Online Shopping Behavior of Select Youth in Bacolod City by Level of Financial Literacy

A Research Proposal
Presented to the Faculty
of Liceo de la Salle -
Senior High School
Bacolod City

In Partial Fulfillment
of the Requirements
for Practical Research 2

Submitted by:
Corral, Paul Gabrielle T.
De Leon, Daniella Lorraine B.
Parcon, Natasha Denise
Tan, Gabriel Dennis V.
Trespicio, Christian Luis L.
Group 3 - ABM 11A

Submitted to:
Ms. Dheenise E. Villaruz

Submitted on:
April 19, 2022
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INTRODUCTION

Background of the Study

Modern technology, especially the internet, has been consequently growing and

contributing to the world of business, especially during the COVID-19 pandemic. People are

quarantined and cannot go out of their homes to avoid direct person-to-person contact which

helps spread the virus. Instead, they have turned to online shopping to avoid such. Furthermore,

it has been reported that more than 627 million people in the world shopped online in 2020

(Delafrooz et. al., 2020). Surely in the present time because of the inability to leave their homes,

online retails have become the substitute for physical shops that were closed because of a global

malady.

Online retail shops allow customers to choose products, compare prices, see details

available anytime, anywhere, providing alternatives that are easy to access while efficiently

delivering the said products. It gives modern customers, such as the youth, the satisfaction of

saving time, espousing the convenience of shopping within the comfort of their abode. On the

other hand, some consumers feel issues with online shopping due to distrust, which can lead to a

negative influence on consumer online shopping behavior (Katawetawaraks & Dan Wang, 2011).

The online shopping behavior of a customer, his or her expectations, needs, and influences, have

become an area of focus in most studies in the Philippines, especially in the marketing field,

albeit to a more narrowed extent.

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In this ever-increasing spread of new information, financial literacy has been given

importance. Financial literacy serves as an important foundation in making financial decisions

and personal financial management. This means learning how to pay the bills, how to borrow

and save money responsibly, and how to invest and plan for retirement. Individuals who never

had a strong foundation of financial literacy were trapped in a never-ending cycle of

overspending, debt, overworking, and loans. Meanwhile, others who understood it were able to

get out of that cycle and spend wiser.

Grade 11 students who are in the age bracket of 16-17 are now considered young adults

in society which indicates that they are more likely to experience financial ups and downs. A

student’s lack of financial experience and capability in acquiring, managing, and using money,

can lead to a fiscal deficit. Perhaps the public should reevaluate how it is educating students—or

not—on these important life aspects. (Randolph, 2021) The problem generally is that the system

teaches students to work for money rather than on how to make money work for them. Such

factors like subjective financial knowledge, financial behavior, financial experience, financial

awareness, financial skills, financial capabilities, and financial goals are to be put under scrutiny,

with the interdependence that arises from the demands of the aforementioned.

Financial knowledge is a part of financial literacy that mainly tackles financial issues. It

is similar to financial awareness but focuses more on the concepts and procedures of financing to

use it in solving financial problems. Subjective financial knowledge, or the confidence in one's

ability to engage in a particular behavior, has also been shown to be an important driver of

behavior in a variety of financial settings (Robb et al., 2015). Subjective financial knowledge has
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a stronger relation with financial well-being than objective knowledge. Financial behavior score

and income level correlate with financial well-being (Murakas et al., 2019).

Likewise, in connection to financial literacy, the increase in spending is done most of the

time with budgeting in mind. According to National Debt Relief (2016), although consumers

may be more monetarily abundant, they should increase their spending following the knowledge

of their economic position. Without doing so, this would be hard to determine. Truly, the danger

lies in the habit of spending too much—one of many financial behaviors in managing cash.

When income is suddenly compromised, it might be hard to cope with the changes needed to

keep individual resources from sinking. Indeed, if account management is wisely put into action,

money would be well controlled. Such a practice would help eliminate or at least lower relative

stress. Having a full adeptness in financial literacy will help lower this uncertainty whenever

shopping online.

Like any different profession in life, there are skills needed to be utilized especially in the

world of business where the money comes and goes. Analytical thinking, verbal communication,

persuasiveness, problem-solving, decision-making, budgeting, financial planning, and cash flow

management are some of the financial skills needed in the finance industry. Financial skills

reflect how well everyone understands and utilizes financial literacy in making rational economic

decisions. Individuals who are more financially literate have been shown to make more

economically rational decisions on real estate purchases, insurance purchases, investing, saving,

tax planning, retirement planning, pension, and insurance planning. More generally, people who

are more financially literate make better financial decisions (Mitchell, 2014).
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Well-established companies in the electronic market such as Shopee and Lazada target

millennials or younger generations since they are known to be trend seekers and impulsive online

buyers. Due to the rapid pace of technological innovation, most tend to be more focused on their

gadgets, especially their phones due to the popularity of applications such as social media or

digital gaming. According to Kowalska in 2012, 94% of millennials use the internet almost every

day. It has become the medium accompanying them in their static existence, making it strongly

rooted in their lives. Apart from this, purchasing online resources requires money which is a

problem for most people, specifically minors who are unemployed and only depend on parental

support. Thus, the researchers decided that the primary target of the study is the select youth in

Bacolod City, Negros Occidental Province.

Consequently, results derived from these studies can significantly support a company’s

approach in persuading potential customers, turning them into regulars who buy their products,

which increases the company’s sales and revenues. It identifies whom to target, how to target,

and how to reach out—helping companies understand how individuals spend their resources such

as money and effort in purchasing goods and services. The determination of online shopping

behavior per chosen participant can be thoroughly analyzed and taken into consideration.

