CASH COURSE: ASSESSING THE LEVEL OF FINANCIAL LITERACY OF

MINDANAO STATE UNIVERSITY- GENERAL SANTOS CITY SENIOR HIGH

SCHOOL STUDENTS

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A Research Proposal
Presented to the Faculty of Senior High School Department
Science, Technology, Engineering, and Mathematics Strand
Mindanao State University - General Santos City

________________________________________________________________

In Partial Fulfillment
Of the Requirements
In Research in Daily Life 2

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by

AADJIELLO MIGUEL D. BARRION

JAMES ERROL A. CASTOR
MATT JOHN T. GEROLIA
MARK ANTON S. LABRADOR
KHLOEY VENNICE Q. BELONCIO
LIANNE RIEGN U. LEYVA
DEMY E. PELIAS
HANNAH LEVEE A. SANTOS

May 2023
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CHAPTER I

THE PROBLEM AND ITS SETTING

This chapter mainly consists of the introduction, statement of the problem,

hypothesis of the study, conceptual framework, scope and delimitation, significance of

the study, and definition of terms.

BACKGROUND OF THE STUDY

In recent years, there has been an increase in the influence and role of the youth in

the global economy. Youth, individuals between the ages of 15 and 24, make up over

one-sixth of the world’s population, but are seldom seen as a distinct group for the

important role they will play in shaping the future (ICRW, 2021). The truth is, almost 90%

of the world’s youth live in developing countries, and nearly one billion of these young

people will enter the job market in the next 10 years (TechnoServe, 2021).

The impact of youth on the global economic status is inevitable, however the current

status implies that the youth have a lower financial literacy than recommended. When

the youth themselves disregard the notion of dealing with finances, the problem arises

as they perceive it solely as an issue reserved for adults, thereby contributing to the

stigma surrounding financial matters (Mortazavi, 2021). Most of the youth do not

acknowledge the efforts and difficulty of obtaining money and managing financial matters

due to the fact that most teenagers receive financial support from their parents

(Seriñá-de La Paz & Que, 2013).

In India, the spending and saving habits of young people have significantly changed

in recent years due to westernization and increased purchasing power (Birari & Patil,

2014). A study indicated that youth in India allocate more money for shopping, especially
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on branded items (Hasan, Subhani, & Osman, 2012). On the other hand, in the

Philippines, compulsive buying has led to students owning the latest gadgets but

struggling to keep up with their tuition payments (Rios, 2017).

Research studies have shown that a low financial literacy rate is commonly

observed among young adults, one problem is that they are undergoing a transitional

stage and are at risk of making poor financial decisions that could have long-lasting

consequences (Curto et al., 2010). According to Youth Financial Literacy Foundation

(2021), financial illiteracy breeds ill-equipped adults (2021).

Numerous studies have consistently found a strong relationship between

socioeconomic factors such as gender, age, income, employment position and financial

literacy (Kirch et al., 2015). A student’s senior high academic strand can also be a factor

towards one’s financial literacy, according to Galope et al. (2019), they’ve observed that

as the K-12 curriculum was implemented, majority of non-abm students are experiencing

difficulty from learning and absorbing thoroughly the subjects focused in line with the

ABM strand such as: Business Math; the subject that tackles related topics such as

stocks, bonds, annuities, interests and loans.

Teaching financial principles such as budgeting, money saving, and expenditure at an

early age could potentially help in developing healthy, lifelong financial habits (Hyatt,

2023). The process of maturing for students involves a crucial learning experience in

financial literacy and management. Developing the practical skill of budgeting,

money-saving, and proper expenditure has become increasingly important for individuals

to enhance their financial knowledge and maintain their social standing. This study

proposes that a notable correlation exists between students' financial literacy and their

financial behaviors.
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STATEMENT OF THE PROBLEM

Generally, this study aims to determine the level of financial literacy of Mindanao

State University- General Santos City senior high school students. Specifically, it seeks

to answer the following questions:

1. What is the general level of financial literacy of the senior high school students at

Mindanao State University- GSC in the following areas:

a. Budgeting

b. Money Saving

c. Expenditure

d. Financial Knowledge

2. What is the level of financial literacy of the senior high school students at

Mindanao State University- GSC in the four areas when grouped according to

their:

a. Grade Level

b. Strand

3. Is there any significant difference on the financial literacy of the senior high

school students at Mindanao State University- GSC in terms of the following

variables:

a. Grade Level

b. Strand
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HYPOTHESIS OF THE STUDY

There is no significant difference in the level of financial literacy of senior high

school students of Mindanao State University- GSC when grouped according to the

following variables:

a. Grade Level

b. Strand

THEORETICAL FRAMEWORK

The theoretical framework was formulated after thorough analysis of prior research

pertaining to the financial literacy level among students. All variables were discerned

from existing theories, models, and previous studies, and were chosen for incorporation

into the theoretical framework. The study investigates the relationship between the

independent variables, namely the grade level and academic strand of the students, and

their impact on the dependent variable, which is the level of financial literacy among

students.

According to Muizzuddin et al. (2017), there are some determinants of financial

literacy. Several factors contribute to the determination of an individual's financial

literacy. These factors include demographic characteristics, family background, wealth,

and time preferences. A study from Angelese et al. (2020), states that Financial

Education is a factor that has a significant impact on the financial literacy of students in

the academic strand. Students' financial literacy is highly influenced by the education

they receive from their respective strands. Additionally, researchers such as Capuano

and Ramsay (2011) have highlighted that personal factors, including intelligence and

cognitive abilities, as well as social and economic factors, play significant roles in
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shaping an individual's financial literacy and financial behavior. Based on this concept,

the researchers will be studying educational factors, specifically the students' grade level

and academic strand, as significant variables. These factors will be used in assessing

the impact of a student's educational level and academic strand on their level of financial

literacy.

This study is supported by the Conventional Microeconomic Model, which states

that individuals make logical choices regarding their savings and expenditures with the

aim of attaining optimal financial well-being throughout their lives. However, these

models assume that individuals possess the necessary financial knowledge and skills to

make informed decisions.

