Respaperrevised1 1 1

Northeastern Mindanao Colleges
Corner Rizal and Amat St.,

8400, Surigao City
8400, Surigao City
8400, Surigao City
APPROVAL SHEET
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ACKNOWLEDGEMENT
The Researchers would like to express their sincere gratitude and
appreciation to all individuals and specially teachers who have contributed to
the successful completion of this research paper.
First and foremost, the researchers extend their heartfelt thanks to the
Practical Research Teacher, Mr. Charlton B. Feliza. His unwavering support,
guidance, and valuable insights throughout the entire research process. His
expertise and encouragement have been instrumental in shaping the direction
of this study. The researcher would also like to acknowledge the invaluable
assistance provided by the faculty members of Mr. Michael P. Anino,LPT
and Mr. Glen Boy Gurabil. Their mathematical concept, statistical analysis
and support have greatly enhanced the quality of our work.

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The researchers deepest gratitude goes to the participants of this study,
whose willingness and active involvement have made this research possible.
Their valuable contributions and cooperation are sincerely appreciated.
Furthermore, the researchers extended their appreciation to the
colleagues and friends who have provided them with helpful suggestions and
shared their knowledge and experiences, enriching our research endeavors.
Their encouragement and support have been a source of inspiration
throughout this journey.
Last but not least, the researcher would like to express their heartfelt
gratitude to their families for their unwavering support, patience, and
understanding. Their continuous encouragement and belief in us have been
the driving force behind our pursuit of knowledge. While it is impossible to
mention everyone who has contributed to this research, the researchers
sincerely appreciate the collective effort of all those involved. Their support
has been invaluable, and are truly grateful.

8400, Surigao City
ABSTRACT
Since the implications of personal money are substantial to society,
financial literacy has become one of the most pressing challenges in
industrialized countries in recent years. Given that today's world markets are
flooded with complex products; financial literacy is a need. It is crucial to
calculate financial literacy among people because of people's spending habits
and demand for anything material.
This research aimed to fing out how much senior high school student
of Northeastern Mindanao Colleges (NEMCO) know about Financial
Literacy and if they have knowledge about it. By analyzing the participants
responses in view of profiles and their saving, spending habits and their
financial knowledge the researchers concluded.
The senior high school students of Northeastern Mindanao Colleges
(NEMCO) have an adequate level of financial literacy. There is also no
significant difference on the level of financial literacy of the students when
grouped according to their demographic profile specifically in Age Groups,

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Sex Groups, and Family Income groups. Therefore, the demographic profile
of students does not affect their level of financial literacy
FINANCIAL LITERACY OF SENIOR HIGH SCHOOL

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STUDENTS OF NORTHEASTERN
MINDANAO COLLEGES
A Research Paper
Presented to the Senior High School Department
Surigao City
In Partial Fulfillment of the Requirements for
Practical Research 2
By
JOSHUA JAMES M. MAGPATOC
JOHN KERRY M. MONTEROS
SHEN VRIZEL L. SAYSON
WINFORD LEE V. TORING
DAN CARTER YU
May 2023
TABLE OF CONTENTS
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TITLE PAGE i
TABLE OF CONTENTS ii
CHAPTER
1 THE PROBLEM AND ITS BACKGROUND 1
Introduction 3
Framework of the Study 5
Statement of the Problem 9
Significance of the Study 9
Scope and Limitation 10
Definition of Terms 11
2 REVIEW OF RELATED LITERATURE 14
Synthesis of the Review 23
3 METHODS 24
Research Design 24
Participants 25
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Instrument 25
Data Gathering Procedure 25
Data Analysis 26
4 RESULTS AND DISCUSSION
5 SUMMARY, FINDINGS, CONCLUSIONS AND
Summary 27
Findings 28
Conclusions 29
REFERENCES
APPENDICS
A Letter of Permission 30
B Validation Letters 31
C Survey Questionnare 32
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CURRICULUM VITAE
CHAPTER 1
THE PROBLEM AND ITS BACKGROUND
Introduction
Money is the most common and Universal medium of exchange to obtain the
goods and services a person needs (Kenton, 2018). The purchasing power of the youth
today is said to be higher than any other generations before, this goes to show that the said
generation has influence that will continue affecting the world’s economies (Honigman,
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2013). The idea of personal finance has been described in the literature as the awareness
and use of financial knowledge in our day to day economic activities. Many academic
researchers in the field of personal finance have chosen to define the concept as “The
ability to make informed and efficient judgement regarding the use and management of
money” (Schagen and Lines, 1996).
Studies on financial literacy were uncommon in academic publications prior to the
2008 economic crisis, but after the crisis, governments of many wealthy countries gave the
subject the attention it deserved. For instance, a personal finance advisory council was
established to promote financial literacy awareness among Americans in the wake of the
financial crisis. However, the concept of personal finance literacy is based on certain
important aspects of finance, such as borrowing and saving, interest rates, budgeting, and
financial literacy (Chen and Volpe, 1998; Remund, 2010). American spending tends to be
higher than their savings rate, according to previous studies. As a result, the nation's
savings rate was entirely negative (Sullivaa et al., 2008).
Several Researches conducted globally to measure the financial literacy among
high school students and proven that experience the insufficient level of financial literacy.
According to Taking Stock with Teens Survey Teenagers in United States spends on to
clothing, accessories and footwear around 40% to their allowance.

