ACKNOWLEDGEMENT

The group wants to extend their gratitude to the people who help them in the

making of the research who shared their intellect and their upmost support to make

an excellent result in the study.

First and foremost, to the holy and almighty God who gives the knowledge

and strength to complete our work in an efficient manner.

To the parents who supported us through guiding them and also for the

financial support. The group are extending their gratefulness and for understanding

them in during the hard times.

To the panellist for granting us their time in order to evaluate our research and

that they will focus on us for our betterment in future researches.

To the respondents who gave us their time to answer our surveys. Being the

main focus of the study, it will be impossible without them.

To our classmates for being their everyday and helping us in making our

research.

To our adviser in this subject Mrs. Aisa P. Miro thank you for helping us

through teaching and giving advices to make successful research.

Additionally, a special thanks to Sir Virgilio Valencia Jr. PhD. for helping us in

the statistical part of our research. It was a huge help in order to proceed forward in

our research.

To God be the Glory!

The Researchers

1
 Chapter I

Introduction

Financial literacy is an essential life skill that enables individuals to make

informed decisions about their finances and plan for their future. It is particularly

critical for young adults who are about to enter the workforce and begin managing

their finances independently. Financial literacy is defined as "the ability to understand

and effectively apply various financial skills, including personal financial

management, budgeting, saving, investing, and financial planning" (Mandell & Klein,

2017).

In this study, we aim to explore the financial literacy of Grade 12 senior high

school learners. Specifically, we will examine their sociodemographic profile and

spending habits, saving habits, and financial knowledge. By examining the

sociodemographic profile and financial habits of Grade 12 senior high school

learners, this study can provide insights into the factors that affect financial literacy

among young adults. The findings of this study can inform the development of

interventions aimed at improving financial literacy among young adults, which can

have significant positive impacts on their financial well-being and quality of life.

Overall, this study seeks to contribute to the ongoing efforts to promote

financial literacy among young adults and to equip them with the skills and

knowledge they need to manage their finances effectively.

2
Statement of the problem

This study is aimed to know the level of financial literacy of grade 12 senior high

school learners of Norala National High School.

Specifically, this study will answer the following questions:

1. What is the sociodemographic profile of respondents in terms of:

a. sex;

b. age;

c. strand;

d. family monthly income

2.What is the level of financial literacy of grade 12 senior high school learners in

terms of:

a. spending habits;

b. saving habits;

c. financial knowledge

3. Is there a significant difference in spending habits, saving habits, and financial

knowledge when the respondents are grouped according to their sociodemographic

profile?

3
Statement of the Hypotheses

Ho: There is no significant difference between spending habits and sex of Grade 12

Senior High School Learners of Norala National High School.

Ho: There is no significant difference between spending habits and age of Grade 12

Senior High School Learners of Norala National High School.

Ho: There is no significant difference between spending habits and strand of Grade

12 Senior High School Learners of Norala National High School.

Ho: There is no significant difference between spending habits and family monthly

income of Grade 12 Senior High School Learners of Norala National High School.

Ho: There is no significant difference between saving habits and sex of Grade 12

Senior High School Learners of Norala National High School.

Ho: There is no significant difference between saving habits and age of Grade 12

Senior High School Learners of Norala National High School.

Ho: There is no significant difference between saving habits and strand of Grade 12

Senior High School Learners of Norala National High School.

Ho: There is no significant difference between saving habits and family monthly

income of Grade 12 Senior High School Learners of Norala National High School.

Ho: There is no significant difference between financial knowledge and sex of Grade

12 Senior High School Learners of Norala National High School.

Ho: There is no significant difference between financial knowledge and age of Grade

12 Senior High School Learners of Norala National High School.

4
Ho: There is no significant difference between financial knowledge and strand of

Grade 12 Senior High School Learners of Norala National High School.

Ho: There is no significant difference between financial knowledge and family

monthly income of Grade 12 Senior High School Learners of Norala National High

School.

Ha: There is a significant difference between spending habits and sex of Grade 12

Senior High School Learners of Norala National High School.

Ha: There is a significant difference between spending habits and age of Grade 12

Senior High School Learners of Norala National High School.

