Financial Literacy and Its Relation To The Budgetary Practices of The Grade 12 Students at Quezon National High School

QUEZON DISTRICT
QUEZON NATIONAL HIGH SCHOOL

Alunan, Quezon, Isabela
FINANCIAL LITERACY AND ITS RELATION TO THE BUDGETARY

PRACTICES OF THE GRADE 12 STUDENTS AT QUEZON NATIONAL
HIGH SCHOOL
A RESEARCH SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS IN INQUIRIES, INVESTIGATIONS, AND IMMERSION
SUBMITTED TO:
AIREEN JOYCE C. MENDOZA
SUBMITTED BY:
ISABEL DE JESUS
MARIA ANGELINE DELOS SANTOS
JEANINE CORTEZ
LHEA MAE MANGOBA
SHANELLE LIDAY
MARIEL NATIVIDAD
PRECIOUS MASIGLAT
SHERMAY PASCUAL
JEANVERLY NERA
APRILYN DELFIN
ASHLEY SIGANG
RONNIE MONES
078-258-6133
300568quezonnhs@gmail.com
www.facebook.com/300568QuezonNHS
QUEZON DISTRICT
CHAPTER 1
THE PROBLEM AND ITS BACKGROUND
BACKGROUND OF THE STUDY
It is crucial to comprehend how financially literate people are and

how much their financial knowledge influences their financial decision-
making because people nowadays are more accountable for their personal
resources than ever before. Thus, it is important to expose every individual
to the basic concepts underlying financial decision-making before they make
important and consequential financial decisions.
The degree of financial literacy of a person is a crucial
determinant of that person’s capacity to make financial decisions. Financial
literacy, as defined by the Organisation for Economic Co-Operation and
Development (OECD), is the capacity to make sound decisions in a variety of
financial contexts, to improve one’s own and society’s financial well-being,
and to enable participation in the economy. Financial literacy is not just the
knowledge and understanding of financial concepts and risks.
A basic understanding of personal credit and a willingness to
accept personal responsibility are prerequisites for managing their own
finances. A person must examine their spending patterns and, most likely,
make changes as a result of budgeting. Consequently, one must control
their money rather than it dominate them.
For students, budgetary practices are essential because they
enable them to balance their academic expenses, personal expenses, and
other financial obligations. In general, budgetary practices of students
involve creating a financial plan, tracking expenses, identifying sources of
income, setting financial goals, and making informed spending decisions. A
well- crafted budget can help students to manage their finances effectively,
avoid overspending, reduce debt, and save money for future expenses.
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Developing financial literacy skills early on can help students to make

informed decisions about their finances and establish good budgetary
practices that will benefit them throughout their lives. By creating a budget
and tracking their expenses, students can learn to prioritize their spending
and make informed decisions about their finances.
The relationship between financial literacy and budgetary practices is
particularly important for students. By developing their financial literacy
skills and adopting effective budgetary practices, students can establish a
solid financial foundation for their future and avoid common financial
pitfalls.
CONCEPTUAL FRAMEWORK
A person’s ability to make sound financial decisions and

successfully manage their own finances is facilitated by having financial
literacy, which is a combination of knowledge, skills, and habits. A person’s
entire financial well-being can be improved by increasing their financial
literacy. Their awareness of the economic opportunities that come
throughout their life is aided by financial literacy. Their capacity to weigh
financial options and make choices that will improve their financial future
may be constrained by lack of financial literacy. Budgeting for school can be
made easier for children by acquiring financial literacy. Students who have
this understanding may be able to save money, pay off students loans after
graduating, and make sound financial decisions.
The four most common operational definitions of financial
literacy are budgeting, saving, borrowing, and investing. Financial literacy is
not just convenience or knowledge that everyone has, but an indispensable
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survival tool that individuals must have to survive in today’s modern society.
Knowledge is the most obvious and most common component of the many
conceptual definitions of financial literacy. Today, attitudes towards money
and the meaning of money have become important topics for everyone.
A student’s attitude towards money may shape their financial
literacy. Therefore, having a positive attitude towards money will influence
student’s behavior to gain more financial knowledge and financial literacy
whereas, negative money attitude will lead to poor management of personal
finances.
Financial literacy and budgetary practices are closely related
because having a good understanding of financial concepts and principles
can help individuals make better financial decisions and manage their
finances more effectively. Individuals who are financially literate are more
likely to have good budgetary practices because they understand the
importance of managing their finances and are better equipped to make
informed decisions about how to allocate their money. They are also more
likely to have a clear understanding of their financial goals and priorities,
which can help them create an effective budget and stick to it over time.
RESEARCH PARADIGM
I-P-O MODEL
FIGURE 1.
INPUT PROCESS OUTPUT

