INTRODUCTION
Background of the Study
Student tenants are those who are enrolled in a term- or semester-based higher
education program at a college, university, technical college, or other similar
institution. The majority of student tenants are between the ages of 18 and 23, and
those who are enrolled in graduate schools or specialty programs may even be older.
Tenants in student housing tend to be single rather than married, and they may choose
to share a room with others to save money. Spending practices on the student tenants
would be one of the ways to manage their finances that would determine their financial
status in the future, managing their expenses prevents overspending, impulsive
buying, and paying too much for an item.
Money plays an important role in students' everyday lives and influences every
decision they make, including where they live, what they eat (if they can afford it), and
what activities they may participate in. It is used as a medium of exchange, allowing
students to purchase what they need to survive and grow. Students should learn how
to manage their finances. Students in college should create a self-enforced budgeting.
If students continue to waste their money, they may experience severe financial
problems once they enter maturity. if they do not know how to budget for necessary
living expenses, they are likely to be in debt. In the worst-case situation, some young
adults become thieves and robbers as a result of running out of money and their
families are not able to provide for them financially. They must learn how to establish
budgeting and how they will spend their money over the period of a week or month.
According to J.T.C. Buna's (2018) study titled "Factors Affecting the Spending
Behavior of College Students," found that parents play a significant role in shaping
children's financial behavior and money management skills as well as their basic
attitudes toward life. College students' expenditures have a significant influence on
their behavior. For young people to have the best chance of success as adults, it is
crucial that they begin learning about finance during their academic year. Having
even a basic understanding of finance is insufficient. Success requires a strong,
optimistic outlook, as well as parents who model and implement smart financial
behavior.
Every student must understand the importance of managing money in order to
prevent relying on their parents. Budgeting serves as the most effective tool for
managing personal finances since it allows you to achieve further by spending your
money in a specific manner. Budgeting comprises devising a strategy for covering
expenses, whereas spending entails using money to meet needs and wants, such as
education. That is why the purpose of this research is to provide some ideas
concerning spending practices. Every student must learn how and where to spend
money properly. Students are unaware of the importance of money throughout their
college years and occasionally overspend therefore, it is essential to manage finances
properly. Being a student demands good money management considering the
allowance will most likely keep you there for the entire month.
According to Nick L. Aduana (2017, p.308), most successful people share one
trait: they manage their finances properly through effective planning. Personal
Financial Planning processes include the following steps: 1) conducting personal
finance planning, 2) setting goals and objectives, 3) preparing a financial budgeting
planner, 4) carrying out financial transactions, and 5) monitoring and evaluation. This
procedure supports an individual in monitoring and balancing his or her finances.
Parents should teach their children how to save their own money for future needs so
that they will not rely on their parent's money and it may rely solely on their savings
and income in the future.
When it comes to financial problems, one of the most prevalent indications is
that you spend more than they earn. They frequently spend more than they receive,
especially for those who are living away from family for the first time and experiencing
independence. They have little or no idea how to manage their budget, and they will
spend their money without thinking about it, resulting in difficulties such as not having
enough money to buy what they needed. They lack knowledge about how they should
manage their money. When college students are experiencing financial difficulties,
they are anxious and find it difficult to focus on the lesson. This will have an impact on
their academic performance, including scores and performance, as well as their
future opportunities.
The most challenging problem that students encounter is the inability to budget
their expenses and save a proportionate amount each month for unexpected
circumstances. Most of the time, particularly here in the Philippines, it is the parents
who pay for their children's education. Student budgeting is the managing of one's
financial expenses within the constraints of a budget. Several elements contribute to
students' dynamic and distinct conduct. These elements might be both technological
and psychological, in addition to being controlled or uncontrollable. In some
circumstances, those from wealthy families are more likely to submit outputs or
projects ahead of time since they have adequate or even a larger budget for such
activities. While some people who are financially stressed tend to submit later as a
result of such challenges. (Last of intro)
Keyword : Money, Budgeting, Spending, Personal Finance, Money Management
Expenditure, Expenses, Student Tenants
This study will give a quick overview on how students manage and spend their
allowances. The results will benefit students, as well as teachers and other faculty
members of Panpacific University. Similarly, the goal of the research is to assess how
well the student manages their monthly allowance.
