UNDERSTANDING FINANCIAL LITERACY AMONG G11 HUMSS STUDENTS OF

ALANGILAN SENIOR HIGH SCHOOL

A Qualitative Research

Presented to the Faculty

of ALANGILAN SENIOR HIGH SCHOOL

Batangas City

In Partial Fulfillment

Of the Requirements in Practical Research I

As an Applied Subject in Humanities and Social Sciences

JELYN M. AVILES
JHOWEN B. DE CASTRO
RYZA JANE G. MARCELO
HANNA ALEA D. MEDINA
MARL LOWELL C. MEDRANO
JOHN HAROLD O. MELO
KHARL ANTHONY C. MERCADO
SOPHIA F. MIRANDO
JENIELE C. MOLINA
MHARC JIRO M. MONTILLANO
JEZREEL JOHN F. MOTIN
Jun 2023
Include your Approval Sheet here.
 Research Abstract
Title: UNDERSTANDING FINANCIAL LITERACY AMONG G11 HUMSS
STUDENTS OF ALANGILAN SENIOR HIGH SCHOOL
AUTHORS: Jelyn M. Aviles
Jhowen B. De Castro
Ryza Jane G. Marcelo
Hanna Alea D. Medina
Marl Lowell C. Medrano
Jhon Harold O. Melo
Kharl Anthony C. Mercado
Sophia F. Mirando
Jeniele C. Molina
Mharc Jiro M. Montillano
Jezreel John M. Motin
Track: Academic Track
Strand: Humanities and Social Sciences
Year: 2023
Instructor: Ms. Jessa C. Luansing
Institution: Alangilan Senior High School
Alangilan, Batangas City
Even prior the onset of a global pandemic, balancing work and life domains has

been a central issue to most employees particularly from the educational sector and has

persistently sparked debates in most research agendas regarding work arrangements.

Indeed, the CoVid-19 outbreak has driven government agencies, one of which, is the

Department of Education to switch to an alternative work arrangement, a working

condition that favors the mitigation of the virus, but puts most teachers in an abrupt and

grand adjustment period. In view of the current situation, the researchers were

prompted to examine the teachers’ perception and attitude toward the new normal at

work in the pursuit of improving work-productivity and work-life balance in the new
working arrangement. This research employed a qualitative research design with limited

in-person observation and in-depth interviews as the main data gathering instruments.

Teachers’ describing alternative work arrangement as contributory to the development

of work-life balance despite previous claims on the difficulty of establishing boundaries

between work and their personal lives served as one of the major findings of this study.

On the contrary, this study was only limited to the responses generated from 12

teachers of two newly-established academic institutions in the Division of Batangas City,

hence, findings may not be generalized to the whole teaching population. Providing a

realistic and authentic perspective of the present working situation in an alternative work

arrangement and allowing the respondents to contribute to the improvement of the new

working scheme has set out the study from all the other previous researches.

Key words: Alternative Work Arrangement, Work-Productivity, Work-Life Balance

Insert your Acknowledgement here.
Insert your dedication here.
 TABLE OF CONTENTS
Title ……………………………………………………………………… i
Approval Sheet ……………………………………………………………………… ii
Research Abstract ……………………………………………………………………... iii
Acknowledgement ……………………………………………………………………… iv
Dedication ……………………………………………………………………… v
Lists of Tables ……………………………………………………………………… vi
Lists of Appendices ……………………………………………………………………… vii
Introduction ……………………………………………………………………………...
Statement of the Problem ……………………………………………………………..
Literature Review ……………………………………………………………………….
Method ……………………………………………………………………………………
Research Design …………………………………………………………
Participants of the Study ……………………………………………….
Data Gathering Procedure ……………………………………………...
Ethical Considerations ………………………………………………….
Results and Discussion ………………………………………………………………
Conclusion ………………………………………………………………………………
Recommendations ……………………………………………………………………..
References ……………………………………………………………………………….
 LIST OF TABLES
Table 1 Teachers’ Views on Alternative Work Arrangement 11
Table 2 Impacts of Alternative Work Arrangement 15
Table 3 Imbalance between Work and Home Domain 20
Table 4 Proposed Work-Schemes Interventions 25
 LIST OF APPENDICES
Letter of Consent 33
Interview Guide 36
Pictures and Documentation 38
Coding Matrix 40
Curriculum Vitae 45
Introduction and Rationale

