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Financial Literacy of Senior High School PDF
Financial Literacy of Senior High School PDF
In Partial Fulfillment of
The Requirements for the Course:
Inquiries, Investigations, and Immersion
Presented By:
Keith John C. Binobo
Lorenzo Martin H. Salazar
Harvey John M. Polidario
Angela B. Somcio
Sofia Pauline B. Sosuntong
April, 2019
A QUANTITATIVE RESEARCH: LEVEL OF FINANCIAL LITERACY OF SENIOR
HIGH SCHOOL STUDENTS FROM PRIVATE SCHOOLS OF BACOLOD CITY
April, 2019
i
APPROVAL SHEET
PANEL OF EVALUATORS
ii
ACKNOWLEDGMENTS
We wish to express our deepest gratitude to God for blessing us with the strength and will
to carry on with this research. For the knowledge and wisdom that He had graced us with. We
know that we could not do this without Him that is why we offer all of this unto Him.
We give our thanks to Mrs Lynn B. Tanjusay for helping us through this research. The
expert guidance that she gave us to not make mistakes and make our research more authentic. And
for always praying for our success and motivating us, we thank you.
The familial thanks to our parents for working every day to support us through this school
life and for this moment of research. The daily necessities that our parents gave us which in turn
We thank the panellist of evaluators for granting us their time in order to evaluate our
research and that they will focus on us for our betterment in future researches.
For the senior high faculty that gave us additional insights on different factors like
We thank the library and I.T. staff for the technology and books we used to give our
research more credibility. Also, for the vouchers that were used to give us Wi-Fi in our workroom
Huge thanks to the schools that accommodated us because they gave us the permission to
conduct our research there. It gave us the respondents we needed and paved the way for our
research.
Thank you for the respondents who gave us their precious time in order to answer our
surveys. Being the main focus of the study, it will be impossible without them.
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To our classmates for being their everyday for making our everyday fun so that we will be
more efficient.
Additionally, a special thanks to Sir Joshua Yaun for helping us in the statistical part of our
Lastly, thank you for our research group Keith John Binobo, Angela Somcio, Harvey John
Polidario, Lorenzo Martin Salazar, and Sofia Pauline Sosuntong for standing firm through all the
The Researchers
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LIST OF TABLES
v
(A) Level of Financial Literacy Based on Saving Habits when grouped
32
according to Grade Level- Summary
vi
(B) Level of Financial Literacy Based on Saving Habits when grouped
50
according to Family Monthly Income
25 Proposed Program 65
vii
TABLE OF CONTENTS
Title Page i
Approval Sheet ii
Acknowledgements iii
List of Tables v
Abstract x
Chapter 1 INTRODUCTION
Hypothesis 5
Chapter 2 METHODOLOGY
Research Design 14
Research Instrument 17
Procedures 18
Data Gathering 18
Data Analysis 19
viii
Statistical Treatment 20
Implications 59
Conclusions 60
Recommendations 61
Rationale 63
Description 63
Goal 64
Objectives 64
Reference List 66
Appendices
Financial Instrument
Parental Consent
SPSS Tables
Grammarly
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ABSTRACT
STUDENTS FROM PRIVATE SCHOOLS OF BACOLOD CITY has the purpose to determine
the level of financial literacy of senior high school students from different private schools of
Bacolod City. The researchers made use of the descriptive-analytical scheme and the comparative-
correlational scheme to determine the objectives of the study. The study dwells on the areas
spending habits, saving habits and financial knowledge in order to determine the overall financial
knowledge. It uses the sex, grade level, district and family monthly income as variables. The
researchers gathered data through thorough research and survey by form of a questionnaires. A
total of 140 out of 9636 students from different private schools of Bacolod City were surveyed for
this study. The findings of the study include concluding of having no significant difference in the
level of financial literacy when participants are grouped according to grade level, district and
family monthly income. But there is a significant difference in the level of financial literacy when
grouped according to sex. Further results show that there are existing relationships between
spending habits, saving habits and financial knowledge amongst each other. The general
recommendation for this study was to educate regarding this matter the students may it be at home
or in school. Specifically, schools organize seminars, parents are suggested to be examples and to
teach their kids financial management at a young age and the local governments may include
Keywords: Financial literacy, spending habits, saving habits, financial knowledge, sex, grade
x
INTRODUCTION
The purchasing power of the youth today is said to be higher than any other generations
before, this goes to show that the said generation has influence that will continue affecting the
world’s economies (Honigman, 2013). As early as a child can be he or she must be exposed in the
area of financial management. The reason is that financial habits that people learn during
adolescence persist through adulthood (Seuntjens, Van De Ven, Zeelenberg, & Van De Schors, A.
2016). The spending conduct of youth and their constrained comprehension of cash administration
strengthen tendencies that can potentially result in costly budgetary errors today and later on
(Bona, 2017).
As a child grows, their needs grow along with them. The ability to be able to avail certain
products like food or project materials is not the same for every child. Teenagers have different
costs regarding school and personal expenditures. Most teenagers have financial support from their
parents (Seriña-de La Paz & Que, 2013). In line with the previous statement, the youth tend to
forget the difficulty of obtaining money. The way teenagers spend has many factors; such as habits,
upbringing, lifestyle, economic status, and many more. However, when it comes to budgeting
money, many falls short as the majority of the youth in the United States have less than one-
Teens in the United States allocate around 40% of their spending to clothing, accessories,
and footwear, with another fifth going to food, according to the latest biannual Taking Stock with
Teens Survey from Piper Jaffray last 2017. A report from Charles Schwab says millennial spend
more than other generations on comforts and convenience (2017). Additionally, a recent survey
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done in Europe shows that the factor that had a visible difference in spending when compared
according to age groups was the goods used for hygiene and beauty (Peachey, 2018).
In India, the spending and savings of youth have changed drastically over the past few
years because of westernization and higher spending power (Birari, & Patil, 2014). A study has
shown that youth spend more money on shopping and especially on branded items. (Hasan,
Recent research found that compulsive buying behavior affects 5% of the adult population
in developed countries (Schofield, 2018). The disorder has a lifetime prevalence of about 6% of
the U.S. population can be said to have compulsive buying behavior with 80% of compulsive
buyers being women (Heshmat, 2018). It is on the rise with around 14% of the human population
having a mild form of this condition. In the Philippines, compulsive buying has caused students
today to have the best gadgets but are not up-to-date with their tuition payments (Rios, 2017).
Obsessive spending behavior, also called compulsive buying, is an addiction that triggers
pleasure receptors in the brain, much like drugs (Kagan, 2018). Dissimilar however, in that this
behavior, centers on the use of money. To put simply, compulsive buying is a mental disorder that
makes one spend far beyond what is necessary (Young, 2016). New research even suggests that
spending money can make humans happier, as long as the money spent on is oneself (Nield, 2017).
To China, compulsive buying is quite a new issue of research (Li, Unger, & Bi, 2014). In
recent years, an increasing focus on Chinese compulsive buying behaviors has emerged.
Compulsive buying disorder appears to be widespread and begins in the late adolescence or early
youth. According to Elizabeth Hartney (2018) compulsive buying is the most socially accepted
addiction and like other behavioral addictions, shopping addiction can take over as a preoccupation
2
Money is the most common and universal medium of exchange to obtain the goods and
services a person needs. (Kenton, 2018). The factors age, personality traits, and knowledge can
serve as a basis on how college students manage their money. The ability to manage expenses and
savings is called budgeting. Budgeting is significant for financial stability, ensuring oneself of
being able to pay for everyday expenses. Students learn how to save their allowance as they grow
and meet different requirements in school as well as things they want to buy for their own. With
their young age and lack of experience, it is hard for college students to budget their allowance on
their own (De Guzman et al., 2012). Westwood College from the United States conducted a
research; the said research found out that most college students spend the at least 60% of their
allowance in transportation, books, and supplies while the remaining 40% is spent on optional
Students learning to manage their money is a significant process during their maturing
stage. The practical skill of budgeting has become essential among human beings to maintain and
improve one's place in society. One of the reasons why students waste their money is because they
do not have the correct priorities in mind. It is an expense many college students choose not to
forego. The ability of budgeting reflects the spending and saving habits of a person. Where and on
what they spend also says a lot about the identity of an individual. In the US, it is noted that each
year, college students pay about $5.5 billion on alcohol, mostly beer (Collegescholarships.org,
2019). The spending and saving habits of a person also mirror how financially literate he or she is.
This research hypothesizes that there is a significant relationship between financial literacy and
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Statement of the Problem
This study is aimed to know the level of financial literacy of senior high school students
1. What is the level of financial literacy of the students as a whole and in the following
areas:
a. Spending Habits
b. Saving Habits
c. Financial Knowledge
2. What is the level of financial literacy of senior high school students in the three areas
a. Sex
b. Grade Level
c. District
3. Is there a significant difference in the following areas when the participants are grouped
a. Sex
b. Grade Level
c. District
4
Hypothesis
The following are the hypotheses formulated for this study about the Spending Habits,
Saving Habits and Financial Literacy of Senior High School Students from Private Schools of
Bacolod City:
1. There is no significant difference in the level of financial literacy of senior high school
a. Sex
b. Grade Level
c. District
measure. There are many ways the spending habits of students may vary. It can vary due to
environment, the old norm that women love shopping more than men still applies (Karr, 2012).
Spending habits may also differ in terms of an individual's family and personal income. Low-
income Americans spend a significantly more significant proportion of their money on housing,
whereas high-income Americans spend a much higher portion on insurance and retirement
Affecting the Spending and Saving Habits of College Students takes into account the variables of
class year, gender and ethnicity in one model, the Permanent Income Hypothesis and Hyperbolic
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Discounting in a separate model, to examine the spending and saving behaviors among college
students. Although it states that the previously mentioned variables have primarily influenced
financial behavior, there has been little to no action done to examine the role of the different
theories stated.