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Obsessive Spending behavior, also called compulsive buying, is an addiction that
triggers pleasure receptors in the brain, much like drugs (Kagan, 2018). However, when it
comes to budgeting money, many falls short as the majority of youth in the United States
have less than one thousand dollars in their savings account (Elkins, 2017). New Research
even suggest that spending money can make humans happier, as long as the money spent
on is oneself (Nield, 2017).
Senior high school students at Northeastern Mindanao Colleges experiences
financial difficulties. Finances are important in high school, particularly because there are
many expenses like those for school supplies, funding, and involvement in fundraising
events. This study also demonstrated how difficult it is for students to meet their basic
necessities as well as their wants.
Students to learning how to handle their finances as they mature. Humans now
need the practical ability of budgeting if they want to keep and advance their social status.
Budgeting is significant for financial stability, ensuring oneself of being able to pay for
everyday expenses. One of the reasons why students waste their money is because they
don't prioritize their spending properly. The spending and saving habits of a person also
mirror how financially literate he/she is. According to Simon Martin, Head of Group
Corporate Sustainability at HSBC “As the world faces further economic uncertainty, it is
important that we equip our children with the financial literacy skills that they need to
make wise decision about how they spend and save their money.”
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Framework of the Study
This study is founded on the theory of the Financial Literacy in a Standard &
Poor’s (S&P Global Ratings) globally study, Philippines ranked in the bottom 30 out of
144 countries surveyed, scoring only 25 percent’s in terms of Financial Literacy. The
percentage of households with savings during the first quarter of 2022 in the Philippines
have increased marginally to 31.1% from 30.2% in the fourth quarter of 2021 (BSP
Consumer Expectations Survey Report). Some High School Student are in personal debt
due to the financial problem, students who live in a apartment or boarding houses in
particular. According to Atkinson and Messy (2012) suggested that financial literacy
should be taken as a combination of awareness, knowledge, skills, attitude and behavior
which are all necessary in making sound financial decisions and achieve individual
financial well-being.
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Input Process Output
• Profile of Students • Distribution and • Evaluation of

A) Age Collection analysis students and
B) Sex of data though Financial Literacy
C) Strand questionnaire or students are
survey. identified.
• Financial Literacy
of Senior High
Students.
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Figure 1. Schematic Diagram of the Study
Statement of the Problem
This study aimed to know the level of Financial Literacy of Senior High School
Students in NEMCO:
1. What is the profile of the respondents in terms of:
1.1) Age;
1.2) Sex;
1.3) Strand; and
1.4) Family Income?
2. What is the level of Financial Literacy of Senior High School students od NEMCO in
terms of:
2.1) Spending habits;
2.2) Saving habits;
2.3) Financial knowledge;
2.4) Family Income?

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3. Is there a significant difference on the level of financial literacy of Senior High School
students of NEMCO when grouped according to profile?
3.1) Age;
3.2) Sex; and
3.3) Family Income?
Hypothesis
At 0.05 level of significance, that there is no significant difference in the Senior
High School Students’ of Financial Literacy of grouped according to profile.
Significance of the Study
The purpose of this study is to provide evidence of personal financial literacy
among The Senior High School Students in NEMCO. To Achieve this, the research will
benefit the following:
Students. As the main participants of the study. To have more knowledge about
the right way of spending their allowance. There will also be examine of the money
management from Male/s and Female/s to budgeting, savings and borrowing.
Furthermore, this can raise their awareness in financial knowledge thus promotes learning.
Teachers. It is important to have the teachers know how the school work fee
affects the students daily budgeting and expenses as a student. It is best if the teachers can
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support their student not just in academic but in financial problems by giving them a lot
less cost for the project or requirements.
Parents. As the primary supporting financial of the students and personal life. This
can be beneficial to provide the ability to help the youth in a certain age range how to
budget the allowance. This can also help the parents understand where do teenagers spend
most of their allowance and how they spend into daily basis. This can also help to
promotes early education in home regarding the financial management.
Future Researchers. This can help to widen or specify the topic and consume to
their knowledge. They will be more confident in their answers and have better outcomes.
They can also help the understanding and affecting of research topic. This can also see the
factors of the students in spending and saving habits and the correlations.
Scope and Limitation of the Study
This research focuses and conducts of The Financial Literacy of Senior High
School Students in NEMCO. The study analyzes and develop money management
efficiently and also be able to identify the factors of the financial literacy. The related
studies are used to support for this research will be taken from books, journals and
websites or taken online. This study is only limited in Senior High School Students in
NEMCO. This research study does not involve any local elementary department, junior
high school students and college departments or strangers. This study is only centered and
focuses in Senior High School Students in NEMCO to give the true reflection and
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experiences of their financial literacy. So the researchers only conducted to the only
available students in Senior High School Department.
Definition of Terms
Financial Knowledges is the objective mastery of financial definitions, terms and
concepts. (nefe.org)
Financial Literacy is the ability to understand and effectively use various financial
skills, including personal financial management, budgeting, and investing. (Investopedia)
Finances is a term for matters regarding the management, creation, and study of
money and investments. (Investopedia)
Financially Literate refers to the ability to understand and apply different financial
skills effectively, including personal financial management, budgeting, and saving.
(cleartax.in)
Saving Habits are the excess of income over consumption expenditures someone
does often or regularly. (Collins Dictionary)
Spending Habits are a way you put your plan into action. (nerdwallet.com)
CHAPTER 2
REVIEW OF RELATED LITERATURE

