LEVEL OF FINANCIAL LITERACY AMONG SENIOR HIGH SCHOOL
STUDENTS
A Research Presented to
The Faculty of Senior High School
University of the Immaculate Conception
Bajada Street, Davao City
AIKO ESCANILLA HATA
ALEXA JULIANA PARICA FRANCISCO
ALLEAH CLAIRE JAINAR PONFERRADA
ART JOSHUA VALENZUELA
MARIELLE ROSE DIGAMON SUELTO
MA. TRIZHA JOY CHAVEZ MORALES
PRINCESS MARIEL BACULBAS CABATIC
March 2022
i
LEVEL OF FINANCIAL LITERACY AMONG
SENIOR HIGH SCHOOL STUDENTS
____________________
A Research
Presented to
The Faculty of the Senior High School
University of the Immaculate Conception
Davao City
____________________
In Partial Fulfillment
of the Requirements for
Inquiries, Investigations, and Immersion
____________________
AIKO ESCANILLA HATA
ALEXA JULIANA PARICA FRANCISCO
ALLEAH CLAIRE JAINAR PONFERRADA
ART JOSHUA VALENZUELA
MARIELLE ROSE DIGAMON SUELTO
MA. TRIZHA JOY CHAVEZ MORALES
PRINCESS MARIEL BACULBAS CABATIC
March 2022
ii
APPROVAL SHEET
This study titled “LEVEL OF FINANCIAL LITERACY AMONG SENIOR HIGH
SCHOOL STUDENTS” of the University of the Immaculate Conception was
prepared and submitted by Aiko Escanilla Hata, Alexa Juliana Parica
Francisco, Alleah Claire Jainar Ponferrada, Art Joshua Valenzuela, Marielle
Rose Digamon Suelto, Ma. Trizha Joy Chavez Morales, and Princess Mariel
Baculbas Cabatic in partial fulfillment of the requirements for Inquiry,
Investigation, and Immersion (3I’s), have been examined and are recommended
for approval and acceptance.
MS. YZADORA M. MASINADIONG, LPT
Adviser
APPROVED by the research committee on oral examination with a grade
of _____.
Chairperson
Member
Member
ACCEPTED and APPROVED in partial fulfillment of the requirements for the
subjects Inquiry, Investigation, and Immersion and Research Capstone.
MS. YZADORA M. MASINADIONG, LPT
Inquiry, Investigation, and Immersion Teacher
iii
ACKNOWLEDGEMENT
This
study
wouldn't
be
feasible
alone
without
the
continuous
encouragement and passion of those who worked tirelessly to see it through. As a
response, the researchers want to extend their deepest appreciation to most of
them individually. We'd want to express our deepest gratitude to God for giving us
the strength and desire to continue with this research. For the wisdom and
understanding, He had imparted upon us. We feel we couldn't survive without Him;
therefore, we commit all of it to Him.
To our research advisors, Ms. Yzadora M. Masinadiong and Ms. Jayzer
Billones, for their ongoing support and encouragement to the researchers, as well
as their compassion, assistance, proposals, and criticisms during the research's
development, execution, and conclusion. The expert advice they provided to help
us avoid mistakes and errors makes our study more credible. And we appreciate
you as always striving for our achievement and encouraging us.
Thank you from the bottom of our hearts to our families for working really
hard throughout the day to help us through this academic year and this period of
research. The everyday essentials that our family gave for us, provided us with
sustenance and vitality for our everyday tasks.
We acknowledge the panel of assessors for giving us their opportunity to
examine our study and hope that they can always keep us in mind for long-term
studies.
Thank you to all of the people who took the time to respond to our
questionnaires. It will be difficult to complete the study absent individuals, as they
iv
are the primary objective of the study. To our colleagues for creating our days more
delightful so that we will be much more effective.
Finally, thank you to Aiko Hata, Alexa Francisco, Alleah Ponferrada, Art
Valenzuela, Marielle Suelto, Ma. Trizha Morales and Princess Cabatic for your
contributions to our research and for persevering in the face of adversity and
completing the study with distinction.
TO GOD BE ALL THE GLORY!
The Researchers
v
ABSTRACT
The research entitled LEVEL OF FINANCIAL LITERACY AMONG SENIOR
HIGH SCHOOL STUDENTS aims to determine the level of financial literacy of
senior high school students in the University of the Immaculate Conception. The
constant growth of education and option of course choice increases the importance
of Financial Literacy, which has served as an essential skill to every student in the
ongoing century. Nevertheless, the widespread presence of course choice can
also connect to Financial Literacy. It applies the sex, grade level, and strand as
variables of the study. Stratified random sampling was in place to select 262 Senior
High school students as respondents from a strand of STEM, ABM, HUMMS, and
TVL. Data was collected online using questionnaires that analyzed respondents'
financial literacy. According to the research results, there is no significant
difference in financial literacy levels when grouped by sex and strand. But there is
a substantial difference in financial knowledge within individuals separated by
grade level. Further analysis found that spending habits, saving habits, and
financial knowledge are mostly linked. The research's main proposal was to
educate students about this study, particularly in schools that lead by example and
guide them to financial planning at a young age.
Keywords: Financial literacy, Spending habits, Saving habits, Financial
knowledge, Sex, Grade level, Strand
vi
TABLE OF CONTENTS
Page
TITLE PAGE
i
APPROVAL SHEET
ii
ACKNOWLEDGEMENT
iii
ABSTRACT
iv
TABLE OF CONTENTS
v
LIST OF TABLES
vi
LIST OF FIGURES
vii
CHAPTER
1
2
INTRODUCTION
Background of the Study
1
Statement of the Problem
4
Conceptual Framework
5
Theoretical Framework
6
Review Related Literature
9
METHODS
Research Design
15
Research Locale
16
Research Respondents
17
Research Instrument
18
Data Gathering Procedure
21
Statistical Tools
22
Ethical Consideration
24
3
RESULTS AND DISCUSSION
4
CONCLUSION AND RECOMMENDATIONS
Conclusion
52
Recommendations
54
REFERENCES
57
vii
APPENDICES
A
65
B
66
C
67
D
68
E
69
F
71
G
73
CURRICULUM VITAE
viii
LIST OF TABLES
Table
Page
1
Response Interpretation Scale
19
2
Likert Scale Interpretation
23
3
Level of Financial Literacy Based on Spending Habits
27
4
Level of Financial Literacy Based on Saving Habits
28
5
Level of Financial Literacy Based on Financial
30
Knowledge
6
Level of Financial Literacy Based on Spending Habits
31
When Grouped According to Sex
Level of Financial Literacy Based on Spending Habits
31
When Grouped According to Sex-Summary
7
Level of Financial Literacy Based on Saving Habits
33
When Grouped According to Sex
Level of Financial Literacy Based on Saving Habits
33
When Grouped According to Sex-Summary
8
Level of Financial Literacy Based on Financial
34
Knowledge When Grouped According to Sex
Level of Financial Literacy Based on Financial
35
Knowledge When Grouped According to Sex-Summary
9
Level of Financial Literacy Based on Spending Habits
36
When Grouped According to Grade Level
Level of Financial Literacy Based on Spending Habits
37
When Grouped According to Grade Level-Summary
10
Level of Financial Literacy Based on Saving Habits
When Grouped According to Grade Level
Level of Financial Literacy Based on Saving Habits
When Grouped According to Grade Level-Summary
38
ix
11
Level of Financial Literacy Based on Financial
39
Knowledge When Grouped According to Grade Level
Level of Financial Literacy Based on Financial
40
Knowledge When Grouped According to Grade LevelSummary
12
Level of Financial Literacy Based on Spending Habits
41
When Grouped According to Strand
Level of Financial Literacy Based on Spending Habits
42
When Grouped According to Strand-Summary
13
Level of Financial Literacy Based on Saving Habits
43
When Grouped According to Strand
Level of Financial Literacy Based on Saving Habits
44
When Grouped According to Strand-Summary
14
Level of Financial Literacy Based on Financial
45
Knowledge When Grouped According to Strand
Level of Financial Literacy Based on Financial
46
Knowledge When Grouped According to StrandSummary
15
Summary of Level of Financial Literacy
48
16
Difference in the Level of Financial Literacy When
49
Grouped According to Sex
17
Difference in the Level of Financial Literacy When
50
Grouped According to Grade Level
18
Difference in the Level of Financial Literacy When
Grouped According to Strand
51
x
LIST OF FIGURES
Figure
Page
1
Conceptual Paradigm of the Study
7
2
Map of the University of the Immaculate Conception
18
xi
LIST OF APPENDICES
Appendix
Page
A
Approval Letter
82
B
Certificate of Originality
83
C
Certificate of Plagiarism Detector
84
D
Certificate of Statistical Analysis
85
E
Informed Consent Form
86
F
Survey Questionnaire
89
G
SPSS Result for Data Analysis
91
1
CHAPTER ONE
INTRODUCTION
Background of the Study
As we explore life and grow along over time, we begin to weigh the
value of our needs and wants to depend on the social setting we grew up
in. Although, one must possess the knowledge and attitude to develop
financial behaviors that are instrumental to the plans of achieving one’s
dreams and stability. The youth today, especially the students during this
pandemic, have to maintain a solid budgetary plan for they have to own and
utilize gadgets crucial for their classes’ requirements (Nadome, 2014).
Especially to those who have to proceed and continue their education, there
might be underlying causes, like financial instability, as to why they must
adhere or not to the course/degree they wanted to pursue. Some are still
relying on their family, and some apply for commissionaires for profit. A child
should be associated with financial planning as early as possible. It's crucial
to figure out what personality traits influence financial behavior at a young
age because the financial habits that people develop during adolescence
stick with them into adulthood (Seuntjens, Van De Ven, Zeelenberg, & Van
De Schors, A., 2016). Increases in financial awareness or help, as well as
changes in financial efficiency, are all examples of financial literacy.
Financial literacy has an impact on students since it is an essential
component of our daily lives, and its exclusion has been cited by numerous
journalists as a significant contributor to the financial crisis. The current
youth's financial literacy situation is increasingly defined by high levels of
debt. According to perspective, one of the most crucial aspects in explaining
financial literacy is based on the cognitive ability of a person. Additionally,
in a study conducted by Kelvin in 2021, as financial literacy was perceived
in the COVID-19 pandemic context, their findings indicated that parents with
more financial awareness and ability in financial planning believe that
financial education is crucial for their children. Furthermore, a study that has
2
been conducted at Columbia shows that individuals who have optimal
cognitive capacities have a better comprehension of financial matters and
are more financially literate (Murillo, 2020). In consequence, there are
multiple studies conducted to test the significance of financial education to
every concerned citizen of the state. Jonsson, et al. indicated that different
financial literacy approaches alter the disposition effect's mitigation.
People's ability to make appropriate decisions while coping according to
their finances is referred to as financial literacy. As people's demand for
stable financial affluence and a better lifestyle expands, increasingly
international capital markets, which offer a combination of investment funds
and economic goods, are seen as an immense means to achieve such
individual aspirations (Ariffin, 2017). As the world progresses, the same
goes for the evolution of humankind to go by this change. To further
substantiate this hypothesis, Castro and Begoña (2021) started a practical
study on secondary school students to determine the cause of financial
education towards sustainable development. The findings indicate a high
level of reliability as well as a considerable increase in their level of
understanding. The assessed cohort of Russian high school students was
then considered that they exerted willingness to save up actively after
utilizing a copula-based bivariate probit-regression approach in a study
conducted by Gilenko in 2021. Kumar, Watung, Eunike, and Liunata, L.
(2017), determined that parents are always the first person for their
offspring, so they should teach appropriate awareness about financial
matters to their children, which may lead to children's financial conduct and
future choices. When establishing financial education programs, the
education institute may consider the students' ages and financial situations.