Financial literacy is the knowledge and skills required to make informed and

effective decisions about money management. It is an essential life skill that allows

individuals to understand the basic concepts of personal finance, such as budgeting,

saving, investing, debt management and maximizing opportunities associated with

different financial products and services while meeting specific financial goals. Students

learning to manage their money is a significant process during their maturing stage. The

practical skill of budgeting has become essential among human beings to maintain and

improve one's place in society. One of the reasons why students waste their money is

because they do not have the correct priorities in mind.

In recent years, the importance of financial literacy in education has become

increasingly recognized, as it is critical for individuals to be financially intelligent in order

to succeed in today's complex financial landscape National Foundation for Credit

Counseling,(2020). 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 by Honigman, (2013). The reason is

that financial habits that people learn during adolescence persist through adulthood.

The spending conduct of youth and their constrained comprehension of cash

administration strengthen tendencies that can potentially result in costly budgetary

errors today and later on Bona, (2017). According to Seriña-de La Paz &Que, (2013),

The ability to be able to avail certain products like food or project materials is not the

same for every child. Teenagers have different costs regarding school and personal

expenditures. Most teenagers have financial support from their parents. In line with the
previous statement, the youth tend to forget the difficulty of obtaining money. The way

teenagers spend has many factors; such as habits, upbringing, lifestyle, economic

status, and many more.

Kim et al. (2017) emphasized that financial decisions are an integral part of family

life, and the way that family members communicate about money can significantly

impact their financial outcomes. It is therefore essential for families to adopt effective

communication patterns when it comes to financial matters.

Open and honest communication about financial issues can lead to better financial

outcomes for families. When family members can discuss their financial concerns and

goals openly and without fear of judgment, they are more likely to make informed

decisions that benefit everyone. On the other hand, avoiding or engaging in conflicts

about financial issues can lead to negative outcomes, such as financial instability,

increased debt, and strained relationships.

Financial professionals and educators can play a critical role in improving financial

communication among family members. Financial education programs can teach

effective communication strategies that can help family members to communicate more

effectively about money matters. For instance, active listening, expressing concerns and

needs, and negotiating financial goals are all essential communication skills that can

help families to make better financial decisions.

The study aims to understand the level of financial literacy among humanities and

social sciences students at Alangilan Senior High School. These highlights the need for

financial education to be integrated into the curriculum to improve the financial literacy
of students. It also suggests the importance of promoting financial literacy among young

people to enable them to make informed financial decisions in the future.

Literature Review

For the purpose of this literature review, the literature is organized in such a way

as to showcase the understanding of financial literacy of senior high school students.

Over the past few decades financial literacy has become an increasingly important

concept, as research has linked higher financial literacy with better day-to-day financial

management skills, higher stock market participation, more precautionary savings,

decreased use of high-cost borrowing methods, and higher wealth accumulation

(Hilgert, Hogarth, and Beverly 2003; Christelis, Jappelli, and Padula 2010; van Rooij,

Lusardi, and Alessie 2011; Yoong 2011; Almenberg and Dreber 2011; Arrondel,

Debbich, and Savignac 2012; Lusardi and Tufano 2015; Stango and Zinman 2009, and

the review work of Lusardi and Mitchell, 2014).

Several studies have analyzed financial literacy levels among Americans. Findings

from these studies suggest that, in general, Americans are poorly informed about basic

financial concepts; among them the young and the old are in an acutely fragile situation

(Lusardi and Mitchell, 2014). There are also several studies that present evidence that

young adults in the United States are particularly vulnerable and have the lower levels

of financial literacy than other age groups. They also find that not only is financial

illiteracy widespread, but is particularly acute among specific groups including women

and those with lower levels of education. Chen and Volpe (2002) found similar results

among college students, concluding that females generally have less enthusiasm for,
lower confidence in, and less willingness to learn financial topics than compared to men.

While they have more assets than other young adults, they tend to be heavily burdened

by debt in both the short-term and long-term (de Bassa Scheresberg, Lusardi, and

Yakoboski, 2014).