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Since the implications of personal money are substantial to society, financial
literacy has become one of the most pressing challenges in industrialized countries in
recent years. Given that today's world markets are flooded with complex products;
financial literacy is a need. It is crucial to calculate financial literacy among people
because of people's spending habits and demand for anything material.
According to Mandell (2008) The results of the first Jump$tart survey in 1997
were appalling, returning an average score of 57.3%. The following four biennial test
means we’re between 50.2%-52.4%, and by 2008 the average score had drop to 48.3%,
which means that the test average has never made to the 60% originally designated as
acceptable. Some people (young people in particular) are having to have more financial
choices in their earlier age and are increasingly getting offered to borrow money and apply
to have credit (e.g. see Roberts and Jones,2001; Lusardi et al.,2010).
Financial Literacy can be defined as the ways how people manage their money in
terms of insuring, investing, saving and budgeting (Hogarth, 2002). Financial literacy or
financial capacity, is decided by a person's requirements, experience, and skills, and it can
have a beneficial impact on a consumer's personal involvement in financial markets and
services. As a result of the abundance of financial goods on the market,consumers are
compelled to make well-informed decisions in order to attain maximum pleasure. In order to
improve decision-making, customers must become more financially literate. When consumers
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are confronted with interesting financial decisions or difficult products, financial literacy
becomes essential. In general, learning financial literacy earlier in life could lead to essential
benefits in the long run as it enables individuals to with stand any financial distress that would
be encountered (Kerkmann et al., 2000)
A lack of Financial Knowledge has been identified as contributing to insufficient
retirement savings (Lusardi and Mitchell,2007). As Lusardi (2008) states, “individuals
need to know how to read and write financially”, by the complexity of financial problems
and financial decisions required in everyday life. This also applies to the teenagers
growing up in a society in which are the financial literacy is complex (Amagir at
al.,2018a). Similarly, a study about 4Ps parents’ beneficiaries are struggling when it
comes to financial literacy especially in allocating budget for food, education,
hospitalization or medicine and savings, the parents are having a difficulty in finding the
solution (Once, V. Gabon, Dela Cruz, R. Gabon, Lacaba, 2017).
A result in India that having a high level of numeracy knowledge can be having
trouble doing financial computations and parental involvement was also found to have a
significant influence and financial literacy (JD Jagaraman, Saigeetha Jambunathan, 2018).
From having knowledge and understanding of financial concepts and risks can be useful to
have the financial decision making among adults and young people (Organization for
Economic Cooperation and Development (OECD), 2017).

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Consumptive behavior is the tendency to buy goods or services without rational
consideration. This study aims to analyze the influence of financial literacy and reference
groups toward consumptive behavior across senior high school students. The study used a
cross-sectional design and the research location was selected purposely based on the
distance of the school from the shopping center area. Using the self-administered
questionnaire, the study involved 125 students of public high school (SMAN) at Bogor
City, that is SMAN 3 and SMAN 9. The data were analyzed using descriptive analysis and
inferential statistics. The study showed that the level of financial literacy was in the
medium category, while the reference group and the level of consumptive behavior were
in a low category. Moreover, results indicated a relationship between the characteristics of
adolescents, financial literacy, reference groups, and consumptive behavior. The
regression test found a significant negative effect of financial behavior toward
consumptive behavior. Females were more likely to be more consumptive, while reference
groups positively influenced the consumptive behavior of senior high school students.
This study examines how saving motives are related to saving habits using Katona’s
(1975) psychological classification of saving, where households save regularly
(discretionary), save irregularly (residual), or do not save. Of the 3,822 non-retired
households in the 2007 Survey of Consumer Finances, 46% saved regularly, 32% saved
irregularly, and 22% did not save. Precautionary and retirement motives increased the
likelihood of saving regularly or irregularly as compared with not saving, but only the
retirement motive separated the regular savers from irregular savers. A long-term planning
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horizon and higher income increased the propensity for regular or irregular saving as
compared with not saving, and for saving regularly as compared with irregularly, while
low risk tolerance had the opposite effect. Financial advisors, educators, and policymakers
should facilitate short- to long-term goal seeking with frequent saving by individuals and
families.
Saving is described by Warneryd (1999) as the difference between net worth at the
conclusion of a period and net worth at the start of the period, which should equal the surplus
of income over consumption expenditure in the same period. Savings is defined as money or
tangible assets laid aside for future use. It is a critical component for individuals, homes, and
businesses to deal with unforeseen situations. Savings can then be used to cover unforeseen
expenses and can even be used as an Investment Literature says that children should be taught
a "savings culture" at a young age Comeau and Rhine (2000).
The current research examines the relationship between personal financial
knowledge (both objective and subjective), financial satisfaction, and selected
demographic variables in terms of best practice financial behavior. Data are taken from the
Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study,
a nationally representative sample of 1,488 participants and are analyzed using multiple
regression analysis. Findings suggest that both objective and subjective financial
knowledge influence financial behavior, with subjective knowledge having a larger