SCOPE AND DELIMITATION

The scope of this research study is limited to determining the level of financial

literacy of Mindanao State University- General Santos City senior high school students,

specifically in terms of: budgeting, money saving, expenditure and financial knowledge. It

will also focus on determining the level of financial literacy of Mindanao State University-

General Santos City senior high school students in terms of grade level and academic

strand. Moreover, the study will also focus on finding the significant difference in the

financial literacy of the senior high school students at Mindanao State University- GSC in

terms of grade level and academic strand. Using the standard formula, a total of 327

respondents from the two grade levels wherein 143 respondents from grade 11 students

and 184 respondents from grade 12 students should be accumulated. For grade 11

students; 101 respondents from STEM, and 21 respondents each for the HUMSS and

ABM strands should be collected. Meanwhile, for grade 12 students; 145 respondents

will be taken from STEM, 22 respondents from ABM, and 17 respondents from HUMSS
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should be accumulated. The involved respondents are solely from the Senior high

school department, no respondents would be catered from different college departments

and junior high school department. To furtherly collect the respondents’ data, Likert

Scale will be utilized.

CONCEPTUAL FRAMEWORK

The Conceptual Framework illustrates the relationship between the variables of

the study. The independent variables were the students' grade level and academic

strand whereas the dependent variable was the students' level of financial literacy. This

study demonstrates the influence of students' year level and academic strand on various

aspects of financial literacy, including budgeting, savings, expenditure, and financial

knowledge.

Figure 1. Conceptual framework

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SIGNIFICANCE OF THE STUDY

This study entitled Cash Course: Level of Financial Literacy of Mindanao State

University - General Santos City Senior High School Students may be significant and

beneficial to the following:

Academic Institution. This study may help them change and adjust their curriculum for

the betterment of the students and their system regarding financial literacy which can

further help the students, therefore raise the potential of having successful and brilliant

graduates.

Students. This study may be able to help them identify their level of financial literacy.

This may also be a way for them to recognize the level of financial literacy of the different

academic strands and grade levels.

Teachers. This study may help them to identify the level of financial literacy of their

students. By that, they will be able to aid improve the financial knowledge of their

students and encourage them to wisely manage their finances.

Individuals. This study may help them identify their level of financial literacy. This can

also motivate and raise awareness about the importance of financial literacy in our life.

Future Researchers. This study can help widen their knowledge about financial literacy.

This may also be used as a guide for their research and can be developed and improved

to know more about this topic.

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DEFINITION OF TERMS

The following terms are defined conceptually and operationally for a better

understanding of this study.

Grade level, refers to the student's level of educational program as measured through

questionnaires. In this study, it refers to the respondent’s level in the educational

program.

Academic Strand, refers to a set of possible course selections available to a specific

group of students in preparation for college. In this study, it refers to the respondent's

chosen potential academic path leading up to college.

Senior High School Students, refers to students who have been enrolled in Senior

High School under the K-12 program and are required to go through a core curriculum

and subjects under a track of their choice. In this study, this refers to the respondents of

the study.

Non-senior High School Students, refers to students who have not been enrolled or

already finished Senior High School under the K-12 program. They will not be included

as subjects as stated in the scope and delimitation of the study.

Financial Literacy, refers to the use of knowledge of basic economic and financial

concepts, as well as the ability to use that knowledge and other financial skills to

manage financial resources effectively for a lifetime of financial well-being. In this study,

it is what is being measured to determine the level and significance it has on the study.
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Budgeting, refers to the process of creating and managing a financial plan that outlines

estimated income and expenses over a specific period, typically on a monthly, quarterly,

or annual basis (Cambridge Dictionary, 2023). In this study, it is the first of the four

factors considered in measuring the financial literacy of senior high school students.

Money Saving, refers to the act of setting aside a portion of one's income or reducing

expenses with the intention of accumulating funds for future use or financial goals

(BCRA, n.d). In this study, it is the second of the four factors considered in measuring

the financial literacy of senior high school students..

Expenditure, refers to the process of spending money or utilizing financial resources to

acquire goods, services, or assets (Cambridge Dictionary, 2023). In this study, it is the

third of the four factors considered in measuring the financial literacy of senior high

school students.

Financial knowledge, refers to the objective mastery of financial definitions, terms and

concepts and determines whether an individual can make decisions with that knowledge.

In this study, it is the fourth of the four factors considered in measuring the financial

literacy of senior high school students.

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CHAPTER II

REVIEW OF RELATED LITERATURE AND STUDIES

This chapter deals with related literature, studies, information, and background

relevant to the present investigation.

Related Literature

Financial Literacy

According to Tamplin (2023), financial literacy is the ability to comprehend financial

concepts and apply this knowledge in decision making related to savings, debt

management and investment. Financial literacy is different from financial education since

the former deals with having financial knowledge and applying them to one’s personal

finance, while the latter deals with financial knowledge only (Neuroprofiler, 2022).

Based on a study by Remund (2010), the many definitions of financial literacy can

be divided into five categories: (1) knowledge of financial concepts, (2) ability to

communicate about financial concepts, (3) aptitude in managing personal finances, (4)

skill in making appropriate financial decisions and (5) confidence in planning effectively

for future financial needs. Without an understanding of basic financial concepts, people

are not well equipped to make decisions related to financial management.

Financial literacy’s main goal is to establish accountability over one’s finances and

at the same time, spending one’s money to freely create choices building greater life

satisfaction, according to a 2015 report by the Consumer Financial Protection Bureau

(CFPB). Financially literate individuals could not only manage their finances with more

confidence, however could also have a greater chance of handling the inevitable ups
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and downs of their financial status by understanding methods in preventing and

managing arising issues (McGurran, 2021).

Goree, a director of Office of Financial Literacy at UMKC stated that financial

literacy is a skill which should not be taken lightly, it’s a very significant skill and

transferable for any socioeconomic background, it’s also a tool which is necessary for a

successful future and it is not plainly budgeting and saving, therefore it is a life skill

(n.d.). By engaging in financial literacy activities, students hone critical thinking,

judgment, and other skills of a responsible citizen (Kezar & Yang, 2010).