Collection, Assessed level
Analysis, and of financial
Interpretation literacy and the
Profile of the of data effectiveness of
respondents through the budgetary
questionnaire practices of
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300568quezonnhs@gmail.com and statistical Grade 12
treatment students
QUEZON DISTRICT
STATEMENT OF THE PROBLEM
1. What is the level of financial literacy of the Grade 12 students?

2. What are the budgetary practices of the Grade 12 students?
3. To what extent does financial literacy affect the budgetary practices of
Grade 12 students?
4. Is there a significant relationship between financial literacy and
budgetary practices?
SIGNIFICANCE OF THE STUDY
The study will be undertaken to identify the level of financial

literacy and budgetary practices of Grade 12 students. The finding of this
study is deemed beneficial to the following:
The Students. The result of the study will benefit the students on making a
informed decision about their personal finances, such as creating a budget
and saving money.
The Parents. This study will be beneficial to the parents. By knowing how to
budget the daily income of a family, they demonstrate proper knowledge by
giving money to their children as a daily school allowance.
The Teachers. The result of this may encourage teachers to give feedback to
students on their improvement in being knowledgeable in proper
management of money, such as financial literacy and budgetary practices.
The School Administration. The study will eventually help school
administration in maintaining the safety and security of students because
they will choose to spend their money off campus. School administration
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can benefit from this study because they will be better prepared to address
issues related to financial operations.
The Future Researchers. In addition, this study can assist future
researchers in compiling data that they can utilize as a starting point for
their next research parallel to this study.
SCOPE AND DELIMITATION
This study will focus on the level of financial literacy and the
budgetary practices among Grade 12 Students of Quezon National High
School. The study will be conducted in Quezon National High School located
at Alunan, Quezon, Isabela during the second semester of S.Y. 2022-2023.
Using the Percentage formula the total respondents of this study will be 127
respondents. The respondents will be selected using simple random
techniques. The research design that will be used is descriptive correlational
research design. The researchers will use survey questionnaires as the main
instrument in gathering data.
DEFINITION OF TERMS
BUDGETARY PRACTICES- methods and processes involved in developing,

putting into practice, and keeping an eye on a budget
LEVEL OF FINANCIAL LITERACY- refers to a person’s actual proficiency,

knowledge, and knowledge of handling their personal money
EXTENT OF EFFECT OF FINANCIAL LITERACY- refers to a person’s level

of knowledge and comprehension of financial terms and instruments
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CHAPTER 2
REVIEW OF RELATED LITERATURE
This chapter reviews related literatures and studies on the level of

financial literacy, financial management, budget, budgetary practices, and
financial knowledge.
 FOREIGN LITERATURE
Mason and Wilson (2000) defined financial literacy as a "significance

influencing process" in which people use a combination of abilities, assets,
and pertinent learning to process data and make decisions while being
aware of the budgetary repercussions of those decisions. Gallardo and Libot
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(2017) added that financial literacy is the awareness and knowledge of