To the Researcher - This study will help the researchers in learning how to manage
their finances for future goals and the dos and don'ts of money expenditure.
To the Student - The outcomes of this research will be helpful to students in
understanding how to properly manage their allowance and reduce their expenses.
To the Parents - This study will assist the students' guardians or parents in teaching the
students how to manage their own finances so they won't be dependent on their
means. It will assist the parents in guiding their own child in balancing their financial
necessities and wants.
The way that people view money has evolved for the past decades, and today's
students are growing up within society. Students are now using credit and credit cards instead
of preparing money for emergencies and for the necessities. cards to cover these expenses
and even to pay normal everyday bills! Staying out of debt is no longer valued as an important
social norm. In fact, the debt-free lifestyle sought after by prior generations has been
replaced with simply “paying bills on time” and in many cases “only making minimum
payments” (Diamond & O’Curry, 2013).
Students who think before they buy are more likely to spend wisely, whereas those
who do not are more likely to waste money. Student Tenants spending practices can be
improved if they prepare their expenses ahead of time. They should think about saving for "needs"
rather than spending on "wants." The student appears to spend a lot of money on entertainment,
therefore they should figure out how to control it. This study was conducted to examine the
financial and psychological components of spending control strategies and provided genuine
findings, however it was not included in its scope. start
Student tenants currently constitute a sizable and growing population. They are
a subset of the population who have reasonably well-defined housing needs which set
them different from the majority of the students at their age. Aside from a few studies
on specific cities or regions, minimal research has been conducted on the subject of
student accommodation. The building environment provides conditions that affect
students' educational experiences. Student accommodation has long been seen as an
essential component supplied by higher education institutions to support learners in
expanding their intellectual skills. Aside from learning various courses and enduring
arduous course loads, students reach the point of experiencing independence from
home, particularly those whose residence is located far from the college or university
where they enrolled. While living away from home has advantages. It is also a source
of fresh experiences considered a risky endeavor.
The theoretical framework for this study is supported by the economic theory
called the life-cycle hypothesis which analyzes how people spend and save money
over the course of a lifetime. According to the theory, people try to balance their
lifetime consumption by borrowing during times of low income and saving during
times of high income, meaning understanding your income and outgoings and
evaluating your spending habits is the first step toward achieving any financial
objective.
The system of mental budgeting is used by planned spending practices, and student
tenants allocate their funds to various mental accounts in order to resist any additional
costs and can support themselves in controlling their spending on unnecessary items.
On the other hand, unplanned spending occurs when someone does not have a list of
necessary purchases such as a medical emergency. As a result, student tenants must
learn to buy everything they need even if it's not on the list in order to visit the mall or
a few stores only once. Student tenants may experience unexpected expenses for a
variety of reasons, including the fact that they unexpectedly forgot to buy particular
items despite having a routine for shopping every time. Second, while shopping, the
customer can get some new ideas.
Since many student tenants spend excessive amounts of money on the things
they enjoy the most without realizing what would occur when their entire budget has
been spent, some spending is referred to as compulsive spending. Due to excessive
spending on unnecessary items, compulsive spending is a behavior that lacks selfcontrol. Student Tenants inadvertently engage in compulsive spending because they
believe that everything they buy is important and that they are in control of their
spending. Students who spend money on a daily basis should take responsibility for
how much they spend. They should remember how to budget their allowance, or
better yet, they should be careful enough to help their parents in some way. They
should be aware of themselves. Students are provided allowances for a variety of
reasons, including board rent, education, additional school fees, commodities, and
meals.