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relative impact. Other variables that have a significant impact on financial behavior
include financial satisfaction, income, education, age, race, and ethnicity. Knowledge
refers to what individuals know about personal financial matters, as measured by their level of
knowledge about various personal financial concepts. According to Kholilah and Iramani,
Financial Knowledge, is one's mastery of various things about the world of finance (2013).
Youth learn about money mostly from school and parents, with an emphasis on savings
Chowa, et.al, (2012). In its development, knowledge about finance began to be introduced to
various levels of education.
Synthesis.
The Literatures cited that personal financing has been informed and efficient
judgement thru the use and management of money by teaching the senior high students.
Additionally, literatures cited that financial literacy focuses into contributing financial
knowledge and financial decision.
Consumptive behavior is the tendency to buy goods or services without rational
consideration. This study aims to analyze the influence of financial literacy and reference
groups toward consumptive behavior across senior high school students. The study used a
cross-sectional design and the research location was selected purposively based on the
distance of the school from the shopping center area. Using the self-administered
questionnaire, the study involved 125 students of public high school (SMAN) at Bogor
City, that is SMAN 3 and SMAN 9. The data were analyzed using descriptive analysis and
8400, Surigao City
inferential statistics. The study showed that the level of financial literacy was in the
medium category, while the reference group and the level of consumptive behavior were
in a low category. Moreover, results indicated a relationship between the characteristics of
adolescents, financial literacy, reference groups, and consumptive behavior. The
regression test found a significant negative effect of financial behavior toward
consumptive behavior. Females were more likely to be more consumptive, while reference
groups positively influenced the consumptive behavior of senior high school students.
This study examines how saving motives are related to saving habits using
Katona’s (1975) psychological classification of saving, where households save regularly
(discretionary), save irregularly (residual), or do not save. Of the 3,822 non-retired
households in the 2007 Survey of Consumer Finances, 46% saved regularly, 32% saved
irregularly, and 22% did not save. Precautionary and retirement motives increased the
likelihood of saving regularly or irregularly as compared with not saving, but only the
retirement motive separated the regular savers from irregular savers. A long-term planning
horizon and higher income increased the propensity for regular or irregular saving as
compared with not saving, and for saving regularly as compared with irregularly, while
low risk tolerance had the opposite effect. Financial advisors, educators, and policymakers
should facilitate short- to long-term goal seeking with frequent saving by individuals and
families.
8400, Surigao City
The current research examines the relationship between personal financial
knowledge (both objective and subjective), financial satisfaction, and selected
demographic variables in terms of best practice financial behavior. Data are taken from the
Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study,
a nationally representative sample of 1,488 participants and are analyzed using multiple
regression analysis. Findings suggest that both objective and subjective financial
knowledge influence financial behavior, with subjective knowledge having a larger
relative impact. Other variables that have a significant impact on financial behavior
include financial satisfaction, income, education, age, race, and ethnicity.
CHAPTER 3
METHODS
This chapter presents the methodology of the study. It includes the research design,
participants of the study, instrument that will be used, data gathering procedures, and data analysis.
Research Design
This study follows a quasi-experimental research design. The dependent variable is the
financial literacy of the senior high students and the independent variable are their demographic
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profiles. It aims to find the significant relationship between these two variables in order to
determine whether the demographic profiles of the respondents affect their financial literacy.
Participants
The participants of the study include senior high school students (11th to 12th grade) of
Northeastern Mindanao Colleges (NEMCO), Surigao City, Surigao del Norte. There are a total of
thirty-five (35) respondents of varying demographic profiles.
Research Instrument
An online survey was conducted through the utilization of Google Forms. It was used in
order to have easier access to the responses as well as a faster method of data gathering. Google
Form is accessed through the internet, hence, it is spread through a link sent to various social
media platforms.
Data Gathering Procedure
The data gathering procedure included creating a questionnaire that is in line with the
statement of the problem. The questionnaire was created through Google Forms and the link was
sent to Senior High School students of NEMCO through social media platforms (e.g. private
message, group chats, and facebook post). After reaching the desired number of respondents, the
Google Forms was closed and set to not accept additional responses.
Data Analysis
The data was summarized through the Google Forms feature and was set to table format. It
is then analyzed through the utilization of Excel and finding the Analysis of Variance (ANOVA).
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The ANOVA helped determine whether there is a significant difference between the demographic
profiles of the students and their financial literacy.
CHAPTER 4
RESULTS AND DISCUSSION
There were a total of thirty-five (35) respondents to the online survey conducted from June
05, 2023 to June 16, 2023. The result are as follows:
Demographic Profile
The results below show the distribution of the respondents according to their
demographic profiles including age, sex, SHS strand, and family’s monthly income.
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Table 1. Age Distribution of the Respondents
Age Group Number of Respondents Frequency
15-16 5 14.3%
17-20 30 85.7%
21-25 0 0
Total 35 100%
The majority of the respondents belonged to the 17-20 years old age group with
86.7 percent. None of the respondents belonged to the 21-25 years old age group. This is
likely because the respondents were senior high school students.
Table 2. Sex Distribution of the Respondents
Sex Group Number of Respondents Frequency
Male 13 37.1%
Female 21 60.0%
Prefer Not to Say 1 2.9%
Total 35 100%
The table 2 shows that more than half of the respondents were female with 60.00%
and only 37.1% was male. The remaining 2.9% consist of one respondent who chose not
to disclose his/her sexual orientation or gender.

