HRM - BR Ariscon Et - Al 2021

Ariscon,Burdeos,Gerona
ADAPTIVE CHANGES IN FAMILIAL FINANCES MANAGEMENT DURING THE
PANDEMIC AMONG BICOL UNIVERSITY COLLEGE OF BUSINESS,
ECONOMICS AND MANAGEMENT STUDENTS
By
Princess Joy T. Ariscon, Jessica Regina Mae F. Burdeos, Jessa M. Gerona
An undergraduate thesis to be submitted in partial fulfillment of the requirements
for the degree
Bachelor of Science in Business Administration
Major in Human Resource Management
Bicol University College of Business, Economics and Management
2021
Adviser:
Prof. Joy C. Lawenko
Panel of Evaluators:
Dr. Eddie See, Ed.D.,R.P.A.E.MBA (Chairperson)
Dr. Clea Bongat (Member)
Prof. Edgar S. Barremeda (Member)
1
ABSTRACT
Prior to pandemic households were sustained their daily needs through their
incomes derived from various fields of work and the amount of income in family should
be managed as closely as possible, it is important that needs in the family can be met
according to their respective abilities. Every family member is needed in making a
budget. During pandemic households were observed to have the changes in terms of their
finances. Households reassess their priorities due to this pandemic. The Bucket Theory of
Financial Management is anchored to this research. The theory deals with the common
sense approach to planning a family’s financial future. Each bucket represents a basic
financial priority. This is relevant to the present study since it entailed in building a sound
financial base for a family. Both studies tackled family financial management and
adaptive strategies. The population that will be considered in the study is the College of
Business, Economics and Management students of Bicol University and the study will
utilize online survey questionnaires to get responses from the target population. The
results show that the adaptive changes made by respondents’ family in the managing of
familial finances are reducing their budget allocation to their transportation and
increasing the budget allocation for communication. Hence, it suggests that Business
industry must consider the potential consequences of their management decisions on
profits, cash flow and on the financial condition especially on their employees. Moreover,
Planning and budgeting for these financial needs is crucial.
2
ACKNOWLEDGEMENT
In these trying times that the world is experiencing a global pandemic, the
researchers are still lucky to pursue their studies, but this would not be possible without
the people who have helped and supported them in any possible way that they can. To the
Heavenly Father, for giving the researchers’ wisdom and strength to finish this study, for
the protection that He bestowed while they were traveling to places and for all the
blessings that they keep on receiving. To the researchers’ respective parents and families,
who allowed them to spend nights at each other’s houses, and for the accommodation.
Thank you for their unending love, and consistent moral and financial support. They are
the main reasons why the researchers keep doing their best. To their thesis adviser, Prof.
Joy Lawenko, thank you for the knowledge shared and for the guidance throughout the
conduct of this study, and for helping the researchers improve the content of their paper.
To Prof. Mary Ann Tonga, their thesis professor, for guiding the researchers with all the
technicalities needed to complete the research paper. Thank you for always being
available whenever they have queries and concerns. To the chairman and members of the
defense panel, Dr. Eddie S. See, Prof. Clea Bongat, and Prof. Edgar Barrameda, for the
efforts, suggestions, and contributions that helped the study. Thank you for the critical
assessment and review of this paper. To their friends and relatives, Khaira, Ares, Grace,
Pebs, Jai who allowed them to relax even for a short period of time and gave their best to
help out in any way for the study. To Burdeos and Ariscon family for keeping them
awake, To UNOM that became their break every after chapter, and for keeping them sane
in the middle of their college crisis. To their gadgets who never gave up throughout the
exhausting year of online classes, Thank you. Above all, To God be all the Glory!
3
TABLE OF CONTENTS
PAGE
PRELIMINARIES
Title Page 1
Abstract 2
Acknowledgment 3
Table of Contents 4-6
List of Figures 7
List of Tables 7-8
Results of Thesis Proposal Defense 9
Summarized Results of Thesis Proposal Defense 12
Certification of Compliance to the Suggestions of the Panel 13
Certification of Non-commission of Plagiarism 14
Approval Sheet 15
CHAPTER 1. INTRODUCTION
Rationale 16-17
Statement of the Problem 18-19
Background 20-21
Related Research/Non-research Works 22-25
Synthesis 26
4
Gap to Be Bridged by the Study 26
Theoretical Framework 27
Conceptual Framework 29
Definition of Terms 31-32
CHAPTER 2. METHODOLOGY
Research Design 33
Sampling Design 33
Population 34
Identity 34
Size 34
Sample 34
Size Computation 34
Elements Selection 34
Research Strategy 35
Instrumentation 35
Data Collection Procedure 35
Data Analysis Tools 35
CHAPTER 3. RESULTS AND DISCUSSIONS
Profile of the Household 36
Finances before COVID 19 Pandemic 40
Finances during COVID 19 Pandemic 44
Causes of change in the budget allocations for household items 48- 49
Adaptive Changes in the Familial Finances Management 49
5
CHAPTER 4. SUMMARY OF FINDINGS, CONCLUSIONS AND
RECOMMENDATIONS
Summary of Findings 50
Conclusions 51-52
Recommendations 52-53
REFERENCES 54-57
APPENDICES 58-60
6
LIST OF FIGURES
Number Title Page
1 Bucket Theory of Financial Management 28
2 Conceptual Framework 30
LIST OF TABLES
Table Title Page
1 Head of Household 36
2 Total Number of Household Members 37
3 Number of Children below 18 years old in the family 38
4 Annual Income 39
5.0 Food 40
5.1 Transportation 41
5.2 ` Utilities 41
5.3 Leisure 42
5.4 Communication 42
5.5 Shopping 43
5.6 Others 43
6.0 Food 44
6.1 Transportation 45
6.2 ` Utilities 45
7
6.3 Leisure 46
6.4 Communication 46
6.5 Shopping 47
6.6 Others 47
7 Causes of change in the budget allocations for 48