These findings highlight the challenges young Americans face and the need for

financial education to occur at an early stage. It is important to note that, while these

studies show the young have the lowest levels of financial literacy compared to other

age groups in America, this is not the case for all countries. Recent data from the S&P

Global Financial Literacy Survey show that in some countries the young are those with

the highest level of financial literacy. Specifically, young adults generally have a lower

level of financial literacy than middle age respondents in major advanced economies,

while young adults have the highest level of financial literacy in major emerging

economies (Klapper, 5 Lusardi, and van Oudheusden, 2015). This paper seeks to add

to the literature by analyzing and identifying some key determinants of financial literacy

among senior high school students.

Statement of the Problem

This study aims to understand financial literacy among G11 students of Alangilan

Senior High School during academic year 2022-2023.

Specifically it focuses on exploring the following questions;

1. What is the understanding of HUMSS students on financial literacy?

2. How do they apply their knowledge on financial literacy on the life as

students?
 3. Based from the result of the study, what may be proposed to promote

financial literacy among students?

METHODOLOGY

Research Design

To understand the experiences of G11 HUMSS students of Alangilan senior high

school in Financial literary, we used phenomenological, a qualitative research approach

that focuses on interpreting a student experience their challenges in financial literary.

The phenomenological involves interpreting the experiences of students through

personal preconceptions, this approach aims to know the understanding of HUMSS

students and to know their experience to this study, by simply interviewing and

categorizing the data. We focused on this study because most students have difficulty

to understand financial literacy. We conducted extensive one on one interviews with

participants, asking about their understanding, experience, and challenges faced in

financial literacy. We will then analyze the data by reviewing transcripts to identify

significant themes and patterns. Finally, we will interpret our findings while being mindful

of our own biases and assumptions.

Subject of the Study

The respondents of the study are grade 11 HUMSS students total of 8 students

from Alangilan Senior High School in the Division of Batangas City. No sampling

method was used as emphasis was placed on the qualitative approach in which small

group of respondents is considered appropriate for the context of the study.

Data Gathering Procedure

 The researcher constructed a questionnaire checklist, validated by the professor of

the subject then the questionnaire is distributed. The researcher conducts the research

in Alangilan Senior High School. The researcher explains to the respondents the

importance of their response to the study. The researcher clarifies some terms to the

respondents so that the respondents can answer the questionnaire with full knowledge

of their responsibility as the subject of the study. The researcher uses a purposive

sapling, according to Zulueta and Costales, the sampling units are selected subjectively

by the researcher. In this study since the researcher goal is to determine the importance

of Understanding financial literacy. The researcher believes that this method is the most

appropriate in choosing the sample for the research.

Ethical Considerations

Doing this research needs a lot of things to consider in order to avoid any

discrepancies that may arise along the process. The researcher will take into account

the ethical considerations that we should follow in conducting our study. We will make

sure that participants shall be treated with utmost respect and given their rights of

privacy and confidentiality of their given information. Before enrolling participants to the

research, they shall have a better understanding of the research and additional

treatment methods that enable individuals to experience and increase their overall

sense of well-being (Institutional Review Board). Also the vulnerability of research

participants shall be in topmost priority than anything. The researcher shall protect the

participant’s direct disclosure of private information and shall execute confidentiality.

There will be strictly no practice of any plagiarism on the information stated in the

research.
Results and Discussion

This chapter presents the results and discussion and the personal insights that the

researchers have gathered through the process of conducting face to face interview in

Alangilan Senior High School.

Table 1 reveals that many students have a general understanding of financial literacy,

but they may face challenges when it comes to implementing budget planning, decision-

making, and dealing with financial challenges. The students seem to grasp the

importance of budgeting and financial management, but they might need further support

to fully apply these skills in their daily lives. Additionally, some students mention facing

financial challenges such as a lack of allowance, which might affect their ability to save

money. Overall, the table highlights the need for additional financial education and

support to equip students with the necessary skills and knowledge to make informed

financial decisions.

Table 1

Understanding of students on financial literacy

Themes Significant Statement
Budgeting ‘’I have a budget plan for my expenses
money because we need to plan what we will
spend, like buying things that we don't
really need, and we should prioritize
important things over what we just
need.’’