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Table 3. Strand Distribution of the Respondents
Strand Number of Respondents Frequency
ABM 15 42.9%
GAS 14 40.0%
HUMSS 3 8.6%
TVL 3 8.6%
Total 35 100%
The table above shows that the number of respondents from the Accountancy and
Business Management Strand (ABM) was the highest at 42.9%. It is closely followed by
the General Academic Strand (GAS) with 40.0%. There was a tie between the Humanities
and Social Sciences Strand (HUMSS) and the Technical-Vocational-Livelihood Strand
(TVL) at 8.6% each.

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Table 4. Family Income Distribution of the Respondents
Family Income (PHP) Number of Respondents Frequency
10,000 below 15 42.9%
10,000 7 20.0%
15,000 3 8.6%
20,000 6 17.1%
25,000 2 5.7%
30,000 2 5.7%
Total 35 100%
In Table 4, it is shown that almost half or 42.9% of the respondents had a family
income of below 10,000 pesos monthly. On the other hand, only 5.7% had a family
income of 25,000 pesos monthly. This is the same for the 30,000 pesos monthly income. It
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should be noted, however, that these are estimates by the respondents and no supporting
evidence was collected.
Levels of Financial Literacy
The Likert Scale was utilized in order to have a better data analysis. It is as
follows: 4 = Strongly Agree, 3 = Agree, 2 = Disagree, and 1 = Strongly Disagree.
Table 5. Spending Habits
Question 4 3 2 1 Average
I buy things on impulse. 4 22 8 1 2.83
I spend more on my wants than on needs. 4 13 15 3 2.51
I am able to allocate my budget to match with my spending. 5 27 3 0 3.06
I spend more on branded items than on non-branded ones. 2 10 5 0 2.26
I often spend money on others. 2 13 18 2 2.43
The results on Table 5 suggest that on average, the respondents agree that they buy
things on impulse and spend money on their wants rather than on needs but are still able to
allocate budget to match with their spendings. However, they disagree that they spend
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more on branded items than on non-branded ones. They also disagree that they spend
money on others.
Table 6. Saving habits
I see to it that I would always have weekly or monthly

5 24 5 1 2.63
savings.
Creating a budget is part of my saving habits. 11 19 4 1 3.14
I set aside emergency saving funds. 9 20 5 1 3.06
I save money for the things I want to buy. 13 20 2 0 3.31
I am able to determine what should be prioritized before

13 20 2 0 3.31
and during buying an item/s.
In table 6, it is shown that the respondents agree that they see to it that they would
always have weekly or monthly savings. Creating a budget is also a part of their saving
habits. They also set aside emergency saving funds, save money for the things they want
to buy, and are able to determine what should be prioritized before and during buying an
item/s. This suggests that the students have a satisfactory financial literacy level with
regards to saving habits.

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Table 7. Financial knowledge
I learn financial management and obtain financial

7 22 5 1 3.00
knowledge through my parents.
I obtain financial knowledge and learn financial

11 19 5 0 3.17
management on my own.
I feel confident in my knowledge and ability to manage my

