?dy Et Al.2023 2024?

EXAMINING STUDENTS' FINANCIAL LITERACY WITH AN EYE TOWARD
THEIR OWN FINANCIAL RESPONSIBILITY IN GOLDEN SUCCESS

COLLEGE
A Participative Research
Presented to the Faculty of Senior High School Department
GOLDEN SUCCESS COLLEGE, INC. (MAIN CAMPUS)
1297 V. Rama Corner Singson Street, Guadalupe Cebu City
In Partial Fulfilment
Of the Requirements for the subject of
Research 3
ARELLANO, CHESKA J.
DY, LALAINE ROSE G.
ESTRADA, JANICA
GENERALAO, JAZZLY E.
LIMATOG, ANGEL Y.
ONDE, LEA MAY W.
PIANGCO, ROLAND JAMES N.
April 2024
ii
APPROVAL SHEET
This participative research entitled, “ EXAMINING STUDENTS’ FINANCIAL LITERACY

WITH AN EYE TOWARD THEIR OWN FINANCIAL RESPONSIBILITY IN GOLDEN SUCCESS
COLLEGE”, is prepared and submitted by ANGEL Y. LIMATOG,CHESKA J.
ARELLANO,JANICA ESTRADA,JAZZLY E. GENERALAO,LALAINE ROSE G. DY,LEA MAY
W. ONDE,ROLAND JAMES N. PIANGCO in partial fulfillment of the subject Research 3 has
been examined and is recommended for acceptance and approval for Oral Examination.
PARTICIPATIVE RESEARCH ADVISORY COMMITTEE
MICHAEL L. BARILLANO, LPT, MA.Ed SHIELA S. BISMANOS, LPT

Adviser Member
JASMINE A. ALVAREZ, LPT MAILYN BONGO, LPT

Member Member
ELLEN C. GABISAY, LPT

Statistician
APPROVED by the Committee on Oral Examination with the grade of _______.

PARTICIPATIVE RESEARCH ADVISORY COMMITTEE
MICHAEL L. BARILLANO, MA.Ed SHIELA S. BISMANOS, LPT

Adviser Member
JASMINE A. ALVAREZ, LPT MAILYN BONGO, LPT

Member Member
ELLEN C. GABISAY, LPT

Statistician
ACCEPTED and APPROVED in partial fulfillment of the requirements for the RESEARCH 3.
Date of Oral Examination: April 18, 2024
MICHAEL L. BARILLANO, MA.Ed.

Research Adviser
iii
TABLE OF CONTENTS
PAGE
TITLE PAGE i
APPROVAL SHEET ii
ABSTRACT iii
ACKNOWLEDGEMENT iv
DEDICATION v
TABLE OF CONTENTS viii
LIST OF TABLES xi
LIST OF FIGURES xii
Chapter 1 THE PROBLEM AND ITS SCOPE
INTRODUCTION
Rationale of the Study 1
Theoretical Background 4
Theoretical Framework 5
THE PROBLEM
Statement of the Problem 11
Significance of the Study 13
Scope and Limitations 13
Definition of Terms 15
Chapter 2 REVIEW OF RELATED LITERATURE AND REVIEWS
Related Literature 18
Related Studies 22
iv
CHAPTER 3 RESEARCH METHODOLOGY
Design 29
Research Paradigm 38
Instrument 32
Data Gathering Procedure 32
Statistical Treatment of Data 33
Scoring Procedures 34
Chapter 4 PRESENTATION, ANALYSIS AND INTERPRETATION
Managing finances and making decisions 40
Financial Responsibility in Money Management 39
Financial Decisions 41
Financial Behavior 42
Financial Knowledge 43
Engaging in reckless spending and poor money management 40
Saving Money 42
Investing Money 43
Financial pressure from several obligations to families and 44
academics
Financial Stress 45
Financial Self-Efficacy 46
Financial Security 47
Applicability of financial literacy initiatives and financial 48
education to students who are struggling financially

v
Financial Curriculum 45
Financial Literacy Programs 46
An overview of students’ financial management and 47
Decision-making
An overview of students’ careless spending and inadequate 48
money management
An overview of students' financial strain brought on by 48
several familial and academic commitments
An overview of financial education and financial literacy 49
programs' relevance to financially disadvantaged pupils
Chapter 5 SUMMARY, FINDINGS, CONCLUSION AND RECOMMENDATIONS
Summary 70
Findings 70
Conclusion 75
Recommendation 77
DEFINITION OF TERMS
BIBLIOGRAPHY
APPENDICES
A.Transmittal Letters 87
B.Interview Guide 88
C.Informed Consent Letter 91
D.Statistical Report
CURRICULUM VITAE 93
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LIST OF TABLES
TABLE TITLE PAGE
1 Distribution of Research Respondents 31
2 Demographic Profile of Student-Respondents 32
3 Scoring Procedures 34
4 Students’ Perceived of Financial Responsibility 35
in Money Management
5 Students’ Perceived of Financial Decisions 36
6 Students’ Perceived of Financial Behavior 37
7 Students’ Perceived of Financial Knowledge 38
8 Students’ Perceived of Saving Money 39
9 Students’ Perceived of Investing Money 40
10 Students’ Perceived of Financial Stress 41
11 Students’ Perceived of Financial Self-Efficacy 42
12 Students’ Perceived of Financial Security 43
13 Students’ Perceived of Financial Curriculum 44
14 Students’ Perceived of Financial Literacy 45
Programs
15 Students' financial management and decision- 46
making
16 Students' careless spending and inadequate 47
money management
17 Students' financial strain brought on by several 48

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familial and academic commitments
18 Financial education and financial literacy 49
programs' relevance to financially disadvantaged
pupils
viii
LIST OF FIGURES
FIGURE TITLE PAGE
1 Conceptual Framework Theoretical of the 10
Study
2 Location Map of the Research Environment 30
3 Flow of the Study 38
4 Figure 4.Knowledgeable citizenry and 39
financial accountability
5 Figure 5.Financial independence entails 40
responsibility
6 Figure 6.Managing responsibilities and debt 41
obligations presents challenges
7 Figure 7.Making wiser financial decisions is 42
aided by knowing expenditure trends
8 Figure 8.Prioritizing expenditure on wants 43
contrasted with requirements
9 Figure 9.Sufficient goods to suit pupil 44
necessities and desires
10 Figure 10.Restrictive spending behaviors aid 45
with responsible money management
11 Figure 11.Reaching long-term financial 46
objectives is facilitated by budgeting
12 Figure 12.Irrational spending leads to 47

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unintended debt
13 Figure 13.Awareness of the complexities of 48
financial management and capitalizing on
market opportunities
14 Figure 14.Understanding the distinctions 49
between liabilities ,assets, and equity promotes
financial growth
15 Figure 15.Financial happiness can be attained 50
by making an informed distinction between a
need and a want
16 Figure 16.Regular savings contributes to the 51
development of financial security and well-being
17 Figure 17.Savings increase versus liabilities 52
18 Figure 18.Saving money in a bank account is 53
superior to traditional methods of saving
19 Figure 19.Financial planning for investing and 54
conserving are important for the future
20 Figure 20.Investing in assets rather than 55
liabilities increases profitability
21 Figure 21.Putting money into future investments 56
22 Figure 22.Preserving equilibrium in all areas of 57
money and activities
23 Figure 23. Financial hardships sap students’ 58

x
motivation
24 Figure 24.Allowing time and space for money can 59
aid in stress reduction and financial management
25 Figure 25.Students’ financial stability 60
26 Figure 26.Self-assurance in making wise 61
financial choices and judgments
27 Figure 27.Correlation between attaining financial 62
self-efficacy, financial knowledge as well as
financial behavioral discipline
28 Figure 28.Financial security contributes to a 63
longer life
29 Figure 29.Maintaining financial discipline is 64
helpful in achieving financial security
30 Figure 30.Limitations on financial security and 65
assurance of financial security even in the event
of future difficulties
31 Figure 31.Effectiveness of K–12 financial 66
and economic curricula
32 Figure 32.Effectiveness of financial education 67
standards for money management when tested in
diverse financial issues
33 Figure 33.Financial literacy aids in avoiding 68
poverty mentality
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34 Figure 34.Programs and seminars on financial 69
literacy are essential

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ABSTRACT
EXAMINING STUDENTS’ FINANCIAL LITERACY WITH AN EYE TOWARD

COLLEGE
ANGEL Y. LIMATOG JAZZLY E. GENERALAO

Angellimatog5@gmail.com Jazzlygeneralao@gmail.com
CHESKA J. ARELLANO LALAINE ROSE G. DY

Cheska5Arellano@gmail.com Lalainerosedy2@gmail.com
JANICA ESTRADA ROLAND JAMES N. PIANGCO

Estradajanica28@gmail.com Rheyviern123@gmail.com
LEA MAY W. ONDE

Ahhleaonde@gmail.com
This research delves into, the study entitled “EXAMINING STUDENTS’

FINANCIAL LITERACY WITH AN EYE TOWARD THEIR OWN FINANCIAL
RESPONSIBILITY IN GOLDEN SUCCESS COLLEGE” for the school year 2023-2024.
Financial literacy significantly impacts students’ lives, as their decisions
determine their financial success and security. Therefore, it's their responsibility
to manage money wisely. Financial knowledge, education, and behavior all play
crucial roles. This quantitative study surveyed 50 students using a descriptive
questionnaire with variables measured on a 5-point Likert scale. Data analysis
employed weighted means and simple percentages. The findings revealed a
positive correlation between financial independence, responsibility and financial
security. Notably, financial knowledge, responsible financial behavior, and taking
action all contribute to a longer life with financial security. The study suggests
implementing and sharing financial information and education through various
methods, including real-life scenarios, to enhance students’ financial skills and
help them overcome financial challenges.
Keywords: Senior Highschool, Budgeting, Financial Self-efficacy &

Responsibility, Savings, Security, Financial Behavior & Knowledge, Financial
Curriculum
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ACKNOWLEDGEMENT
First and foremost, we offer all of our thanks and reverence to the Holy
God, who has shielded us and given us the strength to overcome every obstacle
we have encountered while doing this research. He was there to support us
across the raging seas in spite of the hardships, arguments, and storms. He is a
pillar on which we rely whenever we need to escape. Without the assistance of
God Almighty, this research would not have been feasible to create. We give
Him, our creator, our wholehearted and sincere dedication to this research.
We would like to express our gratitude to all of our parents for your
unwavering support and direction while we have studied. God has sent us to
cherish you as our foundation. Your unwavering affection for us gave us the
motivation and bravery to succeed and wear the crown of glory that is ahead of
us. You have always shown faith in us and told us that we have a bright future
ahead of us. Your lessons have taught us that love, kindness, humility, and
wisdom are what makes a man succeed rather than luck nor fortune, which is
insufficient to deal with many circumstances.
We are grateful to our valued professors and all of the community
members that contribute to the success of Golden Success College. You not only
taught us the best skills you have to offer, but you also motivated and trained us
to be the best in the corporate world we are about to enter and to do business
with humility. Thank you so much for helping us meet all of the requirements for
this research study. We shall remember the lovely moments we had with you,
which ignited warmth to each of our hearts.