Household items.
8
Results of Thesis Proposal Defense
Title of Thesis Proposal: Adaptive Changes in Familial Finances Management during

the Pandemic Among Bicol University CBEM Students
Name of Researcher/s: Princess Joy T. Ariscon, Jessica Regina Mae F. Burdeos,Jessa
M. Gerona
Name of Adviser: Prof.Joy C. Lawenko
Date of defense: May 15, 2021
Time of defense: 6:00 -7:00 pm
Venue of defense: Asynchronous Final Defence
Criterion Maximum possible score Score given
Defense 40 39
(To include researcher’s bearing, clear and
authoritative presentation of the summary of the study,
and clear, correct and authoritative answers to the
questions raised by the panel of evaluators)
Substance
(To include clear and substantive presentation of 40 39
the Introduction with the rationale or significance; the
statement of the problem/s; and background, the
methodology, and the other parts of the report.
Format and style 20 20

(To include following the 4-chapter (APA) format, the
author-year parenthetical citation and works cited/
reference listing, use of header in pagination, and
appropriate editing)
Total 100 98
DR. EDDIE SEE, ED.D.,R.P.A.E.MBA

Panelist (Signature over printed name)
9

M. Gerona
Name of Adviser: Prof. Joy C. Lawenko
Time of defense: 6:00 to 7:00 pm
Venue of defense: Asynchronous Final Defense
Defense 40 39
Substance

Total 100 99
______DR. CLEA BONGAT______

10

M. Gerona
Defense 40 39
Substance

Total 100 98
PROF. EDGAR S. BARREMEDA

11
Summarized Results of Thesis Proposal Defense

M. Gerona
AVERAGE SCORE
Name of Panelist Score given
Dr. Eddie See, Ed.D.,R.P.A.E.MBA 98
Dr. Clea Bongat 99
Prof. Edgar S. Barremeda 98
Total 295
Average 98
DR. EDDIE SEE, ED.D.,R.P.A.E.MBA

Chairperson
(Signature over printed name)
12
DEPARTMENT OF BUSINESS ADMINISTRATION

Bicol University
Daraga, Albay
CERTIFICATION OF COMPLIANCE TO THE SUGGESTIONS OF THE PANEL
This is to certify that the following suggestions/recommendations forwarded by

the panel of evaluators have been complied with as indicated in the corresponding page/s
of the researchers’/researcher’s manuscript.

M. Gerona
Name of Adviser: Prof.Joy C. Lawenko
Suggestion/ recommendation Panelist who made the Page number in

suggestion/ recommendation the manuscript
where compliance
has been made
Removed the words “input, output Dr. Eddie See, Page 30

and process” in the conceptual Ed.D.,R.P.A.E.MBA
framework. (Chairperson)
Used the 20% of population to Dr. Eddie See, Page 34
identify the sample size. Ed.D.,R.P.A.E.MBA
(Chairperson)
Dr. Clea Bongat (Member)
Prof. Edgar S. Barremeda
(Member)
The % sign of the values inside the Dr. Eddie See, Page 36-48
table. It is redundant since the Ed.D.,R.P.A.E.MBA
column has already a label of (Chairperson)
percentage.
The frequency-based ranking Dr. Eddie See, Page 40-48
indicating the items must be Ed.D.,R.P.A.E.MBA
summarized and not repeated to as (Chairperson)
summary without frequency and
there must be a logically sequenced
one-to-one equivalence from the
problem to the finding to the
conclusion to the recommendation.
___________PROF.JOY C. LAWENKO____________
SIGNATURE OVER PRINTED NAME OF THE ADVISER
13
DEPARTMENT OF BUSINESS ADMINISTRATION

Bicol University
Daraga, Albay
CERTIFICATION OF NON-COMMISSION OF PLAGIARISM
This is to certify that the contents of this paper, in whole or in part are not works
that have been plagiarized from other or previous papers.
PRINCESS JOY T. ARISCON, JESSICA REGINA MAE F. BURDEOS, JESSA M. GERONA

SIGNATURE/S OVER PRINTED NAME/S OF RESEARCHER/S
14
Republic of the Philippines

Bicol University
College of Business, Economics and Management
BUSINESS ADMINISTRATION DEPARTMENT
APPROVAL SHEET
Upon successfully passing the Thesis Defense as rated by the Panel of

Evaluators, this study entitled “Adaptive Changes In Familial Finances
Management During The Pandemic Among Bicol University College Of Business,
Economics And Management Students” prepared and submitted by Princess Joy
T. Ariscon, Jessica Regina Mae F. Burdeos, Jessa M. Gerona, is hereby
approved in partial fulfillment of the requirements for the degree Bachelor of
Science in Business Administration Major in Human Resource Management.
PROF. JOY C. LAWENKO

