Notre Dame University
College of Business and Accountancy
Cotabato City, Philippines
Assessing the Financial Literacy and Its Correlation to Saving and
Spending Behaviors of Graduating Tertiary Non-Business Students at
Notre Dame University
Shaira M. Gampong
Jameel Mujahid O. Glang
Fherdawzia N. Matabalao
Mairah N. Pendaliday
Jannefah Irish H. Saglayan
Jamiel M. Salazar
Bachelor of Science in Accountancy
Ms. Christverly R. Caceres, CPA, MBA
Adviser
CHAPTER I
Introduction (ayusin according sa title daw)
It has become increasingly vital in today's fast-paced and continuously
changing environment to be financially literate, and it is a skill that is becoming
crucial in obtaining success. Individuals should therefore be provided with
sufficient financial knowledge to be able to make sound financial decisions.
Unfortunately, studies show that low financial literacy is still a major concern
of countries around the world. In the Philippines, many had been suffering from the
lack of financial literacy which caused people to have difficulties in dealing with the
Covid-19 pandemic, said by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin
E. Diokno (BusinessWorld, 2020). In fact, just prior to the government enacting the
enhanced community quarantine (ECQ), the Bangko Sentral ng Pilipinas (BSP)
conducted its 2019 Financial Inclusion Survey (FIS) which revealed that Filipino
adults could correctly answer only one in every three financial literacy questions.
Many studies have also shown that today's young adults, particularly
university students, have low levels of financial literacy (Chinen & Endo, 2012).
They are associated with ineffective financial behaviors, including low savings and
impulsive spending, which affects the students' financial well-being. This issue
must be resolved immediately to avoid the students becoming embroiled in a larger
issue due to minor financial difficulties in the future.
Thus, this study aims to assess the level of financial literacy along with the
spending and saving behaviors of fourth-year students at Notre Dame University
1
and determine if there is a relationship between the two. It is critical to understand
how financially literate they are and the relationship to their current financial
behaviors as to spending and saving, since they are expected to face and deal
with complex financial decisions once they graduate and enter the workforce.
These students will be held accountable for managing their salaries, savings, credit
and investment options, retirement accounts, and other financial matters. And
while working, they will be faced with financial crises caused by uncontrollable and
unexpected factors, just like how the Covid-19 pandemic prompted major financial
crises in countries around the world. Hence, to prepare them to be more confident
in making responsible financial decisions in the future, and mature and behave as
young adults that are financially literate and self-sufficient, the students must first
know the level of their financial literacy and their financial behavior as to saving
and spending, to let them develop and adopt strategies for financial education,
design appropriate measures and methods that they can follow to be more aware
with how they spend and save.
Review of Related Literature (+ financial literacy, + changes on spending
and saving behaviors before to during COVID-19)
Financial Literacy
McGurran (2021) defined financial literacy in her article as something that
started from developing basic financial knowledge which evolved into the
confidence of being able to understand financial concepts including investing, debt
2
and savings that leads to an overall sense of financial well-being and self-trust. In
layman's terms, financial literacy refers to the extent to which a person
understands and analyzes various financial topics, including but not limited to
savings, budgeting, investment instruments, retirement plans, credit, and taxes,
and uses this knowledge to create a more favorable financial position in the future.
BSP further defined financial literacy as the level of financial knowledge about
financial concepts (The Manila Times, 2015). The ability and knowledge of the
concepts in financial literacy is closely related to the wisdom behind a person’s
financial management, thus, financial literacy affects almost all aspects related to
planning and spending money (Muizzuddin, Taufik, Ghasarma, Putri, & Adam,
2017). Financial literacy also aims to build a sense of control over one’s finances
while utilizing money as a tool to independently make decisions that will provide
someone a greater life satisfaction (The Consumer Financial Protection Bureau
(CFPB), 2015).
Unfortunately, an S&P Global Financial Literacy (FinLit) Survey indicated
that in a global scale, only one out of three adults resulted to have understand
basic understanding of financial concepts such as inflation, saving, compound
interest, risk diversification debt and numeracy, which, as a result, exhibited low
financial literacy. In the Philippines, it has been disclosed that only 25% of Filipinos
are financially literate, with over 75 million people unaware of insurance, inflation,
or even the mere concept of a savings account in general (The Manila Times,
2015). In 2019, when the Bangko Sentral ng Pilipinas (BSP) conducted its
Financial Inclusion Survey (FIS), only eight percent of the respondents correctly
3
answered all three questions, while nearly one-fourth received a zero score.
