Examining The Financial Plan of Senior High Students in Zarraga National High School CHapters 1 3

Zarraga National High School
Jalaud Norte, Zarraga, Iloilo

Senior High School Department
Accountancy, Business, and Management
Chapter I
Introduction
Background of the Study
A foundation of knowledge is necessary for both financial

stability and well-being. The foundation of crucial knowledge that
directs your financial well-being is financial literacy. It is also in favor
of closing the wealth disparity between races. Increasing financial
awareness can help students of color who may be at risk of financial
instability due to the high expense of higher education.
According to Liz Manning (2023), A financial plan is a

document that details a person's current financial circumstances
and their short and long term monetary goals. It includes strategies
to achieve those goals. A financial plan can help you to establish and
plan for fundamental needs, such as managing life's risks (eg, those
involving health or disability), income and spending, and debt
reduction. It can provide financial guidance so that you're prepared
to meet your obligations and objectives. It can also help you track
your progress throughout the years toward financial well-being.
Financial planning involves a thorough evaluation of one's money
situation (income, spending, debt, and saving) and expectations for
the future. It can be created independently or with the help of a
certified financial planner.
Financial planning is the process of taking a comprehensive

look at your financial situation and building a specific financial plan
to reach your goals. As a result, financial planning often delves into
multiple areas of finance, including investing, taxes, savings,
retirement, your estate, insurance and more (Geier, B., 2023).
Financial planning is an ongoing process that looks at your

entire financial situation in order to create strategies for achieving
your short and long-term goals. It can reduce your stress about
money. Support your current needs and help you build a nest egg
for goals such as retirement. Creating a financial planı is important
because it allows you to make the most of your assets and gives
you the confidence to weather any bumps along the way. You can
make a financial plan yourself or get help from a financial planning
professional Online services like robo advisors have also made
getting assistance with financial plarining more affordable and

accessible than ever (Voigt, K., & Alana Benson, A, 2024).
Financial planning is an important life skill for us. Its

importance is surely cannot be ignored, especially for us students.
Financial planning skills is essential for students like us because this
skill helps us control and manage the way we use our money for our
daily life as a student. Young adults, including students in their senior
year of high school, are faced with a greater number of financial
responsibilities and choices in today's fast changing economic
environment. Here in Zarraga National High School, where
education is provided for free, however, there are still numerous
expenses associated while attending this school. These expenses
may include the cost of uniforms, school supplies, transportation,
foods, and other extracurricular activities.
The financial stability of students can have a profound impact

on their educational experiences. Students may struggle to satisfy
their basic needs and academic requirements if they are having
financial issues, which can have a severe impact on their overall
performance and well-being as a student. It is vital to comprehend
their financial preparedness and the factors influencing their
financial planning as they get ready to attend a higher school level or
work force.
Financial literacy skill is an essential skill for the students. This

skill will provide them good results after they apply this skill for their
daily life as a student, because this skill will help them manage their
financial problems that they may face as a student. Early financial
literacy instruction increases pupils' likelihood of making prudent
financial decisions. Students are also encouraged to be autonomous
and make their own financial decisions when financial literacy is
taught in the classroom. Early financial literacy instruction is essential
for preventing credit card debt, learning how to obtain loans for auto
purchases, and increasing savings through investing. Students that
are financially literate will also be better able to set and achieve
financial objectives. A sound financial life will also result from your
personal financial decision-making.
According to Terry Tuner (2023), a primary advantage of

financial literacy is the ability to handle finances. Financial literacy
training teaches students how to make a budget, cut debt, and save
money for the future. They are better able to make financial
decisions and attain financial stability because to their increased
grasp of personal finances. Students that are financially literate can
also steer clear of financial dangers like excessive spending and
heavy credit card debt. Additionally, financial literacy can aid
students in preparing for their financial independence and stability.
Through the acquisition of financial literacy skills during their
academic tenure, students can gain financial autonomy and
accomplish their financial objectives. Also, they can get knowledge
about retirement planning, investments, and savings, all of which
can help them live a solid financial life after graduation.
Financial literacy can also boost students' confidence in their

ability to make financial decisions. With a more profound
comprehension of personal finance, students might feel more
assured about their capacity to make wise financial decisions. Using
different platforms, such as Upsurge, can help them reach their
financial objectives and lessen financial stress, which also increases
their confidence.
Financial literacy is a critical life skill that empowers

individuals to make informed and responsible financial decisions.
Financial literacy education has become increasingly important as
the world economy gets more complex. Few studies have examined
senior high school students' financial literacy abilities, despite the
fact that many have examined financial literacy in adults. By
examining senior high school students' present financial literacy
levels and identifying potential influencing factors on their financial
knowledge, attitudes, and actions, this study aims to close this gap
in knowledge.
Statement of the Problem
This study aims to analyze the financial literacy and planning

skills of senior high students within the Zarraga National High School
campus.
General objectives
Generally, this study aims to analyze the financial literacy and
planning skills of senior high students in Zarraga National High
School.
Specific Problems
1. What is the average weekly allowance of the senior high students?
2. How much do they allocate their allowances for basic necessities
(e.g., foods, transportation, school supplies, and etc.) each week?
3. How often do the students engage in non-essential spending (e.g.,
entertainment, eating out, and etc.) per week?
Research Hypothesis
Generally, the researchers aimed to answer the following

hypothesis of the study after discussing and analyzing the results.
Null Hypothesis (H0):
• (H01): There is a significant difference in the basic necessities

and the non-essential spending habits of the students and their
financial literacy level to the financial planning skills of the
students.
• (H02): There is no significant difference in the basic necessities

and the non-essential spending habits of the students and their
financial literacy level to the financial planning skills of the
students.
Research Paradigm
This figure below shows the relationship of the independent