Ha: There is a significant difference between spending habits and strand of Grade 12

Senior High School Learners of Norala National High School.

Ha: There is a significant difference between saving habits and family monthly

income of Grade 12 Senior High School Learners of Norala National High School.

Ha: There is a significant difference between saving habits and sex of Grade 12

Senior High School Learners of Norala National High School.

Ha: There is a significant difference between saving habits and age of Grade 12

Senior High School Learners of Norala National High School.

Ha: There is a significant difference between saving habits and strand of Grade 12

Senior High School Learners of Norala National High School.

Ha: There is a significant difference between saving habits and family monthly

income of Grade 12 Senior High School Learners of Norala National High School.

5
Ha: There is a significant difference between financial knowledge and sex of Grade

12 Senior High School Learners of Norala National High School.

Ha: There is a significant difference between financial knowledge and age of Grade

12 Senior High School Learners of Norala National High School.

Ha: There is a significant difference between financial knowledge and strand of Grade

12 Senior High School Learners of Norala National High School.

Ha: There is a significant difference between financial knowledge and family monthly

income of Grade 12 Senior High School Learners of Norala National High School.

CONCEPTUAL FRAMEWORK

Sociodemographic Profile Financial Literacy

Figure 1. Research Paradigm

The Figure 1 shows the dependent and the independent variables. The dependent

variable is the Financial Literacy which will be used to determine the level according

to their sociodemographic profile which is the independent variable.

6
Scope and Delimitations

Since the focused of this study is within the vicinity of Norala, National high

school premises, we choose to conduct this study to the Senior High School

Students. We did randomly choose from STEM, ABM, TVL, and HUMSS students

and delimit it to the minimum number of 5 respondents every section.

Significance of the study

Future researchers: They'll be able to learn more about the subject, which will give

them a better knowledge of this area. They will be able to make better questions and

interact more effectively with other participants. Then they'll be more confident in

their answers which will lead to improved results. They may also help to understand

the factors affecting a student's spending and saving habits, as well as their

correlation with other variables.

Students: As the main participants of the study, they will be more knowledgeable

about the allocation of their allowances. They will also manage to cut costs in

everyday life to better manage their budgets. Furthermore, this can raise their

awareness in the way they are handling money. This study also provides financial

knowledge thus promotes learning.

Parents: Their primary sources of funding for the education and life of a student are

provided by them. The transparency of the budgetary abilities of young people from

different age groups could be ensured by this study. The study may also help

parents to understand where teenagers spend most and how they spend their

money, as well as what time of day students are spending the most. Furthermore,

the study provides support for early education that could begin at home regarding

management of finances.

7
Teachers: If teachers are aware of how school works have an impact on students'

day to day budget and their expenses, this is a good thing. By offering projects that

are cheaper, teachers can help their students not only on the academic level but in a

financial sense as well.

School administrations: The school's administration may be able to adapt its

curriculum and introduce money management training, depending on the results of

this study. This type is, of course, going to make it possible for stude to develop a

better sense of the future and raise their potential as successful graduates. The

importance of financial literacy should also be pointed out in the study.

Definition of Terms

Financial Literacy - Financial literacy involves understanding how money is earned,

spent, and saved. Financial literate person possesses skill that allow to make smart

decision on how to spend their money or financial resources.

Spending Habits – When we say habits is what you do often and tend to be

uncontrolled. Spending it is the amount of money you spent in exchange for

something. So, Spending habits is a habits of spending money to buy product, goods

or services.

Saving Habits – Savings is setting money aside for use at a later time. While habits

are something that you do often and regularly. So, saving habits is setting money

aside often and regularly.

Financial Knowledge – refers to the understanding and awareness of concepts,

principles, and practices related to managing and making decisions about money. It

encompasses a broad range of topics and skills that enable individuals to effectively

navigate their personal finances, make informed investment choices, and make

sound financial decisions.

