FINANCIAL LITERACY BETWEEN MALE AND FEMALE OF 11TH GRADE

STUDENTS IN AGUSAN NATIONAL HIGH SCHOOL: A BASIS

FOR DEVELOPMENT OF FINANCIAL SCHEME PROGRAM

A Research Paper Presented to the Faculty

of AGUSAN NATIONAL HIGH SCHOOL
Senior High School Department
Butuan City, Philippines

In Partial Fulfillment of the Requirements for the Subject

Practical Research 2

PRECIOUS ANNE CANTAROS

ELISHAH MEI CATALUÑA
MISHIEL REYES

October 2017
 ii

APPROVAL SHEET

This research entitled, “FINANCIAL LITERACY BETWEEN MALE

AND FEMALE OF 11TH GRADE STUDENTS IN AGUSAN NATIONAL HIGH
SCHOOL: A BASIS FOR DEVELOPMENT OF FINANCIAL SCHEME
PROGRAM”, prepared and submitted by Elishah Mei Cataluña, Precious
Anne Cantaros and Mishiel Reyes, in partial fulfillment of the
requirements for the subject practical research 2, has been examined and is
hereby endorsed for oral examination, approval and acceptance.

VIRNALISI C. MINDAÑA, Ed. D.

Adviser
___________________________________________________________________________
PANEL OF EXAMINERS

APPROVED by the Panel of Examiners with a grade of _____

Elmer Augustus F. Conde, Ph.D.

Chairman

Virnalisi C. Mindaña, Ed.D. Jenny Lyn T. Nalupa, Ph.D.

Member Member
___________________________________________________________________________

ACCEPTED in partial fulfilment of the requirements for the subject,

Practical Research 2.

MARLYNE M. VILLAREAL, MS MARIO Y. ORENDAIN, MS

Track Head Principal II
 v

TABLE OF CONTENTS

Content Page

Title Page .………………………………………………………………………. i

Approval Sheet .……………………………………………………………….. ii

Acknowledgement …………………………………………………………….. iii

Abstract …………………………………………………………………………. iv

Table of Contents ……………………………………………………………… v

List of Tables …………………………………………………………………… vii

List of Figures …………………………………………………………………. viii

List of Appendices ………………………………………………………….... ix

CHAPTER

1. THE PROBLEM AND REVIEW OF RELATED LITERATURE

Background of the Study ……………………………………. 1

Statement of the Problem …………………………………... 2

Review of Related Literature and Studies ……………….. 3

Theoretical and Conceptual Framework …………………. 8

Conceptual Model of the Study ……………………………. 9

Significance of the Study ……………………………………. 9

Definition of Terms …………………………………………… 11

2. METHOD

Research Design ……………………………………………… 12

Research Respondents ……………………………………… 12

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Page

Research Instruments ………………………………………. 14

Research Procedure …………………………………………. 15

Statistical Treatment of the Data ………………………… 16

3. PRESENTATION AND ANALYSIS OF FINDINGS

Level of Financial Literacy Among Male .………………… 18

Level of Financial Literacy Among Female ……………… 20

Financial Literacy Between Male and Female Students… 22

4. SUMMARY, FINDINGS, CONCLUSIONS AND

RECOMMENDATIONS

Summary ………………………………………………………. 24

Hypothesis …………………………………………………….. 24

Findings ………………………………………………………… 25

Conclusions …………………………………………………… 25

Recommendations …………………………………………… 26

REFERENCES ………………………………………………………… 28

APPENDICES …………………………………………………………. 30
CURRICULUM VITAE ……………………………………………….. 39
 Chapter 1

THE PROBLEM AND REVIEW OF RELATED LITERATURE

Background of the Study

A growing body of empirical research, documents the existence of a

significant gender gap in financial literacy in many developed and

developing countries (Lusardi and Mitchell, 2014). Studies show that men

outperform women in very basic as well as sophisticated questions in

relation to this (Lusardi et al., 2010). With this prevailing problem, the

researchers would like to know if it shows the same results among high

school students.

According to Russia Trust Fund (2013) that in many countries,

women display lower financial knowledge than men and are also less

confident in their knowledge and skills. Even though women appear to be

better than men at short term money management behaviour they have a

number of vulnerabilities in other aspects of its behaviour. Gender

differences in financial literacy are strongly correlated with differences in

socio-economic conditions of men and women, suggesting that limited

access to education, employment and formal markets not only reduce

women’s financial well-being per se, but also limit the extent to which
 2

women can improve their knowledge, confidence and skills about economic

and financial issues.

However in the Philippines, based on MasterCard Index of Financial

Literacy, women went from being just below the gender parity line in 2010 to

bettering men by 9% in 2012. People in mature markets may prove to be

better financial planners overall, but it is women in emerging markets who

remain dominant when it comes to basic money management (MasterCard,

2012).