business and finance, including the distinction between personal and
business finances. It comprises the person's capacity to perform compound
interest calculations, manage funds, and prepare for financial resources.
Poor financial literacy, particularly among young adults, is a
global problem, according to Castro, Salamat, and Tabor (2020). The
findings suggest that young professionals should be guided not only by the
financial experts and advisors of financial institutions but also by parents
and be taught in schools. Olima (2013) found that because financial
education programs direct program development and improvement, financial
literacy has a significant impact on financial management. According to the
study's findings, personal financial management is significantly influenced
by financial literacy in general.
Financial responsibility is one of the skills that students need to
succeed in life, according to Hitchcock (2008). It has an impact on students
education particularly when they are unable to sustain their needs.
Srudents should make wise financial decisions and fulfill their financial
obligations to live safer, less stressful lives. Even while they are still in
school, managing their money can help kids manage their cash inflow or
outflow. While planning future purchases and spending, students should
take time into account. They ought to be capable of managing their own
financial resources.
In order to manage their own finances, (Rebecca Hughes, 2018)
students need to be aware of what they need to buy and what they need to
buy.
The first step to become financially successful, according to Licera
(2020), is to become financially literate. To be financially literate, you don't
even need to have a degree or a master's in business studies. A smart place
to start is by reading articles on financial and investment blogs or books
written by professionals in the area. As a result of these investing
professionals' emphasis on making themselves clear to the public, you don't
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have to worry about not understanding what they are saying. According to
Grit.ph, "The time to think about investing is now for many young Filipino
professionals and entrepreneurs, especially in this period, where it's
conventional knowledge to consider investments early.
According to Klariz Angcanan (2018), students should think about
the budgeting process to give them an accurate performance to reach their
objectives. Both the amount of money needed to be spent and the amount of
money expected to be earned must be known by students.
A highly detailed plan is required for budgeting every aspect. It
makes it possible to determine how much money you will need to spend as
well as your anticipated revenue. Pupils need to understand how to handle
money properly so that they can keep track of their inflow and outflow of
funds. By creating a budget, we may reduce our spending and boost our
savings. Budgeting daily allowances helps us become better decision-makers
and teaches us how to control the amount of money we have in our
possession from a young age.
(Bona, 2018) asserts that parents are equally important in
influencing their children's attitudes on life in general as well as financial
management. Students must set aside some time to develop practical
budgeting tools in order to develop better financial habits. They should first
make their own budget and keep notes on how to make it better. They can
keep tabs on how much money they spend on apparel, entertainment, and
electronics by keeping a log of their expenditures. They must not overlook
setting aside funds for saves because a sound budget includes savings. Last,
they ought to have an optimistic outlook.
 LOCAL LITERATURE
Studying financial literacy is a viable strategy to improve

financial capacity for today's young people (Duquette, 2018). (Duquette,
2018). Students frequently don't know what to value most, therefore they
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waste money on unimportant things. Because they are unable to prioritize

the important purchases, people inevitably overpay when they make
purchases (Paine, 2012). When deciding what to prioritize, financial
planning might help. According to Ferdinand L. Timbang's 2015 book
"Financial Management," financial planning is beneficial for both short- and
long-term strategies. Financial planning acts as a basis of the operations or
the allocation of the person must expend dollars. Budgeting, in one word, is
financial planning.
Learning about money can begin at home. The Money Wise Family
System is a book that explains how parents may teach their kids to save
money. Also, it discusses how every child is unique from one another.
According to the book, some kids love to spend wildly while others prefer to
see their funds develop. Despite each child having individual characteristics,
the book claims that it is still possible to teach them in financial literacy
(Economides & Economides, 2012). In today's world, financial literacy has
evolved into a tool for guaranteeing a financially stable society, garnering
increasing attention in the fields of education and beyond (Odek, 2015).
Senior high school should be a part of everyone's life. At this point,
students are likely experiencing freedom for the first time. Independence
comes with obligations as well as advantages. It takes time and effort to
become an accountable student. It needs to be remembered and integrated
into one's mindset. One of these responsibilities is handling their allowance
(Kazmer, 2004). One of the difficulties every student encounter is managing
the money their parents provide them. Many students find it difficult to
divide their allowances. Money, one of life's most necessities, has a big
impact on every student's capacity to get through senior high school
(Babbie, 1997).
On the other hand, as they grow older and complete different
academic obligations in addition to things, they want to buy for themselves,
pupils learn to save their allowance. Budgeting is a crucial practical skill for
them (Norvilifis, et al., 2006). The way that the children handle their money
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varies depending on what they need daily. Having an allowance is necessary