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Finally, we also like to express our gratitude to our groupmates for
persevering despite the difficulties. The wealth and richness of God’s love are
what made this research study successful for us. We will always be indebted to
everyone who contributed to this remarkable paper. It is more than simply a
study; blood and sweat have been shed to finish every last bit of it. God’s
miracles are a part of it as well; His essence and fragrance of light led us to be
able to produce an insightful study.
-The Researchers
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DEDICATION
I dedicate my letter, first and foremost, to God Most High, Lord God of
Heaven above, who has been my source of strength and encouragement over
the entire duration of our research. Many challenges arise, and I often felt alone
while conducting my research project, yet God was there to lead me safely and
present our findings to the panel with assurance and wise counsel.
With heartfelt thanks, I dedicate this to my family, who are always there to
look after me and meet my requirements. I appreciate my mother, grandfather,
and family’s support. There were difficult and sleepless nights that I spent and
endured just to complete the thesis on time with the submission deadline, but I
was able to survive thanks to my mother’s everlasting love and effort to
encourage me during the entire process. She demonstrated compassion by
cooking noodles for me to eat, supplying food, and making me a milk during the
night of hard work till the morning. My mother also offered me guidance when I
was creating the study’s overall concept. In addition to providing me with means
of transportation, my father and grandfather also practically assisted me each
time I wanted to print a document and even gave me advice on them. It was a
highly stressful experience throughout the day, but I considered it a miracle
because God did not disappoint me. He covered me with his strong wings and
granted me wisdom in solving such a difficult challenge, a solution that could fill
in the missing piece of the puzzle.
Thank you to sir Michael Barillano, my research adviser, who not only
provided us with unwavering support but also served as a consultant on the

xvi
article. His kindness and ability to see opportunities to develop the manuscript to
its best potential are greatly appreciated. We would like to express our gratitude
to ma’am Ellen Gabisay for her assistance with the chapter 4 statistical
treatment of the study. Especially to Mr. Rolando Sangalang, our school
director, who made me sing before he signed the transmittal letter. He imparted
to me the idea that everything you ask for ought to be accompanied by a give
and take.
Finally, but just as importantly, I’m happy that my group members took
part in and contributed to this study. They may be putting up less effort, but I still
think it's beneficial because it lays the groundwork for future research. This
cannot be accomplished practically without them. As a right hand on this
assignment, my buddy Angel was always there to help. She suggested a couple
of his brother's previous studies, which we used as a reference to help me
understand how our research should go. With the utmost respect, I, Ms. Dy,
salute you and offer my resignation, saying, "Thank you very much to everyone
who helped me complete this study!"

xvii
LALAINE ROSE G. DY
Researcher
DEDICATION
I begin by dedicating this research study to our All-Powerful God with a
humble heart and higher intellects. We acknowledge and thank you for the
wisdom, information, and direction you have given us while we have been
conducting this research. He supported us during the difficult process of doing
this research. He is our light and guidance, guiding us to complete the tasks at
hand.
I also dedicate this to my family thank you for being my pillars of strength,
my source of joy and my constant companions on journey called life. I will not be
able to thrive without you.
With utmost gratitude to my groupmates, I dedicate this research paper to
each and everyone of you. Your tireless efforts insight and ideas have bought
about a successful culmination of this research it is an honor to have worked with
each of you.
To Sir Michael Barillano, our research adviser, we are grateful for your
advice and encouragement, which have helped us improve as researchers and
gain a greater understanding of the significance of research in our society. We
appreciate your best efforts in helping with this research, everyone.

xviii
JANICA ESTRADA
Researcher
DEDICATION
I look up to and devote this entire study to our Almighty God, who has
bestowed upon us the fortitude, wisdom, protection, and perseverance necessary
to complete this research, with all of my power.
I also dedicate this research to the parents, who provided unwavering
support and constant motivation throughout the investigation. It is also dedicated
to our lecturers, particularly Sir Michael Barillano, who has guided the
researcher to finish this study and made this research feasible.
Additionally, I would like to dedicate my study to the students who might
require assistance in overcoming financial health concerns. Thank you so much
to all of the respondents who helped to build the sequence of evidence that
supported the study’s foundation.
Lastly, we would like to dedicate this study to Golden Success College,
the school to which provided us, the researchers, with the means to nurture,
examine, assess, and collaborate on this research paper.

xix
ROLAND JAMES N. PIANGCO

Researcher
DEDICATION
I want to start by giving thanks to God Almighty, my strength, and my
fortress, for providing us with the knowledge and wisdom needed to formulate
and submit this research study. He is the source of the guidance that enabled the
effective delivery of this research in all aspects. From the start to the finish, he
was always there to lend us support.
I also dedicate this to my parents, who support me during the research
process and provide me with an abundance of ideas and inspiration. They are a
source of strength and support for me in all aspects of life, particularly my
academics. To my older brother, who also assisted me by allowing us to view his
earlier research project, which we used as a guide for conducting our own study.
Not to mention, I also committed this research paper to our group.
Members who made a sincere effort to speak with one another and support one
another in many ways. This also applies to our instructors, particularly Sir
Michael Barillano, who mentors us, offers us wise counsel, and teaches us how
to act morally so that our research approaches excellence in and of itself.
Everyone’s hard work and dedication and energy poured in laying the
groundwork for the study made it all feasible.

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ANGEL Y. LIMATOG
Researcher
DEDICATION
First of all I dedicated my life to the creator of the world who gives me life.
I am honored to dedicate this research endeavor to the cherished individuals who
have played pivotal roles in my academic journey. To my beloved family, your
unwavering support, encouragement, and sacrifices have been the cornerstone
of my success. Your love and belief in me have fueled my determination to
pursue excellence, and for that, I am forever grateful.
To my esteemed teachers, your guidance, mentorship, and wisdom have
shaped my intellect and inspired me to strive for greatness. Your passion for
knowledge and dedication to nurturing young minds have left an indelible mark
on my academic pursuits.
To my fellow students and groupmates, your camaraderie, collaboration,
and shared enthusiasm have transformed challenges into triumphs. Together, we
have embraced the pursuit of knowledge, pushing the boundaries of innovation
and discovery.
This research endeavor stands as a testament to the collective effort and
support of my family, teachers, and groupmates. I dedicate the fruits of this labor
to each of you with profound gratitude and appreciation.

xxi
LEA MAY W. ONDE

Researcher
DEDICATION
To God, I approach you in humility, appreciative of the gifts you have
given me. Your wisdom and grace have always been at my side, guiding me
through the highs and lows of life. I try to honor you in all that I do, devoting my
every breath, thought, and action to you. God, I am very grateful for your
constant love and presence in my life.
Regarding my parents, your love, wisdom, and steadfast support, mom
and dad, have been the pillars of my existence. Your support, insight, and
selflessness have helped me become the person I am today. I know that all of
my accomplishments are a reflection of the principles and lessons you have
taught me, so I dedicate all of my successes to you. I appreciate your
unwavering love and faith in me.
To my groupmates, it has been a life-changing experience to work with
everyone of you; there has been growth, cooperation, and shared success. I
attribute our successes to our common dedication to quality, cooperation, and
respect for one another. Your special abilities, commitment, and friendship have
motivated me to achieve greater things and have created a memorable
experience for our group travels. I appreciate you being such wonderful friends
and teammates.
To Sir Michael Barillano, you have been a guiding light in my educational
journey, inspiring me to think critically, explore new ideas and push my limits. I
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attribute my academic achievements to your guidance, and unwavering belief in
my potential. Your wisdom, patience, dedication to teaching have been a source
of inspiration and motivation for me. Thank you for making me a better student
and a whole person.

xxiii
CHESKA J. ARELLANO
Researcher
DEDICATION
Firstly, to God, I humbly devote our research efforts to You, the ultimate
fount of knowledge and wisdom. We set out on this adventure, striving to solve
the secrets of the world You have made, under Your heavenly direction. We
recognize Your presence in every innovation and breakthrough as we venture
into the domains of exploration and creativity. May our study serve to uphold
Your infinite wisdom and advance humankind.
To my parents, I will always be grateful for your constant encouragement
and support during this study adventure. Your devotion and love have been the
cornerstone of my success, teaching me the importance of tenacity and hard
work. Every accomplishment serves as a reminder of the innumerable sacrifices
you have made to support my aspirations. This study is equally yours and mine,
and I dedicate its findings to your unending love and wisdom.
To our educator, sir Michael Barillano, your mentorship and guidance
have been invaluable in shaping our research endeavors. You have taught us
knowledge that goes beyond textbooks with compassion and wisdom, igniting a
love for learning and a thirst for information in us. We would also like to express
our gratitude to ma’am Ellen and ma’am Shiela for their assistance. Despite
obstacles, your steadfast encouragement and support have helped us. As a
thank you for your devotion and support of our intellectual development, we
dedicate this research to you.

