Department: Department of Accounting Education

Program: Bachelor of Science in Accountancy

Subject Code: 2215
Proponents Name: Aguila, Abegail
Daquis, Nice Valerie
Feje, Krisha Dale
Lao, Shayne Joy
Punayan, Giene

Research Title: The Experiences of University of Mindanao Tagum

College Accounting Students in Financial Management: A Qualitative
Study

Rationale/Background of the Study

Money has always been considered an essential factor in everyone's
financial decisions, including how to budget, spend, save, and invest. We
manage our household finances daily, but most need to gain the expertise to
manage our money. Responsible financial planning and management are
essential for all individuals. Financial management is the practice that affects
everyone who can earn and, therefore, control their income (Contreras et al.,
2021). In other words, financial management is the planning and executing
activities in cash, investments, and many more.
According to the World Bank, 25.0 percent of adult Filipinos
understand basic financial concepts (Medalla, 2022). It has been shown that
young people need to acquire fundamental financial skills like budgeting,
setting regular savings plans, and planning for long-term requirements (Pillai,
2021). As stated by Lister and Harnish (2019), half of Americans reportedly
had difficulty keeping up with their monthly expenses. In the Philippines, more
Filipinos possess bank accounts and invest, and fewer Filipinos save and use
insurance compared to 2019. In the study of Doniego (2021), when Philippine
university students cannot pay their allowance, it turns out that they borrow
food and money from family and friends, withdraw their savings, lie, cut back
on expenses, and earn extra money. A similar concern may be found in UM
Tagum College, where students often face challenges managing their
finances for several reasons. The researchers were unable to find any
studies that looked into the financial management of accounting students at
the University of Mindanao, Tagum College. This prompts the researchers to
investigate the financial management of accountancy students.
This phenomenological study examines and gathers facts and data
about the perceptions, experiences, challenges, coping mechanisms, and
insights about financial management. This study will utilize purposive
sampling. Ten accounting students from UM Tagum College will be chosen
and interviewed. Furthermore, this research will highlight significant concepts
that may aid students with their financial management and help them manage
their finances in the long term, especially in the future.

Research Questions
To facilitate this study, the researchers will conduct in-depth interviews
with purposely selected subjects, utilizing semi-structured interviews to derive
qualitative research themes. Various phenomenological research methods will
be employed, such as interviews, dialogues, participant observation, action
research, and personal text analysis. This approach aims to uncover and
comprehend the financial management strategies and challenges
encountered by UM Tagum College accounting students through five
research inquiries. Each participant will respond to an identical set of open-
ended questions, allowing for comprehensive insights. Collected data will be
coded to ensure participant privacy and confidentiality throughout reporting
and subsequent data analysis.
1. What are the participants' perceptions of managing their finances?
2. What are the participants' experiences in managing their finances?
3. What are the challenges that the participants encounter regarding
financial management?
4. How do the informants cope with financial difficulties?
5. What valuable financial management insights or recommendations
do participants offer their fellow students?

Theoretical Lens
This study is supported by the theory of "Financial Socialization" (Obi-
Anike et al., 2023). This theory is essential to comprehending the financial
behavior of young adults (Ullah & Yusheng, 2020). Financial socialization
theory suggests that people's relationships affect the financial information they
receive and are exposed to, which in turn helps them become financially
literate (Liaqat et al., 2021). Parents are typically the most significant source
of information on managing one's finances, so the interactions between
children and parents regarding money impact the child's financial literacy.
Furthermore, students who heed their friends' financial advice have better
financial knowledge rates than others (Obi-Anike et al., 2023).

Method
This study will use a qualitative research design and a
phenomenological approach to explore the lived experiences and
perspectives of accounting students at UM Tagum College regarding their
financial management practices. This method enables a more in-depth
understanding of their subjective perceptions, challenges, coping
mechanisms, and insights related to handling their finances (Creswell &
Creswell, 2018). Qualitative research provides a more in-depth investigation
of complicated phenomena such as financial behavior, revealing nuances and
context that quantitative methods may miss (Azungah, 2018).
Phenomenology focuses on capturing lived experiences and uncovering the
underlying meanings that individuals attach to their financial experiences
(Smith, 2021). Understanding the factors influencing students' financial
decision-making and behavior is crucial.
Purposive sampling will be utilized to select ten accounting students
participating in the study. This strategy ensures the selection of participants
who possess rich information and diverse perspectives on financial
management, maximizing the depth and breadth of data collected (Savin-
Baden & Major, 2023). In-depth interviews will be conducted with the selected
participants to gather in-depth and detailed data about their experiences. This
method provides a safe and supportive space for students to openly share
their thoughts, feelings, and perspectives on financial management
(Liamputtong, 2022). The interview transcripts will be analyzed using thematic
analysis. This method allows for identifying, organizing, and interpreting
recurring themes within the data, offering insights into the participants'
everyday experiences and thoughts on financial management (Kiger &
Varpio, 2020). A systematic and transparent coding procedure will be used to
ensure the reliability of the findings (Vanover et al., 2021).

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