A study was done last 2017 namely; Effect of Demographic Factors on Consumer
Behavior: Age, sex, Income and Education by Abhijeet Pratap concludes that the factors sex, age,
income, and education directly affects the consumer behavior of an individual. It states that while
preferences change with age and level of education, sex and income also affect product choices
concluded that the factors education, financial socialization agents and money attitude have a
direct influence on financial literacy rates among Malaysian students. Furthermore, based on their
results it was education that proved to be the most influential factor among the three.
today. Current literature explores the factors that influence both financial habits and financial
literacy of students. This research will focus mainly on the expenditures and spending habits
among senior high school students to shed light in a different population as most researches in this
field are conducted with college students as their participants. (Villanueva, 2017).
There have been many articles, studies, and researches about the said topic among students
all over the world, an example would be Atie Nadome’s research about the “Spending Habits
among Malaysian University Students.” In this study, Atie Nadome (2014) explained that spending
behavior has never been stable, especially among university students because many of them are
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experiencing independence for the first time. Although in the Philippines most children are likely
to still live with their parents during senior high school and college years, their needs have
and even personal vehicles have become essentials to students in attending and finishing their
studies. Thus, the spending habits of students today are bound to be significantly different from
A study by Dr. Rekta Attri last 2012 namely Spending and Saving Habits of Youth in the
City of Indore addressed the question of why, where and how the youth spend. The youths referred
to here are of the age group fourteen to thirty (14-30) years old. Despite being financially
dependent on the parents until the age of 25-26 years old, there is a big difference observed in the
spending behavior of the youth in India. The study concludes that there is a massive influence of
peer group in the youth below nineteen years while making purchase decisions. With the maturity
of the participants, this influence of friends and family decreases and he or she relies more on
evaluating product or service's features and characteristics and hence makes an independent
decision. A difference in the purchase behavior and their saving habits is also observed gender-
wise. To summarize, this study showed that the spending and saving habits of the youth in India
are much affected by age and sex and the influential factors as to why there are differences.
A study made by Dr. Saravanan and Devakinandini (2014) namely ‘A study on Perception
of College Students about Spending of Pocket Money With Reference To Students Studying in Arts
and Science Colleges in Coimbatore’ examines how the socio-economic status can influence the
expenditure of pocket money. Most of the young people get attracted by the society, and they are
spending their valuable money in the wrong means. They should know the value of money and the
right way of handling it. According to Crystal Paine in her book “The Money Saving Mom’s
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Budget" (2012), young adults should be taught on how to save and prioritize what is essential. The
book shows that people should learn how to say ‘no' when it is not crucial. To be able to save
efficiently, one must learn how to weigh what is essential versus what is irrelevant or not needed.
As the youth set out for college, many of these students are trusted money, and one of the
challenges they face is budgeting as they are on their own for the first time. When it comes to
achieve and maintain for youths and others in society (Ajide, 2015).
Financial Literacy
The Wisconsin Hope Lab recently released a report last 2018 that looked at 43,000 students
from 66 colleges, universities and community colleges from 20 states and the District of Columbia.
The survey found that 36 percent of university students don't have enough money for enough food
– and 42 percent of community college students are hungry or not getting a balanced diet
(Goldrick-Rab, Richardson, Schneider, Hernandez, & Clare, 2018). Learning financial literacy is
a promising way to improve financial capacity for today’s young people (Duquette, 2018).
Students tend not to know what to value first, and they tend to spend it on things that are not
important. That is why, it becomes inevitable for people to overspend when they buy things
because they do not know how to prioritize the significant ones (Paine, 2012). Not knowing what
to prioritize is the time when financial planning comes in. Based on the book "Financial
Management” by Ferdinand L. Timbang (2015), financial planning is useful for both short-range
and long-range plans. Financial planning serves as a basis of the operations or the allocation of
funds the person has to undergo. Financial planning summarizes in one word: ‘budgeting.'
‘Financial literacy is both an important life skill and a critical intellectual competency' and
'an essential component of a college degree.' (Kezar, & Yang, 2015). It is not mandatory to be a
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professional to be a financial literate, but one needs to be a person who can maximize present
money to gain financial stability. Logically speaking, it is necessary that students must learn how
to handle money as they are expected to earn at a later stage in their lives.
Assessment of Financial Literacy among University Students, found out that almost half of the
population surveyed is financially illiterate. One reason for the low level of knowledge is the
systematic lack of personal finance education in the college curricula. Given the lack of financial
education, it is not surprising that the results show that university students have inadequate
Another research paper by Mohd Rahim Ariffin and Zunaidah Sulong (2017) studies
specifically about the financial literacy level and students' perception towards saving behavior of
a population, showed that saving behavior, parental socialization and peer influence had a positive
correlation with financial literacy, whereas self-control showed a negative correlation with
financial literacy. In the Philippine economy, prices of the commodities become higher, and money
has gained more value today. Additionally, there are little to no objects left that cannot be bought
by money. It is why it is essential to spend it wisely and to do so; one must have sufficient
A namely last 2013 namely: The Relation between Financial Literacy, Financial Wellbeing
and Financial Concerns that was done by a group of researchers concluded that a positive
relationship between the age and variables of financial wellbeing and financial literacy, marital
status and sex and the financial literacy variable, and education level and financial well-being
variable and financial literacy. It has also stated that a higher level of financial well-being follows
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Financial illiteracy is a growing concern in both society and the economy. College students,
with the amount of money entrusted to them, are the main subjects of unwise use of funds. To
satisfy or solve the problem of financial illiteracy among students, exposure to sessions, training,
and workshops is necessary. They should be able to gain internet access for it was found out that
the internet is where most students get their basis, knowledge, and understanding. A study done
by The Money Advice Service in 2017 said that: managing money is seen to be part of growing
up, and young adults are both excited and daunted by this. One in five young adults (22%) of the
said study say that they are not confident in managing their money.
Financial knowledge can start at homes. A book entitles “The Money Smart Family
System” shows how parents can teach their children how to save money. It also talks about how
each child differs from one to another. The book states that some children love to spend freely, but
some people would rather watch as their savings grow. Despite the unique traits of each child, the
book states that it is possible to educate them with financial knowledge (Economides &
Economides, 2012). The study on financial literacy has continued to gain attention in the field of
education and beyond, in today's society financial knowledge has become an instrument in
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Scope and limitation
This research gives focus on the level of financial literacy of senior high school students to
analyze and develop money management efficiently and also be able to identify what factors affect
the level of financial literacy. The gathering of related studies to be cited and used as support for
this research will be taken from books, journals, magazines and in the form of websites in other
words taken online. This study is only limited to Senior High School students from private schools
of Bacolod City. It will not involve anyone from the elementary department, junior high school
students and college department of any school. The study takes around four months to accomplish,
from late January of 2019 to early April of 2019. A limitation of this study is the fact that the
student researchers can in no way assure that the participants have responded in the survey with
100% honesty despite it being encouraged. The participants would be from six chosen private
schools in Bacolod City. Another significant limitation of the study would be that the school with
the largest population in district one was unable to accommodate the request of the researchers to
survey their senior high school department due to time restraints. So the researchers conducted a
survey the only available school who was able to accommodate the request. It resulted in the total
population changing; thus the participants in each school changed as well. The researchers were
unable to adjust with the new number because the survey was already conducted to other schools.
With no other choice, the researchers used the amount of the initial population.
Future researchers. They will know more about the topic and broaden their knowledge in
the said field. They will be able to craft better questions and engage better in other participants.
They will then become more confident in their answers and have better outcomes. They can also
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help with the understanding of the factors affecting students' spending and saving habits and the
Students. As the main participants of the study, they will be more knowledgeable about the
allocation of their allowances. They will also manage to cut costs in everyday life to better manage
their budgets. Furthermore, this can raise their awareness in the way they are handling money.
Parents. They are the primary source of financial support for a student's school and
personal life. This study can provide transparency of the budgeting ability of youth in a certain age
range. The research could also help parents understand as to where do teenagers spend most and
how they spend the money and when do students spend the most. Additionally, the study is
promoting early education that is likely to start at homes regarding financial management.
Teachers. It is best if teachers know how school works affect daily budgeting and expenses
of a student. Teachers can support their students not just academically but also financially by
School administrations. Depending on the results of the study, the school administration
may be able to adjust their curriculum and insert money management classes. This type, of course,
can further help a child be more equipped for the future, therefore raise the potential of having
successful graduates. The study would also be advocating the importance of financial literacy.
Financial Literacy. Conceptually, by Will Kenton (2018) financial literacy is the education
and understanding of various financial areas including topics related to managing personal finance,
money and investing. Operationally, it is what is being measured as a whole by the study.
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Spending Habits. Conceptually spending, as described by Merriam-Webster Dictionary
(2018), refers to use up. Habits are behavior patterns acquired by frequent repetition (Merriam-
Webster, 2019). Thus spending habits are the behavioral pattern in using up assets of a person.
Operationally it refers to the pattern of participants on how and where they spend their money. It
is also one of the areas that can measure the level of financial literacy.
Saving Habits. Conceptually, according to Keynesian economics savings are what a person
has left over when the cost of his or her consumer expenditure is subtracted from the amount of
disposable income earned in a given period (Kagan, 2018). Habits are behavior patterns acquired
repetitive behavior pattern on how he or she handles finances that he or she may have disposables
income at the end of a given period. Operationally, it refers to the ability of the participants to save
and budget their money. It is also one of the areas that can measure the level of financial literacy.
financial concepts and procedures as well as the use of this understanding to solve daily financial
problems (IGI Global, 2019). Operationally, it is the knowledge a participant has regarding
financial matters. It is also one of the areas that can measure the level of financial literacy.