Recent studies have uncovered a global deficiency in financial literacy.

Furthermore, it has been observed that various socioeconomic factors, including age,

gender, income, marital status, and educational achievement, have a direct impact on

the financial literacy of young individuals (Garg & Singh, 2018). This assertion is

reinforced by another investigation conducted by Mandell (2008), which revealed that

students from financially advantaged families possess significantly higher levels of

financial literacy compared to their less privileged counterparts. Moreover, the

introduction of personal finance and money management courses in high schools has

not been successful in enhancing financial literacy rates.

According to Lucardi et. al. (2010) in their study “Financial Literacy among the

Young“, fewer than one-third of young adults possess basic knowledge of interest rates,

inflation and risk diversification. A study by Tiwari & Yadav (2022) entitled “A Study of

Financial Literacy and Financial Behaviour among Millennials and Generation Z”

accumulated major findings indicating that overall financial literacy among millennials

and Generation Z is observed to be low. 40% of the respondents have average

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knowledge of the financial market and products, while 38% have excellent knowledge. It

was also found that millennials and Gen Z lack adequate financial literacy.

Budgeting

According to Santhosh et al. (2019), a budget is a quantitative expression of a

plan of action relating to the forthcoming budget period. It represents a written

operational plan of management for the budget period. It also controls your finances and

helps you track where your money went (Budgeting, n.d.).

Budgeting is one of the foremost extensively researched topics in management

accounting and has been studied from the theoretical views of financial science,

psychology, and social science (Santhosh, 2019). One of its functions is to provide the

basis for detailed sales targets, staffing plans, inventory production, cash

investment/borrowing, capital expenditures, etc (Importance Of Budgets, n.d.).

Budgeting is related to cost accounting, responsibility accounting, performance

measurement, and compensation. Budgeting is used for many purposes, including

planning and coordinating an organization’s activities, allocating resources, motivating

employees, and expressing conformity with social norms.

Budgets have always played a key role in managing an institution, both private

and public, being an important control system in many companies (Ekholm and Wallin,

2000, Merchant and Van der Stede, 2003). Otley sees the budget as the central stage of

most organizations' management control systems (Otley,1978). The purpose of

budgeting is to ensure that the financial resources available for a company are efficiently

used for both newly attracted resources to finance its activities and excess capital flows

from previous business activities (Pintea et al., n.d.).

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According to a study by Nwe Ni Aung and Hla Hla Mon in 2020, entitled

“BUDGETING HABIT BEHAVIOR OF UNDERGRADUATE STUDENTS IN YANGON

UNIVERSITY OF ECONOMICS”, it was found that the budgeting habits of students differ

based on their gender. It showed that these students spend most of their budget on

shopping, eating out, mobile phone expenditures, attending training for their career

progress, traveling, and transportation showing they lack good budgeting skills. They

also mentioned that having good budgeting habits represents predictable determinants

of successful personal and economic development.

According to a study entitled “Factors affecting the spending behavior of college

students” done by Bona in 2018, he found that the spending habits of college students

are greatly influenced by family background. He said that parents play an important role

in shaping financial management attitudes in their children. Therefore, it is critical that

good budgeting habits should be instilled in young adolescents.

Money Saving

Money saving refers to the portion of one's income that is not immediately utilized

for current expenses. Essentially, it involves setting aside money for future purposes

instead of spending it right away. Savings serve various objectives, whether in the

short-term context of purchasing a mobile phone, or in the long-term aspect such as

pursuing further education, acquiring a vehicle, or owning a house. Moreover, saving

money provides a buffer to address unforeseen expenditures like medical emergencies,

replacement of irreparable appliances, or unplanned trips. Furthermore, savings can be

invested, resulting in potential profits from the reserved funds. In essence, by saving,

individuals not only accumulate resources for future spending but also generate

additional income in the process. Developing the practice of saving money is a beneficial
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habit that is cultivated gradually over time. It is advisable to commence this habit without

delay and consistently engage in saving until it becomes ingrained in one's routine.

Initiating savings as early as possible is actually the most advantageous approach. In

fact, instilling this habit from childhood establishes a foundation that carries into

adulthood, ensuring that saving becomes a customary behavior. (Banco Central de la

República Argentina, n.d.)

According to Caldwell (2022), there are numerous reasons to start or continue

saving money. Different people save for different reasons, but having funds can help in

the long run, whether you're avoiding hardship or pursuing your dreams. Saving money

can be easier if you have a particular goal or purpose in mind. Saving money is essential

because it reduces the impact of financial emergencies and unexpected bills.

Additionally, saving money can also help in paying major expenses, avoid debt, minimize

financial stress, and gain a greater sense of financial freedom. (Buchenau, 2019)

According to Furnham (n.d.), the attitudes towards saving among individuals were

primarily influenced by their age and level of education. Through a canonical correlation

analysis, it was evident that factors such as age, voting patterns, income, and feelings of

alienation were closely associated with different attitudes towards saving. Additionally,

an examination conducted on saving habits revealed that gender, age, and income

played significant roles in distinguishing individuals' saving habits. These findings

contribute to our understanding of economic socialization, and they also hold

implications for various social policy choices.

Alwi S. et al. (2015) in their study entitled "Factors Affecting Savings Habits within

Millennials in Malaysia: Case Study on Students of Taylor’s University", stated that the

savings habits of university students, particularly those in urban areas, are significantly
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influenced by several key factors. It reveals that the dominant factor impacting their

savings habits is self-dominance, while parental socialization plays a major role, and

self-control is the least influential factor. The primary factor responsible for these

changes is associated with the demographic and living conditions of the specific group

under investigation. Additionally, it shows that a student's level of financial literacy,

confidence in financial planning, and self-dominance can greatly affect their saving

habits.