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My groupmates, together, we have embarked on a journey of discovery
and creativity, overcoming obstacles with unity and determination as a team it
has been greatly attributed to one another’s cooperation and support. Our
research efforts have been enhanced by the distinct views and viewpoints that
everyone of you has contributed. I appreciate your commitment and friendship. I
commend the accomplishments of this research to each and every one of you.
xxv
JAZZLY GENERALAO
Researcher
Chapter 1
THE PROBLEM AND ITS SCOPE
Rationale
Senior and Junior high school as well as College students' lives are
profoundly impacted by financial literacy, not just in terms of their academic
performance and educational opportunities, but also in terms of their mental
health. According to Puyat (2023), only 1% of questioned Filipino people
correctly answered questions about financial literacy, according to a Bangko
Sentral ng Pilipinas (BSP) poll, placing the Philippines in the bottom 30 out of
144 countries in terms of financial literacy, highlighting the significance of finance
education. Financial security is built on a solid foundation of financial literacy. To
be precise, being financially literate signifies the knowledge of an individual
needs to make sound financial decisions and handle money efficiently. Most of
the time pupils tend to weigh-out their responsibilities and obligations when it
comes to budgeting, saving, spending, borrowing and the other multiple sides of
dynamics exchanges in the money cycle. For instance, most students spend on
the demands of wants rather than needs in the marketplace, and instead of
prioritizing personal needs, inappropriate spending money a time for lifestyle is
common among today's youth.
The sources of financial immaturity in managing money are frequently
overspending, which is the inability to keep track of a list of financial
expenditures, and prudent spending. When financial management is poor,
unpleasant situations take place that lead to imbalance among the students. In
this case, poverty is primarily understood as a state of consequences brought on

2
by inadequate financial management and affecting each student attending the
Senior ,Junior high school, and College division on school grounds. One definite
case in the study is the absence of information and comprehensive examination
of the financial schedule .Exercising students’ freedom in managing personal
finances is affiliated to an equal responsibility, diminishing loads of stressful
finances. The way pupils handle and manage money could either help them
flourish in the field of finance whenever the application of prudent spending is
properly administered. When students make responsible financial decisions for
themselves, there is a need to balance their demands and motivations while
using intellectual instructional strategies and adhering to behavioral response
constraints. In accordance with Republic Act No. 10922, Section 4, also known
as "Economic and Financial Literacy (EFL)", all public and private elementary
and secondary schools that are under the Department of Education (DepEd),the
National Youth Commission (NYC) are required to conduct awareness-raising
and knowledge-expanding activities on economic and financial literacy.
In this policy, activities include setting up literature corners, attending
training sessions, and teaching fundamental classes in financial planning.
Teachers educate their students about the ideal principles needed to manage
money well and that financial literacy can be attained if saving is a regular part of
daily life. Although, financial literacy levels among students may be low even
though Filipino students are taught moneybility and encouraged to practice basic
financial education skills by the time they reach high school level. This is
because financial knowledge levels among students may also be influenced by a
number of factors that have an impact on personal finance, the educational and
3
behavioral factors. As a result, the discipline needs to address the questions left
unresolved by past studies regarding how to promote financial wellness.
The research is being carried out at Golden Success College's Junior,
Senior High School and College department (GSC). The purpose of this study,
accordingly, is to assist students in overcoming their concerns, recognizing their
abilities to be sufficiently stable in handling circumstances by persevering
through difficulties, and eventually manage money wisely . This covers the value
of parental supervision and financial support. Most of the aforementioned cases
specifically studies the combination of behavioral and knowledge that dwells into
financial education and experiences of the students in evaluating financial
decisions. Making better decisions is made possible by working through issues,
using critical thinking, and comprehending crucial information and concepts in
regards to basic personal finance. Gaining financial literacy aids in the
development of a secure future, the avoidance of financial traps, and the
achievement of financial objectives. It is a solid foundation of security that mainly
impacts the students capabilities and individuality in affirming financial stability.
Thereof depicts the students lifestyle in a full capacity of budgeting money wisely.
Above all, learning and using sound money management techniques is an
important skill for overcoming challenges that lies ahead in the future.
4
Theoretical Background
The majority of the time, motivation and needs have an impact on how
well pupils comprehend how to handle their own finances. The theories involved
in the study are Abraham Maslow’s Hierarchy of Needs theory (1943), Clayton
Alderfer’s ERG theory (1969), Heuristic Theory (1974), Prospect theory (2013),
Social Learning theory (1977), Chen and Volpe’s theory (1998), Rational Choice
Theory (2017), Cognitive Learning theory (2003),Parental Involvement Theory
(1990) and the Financial Self-efficacy theory (2004). Budgeting helps students
fulfill their duties in school projects and assignments, but it also frequently forces
them to deal with difficult situations because of their "financial unwellness." To
begin with ,the 1943 Hierarchy of demands Theory by Abraham Maslow asserts
that students are driven to meet their financial demands in order of least to
greatest importance. First, there is the physiological need, the basic necessities
for surviving, like money and income; second, there is the safety need, which
includes love and belonging (credit); these are insurances for cases of
emergencies; third, there is the social need, which involves "trust-relationship-
interaction" with classmates in managing money budget; fourth, there is the
recognition of financial self-esteem among students and their confidence in their
savings accounts, whether traditional or modern ways of saving; and finally, there
is self-actualization wherein students attain financial stability and contentment,
this involves investments and having enough money on hand to share and lend
to others. Most of the time, students' allowance and income are frequently used
for school-related expenses and projects, this leads to stressful financial anxiety.
5
However, managing these responsibilities might lead to comfortable financial
stability.
Motivation and Needs
Abraham Maslow’s Clayton Paul’s ERG

Hierarchy of Needs Theory (1969)
Theory (1943)
Behavior Financial
Education(Knowledge)
Heuristic Theory (1974) Chen and Volpe’s Theory (1998)
Amos Tversky & Daniel Kahneman Rational Choice Theory (2017)
Prospect Theory (2013) Adam Smith
Amos Tversky & Daniel Kahneman Cognitive Learning Theory (2003)
Jean Piaget
Social Learning Theory (1977)
Parental Involvement Theory
Albert Bandura & Richard H. (1990) Joyce Epstein
Walters
Financial Self-Efficacy in
Decision-making
Albert Bandura (2004)
Financial Literacy Assists

Students establish
Responsible and Wise
Financial Decisions
Financial Management
6
Figure 1. Theoretical Framework
The Philippines is currently in a phase of growth and development, and
people are adjusting to money-centered matters just like students would in a
classroom. The issue is not a lack of resources due to a lack of funding, but
rather how they employ their financial knowledge. The more advanced ERG
Theory design, the existence, relatedness, and growth development, which
consists of self-esteem and self-actualization, offers an alternative to the
hierarchy of needs, according to Clayton Paul Alderfer (1969). When students
have trouble meeting higher levels of need, they can always start by handling the
simpler tasks, such as saving money before meeting needs rather than paying
for wants right away. Moreover, the more financial opportunity a person is
provided as an option, the more capable the students are available to satisfy their
personal finances.
Some students manage to balance their academics with their personal
needs, although this frequently leads to difficult situations. These concerns often
make it difficult for the brain to concentrate on long-term goals, which causes
higher risk decision-making with potentially fatal results. However, it relies on
how pupils respond and act in light of the combined knowledge they have
pursued over the years of study. Heuristic Theory (Tversky & Kahneman, 1974)
is a branch of behavioral finance that deals with mental shortcuts, probability
judgments, generalization, and "rules of thumb" or uncertainty. Problem-solving
methods rely on experience and intuition; this quick judgment to narrow
alternatives is based on insufficient evidence and limited time, which leads to
irrational conclusions. In other words, students often focus on short-term