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METHODOLOGY
Research Design
The two goals of the study are mainly to determine the level of financial literacy of senior
high school students based on different areas and to determine if there is a significant difference
The descriptive-analytical design is for the goal of determining the level of financial
literacy of senior high school students. The said method was able to establish the level of financial
The descriptive-analytical design is used when researchers seek to determine the current
status of a variable or phenomena (Center of Innovation in Research and Teaching, 2019). This
method formulates its hypothesis as data is being collected. The descriptive research design does
not allow interventions or manipulation of the variable. As the first goal is to seek the level of
difference when respondents are grouped according to variables, sex, grade level, district and
The comparative research design essentially compares two groups in an attempt to draw a
conclusion about them (Richardson, 2018). Comparative studies is used to increase understanding
between areas like cultures and societies and create a foundation for compromise and
collaboration. Studies using the said design can either be qualitative or quantitative.
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Participants of the Study
The research dwells on the level of financial literacy of senior high school students
specifically in the areas spending habits, saving habits and financial knowledge.
There were six private schools from Bacolod City involved in this study. The schools were
chosen purposively by the researchers, as the school that best represents a district. To be able to
represent districts more profoundly the researchers determined and chose the schools with the
largest senior high school department for each district in Bacolod City. Participants were selected
by respective school administrations for each school through, simple random sampling method.
The respondents are specifically senior high school students from private schools in Bacolod City.
They were a mixture of girls and boys that were chosen by their school administration to take part
Using the Cochran's formula with 92.5% reliability, the sample population of the
15
The profile of the participants in terms of the following variables: sex, grade level, district,
Table 2 presents the distribution of respondents according to the variables of sex, grade,
district, and family monthly income. As shown above, female participants dominated this study by
having ninety-three (93) female participants compared to that of forty-seven (47), male
participants. Under the category of grade level, although the difference between the two variables
was small, there was more grade 12 students compared to grade 11 students. In terms of the district,
the distribution was more focused on District 1 while minimal on Districts 3 and 5. For the last
variable of family monthly income, most participants fell under the category of having a family
16
income of 16 000 – 32 000 per month. On another note, the smallest portion of the participants
was under the category of having a family income of above 80 000 per month.
Research Instrument
The data required for the study the researchers conducted were gathered using a
questionnaire based on previous research instruments. The questions compiled from different
surveys were critically selected by the researchers to achieve the objectives. The self-made
Three competent juries validated the research instrument with degrees related to finance
and accounting from both inside and outside the school campus. After the validation of the
questionnaire by the professionals, the end-results was 97.78% with the mean of 4.89 out of 5.
A pilot test performed to twenty randomly chosen senior high school students of Trinity
Christian School was done to determine the internal consistency of the questionnaire. The end-
results of the Cronbach alpha taken from the pilot test was .707 which interprets as acceptable.
The survey instrument has three sections entirely, where each segment consists of seven
(7) questions thus totaling to a twenty-one (21) item questionnaire. The sections are classified as
the following accordingly: Spending Habits, Saving Habits and Financial Knowledge.
Before answering any of the sections, the respondents are first tasked to fill up their
demographic profile which asks the sex, grade level, strand, and family monthly income of the
respondents. For confidentiality, the researchers do not require the names of the participants are
not required.
The three sections mentioned before use the five-point Likert Scale as answers. The Likert
scale is a rating system used in questionnaires that are designed to measure people's attitudes,
opinions, or perceptions (Jaimeson, S., 2017). As this study is investigating the level of financial
17
literacy of senior high school students based on previously mentioned areas this method is the most
efficient and effective because it gives solid answers about the information that the researchers
wish to attain. Table 3 shows the legend of the rating scale used:
Section B is about the saving habits of the students. The questions will determine how well students
can manage their finances. Section C, on the other hand, focuses on financial knowledge; the
section will see whether the respondents have sufficient knowledge about finances.
Procedures
a. Data gathering
The researchers followed the formal process for formulating the questions which were
guided and approved by the research supervisor of the senior high school in Trinity Christian
School. Then it was validated by competent professionals in the accountancy, business, and
As this study deals with different private schools as its respondents, the data gathering then
began by searching for the school representing the largest population in their district. The website
of the Department of Education is a tool that was used to know which schools were able to express
a district more accurately. After identifying the schools with the largest population in each district,
the researchers asked either teachers or authorities from the chosen schools to determine the
18
number of senior high school students enrolled in their campus. A written request was given to
the principals or heads of each school to gain approval of surveying their campus. The application
was approved by the researchers' own senior high school department head and school principal.
When given the signal of approval, the researchers head out and meet with their respective
respondents prepared by the school or come back to survey on an agreed time. Some schools
thought it was more convenient for both parties for the researchers to leave their questionnaires
and pick it up on a later date once the survey was conducted by school administration to their
students.
b. Data analysis
To determine the correlation of different variables, the researchers analyzed the data using
a statistical tool called SPSS. This research mainly uses two research designs namely, descriptive-
gives figures that summarize a given data set, whereas the correlational-analysis is a measure of
Objective 1 determined the financial literacy of senior high school students in the following
areas: budgeting practice, spending habits, saving habits, and financial knowledge.
Objective 2 determined the level of financial literacy when grouped according to age, grade
literacy when grouped according to sex, grade level, district, and family monthly income
19
c. Statistical treatment
The data were gathered, evaluated, and analyzed statistically using the SPSS. SPSS helped
Frequency count and percentage were used to determine the demographic profile of the
variables sex, grade level, district, and family monthly income. The frequency distribution allows
an overview of data and provides a more natural way to find patterns, interpret data and calculate
the percentage.
Problem 1 used mean as it aimed to determine the level financial literacy of senior high
school students in the following areas: budgeting practice, spending habits, saving habits, and
financial knowledge.
Problem 2 used both mean and ANOVA as it aimed to determine the level of financial
literacy when the participants are grouped according to sex, grade level, district, and estimated
family monthly income respectively. SPSS to be able to acquire the mean and ANOVA.
Specifically, mean was used for the variables with only two categories. These were sex and grade
level. On the other hand, the ANOVA applies for variables with more than two classes; these were
Problem 3 used the t-test to determine if there was a significant difference in the level of
financial literacy when grouped according to sex, grade level, district, and estimated family
monthly income.
The researchers computed for the means by using the data gathered to determine the level
of financial literacy of the students. It is appropriate to use the mean because it is the most stable
20
The SPSS then generates the obtained mean scores to correlate them with the variables:
sex, grade level, district, and estimated family monthly income. The mean would be interpreted
using the figures shown in table 4. Using these interpretations, it is then easy for the researchers to
3.43-4.23 Agree
2.62-3.42 Neutral
1.81-2.61 Disagree
21
CHAPTER THREE
In this chapter, tables are used to present the data to discuss the analysis of the results of
the survey. The discussions of the findings would be supported by researches that have been
published and validated as reliable. The data presented are processed by the researchers using the
statistical tool SPSS to summarize the findings of the study in a more understandable manner.
DESCRIPTIVE RESULTS
Tables 5, 6 and 7 were able to help create a visual guide for objective two that aimed to
determine the level financial literacy of senior high school students in the following areas:
have average spending habits. According to a study by Dr. Rekta Attri (2012) entitled “Spending
Habits of Youth in the City of Indore” shows that students that are in age group 14-30 years are
influenced by the different people surrounding when they are making purchases.
22
The item having the highest mean score of 3.55 in this category is "I wait for sales before
I buy my wants," which has an interpretation of agreeing to the statement. It would mean that
participants spend the most money during sales compare to any other time. While the item having
the lowest mean score of 1.82 in this category is "I spend money using a card," which is interpreted
as slightly disagreeing with the statement. This could be because grade 11 respondents are mostly
In terms of spending more on their wants compared to need, buying impulsively, treating
people often and spending more when they have just received their allowance the average is
average. As for spending more on branded items compared to non-branded ones, the participants
of the study disagree. Moreover, the results imply that the participants have average spending
habits.
mean of 3.37 having the interpretation of harnessing Average saving habits. In the book “Financial
23
allocate their funds properly. In other words, it is saying that by budgeting, one can allocate their
funds better.
The item with the highest mean score of 3.8 in this category is "I use my money (savings)
for my wants and needs." The mean is translated to most of the respondents highly agreeing that
they use their money on buying their wants and needs. While the item "I do written or electronic
budget planning/preparation," has the lowest mean score of 2.77 and the interpreted as being
average to the statement. The mean would translate that people neither agree nor disagree that they
The results imply that the participants have average saving habits. It shows that most
students can somewhat budget their money on what to spend on and keeping a part of their money
overall mean of 3.62 and has the interpretation of having high financial knowledge.
24
A book entitled “The Money Smart Family System” shows how parents teach their children
to manage money and have a right attitude while they are learning to earn, budget and spend
wisely. (Economides, S. & Economides, A.2012). The book suggests that parents are a significant
The citation above was agreed upon by the results of the survey as the item “I learn
financial management and obtain financial knowledge through my parents” had the highest mean
of 3.9, which is interpreted to most people highly agreeing with the statement. While the item that
has a lowest mean score of 3.38 is the category "I consider myself to be financially literate (able
to maximize present money in order to gain financial stability)" which has an interpretation of
being average or neutral to the statement. This item can imply that students are not confident
The results show that many of the students possess the financial knowledge although the
financially literate. It suggests that the level of financial literacy of the respondents based on
25
Table 8 Level of Financial Literacy Based on Spending Habits When Grouped According to Sex
Male Female
Items
Mean Interpretation Mean Interpretation
Spending Habits
I tend to buy things on impulse. 2.9149 Average 3.129 Average
The money I spend is greater when I have just
2.8723 Average 3.1935 Average
received my allowance or any source of cash.