Arguably, a study conducted in 2016 stated that overspending can be
addictive due to the pleasurable feelings linked with compulsive shopping
might be a pleasant distraction from depression, stress, or boredom (Young,
2016). As a result, one may argue that these learning advantages are
eminently practical (Kaiser, 2019). Notwithstanding this fact, a study from
3
Belgium stated that financial education does not improve nor deteriorate the
spending and saving habits of the 8th and 9th-grade students. They used a
randomized controlled trial and discrete choice experiments to look at how
financial knowledge and other essential components of purchasing
behavior, such as budget, credit availability, quality management
information, and advertisement, influence teenage consumer purchases
from a young age (De Beckker, 2021). Knowing how to manage finances is
an important part of a student's developmental phase. Somcio, A. (2019),
stated that planning and budgeting have become necessary abilities for
individuals to preserve and enhance their social standing. As the youth grow
up, they realized the value of money and their demographic factors such as
their characteristics, age, and capabilities can be considered as a basis on
how they save or spend their money. This research then hypothesized that
between financial literacy and financial behavior, a finding of a significant
relationship can be found especially within the cohort of Senior High school
students in Davao City.
4
Statement of the Problem
This quantitative study aimed to know the level of financial literacy of
senior high students in a catholic university in Davao City.
1. What is the level of financial literacy of the students as a whole and in the
following areas:
1.1 Spending Habits
1.2 Saving Habits
1.3 Financial Knowledge
2. What is the level of financial literacy of senior high school students in the three
areas when they are grouped according to the following variables?
2.1 Sex
2.2 Grade level
2.3 Strand
3. Is there a significant difference in the following areas when the participants are
grouped according to the variables mentioned above?
3.1 Sex
3.2 Grade level
3.3 Strand
5
Conceptual Framework
Figure 1. Conceptual Paradigm of the Study
In this research, the level of financial literacy and the relationship of it with
the senior high school students are being studied. As students grow older, they
learn how to save their allowance and satisfy various school needs as well as
things they wish to buy for themselves. The diagram shows the conceptual
framework of the identified variables in the study. The study focused on the
financial problem and behavior of every Senior High School student in a Catholic
School in Davao City. The conceptual framework wants to modify or measure
independent and dependent variables to evaluate cause-and-effect correlations.
The independent variable is financial literacy, which is the cause, the indicators
are Spending habits, Saving habits, and financial knowledge. While the effect is
the dependent variable, it is the Financial Behavior of Senior High School
Students. The moderating variable is the profile of the respondents and has three
indicators sex, grade level, and strand.
6
Theoretical Framework
SELF-EFFICACY AND FINANCIAL KNOWLEDGE CONCEPT. According
to Bandura (1997), Self-efficacy states that an individual's reproductive abilities
encompass cognitive, social, and emotional characteristics. In the context of
financial literacy, this theory relates to how performance processes their ability to
comprehend financial services, to be well-literate in a scope of finance that is
constant and changing. According to Bandura, several factors influence selfefficacy (1997) mastery experience, vicarious experience or modeling, persuasion
using language, as well as physiological and affective conditions.
The following is the relationship between these variables and this article:
Mastery experiences. Accurate data and evidence of a person's ability to achieve
will emerge from the triumph journey. Modeling. Individuals will be encouraged to
prove that they can achieve positive returns if their wealth management skills
pattern after someone else's. Verbal Persuasion. The strength of verbal
persuasion strengthens people's self-confidence. Physiological and affective state.
Stress can decrease one's self-efficacy; nevertheless, if someone's stress level is
low, one's self-efficacy will be excessive, and vice versa if one's stress level is high.
If the self-efficacy level is high, then the self-efficacy level will decrease. Moreover,
Bandura (1997) examines the mental process of self-efficacy in influencing human
capabilities, namely: (1) cognitive, that enables people to anticipate current events
that may
change the future, (2) motivational, which appears to fulfill in existing, (3)
effective, that occurs naturally and specifies a person's emotional states, and (4)
selective, that allows individuals to choose the worthy behavior and atmosphere.
THE SIMON DECISION-MAKING THEORY. Simon, H. (N.D) The Simon
Decision Making Theory is a framework that presents a more rational view wherein
decisions affect cost and outcomes. It also helps determine the psychological side
that traditional financial experts missed. Stress and enthusiasm, among other
topics, limit an individual's ability to solve complex problems. Apart from the theory
7
developed, Simon claims there is no standard best course of action or
consideration. Since no one has comprehensive information about it, there is
always a better decision.
According to Simon (N.D), the decision-making process involves three
stages: The intelligence activity stage. Individuals describe problems in an
organization, and higher-ups analyze the organization's culture to solve its
solution. Design activity stage. They go over the pros and cons of every choice
before deciding on one to upper management seeks adequate strategies to identify
possible answers to challenges. Choice Activity stage. This stage necessitates
innovation, decision, and quantitative analytical thinking. In short, decision-making
is in the context of bounded rationality—humans' behavior when challenged with
risks. At the core of the theory is a concept known as rational decision-making,
which is a combination of fulfillment and future career plans.
GOAL-SETTING THEORY OF MOTIVATION. Locke (1981), Goal-setting
theory is a category of motivation that demonstrates the significance of the
relationship between the objectives placed and the aim to test. According to Locke
et al. (1981), passion is to classify the path, magnitude (self-motivation), and
timeframe (or determination) of behavior. When someone perceives the primary
goal, they should consider the importance of individuals' endeavors, especially
when difficulty appears. Goal setting is a cognitive process of practical reasons,
one of the aspects of actions that has the goal continues until it achieves its
achievement, once people begin something, the individual will keep on striving until
it accomplishes.
Goal setting consists of the following aspects: (1) goal commitment is the
level of effort formed to attain the purpose and achievement of goals. (2) the
objective precision, quantitative accuracy level of these key targets, (3) goal
affirmation, about a system for obtaining a method or deciding how to make it
happen, and (4) self-efficacy, are the most meaningful to the context of the
8
financial behavior of all goal-setting mechanisms. Setting goals is an element of
financial planning. There are some things you can do to achieve optimal results
when doing financial planning, such as: (1) establish quantitative financial goals
and have a term, (2) appraise the financial condition periodic basis, (3) make
financial planning as early as possible, (4) set realistic financial goals, (5) gain
understanding that goal setting is a challenge, then planning is a method that
requires patience. Individuals with high levels of self-efficacy are fortunate to have
the opportunity to mitigate and plan their finances to ensure efficiency and
effectiveness. They are encouraged to improve well since they are self-assured,
whereas decision making is a method used to plan. In this situation, it is financial
management.
9
Review of Related Literature
This section presents the related studies and literature both from the
global and national perspectives that affected the student’s financial literacy.
This will represent the synthesis of the theoretical and conceptual framework to
provide further comprehension of the study and its definition of terms for a better
understanding.
Financial Literacy
In conceptual definition, financial literacy refers to the capacity to
successfully manage financial resources throughout one’s life. This term
emphasizes the ability and refers to knowledge, skills, and life changes
(Remund, 2010). Knowing financial literacy is essential to students since they
need to know how to manage to spend their money on some things. In that way,
they will be aware of what needs to be spent. Additionally, some students often
don't comprehend what to value first, thus they spend their money on
inconsequential things (Somcio, 2019).
Dwiastanti (2015), concludes that in order to achieve the condition of
having a good level of financial literacy, adjustments must be made, particularly,
the individual’s behavior, in order to have the competence and experience to
identify the range of financial services. Additionally, this can be achieved in their
early habituation, which is why comprehending financial management in the
early stages of an individual must be taught by their parents so that they can
continue to develop the financial habits that will carry on into the children’s
adulthood.
Getting adequate financial knowledge and skills will lead to acceptable
and wise judgments, which is very crucial not only for people and the local
society but also on a global scale (Swiecka et al., 2020). Mandating financial
education in high school can be advantageous because it indicates that it will improve
10
everyone's financial awareness early in life (Lusardi & Mitchell, 2014). In addition to
their study, even if the least educated never invest again and let their knowledge in
finance deteriorate, they can still be able to earn better on their savings which can result
in a significant welfare boost.
Other countries have stated that men have more knowledge on financial
literacy than women but, unlike in the Philippines, it turns out that women have
more knowledge in financial literacy. On the overview of the Financial Literacy
Quiz conducted by the World Bank Financial Capability Survey last 2014, it shows that
the Philippines demonstrates that financial knowledge and awareness levels are a
serious factor that necessitates prompt governmental measures (Enhancing Financial
Capability and Inclusion in the Philippines -A Demand-side Assessment Public
Disclosure Authorized, 2015). This study indicates that women in the Philippines can
manage their finances well. Moreover, they understood the basic function of insurance
as a risk management mechanism.
A study in Indonesia states that the lack of financial literacy among young
people raises concerns about their financial prospects and ability to be
successful consumers. Young people frequently fail in their first purchase
decision, saving, banking, or credit experience, and they may continue to make
poor financial decisions much further into adulthood (Apricia et al., 2015). Young
people will have a difficult time making good investment decisions due to a lack
of financial literacy knowledge. That is why students, while it is still early, must
learn to save and accurately determine what essentials they require to save and
avoid difficulties in budgeting their money in the future.
'Financial literacy is a crucial life skill as well as a critical intellectual
competency,' according to the authors, and it is "an essential component of a
college education" (Kezar, & Yang, 2015). It is not necessary to be a
professional to be financially literate, but one must be able to optimize current
money in order to achieve financial stability. In a logical sense, kids must learn
11
how to manage money because they will be required to earn at a later stage in
their lives.
A study published in 2013 titled The Relationship Between Financial
Literacy, Financial Wellbeing, and Financial Concerns found a positive
relationship among age and the factors of financial wellness and financial
knowledge, marriage status and gender, and education level and the financial
well-being variable and financial literacy. It has also been said that financial
literacy leads to a greater degree of financial well-being (Kalantarie-Taft,
Zardeini-Hosein, & Mehrizi, 2013).
Spending and Saving Habits
The cash for the students comes from their parents, who offer it to them
to spend on anything they want to. When the parents give them their allowance,
students will have to carefully budget the allowance that will cover them for a
whole month and also to save up their money without getting distracted by other
things that they may be forced to do in spending them. Therefore, this is where
the spending and saving habits will enter.
A study in India entitled “Student Budgeting and Spending Behaviour” by
Singh et al., (2020) concluded that over 50% of the students seem to be on a
relatively limited budget to manage their expenditures and sustain their lifestyle,
which would be frequently neglected. In terms of saving their money, they prefer
to save them particularly, in cash or credit. Moreover, one of their most
unavoidable expenses is dining out, next is watching movies in the theatre. Also,
students tend to buy branded stuff as it indicates that every brand tells what
their personality is. As they continue to spend their allowance on some things
that they cannot avoid spending, they will face budget deficiency if they cannot
bring it to a halt.
12
At the same time, Sabharwal (2016) concluded that financial literacy
helps students increase their savings. In addition, students admit that one must
cultivate the practice of saving, and also that saving practices can now be
developed whenever they are encouraged to save. They develop behaviors that
can contribute to society from their parents as they interact with each other
frequently (Vosniadou, 2001) such as saving habits. In this case, children won’t
have a hard time saving and spending their money once they grow up into fine
people since they already learn the importance of spending money and saving
them in a good positive way.
According to the study conducted in South Africa (Oloyede Obagbuwa &
Farai Kwenda, 2020), students must maintain their current financial
management approach and to engage in conferences, seminars, and
workshops in order to enhance their financial attitude, to which would also
develop their purchasing habits. In this way, students will also know how to
spend their money wisely and effectively with the knowledge that they gain in
attending formal meetings that discuss managing their finances. In addition to
their study, parents must also communicate with their child on monetary issues
in preparation for attending a university since it will also effect on managing their
finances. Moreover, to improve students' healthy spending habits, the institution
could consider implementing financial education that focuses on a positive
financial outlook in order for the students to control their spending habits.