As of now, the corpus of knowledge is variedly limited to different learning institutions,

as there is no specific research that can address the issue in Bacolod City. That is why this study

is expected to make an improvement to the existing literature and serve as a basis for more work

related to the topic. Overall, the aim is to observe the online shopping behavior of select youth in

the locale according to their level of financial literacy based on a modified standardized test in
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order to present any given solution for well-rounded personal management regarding money

(Field, 2021). All of it shall be compatible as well within the local scope of affairs without

prejudice to the present situation brought about by the COVID-19 pandemic.

Statement of the Problem

This study aims to assess the online shopping behavior of select youth in Bacolod City by

level of financial literacy. Specifically, it seeks to answer the following questions:

1. What is the purchasing behavior of the participants in terms of:

a. Products Bought;

b. Online Shopping Sites Used;

c. Estimated Amount Spent; and

d. Frequency of Purchase?

2. How often do the select youth in Bacolod City take into account their level of financial

literacy while doing online shopping?

3. What is the level of financial literacy of the participants in terms of:

a. Financial Awareness, Knowledge, and Understanding;

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b. Financial Attitude, Confidence, and Motivation; and

c. Financial Behavior and Skill?

4. Is there a significant difference in the online shopping behavior of the select youth in

Bacolod City by level of financial literacy?

5. What are the advantages and disadvantages for the select youth in Bacolod City while

doing online shopping, taking into account their level of financial literacy?

Hypothesis

The following hypothesis is brought forward in this study:

There is no significant difference in the online shopping behavior of the select youth in

Bacolod City by level of financial literacy.

Theoretical Framework

Two (2) behavioral theories underlie the theory of financial behavior. The Theory of

Planned Behavior (TPB) aims to predict and understand human intrinsic skills and the

Trans-theoretical Model of Behavior Change (TTM) aims to help people achieve a positive

mindset while avoiding a negative stance. According to Xiao (2008), financial behavior, in

general, is also related to cash flow management, credit, and saving or investment behavior.
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Financial behavior is also defined as how well households or individuals manage financial

resources which include budget planning, savings, insurance, and investment.

Financial literacy is about being literate towards individually interpreted financial

expenses. Literacy arises from the degree to which the person maintains mental control and

competence in the face of events and behaviors. According to the Financial Literacy Theory

(FLT), the behavior of people with such a high level would possibly depend on two thinking

styles based on the dual-process theories: intuition and cognition. Only a small percent of

individuals know about financial literacy. It might be because they were not taught about it in

their households before or are not aware of financial literacy until now. Students are always

taught different things based on different subjects, all except financial literacy. Because of this,

the youth are taught how to work for money rather than how to make money work for them.

Though the same situation or behavior occurring in a particular environment will still provoke

different responses depending on the interpretation of how the situation or behavior will affect

the financial knowledge of an individual, and whether the individual thinks of ‘worthwhile’

being financially literate.

Moreover, being financially aware of how money comes and goes while spending or

investing will help you realize how money flows and the risks that come with it. Financial

awareness and literacy are mostly not taught to every growing individual, explaining their

struggles with their finances. Times have now changed, old financial practices, and traditional

retail shops are now replaced by financial literacy, responsible financial management, and online

stores. Like most of the skills we own today, financial awareness can also be observed inside our

homes. Based on a study by Hadil et. al (2019), the majority of the students have claimed that
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their parents had always tried to save money. This is especially important from the perspective

of financial socialization because if a family pattern shows that the parents are saving money, it

will help make children realize the importance of money and to treat what they have carefully to

prepare for possible unexpected future events as well. It just shows that families should be

encouraged to teach their children basic financial terms and knowledge to establish a concrete

foundation about financial literacy.

Figure 1. Schematic Diagram of the Theoretical Framework

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Conceptual Framework

Starting with the population of this study, which is the select youth of Bacolod City.

Every young adolescent has his or her own unique financial status in context with his or her

social or financial situation. The variability of circumstance is important in achieving not only a

wide demographic for the validity of the study but also to explain why adolescents may face

difficulty in making literate financial decisions in markets such as online shopping.

With the goal of explaining this phenomenon in mind, the researchers have selected

factors that attempt to elaborate on this relationship. Such factors are categorized into two (2)

groups; ex-ante and ex-post factors. Ex-ante factors try to forecast a teenager’s online shopping

behavior by assessing aspects that may contribute to one’s buying decisions. The group is split

into three (3) main categories; one’s financial awareness, knowledge, and understanding; one’s

financial attitude, confidence, and motivation; and one’s financial behavior and skill. After

which, ex-post factors are created based on real and objective actions in online shopping that a

teenager would be well aware of. To enumerate: the type of products bought by the participant;

the online shopping sites used by participant; amount spent by the participant in online shopping

sites; and the frequency of the participant to purchase items from the said website.

For the sake of quantifying the study, the select youth in Bacolod City shall be declared

as the independent variable since such is not influenced by any other variables in the study. Also,

considering that the goal of this study is to observe the Bacolodnon youth's online shopping

behavior, it should be deemed as the dependent variable, as it is the variable that changes as a
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result of independent variable manipulation (Bhandari, 2022). The aforementioned factors that

attempt to express said relationship shall be called mediating variables as they link the

independent and the dependent variables, and whose existence explains the relationship between

the other two variables (Allen, 2017). The participants’ access to the internet, age group, and

type of determining test shall be deemed as controlled variables not because it is of interest to

the study’s aims, but is such because it could influence the outcomes (Bhandari, 2021). Figure 2

shows the relationship between the four (4) variables.

The researchers have decided to assign variables with the intent to create an instrument to

both qualify and quantify the study’s findings.

Figure 2. Schematic Diagram of the Conceptual Framework

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Scope and Limitations

This study will solely focus on the online shopping behavior of the select youth of

Bacolod City by level of financial literacy. It will be classified cohesively and uniformly in terms

of the following: awareness, knowledge, and understanding; confidence, motivation, and

attitude; and behavior and skill. Likewise, it will explain the relationship present between such,

particularly on how the correlation affects every decision made in consideration to overall

purchasing behavior concerning: products bought; online shopping sites used; estimated amount

spent; and frequency of purchase.