I treat people often/ I spend money on others. 2.8723 Average 2.7312 Average
I spend more on my wants compared to needs. 2.5319 Disagree 2.9140 Average
I wait for sales before I buy my wants. 3.6809 Agree 3.4839 Agree
Strongly
I spend money using card. 1.7872 1.8495 Disagree
Disagree
I spend more on branded items compared to
2.6596 Average 2.5914 Disagree
non-branded ones.
Average Average
Average 2.7599 Spending 2.8418 Spending
Habits Habits
Table 8 A Level of Financial Literacy Based on Spending Habits When Grouped According to Sex-
Summary
Spending Habits
Sex n
Mean Interpretation SD
Male 47 2.76 Average .60
Female 93 2.84 Average .63
Table 8 shows the level of financial literacy based on the spending habits of the participants
when grouped according to sex. According to the study "Effect of Demographic Factors on
Consumer Behavior: Age, sex, Income and Education” done by Abhijeet Pratap (2017), both sexes
have different needs that is why their consumer behavior differs significantly from each other. The
average generated mean by the males in terms of spending habits would be 2.7599, whereas the
females produced an average mean of 2.8418. Both of which can be interpreted as having average
spending habits.
Both males and females got the highest mean on the item "I wait for sales before I buy my
wants." The males got a mean of 3.68, translating to the respondents highly agreeing to this
26
statement and the females got a mean of 3.48, indicating that they highly agree with the statement
as well. It means that both groups wait for sales before they buy the things they want.
Both male and females got the lowest mean on the item "I spend money using a card." The
males got a 1.78 mean, indicating that they strongly disagree with the statement and the females
got a mean of 1.84, translating to them lightly disagreeing with the statement. The results show
The result shows that when grouped based on sex, both male and females are average to
the statement that they wait for sales to buy their wants. Furthermore, it showed in some parts that
males tend to spend more for their wants during sales compare to the females and females tend to
spend more when they had just received their allowance compared to males. The results show that
Table 9 Level of Financial Literacy Based on Saving Habits When Grouped According to Sex
Male Female
Items Interpret
Mean Interpretation Mean
ation
Saving Habits
I am able to allocate my budget to
3.6170 Agree 3.2473 Average
match with my spending.
I see to it that I would always have
3.8511 Agree 3.2796 Average
weekly or monthly savings.
I am able to determine what should be
prioritized before and during buying an 4.0213 Agree 3.6774 Agree
item/s.
I do written or electronic budget
2.9362 Average 2.6882 Average
planning/preparation.
I keep receipts and bills to be conscious
3.2128 Average 2.7634 Average
of my spending.
I use my personal money (savings) for
4.0638 Agree 3.6667 Agree
my wants and needs.
I set aside money for the Lord before
3.5319 Agree 3.4624 Agree
budgeting for my needs and wants.
Average
Agree or High
Average 3.6049 3.255 Saving
Saving Habits
Habits
27
Table 9 A Level of Financial Literacy Based on Saving Habits When Grouped According to Sex-
Summary
Saving Habits
Sex n
Mean Interpretation SD
Male 47 3.60 High .62
Female 93 3.26 Average .71
Table 9 shows the level of financial literacy based on saving habits when the participants
of the study are grouped according to sex. As cited from the study “An Analysis of the Factors
Affecting the Spending and Saving Habits of College Students” done by Samantha Villanueva
(2017), the study stated that females employ more saving mechanisms. However, in this case, it
seems untrue as the average generated by the males is 3.6049 and the average produced by the
females is 3.255. The mean of the males can be interpreted as them having high spending habits
The males got the highest mean on the item "I use my personal money (savings) for my
wants and need," with an average of 4.06, indicating they highly agree. The females, on the other
hand, got the highest mean of 3.67 on the item, "I am able to determine what should be prioritized
before and during buying an item/s," in which is also translated as them highly agreeing to the
statement. The results show that the males' group males practice to use their savings to buy their
wants and need and the females knows what to prioritize in purchasing an item/s.
The males and females got the lowest mean on the item "I do written or electronic budget
planning/preparation.” The males got a mean of 2.93, which would translate as being average to
the statement and the females got a mean of 2.68 that indicated of them being indifferent to the
statement. The results show that both groups have a neutral or average stand on using written or
The result shows that both males and females prioritize different things. Males use their
own money to be able to provide for their individual needs and want more compared to females.
28
On the other hand, females can weigh the importance of an item when making a decision when
buying. The results show that when grouped based on their gender there is a difference when it
Table 10 Level of Financial Literacy Based on Financial Knowledge When Grouped According to Sex
Male Female
Items
Mean Interpretation Mean Interpretation
Financial Knowledge
I feel confident in my knowledge and
3.8723 Agree 3.3548 Average
ability to manage my own finances.
I consider myself to be financially literate
(able to maximize present money in order 3.4681 Agree 3.3441 Average
to gain financial stability).
I am aware of the exchange rate of peso. 3.6596 Agree 3.3763 Average
I am aware of the of inflation rate in the
3.8723 Agree 3.5914 Agree
Philippines
I read and understand a contract/s
especially involving money before 4.1489 Agree 3.7419 Agree
signing.
I learn financial management and obtain
4.0851 Agree 3.8065 Agree
financial knowledge through my parents.
I obtain financial knowledge and learn
3.5532 Agree 3.5054 Agree
financial management on my own.
Agree or Agree or
High High
Average 3.8085 3.5315
Financial Financial
Knowledge Knowledge
Table 10A Level of Financial Literacy Based on Financial Knowledge When Grouped According to Sex-
Summary
Financial Knowledge
Sex n
Mean Interpretation SD
Male 47 3.81 High .62
Female 93 3.53 High .71
As shown in table 10 the average generated by the males in terms of financial knowledge
would be 3.80, whereas the females produced an average of 3.53. The results say that both males
and females have a high level of financial knowledge. In the book called Women and Financial
Education by OECD, it states that women, in terms of financial knowledge and skills, are less
29
confident when compared to men, less over-confident in financial matters, and more averse to
financial risk compared to men. It is deemed valid for the results as men seem to have a higher
The males got the highest mean on the item "I read and understand a contract/s especially
involving money before signing." The males got a mean of 4.14, indicating they highly agree with
the statement. The females, on the other hand, had the highest mean on the item "I learn financial
management and obtain financial knowledge through my parents." The females had a mean of
3.80, also highly agreeing with the statement. The results show that the males read the contracts
and understand it first before signing more compared to females. Meanwhile, most females state
that they have learned their financial management skill through their parents.
Both groups got the lowest mean on the item "I consider myself to be financially literate."
The males got a mean of 3.46, indicating that they highly agree with the statement. Meanwhile,
females got a mean of 3.34, suggesting that they are neutral or average to the statement. The results
show that the males highly agree that they are financially literate while the females have neutral
The result implies that based on sex both genders possess financial knowledge. Although
both groups consider themselves somewhat not financially literate when it comes to being able to
maximize their money, this shows that both males and females, though they have the financial
30
Table 11 Level of Financial Literacy Based on Spending Habits When Grouped According to
Grade Level
Grade 11 Grade 12
Items Interpreta Interpreta
Mean Mean
tion tion
Spending Habits
I tend to buy things on impulse. 2.9565 Average 3.1549 Average
The money I spend is greater when I have
just received my allowance or any source of 2.9855 Average 3.1831 Average
cash.
I treat people often/ I spend money on
2.7971 Average 2.7606 Average
others.
I spend more on my wants compared to
2.5507 Disagree 3.0141 Average
needs.
I wait for sales before I buy my wants. 3.5507 Agree 3.5493 Agree
Strongly
I spend money using card. 1.7101 1.9437 Disagree
Disagree
I spend more on branded items compared to
2.7536 Average 2.4789 Disagree
non-branded ones.
Average Average
Average 2.7578 Spending 2.8692 Spending
Habits Habits
Table 11 A Level of Financial Literacy Based on Spending Habits When Grouped According to
Grade Level- Summary
Spending Habits
Grade Level n
Mean Interpretation SD
11 69 2.76 Average .51
12 71 2.87 Average .71
Table 11 shows the average generated by the grade 11 students in terms of spending habits
would be 2.7578, whereas grade 12 produced an average 2.8692. Both grade levels are seen to
have a neutral or average stand on having a spending habit. A study says that young people started
to spend a lot of their money on entertainment and lifestyle and became more brand conscious. As
the standard of living arises, the young have also been equipped with more money and thus have
a higher spending power (Birari & Patil, Spending & Saving Habits of Youth in the City of
Aurangabad, 2014). Grade 11 and grades 12 belong to youth as most of them range from 16-20
31
Both groups got the highest mean on the item "I wait for sales before I buy my wants." The
grade 11 and grade 12 got a mean of 3.55, meaning that they highly agree with the statement. At
the same time, both groups got the lowest mean on the item "I spend money using a card." The
grade 11 got a mean of 1.71, meaning that they strongly disagree with the statement while the
grade 12 got a mean of 1.94, indicating that they lightly disagree with the statement. The results
show that both groups most likely do not use a card to buy what they want.
Table 12 Level of Financial Literacy Based on Saving Habits When Grouped According to
Grade Level
Grade 11 Grade 12
Items
Mean Interpretation Mean Interpretation
Saving Habits
I am able to allocate my budget to match
3.3333 Average 3.4085 Average
with my spending.
I see to it that I would always have weekly
3.4928 Agree 3.4507 Agree
or monthly savings.
I am able to determine what should be
prioritized before and during buying an 3.7391 Agree 3.8451 Agree
item/s.