SIGNATURE OVER PRINTED NAME OF
ADVISER
PROF. MARY ANN B. TONGA

THESIS PROFESSOR
PROF. JOY C. LAWENKO

DEPARTMENT CHAIRPERSON
DR. EDDIE S.SEE

COLLEGE DEAN
15
CHAPTER 1. INTRODUCTION
Rationale
Prior to pandemic households were sustained their daily needs through their
incomes derived from various fields of work. According to the study of Umar, N. (2018),
the amount of income in family should be managed as closely as possible and as well as
possible to the expenditure in accordance with the income received, so that all important
needs in the family can be met according to their respective abilities. Family finance
management requires skills to manage and manage it carefully and well. In the recent
study of World Health Organization (2020) stated that every family member is needed in
making a budget perhaps it will help children understand that we all need to make hard
decisions in difficult times. It is useful also to families to have enough at the end of the
month and borrow less. Christensen,T. (2020) stated that having a plan, prioritizing
spending, and using resources efficiently will be key to financial stability. During
pandemic households were observed to have the changes in terms of their finances.
Households reassess their priorities due to this pandemic. Due to the challenges brought
by the CoVID-19 pandemic, families have been forced to deal rapidly to the dynamics of
situations, come up with difficult choices and face distractions—home, work and
community (US Department of Veterans Affairs, 2020). Wackernagel,M.(2020) stated in
his study that Due to this pandemic, World vision immediately started providing
information, prevention and control messages to communities, in coordination with local
government units. World vision conducted a rapid assessment aimed at providing broader
picture of the impact of covid-19 to children, their families and communities in the
16
country and to identify needs and gaps that would require humanitarian support. Alde,
C.2020 on the article “Covid-19 and the poverty pandemic” Poor people inordinately
suffered economic shocks brought by this pandemic. While it may be true that health
crisis is not the proximate cause of these underlying problems, what is true is that it
threatens the already fragile social safety nets of the people.
In a recent study of Karpman, M. et al (2020) stated that Parents are coping with the
pandemic’s economic impacts by cutting back spending on food, reducing savings, and
going into debt. But even with these coping mechanisms, many parents were struggling
to meet their families’ basic needs: more than one-third of parents reported problems
paying for housing, utility, food, or medical costs in the past month, including roughly
half of low-income parents. Households suffered financial lockdown because of this
pandemic, household should always consider, and even reconsider, their priorities. In
times of crisis, what is most important is to have a clearer focus. Christensen,T. (2020).
Schramm, S. (2020) indicated that this pandemic resulted greater spending in areas such
as groceries and lessened spending on common things such as gas and dining out. For her
now is a smart time to build a new budget, or adjust an existing one, to identify savings
opportunities.
The present study will focus on determining the changes in the family finances
management among Bicol University College of Business, Economics and Management
students. This further aims to provide significant contribution by providing results that
will help in understanding the adaptive changes in family along their finances and be able
to relate and consider the impact in businesses.
17
Statement of the Problem
Generally, this study sought to describe the adaptive changes in the family finances
management and associate results to implications in businesses. Specifically, it attempted
to find answer to the following questions:
1. What is the profile of the household?
a. Head of the family
b. Total Number of household members
c. No. of children living inside the house
2. What is the most expensive item in the household budget before CoVID-
19 Pandemic?
a. Food
b. Transportation
c. Utilities
d. Leisure (travel, entertainment, hobbies, etc.)
e. Communication
f. Shopping (clothes, shoes, appliance, gadgets etc.)
g. Others, please specify____________________
18
3. What is the most expensive item in the household budget during CoVID-
19 Pandemic?
a. Food
b. Transportation
c. Utilities
d. Leisure (travel, entertainment, hobbies, etc.)
e. Communication
f. Shopping (clothes, shoes, appliance, gadgets etc.)
g. Others, please specify_______________________
4. What causes change in the budget allocation for household items except
for quarantine policies implemented?
a. Change in Income
b. Change in work arrangement
c. Change in family members’ activities
d. Change in family members’ needs
e. Others, please specify_________________________
5. What are the adaptive changes in the familial finances management?
19
Background
Researches have been conducted with regards to adaptive changes of individuals
during COVID 19. These researches will focus on family finances and its impact on
households in the midst of the COVID 19 pandemic. Forced to adapt to rapidly changing
circumstances, make difficult choices, and deal with disruptions at home, at work, and in
the community.
According to Pärson, G. and Vancic, A. (2020), the global crisis struck the world
in the shape of the COVID-19 pandemic at the beginning of 2020. As a result,
supermarkets have experienced panic buying behaviors, empty store shelves, out of
stocks, and a large increase in online sales. Supermarkets, producers, marketers, and
businesses have had to adapt to consumers' changed buying behavior in food
consumption. Another study by Puttaiah, M. (2020) stated that the pandemic has
impacted virtually all aspects of our lives. Some developments have been sudden and
involuntary, such as social distancing, wearing masks, stopping public transport,
restrictions on travel, etc. For others, it has merely accelerated the adoption of behaviors
already gaining traction, such as the digitalization of shopping, banking and more. As
mentioned by Kholia, T. (2020), COVID-19 pandemic has flare-up frenzy, nervousness,
and sorrow level in both youth and adult individuals and changed food consumption
preferences. The financial effect of COVID-19 on individuals’ households created an
immediate effect on family income, savings, consumption, and expenses. As studied by
Bourquin, P. et al (2020), the crisis has so far impacted the earnings of the poorest
households the most. Households in the poorest fifth – as measured by their pre-crisis
income – have been hit hardest in terms of earnings, with a fall in their median household
20
earnings of around 15% (or around £160 per month). However, in the recent study of
Jassenns, W. et al (2020) on the ‘The short-term economic effects of COVID-19 on low-
income households in rural Kenya: An analysis using weekly financial household data”
shows that there is no evidence that households coped with reduced income through