The research data will be collected online from the select youth, with an age group

ranging from 18 to 25 years old, that are already earning income in the given locale before the

end of School Year 2022-2023 in Liceo de la Salle - Senior High School of the University of

Saint La Salle, Bacolod City.

Due to the constraint posed by the COVID-19 pandemic, the usual sample size of 385

participants according to the Cochran formula will be plainly reduced to 200 to expedite this

study while maintaining a high regard for accuracy.

This study will not discuss specific variables that can be applied to the aforementioned

like rendered loans or any other credit schemes, family debt history, and detailed concentration

of participants within the legal politico-territorial jurisdiction of Bacolod City. Likewise, it will

also exempt the discussion of considerations aside from the ones mentioned above.
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Significance of the Study

This study is advantageous to the following beneficiaries:

Youth. This study can help the youth of the locale identify the issues in their general

spending habits and help them better understand how well they are doing so in terms of saving

money. Many are unable to manage their financial well-being in their latter years. Mostly, they

overlook its relevance and eventually regret it. As a result, if they are properly trained, the next

generation will understand the value of using money wisely and avoiding debt.

Youth-centered Organizations. The outcome of this study will truly aid youth-centered

organizations which have cycles of planning, practice, performance, and assessment in any field

like finance. Such programs tailor their activities, techniques, and material to the interests,

strengths, and needs of such a demographic. It will provide leadership and direction, taking a

central role in designing finance-related activities. High-quality content and instruction will

propel youth to accomplishments beyond those they imagined.

Educators. The results of this study provide educators with information on their

students’ current money habits as well as future planning. Poor spending decisions, greater debt,

and a generational wealth gap can all result from a lack of financial literacy. Teaching them to be

financially educated has both immediate and long-term benefits.

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Parents. The outcome of this study can make parents deeply understand how to help their

children in developing a sense of financial literacy through observing various measures that may

help in the long run when making tough monetary decisions. Instead of spending money on

different online shopping sites, all of it can be used to provide investment for the youth.

Researchers. This study should increase the relevance of the researchers’ results,

specifying accurately the needed response from the community in aspects such as parenting,

mental health, or lobbying for the educational needs of schools in Bacolod City regarding

financial literacy as part of the approved standard curriculum.

Future Researchers. The results of this study will be advantageous to future researchers

in the Liceo de la Salle - Senior High School as a blueprint to further improve its different parts.

By fundamental conclusions, they can synthesize and scrutinize actual aspects or features to

further develop to produce more sound findings.

Definition of Terms

To understand and clarify the terms used in this study, the following are hereby defined

either conceptually or operationally:

Attitude. Conceptually, attitude is a positive, negative, or mixed evaluation of an object

expressed at some level of intensity. It is an expression of a favorable or unfavorable evaluation

of a person, place, thing, or event (Kangal, 2020).

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Operationally, this refers to participants’ overall viewpoint about financial literacy,

whether it is good or bad for their financial wellbeing.

Awareness. Conceptually, awareness refers to the cognitive ability of a person to discern,

decipher and judge a given phenomenon (Idiegbeyan-ose, et al., 2016).

Operationally, this refers to the participants' ability to know and understand their

strengths and limitations financially, especially when doing online shopping regarding the range

of products they are willing to spend on.

Behavior. Conceptually, behavior is the way a person responds to his attitude. This

response is either positive or negative, depending on how that views his position (Kangal, 2020).

Operationally, this refers to the participants’ actions based on their financial attitude, such

as in areas like opportunity cost that entail their decisions when buying online.

Confidence. Conceptually, confidence is a belief in one’s ability. As people learn and

undertake decisions they gain specific feedback about their abilities and thus develop the beliefs

in those abilities, with those beliefs described as self confidence (Park et al., 2011).

Operationally, this refers to the participants’ strong perception of themselves relative to

their own socio-financial context.

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Financial Literacy. Conceptually, financial literacy is a combination of awareness,

knowledge, skill, attitude and behavior necessary to make sound financial decisions and

ultimately achieve individual financial wellbeing (OECD, 2011a).

Operationally, this refers to the participants’ ability to improve and manage their

financial wellbeing.

Internet. Conceptually, the internet can be further defined as a virtual space that is

essentially supported by Internet technology, connected through various technological factors

and expressed by social relations and presents in the form of technical and social space unity (Ma

et al., 2020).

Operationally, this refers to the factor that gives the participants a way in order to shop

online with access to the World Wide Web (WWW).

Knowledge. Conceptually, knowledge is considered as a collection of experience,

appropriate information and skilled insight which offers a structure for estimating and integrating

new experiences and information (Haradhan, 2016).

Operationally, this refers to the condition of how participants interact and develop

understanding with their experiences while shopping online, like how much money to spend or

save.

Motivation. Conceptually, motivation refers to reasons that underlie behavior that is

characterized by willingness and volition. Motivation involves a constellation of closely related

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beliefs, perceptions, values, interests, and actions. Motivation within individuals tends to vary

across subject areas, and this domain specificity increases with age (Lai, 2011).

Operationally, this refers to the participants' reason to keep doing what they want to do

when shopping online.

Online Shopping. Conceptually, online shopping is a process whereby consumers

directly buy goods, services etc. from a seller without an intermediary service over the internet.

Shoppers can visit web stores from the comfort of their house and shop as by sitting in front of

the computer. Online stores are usually available 24 hours a day and many consumers have

internet access both at work and at home (Gnanadhas, 2014).

Operationally, this refers to the act of using the World Wide Web (WWW) on which the

participants buy from with the help of the internet.