(Manila Standard, 2021). Additionally, young people, who are mostly students, also
possess low levels of financial literacy and is common in the United States and in
other countries, as well as having poor financial behavior (Lusardi & Wallace,
2012).
Financial Literacy’s Association with Gender and Financial and Nonfinancial
Related Programs
Women were revealed to have lower financial literacy than men, and that
gender differences are present in all economies, from developing countries to
advanced economies as reflected in a data on financial literacy in more than 140
countries (Klapper, Lusardi, & Oudheusden, 2015). In Malaysia, when the level of
financial literacy among Malaysian university students were studied, findings
indicated that when students are classified according to their gender, there is a
considerable disparity in their level of financial literacy, and female students have
lower levels of financial literacy than male students (Mustapha & Jeyaram, 2015).
In Mexico, studies about the financial literacy level of college students
enrolled in economic management careers which assessed their knowledge on
concepts like interest rate, inflation, savings, credit card use and budgeting,
showed that they have the knowledge and habit of making a budget about their
expenses, although their financial literacy level is very low with regards to the other
variables (Ramos-Hernández, García-Santillán, & García-Santillán, 2020).
4
Another, Malaysian university students enrolled in Bachelor of Accountancy and
Bachelor of Business Administration that were studied had results that show they
have higher financial literacy than students enrolled in other courses (Mustapha &
Jeyaram, 2015). As a matter of fact, Chinen and Endo (2012) explained that the
concentration of numeracy subjects among business majors is important in
influencing students' financial literacy, and therefore, students enrolled in
numerically oriented business majors (such as finance) performed better on the
financial literacy test than students enrolled in less-numerically oriented business
majors (such as marketing or human resources). JumpStart (2019) then argued
that students who took financial literacy courses were not better off than those who
did not. Students have difficulty applying those principles, theories, and concepts
they have studied in school to real-life situations.
Spending and Saving Behavior
Saving and spending is considered as two sides of the same coin (Nasiri,
Sultani, & R., 2021). Saving and spending are called financial human behavior
because it pertains to financial decision-making and money management such as
quick payment of bills and regular saving nature (Bhushan & Medury, 2014).
According to Nasiri, et al (2021), it is far more important for youths, especially
college students, to be able to have desirable spending and saving behaviors since
the way they manage their saving and spending not only affects themselves, but
also society as a whole. Unfortunately, Nadome (2014), in her study of the
spending habits of Malaysian University studies, explained that spending behavior
5
has never been stable, especially among university students because many of
them are experiencing independence for the first time. In relation to saving, a study
revealed that most students prefer to save in their bank account rather than any
other avenues of saving, but they spend more than their savings. (Jeevitha & Priya,
2019).
Spending and Saving Behaviors’ Association with Gender and Financial and
Nonfinancial Related Programs
Ajide (2015) said in his study of the Spending Pattern among the Youth in
Lagos, Nigeria that there is a significant difference in spending pattern among
females and males. Moreover, Dr. Rektha Attri, which conducted a study in 2012
that addressed the questions of why, where, and how young people spend their
money. The study shows that the purchase behavior and saving habits of men and
women differ. It said that the spending and saving habits of Indian youth are
significantly influenced by their gender, as well as other factors (degree program)
that influenced why there are differences in these habit.
Females are more susceptible to purchase unplanned items, so to buy
without any need (Çera & Tuzi, 2018; Hira & Mugenda, 2000). But when it comes
to savings, women are more likely than men to be satisfied with their level of
savings (Çera & Tuzi, 2018). A study on spending and saving habit of college
students further concluded that male students save less than female students
(Harinarayanan, 2021).
6
Financial Literacy’s Relationship with Spending and Saving Behavior
It is important to understand the extent of people’s understanding of basic
financial concepts, given that there are many ways financial literacy affects
financial behavior (Lusardi & Mitchell, 2014). A study regarding the financial
literacy of college students at public and private universities in Albania where the
results depicted that the students had low financial literacy as measured using their
financial knowledge, and they did not observe good financial behavior (Nano and
Cani, 2013).
There was also a study about the financial literacy level and students'
perception towards saving behaviors conducted by Ariffin, Sulong, & Abdullah
(2017) which showed that saving behavior had a positive correlation with financial
literacy. With regards to spending, the results of the first large-scale financial
literacy survey in Japan way back 2016, which was conducted with the aim of
understanding the current state of financial literacy for ages 18 and over, displayed
that the proportion of students and young adults who exhibited desirable spending
behavior, such as making comparisons with other financial institutions or products
when buying a financial product was low. It also corresponded with the percentage
of those who got the correct answers in the questions related to financial literacy
which also showed that it was relatively low.