8
 Chapter II

Review of Related Literature

Financial Literacy

Financial literacy is the knowledge and understanding of various financial

products to help individuals manage their money, personal finances, investment, and

tax planning. It is essential for the realization of long-term goals such as higher

education, buying a house, or establishing a business. It also highlights emergency

funds, retirement funds, insurance, and estate planning. Educating one individual

creates a chain reaction, creating awareness among friends, family, colleagues,

neighbors, clients, etc. (WallStreetMojo, 2022).

People nowadays are more capable for their individual funds than ever some

time recently due to life hopes rising, annuity and social welfare frameworks being

strained, and changes in labor markets. Monetary markets are quickly changing, with

advancements in innovation and unused and more complex money related items.

Choices relating to these monetary items have suggestions for person well-being,

and the exponential development in budgetary innovation (fintech) is revolutionizing

the way individuals make installments, choose almost their money related ventures,

and look for monetary exhortation. It is vital to get it how monetarily learned

individuals are and to what degree their information of back influences their money

related decision-making (Lusardi,2019).

Students nearing the end of compulsory education will soon be taking

decisions that will have significant consequences for their adult lives, such as

deciding whether to continue their studies or enter the labour market. Whether they

continue or go to work, the end of compulsory education is associated with living

9
more autonomously and learning how to budget. The PISA definition of financial

literacy stresses that financial knowledge and understanding can be used to make

effective decisions across a range of financial contexts. Students performing at the

highest proficiency levels on the PISA financial literacy scale are already able to take

decisions that have an impact on their lives over the longer term. Financially literate

students can be expected to be forward-looking and to take decisions after

considering not only their immediate preferences but also their future needs (OECD,

2017).

The 2019 Financial Inclusion (FI) survey conducted by the Bangko Sentral ng

Pilipinas found that only 55% of Filipino adults know how and why inflation affects

the prices of goods and services, while only 33% knew the correct answers on

interest rates. Rep. Sharon Garin has been pushing for financial literacy to be

included in all schools and educational institutions. House of Representatives Bill

9058, known as the Savings and Investments Act of 2021, aims to provide young

Filipinos with the knowledge they need to begin long-term savings and long-term

investments before they even enter senior high school. Financial illiteracy is on the

rise due to the lack of exposure to financial literacy early on in life, which then trickles

on to the next generations (Metrobank, n.d.).

Economic growth and financial knowledge go hand in hand. This is

particularly true for developing nations like the Philippines. To ensure an economy's

long-term viability, financial literacy is essential. We must arm ourselves with

knowledge of financial matters and information that may help us to be empowered

and enable us to make the appropriate financial decisions and safeguard our

investments in light of the different market forces that are influencing the global and

regional economies. Unfortunately, only 25% of Filipinos were able to correctly

10
answer financial literacy questions in surveys, indicating that the notion of financial

literacy is practically unfamiliar to the majority of our country's residents. This is

typically concerning as the viability of the Philippine economy depends heavily on

financial literacy. (BusinessMirror, 2022).

Money has an impact on every aspect of our life. Being financially literate is

crucial because it equips you with the knowledge you need to manage your money

wisely. From our daily expenses to our children's tuition fees, saving for retirement to

paying for a much-needed vacation, it is practically impossible to live without money.

Without financial literacy, you could be choosing poorly when it comes to saving or

investing your money. To avoid running up credit card debt, finance your first

automobile, and increase your savings through investments, you'll need to have a

solid grasp of financial concepts. You may attain your financial objectives, whatever

they may be, by being financially literate. (Metrobank, n.d.).

Spending and Saving Habits

Saving is the backbone of our country and it plays an important role for the

economic growth. Saving is one of the major issues as their small savings of today

are meeting the expenses of tomorrow. Students savings accounts are one tool with

the potential to encourage both development and financial inclusion possibly even in

a financially sustainable way. The study has been undertaken to analyze the saving

and spending habit of college students. The main reason behind the study is the

college students savings habit is declining. They spend more than their income. This

study shows the various saving and spending avenues for college students (Nithya &

Vijayalakshmi, n.d.)