While many studies suggest that gender differences exist in financial

literacy, the researchers found it greatly important to analyse whether the

same factors affect high school students. Moreover, this study was also

undertaken to create an enhancement program for financial scheme that

aspires to balance financial literacy among men and women and finally

bridging the financial inclusion of gender gap.

Statement of the Problem

In striving to achieve the purpose of this study, specific research

questions were formulated and are detailed in the next section.

1. What is the level of financial literacy among male and female

students?
 3

2. Is there a significant difference between male and female students

with regards to financial literacy?

3. What is the financial scheme program as a result of this study?

Review of Related Literature and Studies

In this chapter, a few literature related to the study are discussed to

further enhance the knowledge of the readers about financial

literacy among male and female high school students.

Financial literacy. It has been defined in several different contexts in

the literature. However, Atkinson and Messy (2012) describes it as a

combination of awareness, knowledge, skill, attitude and behaviour

necessary to make sound financial decisions and ultimately achieve

individual financial well-being. It explains how human beings are able to

apply financial ideas, concepts and knowledge in their actions or inactions.

It is a basic concept in understanding money and its use in our daily lives

which makes it important for us to have.

Knowledge. It is one of the financial matters which is a vital tool in

financial literacy, is all about the understanding and awareness of

the financial-related concepts and procedures as well as the use of this

understanding to solve financial problems. It is important for students to

 4

know how to manage the money in different usage, spend the money wisely

and make the right choices (IGI Global, n.d.). This concept is also needed

because if youth are financially illiterate, they may lack the knowledge to

make important financial decisions for their future as they transition into

adulthood. People have different knowledge and ways when it comes to

finances. Students on the other hand, learn to save their allowance as they

grow and meet the different requirements in school as well as the things

they want to buy for their own.

Male and female students have different levels when it comes to

financial knowledge. According to Nguyen (2013), male students tend to

have more financial knowledge than female students as they are openly

risk-takers when managing finances which makes them knowledgeable

about the advantages and disadvantages of it. An evidence from the study of

Bucher Koenen et al. (2012) shows that women are aware of their lack of

knowledge and that women’s self-reported levels of financial knowledge are

lower than that of the men’s. This is because women are less exposed to the

risks and often play safe to refrain from doing things they would regret in

the end.

Skills. As the world faces further economic uncertainty, it is important

that people--especially the students, are equipped with the financial literacy

skills they need to make wise decisions about how they spend and save

their money (Opoku, 2015). The importance of skills when it comes to

 5

financial literacy is also important as it enables people to manage their

money and avoid debt that can mean the difference between a secure future

and a desperate struggle. It also avoids one from falling into the pit

of financial crisis (Citizens advice, 2015).

A couple of studies show that women are much better than men at

handling money because they understand that they must be the best of

what they can possibly be at this skill. Perhaps women are more concerned

about their skills but that worry may be one of the reasons why they are

better at doing a good job. They are more aware of the need to be on top of

this (Neal, 2012). Women are more actionable, measurable and have timely

goals. They do not get easily distracted and lose focus and are better at

keeping a budget and shopping frugally by preparing a shopping list to

ensure that they didn’t go over budget (Andrew, 2017).

Attitude. When it comes to financial attitude, male and female are still

different. According to a study by Latham (2017), females had a more

positive attitude towards saving and shopping than males. Females are also

less self-assured and prefer to take fewer risks than men who are risk-

takers and are overconfident which is the main reason why they often don’t

succeed at handling finances. Male students spend more money than female

students according to him. On the other hand, women tend to have more

self-control, detail oriented and are better at goal setting.

 6

In another aspect, Christian (2012) stated that men’s attitude toward

financial matters is also vital. Because of this, the greatest fortunes in

history have been handled by men because women do not have the risk

appetite nor courage to risk large losses. They find the need to show women

their financial power by being a risk-taker and overconfident as a sign of

strength even though women views it differently than they do.

Behavior. Financial behaviour varies among gender because of gender

roles. A research by Leong (2013) asserts that women are raised in an

environment where the world seems like a scarier place than it does to men,

so they tend to be more conservative and risk averse. Whereas males are

more financially independent as well as more financially confident and

secure when compared to females. Women may appear to be better than

men at short term money management behaviour, in another aspect, men

are also better than women in long-term perspective on money. So

women also have a number of vulnerabilities in financial behaviour, not just

men.

The different treatments of sons and daughters by the parents is

another factor that may affect the attitudes and behaviors of male and

female teenagers towards savings and spending in different ways.

Understanding gender differences in the saving and spending behaviours of

teenagers can help broaden the grasp of their different natures and identify

more clearly how financial knowledge can be developed (Streich, 2012).

 7

These are some of the factors that affect a

student’s financial behaviour positively or negatively.