variables and the dependent variable in this said activity. The
independent variables in this study were the basic necessities & non-
essential spending of the students (foods, transportations. School
supplies, entertainment, eating out, etc.) and the financial literacy
level of the students. And the dependent variable of the study was
the financial planning skill of the students.
Figure 1. Conceptual Framework.
Independent Dependent
i Variable
Basic necessities &
Non-essential spending:
- Foods
- Transportations
- School Supplies
- Entertainment
- Eating out
- Others
Financial Literacy
Level
A schematic diagram showing the basic necessities and

non-essential spending of the students and their financial literacy
level as the independent variable and the financial planning skill of
the students as the dependent variable.
Significance of the study
This study would benefit the following:
Teachers. This study will provide the teachers with an

understanding of how their students finance or budget their weekly
allowance. They will be able to learn the different financial planning
that is being used by their students. Educating teachers in financial
literacy helps foster the development of financially and socially
responsible citizens. Given that they play a vital role in the
advancement of society, teachers with sound financial judgment will
be able to make better financial plans for themselves.
Parents. This study will widen the understanding of the

parents about the way how their children finance their weekly
allowance. This will help them manage and control the way their
children use their weekly allowance. This will enable them to save
for future needs, plan for their children's education, and make wise
financial decisions that will ultimately benefit their family. Moreover,
this study will help them avoid some financial problems.
Students. This study will surely benefit the students. This will
help them understand and know the different financial planning they
are using and learn the proper ways of how they should finance their
weekly allowance. This will help them take control over their money
by developing better spending habits. This includes controlling
monthly expenses, creating a monthly money habit, and keeping
track of spending. This study will add to the body of knowledge that
exists on financial literacy by emphasizing the unique requirements
and challenges faced by seniors in high school. It may also help in
establishing and achieving financial objectives.
Staff of the PTA Office in ZNHS. This study will benefit this
office by giving them enough knowledge about the financial literacy
and planning skills of the students. This will also benefit them by
giving them knowledge on how they will manage their financial
problems and help them avoid it.
Small businesses. This study will benefit them by giving them

enough information about the level of financial literacy skills of
students who bought from them and giving them an idea on how the
students plan or manage their finance.
Faculty and staff of ZNHS. This study will benefit the faculty
and stuff of our school by giving them insights about the level of the
financial literacy and the level of the knowledge of the students
about how they manage their money in their daily activities.
Future Researchers. Future researchers can apply this study as

their references if they also want to conduct this kind of study. This
study will act as their guide if they want to pursue a study that is
related to this. Through this study the future researchers will gain
ideas that may help them conduct a study related to this. It will be a
springboard for another aspect of studying financial planning.
Scope and Delimitation of the study
This study focuses on examining the financial planning

literacy and skills of senior high students in Zarraga National High
School. This study is divided into two parts. The first part is for the
senior high school students from grade 11 curriculum, while the
second part is for senior high students from grade 12 curriculum.
Right now, senior high students of Zarraga National high School are
using different kinds of financial planning in order for them to track
and manage their financial activities. The study will collect
information on financial literacy levels, attitudes, and behaviors using
quantitative research approaches, such as surveys and interviews.
The study recognizes that a variety of factors affect an individual's
financial literacy, and it aims to investigate these issues within the
parameters set out. Furthermore, this study will be conducted during
the second semester of the School Year 2023-2024.
Definition of terms
Financial literacy skills. The capacity to comprehend and use

various financial abilities, such as budgeting, saving, and personal
financial management, successfully is referred to as financial
literacy. Being financially literate enables people to achieve financial
security by helping them become self-sufficient (Jusaini, 2024).
Taxes. Taxes are necessary contributions that a local, regional, or

federal government imposes on people or businesses. Government
operations, such as public infrastructure and services like roads and
schools, or programs like Social Security and Medicare, are funded
in part by tax income (Gorton, David 2023).
Financial plan. A financial plan is a written statement of one's short-

and long-term financial objectives as well as present financial
situation. It contains plans for achieving those objectives (Manning,
Liz 2023).
Investing. Investing, in general, is the process of using money to

labor for a while on a project or endeavor with the goal of making
positive returns (i.e., earnings that surpass the amount of the initial
investment). It is the process of distributing resources, most
commonly capital, or money, with the goal of making a profit or
achieving other objectives (Picardo, Elvis 2023).
Savings. Savings refers to the money that a person has left over
after they subtract out their consumer spending from
their disposable income over a given time period. Savings,
therefore, represents a net surplus of funds for an individual or
household after all expenses and obligations have been paid

(Kagan, Julia, 2022).
Financial awareness. Financial awareness refers to the

understanding and knowledge of various aspects of personal
finance, including budgeting, saving, investing, debt management,
and more. It goes beyond basic money management; it empowers
individuals to make informed decisions about their financial
well-being and sets the foundation for a secure and prosperous
future (Depano, Nathaniel, 2023).
Financial problems. Financial distress or problem is a condition in

which a company or individual cannot generate sufficient revenues
or income, making it unable to meet or pay its financial obligations.
This is generally due to high fixed costs, a large degree of illiquid
assets, or revenues sensitive to economic downturns. For
individuals, financial distress can arise from poor budgeting,
overspending, too high of a debt load, lawsuit, or loss of
employment (Hayes, Adam, 2021).
Financial objectives. A financial objective is a target or something

we want to achieve through the finance department. They guide the
finance department and its team to make decisions and focus on
relevant activities to achieve objectives (Nasrudin, Ahmad, 2023).
Chapter II
Review of Related Literature
Related Studies
Foreign
A study entitled “Financial literacy among high school

students: Evidence from India”. For young people, financial literacy
is a critical but frequently overlooked skill. In this study, financial
literacy levels of Indian high school students (N = 608) were
measured. It was discovered that the students performed poorly on
common financial literacy tests. For the basic financial literacy
questions, the right percentage score was 45%, while for the
complex financial literacy questions, it was 44%. India was found to
have lower levels of financial literacy than developed nations.
Contrary to studies in industrialized countries, gender differences
were observed, with females exceeding males in performance. It
was discovered that students who choose to major in business or
economics had greater levels of financial literacy than those who
chose to major in science. The findings demonstrated that even with
high levels of numeracy, pupils were unable to apply their
knowledge to perform financial calculations. Financial literacy was
also found to be significantly impacted by parental participation.
Student interviews revealed a lack of knowledge about the
macroeconomic and societal effects of financial literacy. These
results provide credence to the idea that financial literacy may be

increased in high school by incorporating parents in the curriculum
and emphasizing practical, hands-on application as well as societal
and macroeconomic implications (Jayaraman &
Jambunathan,2018).
A study entitled “Personal Financial Management Skills Of