increased borrowing, selling assets or withdrawing savings. Instead, they gave out less
gifts and remittances themselves, lent less money to others and postponed loan
repayments. Moreover, they significantly reduced expenditures on schooling and
transportation, in line with the school closures and travel restrictions. Thus, despite their
affected livelihoods, households managed to keep food expenditures at par, but this came
at the cost of reduced informal risk-sharing and social support between households.
21
Related Research and Non-research Works
Millions of family suffered because of this pandemic especially financially, many
lost their works and it took time to cope with, family budgeting is essential during this
tough time. We must identify first our priorities because money is hard to get especially
during this pandemic. This crisis leaves a trace to everyone struggling and hope is one
way to cope with it. Being able to adjust, adapt and still keep going is a must.
According to Kaddatz, J. (2020), the financial downturn has been felt by virtually
all families, many indicating that the financial stress is having an impact on their mood,
mental health and sleep and families with children and youth at home are among those
most likely to say that they have been challenged financially as a result of the pandemic.
Euart, J. (2020) stated that, the pandemic has taken root in nearly every country on the
globe, upending personal and economic lives. Some countries have managed to control
new cases, while in others the spread remains rampant. While many countries have
reopened their economies, allowing a cautious return to work, play, and economic life,
the pandemic seems likely to remain a fact of life for the foreseeable future. As studied
by Kharas, H. (2020) about ‘The Impact of Covid-19 to Global Extreme Poverty, the
experience of living with poverty for short periods of time is harsh, but some families
have coping mechanisms—assets they can sell, assistance from governments, relatives,
and neighbors. But over longer periods of time, poverty leaves permanent scars—
malnutrition, susceptibility to disease, missed schooling. For this reason, it is useful to
look at the longer-term impact of COVID-19 on poverty, despite all the caveats
associated with any decade long economic forecasts.
22
Guzman, W. (2020) indicated that the COVID-19 pandemic has taken an
economic toll on many Americans, college students in particular have found it difficult to
maintain employment and a steady income to pay for their tuition, rent and other
expenses. In response to the pandemic, the university created new opportunities for
students to receive some financial relief. According to Nicholls, AC (2020), Parents
worry about extra expense. For some parents, the distance learning seems impractical at it
could mean spending more time and money on their children’s education. They worry
about online requirements, having to pay for internet regularly. Colleges and university
are also shifting to distance learning, affecting over three million higher education
students. This pandemic caused grocery shelves to become empty as more people
clamored for basic necessities like food and medications. As a result, shortages and
delays in deliveries also occurred. It’s important to stock up on supplies and prepare an
emergency fund to help you tide over periods of crisis like this as stated by Dela Buena,
K. (2020). In a study conducted in Canadian children along with the impact of CoVID-19
pandemic revealed lesser physical activity among children and youth, lesser time spent
outside and higher sedentary behaviors and more sleep (Moore, et al. 2020). Families that
receive cash transfers are better able to access food and regular health care, and to send
their children to school. They’re also less likely to suffer from debilitating stress, which
can lead to violence and poor mental health. As stated by Altangerel, E. (2020). World
Bank Organization (2020) in their article ‘Monitoring COVID-19 Impacts on Families
and Firms in the Philippines’ revealed that the real impacts on the economy can be seen
at the level of families or households. Impacts on businesses are felt in the households as
job losses, dramatic declines in incomes, restrictions in movements, which lead to
23
reduced consumption of basic goods and services such as food and health care. As
contended by the Asian Peoples' Movement on Debt and Development (2020), the
Philippines have been in a vulnerable position since the beginning of the Covid-19
pandemic. This vulnerability can be explained by social, economic, health and financial
factors. As a result of these pre-existing conditions, the crisis has been acutely felt by the
population of the country. Being financially prepared allows you to keep up-to-date on
your household bills and readily provide the needs of your family. A similar study of
Alde C. (2020) evaluated that many jobs have no paid sick leaves. Irregular workers,
including those who are paid on a per output, takay, or pakyaw basis, are particularly
vulnerable. Working from home is not an option for all workers, as in the case of jeepney
drivers and service workers. Crowding cannot be avoided in mass transport systems. In
crisis situations, poor women and girls are affected the most because many of them form
part of this workforce, but are still expected to do unpaid care and domestic work, which
only tends to increase when caring for sick members of the family. Poor people
inordinately bear the brunt of economic shocks brought by this pandemic. Stocking up on
food and medicines is impossible for those without regular incomes, savings, the
unbanked, or those without access to financial services.
An article written by Farrel, D. et al (2020) had mentioned that the novel
coronavirus is spreading at a pace that requires significant policy and personal
interventions to contain and treat it. The economic impacts on households, businesses,
and financial markets could be profound. As mentioned by Padill M. (2017) on his article
‘7 Tips That Will Lead to A Financially Successful School Year”, Personal finances
24
especially budgeting doesn’t mean you have to cut out all the fun from your life. It
simply means you need to be more selective on what you spend your money on, and look
for opportunities to save money in every instance of life. It is possible to be financially
successful as a student in the Philippines. It all starts with a little bit of planning, and a lot
of personal dedication. As indicated by Yuesti, A. et al (2020), financial literacy is
necessary to change people’s behavior and welfare levels. Therefore, financial learning
and understanding must be improved in schools, universities or in the environment of
rural or urban communities to help people gain knowledge about financial literacy in a
depressed condition. Financial literacy is also expected to increase public knowledge and
change people’s behavior leading to better management of finances and investment.
Financial literacy can prevent people from making huge unnecessary investment.
Marignani, D. (2020) elaborated that in adopting rapid remedial measures such as