Theoretical Framework
7
The study will make use of the self-efficacy theory by Bandura (1997). The
self-efficacy theory is the belief of oneself to his/her abilities and capabilities and
act in a way that is instrumental in achieving his/her goals. According to the theory,
an individual with a higher level of self-efficacy possesses greater confidence in
their ability to carry out the behaviors required to achieve certain performance
goals in any given situation. One of which is the ability to manage and plan one’s
financial affairs efficiently and successfully. Precisely why, this theory suits this
study as it is concerned with how individuals manage their ability to comprehend
financial products and services and their ability to be well literate in a variety of
financial products and services that are constantly changing and fluctuating.
Therefore, with this theory, a student's level of financial literacy can be assessed
based on his/her knowledge and communication of financial concepts, and how
they confidently behave in spending and saving while utilizing financial instruments
will also be assessed.
8
Figure 1.1 Self Efficacy Theory Model
Conceptual Framework
The conceptual framework is developed to establish the relationship
between the dependent and independent variables. The Level of Financial
Literacy, as measured by the Extent of Financial Knowledge, is regarded as the
independent variable in this study. While the Spending and Saving Behaviors is
categorized as the dependent variable. The Demographic Profile as to Gender and
Degree Program, that will be categorized whether they are financial or nonfinancial
related, are set to be the moderating variables.
9
Figure 1.2 The Conceptual Paradigm of the Study
Statement of the Problem
1. How is the financial literacy of the graduating tertiary non-business students at
Notre Dame University?
2. What is the saving and spending behaviors of the graduating tertiary nonbusiness students at Notre Dame University?
3. What is the correlation between the financial literacy and saving and spending
behaviors of the respondents?
Hypotheses
H: There is a positive relationship between the financial literacy and the saving and
spending behaviors of the respondents.
10
H: There is a negative relationship between the financial literacy and the saving
and spending behaviors of the respondents.
H: There is no significant relationship between the financial literacy and the saving
and spending behaviors of the respondents.
Significance of the Study – (ayusin lang according sa comments) (lahat ng
participants, palitan ng respondents, alisin ang level)
This study is intended to assess the financial literacy along with spending
and saving behaviors of fourth-year students at Notre Dame University. Thus, the
critical findings of this research could be highly relevant and valuable to the
following parties:
Government. This study will become a basis of the government to plan and
execute approaches that would improve the students' financial literacy along with
their spending and saving behaviors. The findings would then guide the
government in tailoring educational projects that would meet the financial needs of
students and teachers.
Notre Dame University. The result of this study will help the institution in
designing programs that will assist both teachers and students in improving the
current level of financial literacy of the students along with their spending and
saving behaviors.
11
College of Business and Accountancy. The outcome of this study will
succor the faculty to develop financial-related education programs with the
purpose of making them more effective and efficient in responding to the needs
and goals of the students to prepare them in the future.
Other Colleges in the University. The findings of this study will give them
awareness about the level of financial literacy of their students, and they may use
it on improving the understanding of the students about financial topics as it will
benefit them in the future since they are expected to face and deal with complex
financial decisions once they graduate and enter the workforce regardless of
whether their degree programs are financial or nonfinancial related.
Teachers. The findings of this research will provide information resources
that will aid in the development of teaching strategies to improve financial literacy
along with the spending and saving behaviors among university students.
Students. As the main participants of the study, besides providing a
profound grasp of financial literacy, the findings of this study will empower them to
improve their understanding of financial topics allowing them to process financial
data, make informed financial decisions and start exhibiting desirable spending
and saving behaviors.
Future Researchers. They may be able to use the results of this study as
a benchmark in future research endeavors. This study may also serve as a basis
for comparison, pattern, and guide for other researchers conducting similar
studies.
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Scope and Limitation
This study will focus on assessing the financial literacy and its correlation to
saving and spending behaviors of graduating tertiary non-business students at
Notre Dame University. The data collection will be conducted to entire graduating
tertiary non-business students under College of Arts and Sciences (CAS), College
of Education (CED), College of Engineering and Computer Studies (CENCS) and
College of Health Sciences (CHS) at Notre Dame University, second semester of
the academic year 2021-2022. Each of the respondents will be given the same
survey questionnaire to answer. The main source of data will be the survey
questionnaire which will be prepared by the researchers. However, the answers to
the quiz in Section II of the survey questionnaire can be obtained through the
internet. The integrity of the respondents in answering the survey questionnaire is
beyond the control of the researchers.