Financial ‘’Yes! It was significant for all individuals

Education like me because when we reach
adulthood, it is necessary for us to have
knowledge on financial management.’’
 Financial ‘’This helps me to make decisions on
Decisions how to spend my money on things and it
helps me to be smarter in spending
money and so that I can think of
strategies that I can use to save more.’’

Financial ‘’I faced financial challenges like the lack

Challenges of allowance, it's not enough for me to
budget every day.’’

Based on the results, this presents the significant statements by students on their

understanding of financial literacy. According to Smith (2019), the students have a

general understanding of financial literacy, particularly in budgeting and financial

education. They prioritize the need to budget and plan their expenses, especially when

it comes to choosing between important and non-essential items. The students

recognize the significance of financial education in adulthood, as well as the impact it

has on their ability to make informed financial decisions. However, some students face

financial challenges, such as lack of allowance, which limits their ability to budget

effectively.

Table 2 reveals the strategies that students have adopted to become more financially

literate. According to the results, the students have created a budget plan for

necessary expenses and they prioritize making smart spending decisions. They

recognize the importance of being pragmatic and only spending money on

necessities. The students are also aware of the benefits of money management and
 how it can help them make smarter spending decisions. These findings suggest that

the students have developed a strong foundation in financial literacy by adopting

these strategies and that they recognize the importance of budgeting, smart

spending, money management, and being practical with their money.

Table 2
Strategies for Financial Literacy

Themes Significant Statement

Budget Plan "I have budget on my necessary
expenses."

Smart Spending "be smart in spending, not just because

you want the item, you will buy it right
away. You can actually buy that list for
students even if you don't need it right
away."”

Pragmatic I don't think I have ever had a financial.

Maybe because I'm a very practical
person and only spend my money on my
necessities

Money "This help me to make decisions on how

Management to spend my money on things and it
helps me to be smarter in spending
money."

Results have consistently found that individuals with higher levels of financial literacy

are more likely to make informed financial decisions, effectively manage their money,

and avoid excessive debt. Abramitzky (2018) suggests that strategies focused on

improving financial literacy have a positive impact on individuals' financial outcomes.

Therefore, promoting financial literacy and providing people with the necessary

knowledge and skills to make informed financial decisions is crucial. Doing so can

empower individuals to make better choices about their spending habits, save money,

and effectively manage their finances.

Conclusions
Based on the findings of the students, the following conclusions were drawn:

1. Students comprehend the significance of budgeting, financial education, and

making well-informed financial decisions. They recognize the necessity of

acquiring knowledge in financial management as they transition into

adulthood.

2. Despite their understanding, students may face obstacles when it comes to

implementing budget planning, making financial decisions, and addressing

financial difficulties. Insufficient allowance or limited financial resources can

impede their capacity to budget effectively.

3. Strategies such as formulating a budget plan, practicing prudent spending,

adopting a pragmatic approach, and prioritizing money management. These

 strategies reflect students' proactive approach to enhancing their financial

literacy skills.

4. Students would benefit from additional support and education in financial

literacy. This entails practical guidance on implementing budget plans,

overcoming financial challenges, and developing effective strategies for

managing their finances.

5. Financial challenges can significantly hinder students' ability to fully

implement and utilize their financial literacy skills. It becomes evident that

certain students face formidable obstacles that impede their progress in

practicing effective financial management.

Recommendations:

Based on the conclusions, the following recommendations were

formulated.

1. Students need to learn appropriate budgeting and understand how to

prioritize needs against wants. Students can accomplish this by creating a

budget plan and only purchasing what is necessary. Additionally, in order to

have resources in case of financial trouble, students must learn how to save

money.

2. All students need to know that financial literary helps them to manage their

money wisely, and achieve financial stability in life. Financial literacy can help

students especially when they have financial needs in school.

3. Students need to learn how to budget properly. when you have a budget plan,

you can spend money accordingly and will be able to save any extra to use

just in case of emergency, without a budget plan you will be unable to control

your spending, as a result of this overspending you will lack or lose the

budget for the things that you need..

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APPENDICES
Insert your Appendices here.