PERSONAL FINANCIAL WELLNESS OF GRADE 12 ACCOUNTANCY,

BUSINESS, AND MANAGEMENT LICEO STUDENTS

In Partial Fulfillment
Of the Requirements for the Subject
Inquiries, Investigation, and Immersion

November 3, 2020
 Statement of the Problem
This study aims to determine the level of financial wellness of Grade 12 ABM
students of University of St. La Salle - Senior High School in handling their finances based
on their provided allowances.

Specifically, it aims to answer the following questions:

1. What is the socio-economic profile of the participants in terms of:
a. Age
b. Sex
c. Family’s Monthly Income

2. What is the level of financial wellness of the participants in terms of:

a. Financial Attitudes

b. Financial Behaviors

c. Financial Security
 RESULTS AND DISCUSSION

This chapter presents the findings of the descriptive study on determining the level of
financial wellness among Grade 12 Accountancy, Business, and Management (ABM) Liceo
students. The descriptive and inferential results are illustrated through the use of statistical tools
in the treatment of the data. Discussion of the results is also incorporated to further interpret and
explain the outcome of the data gathered.

Result
Descriptive Results
The descriptive results are presented systematically based on the related underlying
questions using both the mean and standard deviation results.

Table 2. Financial Attitudes of Grade 12 ABM Liceo Students

(I am confident in my ability to manage my own finances.)

I am confident in my ability to manage f %

my own finances.
Strongly Agree 18 18.00
Agree 45 45.00
Undecided 24 25.00
Disagree 9 9.00
Strongly Disagree 4 4.00

TOTAL 100 100.00

Table 2 shows student self-confidence in their ability to manage their own finances.
Based on the result, 45% of the respondents agree and 18% strongly agree that they are capable
of managing their own finances. In addition, this affirms the results found in a 2013 report on the
Philippine Financial Literacy Advocacy, stating that Filipinos do possess great knowledge on
certain financial concepts (Montalbo, Pogoy, Villarante, & Pepito, 2017) and in turn, increase
their level of financial wellness as a whole. The implications of the data includes that more than
half of the population are equipped with the skills to manage their monetary problems, indicating
that with the country’s young and growing population, more citizens are paving their way to
personal financial freedom.
 Table 2.1. Financial Attitudes of Grade 12 ABM Liceo Students

(I am interested in increasing my financial knowledge.)

I am interested in increasing my f %
financial knowledge.
Strongly Agree 4 41.00
1
Agree 4 49.00
9
Undecided 6 9.00
Disagree 0 0.00
Strongly Disagree 4 4.00

TOTAL 1 100.00
00

Table 2.1 shows student interest towards increasing financial knowledge. Based on the
result, 49% of the respondents agree and 41% strongly agree that they are interested in
increasing their financial knowledge. The results of this study also supports findings in
another article entitled, “Financial Stress, Self-Efficacy, and Financial Help-Seeking
Behavior of College Students” wherein students were motivated to learn about financial
concepts themselves in order to compensate this large gap of knowledge (Han, Heckman,
Letkiewicz, & Montalto, 2014). The implications of the data present that the majority of
the population is eager to learn more about financial wellness and the manner in which to
achieve it.
 Table 2.2. Financial Attitudes of Grade 12 ABM Liceo Students

(I view money as a tool to help solve my own problems.)

I view money as a tool to help solve my f %

own problems.
Strongly Agree 2 20.00
0
Agree 3 38.00
8
Undecided 2 23.00
3
Disagree 1 14.00
4
Strongly Disagree 5 5.00

TOTAL 1 100.00
00

Table 2.2 provides the answer to the second question of the study, particularly on the
aspect of financial attitudes. Based on the result, 38% of the respondents agree and 20%
strongly agree that they view money as a tool to help solve their own problems in life. This
implies that barely half of the population perceives money in a positive light and could
indicate that others may look at money as a burden in their daily activities instead.
 Table 2.3. Financial Attitudes of Grade 12 ABM Liceo Students

(I will take a personal finance class as an elective if offered.)

