FINANCIAL MANAGEMENT for STUDENTS

Robert Diego G. Colmenar

Concept Paper Outline

Introduction
            Financial Management involves planning, organizing, directing, and controlling all
activities related to finances. This includes sources and uses of funds of the enterprise. Financial
Management - Meaning, Objectives and Functions). Personal financial planning, on the other
hand, involves managing all the activities with regards to money during a his lifetime.
Traditional personal financial planning procedures begin with the planner’s current financial
status, goals, and expectations for the future before future cash flows of different time periods
under various scenarios can be determined. (CHIANGLIN & LIN, 2008)

Purpose/Need/Rationale
Students nowadays are more enterprising. Hence, there is a need for educating students
how to manage their personal finances. Through personal financial management, students will be
equipped with the knowledge of budgeting, saving as well as investing. This study aims to
determine the level of understanding of grade 11 ABM students of De La Salle Integrated School
of personal financial management.

Background
Leskinen and Raijas (2006) distinguished segment highlights (age, sex, schooling,
qualities, perspectives, or propensities), life stage and prompt environmental factors (family
furthermore, socialization), and large-scale climate (society, monetary and social foundation) as
key factors in gaining monetary ability. By surveying understudies' monetary administration
abilities, strategy producers like the college the board can see better on their current monetary
practices. Strategy producers are additionally capable to offer organized projects and better
systems for them (Falahati et al., 2011). Borden et al., (2008) accepted that instructive monetary
projects can be used to improve this information and abilities. Such projects can be in a type of
classes, workshops, and printed leaflets. It is essential to survey the monetary administration
abilities of college understudies in the early years. Sound monetary administration abilities
among understudies will help with lessening the quantity of instances of liquidation among
youngsters in Malaysia, in this way will improve homegrown economy and the development of
economy later.
As understanding monetary administration among understudies manages complex and
elements bury connection between its contributing variables, framework elements is considered
reasonable to be used to represent better the general framework under examination. Its
motivation impact connections joined by basic math furthermore, rationale, time deferrals, and
criticism circles can catch the hidden elements inside this framework. Work by Campbell (2014)
used a reproduction model as stage for self - coordinated monetary financial aspects learning for
understudies, where full scale and microeconomics are considered reciprocally in project
financing dynamic.
The utilized of framework elements in monetary climate begun gradually, where
Srijariya, Riewpaiboon and Chaikledkaew (2008) utilized framework elements to build, approve,
and reenact a framework elements monetary model. They showed that this model can be helpful
instrument for monetary administration, even though hard to develop. The contended that
however troublesome, it is more exact in expectation, and ready to give bigger and complex
certifiable circumstances examination contrasted with regular strategy. To note, Nair (2013) start
joining recreation works with framework elements displaying by thinking about elements factors,
for example, net income, net pay, net pay, forthcoming bills, receivable bills, obligation, and
book worth to give more exact appraisal of monetary circumstance in an organization. Later,
Vries and Egmond (2017) received framework elements model that investigated the formation of
obligations free cash as an option in contrast to the current obligations’ framework. In the
following areas, framework elements approach will be used to examine the intricacy of
communication between monetary administration among college understudies with their
fundamental components.
Hence, the proponent of this paper wishes to determine spending habits and financial
management practices of select grade 11 ABM students of De La Salle Integrated School.

Financial Management <Robert Diego G. Colmenar> <Date> 2

Problem Description 1 – Goals and Objectives
This project intends to determine spending habits and financial management practices of
select grade 11 ABM students of De La Salle Integrated School. Specifically, the proponent
would like to seek answers to the following questions:
1. How much is the average weekly allowance of grade 11 ABM students of De La Salle
Integrated School?
2. How much of the average weekly allowance of grade 11 ABM students of De La Salle
Integrated School is spent and saved (if there is any)?
3. Where do grade 11 ABM students of De La Salle Integrated School spend most of their
weekly allowance?
4. Are grade 11 ABM students of De La Salle Integrated School aware of financial
management concepts practices?

Problem Description 2: Methodology

From the total of grade 11 ABM students of De La Salle Integrated School, 20-30% will
randomly be selected and will be asked to answer a survey involving their spending habits and
their perception of different financial management concepts and practices using google forms as
a survey.
After having the data from this survey, the results will be analyzed to determine if
students of De La Salle Integrated School know how to manage their personal finances through
specific statistical testing:

1. The average weekly allowance will be determined using the simple averaging formula.
2. The portion of their weekly allowance used for expenses will be determined from the
average of the participants responses by getting the percentage.
3. The identified top 3 expenditures of the students will be determined by ranking.
4. The level of knowledge of the students will be determined by averagingrating.

Problem Description 3: Timeline

Financial Management <Robert Diego G. Colmenar> <Date> 3

 After the survey questionnaires are formulated and approved by the teacher, it will be
sent to randomly selected students and will be available for a week. After one week, the answers
to the survey will be harvested and will undergo analysis and interpretation.

Problem Description 4: Benefits

From the analyzed data from the survey, it will be determined if students of De La Salle
Integrated School know how to manage their personal finances. From this result, action plan will
be proposed to the faculty and administration of De La Salle Integrated School to maintain or
increase the level of awareness of students regarding managing personal finances.

Financial Management <Robert Diego G. Colmenar> <Date> 4

References:
1. Leskinen, J., & Raijas, A. (2006). Consumer financial capability-a life cycle approach.
Consumer financial capability: Empowering European consumers, 8-23.
2. Falahati, L and et al (2011). Assessment of university students’ financial management
skills and educational needs. Journal of Business Management 5(15), 6085-6091
3. Borden, L. M., Lee, S. A., Serido, J., & Collins, D. (2008). Changing college students’
financial knowledge, attitudes, and behavior through seminar participation. Journal of
Family and Economic Issues, 29(1), 23-40.
4. Campbell, R. D. (2014). Using Computer Modelling As A Tool For Self-Directed
Learning In Financial Economics. Procedia-Social and Behavioral Sciences, 141, 556-
560.
5. Srijariya, W., Riewpaiboon, A., & Chaikledkaew, U. (2008). System dynamic modeling:
an alternative method for budgeting. Value in Health, 11, S115-S123.
6. Nair, G. K., & Rodrigues, L. L. R. (2013). Dynamics of financial system: a system
dynamics approach. International Journal of Economics and Financial Issues, 3(1), 14.
7. Vries, B., J., M., & Van Egmond N., D., (2017). Modeling the dynamics of the financial-
economic system: exploring the ‘debt free money’ alternative. Journal on Finance,
Banking and Sustainable Development

Financial Management <Robert Diego G. Colmenar> <Date> 5