Dr. Saravanan and Devakinandini (2014) conducted research titled
'Research on Perception of College Students About Spending of Pocket Money’
with reference to ‘Students Studying in Arts and Science Colleges in
Coimbatore' investigates how socioeconomic status influences pocket money
spending. The majority of young people are swayed by society and waste their
money. They should understand the importance of money and how to handle it
properly. According to Crystal Paine's book "The Money Saving Mom's Budget"
(2012), young individuals should be taught how to save and prioritize what is
13
vital, and people should learn how to say "no". When it is not critical, it is not
necessary to save. To be able to save properly, one must learn how to assess
what is vital vs what is irrelevant or unnecessary.
Financial Behavior
According to Kholilah and Iramani (2013), financial behavior is a person's
intrinsic capacity to plan and manage daily income and spending. Furthermore,
if someone can manage their financial behavior, they can correctly distribute
financial resources depending on their requirements, such as the choice of
consumption, bill payment, life necessities, saving allocation, and how to get
into debt. Consumption, cash flow management, saving and investment, and
credit management are the indicators considered in this study.
Financial behavior may also be seen in terms of financial attitude,
according to Herdjiono and Damanik (2016), who found that financial attitude
influences financial behavior. The presence of a financial attitude might
influence one's attitude toward appraising the utilization of one's resources.
Financial conduct has a significant influence on allocating income and
spending. Not wants, but necessities. According to Herdjiono and Damanik
(2016)'s research, Indonesia's consumptive behavior does not correspond to
their financial ability. According to Mien and Thao (2015), healthy financial
conduct is critical. Because it is capable of forming patterns in saving, investing,
and forecasting budgets that might become a lot owing to consumptive behavior
and emotional decisions in the utilization of assets. In truth, individuals,
particularly young people who are still productive at work, must confront
financial concerns and frequently endure financial difficulties as a result of being
unable to fulfill their unanticipated daily demands.
According to some professional definitions of financial management
behavior, someone with sound financial management conduct is more likely to
14
successfully to become used to preparing the financial planning, implementing
planning by controlling themselves, evaluating the initial planning actions that
are not in accordance with the conditions that have occurred, and implementing
improvements to financial problems, and always monitoring the conditions.
15
CHAPTER TWO
METHODOLOGY
Research Design
The study's two key goals are to assess senior high school students'
financial literacy across different strands and to examine if there is a significant
difference when respondents are separated into categories depending on other
characteristics. The descriptive-analytical technique is designed to measure the
financial literacy of senior high school students. The above-mentioned approach
was successful in measuring the level of financial literacy based on spending
patterns, saving habits, and financial comprehension. The descriptive-analytical
design is used by researchers to determine the present status of a variable or
phenomena (Center for Educational Research and Innovation, 2019). This
approach articulates its concept as data is collected.
Methods or characteristic modifications are not authorized in the descriptive
research design; nonetheless, because the primary goal is to establish the level of
financial literacy, the aforementioned study technique is only reasonable. When
respondents are separated into categories depending on variables such as
gender, grade level, and strand, the comparative research design is utilized to
evaluate if there is a significant difference. The comparative research design
contrasts two groups to get a conclusion about them. Comparative studies are
used to increase the level of awareness between areas, such as communities and
cultures, and to lay the framework for compromises and agreement on important
topics.
16
Research Locale
The researchers conducted a quantitative study at the University of the
Immaculate Conception in Bajada and Bonifacio St., Davao City, Philippines,
8000 in the academic year 2021–2022. In 1905, the Religious of the Virgin Mary
(RVM) founded this university. This school started as a parochial school named
"St. Peter's Parochial School," with only the introductory and mid courses (Make
It Davao: University of the Immaculate Conception, 2012). Currently, it has three
(3) campuses: Father Selga, Annex, and Bajada campus.
Figure 2. Map of the University of the Immaculate Conception
17
Research Respondents
The study focuses on senior high school students' financial literacy,
focusing on their spending patterns, saving habits, and financial understanding.
This research only includes one private school from Davao City. The 761 senior
high school students at the University of the Immaculate Conception, Bajada
Campus, were the total population of the school. The researchers utilized stratified
random selection to select 262 people from the total population to represent the
complete data set, additionally using Cochran's formula with 92.5% reliability, the
sample population of the respondents resulted in 262 out of 761 senior high school
students. The population was separated into several strata according to their
strand, with STEM including 147 respondents, ABM comprising 51 respondents,
HUMMS comprising 47 respondents, and TVL comprising 17 respondents. This
strategy includes stratifying the population and then selecting a determined
number of respondents from each segment. Also, they were a mixed group of girls
and boys from each strand who were chosen to participate in the survey using the
basic random selection procedure. As a result, the researchers stipulated that only
Senior High School students at the University of the Immaculate Conception,
Bajada campus, would be regarded as study participants.
18
Research Instruments
The information for the study was acquired using a questionnaire based on
prior research tools. To achieve the aims, the researchers carefully picked
questions derived from a variety of surveys. An existing questionnaire's validity
and reliability were tested. The use of pre-existing questions has the benefit of
having been thoroughly vetted prior to their initial use. When information on the
specific dependability of each question is available, it may be discovered utilizing
the Question Bank's supplemental resources. In 2006, (Hyman et al.). The
questionnaire is split into three sections, each of which has seven (7) questions for
a total of twenty-one (21) items. There are three sections: spending habits, saving
habits, and financial knowledge. Before going to any of the parts, responders first
should undertake their demographic information, which needs clarification
regarding their gender, grade level, and strand. The researchers do not demand
the identification of the respondents for concerns of anonymity. The researchers
indicated the student records from every grade 11 and 12 departments in
accordance with the research objectives to have a credible data analysis. Surveys
employ the standardized rating approach to measure society's behavior, attitudes,
or viewpoints (Jameson, S., 2017). In comparison to the previously identified
classifications, this technique is by far the most expeditious and beneficial for
measuring the level of financial literacy of senior high school students since it gives
firm replies indicating the goal of gathering information aims to gain. The
researchers employed a Likert scale questionnaire to collect data for this
investigation. The five-point Likert Scale is used as a response in the three
previous sections. A Likert Scale means that the strength/intensity of an attitude is
straightforward, that really is, on a continuum that ranges from strongly agree to
strongly disagree, and as such the disposition can be quantifiable. In addition to
declarations of consensus, Likert scales can measure frequency, quality,
relevance, and probability, amongst many other things (Mcleod, 2008).
19
Table 1. Response Interpretation Scale
For Level of Financial Literacy Based on Spending Habits
Rating
Description
Interpretation
Verbal
Interpretation
4.20 - 5.00
Strongly Agree
Very High
The individual has a
habit of
overspending their
money.
3.40 - 4.19
Agree
High
The individual has a
tendency to spend
money in a
moderate-to-severe
manner.
2.60 - 3.39
Neutral
Moderate
The individual
spends money in a
modest manner.
1.80 - 2.59
Disagree
Low
The individual has a
habit of spending
money sparingly.
1.00 -1.79
Strongly Disagree
Very Low
The individual has a
habit of not spending
money.
For Level of Financial Literacy Based on Saving Habits
Rating
Description
Interpretation
Verbal
Interpretation
4.20 - 5.00
Strongly Agree
Very High
The individual has a
habit of saving their
money.
3.40 - 4.19
Agree
High
The individual has a
tendency to save
money in a
moderate-to-severe
manner.
2.60 - 3.39
Neutral
Moderate
The individual saves
money in a modest
manner.
1.80 - 2.59
Disagree
Low
The individual has a
habit of saving
money sparingly.
1.00 -1.79
Strongly Disagree
Very Low
The individual has a
habit of not saving
money.
20
For Level of Financial Literacy Based on Financial Knowledge
Rating
Description
Interpretation
Verbal
Interpretation
4.20 - 5.00
Strongly Agree
Very High
The individual has a
proclivity towards
financial
understanding.
3.40 - 4.19
Agree
High
The individual
possesses a
moderate-to-severe
level of financial
expertise.
2.60 - 3.39
Neutral
Moderate
The individual has a
moderate level of
financial expertise.
1.80 - 2.59
Disagree
Low
The individual has a
propensity to have
just a rudimentary
understanding of
finance.
1.00 -1.79
Strongly Disagree
Very Low
The individual has a
proclivity to lack
financial knowledge.
The survey instrument consisted of only three components. The first
component reflects the students' degree of financial literacy based on spending
behaviors; it is in this area that we can detect the students' spending habits. The
second component focuses on the level of financial literacy based on saving
practices that are connected to the reality of how people save their own money.
Finally, the final component displays each student's degree of financial literacy
based on their financial knowledge, how much information they have, and how
they manage their personal resources.
21
Data Gathering Procedure
The BED principal of the school was requested permission and
consent. Prior to the study, the researchers submitted a letter requesting
permission to conduct the study of finding out the level of financial literacy among
Senior High School students at the University of the Immaculate Conception in
Bajada, Davao City. The letter was forwarded to the Catholic school's principal for
signatory authorization.
The research was carried out using online survey questionnaires. The
respondents for this week-long study were from the Senior High School Unit of the
aforementioned Catholic university in Davao City. The researchers distributed
questionnaires using Google Forms to the appropriate class mayors in order to
assist the dissemination of Google Forms to all Senior High School students.
Throughout the study, the researchers offered thorough step-by-step instructions
for the questionnaire and informed respondents that their responses would be kept
confidential. The researchers sent questionnaires with a series of questions
centered on the respondents' financial literacy. Each participant will be required to
click the evaluation section that correlates to their response.
The collected data was computed and summed. The researchers used
SPSS, a statistical program, to examine the data in order to identify the association
of various characteristics. The major research designs employed in this study are
the descriptive-analytical scheme and the correlational-analytical scheme.
Descriptive analysis is a metric that generates figures that describe a particular
data set, whereas correlational analysis determines how variables are related to
one another. The descriptive-analytical technique was employed for objectives 1
and 2. The study's objectives were to measure senior high school students'
financial literacy in three areas: spending habits, saving habits, and financial
knowledge. When students were separated into genders, grade levels, and
strands, the level of financial literacy was investigated in Objective 2. The two
remaining objectives were treated using comparative correlational analysis.
Objective 3 looked at if there is a substantial variation in financial literacy levels
based on gender, grade level, and strand.
22
Statistical Tools
The data was collected, assessed, and analyzed using descriptive
statistics, and SPSS aided in answering the study's unique objectives and
hypotheses.
The demographic profile of the variables sex, grade level, and strand was
determined using frequency count and percentage. The frequency distribution
provides a more natural method to detect trends, understand data, and compute
percentages by providing an overview of the data. Furthermore, the researchers
used frequency counts to determine the number of respondents that gave the
same consistent response to each statement. As a result, the percentage was
computed after obtaining the frequency count.
When we addressed objective one, we utilized the means since the
researchers wanted to measure senior high school students' degree of financial
literacy in the following areas: spending habits, saving habits, and financial
understanding.
Objective two employed both mean and ANOVA to estimate the amount of
financial literacy when participants were divided into groups according to gender,
grade level, and strand. SPSS is required to obtain the mean and ANOVA. Mean
was employed exclusively for statistics with only three categories. This included
sex, grade level, and strand.
The t-test was employed in purpose 3 to see if there was a great disparity
in financial literacy levels based on gender, grade level, and strand.
The researchers calculated the percentages by evaluating the information
provided to estimate the learners’ degree of financial literacy. The mean is
acceptable since it is the most dependable coefficient of determination.
The SPSS program next calculates the collected mean scores in order to
correlate them with the variables: gender, grade level, and strand. The mean would
be calculated using the numbers in table 2. Through these findings, the
researchers can now easily attain the goal in mind.