I do written or electronic budget
2.6087 Disagree 2.9296 Average
planning/preparation.
I keep receipts and bills to be conscious of
2.8116 Average 3.0141 Average
my spending.
I use my personal money (savings) for my
3.8116 Agree 3.7887 Agree
wants and needs.
I set aside money for the Lord before
3.5072 Agree 3.4648 Agree
budgeting for my needs and wants.
Average Average
Average 3.3292 Saving 3.4145 Saving
Habits Habits
Table 12 A Level of Financial Literacy Based on Saving Habits When Grouped According to
Grade Level- Summary
Saving Habits
Grade Level n
Mean Interpretation SD
11 69 3.33 Average .51
12 71 3.41 Average .71
32
The average generated by the grade 11 participants in terms of spending habits would be
3.3292, whereas the grade 12 participants created an average of 3.4145. The boys and girls are
According to the study entitled “Spending and Saving Habits of Youth in the City of
Indore” by Dr. Rekta Attri last 2012, it was stated that youths often, when they ran out of pocket
money, they borrow from friends or find a part-time job to gain money.
The grade 11 participants earned their highest mean on the item "I use my personal money
(savings) for my wants and needs." With the mean of 3.81, it can be said that the grade 11
participants highly agree on using their own money for their wants and needs. Grade 12, on the
other hand, got the highest mean on the item "I am able to determine what should be prioritized
before and during buying an item/s." The grade 12 got a mean of 3.84, indicating that they highly
agree with the statement. The results show that grade 11 use their savings on buying the things
they want. On the other hand, the grade 12 participants know what to prioritize in purchasing an
item.
Both groups got the lowest mean on the item "I do written or electronic budget planning or
preparation.” The grade 11 got a mean of 2.60, meaning that they lightly disagree with the
statement. While grade 12 had a mean of 2.92, indicating they are neutral or average to the
statement. The results show that both groups either do not use a written or electronic budget plan
33
Table 13 Level of Financial Literacy Based on Financial Knowledge When Grouped According to Grade
Level
Grade 11 Grade 12
Items Interpreta Interpret
Mean Mean
tion ation
Financial Knowledge
I feel confident in my knowledge and ability to
3.5217 Agree 3.5352 Agree
manage my own finances.
I consider myself to be financially literate (able
to maximize present money in order to gain 3.3768 Average 3.3944 Average
financial stability).
I am aware of the exchange rate of peso. 3.4348 Agree 3.507 Agree
I am aware of the of inflation rate in the
3.6812 Agree 3.6901 Agree
Philippines
I read and understand a contract/s especially
4.0290 Agree 3.7324 Agree
involving money before signing.
I learn financial management and obtain
4.0145 Agree 3.7887 Agree
financial knowledge through my parents.
I obtain financial knowledge and learn financial
3.3913 Average 3.6479 Agree
management on my own.
Agree or Agree or
High High
Average 3.6356 Financial
3.6137 Financial
Knowledge Knowledge
Table 13 A Level of Financial Literacy Based on Financial Knowledge When Grouped According to
Grade Level- Summary
Financial Knowledge
Grade Level n
Mean Interpretation SD
11 69 3.64 High .69
12 71 3.61 High .68
A study made by Money Advice Service. (2017) entitled “Young Adults and Money
Management: Behaviors, Attitudes, and Useful Rules of Thumb” states that young adults often do
not have faith in their financial abilities, it was also reported that young adults do not usually ask
The grade 11 got the highest mean on the item "I read and understand a contract/s especially
involving money before signing." The grade 11 got a mean of 4.02, indicating that they highly
34
agree with the statement. Grade 12, on the other hand, got the highest mean on the item "I learn
financial management and obtain financial knowledge through my parents." Having this result
counters what was mentioned beforehand where young adults do not often seek guidance regarding
financial management. The grade 12 participants had a mean of 3.78, meaning that they highly
Both groups got the lowest mean on the item "I consider myself to be financially literate
(able to maximize present money in order to gain financial stability).” The grade 11 got a mean of
3.37, while the grade 12 got a mean of 3.39, meaning that both parties have a neutral or average
stand to the statement. The result implies that both groups have financial knowledge but sufficient
35
Table 14 A Level of Financial Literacy Based on Spending Habits When Grouped According to
District
District 1 District 2 District 3
Items Interpreta Interpretat Interpretat
Mean Mean Mean
tion ion ion
Spending Habits
I tend to buy things on
3.0930 Average 3.1316 Average 3.5000 Agree
impulse.
The money I spend is
greater when I have just
2.9535 Average 3.3421 Average 4.0000 Agree
received my allowance or
any source of cash.
I treat people often/ I
3.0698 Average 2.6579 Average 4.0000 Agree
spend money on others.
I spend more on my wants Strongly
2.8140 Average 3.0789 Average 4.5000
compared to needs. Agree
I wait for sales before I
3.3488 Average 3.5526 Agree 3.5000 Agree
buy my wants.
Strongly
I spend money using card. 2.0698 Average 1.7368 2.5000 Average
Disagree
I spend more on branded
Strongly
items compared to non- 2.8372 Average 2.6053 Average 5.0000
Agree
branded ones.
Agree or
Average Average
High
Average 2.8837 Spending 2.8722 Spending 3.8571 Spending
Habits Habits Habits
36
Table 14 B Level of Financial Literacy Based on Spending Habits When Grouped According to
District
Table 14 C Level of Financial Literacy Based on Spending Habits When Grouped According to
District- Summary
Spending Habits
District n
Mean Interpretation SD
1.00 43 2.88 High .72
2.00 38 2.87 High .54
3.00 2 3.86 High .20
5.00 13 2.45 Low .42
6.00 21 2.67 High .55
7.00 23 2.84 High .61
37
Table 14 A and Table 14 B show the level of financial literacy based on spending habits
when grouped according to the district. The average generated by the districts in terms of financial
knowledge would be 2.8837 for District 1, 2.8722 for District 2, 3.8571 for District 3, 2.4505
District 5, 2.6667 for District 6 and 2.8385 for district 7. All mean generated by each district except
for the one from District 3 had an interpretation of having average spending habits, for District
Participants from districts 1,2,5,6 and 7 have the highest mean on the item “I wait for sales
before I buy my wants.” District 1 generated a mean of 3.34, indicating that they are neutral or
average to the statement, at the same time district 5 with a mean of 3.30 was also neutral or average
to the statement. The district had a mean of 3.55 translating to the participants from the said district
highly agreeing to the statement the same goes for district 6 and district 7 with the means of 3.80,
and 3.82 respectively. District 3 had the highest mean on the item "I spend more on branded items
compared to non-branded ones." District 3 had a mean of 5.00, indicating that they strongly agree
with the statement. The results show that the students from District 3 spend more on branded items
All districts had the lowest mean on the item "I spend money using a card." District 1 and
District 3 had means that are both translated as being neutral or average to the statement which is
2.06 and 2.50 respectively. The rest of the areas had means of 1.73, 1.53, 1.66, and 1.78
respectively all with the translation of strongly disagreeing with the statement. It would mean that
38
Table 15 A Level of Financial Literacy Based on Saving Habits When Grouped According to
District
District 1 District 2 District 3
Items Interpret Interpreta Interpret
Mean Mean Mean
ation tion ation
Saving Habits
I am able to allocate my budget
3.2558 Average 3.1842 Average 2.5000 Average
to match with my spending.
I see to it that I would always
have weekly or monthly 3.3256 Average 3.2895 Average 3.5000 Agree
savings.
I am able to determine what
should be prioritized before and 3.8140 Agree 3.5789 Agree 2.5000 Average
during buying an item/s.
I do written or electronic budget
2.9535 Average 2.5263 Average 2.0000 Average
planning/preparation.
I keep receipts and bills to be
2.9070 Average 2.7632 Average 2.5000 Average
conscious of my spending.
I use my personal money
(savings) for my wants and 3.6977 Agree 3.9211 Agree 3.5000 Agree
needs.
I set aside money for the Lord
before budgeting for my needs 3.7674 Agree 3.4737 Agree 4.0000 Agree
and wants.
Average Average Average
Average 3.3887 Saving 3.2481 Saving 2.9286 Saving
Habits Habits Habits
39
Table 15 B Level of Financial Literacy Based on Saving Habits When Grouped According to
District
District 5 District 6 District 7
Items Interpretati Interpretatio Interpretati
Mean Mean Mean
on n on
Saving Habits
I am able to allocate
my budget to match 3.1538 Average 3.7619 Agree 3.7391 Agree
with my spending.
I see to it that I would
always have weekly 3.6154 Agree 3.6667 Agree 3.7826 Agree
or monthly savings.
I am able to
determine what
should be prioritized 4.0000 Agree 3.8571 Agree 4.0435 Agree
before and during
buying an item/s.
I do written or
electronic budget
2.4615 Average 3.1905 Average 2.6957 Average
planning/preparation
.
I keep receipts and
bills to be conscious 2.8462 Average 3.2857 Average 2.9130 Average
of my spending.
I use my personal
money (savings) for 3.7692 Agree 3.9524 Agree 3.6957 Agree
my wants and needs.
I set aside money for
the Lord before
3.0000 Average 3.7619 Agree 2.9565 Average
budgeting for my
needs and wants.