University Students and Their Financial Experiences During The
Covid-19 Pandemic” conducted by Lilian Gumbo, Mutengezanwa
Margaret, and Munyaradzi Chagwesha (2022). The main objective
of this study was to assess the financial literacy and management
skills of students at universities during the COVID-19 epidemic. An
explanatory sequential mixed methods research design was
employed in the study, and questionnaires and qualitative interviews
were used to gather information from 181 students regarding their
work-related learning. With the use of IBM SPSS Statistic 27, the
study discovered that the majority of students borrow money from
friends and family in order to get by, lack savings for unforeseen
expenses or medical costs related to the Covid-19 pandemic, and
lack a budget and run out of money before receiving their next
paycheck. Most students encountered financial difficulties as a
consequence of the COVID-19 pandemic. Due to the Covid-19
epidemic, only online distribution and interviews of questionnaires
and interviews were possible. For students, personal financial
management abilities are essential human capital competencies.
Thus, the requirement to investigate such competencies and
financial backgrounds of college students during the first instance of
the Covid-19 epidemic.
A research study entitled “The Value of Financial Education

During Multiple Life Stages” was conducted by Philip Gibson,
Janine K. Sam, and Yuanshan Cheng (2022). This study examines
the timing of financial education and its impact on short-term and
long-term financial behavior. We also explore the power of financial
education on financial knowledge and examine the link between
financial knowledge and positive financial behavior. Exposure to
financial education during multiple life stages leads to a better
financial outcome. Financial education taught via multiple channels,
including high school, college, the workplace, and at home, is the
most optimal in the long run. For those who did not attend college,
being exposed to financial education in high school is significantly

associated with positive financial behavior. We cite implications for
all financial education advocates. Policymakers in the financial
capability arena can stay abreast of the channels of financial
education that produce the most fruitful economic and societal
gains.
A research study entitled “Financial Planning Strategies of

High School Seniors: Removing Barriers to Career Success” by
Timothy A. Poynton, Richard T. Lapan, and Amanda M. Marcotte
(2015). This study looked at 12th grade graduates' postsecondary
financial preparation as a potential roadblock to successful decision-
making about their school and careers. An online poll measuring the
plans for affording postsecondary education was completed by
seniors (N = 744) from 16 high schools who planned to pursue
higher education. They also disclosed information about their
college plans and goals, motivation, assurance, and academic
success. Four separate groups of students focused on different
financial planning strategies. These clusters related to financial
planning were observed across a wide range of high schools.
Roughly 50% of all 12th grade graduates have little to no experience
with financial planning. Student groups and tactics were strongly
correlated with career development theory and research. It is stated
how important career development programs are to fostering
student success.
A study entitled “Financial literacy and financial planning:

Evidence from India Based on an Indian financial guidance program,
we present data in this study regarding financial planning behavior
and financial literacy. We assess survey answers to three common
questions that were previously employed as financial literacy
benchmarks. Next, we compare replies by segmenting the data into
specific demographic and socioeconomic groups. Lastly, we look at
program participants' insurance usage, risk tolerance, liability
selection, and investing behavior. Answers to questions about
interest rates (numeracy), inflation, and risk/diversification lead us to
conclude that most respondents seem to be financially literate. We
do, however, observe diversity among socioeconomic and
demographic groupings. In addition, we are able to correlate the
program participants' financial tendencies with financial literacy by

learning more about their preferences for investments, risk tolerance,
and other financial characteristics. (Agarwal, Amromin, G.,
Ben-David, Chomsisengphet, & Evanoff, 2015)
A research study entitled “Purposive and Unintentional

Family Financial Socialization, Subjective Financial Knowledge, and
Financial Behavior of High School Students”. conducted by
Veronica Deenanath, Sharon M. Danes, and Juyoung Jang (2019).
Using the family financial socialization theory, this study investigated
the financial knowledge and behavior of high school students’
contextualizing unintentional and purposive family financial
socialization. The sample of 4,473 high school students were 51%
females, 45% seniors, and ethnically diverse. A path analysis tested
conceptual relationships between variables. Results indicated that
the two unintentional socialization indicators were positively
associated with subjective financial knowledge and financial
behavior. Those indicators were also indirectly associated with
financial behavior through knowledge. Student-earned income, a
purposive indicator of socialization, was positively associated with
behavior through knowledge. Exclusively obtaining money through
parents was negatively associated with behavior through knowledge.
Knowledge was positively associated with behavior.
A study entitled “Evaluation of Financial Literacy
Development of High School Students: A Longitudinal Mixed
Methods Study”, conducted by Sharon M. Danes, Veronica
Deenanath & Yunxi Yang ” (2016). This study’s purpose for this
mixed method, longitudinal study was twofold: (a) to investigate how
utilizing a competency-based financial planning curriculum affects
financial knowledge acquisition and behaviour change in the
short-term considering students’ social environment (b) to
examine what long-term financial behaviour patterns are exhibited
over the year following the learning infusion as students make major
life transitions. An integrated theoretical approach included Social
Constructivism, Family Financial Socialization Theory and Theory of
Planned Behaviour. Baseline knowledge, self-efficacy and
behaviour data collected before the learning infusion was compared
to end-of-study scores. Focus group interviews provided insight
into precursors of behaviour change, such as attitudes, beliefs,
perceived control and intentions. Four Internet interviews during the
year following the learning infusion captured incentives and barriers