12 17 6 0 3.17
own finances.
I consider myself to be financially literate (able to
maximize present money in order to gain financial 10 19 6 0 3.11
stability).
I prioritize what to buy before spending money. 14 16 5 0 3.26
The table above suggests that the respondents agree that they have sufficient
financial knowledge. They have either learned through their parents or on their own. They
also feel knowledgeable enough and consider themselves financially literate. This likely
suggests that the senior high school students of NEMCO are financially literate.
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Level of Financial Literacy When Grouped According to Profile
An Analysis of Variance (ANOVA) test was conducted to determine whether there
is a significant difference in the financial literacy of students when grouped according to
their demographic profiles. A P-Value of <0.05 indicates a significant difference.
Table 8. ANOVA in Age Groups
Data Summary
Groups N Mean Std. Dev. Std. Error
17-20 30 2.9844 0.3633 0.0663
15-16 5 2.8933 0.2087 0.0933
ANOVA Summary
Degrees of Freedom Sum of Squares Mean Square
Source (DF) (SS) (MS) F-Stat P-Value
Between
Groups 1 0.0356 0.0356 0.2933 0.5918
Within
Groups 33 4.0018 0.1213
Total: 34 4.0374
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In table 8, it is shown that the P-Value is 0.5891 which is greater than 0.05. This
highly suggests that there is no significant difference to the financial literacy of senior
high school students of NEMCO when grouped according to their age groups.
Table 9. ANOVA in Sex Groups
Data Summary
Male 13 3.1026 0.2989 0.0829
Female 21 2.873 0.347 0.0757
ANOVA Summary
Between
Groups 1 0.4233 0.4233 3.8919 0.0572
Within Groups 32 3.4803 0.1088
Total: 33 3.9036
In table 9, it is shown that the P-Value is 0.0572 which is greater than 0.05. This
also highly suggests that there is no significant difference to the financial literacy of senior
high school students of NEMCO when grouped according to their sex groups. It is noted
that the single respondent who belonged to the “Prefer Not to Say” was not included in the
analysis.
Table 10. ANOVA in Family Income Groups

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Data Summary
10,000 below 15 3.0178 0.3858 0.0996
10,000 7 2.9905 0.3207 0.1212
15,000 3 2.6889 0.3672 0.212
20,000 5 2.96 0.214 0.0957
25,000 2 2.7333 0 0
30,000 3 3.1556 0.4439 0.2563
ANOVA Summary
Between
Groups 5 0.4901 0.098 0.8012 0.558
Within Groups 29 3.5478 0.1223
Total: 34 4.0379
In table 10, it is shown that the P-Value is 0.558 which is greater than 0.05. This highly
suggests that there is no significant difference to the financial literacy of senior high
school students of NEMCO when grouped according to their family’s monthly income.
CHAPTER 5
SUMMARY OF FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

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Summary of Findings
The demographic profiles showed that most of the respondents belonged to the 17-
20 years old age group. More than half of the population was Female (60.0%). Majority
of the respondents were from the strands ABM and GAS. It was also shown that almost
half or 42.9% of the respondents had a family income of below 10,000 pesos monthly. On
average, the students had positive spending and saving habits. They also had enough
knowledge on finances to consider themselves financially literate. When grouped
according to demographic profile, the Age Groups, Sex Groups, and Income Groups had a
P-Value of 0.5918, 0.0572, and 0.558, respectively.
Conclusion
The senior high school students of Northeastern Mindanao Colleges (NEMCO)
have an adequate level of financial literacy. There is also no significant difference on the
level of financial literacy of the students when grouped according to their demographic
profile specifically in Age Groups, Sex Groups, and Family Income groups. Therefore, the
demographic profile of students does not affect their level of financial literacy.
REFERENCES
The Economic Importance of Financial Literacy: Theory and Evidence(J Econ Lit. 2014 Mar;
52(1):5-44 by Annamaria Lusardi and Olivia S. Mitchell

8400, Surigao City
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5450829/
Financial Literacy of Senior High School|Bacolo City College
https://www.studocu.com/ph/document/bacolod-city-college/accounting/financial-literacy-
of-senior-high-school/22271148
Financial Literacy Among Senior High School Students Evidence From Ghana(Armstrong;2015)
https://www.academia.edu/36086162/
FINANCIAL_LITERACY_AMONG_SENIOR_HIGH_SCHOOL_STUDENTS_EVIDENCE_FR
OM_GHANA
The Financial Literacy Of Young American Adults(L Mandell;2008)
https://scholar.google.com/scholar?
hl=en&as_sdt=0%2C5&q=mandell+2008&btnG=#d=gs_qabs&t=1686975367833&u=%23p
%3Dx0-lufa66bgJ
Factors Associated With Financial Literacy Among High School Students in New
Zealand(Cameron and Calderwood;2014)
https://www.sciencedirect.com/science/article/abs/pii/S1477388014000188
Household Saving Behavior:The Role of Financial Literacy, Information, And Financial
Educations Programs(Annamaria Lusardi;2008)

8400, Surigao City
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1094102
Financial Literacy of High School Students in the Netherlands:Knowledge, Attitudes, Self-
Efficacy, and Behavior(Amagir and Groot;2016)
https://www.sciencedirect.com/science/article/abs/pii/S1477388020300128
Financial Literacy Among High School Students: Evidence From India(J.D Jayaram and
Saigeetha Jambuthan;2018)
https://journals.sagepub.com/doi/full/10.1177/2047173418809712
8400, Surigao City
8400, Surigao City
8400, Surigao City
FINANCIAL LITERACY OF SENIOR HIGH SCHOOL 
STUDENTS OF NEMCO
 
Statement of the Problem
This study aimed to know the level of Financial Literacy of Senior High School
Students in NEMCO
Categorically this study will seek to answer the following specific questions:
1.What is the profile of the respondents in terms of: 
1.1) Age; 
1.2) Sex; 
1.3) Strand; and 
1.4) Family Income? 
   