11
 Student budgeting primarily refers to management of financial expenses

within their assigned budget. Several factors make the behavior of students dynamic

and different from each other. Most of the students get their monthly allowance from

their parents and are answerable to them for their expenditure. Higher family income

can contribute majorly to good academic performance of the students but lower

family income should not be an excuse for poor performance. There is a vast

difference in the spending behavior of students of our country as the system to free

the younger population at an early age is different from the west. Developing the

saving habits of students can be an effective tool to encourage the younger lot to live

in a financially sustainable way. The more knowledge students have about their

financial responsibility and status, the less likely they are to be in debt (Lalmuanpuia,

2021).

Sociodemographic Factors

Studies revealed that demographic factors of sex, age, and specialization

affected different relationship of financial skills, knowledge, capability, awareness,

experience, goal, and financial decision. The socioeconomic factor of consumption

spending affected the different relationships between financial awareness and skills.

The results proved that demographic and socioeconomic factors enhanced financial

literacy (Dewi, 2022).

When comparing financial literacy between sexs, women have lower financial

literacy than men, but there is no indication that this is due to men and women’s

differing interests in people and things. Furthermore, because women are more likely

to earn less than men, experience more work interruptions due to child-rearing, and

have longer life expectancies, their lower financial skills, combined with their reduced

12
financial resources, retirement (Gudjonsson, Minelgaite, Kristinsson & Pálsdóttir,

2022; Davoli & Planas, 2022).

Sex differences in financial knowledge and behaviour, particularly in terms of

making ends meet and saving, are made more acute by sex differences. OECD and

other studies show that women have lower financial knowledge than men in a large

number of countries, particularly young women, widows, the less well-educated and

low-income women. Evidence suggests that sex differences in financial knowledge

and behaviour are partly related to socio-economic differences between men and

women, and in particular to their lower incomes. This calls for policies addressing

sex inequalities both in economic opportunities and in financial literacy to improve

women’s financial well-being. (Smith & Liao,2020).

Financial literacy levels differ in the age factor of economically developed and

developing groups (Klapper et al., 2015). Young and old people have a low level of

financial literacy (Bajo et al.,2015; Bawre & Kar, 2019). However, Garg and Singh,

2018 found that youth worldwide have a low financial literacy level. In contrast,

Bhushan & Medury, 2013 as well as Kim & Mountain, 2019 reveal that financial

literacy is not affected by age.

According to Xiao, Chen, & Sun, 2015 age differences in four financial

capability variables showed similar patterns, with young adults aged 18-24 having

the lowest scores on objective financial literacy, subjective financial literacy,

perceived financial capability, and the financial capability index.

Additionally, based on the findings of the study, the factors influencing the

financial status of the students were social media/media and their group of friends.

The students cannot manage their allowance properly because they always hang out

13
with their friends, buy things that they do not need, and spend a considerable

amount of money on trending products. Thus, using Business Finance Subject to

enhance the student’s financial literacy. Businness Finance lesson can help the

students improve themselves by becoming financially literate. ( Condino, Del Monte,

Rodriguez, & Tamon, 2020).

Furthermore, previous studies have also examined the relationship between

financial literacy and income. According to Wagner, 2019 financial education and

financial literacy among people with different levels of education and income show

that people who received any financial education are likely to have higher financial

literacy scores compared to those without financial education. Financial education

has larger predicted probabilities for those with lower education and income,

suggesting that financial education is especially important for this demographic

group. Dorjana, Llukani, & Polo, 2015 found out that parental income is influence

their children attitude towards money issues. Students with low parental income are

discovered to show better financial attitude in comparison with other categories.

14
 Chapter III

Methodology

Research Design

The descriptive-analytical design is for the goal of determining the level of

financial literacy of grade 12 senior senior high school learners. The said method

was able to establish the level of financial literacy based on spending habits, saving

habits and financial knowledge.

The comparative research design is used in order to determine if there is a

significant difference when respondents are grouped according to sociodemographic

profilein terms of: sex, age, strand and family monthly income.

Research Locale

The locale of the study is Norala National High School, a public secondary

educational institution located in Norala, South Cotabato, Philippines. The

participants of the study are senior high school students enrolled in the said school.

Norala National High School is a government-run school that provides basic

education to students in the municipality and nearby areas.