23
Table 2. Likert Scale Interpretation
Level Of Financial Literacy Among Senior High School Students
Rating
Interpretation
4.20 - 5.00
Strongly Agree
3.40 - 4.19
Agree
2.60 - 3.39
Neutral
1.80 - 2.59
Disagree
1.00 -1.79
Strongly Disagree
24
Ethical Considerations
The researchers conducted quantitative research that follows the
fundamental elements and ethics arising from the Belmont Report (1979)
subordinate to the ethical principles in all analyses. This study reviewed the ten
dimensions of research ethics—social value, vulnerability issues, risk-benefit ratio,
privacy and confidentiality of information, justice, transparency, qualification of the
researchers, adequacy of facilities, and community involvement.
Social Value. This review gives data about senior high school student's
level of financial literacy and could give applicable data that might empower the
following scientist to additional review the current factors. This school year,
understudies are currently learning on the web or secluded as a result of the
emergency at present; thus, this review might create data that might assist with
further developing their growth opportunity. It might likewise give them data and
experiences about computerized education and the level of financial literacy that
might empower them to resolve issues in regard to these factors.
Informed Consent. Prior to participating in the research, the researchers
provided their complete participation. Researchers provided individual responders
with an Informed Consent Form (ICF) so that they may select whether or not to
complete the survey. If the responder would not choose to partake, he or she can
submit the ICF returned to the researcher or call the number indicated on the
questionnaire. The primary goal of voluntary participation is to safeguard the
respondent. A permission form is a legally binding instrument that enables
continuing contact seen between the researcher and the responder.
Vulnerability Issues. Permission to run this study was acquired on a timely
basis, which allowed the objective to be conveyed clearly. The researchers also
considered the respondents' vulnerabilities. As a result, they are free to participate
in the study and can leave if they change their minds. Furthermore, the researcher
assures us that no information or credentials will be released, makes the
participants aware of the limits to confidentiality when obtaining consent, and
decides whether written or verbal consent will be more suitable and protective of
the participants' rights to remain anonymous.
25
.
Risks-Benefit Ratio. In conducting the survey, the researchers thoroughly
explained the objective, the benefits of the study, the purpose of the study, and the
safety of their credentials. The researchers will make sure that the respondents'
well-being is not jeopardized, and they are also free to ask questions about the
study. Furthermore, there are no undesirable remarks in the survey that are
harmful to the respondents. The survey questionnaire was designed solely to
collect data for the study; no private questions were asked to ensure
conformability. The researchers ensured that the respondents' forms were straight
and direct to the point. Also, respondents are allowed to choose not to respond to
the questions if they do not have time to answer them or if they find them
intolerable, and they are also allowed to withdraw as respondents if they do not
feel comfortable participating in the study. Additionally, the participants were
informed about the study's confidentiality to ensure that the study's results were
not released or spread and that their names remained anonymous.
Privacy and Confidentiality of Information. The technique used to store
the information was done using a secured cloud. The proponents put every zone
of the respondents' addressed inquiries in a record, put away, and defended
instantly. The drive was kept in a secure place to avoid fabrication. Finally, the
researchers stick to the standards of straightforwardness, genuine reason, and
proportionality in the assortment, maintenance, and handling of the individual’s
information (Data Privacy Act of 2012), it is to ensure that the characters and
securities of the respondents are protected and guaranteed that the information
can't be traced back.
Justice. Understudies who will be considered as potential respondents in
this paper are the individuals who fit the standards of being a current Senior High
School student at the University of the Immaculate Conception in the school year
2021 to 2022. As researchers, we expressed our gratitude to those respondents
for the time they spent during the information gathering.
Transparency. Any kind of correspondence about the review ought to be
finished with genuineness and straightforwardness. To safeguard the government
assistance of every respondent, the specialists appropriately executed the
26
techniques utilized in the paper. All the vital records, including proof, documents,
and records that will uphold the review's information examination, were contained.
Furthermore, the findings were examined thoroughly, particularly the data that
might help the introduction of the outcomes to give significance to
straightforwardness. Ultimately, the proponents clarified the interaction, inclusion,
and how they kept up with objectivity in breaking down the information and survey
results.
Qualification of the researchers. Within the scope of this research study,
accountabilities, good practice, and obligations were assigned to the researchers.
The researchers' research skills shall be included in the researchers' ability to
conduct this specific type of study with the assistance of the research adviser and
experts, and also with their fundamental specialization to improve the researchers'
analysis and to nurture the required skills to perform the study.
Adequacy of facilities. The required facilities for this study are as follows:
to ensure the accessibility and availability of the researchers, and to broaden the
study and interpretation of the data collected, old studies, websites, books, and
internet resources were provided. The utilization of online resources was also a
big help in gathering the data and interpreting it. Ultimately, the researchers of this
study got feedback and helpful suggestions from experts regarding this study and
its communicating results.
Community of Involvement. The community—especially the respondents,
will be honored by the researchers who committed their time to respond to the
study. The researchers ought to publicize the research outcome through local,
national, and university research keynotes.
27
CHAPTER THREE
RESULTS AND DISCUSSIONS
In this chapter, the researchers will be able to describe the results and
analyses that the researchers did utilize in their survey. The tables in this section
are used to give statistics and to interpret the questionnaire results analyses. The
findings would be addressed using peer-reviewed research that has been credibly
validated. The researchers use the statistical application SPSS to analyze the
information provided in order to explain the study's conclusions in a more
understandable method.
DESCRIPTIVE RESULTS
Tables three, four, and five were absolutely determined to proceed on the
basis of a visual aid for purpose one, which intended to assess senior high school
students' financial literacy in the following areas: spending habits, saving habits,
and financial knowledge.
Table 3. Level of Financial Literacy Based on Spending Habits
Items
Mean
Interpretation
I tend to buy things on impulse.
3.5534
High
The money I spend is greater when I have just
received my allowance or any source of cash.
3.4580
High
I treat people often/ I spend money on others.
3.4885
High
I spend more on my wants compared to needs.
3.2366
Moderate
I wait for sales before I buy my wants.
3.8092
High
I spend using a card.
2.0649
Low
I spend more on branded items compared to nonbranded ones.
2.9160
Moderate
3.2181
Moderate
Spending Habits
Average
Table three portrays an overall mean of 3.22 resulting in the interpretation
that the participants have average spending habits. A study by an Assistant
Professor namely Ajeesh PP (2019) entitled “A study on saving and spending habit
28
of youth with special reference to Thrissur District " demonstrates that students
between the ages of 14 and 30 are impacted by their surroundings while acquiring
products.
"I wait for sales before I buy my wants", which has an interpretation of
agreement with the statement, gets the highest mean score of 3.81 in this domain.
It would imply that participants spend the greatest money during sales compared
to any other time, since knowing that the items would become cheaper on a sales
day provides enthusiasm and the appropriate amount of budget that they have. In
this category, the question with the lowest mean score of 2.06 is "I spend money
using a card", which is read as disagreeing with the statement. It can indeed be
seen as thus many grade 11 respondents are all under the age of 18, making it
impossible for them to procure a credit card, and some grade 12 students are still
forbidden by their parents from acquiring a card. Additionally, credit and debit cards
are almost always managed by adults because obtaining a card requires a
sustainable source of income to pay off the debt you have accumulated to the
bank.
In terms of spending more on desires than needs, and spending on branded
things against non-branded items, they are only moderate, implying that they are
ambivalent about it and have a limited approach to spending money in this
category. While the assertions, purchasing impulsively, treating others often, and
spending more when they have recently gotten their allowance, they have a
moderate-severe inclination to spend. Furthermore, the data indicate that the
individuals had average spending habits and spend money modestly.
Table 4. Level of Financial Literacy Based on Saving Habits
Items
Mean
Interpretation
I am able to allocate my budget to match my
spending.
3.9427
High
I see to it that I would always have weekly or
monthly savings.
3.6145
High
I am able to determine what should be prioritized
before and during buying an item/s.
4.1756
High
Saving Habits
29
I do write or electronic budget planning/preparation.
3.3321
Moderate
I keep receipts and bills to be conscious of my
spending.
3.4160
High
I use my personal money (savings) for my wants
and needs.
3.9427
High
I set aside money for the Lord before budgeting for
my needs and wants.
3.4160
High
3.6914
High
Average
Table four shows the level of financial literacy based on saving habits, with
an average mean of 3.69 indicating that the participants had a moderate-to-severe
inclination can save resources. According to Michael Muguchia's (2018) study,
entitled "The effect of the financial management strategies on the financial
performance," unsuitable methods and technologies have already been
considered as the main source of malfunctions associated with financial problems
encountered, poor financial intermediation, and a shortage of brief finances to
satisfy budgeting value and risks discretionary spending.
The item with the highest mean score of 4.18 in this category is "I am able
to determine what should be prioritized before and during the purchase of an
item/s." This means that the majority of respondents strongly agree that they are
able to separate their necessities from desires, indicating that they are practical in
managing their own finances and would have a cost estimate. The statement "I do
write or electronic budget planning/preparation" has the lowest mean score of 3.33,
although it is considered average. The mean would show that people neither agree
nor disagree that they budget using tools/gadgets and that it helps them save
money; they just recollect what has to be prepared and purchased, which only
marginally cuts expenses.
The findings indicate that the participants had a high average of saving
habits and that they tend to save money in a moderate to severe manner from a
young age. It demonstrates that most students can partly manage their money on
what to spend it on while still saving a portion of their money to utilize to buy their
needs and wants. The thinking of the respondents would be read as they are
30
making saving is vital to establishing long-term wealth, and it is necessary to save
early in life and regularly for it helps you to have better stability in your life.
Table 5. Level of Financial Literacy Based on Financial Knowledge
Items
Mean
Interpretation
I feel confident in my knowledge and ability to
manage my own finances.
3.7824
High
I consider myself to be financially literate (able to
maximize present money in order to gain financial
stability).
3.5992
High
I am aware of the exchange rate of the peso.
3.8359
High
I am aware of the inflation rate in the Philippines.
3.8015
High
I read and understand a contract/s especially
involving money before signing.
4.0916
High
I learn financial management and obtain financial
knowledge through my parents.
4.0344
High
I obtain financial knowledge and learn financial
management on my own.
3.9122
High
3.8653
High
Financial Knowledge
Average
As indicated in Table five, the overall mean of financial literacy based on
financial knowledge is 3.87, indicating that the individual has a high degree of
financial understanding. The article "Investigating the Disconnect Between
Financial Knowledge and Behavior: The Role of Parental Influence and
Psychological Characteristics in Responsible Financial Behaviors Among Young
Adults" by Ning T., Andrew B. According to Peter P. (2015), financial knowledge is
an important component in financial decision-making; nevertheless, information
alone is insufficient to assure responsible financial conduct. Parents will be at the
forefront of teaching their children how to handle money and have a positive
attitude as they learn to earn, save, and purchase sensibly.
The following reference was agreed upon by the survey findings as to the
item "I read and understand a contract/s, especially those involving money, before
signing." received the highest mean of 4.09, which translates to most individuals
strongly agreeing with the statement. Respondents can secure more legitimate
and trustworthy purchase outlets before spending or investing excess reserves.
31
While the category "I believe myself to be financially educated (able to optimize
existing money in order to obtain financial stability)" has the lowest mean score of
3.60, it has a connotation of being average or neutral to the statement. This item
may signal that students lack confidence in their ability to call themselves
financially literate, given that the majority of our respondents are unable to
generate profits for their own needs and desires.
The results suggest that many of the individuals have financial knowledge,
but they would not seem to be as assured as they should be in declaring
themselves financially literate. Based on the financial understanding, it shows that
the respondents have a high level of financial literacy.
Table 6. Level of Financial Literacy Based on Spending Habits When
Grouped According to Sex
Male
Female
Items
Mean
Interpretation
Mean
Interpretation
I tend to buy things on impulse.