I will take a personal finance class as an f %

elective if offered.
Strongly Agree 1 19.00
9
Agree 4 42.00
2
Undecided 2 25.00
5
Disagree 9 9.00
Strongly Disagree 5 5.00

TOTAL 1 100.00
00

Table 2.3 shows the students’ interest towards the inclusion of personal finances in the
current curriculum. Based on the result, 42% of the respondents agree and 19% strongly
agree that they will take up personal finance electives, should they be offered by the school
administration. The implications of the data include that more than half of the population
shows the determination to learn more about financial wellness in a classroom setting and
plans to invest more into their financial future from such a young age.
 Table 2.4. Financial Attitudes of Grade 12 ABM Liceo Students

(My finances are a significant source of happiness for me.)

My finances are a significant source of f %

happiness for me.
Strongly Agree 2 22.00
2
Agree 4 43.00
3
Undecided 1 19.00
9
Disagree 1 10.00
0
Strongly Disagree 6 6.00

TOTAL 1 100.00
00

Table 2.4 shows student perception towards money, particularly on the aspect of their
 level of satisfaction on personal finances. Based on the result, 43% of the respondents
agree and 22% strongly agree that their finances serve as a significant source of happiness.
This implies that more than half the population prefers having money and stable finances
than living without. However, these preferences may only align properly in concept, yet
differ greatly when it comes to their current spending habits.

Table 2.5. Financial Attitudes of Grade 12 ABM Liceo Students

(I am in control of my financial situation.)

I am in control of my financial f %
situation.
Strongly Agree 1 11.00
1
Agree 3 39.00
9
Undecided 2 23.00
3
Disagree 1 15.00
 5
Strongly Disagree 1 12.00
2

TOTAL 1 100.00
00

Table 2.5 shows the students’ personal evaluation on their financial situations. Based
on the result, 39% of the respondents agree and 11% strongly agree that they are in control
of their current financial situation, which indicates that a large percentage of the population
still lacks the proper foundation to managing their own finances. The implications of the
data include that only half of the population possesses a combined understanding of their
financial status, spending and saving habits, and having confidence in one’s ability to make
financial decisions.

Table 2.6. Financial Attitudes of Grade 12 ABM Liceo Students

(I possess an overall positive financial attitude towards money.)

I possess an overall positive financial f %

attitude towards money.
Strongly Agree 4 41.00
 1
Agree 4 49.00
9
Undecided 6 6.00
Disagree 0 0.00
Strongly Disagree 4 4.00

TOTAL 1 100.00
00

Table 2.6 shows the respondents’ overall assessment of financial attitudes. Based on
the result, 49% of the respondents agree and 41% strongly agree that they have an overall
positive financial attitude towards money. With this, the data presented also supports the
results found in a 2013 report on the Philippine Financial Literacy Advocacy, stating that
Filipinos are confident in the knowledge they possess regarding personal finances and
various financial concepts (Montalbo, Pogoy, Villarante, & Pepito, 2017). This implies that
more than half of the population could also be more likely to possess higher levels of
financial literacy, and ultimately, financial wellness.

Table 3. Financial Behaviors of Grade 12 ABM Liceo Students

(I am very frugal when it comes to money.)

 I am very frugal when it comes to f %
money.
Strongly Agree 2 21.00
1
Agree 5 50.00
0
Undecided 2 21.00
1
Disagree 6 6.00
Strongly Disagree 2 2.00

TOTAL 1 100.00
00

Table 3 shows the participants’ personal assessment regarding the concept of frugality.
Based on the result, 50% of the respondents agree and 21% strongly agree that they are
frugal when it comes to monetary concerns. The implications of the data include that more
than half of the population is efficient in utilizing their resources to acquire maximum
amounts of product, believes in reducing waste in expenses, and is economical in the
consumption of basic necessities and obligations.
 Table 3.1. Financial Behaviors of Grade 12 ABM Liceo Students

(I budget and track my spending.)

I budget and track my spending. f %

Strongly Agree 3 39.00

9
Agree 3 35.00
5
Undecided 1 14.00
4
Disagree 9 9.00
Strongly Disagree 3 3.00

TOTAL 1 100.00
00

Table 3.1 shows student budgeting practices and habits. Based on the result, 39% of
the respondents strongly agree and 35% agree that they budget and track their spending
accordingly. The implications of the data include that more than half of the population is
capable of dealing with limited budgets and monitoring one’s income and expenses, while
still achieving satisfaction towards their personal purchases.
 Table 3.2. Financial Behaviors of Grade 12 ABM Liceo Students

(I contribute to a savings account regularly.)