Products. Conceptually, products refer to the items offered for sale. It can be a service or

an item, whether physical or in virtual or cyber form. Every product is made at a cost and each is

sold at a price (Bennett, 2022).

Operationally, this refers to what the participants buy, whether their wants or needs,

through online shopping sites

Skill. Conceptually, skill is a personal quality with three key features: productive - using

skill is productive of value; expandable - skills are enhanced by training and development; and

social - skills are socially determined (Green, 2011).

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Operationally, this refers to the participants’ capability to use their knowledge in a

valuable way, especially in saving money and taking advantage of discounts while shopping

online.

Understanding. Conceptually, understanding is to make connections and bind together

knowledge into something that makes sense of things; whereas without it, only unclear, isolated,

or unhelpful facts will be seen (Wiggins et al., 2010).

Operationally, this refers to the participants’ grasp of the concepts regarding financial

literacy, especially with regards to its application when shopping online, such as when making

educated financial decisions.

Youth. Conceptually, there is no universally agreed international definition of the youth

age group. For statistical purposes, however, the United Nations defines ‘youth’ as those persons

between the ages of 15 and 24 years old (United Nations, 2022).

Operationally, this study will adhere to the limits set by legality which is between the

ages of 18 and 24 years old.

Review of Related Literature

Financial literacy is widely acknowledged as a critical skill for young people (OECD,

2011b). It is a complicated construct that encompasses knowledge and skills as well as a wide

range of attitudes and behaviors that are influenced by socioeconomic level, national setting, and

access to a variety of monetary services. That is why a number of countries have developed
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frameworks to define the components of financial literacy that are relevant to the youth.

Policymakers, educators, other financial education providers, and parents can use these to help

them connect learning goals with expected capabilities and outcomes. Hence, the following

discussion is relevant to this present study to provide additional information on the chosen topic:

Ex-post Factors

A. Products Bought

In March 2018, Periscope by McKinsey surveyed more than 2,500

consumers around the world (including 1,000 in the U.S.) to see how consumers

are researching and purchasing consumer packaged goods (CPG) products online.

Like many other industries that were once dominated by offline sellers, the new

research shows that CPG transactions are increasingly happening on the internet.

Though one could probably buy anything they need from online shops, the survey

found that consumers had definite preferences when it came to the CPG products

they were willing to buy online. For example, non-perishable items like canned

goods are more likely to be bought online than something like bread. It makes

sense that shoppers would often prefer to shop in-store for things with short shelf

lives. Otherwise, there is a chance the product will lose most of its freshness

during transport.

This preference toward non-perishable goods can be seen in other parts of

the research. According to the researchers, beauty and personal care products
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topped the shopping list for consumers in France (47%), the UK and Germany

(46%), and the U.S. (38%). People of every age group use the internet to shop for

CPG goods, but certain demographics are more likely than others to do so. As one

may suspect, the Periscope by McKinsey report notes that younger audiences do

more online CPG shopping. Millennial shoppers (aged 18-29) were the largest

group in each country surveyed (except the UK) to only or mostly undertake their

shopping for CPG products online.

As participants are motivated a lot by price and convenience when

shopping online for CPG products, it is key for companies to have professional

online category management capabilities in place to better leverage consumer

insights to appropriately curate assortment, improve digital share of visual

inventory, personalize conversations, and run promotions that maximize returns

across channels. At the end of the day, leading CPG organizations will evaluate

their broader channel strategy and make the necessary investment in their omni

channel brand experience.

B. Online Shopping Sites Used

Various studies have empirically evidenced a positive connection between

shoppers’ satisfaction with websites and their online purchase intention on the

same. It is also observed that upon receiving satisfactory services from an online

portal, customers reveal positive behavioral intention, contributing to enhanced

online buying intention. Similarly, Anderson and Srinivasan (2011) have reported
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that satisfaction with a specific website leads to positive intention (purchase as

well as repurchase). According to Yen and Gwinner (2012), total satisfaction with

online retailers has a positive impact on the inclination to continue buying from

the same e-retailer.

Thus, shoppers’ purchase intention towards an online service provider is

determined by their positive attitudinal disposition towards that site, which is an

outcome of their overall satisfaction with online service encounters (Shankar et

al., 2010). Later, Bai (2010) cemented the relationship of customer satisfaction

with websites on purchase intentions.

C. Estimated Amount Spent

The survey conducted by United Nations Conference on Trade and

Development (UNCTAD) and Netcomm Suisse eCommerce Association, in

collaboration with the Brazilian Network Information Center and Inveon, shows

that online purchases have increased by 6% to 10% across most product

categories. The biggest gainers are ICT/electronics, gardening/do-it-yourself,

pharmaceuticals, education, furniture/household products and cosmetics/personal

care categories.

However, average online monthly spending per shopper has dropped

markedly. Consumers in both emerging and developed economies have postponed

larger expenditures, with those in emerging economies focusing more on essential

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products. Tourism and travel sectors have suffered the strongest decline, with

average spending per online shopper dropping by 75% (Kemp & Moey, 2019),

and from the statistics that had been shown from one of the studies that 72% of

the women are shopping online and men with 68% shopping online.

According to a research done by Kemp and Moey (2019) the average

Filipino e-commerce shopper spent just US$18 on online consumer goods

purchases in 2018, although it’s worth stressing that this figure doesn’t include

travel-related purchases or spend on digital media. Statista reports that Filipinos

spent a total of US$4.7 billion on online purchases in 2018, with more than

three-quarters of this amount – US$3.5 billion – going to online travel purchases.

Online consumer goods purchases totalled just US$840 million in 2018, with

electronics and physical media accounting for the greatest share within this total.