3.4545
High
3.6135
High
The money I spend is greater
when I have just received my
allowance or any source of cash.
3.5051
High
3.4294
High
I treat people often/ I spend money
on others.
3.5354
High
3.4601
High
I spend more on my wants
compared to needs.
3.3636
Moderate
3.1595
Moderate
I wait for sales before I buy my
wants.
3.6869
High
3.8834
High
I spend using card.
2.3232
Low
1.9080
Low
I spend more on branded items
compared to non-branded ones.
3.4141
High
2.6135
Moderate
3.3261
Moderate
3.1525
Moderate
Spending Habits
Average
Table 6. A Level of Financial Literacy Based on Spending Habits When
Grouped According to Sex-Summary
Spending Habits
Sex
Male
n
99
Mean
Interpretation
SD
3.33
Moderate
1.08
32
Female
163
3.15
Moderate
1.08
Table six depicts the level of financial literacy based on the spending
behaviors of the participants when they are divided by gender. "According to the
research, "Effect of Demographic Factors on Consumer Behavior: Age, Gender,
Income, and Education" by Abhijeet Pratap (2021), both sexes have different
needs, which is why their consumer behavior differs significantly from each other.
The average generated mean by the males in terms of spending habits would be
3.3261, whereas the females produced an average mean of 3.1525. Both of which
can be interpreted as having average spending habits, both genders have a
moderate.
Both males and females had the highest mean on the item "I wait for sales
before I buy my wants", with the males receiving a mean of 3.69, indicating that
the respondents strongly agreed with the statement, and the females receiving a
mean of 3.88, indicating that they also strongly agreed with the statement. It
indicates that both parties wait for sales before purchasing the items they desire.
Both men and women had the least mean on the item "I spend money using
a card", with men having a mean of 2.32, signifying that they disagreed with this
statement, and women having a mean of 1.90, implying that they disagreed
moderately with the proposition. Given that the majority of our respondents are
minors or rely on the permissions and privileges of their families, the results show
that neither group expenditures considerable money using a card.
When categorized by sex, the results demonstrate that both males and
females are average when it comes to the assertion that they wait for sales to
acquire their wishes. Furthermore, it was discovered in some areas that ladies tend
to spend more on their desires during sales than males, while males tend to spend
more when they had just gotten their allowance than females. The findings suggest
that males and females have distinct spending habits.
33
Table 7. Level of Financial Literacy Based on Saving Habits When Grouped
According to Sex
Male
Female
Items
Mean
Interpretation
Mean
Interpretation
I am able to allocate my budget to
match my spending.
3.9495
High
3.9387
High
I see to it that I would always have
weekly or monthly savings.
3.7576
High
3.5276
High
I am able to determine what
should be prioritized before and
during buying an item/s.
4.2424
Very High
4.1350
High
I do write or electronic budget
planning/preparation.
3.3939
Moderate
3.2945
Moderate
I keep receipts and bills to be
conscious of my spending.
3.4040
High
3.4233
High
I use my personal money (savings)
for my wants and needs.
3.9899
High
3.9141
High
I set aside money for the Lord
before budgeting for my needs and
wants.
3.2626
Moderate
3.5092
High
Average
3.7143
High
3.6775
High
Saving Habits
Table 7. Level of Financial Literacy Based on Saving Habits When Grouped
According to Sex-Summary
Saving Habits
Sex
n
Mean
Interpretation
SD
Male
99
3.71
High
1.04
Female
163
3.68
High
1.03
Table seven demonstrates the level of financial literacy based on saving
behaviors when the research participants are divided by gender. According to the
Newsroom (2018) report "Women are more concerned with saving money, but
men save more," males use more saving techniques. Indeed, it genuinely verifies
in this situation, since the average produced by males is 3.7143 and the average
produced by females is 3.6775. The guys' mean may be read as them having high
spending habits, but the ladies have average saving habits. Despite the fact that
34
they both can be regarded as having a high spending habit, when we base the
mean, the majority of men prefer to save more than women.
Both males and females received the highest mean on the item "I am able
to determine what should be prioritized before and during purchasing an item/s.",
with males receiving an average of 4.24, indicating they strongly agree, and
females receiving an average of 4.13, indicating they agree on the statement. The
results show that the males and females groups know how to differentiate wants
and prioritize the needs they need to purchase first, knowing that the majority of
them are all students reliant on the finances of their households, this is indeed
better to purchase initially necessity but if there's additional cash, individuals might
then can save and devote it on their aspirations.
The males had the lowest mean on the item "I set aside money for the Lord
before budgeting for my needs and wants", with an average of 3.26, indicating that
males have a habit of not saving money in this sector, while the females had the
lowest mean on the item "I do write or electronic budget planning/preparation",
which translated as being average to the statement, and the females had a mean
of 3.30, indicating that they were indifferent to the statement. According to the
findings, both groups have a neutral or average attitude about adopting paper or
electronic budget planning/preparation.
The findings indicate that males and females prioritize different things.
Males weigh more making a purchasing choice, consider the importance of an item
more than females. Females, on the other hand, might consider the necessity of
putting money away for the Lord before budgeting for their needs and desires. The
findings demonstrate that when people are divided into groups depending on their
gender, there is a difference in their level of financial literacy when it comes to
saving habits.
Table 8. Level of Financial Literacy Based on Financial Knowledge When
Grouped According to Sex
Male
Female
Items
Mean
Financial Knowledge
Interpretation
Mean
Interpretation
35
I feel confident in my knowledge
and ability to manage my own
finances.
3.7980
High
3.7730
High
I consider myself to be financially
literate (able to maximize present
money in order to gain financial
stability).
3.6566
High
3.5644
High
I am aware of the exchange rate of
the peso.
3.8081
High
3.8528
High
I am aware of the inflation rate in
the Philippines.
3.8283
High
3.7853
High
I read and understand a contract/s
especially involving money before
signing.
4.0606
High
4.1104
High
I learn financial management and
obtain financial knowledge through
my parents.
3.8889
High
4.1227
High
I obtain financial knowledge and
learn financial management on my
own.
3.9697
High
3.8773
High
Average
3.8586
High
3.8694
High
Table 8. Level of Financial Literacy Based on Financial Knowledge When
Grouped According to Sex-Summary
Financial Knowledge
Sex
n
Mean
Interpretation
SD
Male
99
3.86
High
0.98
Female
163
3.87
High
0.95
As indicated in table eight, the males produced an average of 3.86 in terms
of financial knowledge, while the ladies produced an average of 3.87. According
to the findings, both men and women have a high degree of financial awareness.
According to research titled "The Gender Gap in Financial Literacy: A Global
Perspective," financial illiteracy is pervasive, and many are unaware of even the
most fundamental economic fundamentals. The huge and persistent gender
discrepancy in financial literacy statistics is one noticeable element (Lusardi and
Mitchell, 2014). Since women confront specific financial obstacles, financial
literacy is essential for them to achieve a financially secure future. Women have
unique obstacles as a result of their greater life spans than males.
36
The males had the highest mean on the item "I read and understand a
contract/s, especially those involving money, before signing", with a mean of 4.06,
signifying they strongly agree with the assertion. Females, on the contrary, had the
greatest mean on the item "I learn money management and get financial
knowledge via my parents", with a mean of 4.12, indicating that they also strongly
agreed with the statement. Males actually comprehend contracts better than
females, according to the findings. Meanwhile, the majority of females claim to
have learned money management skills from their parents.
The males had the highest mean on the question "I consider myself to be
financially literate," with a mean of 3.66, suggesting that they strongly agree with
the statement. Females, on the contrary, received a mean of 3.57, indicating that
they are indifferent or indifferent to the proposition. The findings suggest that males
strongly believe that they are financially knowledgeable, but females have a neutral
or average view of their financial literacy.
According to the findings, regardless of gender, all sexes have financial
expertise. Although both groups believe themselves to be relatively financially
illiterate when it comes to being able to optimize their money, this demonstrates
that both males and females, although having financial education, struggle to
properly manage their costs. Given that our respondents are still at an age where
their parents are the major source of their development, it is reasonable to expect
that how they handle their money would be impacted by how their parents taught
them.
Table 9. Level of Financial Literacy Based on Spending Habits When
Grouped According to Grade Level
Grade 11
Grade 12
Items
Mean
Interpretation
Mean
Interpretation
I tend to buy things on impulse.
3.7935
High
3.4235
High
The money I spend is greater
when I have just received my
allowance or any source of cash.
3.5435
High
3.4118
High
Spending Habits
37
I treat people often/ I spend money
on others.
3.3587
Moderate
3.5588
High
I spend more on my wants
compared to needs.
3.3043
Moderate
3.2000
Moderate
I wait for sales before I buy my
wants.
3.6630
High
3.8882
High
I spend using card.
2.0217
Low
2.0882
Low
I spend more on branded items
compared to non-branded ones.
2.8043
Moderate
2.9765
Moderate
3.2127
Moderate
3.221
Moderate
Average
Table 9. Level of Financial Literacy Based on Spending Habits When
Grouped According to Grade Level-Summary
Spending Habits
Grade Level
n
Mean
Interpretation
SD
11
92
3.21
Moderate
1.13
12
170
3.22
Moderate
1.07
Table nine reveals that the grade 11 students produced an average of
3.2127 in terms of spending habits, whereas the grade 12 students created an
average of 3.221. Both grade levels appear to take a neutral or average stance on
spending habits. According to one survey, young people began to spend more
money on leisure and lifestyle, and they grew more brand aware. Grades 11 and
12 are for young people, as the majority of them are between the ages of 16 and
20. According to one survey, teenagers started spending additional income on
leisure and recreation, and they grew particularly branding savvy. As the level of
life grows, so do the youth, who now have extra income and consequently a greater
economic output (Birari & Patil, Spending & Saving Habits of Youth in the City of
Aurangabad, 2014).
Grade 11 has the highest mean on the item that indicates "I tend to buy
goods on impulse." This means that regardless of the budget if they truly want it,
they will buy it without hesitation. While grade 12 has the highest mean on the
item, they state that "I wait for sales before I buy my wants", which translates that
they wait for a sale since it is lower than the original price. Simultaneously, both
38
groups received the lowest mean on the item "I spend money using a card", with
grade 11 receiving a mean of 2.02, indicating that they strongly disagree with the
statement, and grade 12 receiving a mean of 2.09, indicating that they strongly
disagree with the assertion. The findings indicate that neither group is likely to
utilize a card to purchase what they desire or need.
Table 10. Level of Financial Literacy Based on Saving Habits When
Grouped According to Grade Level
Grade 11
Grade 12
Items
Mean
Interpretation
Mean
Interpretation
I am able to allocate my budget to
match my spending.
3.8152
High
4.0118
High
I see to it that I would always have
weekly or monthly savings.
3.4022
High
3.7294
High
I am able to determine what
should be prioritized before and
during buying an item/s.
3.9674
High
4.2882
Very High
I do write or electronic budget
planning/preparation.
3.2717
Moderate
3.3647
Moderate
I keep receipts and bills to be
conscious of my spending.
3.3478
Moderate
3.4529
High
I use my personal money (savings)
for my wants and needs.
3.7609
High
3.0412
Moderate
I set aside money for the Lord
before budgeting for my needs and
wants.
3.2500
Moderate
3.5059
High
Average
3.5450
High
3.6277
High
Saving Habits
Table 10. Level of Financial Literacy Based on Saving Habits When
Grouped According to Grade Level-Summary
Saving Habits
Grade Level
n
Mean
Interpretation
SD
11
92
3.55
High
1.06
12
170
3.63
High
1.02
39
In terms of spending patterns, the grade 11 participants produced an
average of 3.5450, while the grade 12 participants produced an average of 3.6277.
Students in grades 11 and 12 are shown to have above-average saving practices.