of behaviour change over time. Findings included: 1) As a result of
completion of the competency-based learning infusion, students
developed a better foundation of financial knowledge and an
understanding of the importance of healthy financial behaviours
which significantly influenced their attitudes and intentions regarding
healthy financial behaviours. 2) Family interactions and relationships
affect students’ financial socialization at major turning points in life.
3) Students need to perceive a specific financial behaviour as
relevant, desirable and feasible in their social environment, as well
as perceive themselves as capable of such behaviour. (4) Social
environment (e.g. SES, planning horizon) of students is a crucial
factor in determining what kind of purposive financial socialization a
student experiences and what long-term effect it has on the
demonstration of healthy financial behaviours.
The study entitled “Culture and financial literacy: Evidence

from a within-country language border” by Brown, Henchoz,
Spycher (2017). Through a comparison of secondary school pupils
across the German-French language border in Switzerland, we
investigate the impact of culture on financial literacy. We discover
that compared to students in the German-speaking region, students
in the French-speaking region have a lower degree of financial
literacy. For native students and monolingual students, there is a
greater disparity in financial literacy across the linguistic groups than
for immigrant students and bilingual students. This lends credence
to the theory that the effect is being driven by entrenched cultural
differences rather than unobserved heterogeneity in education.
According to a mediation analysis, systematic disparities in financial
socialization among language groups are linked to the cultural gap in
financial literacy. Compared to kids in the French-speaking region,
German-speaking students are more likely to have independent
access to a bank account and to get pocket money at a younger
age.
A research study entitled “Financial education level of high

school students and its economic reflections” was conducted by São
Paulo (2017). This research contributes to the understanding of the
level of financial education of high school students from public
schools, as well as verifying how their financial knowledge has been
generated, providing a view of the gaps in financial education with

which these students are able to attend undergraduate courses later.
The objective of the research was to determine the level of financial
education of high school students from public schools, according to
individual, demographic and socializing aspects. The research
methodology was characterized as descriptive regarding
procedures such as survey and the approach of the quantitative
nature of the problem. The research population included 4698 high
school students from 14 public schools in the city of Blumenau. In
the data processing, the and chi-square tests were
used. The results indicate that there is an effective financial
education among young high school students, which can be noticed
in findings such as: some of the young are not obliged to explain to
parents where they are spending their financial resources; students
have acquired, largely, their financial knowledge with parents and
relatives, and in day-to-day practices, but there is little dialog in the
family on financial matters. The financial knowledge coming from
the school is low, requiring an improvement in the quality of this
knowledge at this stage or in the future, including undergraduate
courses. Finally, potential workers may cause social problems
through their inability to manage their resources and/or the
expenses of their families.
A research study entitled “Financial literacy of high school

students in the Netherlands: knowledge, attitudes, self-efficacy, and
behavior” conducted by Aisa Amagir, Wim Groot, Henriëtte
Maassen van den Brink, and Arie Wilschut (2020).They examined
levels of financial literacy (knowledge, attitudes, self-efficacy, and
self-reported behavior) among 15-year-old high school students in
the Netherlands ( = 2025), and investigated which factors are
associated with the different financial literacy components. Our
findings show lower levels of financial literacy among students in the
lowest track in high school, students with low mathematical ability,
immigrant students, students with low SES, students with mothers
without a university degree, and students who do not discuss
financial matters with family and peers. Notably, our findings show a
large gap in financial knowledge levels between the lowest and
highest high-school tracks in the Netherlands. These findings are
useful for designing effective financial education and intervention
programs, and for identifying groups that may benefit the most from
financial education programs.
A research study entitled “FINANCIAL LITERACY AMONG

SENIOR HIGH SCHOOL STUDENTS EVIDENCE FROM GHANA” is
conducted by the researcher named Armstrong Opoku. The study
assesses the level of financial literacy of Senior High School
students in the Kumasi Metropolis. The study surveyed 320 students
to investigate their level of financial literacy through the
administration of questionnaires. Findings from the study reveal that
students need to improve their personal finance knowledge. The
results show that the students answered about 48.7% of the
questions correctly. The results also reveal that many of the students
are seen to be familiar with issues relating to simple interest,
compounding and loan guarantee. In contrast, the students are less
knowledgeable and inexperienced with issues concerning personal
financial
planning, budgeting and overdraft. The incompetency exhibited by
the senior high school students therefore limits their ability to make
sound financial decisions and hence more likely to have financial
related issues in the real world. The low level of financial literacy
could also make small financial issues become overwhelming which
could turn into financial stress and consequently affects the other
aspects of live such as personal relationships or performance at
work. The low level of financial literacy and its consequences then
shows the need for stakeholders in educational
systemto put policies in place to ensure that the level of financial lit
eracy among senior high students in Ghana is improved since
financial literacy has essential implication for future behavior. It is
recommended that personal finance literacy course is well
elaborated in the academic curriculum of senior high schools. Also,
the national financial literacy week should be extended to school as
workshops to encourage student's participation in financial literacy.
A study entitled “Financial Well-being of College Students:

An Empirical Study on Mediation Effect of Financial Behavior”.
Examining the direct or indirect effects of financial socialization,
financial literacy, financial confidence, and financial attitude on
financial well-being through financial behavior is the goal of this
research. The study's population consists of 536 students from the
Semarang State University's Economics Faculty in the 2015

academic year. 230 students make up the sample for this study,
which was selected using a proportionate random sampling
technique and the Slovin algorithm. This study employed a
quantitative methodology and a questionnaire to gather data.
Descriptive analysis, route analysis, and the Sobel test were then
employed in the data analysis technique. The findings demonstrated
the beneficial effects of financial behavior, financial attitude,
financial confidence, financial socialization, and financial literacy on
overall financial well-being. Positive effects on financial behavior are
also seen in financial literacy, financial socialization, financial attitude,
and financial confidence. Then, via financial conduct, financial
literacy, financial socialization, financial attitude, and financial
confidence have a favorable impact on the financial well-being
(Setiyani, R., & Solichatun, I. 2019).
A research study entitled “The Effect of Personal Finance