The market for digital media products in the Philippines is particularly small, with

the country’s internet users spending just US$286 million across video games,

video-on-demand services like Netflix, digital music streaming and downloads,

and subscriptions to digital news and magazines. Digital music is one of the most

challenging sectors in the Philippines’ online economy, with just 11% of the

country’s population paying for downloads or streaming services in 2018,

compared to a regional average of 17%.

D. Frequency of Purchase

The more experience a person has in online shopping and the more he or
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she is with the process, familiarity which indirectly comes from frequent

purchasing, the more inclined the consumer is to shop for search and experience

products (Sorana et al., 2012).

Several studies such as the study of Harn and Adeline (2018) and

Broekhuizen and Jager (2013) found that consumer shopping behavior has a

positive effect on frequency of purchase. This study proved successfully that the

web navigation behavior is an important factor in determining the probability of

online purchasing; and it does not have a significant effect on online purchasing

decisions. The most dissatisfying factor was the slow download rate of web pages.

The findings provide some insight while designing a website; taking into

consideration that it should be easy to use, attractive, and user friendly with faster

downloading time.

On the contrary, Hahn (2017) found that consumer shopping behavior has

no significant effect on frequency of purchase. He revealed that illiteracy on the

use of the internet affects the frequency of purchase online. Majority of scholarly

literature supported the study findings that consumer shopping behavior has a

positive and significant effect on frequency of purchase. There were flimsy

studies that have established that consumer shopping behavior has a negative and

insignificant effect on frequency of purchase. Based on these majority findings,

consumer shopping behavior components have positive and significant effects on

overall frequency of purchase.

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Ex-ante Factors

A. Financial Awareness, Knowledge, and Understanding

The Organization for Economic Cooperation and Development (OECD)

defined financial literacy as a “combination of financial awareness, knowledge,

skills, attitude, and behaviors necessary to make sound financial decisions and

ultimately achieve financial well-being” (Foucault et al., 2020).

Increased awareness of spending behavior, combined with other processes

of change from the Transtheoretical Model of behavior change, resulted in a

significant proportion of students modifying spending behaviors to more closely

conform to personal values (Palmer et al., 2015). Raising students' awareness of

their spending pattern to induce behavior change is consistent with brief

motivational interviewing techniques, as well as the processes of change

identified in the Transtheoretical Model of change. The Transtheoretical Model of

Change (TTM) has been used in alcohol intervention programming and has also

been used in financial counseling approaches

On the other hand, financial knowledge helps people weigh options and

make informed choices for their financial situations, such as deciding how and

when to save and spend, comparing costs before a big purchase, and planning for

retirement or other long-term savings. Financial knowledge and decision-making

skills typically do not develop until adolescence and young adulthood. During
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these years, they become more relevant, especially for youth who start to earn

money, buy things on their own, manage a bank account, or borrow for education.

(Consumer Financial Protection Bureau, 2020)

Financial literacy frameworks typically cover knowledge and

understanding, skills and competencies as well as attitudes (OECD, 2014). Some

also include the actions and behaviors that will be improved as a result of

developing appropriate skills, such as making a personal financial plan or

assessing the risk and yields of financial products. Knowledge and understanding

of financial concepts and risks, and the skills, motivation and confidence to apply

such knowledge and understanding in order to make effective decisions across a

range of financial contexts, to improve the financial well-being of individuals and

society, and to enable participation in economic life (OECD, 2013).

B. Financial Attitude, Confidence, and Motivation

According to a study by Atkinson and Messy (2012) in countries part of

the OECD, financial literacy is thought to be influenced by one's financial

attitude. It is believed that if people have a bad attitude regarding saving for their

future, they will be less likely to engage in such conduct. Similarly, if individuals

emphasize short-term wants over long-term goals, they are unlikely to save for

emergencies or establish long-term financial plans.

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Three attitude statements are included in the financial literacy survey to

measure participants' attitudes about money and future planning. People are asked

whether they agree or disagree with specific statements in order to determine their

mood or preferences. To emphasize, the average response to the three attitude

statements is used to calculate an overall attitude indicator. A “ high” score is

defined as an average attitude indicator above 3, which reflects attitudes that are

more long-term oriented. There is a huge disparity in sentiments between

countries: in Armenia, little over one in tenth of the participants have a good

attitude about the long run, compared to 71% in Peru.

When going deeper into the questions, only 8% of Armenians and 19% of

Poles found saving to be satisfying. Saving, on the other hand, was deemed to be

fulfilling by 64% of Peruvians and 61% of Albanians. Albanians and Peruvians

were also the most frugal with their money, with almost half (45%) disagreeing

that money exists to be spent. Only 2% of Armenians and 12% of Poles, on the

other hand, were likely to disagree with the assertion.

Conversely, financial confidence, defined in this way—that is, subjective

financial knowledge—has recently been shown to convey additional information

beyond objectively measured financial knowledge (Biaowolski et al., 2020).

Unlike actual knowledge, which is a cognitive construct that can be measured

objectively through a test, subjective knowledge is more effective in nature and is

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usually measured via a single item addressing a participant's perception of his or

her knowledge level on (or familiarity with) financial issues.

Moreover, Carlson, Vincent, Hardesty, and Bearden (2010) has written in

their influential meta-analytical study on the link between objective and

subjective knowledge in consumer-related domains that "what an individual

believes he or she knows should be some function of what he or she actually

knows." As a result, an intuitive expectation is that subjective financial knowledge

or, alternatively, financial confidence, correlates positively with objective

financial knowledge. The empirical literature identifies a range of relationships

between financial knowledge and financial confidence, from low (Henager &

Cude, 2019) to modest (Parker et al., 2012) to significantly positive (e.g., Lusardi

& Mitchell, 2017 in the United States; Disney & Gathergood, 2011 in the United

Kingdom; Sekita, 2011 in Japan).