Expenditure

New DEX (2020) defines the concept of expenditure as the consumption of

materials, supplies, money, etc. to meet the needs of production or individual. New DEX

also defines expenditure as the entry from an accounting ledger where it is enrolled the

amounts expended. O. Bojan (2013) considers that expenditure reflects the effort made

to represent that property of relationships is in terms of value on the allocation and use

of economic values in the business, which cover employment, consumption and

payments relating to the factors of production. According to Arpad-Zoltan (2016), the

expenditure represents a recognition of resource consumption related to the valorization

activity (sale) of tangible or intangible goods made by the entity in the activities of

production, services and trade.

As said by Suhartini and Renata (2016), in households, there is the need for

good expenditure skills that are aimed for managing cash flow and finance to be better

organized. Financial management is intended to achieve the level of prosperity in the

future. Therefore, expenditure is always a needed skill that everyone, especially in a

household, should possess.

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Izquerdo and Ardanaz (2017) in their study entitled “Current Expenditure

Upswings in Good Times and Capital Expenditure Downswings in Bad Times? ; New

Evidence from Developing Countries”, stated that there are still some important gaps in

studying the behavior of key components of public expenditure. They stressed that

scholars have often overlooked the distinction between good and bad times, capturing

only average effects of GDP movements (output gaps) on fiscal policy. They have also

stated that if certain expenditure items increase in good times but do not fall in bad

times, such asymmetries could undermine fiscal sustainability (Balassone and Kumar,

2017) and may also help explain biases in the composition of public spending, or why

specific spending categories are losing ground relative to others.

According to Roberts J. (2003), result-based management serves the important

purpose of focusing public expenditure programmes, and the energies of programme

managers, on the policy priorities of governments. All programmes should be consistent

with public policy, and higher priority programmes should receive additional resources, at

least in part, from inter- and intra-sectoral transfers from lower priority programmes.

Robert J. also implies that result-based management helps to enhance both the

effectiveness and efficiency of public expenditure, and thus to improve the likelihood of

attaining policy goals.

Further said by Adri Putra, Sri Handayani and Ari (2018), good expenditure skills

can prevent someone from financial distress and financial problems. The level of income

is not the only source of financial difficulties. But more likely to be errors in the financial

management of a large city where the society is more concerned than the fulfillment of

wish fulfillment, factors such as power prestige can be something that they need to be

considered. Power prestige is not the only cause of the financial difficulties, other factors
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such as attitudes, subjective norms, behavioral control, intention, behavior and prudence

(conscientiousness) are factors that support a person in managing their finances. All of

this could be avoided if one has good expenditure skills.

According to research conducted by Nababan & Sadalia (2019), people need a

foundational understanding of money, as well as basic financial knowledge and abilities,

especially in the area of expenditure management. The purpose of spending is to ensure

that people with individual needs and increasingly complex financial products, which call

for a person to be financially literate, have a mastery of knowledge and skills in finance.

This will encourage people to comprehend and participate in national financial issues

like health care costs, taxes, investments, and access to the financial system.

Shaoul J. (2019) in his chapter entitled “Using the Private Sector to Finance

Capital Expenditure: The Financial Realities”, in collaboration with et. al. of a book

entitled “Policy, Management, and Finance of Public-Private Partnerships”, Shaoul

stated that countries all over the world have turned to the private sector via PPPs to

finance much needed investment in physical infrastructure, particularly in transport,

water, energy and telecoms, and more recently in healthcare, education and prisons, the

so-called human infrastructure. Shaoul also stated that under partnership arrangements,

the private sector is responsible for constructing and operating the asset, providing the

finance and assuming all or most of the risks associated with construction, operation and

maintenance of that asset. He also provides an example on how the situation became

more complex, whereby Shaoul describes that the UK government now calls the

privatized railways a PPP. As a result, there are also direct grants to Network Rail, the

private not-for-profit network infrastructure company, for capital expenditure. With this,

PPPs in the UK now encompass most sectors and services across the public sector and
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all types of public bodies, national, local and non-departmental. They also involve

working not just with the private for-profit sector but also the so-called third or not

for-profit sector. With this in mind, Shaoul J’s reason for this is to review the outcomes in

terms of the claimed advantages, focusing in particular on the financial costs, including

the cost of risk transfer, and consider some of the wider implications of this policy for

service delivery and control public expenditure.

Having expenditure skills is vital to obtain a prosperous life. With proper financial

management, with the help of expenditure skills, which must be supported by good

financial literacy, the standard of living is expected to increase, this applies to every level

of income, however, because the high level of income a person, without the proper

financial management, financial security would have been difficult to achieve. Robb and

James III (2017) suggests that insufficient expenditure skills will have a negative

influence on the financial behavior of someone.

Financial Knowledge

Bowen (2015) defines financial expenditure as understanding key financial terms

and concepts needed to function daily in society. It includes knowledge about items

related to banking-checking and savings, auto-life-health and homeowners insurance,

using credit, taxes, and investing. While there are other important areas related to

personal finance, these are areas most adults encounter as they make daily financial

transactions and decisions.

According to Lusardi (2016) , financial literacy can be defined as financial

knowledge with the aim of achieving prosperity. It can be understood that preparations
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should be made to meet globalization, more specifically in the field of financial

globalization issues.

According to Robb and Woodyard (2016), Individuals’ financial well-being is

incumbent on their actions. Although influenced by external forces such as economic

factors and policy structures adopted by government and private industry, decisions are

ultimately made by individuals. 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.

Relating to financial knowledge, Mandell et al. (2018), concluded that the best

way to improve financial literacy is to teach good financial skills since childhood,

including financial knowledge. Meanwhile, in the Philippines alone, personal finance

education is still rare both in elementary school and college level.

Interest in personal finance education in US schools has increased significantly

since the 1990s. From 1998 to 2019, the following changes occurred: states with content

standards for personal finance education in the schools rose from twenty-one to

forty-four, states requiring implementation of those standards increased from fourteen to

thirty-four and states requiring that a personal finance course or economics course with

personal finance content be taken before graduation from high school grew from one to

thirteen (CEE 2019).