reprogramming expenditures, earmarking additional funds, developing expedited
execution mechanisms, and planning for liquidity needs. In making these quick-fire
adjustments, agility is the order of the day. But they will need to balance the virtues of
flexibility against the demands of fiscal discipline—both to avoid misuse of funds and
preserve macroeconomic stability into the future.
25
Synthesis
Literatures relevant to the present study were focused on Covid-19 and how it
severely affects households in terms of financial aspect. It explains the arising issues
brought by the pandemic such as poverty, unemployment, and economic downfall. It was
also discussed in the literatures, on how every family member strive to continually foster
and cope up with different strategy through planning and financial literacy to lessen the
burden on these crises. The works of Alde (2020) have elaborated the impacts of Covid-
19 Pandemic to the lives of individuals from the different sectors in the community. The
literatures above have provided a brief but concise discussion about the adaptive changes
brought by the pandemic in the lives of every household’s members.
Gap to be Bridged by the Study
The reviews of literature and studies have shown that almost of the studies are
relevant to the present study. Some topics on the previous study were focused on
financial literacy, others on budgeting, and some on the negative impact of covid-19 in
different households especially in financial aspect. The present study fills the gap of the
previous study specifically on the adaptive changes on family finances management
during pandemic. This study will focus on the adaptability of the families of the
respondents in financial management during the pandemic in order for the researchers to
know how the respondents from Bicol University, College of Business, Economics and
Management students have adapted on familial finances management. The present study
bridges the gap on the details of research undertakings that are under investigation.
26
Theoretical Framework
This research is anchored on the Bucket Theory of Financial Management by
Scott E. Taylor a Family and Consumer Sciences Agent, providing education on money
matters and energy efficiency. The theory deals with the common sense approach to
planning a family’s financial future. It provides a systematic way for families to set and
reach financial goals and it helps the family build a sound financial foundation. Each
bucket represents a basic financial priority. The first bucket represents basic needs; food,
shelter, clothing, and transportation. The second bucket represents an emergency fund
and savings plan. The third bucket represents a family’s insurance needs, including life,
health, and property protection. The fourth bucket represents quality of life. The fifth
bucket represents investing for the future. The water that flows from bucket to bucket
represents the resources a family has. This is relevant to the present study since it entailed
in building a sound financial base for a family. Both studies tackled family financial
management and adaptive strategies.
27
Figure 1: Bucket Theory of Financial Management
28
Conceptual Framework
This study conceptualized that the COVID-19 Pandemic has affected the Familial
Financial Management that resulted to numerous adaptive changes. The focus of this
study is the respondents of Bicol University, specifically students from the College of
Business, Economics and Management.
The study will primarily identify profile of the family of the respondent. The
profile will be focused on the on the household’s profile including the head of the family,
total number of household’s members, number of children living inside the house, and
the annual family income. The next step will be determining the family finances
management of the respondents before and during pandemic. This will be administered
through survey questionnaire. The reasons for the changes will also be investigated.
The researchers will construct following figure to represent the relationships
among the variables used in the study. Also, the researchers need to do more
comprehensive and enhanced research in order for us to determine adaptive changes on
familial finances management of the said target respondents. The input will be the
students of Bicol University College Business, Economics and Management, wherein the
researchers will conduct a process of online survey questionnaires and assessment to
gather the information needed. The output would be the determined adaptive changes on
familial finances management among the students of Bicol University College Business,
Economics and Management that will gain the needed data for sufficient results and
recommendation.
29
Bicol University
College of Business,
Economics and
Management
Students
Respondents
F
E
E
D
Online Survey
Questionnaires
B
Assessment for A
Students.
C
K
Determine
adaptive changes
on familial
finances
management
during Pandemic
among the
students of Bicol
University College
Business,
Economics and Figure 2: Conceptual Framework
Management
30
Definition of Terms
The following are the definition of the terms to be used in the study:
Adaptive changes - change that requires new learning for problem definition and
solution implementation that can affect an individual or a family in many aspects incudes
handling finances and consumption strategy.
Comprehensive - thoroughly understanding with one's mind; having an extensive
mental range or grasp about an idea that involves analyzing thoughts.
Covid-19- is an infectious disease caused by a newly discovered coronavirus.
Its effect brought changes to people, their lifestyle and their way of managing to cope up
circumstances such as dealing with financial problems.
Familial Management - also refers to Family management which is defined as
the family's role while actively responding to different situations of disease and health
care. In this study, it will refer to administration of family activities, budgeting,
consumption, financial literacy and different ways to lessen their burden during
pandemic.
Finances- the management of money and includes activities such as investing,
borrowing, lending, budgeting, saving, and forecasting. This guide provides an overview
of how public finances are managed, consumed within households, tackle about financial
literacy and how essential it is during this tough time.
31
Income – the money that is earned from doing work or received from
investments. It is one source of households to provide the needs of the family but it is
also one aspect that is greatly affected during pandemic because of job loss due to
economic crisis.
Pandemic- is a disease outbreak that spreads across countries or continents
affecting individuals and brought changes to their lives causing them to adapt and come
up with solutions to cope up especially in their financial needs.
32
CHAPTER 2. METHODOLOGY
Research Design
This study will utilize descriptive type of research which focuses on describing
the characteristics of a population, situation or phenomenon. It can answer who, what,