Education on The Financial Knowledge, Attitudes and Behaviour of
University Students in Indonesia”. The effect of personal finance
education on financial knowledge, attitudes, and behavior is a topic
of great discussion, especially in light of research conducted in the
US and the UK. This research contributes to this discussion by
analyzing data from a survey conducted in 2015 among 521
undergraduate students at Indonesia's Bogor Agricultural University
(IPB). We assessed the effects of a 14-week course on personal
finance education on financial behavior, attitudes, and knowledge
as part of that research. Our results demonstrate that the personal
finance course did, in fact, have a positive and statistically
significant influence on financial awareness when controlling for
other variables. The seminar had no statistically significant effect on
participants' financial attitudes or behaviors, nevertheless. Our
analysis also reveals that financial knowledge, attitudes, and
behavior were significantly influenced by family financial
socialization, with additional factors including income, employment
experience, year and field of study, and talking money with friends
serving as drivers of financial behavior. While we do not claim that
formal financial education is insignificant, we do believe that if
altering attitudes and behaviors is the true goal of the program, then
its influence should be carefully evaluated (Johan, I., Rowlingson, K.,
& Appleyard, L. 2020).
A study conducted by Raras Risia Yogasnumurti, Isfenti

Sadalia, and Nisrul Irawati (2019), entitled “The Effect of Financial,
Attitude, and Financial Knowledge on the Personal Finance
Management of College Collage Students” College students are
one group of the community that uses money for everyday
purchasing; this study examines the impact of personal finance
education on their financial knowledge, attitudes, and behavior.
college students at North Sumatra State Islamic University (UINSU)
in Medan's Faculty of Economics and Business of Islam who have in
fact studied topics related to economics and finance that should
have added value more effectively than other circles. In order to
become college students who are adept at managing funds and
leading more prosperous lives in the future, it is crucial that they
understand and put into practice the concept of personal financial
management. If there is a relationship between a college student's
degree of financial literacy and personal money management,
researchers are curious to find out. The population of the study,
which was carried out at the UINSU-Medan Faculty of Economics
and Islamic Business, consisted of college students. Up to 98
college students made up the sample of responders. It is possible to
infer that Financial Attitude has a favorable and significant impact on
Personal Financial Management by using the strategy utilizing the
SPSS Version 23 tool. Personal Financial Management is
significantly and favorably impacted by financial knowledge.
Personal Financial Management is positively and significantly
impacted by Financial Attitude and Financial Knowledge.
A research study entitled “Examining the Effect of Financial

Management, Shopping Behavior on Financial Literacy among
University Students”, conducted by Irna Liza Muliana and Emilda
Hashim (2022). This study looks at how shopping habits and money
management affect students' financial literacy at Sultan Idris
Education University (UPSI), Malaysia. A survey questionnaire was
used to gather data for this investigation. This study employed a
quantitative analysis approach, namely using inferential and
descriptive techniques. According to the results of the correlation
test, there is a positive, substantial, and strong association between
UPSI students' financial management and financial literacy.
However, there is a small, positive correlation between UPSI
students' buying habits and their financial literacy. Simultaneously,
there is a positive, weak, and insignificant association between UPSI

students' shopping behavior and financial management. A
regression analysis revealed that purchasing habits and money
management could have a simultaneous impact on financial literacy.
A research study entitled “Examining the role of financial

factors, resources and skills in predicting food security status among
college students”, conducted by Alisha Gaines, Clifford A. Robb,
Linda L. Knol, and Stephanie Sickler (2014). Despite earlier research
indicating elevated risk and possibly high rates of food insecurity
among students, the frequency of food insecurity among college
students has not garnered much attention in scholarly literature.
Furthermore, while analyzing student food security, the combined
effects of financial and food management resources and abilities
have not been taken into account. To evaluate food security and
related risk factors, a sample of 557 undergraduate students at a
sizable public institution in the Southeast of the United States were
questioned. Based on sociodemographic traits, food security status,
a few chosen financial variables, cooking self-efficacy, and
resources and abilities for food management, data were analyzed.
According to national figures, 14% of the pupils in this sample
experienced food insecurity. The findings of the probit regression
analysis indicated a substantial relationship between the adequacy
of food resources and the state of food security. The model also
emphasized the significance of a number of financial variables, such
as external shock, budgeting practices, receiving food or financial
aid, financial independence, credit card ownership, and familial
financial support. By addressing pertinent financial issues, these
findings close a significant gap in the present literature and offer
insights into the nature of food insecurity on a big college campus.
Two conditions that students at the sampled university faced during
the study period make the data especially salient: (1) an uncertain
national and local economic situation; and (2) a large natural
disaster that recently struck the local area. Staff members in charge
of student affairs may find these data helpful in providing services to
support students who may be vulnerable to food insecurity.
Local
A research study entitled “Senior High School Leaners'

Financial Literacy and Numeracy: A Correlational Study” conducted
by a Filipino researchers named Aileen A Mondejar, Eloisa Paris, D
Alison, and Joallen D. Batara conducted a study entitled “Senior
High School Leaners' Financial Literacy and Numeracy: A
Correlational Study”. Financial literacy, despite its renowned
importance, remains low worldwide, especially among Filipinos.
Different literature and studies have been done to tackle the many
ways to improve the state of financial literacy, however, no further
studies have yet been published to address this problem in the
context of senior high school. Thus, this study sought to determine
the SHS learners' financial literacy and numeracy levels and the
correlation between these two variables. A survey among 225
respondents was conducted through random stratified sampling,
to gather the needed data for the study. The questionnaire used for
data gathering was adapted from Chen and Volpe (1998),
Balakrishna and Virmani (2019), DECA Inc. (2019), Mandell (2008),
James et al. (2012), Jayaraman (2018), and Jorgensen, (2007). The
study utilized a descriptive correlational design in which the data
was subject to descriptive statistics specifically weighted mean -
to determine learners’ level of financial literacy and numeracy,
and Pearson’s R Correlation - to determine the correlation of
learner’s financial literacy and numeracy. It was then found out
that the learners had low levels of financial literacy and a moderate
level of numeracy. It was also revealed that a significant moderate
positive correlation (p<0.5) exists between the two variables.
A research study entitled LEVEL OF FINANCIAL LITERACY OF