Meanwhile, Widyawati (2012) asserts that a person possesses financial literacy

when they possess a set of skills and talents that enable them to make use of the

available resources in order to accomplish their goals. He came to the conclusion that
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someone who is financially literate is less likely to experience financial stress and is

more likely to fulfill their life goals.

On the basis of their research, Chen and Volpe (2018) argued that a person’s

level of financial knowledge tends to influence their opinions and affect their financial

decisions. Their study was among the first to establish a link, albeit a negligible one,

between knowledge and behavior among college students. Individuals with higher levels

of financial knowledge were more likely to make good financial decisions in a

hypothetical situation.

Financial knowledge encompasses a wide range of topics, including borrowing

and paying off debt, purchasing insurance, and saving for the future. The topic is how to

manage spending money sensibly. In that regard, it is necessary to create a good

spending plan and practice self-control to stick to it when making purchases. It could be

something like learning how to purchase something that is genuinely wanted or

necessary rather than just to satisfy a desire. Since avoiding and preventing a deficit is

at the heart of sensible expenditure, it is crucial to do so.

According to Robb and Sharpe (2011) in their study entitled “Effect of Personal

Financial Knowledge on College Students’ Credit Card Behavior” accumulated a

collection of findings regarding the relationship between financial knowledge and college

student’s credit card behavior. In the results of their study, they have suggested that

financial knowledge and behavior are related, but the nature of relationship warrants

further investigation. Additionally, the results of their study indicate that the relationship

between financial knowledge and actual behaviors is not as clear as hypothesized,

although there does appear to be a significant relationship between the two factors.
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Contrary to expectations, those with higher levels of financial knowledge had significantly

higher credit card balances.

Related Studies

Böhm, Böhmová, Šimková, and Gazdiková (2021) on their study entitled The

Impact of Secondary Education on the Level of Financial Literacy: The Case of Slovakia,

aimed to determine whether secondary school education had a positive impact on the

level of student's financial literacy and to identify other important factors that affected its

level. The study consisted of two components: a questionnaire and a test. The

questionnaire focused on various factors such as demographics, education, and

socio-economic background that influenced students' financial literacy. The test

assessed students' understanding of financial concepts, their ability to define these

concepts accurately, and their analytical skills. The key finding of the research indicated

that the number of math and financial literacy lessons in secondary school did not

significantly impact students' financial literacy levels. Conversely, the level of financial

literacy was correlated with the student's overall performance in secondary school and

the type of school they attended. The results revealed that simply increasing the number

of math or financial literacy lessons was insufficient to improve financial literacy levels.

Instead, factors such as teacher education, the content and delivery of education, and

the effectiveness of the teaching process were found to be more important in enhancing

financial literacy. This particular research correlates with the present study as it aims to

examine the influence of students' education on their financial literacy. However, the

current study specifically concentrates on the students' grade level and academic strand.

Furthermore, there are distinctions between the two studies as the current investigation

primarily focuses on evaluating students' financial literacy and exploring the effects of
 22

grade level and academic specialization on their financial literacy. The current study also

incorporates four variables - budgeting, money saving, expenditure, and financial

knowledge - which serve as the basis for analyzing the students' financial level.

Angeles et al. (2020) in their study Financial Literacy among Grade 12 Academic

Strand Students: A Comparative Study, aimed to determine the financial literacy level of

the Grade 12 academic strand students enrolled in the Children of Fatima School, Inc.

Senior High School and if there is a significant difference between the scores of the two

groups of respondents (HUMSS & ABM). Stratified random sampling was used to gather

the data necessary for the study. A standardized survey questionnaire from National

Finance Educators Council (NFEC) was used in order to determine the level of financial

literacy. Additionally, the researchers used a self-administered questionnaire from the

study “Determinants of Financial Literacy: Quantitative Study among Young Students in

Tashkent, Uzbekistan” of Singh, J. (2017) wherein the respondents had to answer

through Likert scale to identify the determinants that greatly affect the financial literacy

level. The results showed that there is a significant difference between the scores of the

two groups of respondents. Students under the ABM strand were financially illiterate and

the students under HUMSS strand were approaching financial literacy. This study

relates with the present study as it aims to examine the relationship of student’s

education on their financial literacy level. However, the present study focuses on

students’ academic strand and grade level. Unlike this study which included only two

strands and is limited to Grade 12, the present study added STEM and gathered data

from both Grade 11 and Grade 12. The present study also has four variables (budgeting,

money saving, expenditure, financial knowledge) that will be used as a basis for

determining the level of financial literacy.

 23

Amagir, Groot, Wilschut, and van den Brink (2020) in their study entitled Financial

literacy of high school students in the Netherlands: knowledge, attitudes, self-efficacy,

and behavior, examined levels of financial literacy among 15-year-old high school

students in the Netherlands. They have also investigated which factors are associated

with the different financial literacy components (knowledge, attitudes, self-efficacy, and

self-reported behavior). In their study, they surveyed ninth grade high school students

with an average age of 14.62 years in the western part of the Netherlands in four

educational tracks in March 2017. In the results of their survey, they have found that

there are statistically significant and large differences in the financial knowledge levels of

students from the different Dutch high school tracks. In the conclusion of their study, their

findings show a large gap in the financial knowledge levels between the lowest and

highest high-school tracks in the Netherlands. Furthermore, they have also concluded

that their findings are useful for designing effective financial education and intervention

programs, and for identifying groups that may benefit the most from financial education

programs. In comparison with the current study, the related study has a much larger

sample size of 2025 from four educational tracks whilst the current study will be using

327 SHS respondents from the STEM, ABM, and HUMSS academic tracks of the

MIndanao State University - General Santos City . In addition, the examined high school

grade level of the related study only consisted of the ninth grade of Dutch high school

students whilst the examined grade in the current study will consist of the eleventh and

twelfth grades of the Philippine senior high school curriculum. Similarly, the age group of

the related study consisted of an average age of 14.62 years whilst the current study

does not have a defined age group but it will be determined once the survey will collect

the total respondent data. Moreover, the related study used the Analysis of Variance

(ANOVA) to determine the statistical difference of the scores; the current study will also

be conducting the statistical difference using the Analysis of Variance (ANOVA). Apart
 24

from this, both the related study and the current study have four dependent variables

used to determine the financial literacy of their respondents. Yet, the related study had

the dependent variables: knowledge, attitudes, self-efficacy, and self-reported behavior

whilst the current study will have the dependent variables: budgeting, money saving,

expenditure, and financial knowledge. Additionally, the related study used a survey and

their created financial knowledge test, the attitude towards money scale, the financial

self-efficacy scale, and the self-reported financial behavior scale to collect the data.