7
advantages and have biases in their decision-making process that prevent them
from taking into account an exact calculation that would be to their benefit. In
contrast, Prospect Theory (Tversky & Kahneman, 2013) describes how students
choose between choices based on perceived profits or losses and involves risk
probability. Although, even in situations where probability and outcome are
identical, people would rather avoid losses than achieve profits. As a result, this
suggests "assurance" and conduct that is more in line with desirable results.
According to Albert Bandura's (1977) Social Learning Theory, students
often copy or learn from other people's financial management strategies by
observing and modeling their own financial behavior. As a result, in various
contexts, with various people, at various periods, and in various social groups.
This emphasis on how social context and reciprocal contact with one another,
with individuals, with their environment, and with their conduct plays a part and
aids in the flow of financial knowledge through a medium toward students
obtaining knowledge of financial management. In actuality, the students' social
interaction with financial information.
Lack of financial management results in spending money on useless
items. When students focus their financial efforts on liabilities rather than assets,
they are unable to manage their allowances and budget. Spending on
unnecessary expenses is not preferable to earning revenue and preserving
money. High levels of debt are a result of financial illiteracy, which is why
financial education should be done. According to Chen and Volpe's Theory from
1998, students who lack financial literacy will struggle with debt, incur greater
credit expenses, and be less likely to make long-term plans. Financial literacy is
8
defined as the ability to manage finances in financial decision-making. To make
wise selections and maximize the rewards of financial decisions, a student
should be able to assess new, sophisticated financial products.
Adam Smith's (2017) rational choice theory is based on "the invisible
hand," which assumes rational actors don't take into consideration cultural
nuances, emotions, or unconscious action, leading to a simple prosperity.
According to this belief, students always choose wisely and sensibly when it
comes to their money. Giving pupils a means of overcoming their lack of financial
literacy will help them approach new chances with the development of unbiased
decision-making. It is morally neutral because it does not call into question
people's choices or motivations for achieving financial success.
According to Jean Piaget's Cognitive Learning Theory, which was
published in 1936, internal processes relating to information and memory,
schema basic units of knowledge, and schemata that develop over a lifetime of
experience demonstrate how children and learners at various ages and stages
are capable of learning. This includes senior high school students who gain
financial knowledge through the teachers' extensive discussions about money
management. Education professionals consider basic personal finance in
accordance with their students' cognitive level of thinking, promoting guidance
rather than taking an authoritarian stance. In addition, Joyce Epstein's Parental
Involvement Theory from 1990 suggests that parents should oversee their kids
and teach them money management skills to ensure their success in the future.
This approach is a School-Family-Community-Partnership Model, in which
parents take an active role in their kids' education and acknowledge their
9
diminished interest in the duties associated with watching their kids cooperate to
accomplish a task. When it comes to financial management issues, parents are
the students' first teachers, so it is essential to develop programs and chances
for both kids and parents to learn how to manage personal finances effectively.
Once a person's needs have been considered, along with how they
respond behaviorally and cognitively to financial situations, it is time to assess
the students' confidence in their acquired knowledge of and behavioral
responses to personal finance. Albert Bandura defined the Financial Self-Efficacy
Theory (2004) as a person's confidence in their ability to carry out actions
required to generate particular performance attainments. In order to avoid
serious consequences when handling money, pupils need to be effective and
wise enough to recognize the connections between their actions and education.
Learners must be organized while creating a budget and setting aside any
leftover funds, timing or the financial calendar should be examined to bring clarity
to the list of expenses, the money route, or how, where, and when are their
financial activities. Every time there is money available, a student should be
responsible enough to recognize the difference between needs and wants as
well as their commitments. In conclusion, in order to achieve responsible
personal financial management, you must exercise sufficient caution in balancing
your financial approach with your needs and wants, as well as using your
thoughts, expertise, and calculations while avoiding biases to prevent instability
in your financial management and arrive at sound judgments.

10
THE PROBLEM
Statement of the Problem
This research delves into, the study entitled ”EXAMINING STUDENTS’
RESPONSIBILITY IN GOLDEN SUCCESS COLLEGE”, school year 2023-2024.
The following questions are the major topics for the study to examine; primarily, a
totality of scores tallied from respondents from the College, Junior High, and
Senior High School departments are used to answer them.
Specifically, it sought to answer the following questions:
1.Managing finances and making decisions
1.1 Financial Responsibility in Money Management
1.2 Financial Decisions
1.3 Financial Behavior
1.4 Financial Knowledge
2.Engaging in reckless spending and poor money management
2.1 Saving Money
2.2 Investing Money
3.Financial pressure from several obligations to families and academics

11
3.1 Financial Stress
3.2 Financial Self-Efficacy
3.3 Financial Security
4.Applicability of financial literacy initiatives and financial education to students
who are struggling financially
4.1 Financial Curriculum
4.2 Financial Literacy Programs
5. Based on the findings, which demonstrate that financial literacy does help
students make responsible and informed financial decisions, the researchers
recommend that teachers implement the lessons learned from K–12 financial
literacy and curriculum programs going forward and that they receive training in
order to provide their students with the financial literacy skills they need to
overcome future financial hardships. To ensure that future graduates are
prepared to manage their personal finances and make wise financial decisions,
financial discipline should be put into practice.
Scope and Limitations
The study has significant limitations such that the data gathered are only
considering the response from students in Junior High School(JHS), Senior High
School (SHS) and College students, the study is solely conducted at Golden
Success College (GSC). The data gathered also lacks more information in the
way students handle their finances, wherein the innovation of calculative
measures basis is the missing part to further develop a sense of objectiveness of

12
the study in managing personal finances responsibly among the student
populace. The studies weakness, is that it does not further evaluate the
importance financial decision-making actors the behavioral and educational
response to emerging financial problems. Merely the quantity of respondents is
inadequate, with only fifty individuals involved in the data set. Moreover, if only
the researchers are experts in the field of finance ,then can they furthermore
illustrate the relationship of financial literacy to responsible personal financial
well-being and education. Even though the study has been completed, there is
still room for improvement when compared to the professionals standards. Given
that the study’s focus was mostly on quantitative data, future researchers may
choose to conduct a mixed-methods or qualitative study to better examine
students’ financial literacy capacities and shortcomings. A few extra variables
and a wider study setting could also be suggested. One such suggestion would
be to increase the number of respondents the next time to collect more insightful
data for analysis.
Significance of the Study
Students. The study is typically important to the students in Senior High
School to conquer their fears and eventually reach financial-confidence since it
determines a few factors of the psychological development upon why they react
in such a way when financial stress emerges and this research also provides a
simple way to manage personal finances. The financial instruction and financial
schedule helps students trace and manage their finances in the best way they
could offer.
13
Parents. Both the parties ,which is the parent-children relationship status
would eventually grow with the bundle of fun and excitement towards learning
and sharing thoughts about basic personal financial management. The parents
supervision to their young is everything than they could imagine ,since it
motivates the learners and guides them in financial decision-making.
Teachers. This research will contribute to the teachers in terms of ways
and guidance to strategize a plan that would catch the students attention in
helping them learn financial management, knowing their cognitive learning level
capabilities .This also improves the school community and the students-teachers
relationship in reaching best answers to regulate finance.
School Principal. As the school principal he or she will find out a better
plan to diminish financial problems or at least create financial awareness
programs for the students benefit. The principal’s support to the school
community of the student populace would encourage them to reach good and
stable financial health.
School Administrators. The research will contribute mostly to the school
administrators in understanding the complex various ideas that covers-up the
personal financial management problems among students and how they cope-
up with it , through weathering the storm in handling financial affairs. They could
develop an evolutionary plan in administering and disseminating various
techniques in facing poor financial management.
Researchers. As the researchers examined the study itself, it eventually
proved to them that financial literacy is possible whenever there is discipline and
14
a plan. It is a matter of fact that handling money is hard but whenever there is
good management of money and behavioral response towards finances and
education there is always likely a potential to rise-up against financial illiteracy;
wisdom and knowledge is power and therefore holds key to understanding and
dealing with a lot of branches towards moneybility, so therefore we should
choose a decision that is long-term and would fit wisely for the certain position.
Future Researchers. The soon to be researchers would eventually reach
and develop the study to a better understanding and find clearer solutions by
filling in the gaps of the main topic through collecting more data, analytically
disseminating potential contributions to the field of finance. They will get insights
from the study not just in terms of experience and expertise of the researchers
but with the survey data thoroughly gathered and analyzed ,the perspective of
past researchers and lastly the objective database found within the study
endeavor.
15
Chapter 2
REVIEW OF RELATED LITERATURE AND STUDIES
Related Literature
In recent years, financial literacy has become increasingly important for
making responsible decisions, understanding the world, and acting properly.
Utomo (2020) ,explained that highschool covers most aspects of initiatives to
increase financial intelligence divided into two categories: economic and financial
literacy.(Maman et al.,2020) argued that responsibility assumes a world in which
calculative subjects can predict and manage future risks. Individuals take
responsibility for their own financial decisions and their current and future
financial situations. However, because dealing with the financial world is
necessary for ensuring one's financial security, people are actually exposed to
the inherent unpredictability of financial markets. Financial education programs
formulate and communicate financial education as cognitive tools designed to
encourage people to view and interact with finance as a place of calculable,
manageable risks rather than as a place of fundamental uncertainty. These

16
conventions help normalize financial logics in daily life and include the general
populace in the financialization process.
Based on a particular cognitive frame that holds that potential futures can be
assessed and the risks they carry can be managed through engagement with
financial products and services risks. Financial literacy is the knowledge of
finance including financial institutions and financial services authority and
payment systems Instruments, inflation, price indexes, and capital market;
however, it is thought that this is not enough to increase financial intelligence.
Changes to the pension system, the complexity of financial instruments ,including
new instruments like crypto assets, inflation, and increased risks from the war in
the Ukraine to climate change, to name a few, make it increasingly urgent for
people to have the knowledge and skills that will improve their financial resilience
and well-being. A crucial role for knowledge and managing financial attitude
towards financial decision-making.
In recent years, emphasis has been placed on the ultimate objective of
financial literacy. Lusardi (2019) argued that individuals are increasingly in
charge of their personal finances as they age and financial literacy is a crucial
indicator of people's ability to make sound financial decisions. It is the skill,
motivation, and confidence to use knowledge to make decisions that will improve
an individual's and society's financial well-being and enable participation in
economic life. Most of the time, students who keep expense records, are male,
and whose parent has a college degree are more financially knowledgeable and
17
capable. This means, financially educated students are better able to deal with
an unanticipated financial shock.
Financial Literacy is affected by the level of financial education and
responsible personal financial management to avoid money management stress,
according to higher financial stress levels and greater financial confidence are
associated with greater adoption of technology(Walsh et al.,2020).Such that any
loss of public assistance, including health insurance, had an effect on a person's
personal financial situation(Argus et al.,2020). While (Johan et al.,2021)states
that financial education had an effect on financial attitudes, knowledge, and
behavior. In particular, personal finance courses did in fact have a positive and
statistically significant impact on financial knowledge. Nevertheless, there was no
statistically significant effect of the course on financial attitudes or behavior, and
formal financial education is irrelevant. However, if changing attitudes and
behavior is the course's true goal, then its role in doing so should be carefully
considered.
(Mawad et al.,2022) overlooks the situation of the impact of demographic
factors, financial self-control, and financial literacy on individual financial
performance and behavior between 2019 and 2021. In some studies like
countries in Poland , findings showed that young people in Poland have good,
and in some cases extremely good, degree of financial literacy. In terms of
financial awareness, 45.3% scored at the average level, while 43.8% scored
highly, Swiecka (2020). On the other hand ,we also look at the characteristics of
financial fragility and financial well-being among students may therefore be