and how questions that is relevant to the study. Descriptive research is suitable to this
research topic since it focuses on determining the adaptive changes on familial finances
management during pandemic among the students of Bicol University College Business,
Economics and Management.
Sampling Design
The study will employ convenience sampling which is referring to a specific type
of non-probability sampling method that depends on data collection from population who
are conveniently available to participate in the conduct of research study. This sampling
method does not have inclusion criteria, the researchers can get the participants both in
their most convenient. Using convenience sampling method, the researchers can send the
online questionnaires to BUCBEM students. This would be the easiest and most
convenient way of gathering primary data for the research.
33
Population Identity
The population that will be considered in the study is the College of
Business, Economics and Management students of Bicol University.
Population Size
The population of students in the college of Business, Economics and
Management is 2293; those 2293 are the total number of officially enrolled
student in the academic year 2020-2021 whereas, the population size to Bicol
University CBEM students will be used to identify the same size.
Sample Size
The sample size will be 20% of the population which is 459 students out
of 2293. For the sample size determination, the following formula was used.
n= N x 20%
Applying the formula, we have:
n = N x 20%
= 2293 x 20%
= 459 respondents
Sample Elements Selection
The samples involved in the study are individuals who are students in
Bicol University. They are assumed to be a member of a family.
34
Research Strategy
The study will implement quantitative survey to capture sufficient and correct
data from the respondents. This will actually have looked into the specific details on the
adaptive changes of familial finances management.
Instrumentation
The study will utilize online survey questionnaires to get responses from the
target population. Primarily the instrument has the following parts, the standardized
questionnaire and adoptive questionnaire to gather the data needed.
Data Collection Procedure
The data gathering will be conducted purely online. Formulated Google forms
will be sent to target respondents of Bicol University, College of Business, Economics
and Management students. The gathering of information will be also made online through
the help of Google features for summarizing data from survey that will be conducted and
data gathered will be analyze by the researchers to be able to come up with the results
and discussions.
Data Analysis Tools
The study will employ basic descriptive analytical tools like frequency count,
percentages and ranking. Other tools that will be used for analysis are numerical,
graphical and tabular.
35
CHAPTER 3. RESULTS AND DISCUSSIONS
This chapter presents the results of the implemented research which focused on
the adaptive changes on familial finances management among Bicol University College
of Business, Economics and Management. The result of the conducted survey was
answered by the respondent through Google Form.
Profile of the Household
Table1: Head of Household
Head of the Family Frequency Percentage
Father 260 70.46
Mother 86 23.30
Other 23 6.24
Total 369 100
Based from the survey results Table 1 provided the percentage of the suggested
set up of leadership in the household. The respondents were asked to provide the person
who is primarily responsible in family management. The result of the survey conducted
revealed that 70.46% of the household is headed by Father. This suggests that family
management is led by the Father. Based on the survey of the Philippines National
Demographic and Health Survey (2008), it has shown that more than 80% of households
are headed by men.
36
Table 2. Total Number of Household Members
Total Number of Frequency Percentage
Household Members
1-3 42 11.4
4-6 242 65.6
7-9 79 21.4
10 and above 6 1.6
Total 369 100
As to the result of the survey, the household consisting 4 – 6 members gained
65.6%. Which ranked the highest based on the number of frequency. According to the
Philippine Statistic Authority (2021), the country’s average household size (AHS) is 4.4
persons.
37
Table 3. Number of Children below 18 years old in the family
Number of Children Frequency Percentage
below 18 years old in the
family
None 117 31.7
1-3 234 63.4
4-7 17 4.6
8-10 1 0.3
More than 10 0 0
Total 369 100
The table indicates that 63.4% out of the total population had 1-3 numbers of
children below 18 years old in the family. Statista Research Department (2021) stated
that about 40 percent of all family households have children under age 18 living in the
household so about 60% is below 18 years old.
38
Table 4. Annual Income
Annual Income Frequency Percentage
P100,000 and below 189 51.2
P100,000-P250,000 96 26
P251,000-P500,000 66 17.9
Above P500,000 18 4.9
Total 369 100
The data above shows the highest percentage votes is 51.2% which falls under the
total annual income of Php 100,000 and below. However, in the survey of Philippine
Statistics Authority (2016) showed that the average annual family income of Filipino
families was approximately P 267 000.
39
Finances before COVID 19 Pandemic
The survey results Table 5.0 indicate that Food had been ranked as the highest
finances before Covid-19 Pandemic. The World Bank Organization (2019) revealed that
Food makes up the largest share of total household expenditure in low-income countries
and, accordingly, constitutes a sizeable share of the economy.
Table 5.0 Food
Rank Frequency Percentage
1 275 74.53
2 43 11.65
3 17 4.61
4 12 3.25
5 11 2.97
6 6 1.63
7 5 1.36
Total 369 100
40
Table 5.1 Transportation
1 21 5.69
2 90 24.39
3 103 27.91
4 61 16.53
5 44 11.93
6 36 9.76
7 14 3.79
Total 369 100
Table 5.2 Utilities
1 42 11.38
2 160 43.36
3 101 27.37
4 26 7.04
5 20 5.42
6 18 4.88
7 2 0.54
Total 369 100
41
Table 5.3 Leisure
1 19 5.15
2 32 8.67
3 62 16.80
4 45 12.20
5 78 21.14
6 96 26.02
7 37 10.02
Total 369 100
Table 5.4 Communication
1 32 8.67
2 77 20.86
3 91 24.66
4 103 27.91
5 40 10.85
6 21 5.69
7 5 1.36
Total 369 100
42
Table 5.5 Shopping
1 23 6.23
2 46 12.47
3 59 15.99
4 59 15.99
5 82 22.22
6 78 21.14
7 22 5.96
Total 369 100
Table 5.6 Others
1 20 5.42
2 21 5.69
3 51 13.82
4 28 7.59
5 20 5.42
6 31 8.40
7 198 53.66
Total 368 100
43
Finances during COVID 19 Pandemic
Based on survey Table 6.0 resulted to rank food as the highest Finances during
COVID 19 Pandemic. Economic Research Service (2020) stated that the average annual
food-at-home prices were 3.5 percent higher in 2020 than in 2019. Food price increases
in 2020 were primarily a result of shifts in consumption patterns and supply chain
disruptions related to the coronavirus pandemic. Proper measurement of food
consumption is, therefore, central to the assessment and monitoring of various
dimensions of well-being – food security, nutrition, health, and poverty – of any
population.
Table 6.0 Food
1 299 81.03
2 29 7.86
3 17 4.61
4 5 1.36
5 4 1.08