Many researches were already conducted that plainly gives that

monetary proficiency has importance in the literature that could be the

basis for effective financial decision-making. However, this study

comprehends the existing theories and ideas related to the topic for the

improvement of the study.

A number of studies have already shown that male and female

students differ when it comes to financial knowledge, skill, attitude and

behaviour, and these are shaped through social learning processes. Social

learning may differ as a result of gender. More importantly, individuals may

socialize differently regarding money and financial behaviour, depending on

their gender and their environment. Some previous studies have produced

examples of how gender differences result when it comes to financial

behaviour and practices.

Gender difference may, to some extent, be related to the different

opportunities that women and men have to experience with financial issues

along their life, and may therefore be related to observable demographic,

social and economic factors (Fisher, 2012). After all, one’s financial literacy,

especially the students’, are influenced by their parents. Gender roles may

also affect the saving and spending behaviours of male and female
 8

teenagers. These studies show that financial literacy education and

awareness is important to students because they have certain differences

when it comes to financial literacy. This is also to prompt them to become

more financially informed and to have the ability to use knowledge and

skills to effectively manage financial resources efficiently at a personal-level.

It’s not only about young people — everyone must become savvy about

money in order to lead successful and stable lives (Gamm, 2011).

Theoretical and Conceptual Framework

Several studies show different factors that influence financial literacy

and one of this is the behaviour that varies among gender.

As this study examines who is more financially proficient amongst

male and female, the common sparing and spending practices of teenagers

and how relevant financial literacy is to their daily lives, the researchers

discovered established existing theories that are related to the chosen study.

The Reciprocal Determinism Theory will be used for the development of this

study. According to Shults (2012), this study is anchored on reciprocal

determinism theory by Bandura (1977) which states how an individual’s

behaviour, personal characteristics, and their surrounding environment

interact. This interaction now influences how individual deals with their

daily financial activities that can now be used in determining the level of

financial literacy between male and female.

 9

Conceptual Model of the Study

Figure 1. Conceptual Paradigm of the Study

Financial Literacy between Program for Financial

Male and Female Grade 11 Scheme
Students of ANHS

The figure shows the conceptual paradigm about the Financial

Literacy between male and female Grade 11 students of ANHS which will be

the basis for the Program for Financial Scheme.

Significance of the Study

The contribution of this study will be of advantage to the following:

School Administration. The proposed study will help the

administration determine the differences between male and female in

financial literacy. This can also arouse the administration to strive more in

uncovering information that can develop the studies involving this matter.

Hence, formulation of a new theory is possible which can further contribute

to the current literature.

 10

Teachers. The proposed study will give teachers the chance to

recreate their methods in teaching financial literacy among male and female

students. This also encourages them to put their attention and give effort in

this area for future developments of the study and contribute to the existing

literature.

Parents. The proposed study will give parents new knowledge and

information that is not commonly accessed. While this study intends to

determine who is more financially literate between male and female, it also

encourages parents to improve their mechanisms and methods in helping

their children become responsible in handling finances.

Students. The proposed study serves as students’ reference in finding

research topics related to their strand and can gather new knowledge

involving financial literacy. This will also provide the students an

understanding in the different levels that exist in financial literacy between

male and female. Thus, they will obtain knowledge of what financial literacy

is and how beneficial this is to them as students.

Business Industry. Also benefits the society as financial management

is crucial in the business industry, in which has an impact to

our economy. By determining the gender gap in financial literacy, the

results can be used as basis for selecting the gender that is more potential

for a certain job. This also can be an opportunity for the business industry

to know how men and women vary in managing finances and recognize who
 11

can be their target market thus leading to the development of their

company. The results of this study will also help obtain knowledge of

efficient and effective management of finances. Furthermore, the

researchers of this study are additionally profited by uncovering things that

were not yet discovered by other researchers. Hence, formulation of new

theory can be done and contribution of information in the existing

literature.

Researchers. The future researchers would be able to benefit from

this study and use this as a means of information regarding the financial

literacy of the 11th grade students. They could also use this as a basis of

making their own study by enhancing it.

Definition of Terms

The following terms used in the study are operationally defined for

deeper understanding.

Financial Literacy. This refers to how educated the 11th Grade students

are in managing and dealing with their funds that outcomes to making

intensive and viable financial choices.

Financial Scheme. This refers to the established plans or programs created

from the conducted research by the researchers that intend for

improvement in the area of financial literacy.

 Chapter 2

METHOD

Presented in this chapter is the research methodology and procedures

in the study. It includes research design, research respondents, research

instrument, research procedure, and statistical treatment of data.