I contribute to a savings account f %

regularly.
Strongly Agree 2 25.00
5
Agree 3 34.00
4
Undecided 1 17.00
7
Disagree 1 18.00
8
Strongly Disagree 6 6.00

TOTAL 1 100.00
00

Table 3.2 shows student saving habits and regular contributions to personal bank
accounts. Based on the result, 34% of the respondents agree and 25% strongly agree that
they regularly contribute to a savings account out of habit. This supports a survey
conducted by the Bangko Sentral ng Pilipinas in 2017, stating that Filipinos have no bank
accounts due to lack of money and trust in banks and other financial institutions. The
implications of the data include that more than half of the population strives to invest in a
 more financially independent future and having the freedom to make choices in your life,
separate from earning paychecks and allowances. However, a great minority of the
population responded negatively on the matter at present, which could also indicate that
some Filipinos do not possess personal bank accounts for their own finances.

Table 3.3. Financial Behaviors of Grade 12 ABM Liceo Students

(I compare prices when shopping for purchases.)

I compare prices when shopping for f %

purchases.
Strongly Agree 5 53.00
3
Agree 2 29.00
9
Undecided 1 12.00
2
Disagree 5 5.00
Strongly Disagree 1 1.00

TOTAL 1 100.00
00

Table 3.3 shows spending habits, particularly on the aspect of comparison of

purchases. Based on the result, 53% of the respondents strongly and 29% agree that they
 compare prices before making a purchase. The implications of the data include that more
than half of the population exerts extra efforts to examine the price points, along with the
quality of the merchandise, in order to acquire the best deals and greatest value based on
their payments.

Table 3.4. Financial Behaviors of Grade 12 ABM Liceo Students

(I use various media to increase my financial knowledge.)

I use various media to increase my f %

financial knowledge.
Strongly Agree 1 18.00
8
Agree 3 34.00
4
Undecided 2 22.00
2
Disagree 2 22.00
2
 Strongly Disagree 4 4.00

TOTAL 1 100.00
00

Table 3.4 presents the various media that participants utilize to gain financial
knowledge. Based on the result, 34% of the respondents agree and 18% strongly agree that
they use various kinds of media to enhance their financial knowledge. The implications of
the data include that barely half of the population is willing to take initiative towards
building a strong foundation of financial information, which can help support various
personal life goals in the process.

Table 3.5. Financial Behaviors of Grade 12 ABM Liceo Students

(I possess positive financial behaviors.)

I possess positive financial behaviors. f %

Strongly Agree 2 20.00

0
Agree 4 45.00
 5
Undecided 2 28.00
8
Disagree 5 5.00
Strongly Disagree 2 2.00

TOTAL 1 100.00
00

Table 3.5 shows the overall personal assessment of financial behaviors. Based on the
result, 45% of the respondents agree and 20% strongly agree that they possess positive
financial behaviors. The implications of the data include that more than half of the
population not only has a great perception towards money, but they also use their skills and
knowledge to enhance personal levels of financial wellness.

Table 4. Financial Security of Grade 12 ABM Liceo Students

(I am able to pay expenses in class projects and school activities.)

I am able to pay expenses in class f %

projects and school activities.
Strongly Agree 3 32.00
2
Agree 5 54.00
4
Undecided 1 10.00
0
Disagree 3 3.00
Strongly Disagree 1 1.00

TOTAL 1 100.00
00

Table 4 presents one’s ability to manage certain expenses incurred throughout the
duration of one’s schooling. Based on the result, 54% of the respondents agree and 32%
strongly agree that they are capable of paying for student expenses, such as class projects
and school activities. The implications of the data include that more than half of the
population is financially stable, in terms of one’s purchasing ability and sustainability
towards educational costs.
 Table 4.1. Financial Security of Grade 12 ABM Liceo Students

(I have never run out of money.)

I have never run out of money. f %

Strongly Agree 1 41.00

2
Agree 2 49.00
0
Undecided 2 6.00
0
Disagree 3 0.00
7
Strongly Disagree 1 4.00
1

TOTAL 1 100.00
00

Table 4.1 shows the efficiency of students in dealing with the allocation of their
personal funds. Based on the result, it is directly inferred that 37% of the respondents
disagree and 11% strongly disagree that they have never run out of money. In addition, the
results affirm the findings presented in the Philippine Financial Literacy Advocacy 2013
Report, in which the respondents, while confident in their comprehension and ability to
manage their personal finances, fail to understand the concepts of great budgeting and
maintaining those habits (Montalbo, Pogoy, Villarante, & Pepito, 2017). The implications
of the data include that about half of the population is prone to spending more amounts
than their set monetary limits, most likely around the end of the school week.
 Table 4.2. Financial Security of Grade 12 ABM Liceo Students

(I have never borrowed money from family and/or friends.)