Samantha Villanueva (2017) found that females use more saving techniques, such
as spending budget planning, in her study titled "An Analysis of the Factors
Affecting the Spending and Saving Habits of College Students."
Both grade 11 and grade 12 students had the highest mean on the question
"I am able to determine what should be prioritized before and during buying an
item/s." Grade 11 gathered a mean of 3.97, while grade 12 collected a total mean
of 4.29, indicating that both groups understand how to take precedence their
necessities before preferences, given that the respondents rely on allowances or
earnings from their households.
The grade 11 group has the lowest mean on the item "I set aside money for
the Lord before budgeting for my needs and wants." They have a total mean of
3.25, indicating that they do not save money in this area. While grade 12 has the
lowest mean on the item "I utilize my own money (savings) for my wants and
needs", with a total mean of 3.04, this means that the grade 12 does not use the
money they saved on their desires and needs. Clearly, the results of the two groups
differ, indicating that grade 11 does not set aside money for the Lord. On the other
side, grade 12 students prefer to prioritize conserving overspending.
Table 11. Level of Financial Literacy Based on Financial Knowledge When
Grouped According to Grade Level
Grade 11
Grade 12
Items
Mean
Interpretation
Mean
Interpretation
I feel confident in my knowledge
and ability to manage my own
finances.
3.6522
High
3.8529
High
I consider myself to be financially
literate (able to maximize present
money in order to gain financial
stability).
3.4891
High
3.6588
High
Financial Knowledge
40
I am aware of the exchange rate of
the peso.
3.8261
High
3.8412
High
I am aware of the inflation rate in
the Philippines.
3.7609
High
3.8235
High
I read and understand a contract/s
especially involving money before
signing.
3.9348
High
4.1765
High
I learn financial management and
obtain financial knowledge through
my parents.
3.8804
High
4.1176
High
I obtain financial knowledge and
learn financial management on my
own.
3.8152
High
3.9647
High
Average
3.7655
High
3.9193
High
Table 11. Level of Financial Literacy Based on Financial Knowledge When
Grouped According to Grade Level-Summary
Financial Knowledge
Grade Level
n
Mean
Interpretation
SD
11
92
3.77
High
1.00
12
170
3.92
High
0.94
According to the research "Building Blocks to Help Youth Achieve Financial
Capability: Measurement Guide," young adults frequently lack confidence in their
economic capabilities. It was also observed that emerging adults seldom seek
wealth management advice.
Both groups had the greatest mean on the item "I read and understand a
contract/s, especially those involving money, before signing." The grade 11 group
had a mean of 3.93, indicating that they strongly agreed with the statement, while
the grade 12 group had a total mean of 4.18. This conclusion contradicts what was
previously said, namely that young adults do not frequently seek financial
management advice, but they are careful enough to investigate the legitimacy of
the shop or businesses before purchasing.
Both groups recorded the lowest mean on the component "I consider myself
to be financially literate (able to maximize present money in order to gain financial
stability)." Grade 11 garnered a mean of 3.49, while grade 12 obtained a mean of
41
3.66, implying that both parties have a fair and balanced or average stance on the
statement.
Table 12. Level of Financial Literacy Based on Spending Habits When
Grouped According to Strand
STEM
ABM
HUMSS
TVL
Items
Mean
Interpre
tation
Mean
Interpre
tation
Mean
Interp
retati
on
Mean
Interp
retati
on
I tend to buy
things on
impulse.
3.4286
High
3.764
7
High
3.872
3
High
3.117
6
Moder
ate
The money I
spend is
greater when I
have just
received my
allowance or
any source of
cash.
3.3673
Moderat
e
3.764
7
High
3.468
1
High
3.294
1
Moder
ate
I treat people
often/ I spend
money on
others.
3.3946
Moderat
e
3.725
5
High
3.659
6
High
3.117
6
Moder
ate
I spend more
on my wants
compared to
needs.
3.1156
Moderat
e
3.470
6
High
3.361
7
Moder
ate
3.235
3
Moder
ate
I wait for sales
before I buy
my wants.
3.7823
High
3.784
3
High
3.851
1
High
4.000
0
High
I spend using
card.
2.0068
Low
2.058
8
Low
2.404
3
Low
1.647
1
Very
Low
I spend more
on branded
items
compared to
non-branded
ones.
2.9796
Moderat
e
2.921
6
Moderat
e
2.872
3
Moder
ate
2.470
6
Low
3.1535
Moderat
e
3.355
7
Moderat
e
3.355
6
Moder
ate
2.983
2
Moder
ate
Spending
Habits
Average
42
Table 12. Level of Financial Literacy Based on Spending Habits When
Grouped According to Strand-Summary
Spending Habits
Strand
n
Mean
Interpretation
SD
STEM
147
3.15
Moderate
1.09
ABM
51
3.36
Moderate
1.07
HUMSS
47
3.36
Moderate
1.12
TVL
17
2.89
Moderate
1.03
Table 12 depicts the amount of financial knowledge based on spending
behaviors when grouped by strand. The average financial knowledge generated
by the strands would be 3.1535 for STEM, 3.3557 for ABM, 3.3556 for HUMMS,
and 2.9832 for TVL. All of the means produced by each strand have the
interpretation of having an average of spending patterns.
Participants from each strand had distinct greatest total mean values. The
highest mean accumulated for the STEM strand is 3.39, which contains the item "I
treat people frequently/ I spend money on others", which indicates their being kind
enough to share their finances with others. Both ABM and HUMMS had the highest
mean accumulated in the item that indicates "I wait for sales before I buy my
needs”, the ABM strand garnered 3.78 while TVL accumulated a total of 4.00
mean. This means that because having a sale lowers the initial price, ABM and
HUMMS participants prefer to save a little income and can have less value than
the original price of the products. Lastly, the HUMMS aggregated 3.87 on the item
saying, "I prefer to buy things on impulse", indicating that HUMMS members chose
to buy goods without second thoughts.
All of the strands had the lowest mean on the item "I spend money using a
card”, with the exception of the TVL strand, which had a very low or doesn't
completely agree, with a total mean of 1.65. While the remaining strands had
averages of 2.00, 2.06, and 2.40, all with the translation of strongly disagreeing
with the proposition. It would imply that very few participants use a credit card to
purchase goods.
43
Table 13. Level of Financial Literacy Based on Saving Habits When
Grouped According to Strand
STEM
ABM
HUMSS
TVL
Items
Mean
Interpre
tation
Mean
Interpre
tation
Mean
Interp
retati
on
Mean
Interp
retati
on
I am able to
allocate my
budget to match
my spending.
3.9864
High
3.960
8
High
3.872
3
High
3.705
9
High
I see to it that I
would always
have weekly or
monthly savings.
3.5442
High
3.745
1
High
3.744
7
High
3.470
6
High
I am able to
determine what
should be
prioritized before
and during
buying an item/s.
4.1701
High
4.117
6
Very
High
4.148
9
High
4.470
6
Very
High
I do write or
electronic budget
planning/preparat
ion.
3.2789
Moderat
e
3.549
0
High
3.255
3
Moder
ate
3.352
9
Moder
ate
I keep receipts
and bills to be
conscious of my
spending.
3.4082
High
3.509
8
High
3.319
1
Moder
ate
3.470
6
High
I use my personal
money (savings)
for my wants and
needs.
3.9592
High
3.941
2
High
3.893
6
High
3.941
2
High
I set aside money
for the Lord
before budgeting
for my needs and
wants.
3.3878
Moderat
e
3.470
6
High
3.489
4
High
3.294
1
Moder
ate
Average
3.6764
High
3.756
3
High
3.674
7
High
3.672
2
High
Saving Habits
44
Table 13. Level of Financial Literacy Based on Saving Habits When
Grouped According to Strand-Summary
Saving Habits
Strand
n
Mean
Interpretation
SD
STEM
147
3.68
High
1.07
ABM
51
3.76
High
0.90
HUMSS
47
3.67
High
1.09
TVL
17
3.67
High
1.01
Table 13 depicts the level of financial knowledge based on saving behaviors
when categorized by strand. STEM produced an average of 3.6764 in terms of
financial understanding, ABM produced an average of 3.7563, HUMSS produced
an average of 3.6747, and TVL produced an average of 3.6722. All strands had
meanings interpreted as having a high average saving behavior.
All strands have the same highest total mean in this sector, which states "I
am able to determine what should be prioritized before and during purchasing an
item/s", STEM has a total mean of 4.17, while ABM has a mean of 4.12, the
HUMSS strand has a mean of 4.15, and the TVL strand has a total mean of 4.47.
We can plainly state that all strands are accountable for determining and
prioritizing requirements and desires before acquiring and spending on things.
45
Table 14. Level of Financial Literacy Based on Financial Knowledge When
Grouped According to Strand
STEM
ABM
HUMSS
TVL
Items
Mean
Interpr
etation
Mea
n
Interpr
etation
Mean
Interpr
etation
Mean
Interpr
etation
3.775
5
High
3.86
27
High
3.7660
High
3.6471
High
I consider myself 3.544
to be financially
2
literate (able to
maximize
present money in
order to gain
financial
stability).
High
3.70
59
High
3.7234
High
3.4118
High
I am aware of
the exchange
rate of the peso.
3.741
5
High
4.19
61
Very
High
3.8085
High
3.6471
High
I am aware of
the inflation rate
in the
Philippines.
3.789
1
High
4.01
96
High
3.6170
High
3.7647
High
I read and
understand a
contract/s
especially
involving money
before signing.
4.108
8
High
4.13
73
High
4.0851
High
3.8235
High
I learn financial
management
and obtain
financial
knowledge
through my
parents.
3.966
0
High
4.13
73
High
4.1064
High
4.1176
High
I obtain financial
knowledge and
learn financial
management on
my own.
3.918
4
High
4.05
88
High
3.7872
High
3.7647
High
Average
3.834
8
High
4.01
68
High
3.8419
High
3.7395
High
Financial
Knowledge
I feel confident in
my knowledge
and ability to
manage my own
finances.
46
Table 14. Level of Financial Literacy Based on Financial Knowledge When
Grouped According to Strand-Summary
Financial Habits
Strand
n
Mean
Interpretation
SD
STEM
147
3.83
High
0.98
ABM
51
4.01
High
0.81
HUMSS
47
3.84
High
1.07
TVL
17
3.74
High
0.92
Table 14 depicts the amount of financial knowledge based on their financial
awareness when grouped by strand. The average financial knowledge generated
by the strands would be 3.8348 for STEM, 4.0168 for ABM, 3.8419 for HUMMS,
and 3.7395 for TVL. All of the means produced by each strand have the
interpretation of having a high average in knowing their financial knowledge.
STEM strand has the highest mean on the item that states "I read and
understand a contract/s especially involving money before signing", with a total
mean of 4.11, indicating that STEM strand participants check the reliability of the
retail outlet or market stalls before procuring, whereas ABM has the highest mean
on the item that states "I am aware of the exchange rate of the peso", with a total
mean of 4.20, indicating that ABM students are more fully cognizant of the
macroeconomic variables of the currency.
Both the HUMSS and TVL strands had the highest mean on the item "I study
managing money and receive financial information from my parents", The HUMSS
had a total mean of 4.11, while the TVL had a total mean of 4.12. The topic on
where they both strongly agreed is that they depend according to how their parents
are teaching them how and when to regulate their spending and resources, which
is accurate because our responders are still youthful and have no knowledge of
how and when to reconcile such funds, therefore the families will be the key
foundation of this sector.