2. What is the level of Financial Literacy of Senior High School Students of NEMCO in
terms of: 
2.1) Spending Habits: 
2.2) Saving Habits; and
2.3) Financial Knowledge?
 
8400, Surigao City
3.Is there a significant difference on the level of Financial Literacy of Senior High School
Students of NEMCO when grouped according to profile? 
 
Survey on the Financial Literacy of Senior High School Students in NEMCO 
 
Note: Please respond to the questions using the following scale. The gathered information
will be secured for confidential purpose only. Indicate (✓) mark on the appropriate box. 
PART I: Respondents Profile 
2. Age: 15-16 17-20 21-25
3. Sex: Male Female
4. Strand: ABM GAS HUMMS TVL
5. Monthly Income: below 10,000 10,000 15,000
20,000 25,000 30,000
PART II – Survey on the Financial Literacy of Senior High School on Scale
Instructions: Read each item carefully. Use the scale below to guide you in choosing the
appropriate column that best describes the competency of your department head in terms
adaptability, decision-making, planning and implementation and instructional supervision.
Please check the column that corresponds to your answer.
Score Verbal Description

8400, Surigao City
  4 Strongly Agree
    3 Agree
    2 Disagree
     1 Strongly Disagree
 Survey on the Financial Literacy of Senior High School in terms of Spending
Habits
Spending Habits 4 3 2 1
1. I buy things on impulse.
2. I spend more on my wants than on needs.
3. I am able to allocate my budget to match with my spending
4. I spend more on branded items than on non-branded ones.
5. I often spend money on others.
 Survey on the Financial Literacy of Senior High School in terms of Saving
Habits.
Saving Habits 4 3 2 1
8400, Surigao City
6. I see to it that I would always have weekly or monthly
savings.
7. Creating a budget is part of my saving habits.
8. I set aside an emergency saving funds.
9. I save money for the things I want to buy.
10. I am able to determine what should be prioritized before and
during buying an item/s.
 Survey on the Financial Literacy of Senior High School in terms of Financial
Knowledge.
Financial Knowledge 4 3 2 1
11. I learn financial management and obtain financial knowledge
through my parents.
12. I obtain financial knowledge and learn financial management
on my own.
13. I feel confident in my knowledge and ability to manage own
finances.
14. I consider myself to be financially literate (able to maximize
present money in order to gain financial stability).
15. I prioritize what to buy before spending money.

8400, Surigao City
8400, Surigao City
TORING, WINFORD LEE V.
Address: Sitio Looc, Brgy. Luna, Surigao City
Contact: 09610112463
E-mail address: winfordlee4165@gmail.com
PERSONAL INFORMATION:
Age: 18
Sex: Male
Date of birth: April 16, 2005
Religion: Roman Catholic
Place of Birth: San Jose Dinagat Island
Mother’s Name: Jenny lou B. Valdeo
Father’s Name: James Ian N. Toring
Civil Status: Single
Nationality: Filipino
EDUCATIONAL ATTAINMENT:
Senior High School: Northeastern Mindanao Colleges (NEMCO) ABM

8400, Surigao City
Junior High School: Northeastern Mindanao Colleges (NEMCO)
PRIMARY: Sitio Looc, Brgy. Luna, Surigao City

8400, Surigao City
Joshua James M. Magpatoc
Purok 5, Brgy. Canlanipa Don Julio Surigao City
magpatoc51@gmail.com
# 09936378377
OBJECTIVE:
To obtain a customer service position with a company, which will require me to
use my skills for the company’s success.
Age: 17
Birthdate: 15 May 2005
Birthplace: Caraga Hospital
Sex: Male
Height: 5’6”
Weight: 45 kg
Father’s Name: Marlo M. Magpatoc

8400, Surigao City
Mother’s Name: Jean M. Magpatoc
EDUCATIONAL BACKGROUND:
Primary SURIGAO CITY CENTRAL
ELEMENTARY SCHOOL
2016-2017
Narciso St. Surigao City
Secondary NORTH EASTERN
MINDANAO COLLEGES
2022-2023
Rizal Corner Amat St.

