.ijbmi.org (retrieved on July 5, 2019)
Opuko (2015) Financial Literacy among SHS Students, https://www.ijbmi.org

(retrieved on July 5 2019)
Ansong (2011) Level of knowledge in Personal Finance by University Freshmen

Business Students, http://www.academicjournals.org/AJBM (retrieved on July 5
2019)
Cameron, Calderwood, Cox, Lim, Yamaoka (2013) Personal Financial Literacy

among High School Students in New Zealand, Japan and the USA,
www.wwwords.co.uk/CSEE(retrieved on July 5 2019)
Mandell (2008) Financial Literacy of High School Students,

https://Link.springer.com/chapter/10.1007/998-0-387-75734-6-10 (retrieved on
July 5 2019)
Cude, et al. (2006) College Students and Financial Literacy: What they know
and what we need to Learn, https://www.researchgate.net (retrieved on July 5
2019)
Tennyson (2001)StateCurriculum Mandates and Student Knowledge of Personal

Finance, https://onlinelibrary.wiley.com (retrieved on July 5 2019)
Markovich, De Vaney (1997) College Seniors Personal Finance Knowledge and

Practices, https://www.questia.com (retrieved on July 5 2019)
Chen, Volpe (1998)An Analysis of Personal Financial Literacy Among College

Students, https://citeseerx.ist.psu.edu(retrieved on July 5 2019)
Sabri, MacDonald (2010) Savings Behavior and Financial Problems Among

College Students, www.cscanada.org(retrieved on July 5 2019)
Lewis Mandell, Klein (2009) The Impact of Financial Literacy Education on

Subsequent Financial Behavior, https://ssrn.com/abstract=2224231(retrieved on
July 5 2019)
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
Nguyen (2013) High School Seniors' Financial Knowledge: The Impact of

Financial Literacy Classes and Developmental Assets,
https://scholarworks.uark.edu (retrieved on July 5 2019)
Kieschnick (2006) Financial knowledge levels and savings behaviors of

Bermudian high school seniors at Cedar Bridge Academy,
https://lib.dr.iastate.edu (retrieved on July 5 2019)
Ritter (2003) Behavioral finance, www.elsevier.com/locate/econbase (retrieved

on July 5 2019)
Bondt, Muradoglu, Shefrin, and Staikouras (2008)Behavioral

Finance,https://www.researchgate.net
(retrieved on July 5 2019)
Belás, Nguyen, Smrčka, Kolembus, &Cipovová (2016) Financial Literacy of

Secondary School
Students. Case Study from the Czech Republic and Slovakia,
https://www.researchgate.net(retrieved on July 5 2019)
Sarigul(2014)A Survey of Financial Literacy Among University Students,

www.journal.mufad.org(retrieved on July 5 2019)
Senior High School
Research Journal
QUALITY

ASSURED
COMPANY
ISO 9001

QAC/R63/0216
Level of Personal Finance knowledge among SHS Students: Basis for Financial
Literacy Program
A Research
Presented
to the Senior High School Faculty
Lopez National Comprehensive High School
In Partial Fulfillment Of the Requirements for the

In the Subject Practical Research 2
Submitted by:
Researchers
Chriselle. B.O.
John Sammuel, D.M.
John Aljig, G.
John Elord, N.
Mecaela, P.
Godwin Dave, S.
Bohn Reedly, V.P.
Submitted to:
SHARON A. VILLAVERDE
Research Teacher
October 2019

RESEARCH Only

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

RESEARCH Only

Uploaded by

Copyright:

Available Formats

Senior High School

LOPEZ NATIONAL COMPREHENSIVE

Senior High School Program

Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!

To the Senior High School Faculty

Lopez National Comprehensive High School

In Partial Fulfillment for the

In the Subject Practical Research 2

Senior High School Program

Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!

According to Lewis Mandell (2009) many consumers appear to lack the

financial literacy needed to make financial decisions in their self-interest. A

levels of financial literacy with complex, financially-engineered products for the

current economic meltdown and have proposed a number of solutions to this

problem. These solutions range from mandatory education in personal finance

to required simplification of financial products and greatly increased regulation.

In, additional, personal finance education on both financial literacy and

financial behavior. If the problem can be solved through education, it is likely to

products. If education is shown to be ineffective, the future of financial product

innovation and financial engineering may be greatly limited. Supporting the

effectiveness of education in promoting self-beneficial financial behavior is a

high school education in personal finance to higher levels of saving, decades

seniors conducted since 2000 by the Jump$tartCoalition (Mandell 2001, 2002,

Senior High School Program

Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!

course in money management or personal finance are more financially literate

than those who were not given the education.

According to mandell (2003) While financial behavior seems to be

positively affected by financial literacy, the effects of financial education on

hand, Mandell (2006b) found little positive impact of a well-regarded high

school personal finance course on objective, post-high school financial

Statement of the Problem

1. What are the demographic profile of the selected students?

2. Is there a significant relationship as to;

3. What is the level of personal finance knowledge among selected SHS

4. What are the problems encountered in handling personal finance and

Senior High School Program

Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!

5. What program or action can be given to raise awareness in financial

Theoretical Framework of the Study

Behavioral Finance Theory

According to Jay R. Ritter (2003) behavioral finance is the paradigm

based on Von Neumann–Morgenstern expected utility theory and arbitrage

assumptions. Specifically, behavioral finance has two building blocks: cognitive

There is a huge psychology literature documenting that people make

the arrogant approach that it should be ignored.

According to Bondt, Muradoglu, Shefrin, and Staikouras (2015)behavioral

the institutional environment is vitally important. The starting point is bounded

rationality. According to Paul Slovic (1972) writes that “a full understanding of

Senior High School Program

Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!

study of how psychology impacts financial decisions in households, markets and

researchers collect “facts” about individual behavior (based on experiments,

The psychology of decision-making can be explored in various ways. A quarter-

Kahneman and Tversky (1979).

Social Exchange Theory Gallery newton and palm (2011)

According to Russell Cropanzano (2013)Social exchange theory (SET) is

one the most influential conceptual paradigms in organizational behavior.

Despite its usefulness, theoretical ambiguities within SET remain. As a

consequence, tests of the model, as well as its applications, tend to rely on an

incompletely specified set of ideas. The authors address conceptual difficulties

Senior High School Program

Volume 1 No. 1 s. 2019 Registration Number: We research to innovate!!