I have never borrowed money from f %

family and/or friends.
Strongly Agree 1 14.00
4
Agree 1 15.00
5
Undecided 1 17.00
7
Disagree 4 44.00
4
Strongly Disagree 1 10.00
0

TOTAL 1 100.00
00

Table 4.2 shows the loaning habits of students to compensate for the lack of funds.
Based on the result, 44% of the respondents disagree and 10% strongly disagree that they
have never borrowed money from their families and/or their friends. This implies that more
than half of the population probably utilizes loans in order to support their current spending
habits and lifestyles, normalizing a debt-incurring culture among students.

Table 4.3. Financial Security of Grade 12 ABM Liceo Students

(I believe that I am financially secure.)

I believe that I am financially secure. f %

Strongly Agree 2 26.00

6
Agree 3 36.00
6
Undecided 2 23.00
3
Disagree 1 10.00
0
Strongly Disagree 5 5.00

TOTAL 1 100.00
 00

Table 4.3 shows the personal overall assessment of the respondents’ financial security.
Based on the result, 36% of the respondents agree and 26% strongly agree that they are
financially secure, despite previous evidence in the aforementioned tables indicating
otherwise. The implications of the data include that more than half of the population is
financially secure, in terms of their peace of mind, knowing that their income is able to pay
for the expenses they incur. In addition, this communicates that most respondents have
enough money saved for emergencies and for future financial goals.

Table 5. Overall Financial Attitudes of Grade 12 ABM Liceo Students when grouped
according to their Respective Income Brackets (I possess an overall positive financial
attitude towards money.)

I possess an overall Income Brackets

positive financial
attitude towards a. ₱0 - b. ₱50,000 - c. >₱100,0 %
₱49,999 ₱100,000 00
money.
Strongly Agree 22.22 22.58 26.67 23.00
Agree 59.26 35.48 60.00 52.00
Undecided 12.96 35.48 6.67 19.00
Disagree 3.70 6.45 6.67 5.00
Strongly Disagree 1.85 0.00 0.00 1.00

TOTAL 100.00 100.00 100.00 100.00

Table 5 provides the answer to the second question of the study, particularly on the
aspect of financial attitudes. Based on the result, 59.26% of respondents with a monthly
family income falling below ₱50,000 and 60.00% of respondents with a monthly family
income falling beyond ₱100,000 agree on possessing overall positive financial attitudes
towards money. On the other hand, 35.48% of respondents whose monthly family incomes
fall between ₱50,000 and ₱100,000 were equally agreeable and undecided at the same
time.

Table 5.1. Overall Financial Behaviors of Grade 12 ABM Liceo Students when
grouped according to their Respective Income Brackets (I possess positive financial
behaviors.)

Income Brackets

I possess positive
financial d. ₱0 - e. ₱50,000 f. >₱100,00 %
₱49,999 - 0
behaviors. ₱100,00
0
Strongly Agree 20.37 16.13 26.67 20.00
Agree 51.85 32.26 46.67 45.00
Undecided 22.22 41.94 20.00 28.00
Disagree 3.70 6.45 6.67 5.00
Strongly Disagree 1.85 3.23 0.00 2.00

TOTAL 100.00 100.00 100.00 100.00

Table 5.1 provides the answer to the second question of the study, particularly on the
aspect of financial attitudes. Based on the result, 51.85% of respondents with a monthly
family income of falling below ₱50,000 and 46.67% of respondents falling beyond
₱100,000 agree on possessing overall positive financial behaviors. On the other hand,
41.94% of respondents whose monthly family incomes fall between ₱50,000 and ₱100,000
still remain undecided on the matter.

Table 5.2. Overall Financial Security of Grade 12 ABM Liceo Students when grouped
according to their Respective Income Brackets (I believe that I am financially secure.)