Lastly, financial confidence is more significant than objective financial

knowledge in reducing dangerous credit habits (Xiao et al., 2011). The incidence

of financial planning for retirement, that is, plainly wise financial behavior, is also

positively associated with confidence, as is minimizing the overall amount of fees

in a hypothetical investing activity (Parker et al., 2012). Moreover, financial

confidence supports precautionary saves and retirement planning more than true

financial competence, using a sample made up entirely of LinkedIn users. These

 27

findings by Chung and Park (2019); O'Connor (2019); and Rothwell and Wu

(2019) have been corroborated in more recent investigations.

To further discuss, Forest et al. (2017) propose in their study that financial

motivation is important since it may have a good effect on people’s external

factors in an environment that can either support their autonomy and encourage

them to make their own decisions or take charge of their lives. As a result, the

manner in which external factors, prior to the event, such as financial motivation

is provided. Thus, such functional significance is determined by the task and how

it is provided when it is completed.

Accordingly, people are more prone to regard financial motivation as

controlling means of evaluation and surveillance when they are employed in the

workplace to urge them to fulfill expected performance levels and particular

deadlines, resulting in poorer emotions of autonomy and competence demand

satisfaction. They, on the other hand, are more likely to interpret financial

motivation as a source of positive feedback when they are given as a gesture of

appreciation for their performance. This may increase their sense of competence

by acknowledging their significant work efforts, as well as their sense of

autonomy by representing volitional choice to spend such efforts. This is driven

as well by their desire to spend their earnings in a much balanced way so that they

can comprehensively save in the process.

 28

C. Financial Behavior and Skill

Another point made by Atkinson and Messy (2012) is regarding financial

behavior. The way a person acts has a big impact on their financial situation. As a

result, it is critical to include proof of behavior in a financial literacy assessment.

The OECD main questionnaire accomplishes this by posing a number of

questions in a variety of formats to learn about behaviors such as considering a

purchase before making one, paying bills on time, and budgeting, saving, and

investing to make ends meet.

The financial behavior score is a numerical representation of good

behavior; it ranges from 0 to 9, with a score of 6 or above being considered quite

high. In certain countries, as with knowledge, fewer than half of the population

received a score of 6 or higher.

Within countries, there is significant variance in financial behavior, as well

as between countries. However, the absence of active, educated market

involvement is a source of concern in all of the countries surveyed: In the recent

two years, few people said they had shopped around and obtained independent

information or counsel before making a financial product decision (participants in

the United Kingdom were the most likely to have done so, at 16%).

The absence of active saving is also a worry in other countries, however

there are significant differences between them. In Hungary, only 27% of people
 29

had saved in the previous year, whereas in Malaysia, practically everyone had

(97%). Only three countries discovered that more than 80% of their population

was actively saving. Likewise, the likelihood of creating long-term goals differs

by country: more than 7 out of 10 Peruvians reported doing so, compared to only

3 out of 10 Albanians.

There is also a lot of variance within a country when looking at different

financial behaviors. For example, while many Malaysians were active savers who

carefully analyzed their purchases, just a small percentage (3%) had recently

made a financial product decision after shopping around and getting independent

advice. In Norway, nearly 9 out of 10 people said they were keeping track of their

finances, but just 1 out of every 4 said they were budgeting, indicating that people

are more concerned with reviewing their previous financial activity than planning

for the future.

On the other hand, when it comes to making relative judgments, financial

skills refer to an individual's capacity to avoid falling into financial trouble. Lack

of basic financial skills in budgeting and the inability to grasp credit and

investment instruments or other financial goods can lead to personal financial

troubles (Dewi et al., 2020).

One of the reasons for the financial crisis is a lack of financial literacy

among individuals. Various methods, such as education, training, and consultancy,

 30

can be used to develop financial skills. Improving basic financial skills, such as

budgeting and gathering financial data, can also help you improve your financial

talents.

The findings of the study also demonstrated that, in this scenario,

millennials were capable of managing their finances in terms of cash and debt.

They were well-organized when it came to money management, keeping bills in

easy-to-find places and monitoring their credit card accounts' bill records on a

regular basis. participants placed a high importance on life insurance and had the

financial means to procure it.

Implications

A. Advantages

Those who study financial literacy generally agree that many, if not most,

consumers lack the financial literacy necessary to make important financial

decisions in their own best interests (Perry 2008; Braunstein & Welch 2002, as

stated in Mandell & Klein, 2013). Experts also generally agree that financial

knowledge appears to be directly correlated with self-beneficial financial behavior

(Hilgert, Hogarth, & Beverly, 2003, as stated in Mandell & Klein, 2013).

However, questions exist concerning the effectiveness of financial education in

improving financial literacy (Lyons, Palmer, Jayaratne, & Scherpf, 2006, as stated

in Mandell & Klein, 2013).

 31

The teaching of consumer financial literacy is assumed to improve the

lives of others through ameliorating the information asymmetries that give rise to

speculative bubbles (i.e. the economy is assumed to become more stable because

demand will help set prices that better reflect commodities’ ‘real’ value) (Arthur,

2012, as stated in Matewos et al., 2016). The dissemination of financial

information through education programs is hoped to “enhance the competitive

process by enabling market participants to know the risk-return characteristics of

investing and, therefore, to decide where capital should flow” (OECD, 2012).

In a study which conducted a survey of students who completed the high

school personal finance curriculum supplied by the National Endowment for

Financial Education (NEFE) in America, conducted a 3 month follow-up survey

and found that over half of the participants reported that they had made changes in

their spending and savings habits. Students were more apt to comparison shop, set

money aside for the future, and repay debts on time. The researchers also found

that the students felt that they knew more about the cost of buying on credit and

believed that the way they managed their money would affect their future.