This conceptual framework depicts the relationships between the independent
and dependent variables. The study's conclusion is determined by the relevant
factors. It comprises the student tenants' spending practices and the factors they used
to discover their spending practices. The conclusions of the study are the dependent
variables. It comprises the following steps to be followed in order to improve the
spending management practices of the student tenants at Panpacific University.
Leave for table
The main objective of this research is to identify the Spending Practices of the
Student Tenants of Panpacific University. The data collected through the use of google
form survey with the consent of the respondents. The researchers survey thru sending
google form link via gmail to dig deeper into the responses obtained, and at the same
time analyzing their responses, which helps to prepare a relevant market report.
The researcher will evaluate the Student Tenants on their knowledge about the
proper way of spending their Monthly allowance. The researcher wants to know about
the factors affecting the spending pattern, and also the level of spending management
practice of student tenants in Panpacific University. Additionally, the researcher is
seeking information about potential financial management strategies for students and
ways they might cut back on unnecessary spending or the remediation can be
implemented to address the issue.
The main objective of our study is to examine proactive engagement plans on
proper spending and budgeting of student tenants. With the given solution, it will help
and give them an idea on how they can minimize their allowance expenditure in their
daily life. They must have proper knowledge, guidance to budgeting and spending.
It’s important to know whether the student allowances are being used properly to
cover their weekly or monthly expenses. This positive attitude will help them to
practice proper spending and budgeting behavior concerning financial management
as working adults in their future.
Research Hypothesis
There is a relationship between the level of spending practices and the factors
affecting the Student Tenants at the Panpacific University AY:2022-2023.
Statement of the Problem
The main problem of this study is to determine the spending practices of
student tenants in Panpacific University.
Specifically, the researchers sought to answer the following questions:
1. Profiling churva
2. What are the levels and factors affecting the spending practices of Student
Tenants in Panpacific University?
3. Is there a difference between the profiles and levels and factors affecting the
spending practices of student tenants?
4. What solution can be implemented to address the student tenants' spending
practices?
METHODOLOGY
This chapter describes the instruments and procedures used in collecting data,
as well as the number of respondents who took part in this study. The notion of
methodology is an assessment produced with the aim of determining the research
question it discusses through population and locale, data gathering instruments, data
gathering procedures, and treatment of data.
This study is essential. It provides additional information to those who will benefit from
this study.
Research Design
This study uses Quantitative Research in a type of Descriptive-Correlational.
According to Mcburney and White, 2009 In research investigations, descriptive
correlational design is utilized to determine the connection between various variables
and produce static images of situations. In order to describe the characteristics of the
population or research issue, the researcher engaged in a descriptive analysis. The
researchers observed and described the respondent's behavior with regard to their
spending management practice using the descriptive research approach. Developing
effective spending management decisions can be facilitated by doing research using
correlational studies. Learning how to construct a correlational analysis may assist us
in discovering possible relationships between various elements of this research
study.
The study adopted a descriptive approach by utilizing a wide range of subjects
and questionnaires to fully understand the condition, the descriptive method aims to
describe and explain the current situation of the students' tenants. It is a study
designed to exemplify the participants in an accurate way. More clearly explain.
Descriptive research is all about describing people who take part in the study.
Locale and Population
Researchers chose to conduct this study at the Panpacific University, located at
MacArthur Highway, Urdaneta City. Many nearby boarding houses are located in this
area; typically, students from Panpacific University are the tenants of some of the
boarding houses. The researcher chose this location because the researchers are
familiar with several of the student tenants in this area and it fits the time frame and
resources needed by the researcher. Having this location of our study we are able to
provide the maximum number of student tenants.
The respondent of this study are more than 100 Student Tenants, randomly
selected students of Panpacific University, the majority of our respondents is under
the criminology and marine transportation student tenants, the sampling method that
we used in this study is “Simple Random Sampling Method” meaning Simple random
sampling is a fundamental sampling technique that is easily integrated into more
advanced sampling techniques. Every student has a chance of being our respondent,
which is the key characteristic of this sampling method, simple random sampling is
one of the best probability sampling methods that we can use. Getting data from a
sample is more advisable and practical.