Figure 2. Locale of the Study

15
Respondents of the Study

The respondent of this study will be the Grade 12 Senior High School

learners, officially enrolled in second semester at Norala National High School, as

our respondents to fulfill and accomplish research study for school year 2022-2023.

There were 14 (fourteen) section involved in this study. The total population of Grade

12 Senior High School learners of Norala National High School is about 538

enrollees . They were a mixture of girls or boys that were chosen to take part in the

survey through the purposive sampling.

Financial literacy is a serious issue in current society, especially among

youth. Previous researchers discovered that Grade 12 Senior High School students

appear to struggle with money management skills. The students poor financial

literacy appears to have a massive impact on their daily lives. Since this strand's

concentration on ABM, HUMSS, STEM, and TVL. The effective financing, spending

habits, saving habits, and financial knowledge have historically been overlooked as

key subjects. That is why, regardless of what strand they pursue, it is critical that all

youth be educated about money management (Kamanli, 2016).

In getting a sample size of the survey, we used Slovinn Formula : n= 𝑁/

(1+𝑁𝑒)2. Using the Slovin’s formula with 5% margin of error, the sample population of

the respondents resulted in 229 out of 538 grade 12 senior high school students.

16
 Table 1. Sample Size
n= 538

POPULATION SAMPLE
GRADE LEVEL RESPONDENTS
SIZE SIZE
ABM - JADE 30 13
STEM - BERYL 40 17
DIAMOND 40 17
MOONSTONE 42 18
OBSIDIAN 39 17
HUMSS – AMBER 44 19
CITRINE 42 18
GRADE 12 PEARL 41 17
RUBY 35 15
SAPPHIRE 39 17
TOPAZ 38 16
TVL- CARNELIAN 35 15
GARNET 35 15
ZIRCON &
38 16
AMETHYST
TOTAL 538 229

Research Instrument

The questionnaire was adapted from previous research study entitled “Level

Of Financial Literacy Of Senior High School Students From Private Schools Of

Bacolod City”, prepared by KEITH JOHN C. BINOBO, HARVEY JOHN M.

POLIDARIO, LORENZO MARTIN H. SALAZAR, ANGELA B. SOMCIO and SOFIA

PAULINE B. SOSUNTONG, in partial fulfilment to the requirements of the course:

Inquiries, Investigation and Immersion has been approved by the panel of

evaluators. Three components juries validated the research instrument with degees

related to finance and accounting from both inside and outside the Trinity Christian

School. After the validation of the questionnaire by the professionals, the end-results

was 97.78% with the mean of 4.89 out of 5. A pilot test performed to twenty

randomly chosen senior high school students of Trinity Christian School was done to

17
determine the internal consistency of the questionnaire. The end results of the

Cronbach alpha taken from the pilot test was .707 which interprets as acceptable.

The survey instrument has three sections entirely, where each segment

consists of seven (7) questions thus totaling to a twenty-one (21) item questionnaire.

The sections are classified as the following accordingly: Spending Habits, Saving

Habits and Financial Knowledge. Before answering any of the sections, the

respondents are first tasked to fill up their demographic information which asks the

sex, grade level, strand and estimated family monthly income of the respondents.

For confidentiality, the researchers do not require the names of the participants are

not required.

The three sections mentioned before use the five-point Likert Scale as

answers. As this study is investigating the level of financial literacy of senior high

school students based on previously mentioned areas this method is the most

efficient and effective because it gives solid answers about the information that the

researchers wish to attain. Table 2 shows the legend of the rating scale used:

Table 2. Likert Rating Scale Used with the Questionnaire

Rating Interpretation Result Interpretation

5 Strongly Agree Very High
4 Agree High
3 Neutral Average
2 Disagree Low
1 Strongly Disagree Very Low

Section A touches the subject of spending habits; it determines how the

respondents spend. Section B is about the saving habits of the students. The

questions will determine how well students can manage their finances. Section C, on
18
the other hand, focuses on financial knowledge; the section will see whether the

respondents have sufficient knowledge about finances.