Also, the beneficiaries of financial literacy can be categorized into three

main categories: individuals, financial system and the economy, and the

community (Capuano and Ramsey, 2011, as stated in Matewos et al., 2016). With

respect to individuals, financial literacy has the following specific benefits:

 32

1. Increased savings and retirement planning

2. More realistic assessments of financial knowledge by consumers

3. Life skills and bargaining power

4. Financial efficiency

a. Lifetime utility and financial wellbeing

b. Active debt management

5. Activity in financial markets

6. Investing and choosing the right financial products with confidence

7. Consumer rights and regulatory intervention

The benefits of financial literacy to financial system and economy are:

1. Greater competition, innovation and quality products

2. Coverage of risk

3. Self-funding of retirement

4. Overcoming “pro cyclicality” in lending

The benefits to the community are also outlined as follows:

1. Financial inclusion

2. Understanding government financial policies

The necessity and importance of financial literacy for the growth and

inclusion is underscored as well to a great extent by researchers (Sarva, 2014, as

 33

stated in Matewos et al., 2016). Arguing that better informed consumers make

more effective choices and more appropriate decisions whereas financially

illiterate individuals either voluntarily do financial exclusion or will get the

financial information from unreliable sources, the analysis of which may be

resultant into the misallocation of wealth which could also cause social decline

and increase public expenditure.

B. Disadvantages

Financial literacy concepts have fallen short of highlighting the financial

challenges that come with today's complex financial world. Also, anyone might

be deemed financially illiterate if they lack the necessary abilities or

understanding in this area. Low-income persons are expected to exhibit the same

habits, prejudices, weaknesses, and attitudes as those who are experiencing

personal or stressful problems, according to researchers (Housel, 2017).

For persons living in poverty, being financially knowledgeable makes it

more difficult to improve their financial situation. People who earn less money

may be harmed by financial assets because they fall into the 'bank fee poverty

trap,' which occurs when they do not own any mortgages or have minimal bank

balances to give up (Brazer, 2020).

In addition, there is the concept of financial illiteracy which is totally

present in South Africa in the new millenium. A study by Shambare and

 34

Rugimbana (2012) investigated the nature and scope of financial literacy in an

attempt to fill this gap in the body of knowledge. Given that financial illiteracy

affects people from all walks of life, including the uneducated and the educated,

this study focused on financial illiteracy among university students, a segment of

the South African population that could be defined as educated. A sample of 214

students from a large South African metropolitan institution were given a

self-administered measure. Overall, the findings indicated modest levels of

financial illiteracy, implying that basic financial ideas must be reinforced even

among the educated. Likewise, some consequences for financial service providers

in interacting with financially knowledgeable consumers are discussed.

Furthermore, a study by Adetayo et al. (2019) regarding financial illiteracy

in the medical field in the United States, a survey was completed by 521 alumni

and 84 residents from the residency alumni cohort and the plastic surgery training

programs cohort, respectively. The findings from both groups revealed that, while

a huge majority of people thought financial education was important, it was not

prioritized in medical or residency training. The majority received their financial

education through a family member or through self-directed learning. In the end,

despite being a highly educated demographic, there remains an unacceptably high

percentage of "illiteracy" when it comes to financial education from a young age.

Instead of the existing laissez-faire attitude in medical education and residency

training, practicing physicians and current trainees believe that a more directed

approach to financial education should be embraced.

 35

Synthesis

After assessing the field of online shopping behavior, financial literacy, and the

varied methods other researchers and educators have used to elaborate on these human

phenomena, the researchers of this study have found the factors outlined in the Statement

of the Problem based on the OECD Core Competencies Framework for Financial

Literacy to have a strong correlation with one’s online shopping behavior. The

pre-existing body of knowledge in finance supports the model created by the researchers.

The previously mentioned ex-ante factors provide an initial predicative

measurement of one’s financial literacy based on three (3) general competencies: overall

financial knowledge and understanding, one’s attitude towards finance, and the actions

taken during financial decision making. Since the OECD model of financial literacy is an

international standard widely adopted across the world, the researchers find it difficult to

find a comparable model. Most studies regarding financial literacy are based on such

competencies set by the OECD due to its universal nature. But despite the excellent

credibility and irrefutability of the framework, the nature of the COVID-19 pandemic

necessitates the addition of new factors that relate to online shopping.

Four (4) researcher-made ex-post factors intend to create a direct, objective, and

logical connection to one’s online shopping behavior. These factors rely on real data that

any online shopper should know. To enumerate: the types of products bought, the online

shopping sites one uses, how much one spends, and how often one purchases goods from
 36

online shopping sites. These factors have been proven by the existing body of literature to

directly contribute to one’s online shopping behavior.

It is worth mentioning the lack of academic studies on the financial literacy of

adolescents in the Philippines, especially due to its economic nature as a developing

country. This gives the researchers all the more reason to conduct such assessments to

educate the community about the status of financial literacy amongst the youth here in

Bacolod City. With the use of categorization and classification in organizing the collected

data, these two (2) sets of factors shall create a wide range of discoverable findings that

are of importance to parents, educators, and student organizations within Bacolod City.
 37

METHODOLOGY

This section presents the research design, participants of the study, research instrument,

validity and reliability of the research instrument, data gathering procedure, statistical treatment,

and ethical consideration.