Agree or
Average High Average
Average 3.2637 3.6395 3.4037
Saving Saving Saving
Habits Habits Habits
Table 15 C Level of Financial Literacy Based on Saving Habits When Grouped According to
District Summary
Saving Habits
District n
Mean Interpretation SD
1.00 43 3.39 High .76
2.00 38 3.25 High .69
3.00 2 2.93 High .10
40
5.00 13 3.26 High .70
6.00 21 3.64 High .63
7.00 23 3.40 High .65
Table 15 A and Table 15 B shows the level of financial literacy based on saving habits
when grouped according to the district. As a whole, the average generated by District 1 in terms
of financial knowledge would be 3.3887, District 2 had an average of 3.2481, and District 3 had
an average of 2.9286, District 5 had an average of 3.2637, District 6 had an average of 3.6395, and
District 7 had an average of 3.4037. All Districts except district 6 had means with the interpretation
of having average saving habits. As for District 6, it ranked first out of the six areas with the
District 1 and District 3 had the highest mean on the item “I set aside money for the Lord
before budgeting for my needs and wants.” For district one, it was the mean of 3.76 while for
District 3 it was 4.00 both indicating that they highly agree with the statement.
District 2 and District 6 had the highest mean on the item “I use my personal money
(savings) for my wants and needs." District 2 had a mean of 3.92, while District 6 had a mean of
3.95, both numerical figures were translated as them highly agreeing to the statement.
District 5 and District 7 had the highest mean on the item "I am able to determine what
should be prioritized before and during buying an item/s.” District 5 had a mean of 4.00, while
District 7 had 4.04 as its mean, both indicating that they highly agree with the statement.
District 1 had the lowest mean on the item “I keep receipts and bills to be conscious of my
spending." Its mean was 2.90 which translates as being average to the statement.
The rest of the districts generated their lowest mean on the item “I do written or electronic
budget planning/preparation." District 2 with the mean of 2.53, District 3 with the mean of 2.00,
41
District with the mean of 2.46, District 6 with the mean of 3.19 and District 7 with the mean of
Table 16A Level of Financial Literacy Based on Financial Knowledge When Grouped According
to District
District 1 District 2 District 3
Items
Interpreta Interpreta Interpretati
Mean Mean Mean
tion tion on
Financial Knowledge
I feel confident in my
knowledge and ability to 3.3488 Average 3.2895 Average 3.0000 Average
manage my own finances.
I consider myself to be
financially literate (able to
maximize present money in 3.3023 Average 3.2632 Average 3.5000 Agree
order to gain financial
stability).
I am aware of the exchange
3.4884 Agree 3.2105 Average 3.0000 Average
rate of peso.
I am aware of the of inflation Strongly
3.6744 Agree 3.4474 Agree 4.5000
rate in the Philippines Agree
I read and understand a
contract/s especially
3.6512 Agree 3.8421 Agree 3.0000 Average
involving money before
signing.
I learn financial
management and obtain
3.6977 Agree 3.9211 Agree 3.5000 Agree
financial knowledge through
my parents.
I obtain financial knowledge
and learn financial 3.3953 Average 3.3421 Average 3.5000 Agree
management on my own.
Agree or Agree or
Average
High High
Average 3.5083 Financial
3.4737 Financial
3.4286 Financial
knowledge knowledge Knowledge
42
Table 16B Level of Financial Literacy Based on Financial Knowledge When Grouped According
to District
District 5 District 6 District 7
Items Interpret Interpret Interpreta
Mean Mean Mean
ation ation tion
Financial Knowledge
I feel confident in my
knowledge and ability to 3.6154 Agree 4.0952 Agree 3.7391 Agree
manage my own finances.
I consider myself to be
financially literate (able to
maximize present money in 3.3077 Average 3.7619 Agree 3.4348 Agree
order to gain financial
stability).
I am aware of the exchange
3.0769 Average 3.8095 Agree 3.8261 Agree
rate of peso.
I am aware of the of inflation
3.6154 Agree 3.9524 Agree 3.8261 Agree
rate in the Philippines
I read and understand a
Strongly
contract/s especially involving 3.8462 Agree 3.9524 Agree 4.3913
Agree
money before signing.
I learn financial management
and obtain financial Strongly
3.4615 Agree 4.3810 4.0870 Agree
knowledge through my Agree
parents.
I obtain financial knowledge
and learn financial 3.7692 Agree 3.7619 Agree 3.6957 Agree
management on my own.
Agree or Agree or Agree or
High High High
Average 3.5275 Financial 3.9592 Financial 3.8571 Financial
knowledge knowledge knowledge
Table 16C Level of Financial Literacy Based on Financial Knowledge When Grouped According
to District- Summary
Financial Knowledge
District n
Mean Interpretation SD
1.00 43 3.51 High .75
2.00 38 3.47 High .67
3.00 2 3.43 High .40
5.00 13 3.53 High .47
6.00 21 3.96 High .74
7.00 23 3.86 High .50
43
Table 16 A and Table 16 B shows the average generated by each district in terms of
financial knowledge starting with District 1 with a mean average of 3.5083, District 2 with 3.4737,
District 3 with 3.4286, District with 3.5275, District 6 with 3.9592, and District 7 with 3.8571. The
three districts agree to have financial knowledge. Except for District 3 with the interpretation as
having an average level of financial knowledge, all other districts seem to have high financial
knowledge.
District 1 and District 2 had the highest mean on the item "I learn financial management
and obtain financial knowledge through my parents." The calculated mean of district 1 is 3.69,
while District 2 had a mean of 3.92 in the same item; both values translate to highly agreeing with
the statement. District 3 had the highest mean on the item "I am aware of the of the inflation rate
in the Philippines.” With the mean of 4.50, it translated to strongly agreeing with the sentence.
District 5 and District 7 had the highest mean on the item "I read and understand a contract/s
especially involving money before signing." District 5 had a mean of 3.84, indicating "that the
participants from District 5 highly agree with the sentence. District 7, on the other hand, had a
Lastly, District 6 had the highest mean on the item I learn financial management and obtain
financial knowledge through my parents. District 6 strongly agrees with the statement with the
mean of 4.38.
District 1 and District 7 had the lowest mean on the item "I consider myself to be financially
literate (able to maximize present money in order to gain financial stability)." District 1 had a mean
of 3.30, indicating being average to the statement, as for district seven it had a mean of 3.43 which
44
District 2 and District 5 had the lowest mean on the item "I am aware of the exchange rate
of the peso.” District 2 with a mean of 3.21 and district 5 with a mean of 3.07, both indicating that
District 3 had the same mean on three items which turned out to be the smallest figure, so
it had three lowest means. The items were "I feel confident in my knowledge and ability to manage
my own finances, I am aware of the exchange rate of the peso, and I read and understand a
contract/s especially involving money before signing." All three had a mean of 3.00 which
translates to being average to all of them. District 6 had the lowest mean on the two items which
were "I consider myself to be financially literate (able to maximize present money in order to gain
financial stability) and I obtain financial knowledge and learn financial management on my own.”
District 6 got a mean of 3.76, implies that they highly agree with the statement.
45
Table 17 A Level of Financial Literacy Based on Spending Habits When Grouped According to
Family Monthly Income
Below 8 000 8 000 - 16 000 16 000 - 32 000
Items Interpretatio
Mean Interpretation Mean Interpretation Mean
n
Spending Habits
I am able to allocate
my budget to match 3.1333 Average 3.0244 Average 2.9592 Average
with my spending.
I see to it that I would
always have weekly 3.1333 Average 2.9268 Average 3.2041 Average
or monthly savings.
I am able to
determine what
should be prioritized 2.7333 Average 2.6585 Average 2.7143 Average
before and during
buying an item/s.
I do written or
electronic budget 2.8667 Average 2.6829 Average 2.7551 Average
planning/preparation.
I keep receipts and
bills to be conscious 3.5333 Agree 3.3415 Average 3.6939 Agree
of my spending.
I use my personal
Strongly
money (savings) for 1.8667 Disagree 1.6585 1.8163 Disagree
Disagree
my wants and needs.
Average Average Average
Average 2.8762 Spending 2.6516 Spending 2.8367 Spending
Habits Habits Habits
46
Table 17 B Level of Financial Literacy Based on Spending Habits When Grouped According to
Family Monthly Income
Spending Habits
I am able to allocate my budget to match with
3.2000 Average 3.2000 Average
my spending.
I see to it that I would always have weekly or
3.0800 Average 3.1000 Average
monthly savings.
I am able to determine what should be
prioritized before and during buying an 3.1200 Average 2.8000 Average
item/s.
I do written or electronic budget
2.9600 Average 2.8000 Average
planning/preparation.
I keep receipts and bills to be conscious of my
3.4400 Average 4.0000 Agree
spending.
I use my personal money (savings) for my
2.0000 Disagree 2.1000 Disagree
wants and needs.
I set aside money for the Lord before
2.9600 Average 2.3000 Disagree
budgeting for my needs and wants.
Average Average
Average 2.9657 Spending 2.9000 Spending
Habits Habits
Table 17 C Level of Financial Literacy Based on Spending Habits When Grouped According to
Family Monthly Income Summary
Family Monthly Spending Habits
n
Income Mean Interpretation SD
1.00 15 2.88 Average .72
2.00 41 2.65 Average .56
3.00 49 2.84 Average .60
4.00 25 2.97 Average .63
5.00 10 2.90 Average .75
Table 17 A and Table 17 B show the average generated by the family monthly income in
terms of spending habits for the group below ₱8 000 the average mean is 2.8762, the ₱8 000 - ₱16
47
000 salary group the average mean is 2.6516, the ₱16 000 - ₱32 000 salary group the average mean
is 2.8367, ₱32 000 - ₱80 000 salary group the average mean is 2.9657 and the ₱80 000 above
salary group the average mean is 2.9000. All of which translates to having Average spending
habits.
All salary groups had the highest mean on the item “I keep receipts and bills to be conscious
of my spending.” The below ₱8 000 salary group, the ₱16 000 - ₱32 000 salary group and the ₱80
000 above all seems to highly agree with the statement. Their means are 3.53, 3.69 and 4.00
respectively. Meanwhile, the ₱8 000 - ₱16 000 salary group and ₱32 000 - ₱80 000 salary group
are both average to the statement with the mean of 3.34 and 3.44 respectively.