DATA GATHERING INSTRUMENT
A questionnaire was utilized as the tool for collecting data thru google form, as
it gathers data more quickly than other approaches. The respondents were easily
able to read and respond to the questioner. The questionnaire was formulated by the
researchers and has undergone validity and reliability testing. All the questions in the
questionnaire are sufficient to gather information or data relevant to the study and at
the same time the questioner is absolutely neutral and not biased. The responses,
comments, and suggestions of the respondents were considered. The validity of the
said instrument's data will be determined through the evaluation of experts whose
fields of specialization are related to the subject matter of the study. Using a research
- made validation instrument, the experts determined the instrument's validity.
This questionnaire is all about Spending Management Practices of Student
Tenants in Panpacific University, It content, level of spending practices, factor
affecting the spending practise and also trend of spending management practices of
student tenants, the instrument that we used is likert scale, the fundamental benefits
of likert scale is that they utilize a common form of data collection, making them simple
to understand, when working with quantitative data, it is easy to analyze from the
respondent and generate reports, result, and also graph. Weighted mean we used
this instrument to calculate the average value of data. And also percentage to be able
to know how many of the participants gave a particular answer.
DATA GATHERING PROCEDURES
Data gathering procedure is done after the questionnaire was created and
validated, the researcher made as many copies of it as were necessary to fit every
respondent while also preparing a letter of request for the superintendent of the
school division and the heads of the concerned schools, this letter containing a permit
to conduct a study of the assigned area. the researcher will ask for permission to
gather some information about the spend management practice among the student
tenants of panpacific university.
The researchers personally delivered the letter of request and copies of the
questionnaire to the respective school. The researcher provided the details to assist
the respondents complete the questioner when delivering the letter and copies of the
instrument. The surveys were obtained the same day they were completed.
The outcomes of the retrieved questionnaire copies were tallied, and the data
also were analyzed and translated using the best suitable statistical method.
ETHICAL CONSIDERATIONS
The researchers took a few other ethical factors into account while conducting
the study. The researchers assured the study participants that all personal information
would be kept strictly confidential during the study. This is done to protect the privacy
of the participants in the study as well as to give them a sense of security. To safeguard
the confidentiality of the study participants, the researchers used pseudonyms to
replace their names. All raw data was meticulously collated and recorded by the
researchers. The raw data, results, methodology, and procedures were acquired and
organized in their original form. This is done in order to provide the research with
honest, unvarnished results.
The respondents expressed their approval to engage in the study, which was
conducted together with their participation. This was accomplished by sending a
letter of consent to the letter's subjects by email. The researchers also gave the
participants a full explanation of the research's purpose in transparent, basic language
that they could understand. Additionally, the researchers didn't threaten or compel
the students into participating in the study in any way. Likewise, respondents were
informed that they might withdraw from the study at any moment if they so desired.
They can choose to participate in and contribute to the research.
TREATMENT OF DATA
SOP 1: Weighted Mean - is computed to get the average mean or central value of the
respondent in every statement using this formula.
Formula :
𝑥=
𝑥𝑥𝑥
𝑥𝑥
Where ; 𝑥 - is mean
x - is measurement or value
w - is number of measurement
SOP 2: Percentage - this will employ to determine the frequency account and
percentage distribution of personal related variable of the respondents
𝑥
Formula : % = 𝑥 × 100
Where:
% - is the percentage
F - is the frequency
N - is the total number of respondent
100 - is the constant value
SOP 3: ANOVA - The ANOVA test is a development of the t- and z-tests, which were
created earlier in the twentieth century. It is a statistical analysis method that divides
observed aggregate variability within a data set into two parts: systematic
components and random factors. Random factors have no statistical influence on the
supplied data set, whereas systemic factors do.
Formula :
where:
F=ANOVA coefficient
MST=Mean sum of squares due to treatment
MSE=Mean sum of squares due to error
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https://www.academia.edu/43366282/RESEARCH_WORK
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