Research Design

This study employed descriptive research design which is a scientific

method which involves observing and describing the behaviour of a subject

without influencing it in any way. It is often used as a pre-cursor to

quantitative research designs, the general overview giving some valuable

pointers as to what variables are worth testing quantitatively and is the

appropriate research design to be used in this study for this was identified

to have a single variable. Descriptive statistics are used to describe the basic

features of the data in a study. They provide simple summaries about the

sample and the measures. Together with simple graphics analysis, they

form the basis of virtually every quantitative analysis of data.

Research Respondents

In this study, the researchers determined the sample size by using

Slovin’s Theory, which is 𝑛 = 𝑁/1 + 𝑁𝑒 2 . Where n is the sample size, N

 13

denoted as the population of the grade eleven students of Agusan National

High School, year 2017-2018, while e, stands for the margin of error. The

researchers used 0.5 as margin of error.

The target respondents in this study were the Grade Eleven (11)

students of Agusan National High School year 2017-2018. The determined

sample size for the study was 312 respondents. In selecting the correct

respondents that will represent the whole population, the researcher used

stratified random sampling. In this type of sampling technique, the

researcher first divided each number of students per strand by the total

population of 1414 and then multiplies by the determined sample size of

312.

Table 1. Respondents of the Study from different Strands

STRAND Sections from Grade Total population Number of

11 Strands per Section Respondents
per Section
ABM Ford 52 11
(435) Smith 49 11
Malthus 44 10
Fisher 48 11
Keynes 53 12
Jobs 43 9
Gates 49 11
Bloomberg 48 11
Page 49 11
HUMSS Hugo 45 10
(752) Hemingway 57 13
Marx 53 12
 14

Descartes 46 10
Voltaire 60 13
Woodworth 49 11
C.S Lewis 60 13
Fitzgerald 42 9
Homer 64 14
Shakespeare 53 12
Tolkien 65 14
Longfellow 52 11
Twain 56 12
Hughes 50 11
STEM Pythagoras 48 11
(227) Pascal 49 11
Leeuwenhoek 37 8
Heisenberg 46 10
Newton 47 10
Overall: 1414 312

After drawing a sample from each of the different strata, the

researchers then get the correct number of respondents from each section

that will represent the whole population of the respective strands. In this

case, the process of stratified random sampling was repeated. The

researchers divided each number of students per section by the total

number of students in the respective strand and multiply it by the sample.

Research Instrument
Rese

In this study, the researchers used an adopted research questionnaire

from The Financial Literacy Survey 2016, Japan's first large-scale

 15

questionnaire survey conducted with the aim of understanding the current

state of financial literacy, i.e., financial knowledge and financial decision-

making skills, of individuals. The instrument used in this study was a 10-

item questionnaire that thoroughly focused on financial literacy. To ensure

validity, the checklist was scrutinized carefully and thoroughly by two

experts for approval before given to respondents.

The level of Financial Literacy was determined through a rating scale

of 1 to 4 with a descriptive equivalent as follows.

Rating Scale and its Descriptive Equivalent as basis for answers

Rating Scale Descriptive Equivalent

4 Totally Agree

3 Agree

2 Disagree

1 Totally Disagree

Research Procedure

In this study, this research used an adopted research questionnaire

by Japan’s Financial Literacy Survey (2016). The instrument used in this

study was a 10-item questionnaire that includes financial knowledge, skills,

behaviour, and attitude. To ensure validity, the checklist was scrutinized

carefully and thoroughly by the two experts for approval before given to
 16

respondents. The level of Financial Literacy was determined through a

rating scale of 1 to 4 with a descriptive equivalent as basis.

The researchers will first make a letter of request to the EMIS to get

the total population per section of the Grade 11 students to be used in the

research. The researchers will also make a letter of request to the Principal

for the conduct of the study. The researchers will then prepare the

questionnaires and will base the numbers of the respondents to the

computed sample size per section. The respondents will be chosen using the

stratified random sampling. The researchers will then collect all the data

after the respondents have answered the questionnaires and ensure those

will be kept confidential. After all the questionnaires have been collected

back and after all the data has been gathered, the researchers will then

tally, tabulate, and compute it using the statistical tools.

Statistical Treatment of Data

The data gathered will be subjected to statistical analysis using the

following tools:

Mean- also called the average and median, will be used to determine

the level of financial literacy between male and female using the following

guide:
 17

Range of Means and Verbal Description as basis for results

Range of Means Verbal Description

1.00-1.50 Financially Illiterate

1.51-2.50 Less Financially Literate

2.51-3.50 Financially Literate

3.51-4.00 Highly Financially Literate

T-test- will be used to determine the significant difference on the level

of financial literacy between male and female students.

 Chapter 3

PRESENTATION AND ANALYSIS OF FINDINGS

Presented in this chapter are the presentation, analysis and

interpretation of the data gathered as presented in the problem of the study.