Data Gathering Procedure

First, is to identify the recruit participants, the researchers will identify Grade

12 Senior High School Learners in Norala National High School. Potential

participants will be approached in person by the researchers, who will outline the

goals and advantages of the study. The researchers will secure a permission to

approval letter from the senior school coordinator in order to conduct a survey to the

SHS student. Upon approval of the letter, the researchers will personally distribute

the survey questionnaire to the respondents. Additionally, the participants will

receive informed permission papers from the researchers to guarantee their

voluntary involvement in the study. After answering the questionnaires, the

respondents will give the questionnaire back to the researchers to help them in this

study. The respondents will be inform that whatever information they give will be

treated with utmost confidentiality. The data that was then collected, which will be for

educational purposes only, then will be tabulated, interpreted, and analyzed.

Statistical Treatment

Frequency count and percentage were used to determine the demographic

profile of the variables sex, strand, and family monthly income. The frequency

distribution allows an overview of data and provides a more natural way to find

patterns, interpret data and calculate the percentage.

19
 Problem 1 used mean as it aimed to determine the level financial literacy of

senior high school students in the following areas: budgeting practice, spending

habits, saving habits, and financial knowledge.

Problem 2 used both mean and ANOVA as it aimed to determine the level

of financial literacy when the participants are grouped according to sex, age, strand

and estimated family monthly income respectively. Specifically, mean was used for

the variables with only two categories. These were sex and age. On the other hand,

the ANOVA applies for variables with more than two classes; these were strand and

estimated family monthly income.

Problem 3 used the t-test to determine if there was a significant difference in

the level of financial literacy when grouped according to sex, age, strand and

estimated family monthly income.

The researchers computed for the means by using the data gathered to

determine the level of financial literacy of the students.

Table 3. Likert Scale Interpretation

Mean Scale Interpretation

4.24-5.04 Strongly Agree

3.43-4.23 Agree

2.62-3.42 Neutral

1.81-2.61 Disagree

1.00-1.80 Strongly Disagree

20
 Chapter IV

RESULT, ANALYSIS AND DISCUSSION

In this chapter shows the statistical analysis of the gathered data which is to
determined the level of financial literacy of grade 12 senior high school learners.

The sociodemographic profile of the respondents in terms of: sex, age, strand,
and family monthly income were fulfilled by table 4.

Table 4 Profile of the Respondents

Variable Categories Frequency Percentage (%)

Female 109 47.39%
Sex Male 121 52.61%
Total 230 100.00%

17-18 149 64.78%

Age 19-20 81 35.22%
Total 230 100.00%
ABM 13 5.65%
HUMSS 102 44.35%
Strand STEM 69 30%
TVL 46 20%
Total 230 100.00%
BELOW 8K 109 47.39%
8K – 16K 63 27.39%
Family Monthly
Income 16K – 32K 40 17.39%
32K – 80K 12 5.22%
Above 80K 6 2.61%
Total 230 100.00%

Sex. Table 4 shows that out of Grade 12 Senior High school learners, one

hundred nine (109) are female participants which is 47.39% of the total number of

respondents, and one hundred twenty-one (121) are male participants which

dominated this study by having 52.61% total number of respondents.

21
 Age. Under the category of age, one hundred forty-nine out of 230 ages

ranging 17-18 and 81 are 19-20 years old.

Strand. In terms of strand, the distribution is more focused on HUMSS with

total of one hundred two (102) respondents.

Family Monthly Income. For the last variables of family monthly income,

most participants fell under the category of having a family below 8 000 per month.

On another note, the smallest portion of the participants was under the category of

having a family income of above 80 000 per month which is 6.

Tables 5, 6 and 7 shows the result in the level financial literacy of senior high

school learners in terms of: spending habits or budgeting practices, saving habits,

and financial knowledge.

Section A: Spending Habits Mean Interpretation

I tend to buy things on impulse. 2.93 Average
The money I spend is greater when
I have just received my allowance 3.07 Average
or any source of cash.
I treat people often/ I spend money
2.88 Average
on others.
I spend more on my wants
2.81 Average
compared to needs.
I wait for sales before I buy my
3.28 Average
wants.
I spend money using a card. 2.08 Disagree
I spend more on branded items
2.55 Disagree
compared to non-branded ones.