Research Design

To answer the problems raised in this study, the descriptive research method will be

applied and utilized. Descriptive research is defined as a research method that is used to describe

characteristics of a population or phenomenon being studied (Shields, et al., 2013). This

methodology focuses more on the “what” of the research subject rather than the “why” (Bhat,

2019). Likewise, it aims to accurately and systematically describe a population, situation or

phenomenon (McCombes, 2020). Such a method is appropriate in this study since it seeks to

describe the online shopping behavior of select youth in Bacolod City by level of financial

literacy, with the decided ex-ante (i.e. Financial Awareness, Knowledge, and Understanding;

Financial Attitude, Confidence, and Motivation; and Financial Behavior and Skill) and ex-post

factors (i.e. Products Bought; Online Shopping Sites Used; Estimated Amount Spent; and

Frequency of Purchase). The validity and reliability test scores will be determined for this study

as well.
 38

Participants of the Study

The participants of this study are the select youth of Bacolod City within the age group of

18 to 24 years old who are earning income. Currently, there is no definite estimate regarding

such a population as per the census office. To specify, the researchers used the Cochran’s

Equation 1 formula for calculating samples for big populations and where N or the total

population is unknown. The following formula is going to be used:

2
𝑍 𝑝𝑞
𝑛𝑂 = 2
𝑒

Where:

𝑛𝑂 = the sample size

e = 0.05 as the desired level of precision at 95% confidence level

p = 0.5 as the estimated proportion of an attribute that is present in the population

q = 1-p = 0.5

Z = 1.96 the area under the normal curve

By substitution, the actual computation of the sample size is as follows:

2
(1.96) (0.5) (0.5)
𝑛𝑂 = 2
(0.05)

𝑛𝑂 = 385
 39

With that said, the standard size using the cochran formula is 385, however, due to the

limitations brought by the current circumstance, sample size is limited to 200 participants, with

a margin of error of 5%. To select each of them, the researchers are to utilize Convenience

Sampling. As per Lavrakas (2010), Convenience Sampling is a sort of non-probability sampling

in which persons are randomly selected because they are "convenient" data sources for

researchers. Each element in the population has a known non-zero chance of being selected using

a random selection technique in probability sampling. Non-probability sampling does not use

known non-zero selection probabilities. To determine which items should be included in the

sample, subjective methods are applied. It is extremely beneficial to the researchers because the

study's reach included individuals throughout Bacolod City. As a result, the sampling method is

going to be completed when the total sample size of participants within the stipulated time frame

for data collection shall be met.

Research Instrument

To gather the required data for the purpose of interpretation, a survey questionnaire will

be utilized. This questionnaire is modeled after the OECD/INFE curriculum of financial literacy.

Based on the literature review of this study, the factors outlined in the Statement of the Problem

based on the OECD framework have a strong correlation with one’s online shopping behavior.

As per iteration, the instrument is to be split into two categories: ex-ante and ex-post factors. The

previously mentioned ex-ante factors provide an initial predicative measurement of one’s

financial literacy based on three (3) general competencies: overall financial knowledge and

understanding, one’s attitude towards finance, and the actions taken during financial decision

making. Ex-post factors aim to empirically evaluate one's shopping behavior by observing
 40

quantifiable characteristics such as the types of products bought, the online shopping sites one

uses, how much one spends, and how often one purchases goods from online shopping sites.

The 5-point Likert Scale will be used in order to assess key areas in financial literacy of

the participants. Usually, each model is a type of psychometric response scale in which

responders specify their level of agreement to a statement typically in five points: (1)

Never/Strongly Disagree; (2) Seldom/Disagree; (3) Sometimes/Neither Agree nor Disagree; (4)

Often/Agree; (5) Always/Strongly Agree (Springer Link, n.d.). This type of scale is popular

because it lets participants choose one option that best aligns with their view which in turn, is

also used to measure attitudes of every participant by asking their inclination to a particular

question or statement (Losby and Wetmore, 2012). With such in mind, the researchers will be

able to determine ex toto the online shopping behavior of select youth in Bacolod City by level

of financial literacy.

Validity and Reliability of the Research Instrument

Data Gathering Procedure

The step-by-step procedure is to be observed when gathering the data to be used in this

study. Firstly, the researchers will request for the final order of approval from the teacher in

charge of supervising the paper to conduct the survey on the chosen group of participants, and

relay the free and prior informed consent to them before it begins. Second, the researchers will

scout youth within the age group of 18 to 24 years old that are making income, whichever trade
 41

or profession they are in. Third, the researchers will distribute copies of the survey

questionnaires with a formal letter of invitation through electronic mail to those who will answer

such—indicating as well full willingness and awareness to participate with full cooperation.

Fourth, the researchers will collect the survey questionnaire after the participants have finished

providing the necessary information. Fifth, the researchers will organize the data according to

two categories: ex-ante and ex-post factors, as mentioned previously. Lastly, the researchers will

encode the data in Google Sheets or Microsoft Excel from Google Forms in order for the group

to rectify all of it, especially the significant difference, using SPSS, a software suite developed

by IBM for data management, advanced analytics, multivariate analysis, and business

intelligence.

Statistical Treatment

Ethical Consideration

As researchers, scientific rigor is the core value when conducting this study. Data

privacy—specifically, anonymity—will be secured in this research. Likewise, the researchers

are held accountable to take into serious consideration the following rules and regulations about

such factors, which is the duty to refrain from sharing sensitive information with others, except

with the prior and informed consent of the other party involved. Also, documents and issuances

are proscribed if a breach of privacy (i.e. outright publicization) is discovered, which is

detrimental for the protection of personal data. To elaborate further, prior and informed consent,

which is inferred from the actions of a specific person and the facts of a particular situation, will
 42

be absolutely observed in the entire process so as to express the preference of individual right as

well as the right of due process of telling the participants of the sum and substance of the paper.

Coercing students to answer the questionnaire in this study is prohibited. However, in the case

that a participant is opposed to being involved or is absent in the scene, the researchers are to

proceed to look for another willing participant. All data collected for this study are solely for

purposes of investigation of the online shopping behavior of select youth in Bacolod City by

level of financial literacy, and shall not be shared to any third party in observance of

confidentiality. Lastly, all related studies drawn for the complementary completion of the

research will be given full citation using the format of APA (American Psychological

Association) 6th Edition.

 43

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