The purpose of this study was to describe the level of financial literacy

between male and female grade 11 students of Agusan National High

School. Male and female which is the two independent samples was

measured using the t-Test: Two Sample Assuming Unequal Variances.

This chapter will provide an analysis of the data gathered from the

research questionnaire adopted by the researchers. The data analysis

techniques used were the descriptive research and t-Test, also used to

determine the level of financial literacy between male and female students.

An alpha level of 0.05 was used in the analysis.

Table 2. Level of Financial Literacy among Male

Statement 4 3 2 1 Mean Verbal

Description
1. I have higher
knowledge about financial
matters compared to 13 64 27 5 2.74 Financially
other people. Literate
2. Financial education is
offered by the school I am 34 40 26 9 2.85 Financially
attending. Literate
3. I was taught by my
parents/guardian on how 57 38 10 4 3.47 Financially
to manage my finances Literate
4. I acquire financial and
economic information
 19

from sources such as 26 47 31 5 2.88 Financially

newspapers, magazines, Literate
televisions and the
internet.
5. I am aware that I will
have expenses to cover in 61 33 7 8 3.45 Financially
the future. Literate
6. I am aware of the
amount that my expenses 28 48 24 9 2.89 Financially
will cover in the future. Literate
7. I have financial plan
3.21 Financially
for the expenses that I 46 42 18 3
will be having in the Literate
future.
8. I have set aside funds
for the expenses I will be 28 50 20 10 2.93 Financially
covering in the future. Literate
9. Thinking of my assets,
debts, and savings, I am
Financially
satisfied with my current 22 50 26 11 2.81
personal financial Literate
condition.
10. Financial education Highly
should be offered in 75 23 6 5 3.61 Financially
schools. Literate

Several studies show that women are more superior than men in

financial literacy, however, there exists an opposing study that expressed

that men exceed more than the women. In accordance with the study of

Russia Trust Fund (2013), women are less financially literate than male and

their confidence may obstruct their active participation in the economy.

Another study that backs up the claim of men having a higher

capacity in financial literacy than women is the gap in advanced

mathematical skills that many believe that numerical and arithmetic is

where financial literacy depend. Russia Trust fund referred to on OECD

 20

(2009) that women being lower than men in tertiary education rates in

mathematics and in PISA 2006 showed that men outstand in analyzing and

illustrating phenomena scientifically.

Table 3. Level of Financial Literacy among Female

Statement 4 3 2 1 Mean Verbal

Description
1. I have higher
knowledge about
financial matters
compared to other Financially
19 108 61 4 2.75 Literate
people.
2. Financial education is
offered by the school I am Financially
attending. 85 68 34 5 3.10 Literate
3. I was taught by my Highly
parents/guardian on how Financially
to manage my finances 135 46 11 0 3.64 Literate
4. I acquire financial and
economic information
from sources such as
Financially
newspapers, magazines,
televisions and the Literate
internet. 38 94 51 9 2.85
5. I am aware that I will Highly
have expenses to cover in Financially
the future. 146 37 8 0 3.73 Literate
6. I am aware of the
amount that my
expenses will cover in the Financially
57 80 47 8
future. 2.98 Literate
7. I have financial plan
for the expenses that I
will be having in the Financially
111 59 19 3
future. 3.43 Literate
8. I have set aside funds
for the expenses I will be Financially
covering in the future. 56 83 43 10 2.93 Literate
 21

9. Thinking of my assets,
debts, and savings, I am
satisfied with my current Financially
personal financial
Literate
condition.
44 93 42 13 2.85
10. Financial Highly
education should be Financially
offered in schools. 158 24 7 3 3.71 Literate

The used theory in this study is the Reciprocal Determinism Theory

by Bandura (1977). The study presented by Leong (2013) can support the

implied theory of Bandura, it reveals that women are exposed to an

environment that is more frightening to them than to men that resulted in

making the women more conservative and risk averse. This implies that

women being avoidant from high-risk prefer to invest on something that

gives a sure shot return and this may lead the women to make a sound

financial decision. In addition, according to Latham (2017), there are

reasons why women are better than men in money management, it includes

the following: women having self-control, better at setting a goal and

following rules, being more detail-oriented, handles the consequences of

financial decision at home and etc.

For the overall Grade 11 students of Agusan National High School

using the range of means and verbal description of 1.00-1.50(Financially

Illiterate), 1.51-2.50(Less Financially Literate), 2.51-3.50(Financially

Literate), and 3.51-4.00(Highly Financially Literate) the 8th (Combined

 22

Strands) table shows an overall mean 3.08 of male students and 3.20

overall mean for female students. This means that both male and female in

grade 11 students are financially literate reaching the range of mean 2.51-

3.50 and there is no significant difference between male and female

students with regards to financial literacy.