Average 2.80 Average Spending Habits

Table 5 Level of Financial Literacy Based on Spending Habits

22
 Table 5 portrays an overall mean of 2.80 results in the interpretation that the

participants have average spending habits.

Table 6 Level of Financial Literacy Based on Saving Habits

Section B: Saving Habits or

Mean Interpretation
Budgeting Practice

I am able to allocate my budget to

3.32 Average
match with my spendings.

I see to it that I would always have

3.26 Average
weekly or monthly savings.
I am able to determine what should
be prioritized before and during 3.61 Agree
buying an item/s.
I do written or electronic budget
2.88 Average
planning/preparation.
I keep receipts and bills to be
2.95 Average
conscious of my spendings.
I use my personal money (savings)
3.48 Agree
for my wants and needs.
I set aside money for the Lord
before budgeting for my needs and 3.27 Average
wants.
Average Saving Habits
Average 3.25
or Budgeting Practice

Table 6 shows that the level of financial literacy based on saving habits, with

an average mean of 3.25 having the interpretation of average saving habits.

The item with the highest mean score of 3.48 in this category is "I use my

money (savings) for my wants and needs." The mean is translated to most of the

respondents highly agreeing that they use their money on buying their wants and

23
needs. While the item "I do written or electronic budget planning/preparation," has

the lowest mean score of 2.88 and the interpreted as being average to the

statement. The mean would translate that learners neither agree nor disagree that

they budget using an electronic device. The results imply that the participants have

average saving habits. It shows that most students can somewhat budget their

money on what to spend on and keeping a part of their money to save and use it to

buy their needs and wants.

Table 7 Level of Financial Literacy Based on Financial Knowledge

Section C: Financial Knowledge Mean Interpretation

I feel confident in my knowledge and
3.56 Agree
ability to manage my own finances.
I consider myself to be financially literate
(able to maximize present money in order 3.34 Average
to gain financial stability).
I am aware of the exchange rate of peso. 3.37 Agree
I am aware of the of inflation rate in the
3.54 Agree
Philippines
I read and understand a contract/s
especially involving money before 3.63 Agree
signing.
I learn financial management and obtain
3.73 Agree
financial knowledge through my parents.
I obtain financial knowledge and learn
3.54 Agree
financial management on my own.
Agree or High Financial
Average 3.53
Knowledge

As shown in Table 7, the level of financial literacy based on financial

knowledge has an overall mean of 3.53 and has the interpretation of having high

financial knowledge.

24
 The results of the survey as the item “I learn financial management and obtain

financial knowledge through my parents” had the highest mean of 3.73, which is

interpreted to most people highly agreeing with the statement. While the item that

has a lowest mean score of 3.34 is the category "I consider myself to be financially

literate able to maximize present money in order to gain financial stability)" which has

an interpretation of being average or neutral to the statement. This item can imply

that students are not confident enough to call themselves financially literate.

The result shows that many students is high in financial knowledge but they

are not confident enough to call themselves as financially literate.

Table 8 Level of Financial Literacy Based on Spending Habits When Grouped

According to Sex

Items Male Female

Mea Mea Interpretatio
Section A: Spending Habits Interpretation
n n n
I tend to buy things on impulse. 2.84 Average 3.00 Average
The money I spend is greater when
I have just received my allowance 3.13 Average 2.95 Average
or any source of cash.
I treat people often/ I spend money
2.79 Average 2.98 Average
on others.
I spend more on my wants
2.83 Average 2.77 Average
compared to needs.
I wait for sales before I buy my
3.34 Average 3.32 Average
wants.
I spend money using a card. 2.01 Disagree 2.10 Disagree
I spend more on branded items
2.55 Disagree 2.51 Disagree
compared to non-branded ones.
Average Average
Average 2.78 Spending 2.80 Spending
Habits Habits

25
 Table 8 shows the level of financial literacy based on the spending habits of

the participants when grouped according to sex. According to

Both males and females got the highest mean on the item "I wait for sales

before I buy my wants." The males got a mean of 3.34, translating to the

respondents highly agreeing to this statement as well as the females with a mean of

3.32. It means that both groups wait for sales before they buy the things they want.

Both male and females got the lowest mean on the item "I spend money using

a card." The males got a 2.01 mean, indicating that they strongly disagree with the

statement and the females got a mean of 2.10, translating to them lightly disagreeing

with the statement. The results show that both groups do not spend money using a

card much.