18
significantly influenced by financial knowledge, examine potential legislative
recommendations while taking relevant behavioral factors and technology
advancements into account. We test financial literacy using questions assessing
core understanding of four key concepts in financial decision making: knowledge
of interest rates, interest compounding, inflation, and risk diversification,
according to a research by Leonora Klapper et al. (2019). Only one out of every
three pupils is financially literate, meaning they are familiar with at least three of
the four financial principles. Moreover, women and people from lower
socioeconomic backgrounds, and respondents with less education are more
likely to have financial knowledge gaps. This holds true not just for poor nations
but also for nations with advanced financial systems. As more sophisticated
financial products enter the market, relatively low financial literacy levels increase
consumer and financial market risks. It is easier to find credit products, many of
which have complicated terms and conditions and exorbitant interest rates.
However, only around half of persons in significant emerging nations who borrow
money from a bank or use a credit card are financially educated. We talk about
regulations that shield borrowers from dangers and promote saving among
account holders. In this area, students must be financially aware and awake in
situations to avoid risks and potential fatal consequences in decision-
making ,such that broken trusts from financial bonds .For instance, starting to
maintain a daily financial action management in activities to achieve
commitments.
An individual possesses something that machines lack, namely the spirit
and motivation that are essential components to raising the productivity of

19
financial management (Acquah et al,2021). There are two parts to motivation in
financial categories: an outside force represented by social peers, and an internal
force represented by parents of the students. As much as we know ,according to
Moneva et al.(2020),parental supervision to their young is essential in learning
management finances with their guidance and support along the way. Parental
financial support is the capacity of parents to provide financially the needs of
students in their studies while motivation is personal drive of person to
accomplish tasks without others influence. There is an association between
parental financial support and students' motivation, students are more motivated
when financially supported by their parents in educational purposes. However,
Kuchler et al.(2021) evaluated how social interaction affects how people make
financial and economic decisions. Peer effects can have either a positive or
negative impact on a financial decision because they have a significant influence
on how students manage their money depending on how their peers have
handled a particular situation. Therefore ,the students themselves must be able
to manage their finances for the future that is looking-forward to them and for
economic and financial flow to smoothly process over the years that would pass,
as the world rises and evolves in economics and finances, wherein capital or
money is at the center of growth.
Related Studies
To begin with, there are three dimensions that encompass how students
handle their finances using years of experience: they are spending, saving, and
giving money. It’s important to keep in mind that attaining financial wellness calls
20
for more than simply financial literacy; but a positive outlook of management,
wise financial planning, investment and savings choices .Amagir et al.
(2020) ,presented the findings of their study, which indicated lower levels of
financial literacy among students in the lowest track in high school, those who
don’t talk about money, immigrants, students with low SES, and learners whose
mothers don’t have college degrees. Due to financial stress and conflict between
needs and wants, students look for financial sustainability and learning
motivation in their courses of study (Evinita et al.,2019).Personal finances are
usually left managed by the common sense of students by motivating them to
optimal allocation of their money ,increasing the performance of personal
income. It was found out that there is a partial mediation effect in the relationship
between solid financial management and happiness as well as satisfaction and
economic pressure(Spuhlera et al.,2019).For instant, happiness is associated
with prudent financial management practices with a need to go beyond minimal
effort. It involves action to improve the pupils finances, a need to strive for growth
to achieve satisfaction in personal finance inspiring the learners to develop a
sense of discipline and hardwork to support life.
The way students manage their money is influenced by two categories
rooting from it, mainly behavioral finance and cognitive psychology or education
and financial knowledge. Financial illiteracy can occasionally be linked to
outcomes of a deficient educational strategy. The study conducted by Dube et al.
(2023) revealed a substantial correlation between financial literacy components,
namely financial knowledge, attitude, and behavior. This suggests that there is a
need for policy changes aimed at improving financial education literacy. Mitchell
21
et al. (2022) made reference to in their study report that the greater financial
literacy in later life is highly correlated with “better” financial actions. The
characteristics of pupils systematically affect their investment decisions , wherein
the way they think influences market outcomes. Most of the time, the human
brain frequently uses emotional filters and shortcuts to process information,
which affects financial decision-makers and causes them to behave irrationally
on a regular basis, defy accepted notions of risk aversion, and make predictable
forecasting errors.
In most suitable cases uncertainty in making financial decision-making
among today’s youth is common and significantly crucial. The theory of
psychology of justice judgments, wherein fairness judgments are assumed to
serve as proxy for interpersonal trust in guiding decisions about whether to
behave in a cooperative fashion to social situations, and people are assumed to
use a variety of cognitive shortcuts to ensure that they have a fairness judgment
available when they need to make decisions about engaging in cooperative
behavior ,this explain why justice judgments have such a substantial effect on
attitudes and behaviors in organizations and other social contexts. In context,
thinking and reasoning are hypothetical thinking principles that preconscious
processes use to contextualize problems in a way that maximizes their relevance
to current goals. To be precise, statistical probabilities associated with uncertain
future events are “risk” and when we lack them “ambiguity.” In contrast, students
overwhelmingly prefer certainty to risky reforms and are more willing to take risks
if reforms are associated with gains rather than losses, according to a population-
based survey experiment that produced a consistent pattern across context and
22
social sciences ,wherein prospect theory is the understanding of how people deal
with uncertainty. Support for self-justification is found to be necessary, but it does
not seem to be a requirement for escalation to happen.
In addition, aside from behavioral finance and straightforward financial
cognitive handling judgments, social context, where the dissemination of financial
knowledge is regulated, plays a role in helping students develop their personal
finance skills through imitating others’ financial behavioral responses. It has been
demonstrated that shared ownership and self-governance are beneficial to all
parties without impeding monetary gain or the common good. A resource that is
shared by a community or a group of people who may be vulnerable to social
problems or how well financial well-being can be shared is referred to as the
“commons” in general. Indeed, there is a correlation between financial decision-
making and cognition and emotions. Behavioral elements, including potential
bias options, might impact a learner’s decision-making process when making
investments (Kartini et al., 2021). Although, students should not put their full trust
in any new opportunities or people for good intentions; instead, they should
concentrate on developing their financial literacy, financial intelligence ,financial
awareness, and financial investigation skills, which are crucial tools for law
enforcement in identifying financial crime. This means a student must be wise
enough when interacting with their personal financial money circles.
Furthermore, financial intelligence and financial literacy are significantly
correlated. Both financial and non-financial services were advised to increase
financial intelligence in order to reach financial independence (Ferraren et al.,

23
2019). The financial curriculum is applicable in schools because it prepares them
for independence and develops them into a whole responsible citizen giving
contributions for the country someday. Teaching students how to handle their
money is the main objective of many financial literacy education programs. When
financial ideas are connected to the financial system and policy-making, students
are more likely to understand them deeply and intuitively. Scholars (Björklund et
al., 2021) ,suggest that students who challenge established financial concepts
and systems may eventually converge with financial literacy and citizenship
education because these students not only offer helpful alternatives for the future
but also seem to understand contemporary financial and societal structures more
deeply. Cordero et al.,(2020) claims that regardless of the method used to teach
financial concepts, the availability of financial education is relevant to students’
financial literacy. The role of other individual and school-level factors outweighs
this relationship, though, and students who receive financial education training
from their teachers outperform those who receive it from specialists from non-
governmental organizations and private institutions.
According to a recent study, formal learning activities of all kinds improve
financial literacy, but experiential learning is the most effective way to help
students become more adept at managing their finances. On the other hand,
family and background have minimal bearing on financial literacy (Brau et al.,
2019).Financial education is necessary and that many existing approaches are
effective whenever it is present to an individual. In order to support the holistic
development and success of future generations, K–12 educational systems must
be improved, with a focus on financial curriculum. This is why financial literacy is

24
becoming more and more important as it empowers students to make prudent
financial decisions that will improve their financial situation (Malbas et al.,2023).A
poll indicates that youth across the most common demographic categories have
low levels of financial literacy, suggesting that financial education is important
since the decisions they make will affect them for a longer time. It is crucial for
them to gain knowledge of the world of finance in order to avoid making poor
financial product choices and to develop their financial well-being.
Furthermore, the lack of financial education prevents learners not just those
in high school but also those enrolled in postsecondary education or college from
managing their money well and maintaining good financial health. Less
knowledgeable students are more likely to hold false opinions and make poor
decisions. Notwithstanding the fact that parents and educators are crucial in the
process of financial socialization of youth, parental involvement in financial
education programs is not well developed. It is important to develop more
proactive youth financial literacy programs in order to raise financially astute
children. According to Moneva et al. (2020), parents’ ability to financially support
their children during their schooling is essential since research shows that
financially supported kids are more driven to succeed in school and in daily life.
In order to increase the effectiveness of financial education programs, developed
and more effective delivery methods should be implemented. Guidelines are
provided for the design of such proactive financial literacy programs, which take
into account the role of parents in the financial socialization process. However, it
has been argued that the effectiveness of early childhood financial education
requires understanding of children’s cognitive abilities to grasp complex