for all students. They gain a better understanding of financial issues that
will be important to them in the future (Micomonaco, 2003). It enables
survival. It can help kids establish wise financial habits. It is only fair to say
that students need to be capable of effectively managing their allowance
given its significance. Students struggle to do this because they must
balance their needs and wants with their allowance. Also, some people only
have a certain amount of money. Effective budgeting is crucial. If done
properly, it can meet the students' needs as well as their desires. There are
differences in budget planning due to factors that can affect budgeting.
Students manage their money differently throughout college and high school
depending on their age, personality, and knowledge, among other factors
(Gordon, 2010).
The money management techniques used by students at a
university in the Philippines were investigated by Alibudbud et al. in 2019.
According to the report, while budgeting their allowances, most students put
their essential needs—like food, transportation, and school supplies—first.
The study also showed that students who understand financial management
better are more likely to create prudent budgets and save money.
A budget can be excellent tool for managing finances, but if it’s
extremely meticulous or idealistic, it may soon become overwhelming. An
emergency fund should be a crucial part of every budget because it can help
anyone finance unforeseen expenses like medical bills, so they don’t have to
draw income from other areas. “For example, allocate just as much their
savings as their emergency fund”, Wong says. “There are things that they
will likely sacrifice when budgeting, but its very important to be realistic and
understand their own habits”.
A budget can be made in a variety way, it can also be managed in
a variety of ways. Follow their preferred method of budgeting, whether its on
paper or online tool like Mint or Quicken. Making sacrifices is a necessary
part of managing expenses, but if they set restrictions too high and too
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soon, they will be less likely to stick to their budget in the long run. “Make
sure they approach it in a manner that they are comfortable with”, advises
Beck. Wong advises reducing their consumption gradually rather than
drastically. Nobody wants to adhere to a budget that eliminates all of their
enjoyable activities.
 FOREIGN STUDIES
Some academics have questioned the relationship between

financial literacy and sound financial decision-making.
Some academics have questioned the relationship between
financial literacy and sound financial decision-making and behavior. Making
sound financial decisions is positively impacted by other factors (Huston,
2010; Massimo and Ornella 2011). Massimo and Ornella (2011) state that
prior studies did not successfully demonstrate a strong financial decision-
making and knowledge of personal finance are correlated. Massimo and
Ornella asserted that elements including sociodemographic characteristics,
financial maturity. Making financial decisions is possible thanks to the
practical knowledge gained through using financial goods on a daily basis,
as well as the quantity and caliber of information at hand.
Also, the relationship between behavior and financial literacy has
been questioned. For instance, Huston (2010) argued that while financial
literacy might be a useful trait for forecasting the outcome of financial
conduct, the strategy does not apply to everyone. Huston continued by
stating that impulsivity, behavioral biases, odd preferences, and unforeseen
events may all contribute to poor behavior.
Nonetheless, other studies support financial literacy and its
influence on behavior and decision-making. Financial literacy affects how
people and households behave when it comes to financial matters and
decision-making, according to previous studies (Brown, 2009; Chang &
Lyons, 2008; Kiviat & Morduch, 2012; Mandell & Klein 2009). According to
Brown (2009), financial decision-making is influenced by financial literacy.
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Brown looked on how much financial decision-making among graduate-level

health professionals was influenced by personal finance education.
According to Eales and Warren-Myers (2017), most of the students
polled said they routinely budget their money. However, the authors also
mentioned a few variables that affected students' budgeting habits.
Comparatively to students with less financial literacy, individuals with better
financial literacy were more inclined to budget their money.
Spending does not immediately stop when someone just believes
that they need to stop spending and start saving, according to Kaitlin
Karlson (2013), who also noted that "controlling spending in this manner
involves a degree of self-control and forethought that is only tough for most
individuals to attain." We all know that it is challenging to refrain from
spending money whenever we visit shopping centers or other
establishments; therefore, it is not an easy task. To avoid buying goods that
students don't need or that are superfluous, they must exercise self-control.
It is not only about being able to stop immediately; they also need to know
how to plan and manage their finances when they are out spending money.
They would decide to purchase the good that satisfies their interest
and expectations in terms of the products and pricing, claims Yasmin
Hassan (2010). Teenagers avoid making purchases of items whose quality
falls short of their expectations. Teenagers frequently hunt for product
brands because there are so many emerging brands that they frequently
purchase. The brands they desired are rather expensive yet of high quality.
Teenagers occasionally just care about how something looks when they are
wearing it, not how much the clothes or other items cost. Teenagers can
easily lose money after that.
Chien-Wen (2010) found evidence to support the link between power-
prestige money views and impulsive spending. He also reaffirmed the link
between financial literacy and impulsive purchasing. How someone spends
money is determined by his or her attitude. The downside of having an
attitude that leans toward overspending on clothes, accessories, and other
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items is that the money will disappear more quickly than it would for
someone with an attitude that leans toward being frugal and prudent. One
of the most important tools for a youngster to regulate their spending and
conserve money properly is a budget. If someone is making more money
than they are losing, investing is also advantageous for the future.
The University of Pennsylvania claims that (2015) knowing how to
budget makes anyone happy for the future, and spending their money
enables them to know if it is simply their wants and needs, as the purpose
of excellent budgeting is to spend less than they earn and to know what they
are saving for. List their goals so that they can understand why they are
saving, then decide how they will budget. Second, list their expenses so that
they can calculate how much they save and create a daily schedule. Have a
plan for how they use it. Fourth, they discuss it and decide how to consume
it with their pals. Lastly. Treat themselves; after all, it's their money. As a
student, it gives them a variety of methods to manage and spend their
money, but it also prepares them for their immediate future. Budgeting is
not enjoyable since it prevents them from purchasing the things they want,
but it has a lot of benefits.
The Journal of Consumer Affairs revealed that budgeting practices
like keeping track of costs and making ahead plans for purchases were
positively correlated with financial literacy. The study also discovered a
favorable relationship between financial literacy and financial well-being,
which raises the possibility that good budgeting techniques can significantly
affect students' financial well-being.
 LOCAL STUDIES
Financial literacy was defined by PISA as the ability to successfully

