FINANCIAL LITERACY AND SPENDING HABITS

OF ACCOUNTANCY STUDENTS IN ST. FRANCIS XAVIER COLLEGE

A Research

Presented to

the Faculty of College of Business Education of

St. Francis Xavier College

In Partial Fulfillment

of the Requirements for the Degree

Bachelor of Science in Accountancy/Accounting Information System

by:

Kaye Jay M. Enriquez

Jessa Mae Esmao
Jolina June A. Malahay

January 5, 2023

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Introduction

Conforming to Sanil in 2018, one of the factors that can lead to financial satisfaction is having the most

desirable spending habits. As a result, financial satisfaction is dependent on people's ability to manage and

control their personal finances in order to improve their financial decision making and financial status. This is also

supported by (Klapper et al., 2013) study, which discovered that individuals with higher levels of financial literacy

are more likely to have more unspent income and lower spending, resulting in less negative income if they

experience a financial crisis caused by unexpected economic and income shocks.

Financial literacy plays a big role in people's economic and financial stability development, particularly the youth.

Financial Literacy provides the necessary knowledge, skills and tools for individuals to make informed financial

decisions. Trends support the growing global interest in financial literacy as a key to life skills. Currently, students

play an important role in the country as part of the country’s notable portion of buyers' overall spending. Due to

the development of technology students are now dealing with issues related to financial irresponsibility. Bona, J

(2017) emphasized that the spending conduct of youth and their constrained comprehension of cash

administration invigorate propensities that may result to expensive budgetary errors today and in the future.

Young people today are growing up in a society of extravagant lifestyles and easy credit. Students are less likely

to be in debt when they able to have the knowledge on their finances.

The Organization for Economic Co-operation and Development (OECD.), defined financial literacy as

"A combination of knowledge, awareness, skill, attitude, and behavior necessary to make better financial

decisions and ultimately achieve individual financial well-being" (OECD INFE3, 2011). It is the skills, motivation,

and confidence to apply knowledge and understanding to make effective decisions across a range of financial

texts. Komal, Yadav and Mehta, 2017 concluded in their study that Financial literacy is the ability to make

informed judgments and to take effective decisions regarding the use and management of money. From

this study it has been concluded that student did not make the planning for their finance according to their needs.

Whereas, Norvilitis and Santa, (2002) also concluded that young adults may be unprepared to effectively

manage the psychological costs with financial problems such as increased levels of stress and decreased levels

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of well-being. However, it is generally accepted among researchers that, financial education is the key to

decrease financial problems, especially among students. On a study conducted by Bona, J. (2017), most of the

students spend their money blindly. Thus, the need to call to improve the financial literacy among students to

cope with future problems in finance knowing appropriate and wise spending practice.

Learning at university plays an important role in shaping students’ financial literacy. The cost of

education continues to rise and as a result its potential economic return seems more uncertain. It is good to note

however that at the present times, the government imposes free education in the Philippines. And college

students in St. Francis Xavier College were able to have the opportunity for financial aid grants from the

government. While money is not solely spent for tuition in education, students especially accountancy

students must recognize the importance of their major decision in spending they have.

In the Philippines, there are very minimal research has been conducted about the financial literacy and

spending habits of accountancy students. In this connection, the researchers decided to conduct a study

about financial literacy and spending habits of accountancy students in St. Francis Xavier College. Bridging on

this gap there are early researches which are done to check the level of financial literacy of students in the

Philippines but not about their impact on spending habits, whether and how this students making informed

decision around their finances. While previous research has provided evidence of student's financial literacy and

improved our understanding of the issue, many studies have focused on specific areas of personal finance while

ignoring others (Abichuela, 2021).

This study aims to explore the level of financial literacy and assess the impact on spending habits of

accountancy students. To understand the manner and importance of their financial literacy and spending habits

so that they can have the ability to determine how and where their money goes. This study can also help them

avoid committing more money management mistakes and be more confident in managing their finances.

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Statement of the Problem

Generally, this study aimed to determine the level of financial literacy and spending habits of

accountancy students in Saint Francis Xavier College. Specifically, this seeks to answer the following questions:

1. . What is the level of financial literacy in terms of:

1.1 financial knowledge;

1.2 financial behavior; and

1.3 financial attitude?