Meanwhile, the current study will also use a survey consisting of financial literate

questions but will be only using the Likert scale to collect the data of the respondents.

Dewi, Febrian, Effendi, Anwar, and Nidar (2020) in their study entitled Financial

literacy and its variables:the evidence from Indonesia, aimed to investigate and measure

the level of financial literacy and its variables within the academic community in

Indonesia. This study also aimed to explain how members of the Indonesian academic

community understood their financial literacy levels and the ways in which it can be

improved. The study’s sample consisted of 889 lecturers in Indonesia. Their survey

method was used to measure financial literacy and, according to their study, its variables

include subjective financial knowledge, financial behavior, financial experience, financial

awareness, financial skills, subjective financial knowledge, financial capability, financial

goals, and financial decisions. Their research data was collected using a quantitative

survey and was analyzed using structural equation modeling (SEM). Their results

confirm the relationships between financial literacy and their variables of financial

awareness, financial behavior, financial experience, financial skills, subjective financial

knowledge, financial capability, financial goals, and financial decisions. The related study

compares to the current study since both studies aim to assess the financial literacy of

students using different variables. Both the related study and the current study also used
 25

a quantitative survey, in combination with a Likert Scale, to collect the respondent’s data.

However, the current study contrasts to this specific study because the current study

entitled “Cash Course: Level of Financial Literacy of Mindanao State University - General

Santos City Senior High School Students'' will be having an estimated sample size of

327 respondents from the Senior High School Department consisting the 11th and 12

grade levels and in the strands of STEM, ABM, and HUMMS for each grade level whilst

the related study had 889 academic lecturers from Indonesia. Moreover, the current

study will also only have four dependent variables which are: budgeting, money saving,

expenditure, and financial knowledge. In contrast, the related study had eight dependent

variables which are: financial awareness, financial behavior, financial experience,

financial skills, subjective financial knowledge, financial capability, financial goals, and

financial decisions. Lastly, the related study used the structural equation modeling (SEM)

to analyze the relationships between financial literacy and the related study’s variables

whilst the current study will be using the Analysis of Variance (ANOVA) to analyze if

there is a significant difference in the level of financial literacy and the current study’s

variables.

Binobo, Polidario, Salazar, Somcio, and Sosuntong (2019) on their study entitled

Level of Financial Literacy of Senior High School Students from Private Schools of

Bacolod City, has the aim to determine the level of financial literacy of senior high

schools students from private schools in Bacolod City. The researchers utilized a

descriptive-analytical scheme and the comparative-correlational scheme to be able to

determine the objectives of the study. The study primarily focuses on the areas of

spending habits, saving habits and financial knowledge in order to determine the overall

financial knowledge of a student. Sex, grade level, district and family incomes were also

used as variables. The researchers accumulated a total of 140 out of 9636 students
 26

among different private schools in Bacolod City as respondents. The major findings of

this study concluded that there is no significant difference in the level of financial literacy

if respondents are grouped according to its grade level, district and family income,

however there is a significant difference in the level of financial literacy when participants

are grouped according to its sex. This specific study has the relation with the present

study since both are aiming in determining the level of financial literacy among senior

high school students. However, the current study only focuses on gathering respondents

in one institution only. Also, both studies have used questionnaires in order to

successfully conduct surveys, and would use Likert Scale in collecting the respondents’

data. Both of the studies have also used grade level as variable and financial

knowledge, expenditure and money saving as a determiner of overall financial literacy,

however the current study only concentrated in the variables, grade level and academic

strand as the independent variables. and budgeting, money saving, expenditure, and

financial knowledge as the dependent variables which are under the financial literacy

area.

Jayaraman and Jambunathan (2018) in their study entitled Financial literacy

among high school students: Evidence from India, aimed to ascertain whether students'

secondary education had a favorable effect on their degree of financial literacy and to

pinpoint other significant elements that affected it. A questionnaire was held in this study.

The questionnaire concentrated on a number of aspects, including education, analytics,

and demography, which affected students' financial literacy. The study's main finding

was that students' levels of financial literacy were unaffected significantly by the quantity

of financial literacy sessions they had in secondary school. On the other hand, the

student's overall success in secondary school was connected to their level of financial

literacy. The findings showed that merely adding more arithmetic literacy training wasn't
 27

enough to raise financial literacy levels. Instead, it was discovered that elements like

educational content and delivery, and the efficiency of the teaching process were more

crucial in advancing financial literacy. The current study of the researchers is related to

this specific study since it intends to investigate how students' educational experiences

affect their financial literacy. On top of that, there are differences between the two studies

because the current study primarily focuses on assessing students' financial literacy and

researching the impact of students' academic specialization and grade level which differs

from the study of Jayaraman and Jambunathan (2018) which used gender and

academic course of their respondents.