SENIOR HIGH SCHOOL STUDENTS FROM PRIVATE SCHOOLS OF
BACOLOD CITY has the purpose to determine the level of financial
literacy of senior high school students from different private schools
of Bacolod City. The researchers made use of the
descriptive-analytical scheme and the comparative-correlational
scheme to determine the objectives of the study. The study dwells
on the areas spending habits, saving habits and financial knowledge
in order to determine the overall financial knowledge. It uses the sex,

grade level, district and family monthly income as variables. The
researchers gathered data through thorough research and survey by
form of a questionnaires. A total of 140 out of 9636 students from
different private schools of Bacolod City were surveyed for this study.
The findings of the study include concluding of having no significant
difference in the level of financial literacy when participants are
grouped according to grade level, district and family monthly income.
But there is a significant difference in the level of financial literacy
when grouped according to sex. Further results show that there are
existing relationships between spending habits, saving habits and
financial knowledge amongst each other. The general
recommendation for this study was to educate regarding this matter
the students may it be at home or in school. Specifically, schools
organize seminars, parents are suggested to be examples and to
teach their kids financial management at a young age and the local
governments may include financial management as part of the
current education system.
A research study entitled “FINANCIAL STATUS AND

ACADEMIC PERFORMANCE OF SENIOR HIGHSCHOOL STUDENTS
UNDER SCIENCE, TECHNOLOGY ENGINEERING,
ANDMATHEMATICS”, was designed to investigate how
financial status affects academic performance of the students
enrolled in different institutions namely: Rizal Memorial colleges,
Philippine Academy of Sakya, Davao Davao Doctor's
Colleges, and university of Immaculate Conception. Emphasis was
put on trying to establish the relationship between profile of the
students, parent's socio-economic status, school fees or expenses,
and academic performance of students under Science,
Technology, Engineering, and Mathematics strand. The study
employed the use of descriptive-correlation design to establish the
nature of the relationships. The validity and reliability of research
instruments was established and data was collected from120
respondents selected from the above-mentioned schools
using the simple random sampling method. To analyze the
data, we derived from the General systems Theory developed
by Ludwig von Bertalanffy (1956) and as mentioned by(Guirit et al.,
2015) on their research study entitled "Financial Status and
academic performance: Basis for a Propose College Tuition
Planning." As stated on the input-output model, it is assumed that

the students with high admission points, high social economic
background and good school background will perform well if the
university facilities are good, the lecturers and the management of
the university is good which may not always be the case and this is
the shortcoming of this theory.
A research study entitled “Financial Status, Parents

Influence, Peer Influence and Self-Choice of Students in Selection of
Strand in The Senior High School, Cebu, Philippines” conducted by
a researcher named Aldrich Luigi C. Tortor (2020). Selecting a
strand is a crucial act to every student in such way that they have to
considered their financial status, parents and peer suggestion, and
also their self-choice in acting on it. This study investigates whether
financial status with self-choice; parents influence with self-choice;
and peer influence with self-choice are having an association with
each other in selecting a strand. 214 of students by complete
enumeration answered the questionnaire on financial status and
likert-scale for parental influence, peer influence, and self-choice
and the data gathered been analyzed via weighted mean, frequency,
chi-square and lambda in determining their association. The result
shows that the financial status of students in school alone is inclined
to self-choice in the selection of a strand but not with parental and
peers influence in selecting a strand. In other words, parents and
peers show no significant association with self-choice of students,
though the influences of parents and peers are noticeable.
A research study entitled “Contributing Factors of Student’

s Financial Literacy in a State University in Eastern Philippines”,
aimed at determining the level and contributing factors of the
financial concepts of the students in one of the State University of
Eastern Philippines. It used a descriptive – correlation method of
research. The data were gathered and analyzed through a survey
questionnaire distributed to 228 respondents. It was found out that
most of the respondents possess inadequate knowledge in terms of
financial literacy even on the practical level of application for their
day-to-day activities. The study also revealed that the respondents
tend to be academically prepared but received lesser guidance in
terms of financial literacy. The result showed that parental guidance
has a very strong influence on financial literacy. This is followed by
academic ability as it also influences the respondents' financial

literacy level. Lastly, the degree program is considered a
contributing factor as well.
A Research study entitled “Financial Literacy Integration in

the K to 12 Social Studies Curricula in the Philippines: Basis for a
Contextualized COVID-19 Teaching Model” ascertained the values
of saving and spending in the Social Studies K to 12 Curricula across
grade levels in the Philippines that will serve as basis for a
contextualized COVID-19 Teaching Model. It sought to: (1) evaluate
the thematic integration of production, distribution, and consumption
in the curriculum guides (CGs); (2) describe the integration of the
value of saving and spending in the CGs and how potential it is to
promote financial literacy; (3) design an innovative framework that
facilitates the efficient integration of financial literacy in a
contextualized COVID-19 Teaching Model. The study used a
quantitative method using descriptive design. With the use of the K
to 12 Curriculum Guide (Grades 1 to 12 Social Studies) from DepEd,
documentary content analysis was employed in order to see the
ambiguities in the curriculum, especially on the integration of
financial literacy as primary lenses in the study. The thematic
integration of production, distribution, and consumption in the K to
12 social studies curricula is a part of a seamless design in a spiral
progression model. However, its integration is insufficient, making
the values of saving and spending remain inadequate. To promote
financial literacy among social studies students across the
curriculum, the use of the COVID-19 Model of Teaching despite
COVID-19 pandemic contextualizes a creative method on this
finding. Hence, the Innovative Framework to Promote Financial
Literacy (IFPFL), a policy brief, will be adopted during the future
revision of the K to 12 curricula with government support to be
participated with other curriculum stakeholders.
A research study entitled “Personal Finance Practices of