2. What is the level of spending in terms of:

2.1 lifestyle;

2.2 food;

2.3 academic purpose; and

2.4 transportation?

3. Is there significant difference between financial literacy and spending habits among accountancy

students in St. Francis Xavier College?

4. Is there a significant relationship between financial literacy and spending habits among accountancy

students in St. Francis Xavier College?

Theoretical Framework

The theoretical framework of this study is based on fundamental theories such as the economic theory

the life-cycle hypothesis (LCH), social learning theory and the social cognitive theory.

Subsequent research has generally supported the life-cycle hypothesis. The life-cycle hypothesis (LCH)

is an economic theory that pertains to the spending and saving habits of people over the course of a lifetime. The

concept was developed by Franco Modigliani and his student Richard Brumberg in the early 1950s. This study is

based on an individual's financial decision evolves as they mature. According to the Life-Cycle Theory of

Consumption, a person's financial behavior evolves as they mature and is influenced by the amount of goods

and services they consume in relation to their needs and wants.

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 Furthermore, this study was based on social learning theory by Albert Bandura(1971) which states that

individuals’ behaviors are influenced by their surroundings. Social learning theory explains how environmental

factors influence people throughout their lives. In the present study, the theory was employed to show how

financial behavior of young individuals (students) is influenced by their surrounding social environment (peers).

Consequently, young people acquire their financial values, knowledge, and attitudes from their home and

surroundings—that is, family, school, friends, and other agents and institutions all play a role in shaping young

people’s financial behavior over time.

In addition, according to social cognitive theory propounded by Albert Bandura as early as in the 1960s.

Social cognitive theory strongly lays emphasis on one’s cognition. It suggests that the mind is an active force that

constructs one’s reality selectively, encodes information, performs behavior on the basis of values and

expectations and impose structure on its own actions. It is through an understanding of the processes involved in

one’s construction of reality that enables human behavior to be understood, predicted and changed. In view of

the theory, the student” financial literacy is a product of interaction of his personality and consequently, spending

habits he develops basing on his expectations of the outcome of his actions.

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Conceptual Framework

The following diagram shows the independent and the dependent variables of the study which help

grasp and understand what the research is about. The conceptual framework is formulated to explain the

relationship between dependent variable and independent variable. In this study, spending habits is regarded as

dependent variable whereas; financial literacy is categorized as independent variable.

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Financial Literacy Spending Habits

 financial knowledge  lifestyle

 financial behaviour  food

 financial attitude  academic purposes

 transportation

Figure 1. Conceptual Framework.

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Scope and Delimitation of the Study

The study was conducted in St. Francis Xavier College wherein one hundred sixty one (161)

accountancy students were used as a sample. This study will focus on determining the financial literacy and

spending habits among college students, particularly, BSA students. In this regard, this study will find out the

level of financial literacy in terms of financial knowledge, financial behavior, and financial attitude. At the same

time, the respondent’s assessment on spending habits in terms of lifestyle, food, academic purposes, and

transportation.

Significance of the Study

The study aims to provide valuable data which will be helpful in making the decisions for faculty

members of BSA/AIS, students, researchers and Future researchers.

Faculty of Bachelor of Science in Accountancy/ Accounting Information System. The findings of this study will

benefit the faculty members by being aware of their student's level of financial literacy and spending habits. They

will be able to know what and how to improve their teaching styles on financial education.

Students. Findings of this study would help students assess their level of understanding about financial literacy.

This enables knowledge about spending habits and performance. As well as, to process financial information and

make informed decisions on finance.

Researcher. The researchers can benefit from this study by developing guardrails in
achieving financial goals through practicality. One's knowledge and competence of a given
subject increase when they identify their academic, professional, and personal interests to
budgeting control.
Researcher. The researchers can benefit from this study by developing guardrails in
achieving financial goals through practicality. One's knowledge and competence of a given
subject increase when they identify their academic, professional, and personal interests to
budgeting control.
Researchers. For this would serve as springboard for their goals in achieving facts, information and knowledge

about student’s financial literacy and it affect their spending habits.