Candiya Bogomin, Munene, Ntayi, and Malinga (2017) in their study entitled

Financial literacy in emerging economies: Do all components matter for financial

inclusion of poor households in rural Uganda? aims to examine the impact of individual

components of financial literacy in promoting financial inclusion of poor households in

rural Uganda. The related study was cross-sectional combined with correlation and

regression analyses. The related study’s data were collected from 400 poor households

drawn from four regions in rural Uganda. The related study also used hierarchical

regression analysis to test for the contribution of individual components of financial

literacy on financial inclusion of poor households in rural Uganda. In addition, the related

study also used confirmatory factor analysis and analysis of variance (ANOVA) to

establish existence of convergent validity between the items used to measure the

different constructs under study and to test for variation in perceptions of poor

households on being financially included respectively. The related study had the

dependent variables of: financial behavior, financial attitude, financial knowledge and

financial skills. The results of the related study revealed that only one of the dependent

variables (financial attitude) significantly and positively predicts financial inclusion of poor
 28

households in rural Uganda. The current study correlates with the related study because

the current study will investigate the financial literacy of its respondents. Both studies

also use the analysis of Variance (ANOVA) to determine if there is a significant difference

between the level of financial literacy and its variables. On the contrary, the current study

entitled “Cash Course: Level of FInancial Literacy of Mindanao State University -

General Santos City” will be having students from Mindanao State University - General

Santos City as the respondents. Additionally, the sample size of the related study

consists of 400 poor households from four regions in rural Uganda while the current

study will be having a sample size of 327 respondents from the Senior High School

Department of Mindanao State University - General Santos City. Lastly, the related study

primarily focuses on the promotion of financial inclusion using the investigation of the

study’s variables of financial literacy while the current study will only be aiming to

determine the level of financial literacy of the respondents using the current study’s

variables.

In the study entitled Investigating the Level of Financial Literacy of University

Students conducted by Felipe et al. (2017) in the north of Mexico, upon investigating the

level of financial literacy of the subject, they performed a survey to collect the data. The

data collected through the survey were then analyzed using the structural equation

modeling technique. Consequently, it has been found out that the level of financial

literacy in the north of Mexico is low. That is due to the fact that the relationship between

financial attitudes, financial behavior, and financial knowledge was not found. In contrast

to Felipe et al. (2017)’s study, the study entitled “Cash Course: Level of FInancial

Literacy of Mindanao State University - General Santos City” will be having the students

of Mindanao State University - General Santos City as their subject. Similarly, the latter

will be using a survey. However, upon analyzing the data that will be collected, the latter
 29

will be using the Analysis of Variance (ANOVA). The relationship that will be studying in

“Cash Course: Level of FInancial Literacy of Mindanao State University - General Santos

City” will be on how the strand difference and grade level difference of the students

influence their financial literacy.

In a different study by Erner et al (2016) in Financial literacy of high school

students: Evidence from Germany, it is stated that after completing their high school

education, young individuals who are not of legal age soon confront increasingly intricate

and significant financial choices. Thus the study aimed to conduct a thorough evaluation

of the levels of financial literacy and potentially associated factors of German high school

students. In this study, the researchers administered a paper-pencil test survey to

German high school students, revealing comparable deficiencies in standard financial

literacy measures as observed in previous studies involving different groups. Female

students and those with limited integration displayed notably lower levels of financial

literacy across various measures. Furthermore, basic financial literacy was found to be

correlated with mathematical abilities, while advanced financial literacy was linked to a

student's overall cognitive aptitude and proficiency in foreign languages. It is crucial to

pay attention to subgroups identified by these factors when developing more focused

financial literacy programs. This correlates to the present study in a manner similar to the

first related study. However, this specific study focused more on the mathematical

abilities and gender of their respondents, something that the present study has not

included within their scope and limitations.

Boyland and Warren (2013), in their study entitled Assessing the Financial

Literacy of Domestic and International College Students, aimed to assess the financial

literacy of undergraduate students at a southern New England university to provide

 30

insights on how instituting programs about financial literacy could be customized to the

unique needs of its student body. They used an established instrument - the Jump$tart

Survey, or the Survey of Personal Financial Literacy administered by the Jump$tart

Coalition for Financial Literacy to 92 junior and senior students. The survey instrument

was divided into two sections, with the first half containing questions designed to test

financial literacy and the second half designed to categorize demographic and financial

behavior. The results were analyzed based on student knowledge of income, money

management, saving, spending, and credit. They found significant differences in the

level of financial literacy between domestic and international students but no significant

difference based on gender. This study correlates with the present study since both

studies aim to assess the financial literacy of students. It is also similar in the way that

both studies test the financial knowledge, money-saving, and budgeting behavior of

students. However, the current study aimed to research if there’s a significant difference

in financial literacy between different academic specializations of senior high school

students compared to Boyland and Warren’s study, which assessed the significant

difference in financial literacy of domestic and international students and their gender.

Based on the aforementioned literature, it is evident that the conducted studies

employed a correlational research design, and so will the present study, namely, Cash

Course: Level of Financial Literacy of Mindanao State University - General Santos City

Senior High School Students. It is apparent that certain factors, such as the number of

math and financial literacy lessons in secondary school, as observed in the studies

conducted by Böhm et al. (2021) and Jayaraman and Jambunathan (2018), do not exert

any influence on students' financial literacy levels. Conversely, other factors, including

mathematical abilities, overall cognitive aptitude, and proficiency in foreign languages,

significantly impact an individual's financial literacy level. Moreover, researchers have

 31

implemented various categorizations to facilitate the interpretation of students' literacy

levels. For instance, Boyland and Warren (2013) classified participants based on gender

(male or female), while Binobo et al. categorized students into groups based on sex,

grade level, district, and family. Similarly, Angeles et al. (2020) divided students into two

groups according to their chosen strand (ABM and HUMSS). By considering these

factors, the researchers aimed to determine the financial literacy levels of students at

Mindanao State University - General Santos City. Additionally, the researchers classified

the collected data into groups, taking into account the students' grade level and chosen

strand. They are eager to ascertain whether these variables have a significant impact on

an individual's financial literacy level or not.

 32

CHAPTER III

RESEARCH METHODOLOGY

This chapter presents the design and procedures that will be used in conducting the

study.

Research Location and Duration

This study will be conducted at Mindanao State University - General Santos City

(MSU GenSan), located in Barangay Fatima, General Santos City, South Cotabato. It is

a premier higher-education institution that offers basic education programs through its

Junior High School and Senior High School departments. The researchers specifically

chose the Senior High school department since the respondents of the study are senior

high school students.