8400, Surigao City
Dan Carter G. Yu
Brgy. Cagniog Surigao City
dancarter2.12.04@gmail.com
# 0946818940
OBJECTIVE:
To assess specific educational program, evaluating its impact on student learning
outcomes and providing actionable recommendations for improvement.
Age: 18
Birthdate: 12 February 2004
Birthplace: Surigao City
Sex: Male

8400, Surigao City
Height: 5’5”
Weight: 49 kg
Father’s Name: Dan Carey P. Yu
Mother’s Name: Jimonette G. Yu
EDUCATIONAL BACKGROUND:
Primary SURIGAO CITY CENTRAL
ELEMENTARY SCHOOL
2016-2017
Narciso St. Surigao City
Secondary NORTH EASTERN
MINDANAO COLLEGES
2022-2023
MONTEROS, JOHN KERRY M.
Address: Purok ilang-ilang Brgy. Ipil Surigao City

8400, Surigao City
Contact: 09369272903
E-mail address: kerryyy27@gmail.com
Age: 17
Date of birth: September 26, 2005
Gender: Male
Place of Birth: Caraga Hospital, Surigao City
Mother’s Name: Marisa M. Monteros
Father’s Name: Rolando A. Monteros
EDUCATIONAL ATTAINMENT:
Senior High School: Northeastern Mindanao Colleges (NEMCO)
TVL: Plumbing
Junior High School: Northeastern Mindanao Colleges (NEMCO)

8400, Surigao City
PRIMARY: Brgy. Ipil, Surigao City, Elementary Diploma
(ABM)
Rizal Corner Amat St.

8400, Surigao City
SAYSON SHEN VRIZEL L.
ADDRESS: P- IV-I Brgy. San Juan, SURIGAO CITY
CONTACT NO: 09153983098
EMAIL address : vrizelsayson@gmail.com
Personal Information
Age: 18
Sex: female
Birthdate: December 26 2004
Birthplace: Pulung Cacutud,Angeles City
Mother’s name: Azucena F, Lesaca
Father’s name : Christopher D, Sayson
______________________________________________________________________
Educational Attainment
8400, Surigao City
Senior High School: North Eastern Mindanao Colleges
Amat Corner Rizal Street Surigao City

Junior High School: Surigao City Natinal High Schoool
Brgy. San Juan, Surigao City

Primary: Dinagat Cabayawan Elemtary
Brgy. Cabayawan

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Northeastern Mindanao Colleges

Corner Rizal and Amat St.,

The Researchers would like to express their sincere gratitude and

appreciation to all individuals and specially teachers who have contributed to

the successful completion of this research paper.

Practical Research Teacher, Mr. Charlton B. Feliza. His unwavering support,

expertise and encouragement have been instrumental in shaping the direction

assistance provided by the faculty members of Mr. Michael P. Anino,LPT

and support have greatly enhanced the quality of our work.

The researchers deepest gratitude goes to the participants of this study,

Their valuable contributions and cooperation are sincerely appreciated.

Furthermore, the researchers extended their appreciation to the

shared their knowledge and experiences, enriching our research endeavors.

Their encouragement and support have been a source of inspiration

throughout this journey.

gratitude to their families for their unwavering support, patience, and

understanding. Their continuous encouragement and belief in us have been

the driving force behind our pursuit of knowledge. While it is impossible to

mention everyone who has contributed to this research, the researchers

has been invaluable, and are truly grateful.

Since the implications of personal money are substantial to society,

financial literacy has become one of the most pressing challenges in

flooded with complex products; financial literacy is a need. It is crucial to

calculate financial literacy among people because of people's spending habits

and demand for anything material.

of Northeastern Mindanao Colleges (NEMCO) know about Financial

financial knowledge the researchers concluded.

The senior high school students of Northeastern Mindanao Colleges

(NEMCO) have an adequate level of financial literacy. There is also no

significant difference on the level of financial literacy of the students when

grouped according to their demographic profile specifically in Age Groups,

of students does not affect their level of financial literacy

FINANCIAL LITERACY OF SENIOR HIGH SCHOOL

Presented to the Senior High School Department

Northeastern Mindanao Colleges

In Partial Fulfillment of the Requirements for

JOSHUA JAMES M. MAGPATOC

JOHN KERRY M. MONTEROS

SHEN VRIZEL L. SAYSON

WINFORD LEE V. TORING

1 THE PROBLEM AND ITS BACKGROUND 1

Framework of the Study 5

Statement of the Problem 9

Significance of the Study 9

Scope and Limitation 10

2 REVIEW OF RELATED LITERATURE 14

Synthesis of the Review 23

Data Gathering Procedure 25

4 RESULTS AND DISCUSSION

5 SUMMARY, FINDINGS, CONCLUSIONS AND

THE PROBLEM AND ITS BACKGROUND

money” (Schagen and Lines, 1996).

Studies on financial literacy were uncommon in academic publications prior to the

savings rate was entirely negative (Sullivaa et al., 2008).

Several Researches conducted globally to measure the financial literacy among

clothing, accessories and footwear around 40% to their allowance.

Obsessive Spending behavior, also called compulsive buying, is an addiction that

on is oneself (Nield, 2017).

Senior high school students at Northeastern Mindanao Colleges experiences

necessities as well as their wants.

Framework of the Study

should be taken as a combination of awareness, knowledge, skills, attitude and behavior

Input Process Output