25
relationships and reason about the various dimensions of objects and situations.
Nevertheless, it is widely acknowledged that even very young children can be
taught the fundamental advantages of sharing, saving, and making purchases.
By doing so, they can develop good spending and saving habits and practices
that will help them manage their finances more effectively as independent adults.
Self-Efficacy is another term for the measurement of students financial-
confidence as well as in investments. Financial well-being is demonstrated by
pupils who are completely content with their existing financial circumstances, and
this has a significant influence on young people’ success in life as well as their
ability to overcome mental health disorders (Sabri et al., 2021). In order for
students to avoid the road of financial disaster, anti-excellence, and ruin they
must know how to make money, work for it rather than simply work for money. It
is important to note that a person’s effort may increase if their goals are satisfied,
but it may also decrease if unfulfilled aspirations cause them to become
frustrated. Having too high of expectations can also cause people to become
frustrated and cut back on their financial investments (McKenzie et al.,2021).
Recent research by Herawati et al. (2020) shown that financial literacy was able
to mediate the links between financial self-efficacy and learning quality. The
quality of financial education greatly impacted financial literacy, but it had no
direct impact on financial self-efficacy. According to Salas-Velasco et al. (2021),
implementing education systems helps students become financially literate and
competent. It also helps by offering teaching strategies that help young people
apply pertinent financial knowledge more successfully and accurately when
making financial decisions. Summing-up, once students’ motivation and needs

26
are met ,they tend to analyze money budgeting route deeply using the financial
experiences, knowledge, and behavioral constraints to reach financial self-
efficacy and responsible personal financial literacy in decision-making.
Chapter 3
RESEARCH METHODOLOGY
This section includes the research methodology of the following, design,
environment, respondents, instruments, data gathering procedures, statistical
treatment and scoring procedure in Golden Success College, Cebu City during
the school year 2023-2024.
Design
In the study, data regarding the population or issue under investigation
will be described and interpreted using descriptive quantitative questionnaire-
style research.
Research Paradigm
27
The researchers at Golden Success College developed the study
“EXAMINING STUDENTS’ FINANCIAL LITERACY WITH AN EYE TOWARD
COLLEGE” by analyzing the problem’s depth in relation to young people’s
proficient financial management abilities. Following a thorough grasp of the
respondent’s profile and the usage of survey questionnaires with the variables at
hand, the researchers went on to evaluate the data. They also gathered related
concepts, theories, and prior findings linked to the study. Utilizing statistical
methods that revealed the average data, the collected data was analyzed and a
sufficient number of pertinent data was obtained to support the study. In the end,
the researchers used tabulation and graphing to gain a deeper understanding of
the problem and its underlying causes. This allowed them to produce the
conclusion that financial literacy does, in fact, help students make financially
responsible decisions.
Input Process Output

1.) Profile of the -Demographic Profile
Respondents of the Respondents
“Financial Literacy
- Gender -Transmittal Letters Assists Students
establish Responsible
- Age -Questionnaire
and Wise Financial
- Allowance Amount -Analysis of Inputs Decisions”
- Income -Data Presentation

-Highest Educational -Statistical Treatment
Attainment
-Summary of Findings
-Strand / Course
-Conclusion
-Finance management
-Recommendation
strategy preferred
II. Variables
1.1Financial
Responsibility in Money
28
Figure 3. Flow of the Study
Environment
The research environment is held in Golden Success College (GSC),
1297 V. Rama Avenue, Corner Singson Street, Guadalupe Cebu City. The
setting is unique to this region because it is used to many social and financial
activities taking place. In this way, as they use themselves and their free time for
consumption of goods and services, relationships between students, teachers,
and parents as well as the pupils' contact with the community are strengthened.
The Goldenian pupils who attend this school are important to the progress of the
study because we may learn from them about the relationship between personal
financial literacy and financial education. To the greatest extent possible, this is
where the majority of financial transactions take place, assisting us in

29
determining how students can adjust their budgeting strategies in order to be
able to live through periods of financial stress and be financially responsible while
also determining the extent of their financial health.

30
Golden Success
College
Figure 2. Research Environment

31
Respondents
The data for this study were collected at Golden Success College. Ten
respondents from the junior high school department, ranging from grades 7 to 10,
were chosen at random to participate in our survey. In comparison, we polled 20
12th graders and 20 college students. Aside from that, the researchers only
considered students who chose to take part in the sample study.
Table 1. Distribution of Research Respondents
Indication Frequency Percentage

Earns Income f %
(n=50)
13 26
Does not earn income f %
(n=50)
37 74
Total 50 100%
Grade Level f %
(n=50)
College 20 40
Senior Highschool 20 40
Junior Highschool 10 20
Total 50 100%
Ranges of Allowance f %
(n=50)
100-200 below average 25 50
200-300 10 20
400-500 11 22
500+ above average 4 8
Total 50 100%
Age f %
(n=50)
14-16 11 22
17-19 26 52
20-25+ above 13 26
Total 50 100%
Gender f %
(n=50)
Female 28 56
Male 22 44
Total 50 100%
32
The following table below illustrates the demographic profile of the
respondents.
Table 2. Demographic Profile of Student-Respondents
Demographic Profile Frequency Percentage

(n=50)
Age
14-16 11 22%
17-19 26 52%
20-25+ 13 26%
Total: 50 100%
Gender
Female 28 56%
Male 22 44%
Total: 50 100%
Grade Level
Junior High School 10 20%
Senior High School 20 40%
College 20 40%
Total: 50 100%
Instrument
The questionnaires used in this study were developed by the
researcher. The instrument was validated through pilot testing with respondents
who shared characteristics with the target respondents but were not exact
matches. These respondents were from the junior high school, senior high
school, and higher education (college) departments. The questionnaire conducts
and collects pertinent data from at least 30 to 50 respondents, and based on
statistical verification, the questionnaire is reliable to measure the level of
financial education , financial responsibility and it's application to personal
financial literacy.
Data Gathering Procedure
To evaluate ethical considerations, the required authorization and
approvals were obtained from the school principal(practical research
adviser),school's director and the Golden Success College's director's office or

33
faculty before starting the survey questionnaires. After receiving consents and
permissions, the questionnaires were distributed to the chosen participants, who
were then given plenty of time to answer them. The data collection served as a
foundation for further improving the research tool and testing it's validity and
dependability. A specific response from the Golden Success College students is
required, which is usually strongly agree, agree, neutral, and disagree or picking
an answer from a list of possibilities. The distribution of questionnaires is also
simple and inexpensive .Finally, questionnaire responses can be confidential or
anonymous obscuring the respondent's identity .It is feasible to acquire
information that is unique to individuals while using surveys ,all of the gathered
responses are the tabulated and analyzed.
Statistical Treatment
For this study, the researcher employed the 5 points Rob’s Likert Scale,
Johns (2010) in order to statistically evaluate and critically comprehend the
relevant interpretation of the acquired data. Before validating the data collection
through the use of a structured survey questionnaire, the researcher organized
and tabulated the data. The researchers utilized a straightforward percentage
and frequency method to analyze the data collected, using the formula below.
f
P= ×100 %
n
Wherein: P = to the total percentage, f = to the total frequency, n = to the total
number of respondent
34
After determining the percentage of respondents who answered the
survey. To further improve its visual examination of the topic at hand, it is then
analyzed using pie graphs.
Table 3. Scoring Procedures

Weight Range Response Verbal Interpretation
5 4.21-5.00 Strongly This indicates that the students highly agree
Agree with the proposition.
4 3.41-4.20 Agree This indicates that the students agree on
the statement.
3 2.61-3.40 Neutral This indicates that the pupils are neutrally
agreeing with the statement.
2 1.81-2.60 Disagree This indicates that the students disagree on
the statement
1 1.00-1.80 Strongly This indicates that the students highly
Disagree disagree with the statement.
Legend: 1.00-1.80 Strongly Disagree, 1.81-2.60 Disagree, 2.61-3.40 Neutral,
3.41-4.20 Agree, 4.21-5.00 Strongly Agree
A process commonly referred to as the “weighted mean” was employed to
ascertain the central tendency. The formula is as follows:
∑ WX
X=
N
Wherein:
W= points (5,4,3,2,1)
∑= summation
X= number of respondents
N= total number of respondents
Scoring Procedures
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The data gathered will be scored using the following categorical
responses. A non-parametric scale will be used as the basis for the
interpretation.
The following were the parametric limits of the study.
Chapter 4
PRESENTATION, ANALYSIS AND INTERPRETATION
Interpretation of Data
Bar graphs and tables for analyzing data, such as the percentage of the
answers findings, the weighted mean, and the exacerbated mean, are included in
the following statements and illustrations.
Managing finances and making decisions.
Students’ financial management and decision-making relate to a variety of
factors and effects, including financial responsibility in money management,
financial decisions, financial behavior, and financial knowledge.
Table 4. Students’ Perceived of Financial Responsibility in Money Management

S/N Indicators Mean Interpretation
1 Knowledgeable citizenry and financial 4.06 Agree
accountability
2 Financial independence entails responsibility 4.26 Agree
3 Managing responsibilities and debt obligations 4.26 Agree
presents challenges
Aggregate Mean 4.193 Agree
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Indicators 1 through 3 in Table 4 represent respondent-students’
perceptions of their own knowledge gaps as financially literate citizens and their
capacity for financial accountability. Notably, among the interpretations,
indicators 2 and 3 both received the same and highest mean of 4.26.
Furthermore, the indicator with the highest mean always lines up with the “Agree”
interpretation. The information thus points to the respondents’ self-assurance in
their capacity to fulfill their obligations and their level of financial literacy as
citizens.
According to Panos et al.’s (2020) research, financial literacy is crucial for
financial well-being, and variations in financial literacy at an early age can
account for a substantial portion of an adult’s overall financial and general well-
being. Individuals must therefore be financially responsible and literate in order to
be prosperous and in good financial health.

37
(Graph)
1.1 A. Knowledgeable B. Financial C. Managing
citizenry and independence responsibilities and
financial entails responsibility debt obligations
accountability presents challenges
Strongly Agree 38 36 42
Agree 36 58 44
Neutral 20 4 12
Disagree 6 0 2
Strongly 0 2 0
Disagree
Figure 4. Financial Responsibility in Money Management
A. Knowledgeable Citizenry and Financial Accountability
About 38% of the students gave a strong agreement response, indicating
that most of them are capable of managing their personal finances responsibly
and are aware of the dynamic changes in the nation’s economy. Meanwhile, 36%
of the students agreed with the statement, indicating that they are still confident
in their ability to manage money. Twenty percent of the students were unsure, six
percent disagreed, and none strongly objected, indicating that the majority of
them are not financially illiterate.