6 4 1.08
7 11 2.98
Total 369 100
44
Table 6.1 Transportation
1 21 5.69
2 69 18.70
3 80 21.69
4 93 25.20
5 40 10.84
6 45 12.19
7 21 5.69
Total 369 100
Table 6.2 Utilities
1 48 13.01
2 137 37.13
3 113 30.63
4 36 9.76
5 17 4.61
6 16 4.33
7 2 0.54
Total 369 100
45
Table 6.3 Leisure
1 19 5.15
2 15 4.06
3 47 12.74
4 46 12.47
5 78 21.14
6 113 30.63
7 51 13.81
Total 369 100
Table 6.4 Communication
1 74 20.05
2 106 28.73
3 114 30.89
4 43 11.65
5 16 4.34
6 12 3.25
7 4 1.08
Total 369 100
46
Table 6.5 Shopping
1 17 4.61
2 30 8.13
3 59 15.99
4 68 18.43
5 95 25.75
6 66 17.88
7 34 9.21
Total 369 100
Table 6.6 Other
1 15 4.07
2 25 6.78
3 45 12.20
4 26 7.05
5 32 8.67
6 37 10.02
7 189 51.21
Total 369 100
47
Causes of change in the budget allocations for household items
Table 7. Causes of change in the budget allocations for household items
Causes of changes in the Frequency Percentage
budget allocation for
household items.
Change in income 128 34.7
Change in work 35 9.5
arrangement
Change in family member's 67 18.2
activity
Change in family member's 129 35
needs
Others 10 2.6
Total 369 100
Based on the survey results Table 7 revealed that the Change in family member's
needs causes the shift of budget allocation for household items with an average of 35%
out of the total population followed by the change in income, change in family member’s
activity and change in work arrangement. Expenditure will be done according to the
needs and objectives of the family. For example, a family where young children are there,
more will be spent for nutritious foods. Old people require health and medical expenses
48
this is according to Shuani (2020) on his article Top 10 Factors Affecting Family
Expenditure.
Adaptive Changes in the Familial Finances Management
The adaptive changes in the budget allocation for household items prior to and
during Covid-19 Pandemic indicated in the statement of the problem are as follows:
food, leisure, utilities, shopping, transportation, communication and others. The survey
resulted to changes in the ranking of transportation and communication before and during
pandemic. The food remains to be the most essential among the options followed by
utilities. The researchers therefore concluded that finances had changed during pandemic
especially that it had a huge impact as it changes the family member’s needs that enables
them to adapt in the situation that they are in. The changes it brought to the lives of
individual can help them slowly realize how familial finances management is important
to every household.
49
CHAPTER 4. SUMMARY OF FINDINGS, CONCLUSIONS AND
RECOMMENDATIONS
Summary of Findings
The following are data presented for the findings of the research:
1. Based on the results of the survey questionnaire the head of the family is the
father with the total of 70.46%, household with 4-6 members ranked the
highest with 65.6% and the household with 1-3 number of children living
below 18 years old led the ranked with the total of 63.4%.
2. The most expensive item in the household budget before the Covid-19
Pandemic is food followed by utilities, transportation, communication,
shopping, leisure and last the others items based on the result of the survey
given to the respondents.
3. During the Pandemic, the most expensive item in the household budget is still
the food followed by utilities but there is an exchange of ranking as the
communication came first before transportation and to be followed by the
shopping, leisure and others items.
4. The major cause of change in the budget allocation for household items except
for quarantine policies implemented is the change in family member’s needs
as the demand of the family member’s changes.
5. The researchers found out that the adaptive changes in the management of the
familial finances of the respondents made are reducing their budget allocation
to their transportation and increasing the budget allocation for communication.
50
Conclusions
Based on the indicated findings, the following conclusions were derived:
1. The family profile among the students of Bicol University College of
Business, Economics and Management entailed that the Father is the head of
family composed of 4-6 family members with 1-3 children below 18 years
old and the annual total income is Php 100,000 and below. This is based on
the results of the survey conducted and analyzed by the proponents.
2. Before Covid-19 pandemic, the family allocated budget based on the needs of
family. Food is the most essential followed by the expenses on utilities then
transportation as the family members used to travel to go to work and school.
Shopping, leisure and other activities are the less priorities of the family in
allocating budgets.
3. During Covid-19 the family allocation budget changes, there is alteration
between transportation and communication upon the demand of family
member’s need. Communication expenses increases and transportation
expense decreases as the family need to stay and work at home and adapt to
the new flexible distant learning. Due to this situation each family members
need to have strong internet connection by purchasing to the internet
communication providers.
4. The causes of change in the budget allocations for household items includes
the change in family income, change in work arrangement, change in family
activities but what causes the most impact is the change in family member’s
51
needs for the reason that every household member has its own demand to cope
up with current situation brought by the Pandemic.
5. The adaptive changes in familial finances management enables households to
adapt in the new normal, making and adjusting the budget allocation and
coping with the changes as the family continue to strive amidst the pandemic.
Recommendations
The researchers come up with following recommendations based on the result of
the research conducted:
1. Every household should assess themselves with the family expenditures
through proper budget allocation and financial planning especially in these
times of Pandemic.
2. Family members must think of the way on how to maximizes efforts and
deliberate solutions like starting up a business for additional family income.
3. The parents should help influence and guide their children in purchasing,
budgeting, managing of finances and to be a good consumer in the future.
4. Business industry must consider the potential consequences of their
management decisions on profits, cash flow and on the financial condition
especially on their employees and how the family members adapt to the
changes brought by the COVID 19 Pandemic. Planning and budgeting for
these financial needs is crucial. Financial management is an important skill of
every small business owner or manager. Every decision that an owner makes
52
has a financial impact on the company, and he has to make these decisions
within the total context of the company's operations.
5. The future researchers that has a similar or related study may use or revise this
research for a useful reference in the study.
53
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57
CURRICULUM VITAE
Princess Joy T. Ariscon