Millennial Students: An Exploratory Model” (2019), aimed to
establish a model that explains the personal financial practices of
millennial students. Descriptive research design and exploratory
method were used to examine the variables behind the personal
financial practices of 641 millennial students enrolled in Higher
Education Institutions in Northern Mindanao, Philippines. Three
adapted and content validated survey questionnaires were tested

for internal consistency on the following: Financial Literacy indicated
by financial knowledge, financial attitude, and financial behavior;
financial socialization agents such as parents, peers, school and
media; and the Personal Finance Practices. Multiple linear
regression was used to treat the data and Structural Equation
Modeling (SEM) was utilized to generate the model. Given the
developed model personal finance practices of millennial students
can be explained through their financial literacy and socialization
agents. Recommendations to the academic sector were presented
to enrich curriculum on personal finance and for the institutions to
reach out to parents for education considering them as significant
providers of personal financial information to their children.
A research study entitled “Financial Management

Capabilities Among Personnel in a State University in The Philippines”
in this study, financial management is a key factor in achieving
financial autonomy. Like other employees overseas, Filipino
employees too are facing financial inadequacy, in one way or
another. Thus, this descriptive study was conducted to assess the
financial management of the personnel in the West Visayas State
University Calinog Campus, Iloilo, Philippines. Using the duly
validated and pilot-tested questionnaire, this study examined the
three (3) aspects of financial management, namely: financial
literacy; financial attitude; and financial management practices. It
revealed that the respondents have an average level of financial
literacy indicating that employees already possess knowledge in
handling personal finances. The financial attitude of the respondents
is relatively practical spenders as evident in "comparing prices when
shopping for purchases" and "spending less than income". As to
financial management practices, most of the respondents put
money in the bank in order to cope with the growing expenses of
the respondents' children's education. At some point, some
employees venture into investments such as livestock and business.
Financial management program may be conducted to improve the
economic and financial stability of the employees. Emphasis may
center on budgeting, expenditure, and saving mechanisms to
achieve financial literacy.
A research study entitled “Financial attitude towards

budgeting, saving, borrowing, and investing among students of a
private higher education institution” (2022), This study, which
aimed to determine the financial attitude towards budgeting, saving,
borrowing, and investing among students of a private higher
education institution in Iloilo City, utilized the descriptive research
design. The stratified random sampling method was used in
choosing the 256 respondents who were drawn from a population
of 714 which consisted of 382 third-year and 332 fourth-year
students who had taken a course in Personal Finance. The data
needed in this study were gathered using the researcher-made
questionnaire. The frequency count, percentage and standard
deviation were used for descriptive statistics. The t-test and the
ANOVA, set at .05 level of significance, were used for inferential
statistics. The results revealed that students had favorable attitude
towards budgeting, saving, borrowing, and investing but the t-test
computations revealed that a significant difference was noted when
respondents were grouped according sex. A significant difference
also existed in students’ attitude towards borrowing when grouped
according to age which, therefore, resulted in the rejection of the
null hypotheses. However, no significant difference was noted when
respondents were grouped according to year level but when
grouped according to age, there was no significant difference in
students’ attitude only towards budgeting and saving. Likewise, the
ANOVA computations showed significant differences in students’
attitude towards saving when grouped according to course
specialization but no significant differences in students’ financial
attitude towards budgeting, saving, borrowing, and investing when
respondents were grouped according to course specialization and
monthly allowance which led, therefore, to the acceptance of the
null hypothesis.
Chapter III
Methodology
This chapter shows the research methods that are used to

conduct the study. The researchers gathered all important findings
together with the research objectives and questions. It also
presented the reason for the research design, sampling technique,
respondents of the study, research instruments, and data gathering
procedure.
Research Design
This study aimed to assess the financial literacy and planning

skills of senior high students within the Zarraga National High School.
This study used the type of research design called

"Correlational research design" which involves the investigation of
the relationship between the financial literacy skills and the planning
skills of senior high students, in order to give distinct attention and
explanation to the study. To further explain what correlational
research design is, correlational research design is a type of
research design where the researcher investigate the relationship
between variables without them controlling or manipulating any of
them (Bhandar,P.,2021).
The independent variable in this study is the spending habits

of senior high students on their basic necessities and non-essential
spending and the financial literacy level of senior high students. On
the other hand, the effects on the planning skills of the senior high
students are the dependent variable.
Research locale
The researchers conducted this study at Zarraga National

High School, Jalaud Norte, Zarraga, Iloilo. The researchers chose
this place because it gave the needed information that showed
accurate data needed in the study. The researchers conducted the
study in the academic year 2023-2024.
Sampling technique
In this study, the researchers will select the participants

needed in this study through simple random sampling. A simple
random sampling is a randomly selected subset of a population. In
this kind of sampling method, each member of the population has
an exactly equal chance of getting selected. This method is the most
straightforward of all the probability sampling methods, since it only
involves a single random selection and requires little advance
knowledge about the population. Through this sampling technique,
the research avoids any case of biases like sampling bias and
selection bias while conducting the study. This study also uses a non-
probability method sampling called purposive sampling. Purposive
sampling is a non-probability method for obtaining a sample where
researchers use their expertise to choose specific participants that

will help the study meet its goals. These subjects have particular
characteristics that the researchers need to evaluate their research
question. In other words, the researchers pick the participants "on
purpose"(Frost, 2023).
Respondents of the study
To examine the financial literacy skills and the planning

skills of senior high school students, it was assessed by counting the
number of participants needed in this study. We require 60 senior
high school students to participate in this study in order to assess
their financial literacy skills and planning skills, and to ensure the
study is completed on time. So the researchers asked 60 senior high
students from 4 different strands at Zarraga National High School to
be the participants, 30 senior high students from the grade 11
curriculum and the remaining 30 is from the grade 12 curriculum.
Instrumentation
A structured questionnaire measured the key variables in

this study. The first part of the instrument included demographic
characteristics of gender, age, and year in school. The rest of the
questionnaire assessed the two variables in the research
hypotheses.
Financial literacy skills. Financial literacy is the ability to

understand and effectively use various financial skills,
including personal financial management, budgeting, and investing
(Fernando, J., 2024). In this study, the researchers assessed the
financial literacy of students from the senior high department of