Income Brackets

I believe that I
am financially g. ₱0 - ₱49,999 h. ₱50,000 i. >₱100,00 %
- 0
secure. ₱100,00
 0
Strongly Agree 22.22 25.81 40.00 26.00
Agree 35.19 38.71 33.33 36.00
Undecided 25.93 19.35 20.00 23.00
Disagree 14.81 6.45 0.00 10.00
Strongly Disagree 1.85 9.68 6.67 5.00

TOTAL 100.00 100.00 100.00 100.00

Table 5.2 provides the answer to the second question of the study, particularly on the
aspect of financial security. Based on the result, 35.19% of respondents with a monthly
family income of falling below ₱50,000 and 38.71% of respondents falling between
₱50,000 and ₱100,000 agree on being financially secure, whereas 40.00% of respondents
whose monthly family incomes fall beyond ₱100,000 strongly agree on the matter of their
financial security.

DISCUSSION

The study was conducted to gauge the level of personal financial wellness of Grade 12
Accountancy, Business, and Management (ABM) students. The personal financial wellness of
the chosen respondents was classified as follows: financial attitudes, financial behaviors, and
financial security. No variables were utilized to group participants into specific categories as the
research instrument employs frequency distribution. The results of this study were explained
with the aim to determine the level of personal financial wellness among Grade 12 ABM
students, in order to have the results be used for feedback purposes towards the current level of
financial awareness of students.

The result of the study revealed that students possess a high level of financial
management of weekly allowances. In fact, it confirmed Sucuahi’s study saying that both males
and females have similar results when it came to financial management and wellness (2013).
In terms of overall results, the outcomes also validate the data shown Han, Heckman,
Letkiewicz, and Montalto in their study entitled, “Financial Stress, Self-Efficacy, and Financial
Help-Seeking Behavior of College Students”, as younger individuals such as senior high school
students possess higher levels of financial wellness due to their motivation in seeking new
knowledge (2014). Other official documents such as the Philippine Financial Literacy Advocacy
2013 Report (Montalbo, Pogoy, Villarante, & Pepito, 2017) also agree with the present study’s
results, justifying that most Filipinos are indeed knowledgeable about financial concepts and
practices. Nonetheless, it also confirms the negative side of the aforementioned study’s findings,
stating that Filipinos fail to apply these concepts in real life situations. While many claim to be
efficient at dealing with limited budgets while still satisfying their needs and wants, debt-
incurring culture seems to be rampant among the youth. Results have shown that the majority are
prone to spending above the set limits and tend to borrow money to acquire those needs. Thus, it
cannot be verified if this information is truly put into practice by senior high school students in a
beneficial manner.

CONCLUSION AND RECOMMENDATION

This chapter presents the ascertainment of research issues based on the outcome of the
study and the policy and research recommendations.

Conclusion
The level of financial management of weekly allowances among Grade 11 ABM Liceo
students has proven to be high. Based on the findings, it can be inferred that these students
possess a strong basic foundation on the concepts of finances and money, which they can be
enhanced and nurtured in the future. However, many are still taking part in incurring debt to
maintain their spending habits, instead of exercising control over their finances.

Recommendations
The results of this study should be used by the people who directly interact with the
students especially on their financial management and overall wellness.

The school administration should integrate in the curriculum of all strands the
enhancement of financial wellness and financial management skills of the students. This can be
done in the form of electives, subject lessons, or after-school programs so that learners can
increase their financial wellness and prepare them for reaching their future monetary goals.

Teachers and educators should be well trained in the aspect of financial literacy,
management, and overall financial wellness to enrich the lessons taught in a classroom setting
for the students, especially in the ABM strand.

Awareness campaigns could also be conducted and organized by the Student

Affairs Council (SAC) of Liceo de La Salle in coordination with the Philippine Stock
Exchange (PSE) and COL Financial, wherein seasoned professionals from banking,
accounting, and financial firms can provide substantial knowledge to the students and present
them with investment options.

The results of the study could be used by the Guidance Services Center of the University
of St. La Salle as another testing tool to senior high school students in assessing their levels of
financial management and in turn, financial wellness into a more favourable disposition. This
could serve as a crucial motivating factor in helping students become financially, mentally, and
emotionally healthy and even battle against depression as it allows them to instill proper money
ethics early in life.
 Since the information required to become financially literate is at their disposal with the
existence of social media and the Internet, instead of focusing on trivial issues that do not
directly provide a beneficial effect in their lives, students should learn to take initiative towards
this issue.

Future researchers who will be motivated to conduct research similar to the present study,
may utilize the research conducted in this paper and further explore the issue of financial
management, literacy, and wellness of students.