apply knowledge of financial concepts and risks in a variety of
circumstances to improve one's own and society's financial well-being and to
encourage participation in the economy.
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Financial literacy, according to Fernandes, Lynch, and Netemeyer

(2014), helps a person be more knowledgeable and confident while making
financial decisions. Financial literacy, it was added, fosters sound financial
behavior that makes it easier for people to manage their money.
Motoo Konishi, the country director for the World Bank, found that
having extensive knowledge of financial literacy issues can help people
obtain financial services in a society. So, encouraging financial literacy is
essential to achieve significant financial inclusion and advance Economic
Growth.
Financial literacy is one of the key strategies the Philippine
government has identified for reducing poverty and promoting equitable
growth (Philippine Development Plan 2011-2016). Because many students
need financial literacy as a crucial element in financial decisions and
because they will enter the job after graduation, students are the ideal
audience for financial literacy programs. They will be responsible for
handling their budget. Students will start making decisions that could affect
their financial wellbeing, which will prepare them to make more responsible
financial decisions later on and develop into financial literate, self-sufficient
people, according to Remund (2010).
Acheampong, Kyei-research. Baffour's In their assessment of
financial literacy among university students, Hanson-Cobbinah and Osei
(2015) discovered that over half of the population was financially illiterate.
The systematic absence of personal financial education in college curricula
is one factor contributing to the low level of knowledge. It is not unexpected
that the findings indicate that university students have insufficient
knowledge of personal finance given the paucity of financial education.
Another study by Mohd Rahim Ariffin and Zunaidah Sulong (2017),
which focused on the degree of financial literacy and students' perceptions
toward saving behavior in a population, revealed a positive correlation
between saving behavior, parental socialization, and peer influence and a
negative correlation between self-control. The cost of goods is rising in the
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Philippine economy, and money has increased in value. Also, there are
hardly any items left that cannot be purchased with money. Because of this,
it's important to spend it properly, and to do so, one needs to have enough
budgeting expertise (De Guzman et al., 2012).
SYNTHESIS OF LITERATURE AND STUDIES

This literature and studies are focused on the level of financial
literacy, especially in its relation to the budgetary practices of Grade 12
students. This part of the study shows the importance of having knowledge
of managing people’s budget. It shows that there are many benefits in
having wise mind in in financial decision-making. Many students find that
being financial literate can make them more financially stable and most of
all having financial knowledge teaches them to be wise in any financial
decisions.
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CHAPTER 3
METHODOLOGY
This chapter covers the various approaches that were employed in the
data collection and analysis for the research. The methodology will cover
topics including the study's location, research design, sampling and sample
size, data types, data gathering method, and data management.
RESEARCH DESIGN
The research design that will be used is descriptive correlational
research design to provide the real picture of the convenience on having
knowledge on financial literacy. The experience will be identified through the
questions that was prepared by the researchers.
RESEARCH LOCALE
This research will be conducted in the Senior High School building of
Quezon National High School in Alunan, Quezon, Isabela during the second
semester of the school year 2022-2023.
RESPONDENTS OF THE STUDY