The result shows that when grouped based on sex, both male and females

are average to the statement that they wait for sales to buy their wants. Furthermore,

it showed in some parts that males tend to spend more for their wants during sales

compare to the females and females tend to buy things on impulse compared to

males. The results show that both males and females have different spending

patterns.

26
 Table 10 Level of Financial Literacy Based on Financial Knowledge When

Grouped According to Sex

Items Male Female

Section B: Saving Habits
Mean Interpretation Mean Interpretation
or Budgeting Practice
I am able to allocate my
budget to match with my 3.38 Average 3.19 Average
spendings.
I see to it that I would
always have weekly or 3.48 Agree 3.04 Average
monthly savings.
I am able to determine what
should be prioritized before
3.59 Agree 3.51 Agree
and during buying an
item/s.
I do written or electronic
budget 2.90 Average 2.68 Average
planning/preparation.
I keep receipts and bills to
be conscious of my 3.04 Average 2.92 Average
spendings.
I use my personal money
(savings) for my wants and 3.52 Agree 3.38 Average
needs.
I set aside money for the
Lord before budgeting for 3.31 Average 3.14 Average
my needs and wants.
Average Saving Average Saving
Average 3.32 3.12
Habits Habits

27
28
 Chapter V

Conclusion and Recommendations

29
30
 Reference List

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Economics and Development, 10(4), 398. https://doi.org/10.1504/ijeed.2019.102749

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Klapper et. Al. (2015). Financial Literacy Around the World: INSIGHTS FROM THE

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33
34
Appendix

35
First of all we thank you for the time you are giving to do this survey. We

assure you of confidentiality in handling your information. The data we will be

collecting will be used strictly for research purposes only. We are once again

grateful for your willing participation in this survey.

DEMOGRAPHIC PROFILE

Name (Optional): ____________________________________________________

Sex: Age: _________________________

o MALE

o FEMALE Strand: _________________________________

Estimated Family Income (Monthly):

o Below 8 000

o 8 000 – 16 000

o 16 000 – 32 000

o 32 000 – 80 000

o Above 80 000

36
PUT A CHECK (√) ON THE BOX THAT CORRESPONDS TO YOUR ANSWER.

MAKE SURE TO READ EACH QUESTION CAREFULLY AND DO NOT LEAVE

ANY BOXES BLANK UNLESS STATED OPTIONAL.

1-Strongly Disagree 2-Disagree 3-Neutral 4-Agree 5-Strongly Agree

Section A: Spending Habits 1 2 3 4 5

I tend to buy things on impulse.

The money I spend is greater when I have just

received my allowance or any source of cash.

I treat people often/ I spend money on others.

I spend more on my wants compared to needs.

I wait for sales before I buy my wants.

I spend money using a card.

I spend more on branded items compared to non-

branded ones.

Section B: Saving Habits or Budgeting Practice 1 2 3 4 5

I am able to allocate my budget to match with my

spendings.

I see to it that I would always have weekly or

monthly savings.

I am able to determine what should be prioritized

before and during buying an item/s.

I do written or electronic budget

planning/preparation.

I keep receipts and bills to be conscious of my

spendings.

I use my personal money (savings) for my wants

and needs.

I set aside money for the Lord before budgeting for

my needs and wants.

37
 Section C: Financial Knowledge 1 2 3 4 5

I feel confident in my knowledge and ability to

manage my own finances.

I consider myself to be financially literate (able to

maximize present money in order to gain financial
stability).

I am aware of the exchange rate of peso.

I am aware of the of inflation rate in the Philippines

I read and understand a contract/s especially

involving money before signing.

I learn financial management and obtain financial

knowledge through my parents.

I obtain financial knowledge and learn financial

management on my own.

38
39