47
The three groups in our strand sector all had the same lowest mean,
particularly the STEM, ABM, and TVL participants, with the exception of the
statement "I consider myself to be financially literate (able to maximize present
money in order to gain financial stability)", STEM had a total mean of 3.54, ABM
had a total mean of 3.70, and TVL had a total mean of 3.41. The statement that
translates, they do not consider themselves financially savvy, which is
comprehensible given that the majority of respondents are children who are unable
to handle larger sums of money and must rely only on allowances. The thread
HUMSS estimated a total mean of 3.62 for the statement "I am aware of the
inflation rate in the Philippines", indicating that the majority of participants in this
sector are unaware of the inflation rate in the Philippines. Inflation rate refers to the
percentage rise or reduction in prices over a given time period, which is commonly
a month or a year.
The results indicate that when participants are clustered according to
strands, the significant proportion of them are not comfortable knowing enough yet
to tell themselves that they are financially literate sufficiently, but fully
understanding that they are not self - assured is why we undertake this study to
reassure them that ability to handle money is as important as the ability to handle
in out prospect. We may amass our wants and requirements without using finance.
48
Table 15. Summary of Level of Financial Literacy
Variable
Mean
Interpretation
Overall
3.1368
Moderate Financial
Literacy
Male
3.633
High Financial Literacy
Female
3.5665
High Financial Literacy
Grade 11
3.5077
High Financial Literacy
Grade 12
3.6370
High Financial Literacy
STEM
3.5549
High Financial Literacy
ABM
3.6582
High Financial Literacy
HUMSS
3.6241
High Financial Literacy
TVL
3.4679
High Financial Literacy
Table 15 indicates the degree of financial literacy of participants when they
are classified according to the characteristics listed below. The total level of
financial literacy of participants was 3.1368, which, as indicated in the table,
corresponds to a high average level of financial literacy. Participants in the TVL
strand had the lowest level of financial literacy, while those in the ABM strand have
the highest level. According to the table above, whether the participants are
grouped or taken as a whole, their level of financial literacy is average to moderate.
49
INFERENTIAL RESULTS
Tables 16 through 18 will utilize the following to analyze the evidence on each
figure:
a. If the p-value is less than or equal to the 0.05 level of significance, reject the
null hypothesis.
b. If the p-value is larger than the 0.05 level of significance, accept the null
hypothesis.
Table 16. Difference in the Level of Financial Literacy When Grouped
According to Sex
Variable
Category
Mean
M
3.633
t-value
p-value
Alpha
Interpretation
0.51
0.61
0.05
Not
Significant
Sex
F
3.5665
Table 16 employs an independent sample t-test to examine whether there
is a significant difference in financial literacy levels when grouped by sex.
Furthermore, in terms of sex-based financial literacy, the p-value estimated is 0.61,
as indicated in the fifth column of table 16. The findings indicate that there is no
significant difference in financial literacy levels when grouped by gender. This
proves that the null hypothesis is accepted.
Females have lesser financial literacy than males, according to the mean in
the third column. As per findings, males are more financially literate than females.
Understanding why women have lower financial literacy than men is essential for
establishing strategies to decrease gender disparities and enhance women's
financing decisions (Gustav Tinghog et al., 2021). The findings reveal that the
known gender disparity in financial literacy persists even in descriptive data
financial circumstances and can also be ascribed to differences in exhibited
assurance. The results of the analysis revealed a strong indirect impact of gender
on financial literacy, implying that a stereotyping for women in the finance realm
adds to the documented sex difference. As a result, it is permissible to assert that
a person's financial literacy is unaffected by sex.
50
Table 17. Difference in the Level of Financial Literacy When Grouped
According to Grade Level
Variable
Category
Mean
Grade 11
3.5077
Grade
Level
Grade 12
t-value
p-value
Alpha
Interpretation
-9.59
0.0001
0.05
Significant
3.6370
The independent sample t-test, as shown in figure 17, had been performed
to determine whether there's a substantial difference in financial knowledge within
individuals separated by grade level. The p-value calculated for the level of
financial literacy if classified by grade level is 0.0001, indicating a significant
variation in financial literacy when classified by grade level. As a result of this
discovery, the null hypothesis was rejected.
According to the findings, being in a higher grade or being a little older
ensures you have a greater degree of financial literacy. Furthermore, compulsively
purchasing condition is more common to be common in late adolescent or early
education (Li, Unger, & Bi, 2014). Furthermore, individuals who've already
attended a financial planning program have been demonstrated to be more
informed and economically empowered than their peers (Dorjana Nano, 2013).
Even though both grade 11 and grade 12 students are in the classification of late
adolescent and early adulthood, their financial circumstances may differ, as
revealed by the studies. As a conclusion, it is legitimate to argue that a person's
grade level influences their financial literacy.
51
Table 18. Difference in the Level of Financial Literacy When Grouped
According to Strand
Variable
Category
Mean
STEM
3.5549
ABM
3.6582
f-value
p-value
Alpha
Interpretation
0.22
0.88
0.05
Not
Significant
Strand
HUMSS
3.6241
TVL
3.4679
Table 18 demonstrates if there is a significant difference in financial literacy
among respondents when they are categorized by strand. Since these variables
has more than two categories, the one-way ANOVA is used. In line with this, the
computed p-value of the degree of financial literacy when grouped by strand is
0.88, as shown in the fifth column of table 18. When the data are grouped by
strand, they indicate that there is no substantial variation in financial literacy. As a
result, the null hypothesis has been accepted.
According to the research, the threads one is in have no influence on a
person's level of financial literacy. This contradicts the study's findings, which said
that social and environmental factors might have a big and positive impact on
consumer behavior (Watung, 2018). Students has developed their self-awareness
and values and has apply a logical life choice method to establish and implement
personal and economic objectives and goals, recognizing that components have
no effect on a person's level of financial literacy.
52
Conclusion
A study was undertaken to determine the degree of financial literacy among
Davao City senior high school students. Three major areas were evaluated in order
to determine financial literacy. These categories included spending habits, saving
habits, and financial knowledge. The results demonstrate that the overall sample's
level of financial literacy was average, regardless viewed as a whole or grouped
as shown in the criteria employed in this research. The study's objectives were
able to be identified once the data collected was examined and summarized in
chapter three. The findings rejected one of the null hypotheses while accepting the
other two. The survey's material was able to address the importance of financial
literacy and the elements that influence it. It also clarifies on the areas of spending
behaviors, saving practices, and financial knowledge that serve as the foundation
for the level of financial literacy. The survey was completed by stratified random
senior high school students from one Catholic school in Davao City. Collected from
the survey findings, it was determined that the degree of financial knowledge will
indeed remain independent whether the respondents were considered as a whole
or grouped into distinct categories.
In order to have a clear picture of the survey's conclusions, we have
prepared a table with their interpretation based on survey data, which is given
above. According to table 16, the (1) The null hypothesis, which contends that
there is no substantial difference in financial literacy comparing male and female
senior high school students, is accepted. Contrary to expectations, sex has no
influence on the financial competence of senior high school students. Subsequent
analysis found that female participants of this study had increased spending,
savings, and financial competence than male participants. (2) The null hypothesis,
which states that there is no significant difference in financial literacy when
respondents are classified by grade level, is rejected. In other words, a person's
grade level influences his or her level of financial literacy. (3) The null hypothesis
is adopted, which states that there is no significant difference in financial literacy
when respondents are classified according to the strand. According to the study's
53
findings, students have increased their self-awareness and values, and have used
a rational life choice technique to define and implement personal and economic
aims and goals, while acknowledging that components have no influence on a
person's level of financial literacy. (2) The null hypothesis, which claims that there
is no significant difference in financial literacy when participants are categorized
by grade level, is rejected shown in table 17). To put it another way, a person's
grade level affects his or her level of financial literacy. Finally, the strand
component found that (3) The null hypothesis is accepted, which indicates that
there is no big variation in financial literacy when respondents are sorted based on
the strand. As per the findings of the study, students' personalities and principles
have strengthened, and they have utilized a reasonable personal decision
approach to identifying and pursuing personal and economic objectives while
understanding that aspects have no impact on a person's level of financial literacy.
In conclusion, when the three variables are put together, grade level demonstrates
a substantial difference in financial literacy. Meanwhile, when individuals are
categorized according to these characteristics' categories, the other variables, sex,
and strand, show no significant difference in the level of financial literacy. This is
in contrast to numerous studies that suggest a substantial difference in financial
literacy when grouped by gender, which can also include maturity. The study may
also contribute to the literature in this domain, as there have been absolutely zero
studies on financial literacy that incorporate the area or in this region. The
outcomes of this study also could contribute to the existing research, as most
research on financial issues focuses on undergraduate learners and senior
students. This study is exclusively targeted at senior high school learners in a
Catholic school in Davao City.
54
Recommendations
Based on the conclusions of the study, the following recommendations are
hereby:
1. Financial knowledge is important when parents and teachers are involved
in financial literacy initiatives, they are far more effective. Although the
results of this study cannot say if parental participation boosted financial
knowledge, data from students' socialization agents suggests that they
learned financial concepts from their parents or guardians.
2. Teachers must be aware of financial management to teach students how to
manage their finances adequately, whether explicitly or implicitly. Teachers
and students should collaborate to achieve the desired result, which is an
elevated level of financial literacy. All these sides must be eager to learn
and comprehend the subject at hand. Teachers who are enthusiastic about
the subject ought to have closer students engaged than those who are not.
3. Students are encouraged to budget their own money and be aware of their
expenses as individuals. Financial management is one that students must
be willing to learn because it will have a meaningful impact on their future.
According to the researchers, students should set a saving goal at the end
of each week or month to learn financial management. They must also
maintain the financial news, including consumer prices, tax bills, and laws
that may affect their day-to-day finances.
4. Parents must guide their kids to become more knowledgeable and aware
about their finances and expenses since they are their children's first
educators. Children should always know how to manage their money.
Parents should note that teaching their children the value of money at an
early age is a significant factor in deciding its future success. Initiating at a
young age is a superior and strongly recommended mechanism for them to
55
inform. Children learn more conveniently when they have mentors. Hence,
parents must also be financially literate.
5. Financial education programs should be tailored to the individual needs of
students. There are financial ideas that are essential to any individual's
healthy financial life, regardless of their field of study in university or high
school. It is critical to prepare a lot of young people for active participation
in society and to begin making appropriate financial decisions.
6. Future researchers should look into whether students' relationships and
interactions within their community and family have influenced their financial
attitudes and practices. This allows researchers to look at how current
economic developments and one's personal financial circumstances
influence one's desire to learn more about money.
7. This study appears to have a problem with the relationship between lowincome households and students' financial literacy. As a result, it is
suggested that additional research into this connection be carried out. The
findings of the study can be explained in part by the fact that students from
higher-income families may lack the required financial attitude toward
money management. They don't have to prioritize their budget, keep track
of costs, or worry about money management procedures because they can
meet all of their goals and requirements. Students raised by middle-class
parents, on the other hand, may have learned the value of money from their
parents.
8. The local district can also associate through this study by presenting
activities and programs to all students by advocating and encouraging them
to have first-hand management to expand their understanding and
knowledge in financial planning. Students will learn to budget, control their
wants, and needs, and save money at a young age as a result of this.
56
9. Considering school is our second home, the school must plan by advocating
the importance of managing finances and goals to increase financial literacy
levels among the students. Schools can have an activity like an open
podcast that focuses on financial literacy. Through this, students will be
encouraged to listen and learn financial planning that they can apply to their
state and improve it in the future.
10. Bank accounts talk about how to bring banking institutions to schools so
that students can open savings accounts. One or more banks interested in
participating in this opportunity could come to the school to open accounts.
Each month, a time frame could be established to allow students to take
care of their banking needs. This account could be established early in their
high school career, giving them the opportunity to save money for both
short-term expenses and long-term goals that extend beyond their high
school career.
57
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65
APPENDICES
APPENDIX A
APPROVAL LETTER
66
APPENDIX B
CERTIFICATE OF ORIGINALITY
This study paper is our own original work, which we hereby certify. We attest
that any previously submitted portions of this paper have been properly
acknowledged and cited and that this material has not been submitted by
anybody else. Using citations and references, we were able to determine where
the information came from, whether it was cited or paraphrased. There are no
violations of copyright, plagiarism, or other intellectual property laws in this
research paper.