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Future Researchers. For this study may serve as a reference material in order to provide additional information

or ideas related to the study.

Definition of Terms

Financial literacy. It refers to the capacity to understand and effectively use a variety of financial

concepts and abilities, such as personal financial management, budgeting, and investing. Operationally, it is one

of the variables being measured in the study.

Financial attitude. It refers to the approach of a person towards personal finances

Financial knowledge. It refers to the financial awareness and understanding financial concepts and

procedures. Operationally, it is the knowledge a participant has regarding financial matters. It is also one of the

areas that can measure the level of financial literacy.

Financial behavior. It refers to the preparation of the use of money as expenses and developing

financial security. Operationally it refers to the behavior or how respondents manage their finances on. It is also

one of the areas that can measure the level of financial literacy.

Lifestyle. It refers to the leisure activities of the respondents.

Spending habits. This refers to the behavioral pattern in using up money of an individual. Operationally

it refers to the pattern of participants on how and where students spend their money.

Transportation. It refers to the respondents means of transportation upon going to school.

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REVIEW OF RELATED LITERATURE AND STUDIES

This chapter covers some literature related to the study, particularly on conceptual literature and

research literature which are presented in the following paragraphs.

‘Financial literacy is both an important life skill and a critical intellectual competency' and 'an essential component
of a college degree’. (Kezar and Yang, 2010:15).
Financial Literacy

Literacy is referring to the ability of an individual that can read and write (Li, 2020). Financial

literacy is the necessary knowledge, skills and tools for individuals to make informed financial decisions.

Financial literacy has become a significant challenge in society especially among the young generation.

Financial literacy is important to ensure that there will be sustainable development of individuals

and the society (Swiecka, Yeşildağ, Özen, Grima, 2020; Hanson & Olson, 2018). It will help the youthful

generation to make good financial commitment. This affects everything from day-to-day to long term financial

decisions, and this has implications for both individuals and society. Low levels of financial literacy across

countries are correlated with ineffective spending and financial planning, and expensive borrowing

and debt management. These low levels of financial literacy worldwide and their widespread implications

necessitate urgent efforts. The relevance of financial literacy must be discussed while looking at financial literacy

and its effects. No matter how high a person's income level, financial stability will be difficult to accomplish without

effective financial management. If there is proper financial management accompanied by solid financial literacy, the

standard of life is expected to increase. The importance of financial literacy is not due to the difficulty in using the

money they have, but individual is expected to be able to enjoy their life by using their precisely owned financial

resources (Damayanti, Murtaqi, & Pradana, 2018). Lusardi, A. (2019). Gallardo & Libot (2018) characterized

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financial literacy as the awareness and knowledge of business and finance, financial capability, money

management and financial planning.

In today's interconnected world, having a financial knowledge is crucial for everyone who manages their

finances on a daily basis, not just those who work in the banking and investment industries. People that have a

lot of information are better equipped to manage their finances as investors, savers, or consumers. (Happ, R.,

Hahn, J., Jang, K., & Rüter, I., 2022). According also to Andreou, Panayiotis & Philip, Dennis, financial literacy is

also seen to have a direct impact on how well students manage their credit card debt and their capacity to steer

clear of dubious investments. Understanding the relationship between knowledge of personal financial issues

and corresponding financial behavior is increasingly recognized as an area of critical financial importance.

Recent economic troubles in the United States and abroad highlight the importance of understanding financial

markets. Present data suggest that financial knowledge is important, but questions remain as to the exact nature

of knowledge’s impact on overall financial well-being (Robb, Woodyard., n.d.). Personal inclination toward

financial matters can be defined as financial attitude. It is the ability to plan ahead and keep a savings account

that is important (Rai et al., 2019). In order to enhance financial literacy among generations, the focus should be

on developing favorable financial attitudes among the people of the country. Then only, real benefits of any

financial education program can be achieved. Identified that financial attitudes are the outcome of a certain

behavior of a decision-maker and the attitude can be entrenched through their economic and non-economic

beliefs (Bhushan,Medury 2014).