Table 4. Financial Literacy between Male and Female Students

Statement P-value Significance Decision

1. I have higher knowledge

about financial matters
compared to other people.
2. Financial education is offered
by the school I am attending.
3. I was taught by my
parents/guardian on how to
manage my finances
4. I acquire financial and
economic information from
sources such as newspapers,
magazines, televisions and the 0.166 Not Accept
internet. Significant Ho
5. I am aware that I will have
expenses to cover in the future.
6. I am aware of the amount
that my expenses will cover in
the future.
7. I have financial plan for the
expenses that I will be having in
the future.
8. I have set aside funds for the
expenses I will be covering in
the future.
9. Thinking of my assets, debts,
and savings, I am satisfied with
my current personal financial
condition.
 23

10. Financial education

should be offered in schools.

This study indicated that both male and female grade 11 students of

Agusan National High School are financially literate with the range of means

and verbal description of 1.00-1.50(Financially Illiterate), 1.51-2.50(Less

Financially Literate), 2.51-3.50(Financially Literate), and 3.51-4.00(Highly

Financially Literate, P-value of 0.166 and using t-Test the researchers found

out that there is no significant difference in the level of financial literacy

between male and female of grade 11 students in ANHS and decided to

reject Ho.
 Chapter 4

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

Presented in this chapter are summary of findings, conclusions and

recommendations from the implications of the data by the researcher.

Summary

This study aims to determine the financial literacy between male and

female students. Specifically, the study seeks to answer the following

problems:

1. What is the level of financial literacy among male and female students?

2. Is there a significant difference between male and female students with

regards to financial literacy?

3. What is the financial scheme program as a result of this study?

Hypothesis

Ho: There is no significant difference between male and female students

with regards to financial literacy

Ha: There is a significant difference between male and female students with

regards to financial literacy

 25

Findings

Based on the data gathered, the following are the salient findings:

1. The level of financially literacy among male is 3.08 (financially literate)

while on female is 3.20 (financially literate).

2. A: Using T-test for Two-Independent Samples, it was found that T is

0.116 therefore there isn’t a significant difference between male and

female students with regards to financial literacy.

3. The financial scheme program to be developed should better focus

itself in providing students with knowledge and skills to deal with

their finances than putting emphasis on the gender difference. It shall

put attention in teaching and informing students about proper

budgeting, saving and spending behaviours and more importantly,

dealing with their finances to better prepare them for their future

expenses.

Conclusions

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

drawn:

1. While many studies suggest that gender differences among the adults

exist in financial literacy, even stating that men are more literate than

women are, it was found dissimilar among high school students. Based

on the results, even with a slight difference in their means, it was found
 26

that there is no significant difference between male and female students

in the ABM, HUMSS and STEM strands when it comes to financial

literacy.

2. Therefore, since the gender gap that previous studies have been

presenting does not exist among high school students, the financial

scheme to be developed should better focus itself in providing students

with knowledge and skills to deal with their finances. The data also

showed that students are not highly financially literate therefore it would

be beneficial to encourage teenagers to improve their saving behaviours.

Recommendations

This part includes the recommendations on the basis of the findings

and conclusions which could be used by the future researchers to enhance

their future studies. The following recommendations are presented below:

1. The data suggests that since there is no significant difference between

male and female in financial literacy, the researchers should develop

studies that better focus itself on providing students with the knowledge

and skills to deal with their finances than putting emphasis on the

gender difference. There should also be more beneficiaries from other

fields that could benefit the type of study so that others would be able to

take advantage in the study. The future researchers must also focus on

other factors and not purely on gender to get more information and data
 27

on different paces of financial literature and further development is still

required to the future researchers who will be conducting studies similar

to this.

2. The gathered data suggests that the researchers should also conduct a

survey outside the school’s vicinity to have a wider scope and additional

information of students from other schools. The researchers could also

conduct surveys on institutions and have adult respondents instead of

students to gather more reliable information and accurate data.

3. The future researchers could propose studies that will help the

administration determine the level of financial literacy among adult male

and female which could help the administration to uncover new

information. The future researchers can propose studies which would

serve as a source for new knowledge and information that is not

commonly accessed. Also, their studies should be helpful to the society,

as it would be crucial in the business industry, which could cause a

great impact to our economy. The researchers could also choose studies

which they would be profited by uncovering things that were not yet

discovered by other researchers. Hence, formulation of new theory can be

done and contribution of the information in the existing literature.