The study will be conducted during the first two weeks of July 2023. The

questionnaire in Google Forms will be distributed through Facebook Messenger.

Research Respondents

The researchers will use stratified random sampling to gather the necessary

respondents for this study. According to Simkus (2022), stratified random sampling is a

method of random sampling where the population is divided into smaller subgroups

(strata), based on their shared characteristics. The sample size will be achieved by

randomly selecting respondents among the strata. This study will divide the population of

the academic strand students into sub-groups (STEM, ABM, and HUMSS). A total of 327

respondents were gathered using the standard formula. There are 143 respondents and

184 respondents collected from each grade level: 11 and 12, respectively. The
 33

respondents are specifically senior high school students from Mindanao State University

- General Santos City.

Research Design

This study will focus on determining the level of financial literacy of senior high

school students in Mindanao State University - General Santos City by determining

whether a significant difference occurs when the respondents are grouped according to

the variables: Grade Level and Academic Strand. According to the University of Texas

Arlington (2023), quantitative research refers to the set of strategies, assumptions, and

techniques used to study economic, social and psychological processes in a way of

exploring numeric patterns which this study implies since it has the goal to investigate

the economic aspect specifically how financially literate the Senior High School students

are through a series of surveys involving numerical responses with the aid of Likert

Scale and from that method, the data to be interpreted will be valid in terms of statistical

analysis.

The descriptive correlational design will be used to determine whether a significant

difference arises between the financial literacy among the students when grouped

according to its Grade Level and Academic Strand. Descriptive correlational research

design is a particular type of research design that evaluates the relationship between

two or more variables without any claims about the causal relationship. It mainly includes

collecting and interpreting data between at least two variables to determine the

significant relationship between them (Bhat, 2018). The aforementioned research design

is appropriate with the current investigation since it seeks to know the significant

relationship between groups of variables without manipulating those.

 34

Figure 2. Research Design

The figure above displays the process that this study will be performing. Firstly,

the input shows the independent variables and the dependent variables. Followed by the

process which shows the research steps. Lastly, the output which shows the anticipated

outcomes of the study.

 35

Materials and Instrumentation

In the pursuit of the study to collect the necessary data, the researchers will

employ a survey questionnaire. The respondents will be from the Senior High School

students in Mindanao State University - General Santos City; 143 respondents for Grade

11 while 184 respondents for Grade 12, which will partake in a web-based questionnaire,

particularly in Google forms. The questionnaire will be divided into four parts: the first

portion will contain questions which will assist the researchers assess the respondents'

level of financial literacy, which will be determined based on responses to questions on

budgeting; the second portion will contain questions to aid the researchers assess the

respondents' level of financial literacy in the terms of money saving; the third portion will

contain questions to guide the researchers assess the respondents' level of financial

literacy in the terms of expenditure; whereas the fourth portion will contain questions to

help the researchers assess the respondents' level of financial literacy in the terms of

financial knowledge. Furthermore, the researchers will use a 5-point Likert scale, with

the options 1-Strongly Disagree, 2-Disagree, 3-Neutral, 4-Agree, and 5-Strongly Agree,

in order to collect the responses from the respondents. For analysis and interpretation,

the data obtained from the questionnaire will be used.

Statistical Tool

The researchers will employ the following statistical methods to address the

problems presented in this study.

For sub-problem 1, the researchers used weighted mean as it aims to assess the

level of financial knowledge among senior high school students in specific areas such as

budgeting, saving money, expenditure, and financial knowledge. For sub-problem 2, it

 36

will also use weighted mean as it aims to determine the level of financial literacy when

the senior high school students are grouped according to their grade level and academic

strand.

The researchers will analyze the data collected to determine the financial literacy

level of senior high school students by calculating the means. The use of the mean is

suitable because it is a reliable measure of central tendency. Subsequently, the

researchers will compute the mean scores and examine their correlation with the

variables of grade level and strand. Table 1 will provide the necessary interpretations for

the mean scores. By utilizing these interpretations, the researchers will be able to

effectively accomplish their objectives.

Mean Scale Verbal Interpretation

4.21 - 5.00 Strongly Agree

3.41 - 4.20 Agree

2.61 - 3.40 Neutral

1.81 - 2.60 Disagree

1.00 - 1.80 Strongly Disagree

Table 1. Likert Scale Interpretation

Lastly, sub-problem 3 will use t-test and ANOVA as it aims to determine if there is

a significant difference in the level of financial literacy when grouped according to grade

level and strand. Distinctively, the mean was employed to analyze the variable that had

just two categories, namely the student's grade level. On the other hand, the ANOVA will
 37

be used when dealing with variables that have more than two classes, specifically the

student's academic strand.

Data Gathering Procedure

For the gathering of the data to be systematic, the researchers obtained the

following procedures:

Figure 3. Schematic Diagram of Data Gathering Procedure

Before the actual distribution of the questionnaires and gathering of data, the

researchers will make a list for the students to be the respondents of the study. Then, the

researchers will adopt and modify a validated questionnaire from its related study. The

researchers will generate a total of 28 questions for the questionnaire, 7 questions each
 38

from the different variables such as budgeting, money saving, expenditure, and financial

knowledge. Next, the revised questionnaire will undergo verification and evaluation by

the validators, primarily the research advisor and specialized teachers in research

writing, to ensure its validity. After the validation of the questionnaire, the researchers will

utilize Google Forms, an online tool used for generating surveys, to encode the

questionnaire there. This will be the platform used to obtain information from the

respondents on the questionnaire.

The researchers will then proceed to creating letters of approval and consent, which

will be sent to the senior high school coordinator and directress for the approval. The

approval letters will be sent to the class advisors, who were selected by their respective

advisory classes to participate as respondents in the study. The consent will be sent to

the research participants through Facebook Messenger. Once the respondents accepted

the agreement presented on the consent, the link of the questionnaire will be sent

eventually. The respondents will then proceed to complete the questionnaire in Google

Forms using the provided link by the researchers. Finally, the collected data was

organized for the purpose of data analysis and interpretation.

 39

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