For Atkinson and Messy (2018), financial behavior is very important and a fundamental component of

financial literacy and a positive financial behavior of individual such as appropriate planning for expenditures and

caring financial stability enhances their financial literacy level, whereas negative financial behavior like largely

depending upon credits and loans weaken their financial well-being. In their study, Sages and Grable (2019)

found evidence that individuals with lower levels of financial risk tolerance have difficulty making financial

decisions and are dissatisfied with their financial management competency. It means that financial attitude and

financial behavior are linked.

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 Financial behavior is related to how people manage, treat, and utilize available financial resources.

Individuals tend to be effective in money management such as budgeting, saving, spending, and investing.

According to the study of Abdulla et Al. (2019). Financial literacy has positive and significant contribution on

financial behavior. The quality of teaching and learning process in financial education at university can be

improved more. In addition materialism has a positive and significant contribution on financial behavior.  The vast

number of materials in financial education will not give positive effects on undergraduates’ financial behavior if

the materials are not related to personal financial management. Thus, the use of real-life cases with the touch on

personal financial management have to be implemented. Secondly, it is about the improvement of graduates’

financial literacy. Undergraduates’ financial literacy can be enhanced through an effective financial education and

a seminar on financial management. Financial management education can result in some positive things related

to spending, saving, and investing money correctly.

According to de Castro, Salamat & Tabor (2020), financial literacy is an important element in financial

decision making and well-being, which may affect all areas of our lives. Poor knowledge on financial literacy,

particularly among young adults, is a global problem. The finding suggest that young professionals should be

guided not only by the financial experts and advisors of financial institutions but this should be observed with

parents and be introduced in schools and universities to gain adequate knowledge on financial education. Also,

results indicated financial education positively affects financial knowledge which in turn influences both financial

attitude and behaviour. Study shown that in terms of financial attitude the future and non-impulsiveness was

important while in financial behaviour expenditure monitoring and saving was critical. On any connections, no

gender difference was noted. Creating financial education accessible as well as continuous change of attitude

are recommended for immediate actions.

Mohammed et al. (2018) conducted a study that aims to determine the height of financial literacy amid the

young generation in Malaysia. It directs to developing unique representation of financial literacy among youthful age

as assumed Family, Peer, Attitude, Saving and spending behavior significantly influence Financial Literacy among

Young Generations. The results revealed a significant positive relationship between Behavior and Financial

Literacy. Furthermore, the findings showed that Family/Parental and Peer significantly influenced Financial Literacy.

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The study implies that it is related to the public, academic and university administrators, government, and financial

advisor to grow the level of financial literacy by implementing several financial educational programs.

Spending Habits

In recent times, one of the most enduring challenges that still affect college students is the huge

difficulty in controlling the way they spend, and worldwide, very minute research has been done about this. The

current level of the problem on the spending front is again, not absolutely figured and sorted out. The spending

habits of students nowadays has become a major concern in our society in view of the increase in bankruptcy

cases and social problems among younger generation which are often associated with their financial instability

due to poor individual financial management. According to Obagbuwa and Kwenda (2020), a person is classified

as a poor spender if he or she has poor discipline in terms of constant spending behaviour. Researchers Kamis

et al (2021) said that when spending increases, demand also increases.

Obagbuwa and Kwenda (2020) found that students who have good financial management spend a

larger proportion of their money on purchasing durable goods. Durable goods can be items related to education

and housing. According to Obagbuwa andKwenda (2020), this is more for the purpose of investment. There are

different types of spending habits such as impulse buying, shopping as a basic habit, spending very frequently on

small items, and forgetting to save.

The study conducted by Singh et al. (2020), focused on determining the spending behavior of 138

university students in Delhi & Mumbai. Respondents were found to be spending tightly when it came to shopping

and travelling and academic purposes and loosely when it came to entertainment and lifestyle. It can be

concluded that gender, being outstation or being based in the city were the key determinants that made the

difference on spending behavior. In addition, according to Gulati (2017), peer influence can have an impact on

students' spending habits. This is because students today spend more time in school. Teenagers will follow the

trend that the majority of their peers pretend to follow in order to fit into a group or be liked by their peers. This

will have an impact on teen buying habits.