38
B. Financial Independence Entails Responsibility
The statement was agreed with by 36% and strongly agreed by 58% of
the respondents, respectively. This indicates that having duties and being careful
with money is a prerequisite for financial independence. Merely 4% of
respondents indicated neutrality, 0% strongly disagreed, and 6% disagreed,
indicating that there is a correlation between financial independence and
responsibility, which impacts students’ lives beyond their academic pursuits.
C. Managing Responsibilities and Debt Obligations Presents Challenges
In relation to the last question the students responded, 42% and 44% of
the total points were obtained. This indicates that managing debt and duties is
challenging due to the stigma associated with trying to balance several demands
on one’s time. Despite the fact that some students gave neutral responses 12%,
disagreed 2%, and strongly disagreed 0%, this does not imply that the pupils are
unable to deal with these issues.
Frankham et al.’s study from (2020) noted the proven connection between
the likelihood of mental health issues and financial difficulty. Additionally, the
association between financial stress and mental health outcomes was most
commonly and consistently connected with skills related to personal agency, self-
esteem, and coping. In light of this, achieving financial independence requires
responsibility, which may have an adverse effect on students’ mental health if
they are unable to effectively handle their financial difficulties.

39
Table 5. Students’ Perceived of Financial Decisions

1 Making wiser financial decisions is aided by 3.7 Agree
knowing expenditure trends
2 Prioritizing expenditure on wants contrasted with 2.56 Disagree
requirements
3 Sufficient goods to suit pupil necessities and 3.46 Agree
desires
Aggregate Mean 3.24 Neutral
The fifth table presents an overview of the data with an aggregated mean
of 3.24, indicating “Neutral” based on the employed interpretation. Using the
greatest mean of 3.7 for indication 1. While indicator 2 indicates “Disagree” with a
mean amount ranging from roughly 2.56. The aforementioned data indicates that
students in this category are neutrally able to keep sensible financial judgments
due to their increased financial awareness and skill.
For individuals who don’t have a clear understanding of the financial
ramifications of their choices, it can be difficult to maintain a logical and sensible
spending strategy while making financial decisions. Rather, keep wasting money
40
without recognizing the quantity that was spent on unnecessary things.
Furthermore, a study by Klapper et al. (2020) shows that when more complicated
financial instruments hit the market, relatively low financial literacy levels
increase consumer and financial market risks.
(Graph)
1.2 A. Making wiser B. Prioritizing C. Sufficient goods
financial decisions expenditure on to suit pupil
is aided by knowing wants contrasted necessities and
expenditure trends with requirements desires
Agree 36 28 42
Neutral 12 6 26
Disagree 18 44 20
Strongly Disagree 4 18 0
Figure 5. Financial Decisions
A. Making Wiser Financial Decisions is Aided by Knowing Expenditure Trends
A combination of 36% of respondents agreeing and 30% strongly agreeing
that understanding expenditure patterns aids in improved financial decision-
making, the majority of students gave this response. However, as 12% of
students still expressed neutral agreement, 18% disagreed, and 4% strongly
disagreed, this majority does not actually control how spending decisions are
made.
B. Prioritizing Expenditure on Wants Contrasted with Requirements

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The majority of students answered disagree 44% and strongly disagree
18%, indicating that most students do not think it is a good idea to spend money
on wants. Instead, needs should be prioritized before wants, with 4% of students
strongly agreeing and 28% agreeing, and 6% responding neutrally.
C. Sufficient Goods to Suit Pupil Necessities and Desires
Approximately 12% of the students strongly agreed, 42% agreed, and
26% were neutral. Based on the available data, we can conclude that students
are generally satisfied with the goods and services they have purchased,
indicating that they can afford to spend their money on things that bring them
happiness and improve their lives. But, as 20% of them disagreed overall and 0%
strongly disagreed with the statement, not all of them were happy with their
purchases.
In 2020, Meseguer-Sánchez et al. conducted a study in which they noted
that social, economic, and environmental development are impacted by
responsible higher education institutions. Thus, it teaches students to make
ethical financial judgments that preserve the environment. Furthermore, Santos
(2020) contended that although financial education programs have a number of
paradoxes that undermine the objective of educating people to make better
financial decisions for themselves, these initiatives’ ideological purpose is
unaffected. It is the goal of the neoliberal cultural agenda to promote individual
accountability and self-sufficiency at the expense of group forms of provision in
new spheres of the economy and society.

42
Table 6. Students’ Perceived of Financial Behavior

1 Restrictive spending behaviors aid with 3.68 Agree
responsible money management
2 Reaching long-term financial objectives is 3.72 Agree
facilitated by budgeting
3 Irrational spending leads to unintended debt 3.86 Agree
Table 6 presents the results of an analysis of the students’ financial
behavior. It considers an interpretation of “Agree” that is consistently aligned
across all indicators, with indicator 3 having the highest mean of 3.86. According
to the data gathered, the student had the belief that practicing budgeting and
exercising discipline, along with adopting a self-restrictive attitude towards
money, would allow them to gradually realize their full potential and learn
responsible money management.

43
According to a study by Bapat (2020), locus of control affects responsible
financial management behavior, and financial attitude fully mediates the
relationship between financial knowledge and responsible financial management
conduct. Tolerance for financial risk moderates the relationship. Therefore, it is
important to make sure that having a better understanding of finance leads to an
improved attitude toward money, which in turn leads to appropriate financial
behavior. Conversely, the research conducted by Humaidi et al. (2020)
demonstrated that financial attitudes and financial literacy had an impact on
partial financial behavior control.
(Graph)
1.3 A. Restrictive B. Reaching long- C. Irrational
spending behaviors term financial spending leads to
aid with responsible objectives is unintended debt
money management facilitated by
budgeting
Agree 66 36 46
Neutral 24 28 20
Disagree 6 4 4
Figure 6. Financial Behavior
A. Restrictive Spending Behaviors Aid with Responsible Money Management
A majority responded strongly agree for 4%, agree for 66%, and neutral
for 24%, indicating that habits of restraining oneself from spending on money-
depriving matters and maintaining control of behavior toward money and
responsibility keep the majority of learners from being irresponsible in terms of
money management.
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B. Reaching Long-term Financial Objectives is Facilitated by Budgeting
The majority of students 26% who strongly agreed, 36% who agreed, and
28% who were unsure which side to support, while an additional 6% strongly
disagreed and 4% disagreed. This circumstance is favorable to individuals who
believe that budgeting is a reasonable approach to managing finances in order to
maintain stability throughout time.
C. Irrational Spending Leads to Unintended Debt
Impulsive spending does, in fact, lead to unintended indebtedness and
negatively impacts students’ ability to manage their finances, not only in the
mental sense but also in the physical sense if the behavior persists. Based on
the survey results, 26% of students indicated they strongly agreed, 46% said
they agreed, and 20% said they were neutral. However, 4% of them disagree
and 4% strongly disagree with this statement.
In their study from (2021), Khawar et al. stated that there was no
difference in the financial behavior of representatives from different
socioeconomic groups. However, there is a strong positive correlation between
sound financial behavior and financial education. Additionally, there is a strong
positive correlation between financial conduct and financial education and family
financial socialization. However, through familial financial socialization and
financial education, there has been a notable atypical impact on financial
conduct. This suggests that there is some partial mediation between financial
literacy and financial behavior. It follows that people’s financial conduct is
determined by both formal and informal financial education.

45
Table 7. Students’ Perceived of Financial Knowledge

1 Awareness of the complexities of financial 3.72 Agree
management and capitalizing on market
opportunities
2 Understanding the distinctions between liabilities, 3.86 Agree
assets, and equity promotes financial growth
3 Financial happiness can be attained by making 4.16 Agree
an informed distinction between a need and a
want
There being the highest mean of 4.16 found in indicator 3 and an overall
aggregated mean of 3.913 resulting in the by product of the survey data pointing
to “Agree” as its answer, Table 7’s data, for instances, illustrates the students’
breadth and depth of understanding with regard to their financial knowledge.
Based on this, the researchers are able to conclude that the respondents simply
possess the knowledge necessary to continue and resolve the financial
difficulties they encounter on a regular basis.

46
Regarding the study conducted by Moreno-Garcia et al. in 2020, they
noted that young people’s financial decision-making is critical to ensuring their
future consumption and retirement well-being. Thus, the best defense against a
financial crisis is financial literacy, particularly studying the fundamentals of
money. Significantly, according to Amagir (2020), having a sufficient
understanding of the ideas underlying the planned behavior is essential for
making financially prudent judgments.
(Graph)
1.4 A. Awareness of the B. Understanding C. Financial
complexities of the distinctions happiness can be
financial between attained by making
management and liabilities ,assets, an informed
capitalizing on and equity promotes distinction between
market opportunities financial growth a need and a want
Agree 54 52 60
Neutral 6 4 8
Disagree 18 18 0
Figure 7. Financial Knowledge
A. Awareness of the Complexities of Financial Management and Capitalizing on
Market Opportunities
The majority of students 20% agreed and 54% strongly agreed with the
question, indicating that most were competent of managing money since they are
informed enough to take advantage of the opportunities in the market. Contrary
to the suggested conclusion, however, 6% of respondents were neutral, 18%
disagree, and 2% strongly disagree.