The respondents of this study will be the students of Quezon National
High School particularly the Grade 12 students. Using the Percentage
formula from the population of 423, 127 students will be chosen as sample-
respondents. The researchers will use simple random sampling in choosing
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the respondents.
DATA GATHERING INSTRUMENT

To obtain the necessary data and information for the study, the
researchers used the survey questionnaire as the main research instrument.
The questionnaire was used to determine the effect of saving money using
the budgetary practices of students. The first part of the questionnaire
included the profile of Grade 12 students at the school. Part II includes
students’ expenses. Both part I and part II are recognized by checking the
given answers. Part III focuses on the effects of student’s preferences on the
operations of budgetary practices and is answered through Likert-type scale.
DATA GATHERING PROCEDURE

Before gathering the data from the respondents, the survey
questionnaire was checked by the research adviser for validity. A permission
letter to conduct the study was sent to the principal of school. Upon
approval, the researchers asked the respondents cooperation to answer the
survey questionnaire. The responses of the respondents were recorded,
interpreted, and analyzed after they took the test.
DATA GATHERING ANALYSIS

The data will be obtained through the survey questionnaire will be
interpreted and analyzed through the following statistical tool:
1.Frequency Count and Percentage were used in getting the profile of
respondents.
P=f/n x 100%
2. Using the Likert-Scale type of questionnaire, the weighted mean will be
used to determine the level of financial literacy and budgetary practices of
the students, the researchers used the weighted mean formula:
Weighted Mean= (sum of number x weighting factors)
Sum of the weights
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3. Pearson Product Correlation was used in determining the effect of

financial operation to the students such as financial literacy, budgetary
practices and financial knowledge.
F=MSB/MSE
ARBITRARY SCALE
SCALE MEAN INTERVAL VISUAL

INTERPRETATION
5 4.20-5.00 Always Observed
4 3.40-4.19 Often Observed
3 2.60-3.39 Sometimes Observed
2 1.80-2.59 Rarely Observed
1 1.00-1.79 Not Observed
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Financial Literacy and Its Relation To The Budgetary Practices of The Grade 12 Students at Quezon National High School

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QUEZON DISTRICT

QUEZON NATIONAL HIGH SCHOOL

FINANCIAL LITERACY AND ITS RELATION TO THE BUDGETARY

A RESEARCH SUBMITTED IN PARTIAL FULFILLMENT OF THE

BACKGROUND OF THE STUDY

It is crucial to comprehend how financially literate people are and

Developing financial literacy skills early on can help students to make

A person’s ability to make sound financial decisions and

INPUT PROCESS OUTPUT

STATEMENT OF THE PROBLEM

1. What is the level of financial literacy of the Grade 12 students?

SIGNIFICANCE OF THE STUDY

The study will be undertaken to identify the level of financial

SCOPE AND DELIMITATION

BUDGETARY PRACTICES- methods and processes involved in developing,

LEVEL OF FINANCIAL LITERACY- refers to a person’s actual proficiency,

EXTENT OF EFFECT OF FINANCIAL LITERACY- refers to a person’s level

This chapter reviews related literatures and studies on the level of

Mason and Wilson (2000) defined financial literacy as a "significance

(2017) added that financial literacy is the awareness and knowledge of

Studying financial literacy is a viable strategy to improve

waste money on unimportant things. Because they are unable to prioritize

varies depending on what they need daily. Having an allowance is necessary

Some academics have questioned the relationship between

Brown looked on how much financial decision-making among graduate-level

Financial literacy was defined by PISA as the ability to successfully

Financial literacy, according to Fernandes, Lynch, and Netemeyer

SYNTHESIS OF LITERATURE AND STUDIES

RESPONDENTS OF THE STUDY

DATA GATHERING INSTRUMENT

DATA GATHERING PROCEDURE

DATA GATHERING ANALYSIS

3. Pearson Product Correlation was used in determining the effect of

SCALE MEAN INTERVAL VISUAL

5 4.20-5.00 Always Observed

4 3.40-4.19 Often Observed

3 2.60-3.39 Sometimes Observed

2 1.80-2.59 Rarely Observed

1 1.00-1.79 Not Observed

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