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 According to Jeevitha, et al., (2019) the study was conducted in India. They conclude that students

saved less than they spend but their spending avenues are different. Most of the students have savings and they

know about the importance of savings. Students commonly prefer saving bank account as their saving avenues.

Students save for their emergency situation. From the study on spending pattern of students, they are spending

higher amount in transportation and studies.

Spending habits of college students can affect their financial mistakes in the future. In the Philippines.

College students have experience difficulty managing their expenses especially in terms of Personal needs,

foods, academic purposes and transportation. According to a study conducted by Dimaala et al. (2019), College

students are loose in spending their money when it comes to their personal needs, academic purposes, and

transportation and it became tight when it comes to their foods. The study conducted focused on the general

weighted average and a monthly allowance of the 345 business management students in the polytechnic

University of the Philippines. The study conducted to determine if there is any relation between the general

average and allowance of the selected students with their spending habits, and the results revealed that the

participants are loose in spending their money when it comes to their personal. In similarity to the previous study,

according to Abawag, et al., (2019) College students face a lot of difficulty in maintaining and spending according

to the budget maintained by them. A very little research has been conducted on this subject as a result of which

the problem is still not identified. This study is conducted to observe the behavior of the University of Saint Louis

Tuguegarao. Stratified random sampling was used to determine the 234 respondents who are taking

Management Accounting, Financial Management and Marketing Management course. It can be concluded that

sex, course, year level and ethnicity are determinants of the difference on spending behavior of management

students while socioeconomic status was found insignificant when comparing the said behavior. This research

shows what the daily allowances of students from different countries are. The paper tells what the students are

more likely to spend on including transportation, clothing, food, parties, etc. The main focus of the study was to

determine the spending behavior of management students as compared to other field students.

Binobo et al. (2019) stated that no significant difference in the level of financial literacy when

participants are grouped according to grade level, district and family monthly income. But there is a significant

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difference in the level of financial literacy when grouped according to sex. Further results show that there are

existing relationships between spending habits, saving habits and financial knowledge amongst each other. The

conducted study determined the level of financial literacy of senior high school students from different private

schools of Bacolod City. It dwells on the areas spending habits, saving habits and financial knowledge in order to

determine the overall financial knowledge.

CHAPTER 2

Research Methodology

This chapter presents the research methodologies used in the study. This covers the research design,

locale of the study, respondents of the study, research instrument, validity of the research instrument, reliability of

the research instrument and data-gathering procedure.

Research Design

The researcher will utilize descriptive-correlational research design where quantitative methods are use

to collect and analyze data. Research studies that seek to present static images of circumstances and determine

the link between various factors employ descriptive correlational design. Descriptive correlational design provides

a snapshot of the current state of affairs and discovers relationships among variables to allow the prediction of

future events from present knowledge (Stangor, 2011). This design is deemed appropriate to be used because it

attempts to describe the underlying variables of the study and reveals the degree of association between the

variables of the study. Hence, it gives a better and deeper understanding of a phenomenon on the basis of an in-

depth study, which provides the basis for decision-making.

A quantitative method, according to Creswell (2014), is a type of study where it involves the processes

of collecting, analyzing, interpreting, and writing the results of a study. Specific methods exist in research that

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relate to identifying a sample and population, specifying the strategy of inquiry, collecting and analyzing data,

presenting the results, making an interpretation, and writing the research in a manner consistent with the study.

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 Figure 2. Locale of the Study

Respondents of the Study

The respondents of the study will be the Bachelor of Science in Accountancy students of St. Francis

Xavier College. A total of one hundred sixty one (161) accountancy students officially enrolled within the

academic year 2022 – 2023. Accountancy students tackle on decision-making in their field of work. It is important

for them to learn financial literacy and track the spending habits to make an appropriate and sound decision-

making. Also, accountancy students are usually the ones who are and will be exposed more in financial matters.

Therefore, it is only important for them to know financial literacy and be able to track their spending habits.

Moreover, the researchers will use the purposive sampling procedure for the selection of the

respondents. Crossman (2020) stated that a purposive sampling method is a non-probability sample that is

chosen according to the characteristics of a population and the objectives of the study. A non-

probability sampling is based on judgment where elements have an unequal chance of being chosen.