All salary groups had the lowest mean on the item “I use my personal money (savings) for
my wants and needs.” The below ₱8 000 salary group, the ₱16 000 - ₱32 000 salary group, the
₱32 000 - ₱80 000 salary group and the ₱80 000 all lightly disagreed with the statement with
means of 1.86, 1.81. 2.00, and 2.10, accordingly. On the other hand, ₱8 000 - ₱16 000 salary group
had a mean of 1.65, which is translated as strongly disagreeing with the statement.
The income hypothesis of consumption could not be applied in this aspect as it assumes that
people would spend money at a level consistent with their expected long-term average income
(Kagan J., Permanent Income Hypothesis, 2019). The reason is that the means of each category is
not in order, the one with the highest mean on spending habits were not the people with above ₱
80 000 as their family income but the respondents belonging to the category of ₱32 000 – ₱ 80
48
Table 18 A Level of Financial Literacy Based on Saving Habits When Grouped According to
Family Monthly Income
Below 8 000 8 000 - 16 000 16 000 - 32 000
Items Interpretati Interpretatio Interpretati
Mean on Mean n Mean on
Saving Habits
I am able to allocate
my budget to match 3.2667 Average 3.1951 Average 3.4082 Average
with my spending.
I see to it that I would
always have weekly 3.5333 Agree 3.3092 Average 3.3265 Average
or monthly savings.
I am able to
determine what
should be prioritized 3.8000 Agree 3.6098 Agree 3.8776 Agree
before and during
buying an item/s.
I do written or
electronic budget
2.8000 Average 2.7073 Average 2.6939 Average
planning/preparation
.
I keep receipts and
bills to be conscious 3.0000 Average 2.9512 Average 2.7143 Average
of my spending.
I use my personal
money (savings) for 3.9333 Agree 3.9024 Agree 3.6939 Agree
my wants and needs.
I set aside money for
the Lord before
3.2000 Average 3.6341 Agree 3.4898 Agree
budgeting for my
needs and wants.
Average Average Average
Average 3.3619 Saving 3.3415 Saving 3.3149 Saving
Habits Habits Habits
49
Table 18 B Level of Financial Literacy Based on Saving Habits When Grouped According to
Family Monthly Income
32 000 - 80 000 Above 80 000
Items
Mean Interpretation Mean Interpretation
Saving Habits
I am able to allocate my budget to match with
3.6800 Agree 3.3000 Average
my spending.
I see to it that I would always have weekly or
3.8800 Agree 3.4000 Average
monthly savings.
I am able to determine what should be
prioritized before and during buying an 4.1200 Agree 3.3000 Average
item/s.
I do written or electronic budget
2.8400 Average 3.2000 Average
planning/preparation.
I keep receipts and bills to be conscious of my
2.9600 Average 3.5000 Agree
spending.
I use my personal money (savings) for my
3.8000 Agree 3.7000 Agree
wants and needs.
I set aside money for the Lord before
3.4400 Agree 3.4000 Average
budgeting for my needs and wants.
Agree or Average
Average 3.5314 High Saving 3.4000 Saving
Habits Habits
Table 18 C Level of Financial Literacy Based on Saving Habits When Grouped According to
Family Monthly Income- Summary
Family Monthly Saving Habits
n
Income Mean Interpretation SD
1.00 15 3.36 Average .65
2.00 41 3.34 Average .81
3.00 49 3.31 Average .61
4.00 25 3.53 High .70
5.00 10 3.40 Average .76
Table 18 A and Table 18 B shows the average generated by the family monthly income in
terms of saving habits. The mean of the below ₱8 000 salary group is 3.3619, the ₱8 000 - ₱16
000 salary group is 3.3415, the ₱16 000 - ₱32 000 salary group is 3.3149, ₱32 000 - ₱80 000 salary
50
group is 3.5314 and the ₱80 000 above salary group is 3.4000. Except for the ₱32 000 - ₱80 000
salary group with had the interpretation of having a high level of saving habits, all other salary
The below ₱8 000 salary group, ₱8 000 – ₱16 000 salary group and the ₱80 000 above
salary group had the highest mean on the item “I use my personal money (savings) for my wants
and needs." Accordingly, their means are 3.93, 3.90 and 3.70 which all translates as highly
The ₱16 000 - ₱32 000 salary group got the highest mean on the item “I am able to
determine what should be prioritized before and during buying an item/s.” The generated mean for
the said item was 3.87, which translated to highly agreeing to the statement. The ₱32 000 - ₱80
000 salary group had the highest mean on the item “I see to it that I would always have weekly or
monthly savings." The mean generated by the salary group for this item was 3.88, and it translated
The five salary groups all got the lowest mean on the item “I do written or electronic budget
planning/preparation.” The below ₱8 000 salary group got the mean of 2.80, the ₱8 000 - ₱16 000
salary group got the mean of 2.70, the ₱16 000 - ₱32 000 salary group got the mean of 2.69, ₱32
000 - ₱80 000 salary group got the mean of 2.84 and the ₱80 000 above salary group got the mean
Studies have concluded that students from wealthy families already have the support to do
save, while other students with lower parents' income have a poor source to do saving (Firmansyah,
2014). In other words, this sentence says that people from a wealthy family can save more
compared to those from poor ones. The latter sentence is in contrast with the findings of the study
51
as it can be seen in Table 18 A and Table 18 B that the people belonging in the lowest monthly
income did not come last in terms of saving habits. It is third out of the five categories.
52
Table 19 B Level of Financial Literacy Based on Financial Knowledge When Grouped
According to Family Monthly Income
32 000 - 80 000 Above 80 000
Items
Mean Interpretation Mean Interpretation
Financial Knowledge
I feel confident in my knowledge and ability
3.8000 Agree 3.2000 Average
to manage my own finances.
I consider myself to be financially literate
(able to maximize present money in order to 3.5200 Agree 3.3000 Average
gain financial stability).
I am aware of the exchange rate of peso. 3.4400 Agree 3.4000 Average
monthly income. The average generated by the below ₱8 000 salary group is 3.4667, the ₱8 000 -
₱16 000 salary group is 3.6237, and the ₱16 000 - ₱32 000 salary group is 3.6385, ₱32 000 - ₱80
53
000 salary group is 3.7143 and the ₱80 000 above salary group is 3.5714. Although with different
The ₱8 000 below and ₱8 000 - ₱16 000 salary group both have the highest mean on the
item “I learn financial management and obtain financial knowledge through my parents.” The ₱8
000 below salary group had a mean of 3.86, while ₱8 000 - ₱16 000 salary group got a mean of
3.95, both of which indicated that the participants belonging to the said categories highly agrees
The ₱16 000 - ₱32 000 salary group have the highest mean on the item “I read and
understand a contract/s especially involving money before signing.” It highly agreed with the
sentence as it had a mean of 4.08. The ₱32 000 - ₱80 000 salary group had the highest mean on
the item “I learn financial management and obtain financial knowledge through my parents." With
The ₱80 000 above salary group got the highest mean on the item “I am aware of the
inflation rate in the Philippines." The ₱80 000 above salary group had a mean of 4.20, which
The below ₱8 000 salary group and the ₱32 000 - ₱80 000 salary group got the lowest
mean on the item “I am aware of the exchange rate of the peso." The ₱8 000 below salary group
got a mean of 3.00 which translated to being average to the statement, while the ₱32 000 - ₱80
000 got a mean of 3.44, which corresponds to highly agreeing to the statement.
The ₱8 000 - ₱16 000 salary group got the lowest mean on the item “I learn financial
management and obtain financial knowledge through my parents.” The ₱8 000 - ₱16 000 salary
group got a mean of 3.95, which meant they agree with the statement.
54
The ₱16 000 - ₱32 000 salary group got the lowest mean on the item “I consider myself to
be financially literate (able to maximize present money in order to gain financial stability).” The
₱16 000 - ₱32 000 salary group got a mean of 3.28, indicating that they lightly disagree with the
statement.
The ₱80 000 above salary group got the lowest mean on the item “I feel confident in my
knowledge and ability to manage my own finances.” The ₱80 000 got a mean of 3.20, indicating
The results are in contrast to the study called Determinants of Financial Literacy: Analysis
of the Influence of Socioeconomic and Demographic Variables says which is that students from
high-income families had significantly higher knowledge levels than students from low-income
families (Potrich, Vieira, & Kirch, 2015). It counters the findings because the participants from
the lowest family income did not have the lowest average in terms of financial knowledge.
55
Above 80 000 3.2905 Average Financial Literacy
Table 20 shows the level of financial literacy of participants when grouped according to
the following variables. The overall level of financial literacy of participants resulted in 3.2704,
and as shown in the table its corresponding interpretation is that of having average level of financial
literacy. Participants from district 2 have the lowest level of financial literacy while participants
from district 6 have the highest. From the table above, it could be concluded that whether the
participants are grouped or taken as a whole, their level of financial literacy would still be average.
INFERENTIAL RESULTS
The following will be used in table 20 to table 27 to analyze the data on each illustration.
a. Reject the null hypothesis if the p-value is less than or equal to 0.05 level of
significance.
b. Accept the null hypothesis if the p-value is greater than 0.05 level of significance.