 28

REFERENCES

Atkinson, A. and Messy, F-A. (2012). “Measuring Financial Literacy: Results

of the OECD / International Network on Financial Education (INFE) Pilot
Study”, OECD Working Papers on Finance, Insurance and Private Pensions,
No. 15, OECD Publishing. Retrieved July 11, 2017 from
http://dx.doi.org/10.1787/5k9csfs90fr4-en

Huffington, A. (2017, June 23). Why we need financial education. Retrieved

July 9, 2017 from http://www.huffingtonpost.com /scott-gamm/why-we-
need-financial-edu_b_843429.html

Latham, A. (2017, June 23). 24 Reasons Why Women Are Better at Money
Management Than Men. Retrieved July 9, 2017 from
https://www.supermoney.com/2014/09/women-money-management/

Leong, M. (2013, March 11). Are women naturally better with money than
men? Retrieved July 9, 2017 from
http://business.financialpost.com/personal-finance/are-women-naturally-
better-with-money-than-men/wcm/23fc5 51d-fb07-4894-9a1a-
75c08ee260c3

Neal, A. (2012, September 8). Women Are Much Better Than Men At
Handling Money. Retrieved July 10, 2017 from
http://www.thedigeratilife.com/blog/managing-money-men-women/
 29

Opoku, A. (2015). Financial Literacy Among Senior High School Students.

Retrieved July 11, 2017 from
http://dspace.knust.edu.gh/bitstream/123456789/8511/1/ARMSTRONG
%20OPOKU.pdf
 30

APPENDICES

APPENDIX A
SURVEY QUESTIONNAIRE
 31

APPENDIX B

SLOVIN’S FORMULA

n = N/(1+Ne2) Where:

n= sample size

N= total population (1414)

e= margin of error(5%)

n= 1414/1+(1414)(.05) ₂

=1414/1+(1414)(.oo25)

=1414/1+3.535

=1414/4.535

=311.797 ≅ 312
 32

C. Tables

Table 1. Respondents of the Study from different strands

STRAND Sections from Grade 11 Total population per Number of

Strands Section Respondents
per Section
ABM Ford 52 11
(435) Smith 49 11
Malthus 44 10
Fisher 48 11
Keynes 53 12
Jobs 43 9
Gates 49 11
Bloomberg 48 11
Page 49 11
HUMSS Hugo 45 10
(752) Hemingway 57 13
Marx 53 12
Descartes 46 10
Voltaire 60 13
Woodworth 49 11
C.S Lewis 60 13
Fitzgerald 42 9
Homer 64 14
Shakespeare 53 12
Tolkien 65 14
Longfellow 52 11
Twain 56 12
Hughes 50 11
STEM Pythagoras 48 11
(227) Pascal 49 11
Leeuwenhoek 37 8
Heisenberg 46 10
Newton 47 10
Overall: 1414 312
 33

Table 2. Level of Financial Literacy Among Male

Statement 4 3 2 1 Mean Verbal

Description
1. I have higher knowledge 13 64 27 5
about financial matters
compared to other Financially
people. 2.74 Literate
2. Financial education is 34 40 26 9
offered by the school I am Financially
attending. 2.85 Literate
3. I was taught by my 57 38 10 4
parents/guardian on how to Financially
manage my finances 3.47 Literate
4. I acquire financial and 26 47 31 5
economic information from
sources such as
newspapers, magazines, Financially
televisions and the internet. 2.88 Literate
5. I am aware that I will 61 33 7 8
have expenses to cover in Financially
the future. 3.45 Literate
6. I am aware of the amount 28 48 24 9
that my expenses will cover Financially
in the future. 2.89 Literate
7. I have financial plan for 46 42 18 3
the expenses that I will be Financially
having in the future. 3.21 Literate
8. I have set aside funds for 28 50 20 10
the expenses I will be Financially
covering in the future. 2.93 Literate
9. Thinking of my assets, 22 50 26 11
debts, and savings, I am
satisfied with my current Financially
personal financial condition. 2.81 Literate
10. Financial 75 23 6 5 Highly
education should be Financially
offered in schools. 3.61 Literate
 34

Table 3. Level of Financial Literacy Among Female

Statement 4 3 2 1 Mean Verbal

Description
1. I have higher knowledge 19 108 61 4
about financial matters
compared to other Financially
people. 2.75 Literate
2. Financial education is 85 68 34 5
offered by the school I am Financially
attending. 3.10 Literate
3. I was taught by my 135 46 11 0 Highly
parents/guardian on how Financially
to manage my finances 3.64 Literate
4. I acquire financial and 38 94 51 9
economic information from
sources such as
newspapers, magazines, Financially
televisions and the internet. 2.85 Literate
5. I am aware that I will 146 37 8 0 Highly
have expenses to cover in Financially
the future. 3.73 Literate
6. I am aware of the 57 80 47 8
amount that my expenses Financially
will cover in the future. 2.98 Literate
7. I have financial plan for 111 59 19 3
the expenses that I will be Financially
having in the future. 3.43 Literate
8. I have set aside funds 56 83 43 10
for the expenses I will be Financially
covering in the future. 2.93 Literate
9. Thinking of my assets, 44 93 42 13
debts, and savings, I am
satisfied with my current
personal financial Financially
condition. 2.85 Literate
10. Financial 158 24 7 3 Highly
education should be Financially
offered in schools. 3.71 Literate
 35