Definition of Terms
To have a clear understanding, the following terms are defined conceptually
and operationally to correspond in this study.
Financial literacy – refers to the financial knowledge and understanding of the
students.
13
Financial knowledge – the understanding and awareness of financial concepts.
It will be used as a measurement to indicate the level of financial literacy of the
participants.
Financial behavior – refers to the attitude and behavior of the students in terms
of saving and spending their money.
Saving – refers to the desirable behavior of the participants to save and budget
their money.
Spending – refers to the desirable pattern of participants on how they spend their
money.
Self-efficacy – is the belief of oneself to his or her abilities and capabilities to act
in a way that is instrumental in achieving specific performance attainments.
14
CHAPTER II
Methods (lahat ng level na word alisin, alisina ang t-test, alisin ang financial
related programs)
Research Design
The study will employ a quantitative research design as it aims to assess
the level of financial literacy along with spending and saving behaviors of fourthyear students at Notre Dame University. It is the most appropriate approach to
seek answers to the research problems of the study. In order to get the desired
data from the participants, the researchers will utilize a descriptive survey
questionnaire.
Locale of the Study
The research will be conducted at Notre Dame University. A private
university located at Notre Dame Avenue, Rosary Heights II, Cotabato City,
Maguindanao. Due to limited time for research, the researchers have chosen the
school that is near and more accessible to them.
Participants of the Study (i-census)
Fourth-year students coming from the different degree programs per
college that will officially enroll and study in Notre Dame University starting on the
second semester of academic year 2021-2022, will be taken to participate in this
15
study. The participants of the study will be chosen randomly using the fish-bowl
method.
Sampling Technique – revised (lahat na lang daw, i-census na lang daw
sabi ni mam)
Slovin's formula will be used in determining the sample size of the study
with a 10% margin of error. The total population will consist of fourth year students
that will enroll and study at Notre Dame University in the second semester of
academic year 2021-2022. Stratified random sampling technique will be utilized to
select the participants coming from different degree programs. The participants will
be grouped according to their respective degree program and will be randomly
selected.
Research Instrument – palitan ng Graduating Tertiary Non-Business
Students, palitan ng respondents yung participants
This study will use a survey questionnaire through Google Forms. In total,
there will be five (5) google forms that are unique to accommodate the participants
coming from different colleges. In particular, the part where the participants will
identify their degree program, it will be structured in such a way that they will only
choose their specific degree programs under their college. Hence, unrelated
degree programs will no longer be part of the choices. This way, it will be easy for
16
the participants to process and navigate the information contained in the survey
questionnaire.
The questionnaire included various questions that will allow the researchers
to assess each participant's level of financial literacy along with their spending and
saving behaviors.
The whole survey questionnaire is composed of 3 sections which are the
demographic profiling of the participants, financial literacy measurement, and the
spending and saving behaviors of students.
The first section of the questionnaire is the demographic profiling of the
participants. They will be asked about their gender and degree program. The
participants will choose from the possible answers already set. The questions will
come from existing studies which will be proposed in the related literature of this
study (Chinen & Endo, 2012; Mustapha & Jeyaram, 2015; Ramos-Hernández,
García-Santillán, & García-Santillán, 2020).
The second section will make up an entire quiz about financial literacy. The
quiz is composed of 20 multiple choice questions which will aid the researchers in
determining the level of financial literacy of the participants. The questions will be
adopted from different studies related to financial literacy (The Manila Times, 2015;
Bangko Sentral ng Pilipinas, 2019; JumpStart Coalition, 2019; Propofs, 2021). Not
all questions from the different studies cited will be adopted. The researchers will
only select the questions that will correspond with the cited related literature in
Chapter 1 when approved.
17
The third section will be composed of two (2) parts that will contain
statements regarding the spending and saving behaviors of the participants. Both
parts will include fifteen (15) statements each, with a total of thirty (30) statements.
These will aid the researchers in determining the financial behaviors - spending
and saving of the participants. The participants will be asked to select only one
number to indicate whether they: strongly agree, agree, neutral, disagree, and
strongly disagree with the statements. The statements will be adopted from
different research papers that studied the financial behaviors of certain population
(International Network on Financial Education, 2011; College Student Financial
Literacy Survey, n.d.; Karlson, 2013; Central Council for Financial Services
Information, 2016; Financial Literacy, Financial Inclusion and Financial Well-being
in Ukraine, 2019; Spending Habits among Malaysian students, n.d.). In the same
manner with the previous section, not all questions will be adopted from the cited
studies. The questions will be filtered according to the related literature of this
study.