Table 21 Difference in the Level of Financial Literacy When Grouped according to Sex
M 3.3911
Sex 2.003 0.047 0.05 Significant
F 3.2094
Table 21 uses independent sample t-test to determine if there is a significant difference in
So in concern to the level of financial literacy according to sex, the p-value computed as
shown in the fifth column on table 21 is 0.047. The results signify that there is a significant
difference in the level of financial literacy when grouped according to sex. This goes to show that
According to the mean presented in the third column, males have a higher level of financial
literacy. The results imply that males are more financially literate than females. It can also support
56
the study that suggests that male compulsive buyers are likely to seek treatment when experiencing
higher levels of distress and impairment in functioning (Cristiana Nicoli et al., 2016), whereas
women spend to fulfill their satisfaction. Thus, it is allowable to say that sex is a factor that affects
Table 22 Difference in the Level of Financial Literacy When Grouped according to Grade
Level
Variable Category Mean t-value p-value Alpha Interpretation
Grade 11 3.2409
Grade Level -0.672 0.503 0.05 Not Significant
Grade 12 3.2991
As shown in table 22 the independent sample t-test is used to determine if there is a
significant difference in the level of financial literacy when grouped according to grade level.
The results show that the p-value computed of the level of financial literacy when grouped
according to grade level is 0.503 which translates to having no significant difference in financial
literacy when classified according to grade level. This result has indicated that the null hypothesis
is accepted.
The results denote that being in a higher grade or being a bit older does not ensure you to
have a better level of financial literacy. Also, compulsive buying disorder appears to be widespread
in the late adolescence or early youth (Li, Unger, & Bi, 2014). As both grade 11 and grade 12
students are under in the category of late adolescence and early youth the results their spending
Table 23 Difference in the Level of Financial Literacy When Grouped according to District
District 1 3.2602
District District 2 3.1980 1.071 0.379 0.05 Not Significant
District 3 3.4048
57
District 5 3.0806
District 6 3.4218
District 7 3.3665
Table 23 shows whether there is a significant difference in the financial literacy of the
participants when grouped according to the district. As there are more than two categories in this
In line with this, the calculated p-value of the level of financial literacy when grouped according
to the district is as shown in the fifth column of table 23, which is 0.379. The results interpret as
having no significant difference in financial literacy when group according to the district.
From the following results, it concludes that regardless of the district or environment one is in it
would not affect the level of financial literacy of a person. This can counter the findings of the
study wherein it said that social, environmental factors could have a significant and positive effect
Table 24 Difference in the Level of Financial Literacy When Grouped according to Family
Monthly Income
Variable Category Mean f-value p-value Alpha Interpretation
of financial literacy; the participants classified according to family monthly income. With more
than two categories in this variable, the one-way ANOVA was utilized.
58
As shown in the fifth column, the p-value calculated is 0.659. Findings can be translated as having
no significant difference in the level of financial literacy when respondents classified according to
The results suggest that the family monthly income or social status is not a factor affecting the
financial literacy of a person. This can be because although respondents are not of the same income
level, all of them are still part of leading private schools in each district. A study by Abhijeet Pratap
last 2017 namely Effect of Demographic Factors on Consumer Behavior: Age, sex, Income, and
Education can be countered as it concluded that income is a factor affecting consumer behavior.
Implications
A survey was conducted to find out the level of financial literacy of senior high school
students in Bacolod City. To measure financial literacy there were three main sections that were
assessed. These section were namely spending habits, saving habits and financial knowledge. The
results show that the level of financial literacy of the entire sample was average whether taken as
Out of four variables only sex shows a significant difference in financial literacy when
grouped according to its categories. Meanwhile, the other variables, grade level, district and family
monthly income, presents no significant difference in level of financial literacy when participants
are grouped according to categories of these variables. This is contrast to many studies that claim
to have a significant difference in financial literacy when grouped according to grade level which
can also incorporate age and family monthly income. The study could also contribute to this field
of literature as there has been little to no researches about financial literacy incorporating the
environment or in this case district. The findings of this study can also contribute to literature as
most study on financial aspects tend to dwell more on college students and high school. This study
59
CONCLUSIONS AND RECOMMENDATIONS
Conclusions
As the data gathered were analyzed and interpreted in chapter three, the objectives of the
study were able to be determined. The results rejected four of the null hypothesis and accepted
one. The pieces of literature related to the study were able to help in understanding financial
literacy and the factors that affect it. It also elaborates explicitly on the categories spending habits,
saving habits and knowledge on finances that are the basis to the level of financial literacy. The
questionnaire answered by randomly selected senior high school students from six chosen private
schools from the different districts of Bacolod city. Based on the survey results it was concluded
that whether the respondents are taken as a whole or grouped in different variables, the level of
The following are the findings of the study based on the data collected from the survey and
its corresponding interpretation. (1) The null hypothesis that says there is no significant
difference in the financial literacy of senior high school students when they grouped
according to sex is rejected. The result means that sex is a factor affecting the level of financial
literacy of senior high school students. With further analysis, the researchers discovered that
female participants who took part in the study had lower saving habits and financial knowledge
compared to the male participants. (2) The null hypothesis that says there is no significant
difference in financial literacy when the respondents grouped according to grade level is
accepted. In order words, the grade level of a person does not affect his or her level of financial
literacy. (3) The null hypothesis that says there is no significant difference in financial literacy
when the respondents are according to the district is accepted. According to the results of the study,
the area is a negligible factor for the level of financial literacy of a person. (4) The null hypothesis
60
that says there is no significant difference in financial literacy when the respondents are
according to family monthly income is accepted. Despite countless studies, stating the
difference in consumer behavior when belonging in different social class, the data gathered
collected and analyzed in this study proved otherwise. (5) The null hypothesis that says there is
Recommendations
Students
Students must have the willingness to learn financial management as it can affect their
futures significantly. As individuals, they must be the ones to show initiative in regards to this.
Students are recommended to try their best in budgeting their money and be mindful of their
spending. The researchers suggest that students should have goal savings in mind at the end of
each week or month to be able to practice financial management. Furthermore, they are also
recommended to keep up with economic news like inflation rates, taxes, and laws that may affect
Parents
For children to be able to manage their finances properly, they need to learn how to do so.
With the role of being a child's first teachers, parents are suggested to teach their children to be
more aware and knowledgeable of their finance and expenses. Parents must note that having
learned the importance of money at a young age is a factor that determines success for the child's
future. A better and highly suggested way for them to teach is by starting at a young age. An easy
way for children to learn is when they have examples, which is why parents must also have a
Teachers
61
Teachers must know about managing finances for them to be able to teach the students
ways on how to have proper financial management either directly or indirectly. Teachers and
students should work together for them to be able to get the outcome that they want, which is a
higher level of financial literacy. Both must be willing to learn and understand with the said
subject. Teachers are recommended to show their willingness to the topic forming a closer
interaction with the students than those teachers that are unenthusiastic about the issue.
The Department of Education and CHED in Bacolod City may consider an educational
curriculum with financial management classes as a necessity. This curriculum will be most useful
for the high school department as they are old enough to understand. The curriculum is for the
students to be able to have a higher level of financial literacy and be able to apply it on an everyday
basis.
The local government units may also initiate activities that would make the students have
first-hand financial management. Activities may include budgeting a certain amount of money per
School Administrations
School administrations are recommended to take part in the proposed program elaborated
in table 28. The plan advocates the importance of managing finances and goals to increase the
62
PROPOSED PROGRAM
Rationale
As the Philippines currently has a high inflation rate, it is essential for students to save and
be mindful of their expenditures. This program wants to give students of Bacolod City an
inspiration and reason to save money and have better decisions when it comes to spending their
money. This program will surely be a big help to the future, as this can not only affect students but
also their families as having personal savings can add to the insurance of financial security for the
whole family. Saving might be hard as there are many temptations, but if students know the value
With the researches saying the spending habits of youth is drastically changing over the
years, the need to address the problem of being illiterate in the field of finance has grown further.
As a community wanting to progress, an investment for the development of the youth is necessary.
Financial management is a life skill that is a factor of future success. As the child are to be
considered the future in a few years, it is crucial for them to be honed and equipped with skills that
Description
The objective of this seminar is to help the students of Bacolod City to know how to
manage their money efficiently. This program aims to give students insights on how to save their
money and what are alternative products available in the market. It is going to consist of a seminar,
advertisement of products, and testimony from a successful person. The guest speaker would be a
A day will be used to give students the seminar and introduce to what is called substitute
goods and inferior goods. Substitute goods are products at a different price that can provide similar
63
performance, leisure, convenience or output of a particular product at a lower cost. Inferior goods
are products whose demand when consumer income decreases or in this case when students' money
For this to be more efficient for the many schools who would want to take part in this, the
seminar conducted by each school would have the same guest speaker for the symposium and the
dates set by each school must be aligned. Collaborating with other schools will lessen the expenses
Goal
To increase the level of financial literacy among students especially in the area of financial
management.
Objectives
64
Table 25
Name of Event Financial Management Practice: Bacolod Savings Day
65
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APPENDIX A
描戈律基督教三一學校
TRINITY CHRISTIAN SCHOOL
(Accredited by ACSCU-ACI, Certified by FAAP)
First of all we thank you for the time you are giving to do this survey. We assure you of
confidentiality in handling your information. The data we will be collecting will be used
strictly for research purposes only. We are once again grateful for your willing participation
in this survey.
Demographic Profile
Grade: Strand:
PUT A CHECK (√) ON THE BOX THAT CORRESPONDS TO YOUR ANSWER. MAKE SURE
TO READ EACH QUESTION CAREFULLY AND DO NOT LEAVE ANY BOXES BLANK
UNLESS STATED OPTIONAL.
I set aside money for the Lord before budgeting for my needs and
wants.
Parental Consent
study and/or feasibility study outside school campus. I am aware that the school will not be
held responsible for any uncontrollable accidents that may happened to my child or his/her
Respectfully Yours,
____________________
Statistics
Missing 0 0 0 0
Sex
Grade Level
District