Table 4. Financial Literacy Between Male and Female Students

Statement P-value Significance Decision

1. I have higher knowledge about

financial matters compared to
other people.
2. Financial education is offered
by the school I am attending.
3. I was taught by my
parents/guardian on how to
manage my finances
4. I acquire financial and
economic information from sources
such as newspapers, magazines,
televisions and the internet. 0.166 Not Accept
5. I am aware that I will have Significant Ho
expenses to cover in the future.
6. I am aware of the amount that
my expenses will cover in the
future.
7. I have financial plan for the
expenses that I will be having in
the future.
8. I have set aside funds for the
expenses I will be covering in the
future.
9. Thinking of my assets, debts,
and savings, I am satisfied with my
current personal financial
condition.
10. Financial education should be
offered in schools.

Table 5. ANHS-SHS Grade-11 Academic Strands

STRAND No. of Students per strand (stratum) ÷ sample

total population × sample size
ABM 435 ÷ 1414 × 312 = 95.983 ≅ 96
HUMSS 752 ÷ 1414 × 312 = 165.929 ≅ 166
STEM 227 ÷ 1414 × 312 = 50. 088 ≅ 50
 36

Table 6. Number of Students in Sections from the ABM Strand

No. of Students per section ÷ total Sample in each

SECTION population in ABM section
Ford 52 ÷ 435 × 96 = 11.476 ≅ 11
Smith 49 ÷ 435 × 96 = 10.814 ≅ 11
Malthus 44 ÷ 435 × 96 = 9.7 10 ≅ 10
Fisher 48 ÷ 435 × 96 = 10.593 ≅ 11
Keynes 53 ÷ 435 × 96 = 11.697 ≅ 12
Jobs 43 ÷ 435 × 96 = 9.490 ≅ 9
Gates 49 ÷ 435 × 96 = 10.814 ≅ 11
Bloomberg 48 ÷ 435 × 96 = 10.593 ≅ 11
Page 49 ÷ 435 × 96 = 10.814 ≅ 11

Table 7. Number of Students in Sections from the HUMSS Strand

SECTION No. of Students per section ÷ Sample in each

total population in HUMSS section
Hugo 45 ÷ 752 × 166 = 9.933 ≅ 10
Hemingway 57 ÷ 752 × 166 = 12. 582 ≅ 13
Marx 53 ÷ 752 × 166 = 11. 699 ≅ 12
Descartes 46 ÷ 752 × 166 = 10.154 ≅10
Voltaire 60 ÷ 752 × 166 = 13. 245 ≅ 13
Woodworth 49 ÷ 752 × 166 = 10.816 ≅ 11
C.S. Lewis 60 ÷ 752 × 166 = 13. 235 ≅ 13
Fitzgerald 42 ÷ 752 × 166 = 9.271 ≅ 9
Homer 64 ÷ 752 × 166 = 14.128 ≅ 14
Shakespeare 53 ÷ 752 × 166 = 11.699 ≅ 12
Tolkien 65 ÷ 752 × 166 = 14.348 ≅ 14
Longfellow 52 ÷ 752 × 166 = 11.479 ≅ 11
Twain 56 ÷ 752 × 166 = 12.362 ≅ 12
Hughes 50 ÷ 752 × 166 = 11.037 ≅ 11
 37

Table 8. Number of Students in Sections from the STEM Strand

SECTION No. of Students per section ÷ total Sample in each

population in STEM section
Pythagoras 48 10.573 ≅ 11
Pascal 49 10.793 ≅ 11
Leeuwenhoek 37 8.150 ≅ 8
Heisenberg 46 10.132 ≅ 10
Newton 47 10.352 ≅ 10
 38

D. Figures

Figure 1. Conceptual Model of the Study

Financial Literacy between Program for Financial

Male and Female Grade 11 Scheme
Students of ANHS

Figure 2. Financial Scheme Developers

 39

CURRICULUM VITAE

ELISHAH MEI DE GAMO CATALUÑA

4th Street Guingona,
J.P Rizal, Butuan City
elishah@cataluna.com.ph
(+63)9999658937

Personal Details

Sex Female
Age 18
Date of Birth April 25, 1999
Place of Birth Quezon City, Manila
Father’s Name Nethanel Mark Cataluña
Mother’s Name Mary Anne De Gamo

Educational Background
Elementary Rainbow of Angels Learning Center
Montilla Boulevard, Butuan City
Junior High School Agusan National High School
(Science, Technology, and
Engineering Curriculum)
A.D. Curato St., Butuan City
Agusan National High School
Senior High School
(Academic Track, Accountancy,
Business and Management Strand)
A.D. Curato St., Butuan City