Data Gathering Procedures – (alisin ang cba, palitan ng Graduating Tertiary
Non-Business Students) (palitan ang participants ng respondents)
A letter requesting permission to conduct the survey at Notre Dame
University will be sent to the different Deans of Colleges such as CAS, CED,
CENCS, CBA and CHS as part of the protocol on conducting research within the
premises of the university. The letter will contain information about the research
18
undertaking, the intent of conducting the research and the participants of the study.
After the request will be granted, the researchers will administer the survey.
Another letter requesting for the list of the fourth-year students will be sent
to the program heads of each college. After the list will be obtained, the sample
size needed for the study will be calculated, and the selection of the participants
using the fish-bowl method will be administered.
During the survey, the researchers will ask the consent of the participants
through Google forms, then after securing their consent, the participants may
proceed with answering the survey questionnaire that will be already attached to
the said electronic form. The retrieved survey questionnaires will be processed as
it is. The data will be tallied, encoded, and subjected to statistical treatment and
analyses. The proposed statistical measures will be identified by the researchers
as the most appropriate tools to obtain the correct interpretations of the data and
to answer the problems raised in this study.
Treatment of Data (palitan ng Graduating Tertiary Non-Business Students,
palitan ang participants ng respondents)
All responses in Section I will be measured and analyzed using the
frequency and percentage distribution. The t-test will be used to assess if there is
a significant difference in the level of financial literacy among the participants when
grouped according to their gender and degree program. For the data obtained
related to the degree program, the researchers will categorize them into financial
19
or nonfinancial related programs. After categorizing, the data will be subject to ttest to identify if there is a significant difference in the level of financial literacy of
the students that are enrolled in financial related programs to students enrolled in
nonfinancial related programs.
For Section II, the mean, overall mean, frequency and percentage
distribution will be used. For the scoring of each item of the quiz, one (1) point will
be given for the correct answer, and 0 for the incorrect answer. The total correct
answers of each participants will then be added and divided with the total items at
zero-based to get their percentage equivalent. Below will be the interpretation of
the results:
Percentage
Interpretation
Description
80% - 100%
Well literate
The students have high level
of financial literacy.
60% - 79%
Sufficient literate
The students have moderate
level of financial literacy.
1%-59%
Less literate
The students have low level
of financial literacy.
Table 2.1 Proposed Interpretation of the Results about the Level of
Financial Literacy
20
For Section III, the mean, overall mean, and standard deviation will be
utilized to determine if the participants are exhibiting desirable spending and
saving behaviors. The researchers will use a five-point scale as described below.
The t-test will also be utilized to determine if there is a difference in the spending
and saving behaviors of the participants when grouped according to their
demographic profile.
Financial Behavior - Spending
Score
Mean Range
Interpretation
Description
5
4.21 - 5.00
Strongly Agree
The students have highly
desirable financial
behaviors in spending.
4
3.41 - 4.20
Agree
The students have
desirable financial
behavior in spending.
3
2.61 - 3.40
Neutral
The students have
moderately desirable
financial behavior in
spending.
2
1.81 - 2.60
Disagree
The students have
undesirable financial
behavior in spending.
21
1
1.00- 1.80
Strongly
The students have highly
Disagree
undesirable financial
behavior in spending.
Table 2.2 Proposed Descriptive Interpretation of Spending Behaviors
Financial Behavior - Saving
Score
Mean Range
Interpretation
Description
5
4.21 - 5.00
Strongly Agree
The students have highly
desirable financial
behavior in saving.
4
3.41 - 4.20
Agree
The students have
desirable financial
behavior in saving.
3
2.61 - 3.40
Neutral
The students have
moderately desirable
financial behavior in
saving.
2
1.81 - 2.60
Disagree
The students have
undesirable financial
behavior in saving.
22
1
1.00- 1.80
Strongly
The students have highly
Disagree
undesirable financial
behavior in saving.
Table 2.3 Proposed Descriptive Interpretation of Saving Behaviors
Pearson Correlation Coefficient with .05 level of significance will be used to
test if the level of financial literacy of fourth year students is related to their financial
behavior in spending and saving.
After collecting the needed data, the researchers will tabulate and analyze
the gathered data with the help of the Statistical Package for the Social Sciences
(SPSS). The use of tables, charts and graphs will also be utilized to illustrate the
findings. All information and data that will be gathered from the participants will be
kept confidential.
23
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