Research Instrument

The researchers will utilize questionnaires as a primary instrument for gathering information from the

desired respondents. Some parts of the questionnaire were adopted from a past researches study entitled,

"Level of Financial Literacy among third Level Students" Samel Silva (2012), “Relationship between Financial

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Knowledge and Spending Habits among Faculty of Management “Binti Azmi et. al., (2018) and "Spending

Behavior of Management Students of University of Saint Louis Tuguegarao, Cagayan” Abawag, et al., (2019).

The researchers divided the questionnaire into two parts. The first part pertains to the financial literacy

as to financial knowledge, behavior, and attitude of the respondents and the second part is about their spending

habits as to lifestyle, food, academic purposes, and transportation. The questionnaire is a 4-point Likert Scale

that will use to get the answers from the respondents.

Data Gathering Procedure

Data collection will be carried out by the researchers in the following order:

Letter of Request. The researchers will send a letter of approval to the school president to conduct the

study at St. Francis Xavier College.

Distribution of Questionnaire. The researchers will use the Google Form platform to disseminate the

validated questionnaires to be more careful about the on-going pandemic situation. Links will be emailed or sent

to their Facebook Messenger.

Gathering of Questionnaire. The collected data will then be summarized and sorted for the convenience

of the statisticians.

Consolidating of Data. Statisticians will apply the appropriate statistical approach for the study and sent

back to us the already analyzed, checked, and interpreted data.

Statistical Tools

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 The data will be gathered through the use of survey questionnaires. With the application of appropriate

statistical approach for the study, data will be tally, analyze and interpreted after. The following are the specific

statistical tools that the researchers will be using.

Descriptive statistics such as relative frequency, simple percentage, and weighted mean were used to describe

the dependent and independent variables of the study.

The data were also subjected to correlational analysis to determine the significant relationships among the

variables.

The financial literacy of accountancy students will be categorized into:

Table 1.1

SCORE RANGES AGREEMENT INTERPRETATION

4 3.25-4.00 Strongly Agree Excellent

3 2.50-3.24 Agree Good

2 1.75-2.49 Disagree Poor

1 1.00-1.74 Strongly Disagree Very Poor

The spending habits of accountancy students will be categorize into:

Table 1.2

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Ethical Consideration

An important component of every research is the ethical issues. The primary goal of the research, truth,

and error avoidance is the dissemination of original knowledge and to match it. Additionally, ethics permits

researchers to formulate their studies collaboratively with the aid of their teacher, classmates, and those with

SCORE RANGES AGREEMENT INTERPRETATION

4 3.25-4.00 Strongly Agree Excellent Spending Habits

3 2.50-3.24 Agree Good Spending Habits

2 1.75-2.49 Disagree Poor Spending Habits

1 1.00-1.74 Strongly Disagree Very Poor Spending Habits

experience in the field.

Accountability, trust, respect, and fairness are requirements for this ethical consideration among all

individuals engaged in a study. The goal of this value is to safeguard the contributors' collective intellectual

property rights. Another ethical aspect is our responsibility to the public by safeguarding the study participants.

The methods used to acquire information and the way it is used are the main ethical concerns in research

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REFERENCES

Abawag, C., Ancheta, J., Domingo, I., Rabina, G., Saclote, A. and Taguinod, G. (2019). Spending

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https://www.academia.edu/38979306/Spending_Behavior_of_Management_Students

Abdulla, N., Fazli, S., & Arif, A. (2019). The relationship between attitude towards money, financial

literacy and debt management with young worker’s financial well-being. Pertanika Journal of Social Sciences and

Humanities, 27(1), 361-387. https://ijmmu.com/index.php/ijmmu/article/view/171/219

Binobo,K. J. , Salazar, L. M., Polidario, H., Somcio l, A., Susuntong, S. P. (2019) LEVEL OF

FINANCIAL LITERACT OF SENIOR HIGH SCHOOL STUDENTS FROM PROVATE SCHOOLS OF BACOLOD

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CITY [Dissertation, Trinity Christian School] Retrieved from

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financial behavior and financial knowledge of salaried individuals. Indian Journal of Commerce and Management

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