We also further declare that the intellectual content of this research paper is
the result of our own efforts, except to the degree that we acknowledge the
contributions of other resources.
ALLEAH CLAIRE J. PONFERRADA
Lead Researcher
MS. YZADORA M. MASINADIONG
3Is Teacher
67
APPENDIX C
CERTIFICATE OF PLAGIARISM DETECTOR
This is to certify that the research proposal entitled “Level of Financial
Literacy Among Senior High School Students” submitted by Aiko Escanilla
Hata; Alexa Juliana Parica Francisco; Alleah Claire Jainar Ponferrada; Art Joshua
Valenzuela; Marielle Rose Digamon Suelto; Ma. Trizha Joy Chavez Morales;
Princess Mariel Baculbas Cabatic, has passed the originality check by Grammarly.
Certified by:
MS. YZADORA M. MASINADIONG, LPT
3Is Teacher
68
APPENDIX D
CERTIFICATE OF STATISTICAL ANALYSIS
This is to certify that this research manuscript entitled
“LEVEL OF FINANCIAL LITERACY AMONG SENIOR HIGH SCHOOL
STUDENTS”
Prepared by
AIKO ESCANILLA HATA; ALEXA JULIANA PARICA FRANCISCO;
ALLEAH CLAIRE JAINAR PONFERRADA; ART JOSHUA VALENZUELA;
MARIELLE ROSE DIGAMON SUELTO; MA. TRIZHA JOY CHAVEZ
MORALES; PRINCESS MARIEL BACULBAS CABATIC
has been attested and statistically reviewed by the statistician signatory.
NAME OF THE STATISTICIAN
Signature Over Printed Name of Statistician
Senior High School Faculty, University of the Immaculate Conception
Department, Affiliation
March 2022
Date
69
APPENDIX E
INFORMED CONSENT
UNIVERSITY OF THE IMMACULATE CONCEPTION
Senior High School Unit
J. P. Laurel Avenue, Bajada Street, Davao City
Informed Consent Form for Level Of Financial
Literacy Among Senior High School Students
Name of the Researcher(s): Aiko Escanilla Hata, Alexa Juliana Parica Francisco,
Alleah Claire Jainar Ponferrada, Art Joshua Valenzuela, Marielle Rose Digamon
Suelto, Ma. Trizha Joy Chavez Morales, Princess Mariel Baculbas Cabatic
Institution: University of the Immaculate Conception
INTRODUCTION
You are invited to participate in a research study conducted by Aiko
Escanilla Hata, Alexa Juliana Parica Francisco, Alleah Claire Jainar
Ponferrada, Art Joshua Valenzuela, Marielle Rose Digamon Suelto, Ma. Trizha
Joy Chavez Morales, and Princess Mariel Baculbas Cabatic, at the University
of the Immaculate Conception, because you fit the inclusion criteria for the
informant of my study.
Your participation is completely voluntary. Please read the information
below, and ask questions about anything you do not understand, before
deciding whether to participate. Please take as much time as you need to read
the consent form. You may also decide to discuss participation with your family
or friends.
If you decide to participate, you will be asked to sign this form. You will be
given a copy of this form.
PURPOSE OF THE STUDY
This study aimed to determine whether a significant relationship exists
between the level of financial literacy of the Grade 12 Students in Davao City.
STUDY PROCEDURES
If you volunteer to participate in this study, you will be asked to participate
by answering the survey questionnaire which you can finish in more or less 30
minutes.
POTENTIAL RISKS AND DISCOMFORTS
You may feel discomfort during the course of the survey because you may find
the question/s sensitive. You may opt not to answer the statements which make
you feel any psychological or emotional distress, or you can withdraw as a
participant of the study if you feel that you cannot discuss the information that
is asked of you. The researcher values your participation and will place your
welfare as their highest priority during the course of the study.
POTENTIAL BENEFITS TO PARTICIPANTS AND/OR TO SOCIETY
This study focuses on determining the financial literacy of the students in a
Catholic school in Davao City. Therefore, it could be of great help to the
70
aforementioned school and city to bring further notice towards the student's
welfare and education. The results, discussions, and results from this study
could provide substantial data which the national authorities could utilize such
as the Commission on Higher Education (CHED), Department of Education
(DepEd), Council for the Welfare of Children as well as other NGOs for
curriculum enhancement and welfare development of families in Metro Davao.
On an international scale, this provides foreign investors and NGOs to take
part in supporting the youth today and give aid to various developing countries.
It strengthens not only the relationship between nations but also along with the
numerous advantages it may bring for the whole development of our society.
Through connecting with ASEAN countries, and organizations that concern
youth welfare, we now look forward to a bright future.
CONFIDENTIALITY
We will keep your records for this study confidential. Any identifiable
information obtained in connection with this study will remain confidential,
except if necessary to protect your rights or welfare. This certificate means that
the researcher can resist the release of information about your participation to
people who are not connected with the study. When the results of the research
are published or discussed in conferences, no identifiable information will be
used.
PARTICIPATION AND WITHDRAWAL
Your participation is voluntary. Your refusal to participate will involve no
penalty or loss of benefits to which you are otherwise entitled. You may
withdraw your consent at any time and discontinue participation without
penalty. You are not waiving any legal claims, rights, or remedies because of
your participation in this research study.
INVESTIGATOR’S CONTACT INFORMATION
If you have any questions or concerns about the research, please feel free
to contact the researcher at the University of the Immaculate Conception,
Bajada, Davao City through mobile phone number 09157679468 or through
email at aponferrada_1704000168@uic.edu.ph; or if you need to see us, you
can email us, and we can arrange a virtual meeting through Google meet.
RIGHTS OF RESEARCH RESPONDENTS
If you have questions, concerns, or complaints about your right as a
research participant or the research in general and are unable to contact the
research team, or if you want to talk to someone independent of the research
team, please contact the University of the Immaculate Conception at 222-2320
local 353.
RESEARCH RESPONDENT’S CONSENT
I have read the information provided above. I have been given a
chance to ask questions. My questions have been answered to my
satisfaction, and I agree to participate in this study. I have been given a
copy of this form. I can withdraw my consent at any time and discontinue
participation without penalty.
______________________________________
Signature above Printed Name of Participant
____________
Date Signed
71
APPENDIX F
SURVEY QUESTIONNAIRE
72
73
APPENDIX G
SPSS RESULTS FOR DATA ANALYSIS
74
75
76
77
78
79
80
81
82
CURRICULUM VITAE
PERSONAL INFORMATION
Name Princess Mariel Baculbas Cabatic
Birthday December 08, 2003
Address Nehemiah St. Emily Homes Cabantian, Davao City
Phone number 09569141732
Email Address pcabatic_20200000090@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Junior High School
Davao City National High School
F. Torres St., Poblacion District, Davao City
2016-2020
Primary School
Kapitan Tomas Monteverde Sr. Central Elementary
School
C. Bangoy St., Poblacion District, Davao City
2009-2016
AWARDS AND CITATIONS
2018
2021
Principal’s List (Grade 8)
With Honors (Grade 11)
SEMINARS/TRAININGS ATTENDED
2014
Red Cross First Aid Training
83
PERSONAL INFORMATION
Name
Alexa Juliana Parica Francisco
Birthday August 27, 2004
Address 28# Israel St., Dumanlas, Buhangin,
Davao City
Phone number 09665330790
Email Address afrancisco_1105000130@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Junior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2016-2020
Primary School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2009-2016
AWARDS AND CITATIONS
2017
With Honors
2018
With Honors
2019
With Honors
2020
With Honors and Deportment Award
2021
With Honors
SEMINARS/TRAININGS ATTENDED
2016-2022 Leadership Trainings
2016-2021 Children of OFW Workshops
2021
Drug Use Davao City Government Health Office Symposium
2021
Creatives and Live-Streaming Workshop
2021
Taking the Cue from COVID Davao Doctors Hospital
2021
ChikaChat UIC Global Workshop
2022
A Call to Moral Courage in the 2022 Elections CEAP
84
PERSONAL INFORMATION
Name
Aiko Escanilla Hata
Birthday May 23, 2003
Address #19 Fulmar Street Belisario Heights Lanang
Davao City
Phone number 09663061326
Email Address ahata_1804000051@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Junior High School
Philippine Nikkei Jin Kai International School
2016-2018
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2018-2020
Primary School
Philippine Nikkei Jin Kai International School
2009-2016
AWARDS AND CITATIONS
2017
2018
2020
Athlete of the Year - Grade 7
Athlete of the Year - Grade 8
Athlete of the Year - Grade 10
SEMINARS/TRAININGS ATTENDED
2017
2018
2019
2020
Girl Scout of the Philippines
Girl Scout of the Philippines
Girl Scout of the Philippines
Girl Scout of the Philippines
85
PERSONAL INFORMATION
Name
Ma. Trizha Joy Chavez Morales
Birthday December 18, 2003
Address Cherry Blossom St. Mahayag, Buhangin Davao City
Phone number 09157685812
Email Address mmorales_20200000034@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Junior High School
Sta. Ana National High School
2016-2020
Primary School
San Isidro Elementary School
2009-2016
AWARDS AND CITATIONS
2019
2020
2021
With Honors - Grade 9
With Honors - Grade 10
With Honors - Grade 11
SEMINARS/TRAININGS ATTENDED
2019
BFP Emergency Service Training
86
PERSONAL INFORMATION
Name
Alleah Claire Jainar Ponferrada
Birthday January 21, 2004
Address Block 20 lot 18, Deca Homes Cabantian, Davao City
Phone number 09157679468
Email Address aponferrada_1704000168@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Junior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2017-2020
Davao Christian High School
V. Mapa Street, Davao City
2016-2017
Primary School
Davao Christian High School
V. Mapa Street, Davao City
2009-2016
AWARDS AND CITATIONS
2017
2018
2018
2019
2020
2021
Silver Medallion - Grade 7
Third Honors - Grade 8
Gold Medallion - Grade 8
Third Honors - Grade 9
Third Honors - Grade 10
Second Honors - Grade 11
SEMINARS/TRAININGS ATTENDED
2021
2021
2021
2021
2022
Drug Use Davao City Government Health Office Symposium
Creatives and Live-Streaming Workshop
Taking the Cue from COVID Davao Doctors Hospital
ChikaChat UIC Global Workshop
A Call to Moral Courage in the 2022 Elections CEAP
87
PERSONAL INFORMATION
Name
Marielle Rose Digamon Suelto
Birthday February 23, 2004
Address B34 L3 Daffodil St. Country Homes,
Cabantian Davao City
Phone number 09973451005
Email Address msuelto_20200000061@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Junior High School
Maryknoll School of Manay Inc.
2016-2020
Primary School
Maryknoll School of Manay Inc.
2009-2016
AWARDS AND CITATIONS
2018
2019
2020
With Honors - Grade 8
With Honors - Grade 9
With Honors - Grade 10
SEMINARS/TRAININGS ATTENDED
2021
Creatives and Live-Streaming Workshop
88
PERSONAL INFORMATION
Name
Art Joshua Valenzuela
Birthday January 23, 2003
Address B1 L9 P1La Verna Hills Angliongto,
Buhangin, Davao City
Phone number 09284597897
Email Address avalenzuela_2020000875@uic.edu.ph
EDUCATION BACKGROUND
Senior High School
Junior High School
Primary School
University of the Immaculate Conception
J.P. Laurel, Bajada Street, Davao City
2020-Present
Emilio Ramos National High School
2016-2020
San Roque Central Elementary School
2009-2016
AWARDS AND CITATIONS
2018
With Honors - Grade 8
SEMINARS/TRAININGS ATTENDED
2018
Red Cross First Aid Training