Zarraga National High School.
Planning Skills. Planning skills are abilities that directly
contribute to your productivity, accuracy, and effectiveness in the
workplace. For example, you might use planning abilities to decide
when to do each task in a project based on your workload and
deadlines. In this research study, the specific task is examining the
effect of the financial literacy skills of senior high students to their
planning skill. Participants responded to 15 items, indicating how
true each statement was to them on a Likert Scale from 1 (not good)
to 5 (excellent). A sample item is, “I implemented my financial
literacy skills on my planning skills”. We calculated a total score for
each participant by averaging their responses on the five items,
indicating the effect of literacy skills on their planning skills.
Data collection procedure
In order for us the researchers to examine the effects of

financial literacy skills of senior high students on their planning skills,
first the researchers addressed a letter to the principal of Zarraga
National High School to ask for permission to conduct a survey
among all senior high students in the school. To gather thorough
information about the relationship between senior high school
students' financial literacy and their planning abilities, the researcher
employed a single methodology. They accurately distributed the
structured surveys, presented the findings, and talked about the
importance of the study. The respondents will have enough time to
carefully analyze the questions and give precise answers. The
researchers will collect completed questionnaires section by section,
guaranteeing that the respondent's identity will be kept confidential.
Data Analysis Procedure

In order for us the researcher to collect quantifiable data we

needed to examine the effect of financial literacy skills of senior high
students on their planning skills, structured questionnaire will be
used. The combined survey responses will be subjected to the
subsequent statistical analysis:
1. Financial literacy skills: The financial literacy of the senior

high students at Zarraga National High School will be
presented through mean, frequency count and the
percentage. This will demonstrate how proficient senior
high school students are in financial literacy.
2. Effects on the planning skills of the senior high students:
The average and standard deviation will be employed to
assess the relationship between the financial literacy skills
of senior high students and their planning skills. Using this
statistical technique, the average and variation in
perceived effects will be explained together with a central
tendency and measure of variability.
3. Correlation analysis: The researchers will use archival
correlation to evaluate the relationship between the
financial literacy skills and planning skills of senior high
students. This statistical method will help uncover any
noteworthy associations and expand our knowledge of
how senior high school students' financial literacy skills
affect their planning skills.
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“Examine the Financial Plan of Senior High Students in Zarraga National High School”
A Quantitative Research Presented to the

Faculty of Senior High School Department
In Partial Fulfillment to the

Requirements in Practical Research II (Quantitative Research)
By
Leanelle Princes Borrero
Louie Jay L. Nefueto
Zeux S. Somosierra
Roy P. Sumagaysay
Jackielen Sumido
February 2024

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Zarraga National High School

Jalaud Norte, Zarraga, Iloilo

Background of the Study

A foundation of knowledge is necessary for both financial

According to Liz Manning (2023), A financial plan is a

Financial planning is the process of taking a comprehensive

Financial planning is an ongoing process that looks at your

getting assistance with financial plarining more affordable and

Financial planning is an important life skill for us. Its

The financial stability of students can have a profound impact

Financial literacy skill is an essential skill for the students. This

According to Terry Tuner (2023), a primary advantage of

Financial literacy can also boost students' confidence in their

Financial literacy is a critical life skill that empowers

Statement of the Problem

This study aims to analyze the financial literacy and planning

Generally, the researchers aimed to answer the following

Null Hypothesis (H0):

• (H01): There is a significant difference in the basic necessities

• (H02): There is no significant difference in the basic necessities

This figure below shows the relationship of the independent

Figure 1. Conceptual Framework.

A schematic diagram showing the basic necessities and

Significance of the study

This study would benefit the following:

Teachers. This study will provide the teachers with an

Parents. This study will widen the understanding of the

Small businesses. This study will benefit them by giving them

Future Researchers. Future researchers can apply this study as

Scope and Delimitation of the study

This study focuses on examining the financial planning

Financial literacy skills. The capacity to comprehend and use

Taxes. Taxes are necessary contributions that a local, regional, or

Financial plan. A financial plan is a written statement of one's short-

Investing. Investing, in general, is the process of using money to

household after all expenses and obligations have been paid

Financial awareness. Financial awareness refers to the

Financial problems. Financial distress or problem is a condition in

Financial objectives. A financial objective is a target or something

Review of Related Literature

A study entitled “Financial literacy among high school

results provide credence to the idea that financial literacy may be

A study entitled “Personal Financial Management Skills Of

A research study entitled “The Value of Financial Education

being exposed to financial education in high school is significantly

A research study entitled “Financial Planning Strategies of

A study entitled “Financial literacy and financial planning:

program participants' financial tendencies with financial literacy by

A research study entitled “Purposive and Unintentional

year following the learning infusion captured incentives and barriers

The study entitled “Culture and financial literacy: Evidence

A research study entitled “Financial education level of high

generated, providing a view of the gaps in financial education with

A research study entitled “Financial literacy of high school

A research study entitled “FINANCIAL LITERACY AMONG

A study entitled “Financial Well-being of College Students:

Semarang State University's Economics Faculty in the 2015

A research study entitled “The Effect of Personal Finance

A study conducted by Raras Risia Yogasnumurti, Isfenti

A research study entitled “Examining the Effect of Financial

there is a positive, weak, and insignificant association between UPSI

A research study entitled “Examining the role of financial

A research study entitled “Senior High School Leaners'