Barangay Poblacion East Milagros,Masbate
princessjoytitong.ariscon@bicol-u.edu.ph
Mobile No. 09291740434
Student No. 2018-CBEM-100285
PERSONAL BACKGROUND
Age: 21
Date of Birth: February 12, 2000
Gender: Female
Civil Status: Single
Citizenship: Filipino
Languages: Bicol, Minasbate, Filipino, English
EDUCATIONAL BACKGROUND
TERTIARY Bicol University

BSBA Human Resource Management
2018 - Present
SECONDARY Masbate National Comprehensive High School

Quezon St. Masbate City
2012-2018
ELEMENTARY Milagros West Central School

Brgy. Bacolod Milagros, Masbate
2006- 2012
CREDENTIALS
 JPMAP BU Chapter Chairman for Membership A.Y. 2019-2021

 BU Lawod VP for Public Relations A.Y.2020-2021
 BU CBEM DEAN'S AWARD for Outstanding Student in Service
 2019 Civil Service Professional Level Passer
58
Jessica Regina Mae F. Burdeos

Barangay Bara, Milagros, Masbate
jessicareginamaeflaviano.burdeos@bicol-u.edu.ph
Mobile No. 09161088562
PERSONAL BACKGROUND
Age: 21
Date of Birth: October 23, 1999
Gender: Female

2018 - Present

2012-2018
ELEMENTARY Bara Elementary School

Brgy. Bara, Milagros, Masbate
2006- 2012
CREDENTIALS
 JPMAP BU Chapter Co-Chairman for Ways and Means A.Y. 2018-2019

 JPMAP BU Chapter Interim Treasurer A.Y. 2019-2021
 NC III BOOKKEEPING HOLDER
59
Jessa M. Gerona
Manggahan Nursery, Masbate City
jessamarcos.gerona@bicol-u.edu.ph
Mobile No. 00491222616
PERSONAL BACKGROUND
Age: 22
Date of Birth: October 21, 1998
Gender: Female

2018 - Present

2012-2018
ELEMENTARY Jose Zurbito Sr.Elementary School Quezon

Street,Masbate City
2006-2012
CREDENTIALS
 Sk Kagawad, Barangay Nursery, Masbate City

 JPMAP BU Chapter Co-Chairman for Membership
 JPMAP BU Chapter Interim Co-Chairman for Membership 2020-2021
 Bu Lawod VP for External Affairs and Alumni Relation
 Nursery Youth President, Barangay Nursery, Masbate City
 BU CBEM DEAN'S AWARD for Outstanding Student in Character
60

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Ariscon,Burdeos,Gerona

ADAPTIVE CHANGES IN FAMILIAL FINANCES MANAGEMENT DURING THE

PANDEMIC AMONG BICOL UNIVERSITY COLLEGE OF BUSINESS,

ECONOMICS AND MANAGEMENT STUDENTS

Princess Joy T. Ariscon, Jessica Regina Mae F. Burdeos, Jessa M. Gerona

An undergraduate thesis to be submitted in partial fulfillment of the requirements

for the degree

Bachelor of Science in Business Administration

Major in Human Resource Management

Bicol University College of Business, Economics and Management

Prof. Joy C. Lawenko

Dr. Eddie See, Ed.D.,R.P.A.E.MBA (Chairperson)

Dr. Clea Bongat (Member)

Prof. Edgar S. Barremeda (Member)

according to their respective abilities. Every family member is needed in making a

industry must consider the potential consequences of their management decisions on

Planning and budgeting for these financial needs is crucial.

Table of Contents 4-6

List of Tables 7-8

Results of Thesis Proposal Defense 9

Results of Thesis Proposal Defense 10

Results of Thesis Proposal Defense 11

Summarized Results of Thesis Proposal Defense 12

Certification of Compliance to the Suggestions of the Panel 13

Certification of Non-commission of Plagiarism 14

Statement of the Problem 18-19

Related Research/Non-research Works 22-25

Gap to Be Bridged by the Study 26

Definition of Terms 31-32

Data Collection Procedure 35

Data Analysis Tools 35

CHAPTER 3. RESULTS AND DISCUSSIONS

Profile of the Household 36

Finances before COVID 19 Pandemic 40

Finances during COVID 19 Pandemic 44

Causes of change in the budget allocations for household items 48- 49

Adaptive Changes in the Familial Finances Management 49

CHAPTER 4. SUMMARY OF FINDINGS, CONCLUSIONS AND

Number Title Page

1 Bucket Theory of Financial Management 28

Table Title Page

2 Total Number of Household Members 37

3 Number of Children below 18 years old in the family 38

7 Causes of change in the budget allocations for 48

Results of Thesis Proposal Defense

Title of Thesis Proposal: Adaptive Changes in Familial Finances Management during

Criterion Maximum possible score Score given

Format and style 20 20

DR. EDDIE SEE, ED.D.,R.P.A.E.MBA

Results of Thesis Proposal Defense

Title of Thesis Proposal: Adaptive Changes in Familial Finances Management during

Criterion Maximum possible score Score given

Format and style 20 20

(To include following the 4-chapter (APA) format, the

______DR. CLEA BONGAT______

Results of Thesis Proposal Defense

Title of Thesis Proposal: Adaptive Changes in Familial Finances Management during

Criterion Maximum possible score Score given

Format and style 20 20

PROF. EDGAR S. BARREMEDA

Summarized Results of Thesis Proposal Defense

Title of Thesis Proposal: Adaptive Changes in Familial Finances Management during

DR. CLEA BONGAT