47
B. Understanding the Distinctions between Liabilities, Assets, and Equity
Promotes Financial Growth
The majority of them gave strong agree responses 26% and 52%, which
amply demonstrates the benefits of understanding equity, liabilities, and assets
and how they affect students’ ability to prosper financially. For example, on the
statement, 4% agreed, 18% disagreed, and 0% strongly disagreed.
C. Financial Happiness can be Attained by Making an Informed Distinction
between a Need and a Want
About 30% of respondents gave a high agreement response, and 60% of
respondents agreed with the statement. Based on the collected data, we may
infer that learners will only experience financial contentment if they use intelligent
judgment and are aware of the distinction between necessity and want. On the
other hand, 8% neutral with the statement, 0% disagreed, and 2% strongly
disagreed.
Financial risk tolerance, financial literacy, and financial attitude have been
found to have a substantial impact on financial behavior, according to Mutlu et
al.’s study from (2022), which intends to analyze the elements determining
individuals’ financial behavior. Therefore, it is crucial to provide students with
high-quality financial education in order to foster their development of financial
understanding. However, Bayar et al. (2020) contended that in this context,
raising people’s financial literacy through a variety of educational initiatives will
likely increase demand for financial products with varying degrees of risk, which
will further support the growth of the financial sector.

48
Engaging in reckless spending and poor money management.
Numerous aspects and underlying reasons for the irresponsible spending,
poor money management, and coping mechanisms used by students in relation
to saving money and investing money.
Table 8. Students’ Perceived of Saving Money

1 Regular savings contributes to the development 3.92 Agree
of financial security and Well-being
2 Savings increase versus liabilities 3.44 Agree
3 Saving money in a bank account is superior to 3.56 Agree
traditional methods of saving
Table 8 emphasizes the significance of saving for one’s financial well-
being, with indicator 1 having the highest mean of 3.92. Because of all the
indicators, the respondents’ aggregated mean of 3.64 prompted them to select
“Agree” as their response. Accordingly, it shows that students concur with the
indicator statements included in the survey questions and that they genuinely
49
believe that conserving money helps people feel secure and content in their
financial situation.
According to Sari et al.’s (2023), research indicates that financial literacy,
peer pressure, and individual modernity have all had an impact on saving
behaviors. Furthermore, Zelizer (2021) noted in her research that, in fact, the
idea that money is a single, impersonal tool that degrades social life by treating
relationships like cold, hard cash, incorporating money into webs of friendship
and family ties, and changing the way that people save and spend is a part of the
ideology of our time. Saving money is therefore a wise financial practice,
according to Swiecka et al (2020).
(Graph)
2.1 A. Regular savings B. Savings C. Saving money in
contributes to the increase versus a bank account is
development of liabilities superior to
financial security traditional methods
and well-being of saving
Agree 58 42 46
Neutral 22 46 42
Disagree 2 2 2
Figure 8. Saving Money
A. Regular Savings Contributes to the Development of Financial Security and
Well-being
Many students responded that saving money on a regular basis is a habit
that has benefits in terms of long-term stability, with 18% strongly agreeing and
58% agreeing. On the other hand, 22% responded neutrally, 2% disagreed, and
none strongly disagreed on the issue.
B. Savings Increase versus Liabilities

50
With reference to the last statement, 42% of respondents agree and 6% of
respondents strongly agree that they have actually managed to see growth in
their savings relative to liabilities. However, some people’s current savings of
roughly 46% were neutral throughout that time. Savings growth was proving
tough for the remaining 2% of those who disagreed and the 4% who strongly
disagreed.
C. Saving Money in a Bank Account is Superior to Traditional Methods of Saving
The majority of students responded with 8% strongly agreeing and 46%
agreeing, indicating that they would prefer deposit money directly into bank
accounts due to the advantages this offers over using traditional methods of
saving money. In a different instance, 42% expressed neutrality and uncertainty,
2% disagreed, and 2% strongly disagreed, indicating that they were more in favor
of traditional methods of saving money.
The findings of the study by Mpaata et al. in (2023) show that self-control
and financial literacy are both highly predictive of saving behavior. Furthermore,
self-control acts as a moderator in the link between saving behavior and financial
literacy. Furthermore, compared to people with high self-control, those with low
self-control need a lot of financial literacy to have a positive impact on their
saving behavior because, even with financial literacy training, the impact on
savings behavior would be minimal. This implies that before allowing someone to
participate in financial literacy training, their degree of self-control must first be
assessed.
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Table 9. Students’ Perceived of Investing Money

1 Financial planning for investing and conserving 4.12 Agree
are important for the future
2 Investing in assets rather than liabilities 3.68 Agree
increases profitability
3 Putting money into future investments 4.06 Agree
According to Table 9, the majority of students are in favor of investing
money in the foreseeable future. This was discovered by the statistics, which
nearly always demonstrated that their responses agreed with each of the three
markers. Has the highest mean of 4.12 in indicator 1 and an overall aggregated
mean of 3.953, indicating “Agree”, demonstrating the students’ desire to explore
the realm of Investing at some point.

52
Kumari (2020) conducted a study that evaluates students’ financial literacy
based on their knowledge of financial products, money management, financial
investment options, and financial abilities. Financial literacy has been defined as
having the knowledge and abilities to manage money wisely and effectively,
which improves financial developments and the nation’s economic growth. As
such, it’s critical to determine whether the younger generation especially
undergraduates, who are viewed as the economy’s future investors, movers, and
transformers possesses the essential financial concepts knowledge. In other
contexts, Wachter et al. (2024) discussed the impact of fear on asset allocation,
the occurrence of financial crises, and the influence of early life experiences on
investment decisions. These applications suggest a reinterpretation of rational
expectations in terms of beliefs that are guided by principles of human memory.
(Graph)
2.2 A. Financial B. Investing in C. Putting money
planning for assets rather than into future
investing and liabilities increases investments
conserving are profitability
important for the
future
Agree 54 42 54
Neutral 10 12 14
Disagree 2 22 4
Figure 9. Investing Money
A Financial Planning for Investing and Conserving are Important for the Future
The majority of students responded that investing and saving money were
crucial to parts of their lives, particularly in the long run to remain financially
stable in the future, 32% strongly agree and 54% agree. Thus, for instance, 10%
were impartial, 2% strongly disagreed, and 2% disagreed.

53
B. Investing in Assets rather than Liabilities Increases Profitability
The majority of respondents 24% who strongly agreed and 42% who
agreed were in favor of allocating capital to assets that would increase
profitability. In contrast, 12% of respondents gave a neutral response, 22%
disagreed, and 0% strongly disagreed with the statement.
C. Putting Money into Future Investments
As seen by the fact that 28% of students strongly agreed with the
statement, 54% agreed, and 14% were indifferent, many of the students felt that
investing money for future goals, gains and having stability did really give
balance to their lives. However, 4% of respondents strongly disagree with the
assertion, and 0% answered disagree.
Alshebami et al. (2022) found no direct association between financial
literacy and entrepreneurial intent. However, saving behavior has been shown to
buffer the relationship between financial literacy and entrepreneurial desire.
Furthermore, the study conducted by Liu et al. (2021) encourages action by
proposing that the internet can be utilized to educate people on how to make
ends meet, reduce expenses, and boost earnings. The course covers a variety of
topics, such as the reasons behind investing, thorough market shifts, unforeseen
hazards, and poor decision-making. Therefore, online learning can help with
teaching investment and money management skills. By avoiding the mistakes of
getting lost in the actual investment market, online instruction on integrated
financial education aims to develop students’ financial literacy and foster a
variety of finance-related knowledge, abilities, and attitudes.

54
Financial pressure from several obligations to families and
academics.
Numerous facets and contributing elements to students’ financial strain
include several family and academic responsibilities as well as financial stress,
financial self-efficacy, and financial security.
Table 10. Students’ Perceived of Financial Stress

1 Preserving equilibrium in all areas of money and 3.74 Agree
activities
2 Financial hardships sap students’ motivation 3.62 Agree
3 Allowing time and space for money can aid in 3.9 Agree
stress reduction and financial management
55
The data shown in Table 10 delves into the long-term effects of financial
stress on students’ financial well-being. The majority of students expressed
agreement with all measures, with a substantial correlation between the “agree”
response and the overall mean of 3.753. They concurred that while financial
difficulties add to their stressful financial experiences, maintaining balance in all
facets of their financial lives and making time and space for financial
management are essential.
Based on survey responses, Artavanis et al. (2021) discovered that
students with a financial literacy deficit are more likely to underestimate future
student loan payments. Students struggle to balance activities and their finances
in real life situations, with obligations like debt but making adjustments like giving
time and space for money management. Because of this, students with poor
levels of literacy are more susceptible to unanticipated, negative shocks to their
payment-to-income ratios, which may harm their future creditworthiness and
capacity to repay debt after graduation.

56
(Graph)
3.1 A. Preserving B. Financial C. Allowing time and
equilibrium in all hardships sap space for money
areas of money students’ can aid in stress
and activities motivation reduction and
financial
management
Agree 52 50 46
Neutral 28 20 22
Disagree 6 8 4
Figure 10. Financial Stress
A. Preserving Equilibrium in all Areas of Money and Activities
A significant number of students struggle to maintain a healthy balance
between their financial obligations and extracurricular activities, as evidenced by
the majority of respondents, who gave the following responses: 52% agree and
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14% strongly agree. But 28% neutrally agreed with the statement, 6% disagreed,
demonstrating that they can keep their money in balance, and none severely
disagreed.
B. Financial Hardships Sap Students’ Motivation
There were 16% and 50% who agreed with the statement and responded
that they deal with financial troubles, which demotivates them in various ways.
However, roughly 20% of respondents answered neutral, indicating that they are
in the middle of their financial struggles. While 8% and 6% disagree on the issue.
C. Allowing Time and Space for Money can Aid in Stress Reduction and
Financial Management
The majority of respondents, 26% strongly agree, 46% agree ,believe that
making time and space to address money management and planning can assist
to alleviate financial stress. While 22% remained neutral, 4% disagreed, and 2%
strongly disagreed.
As per the findings of Rahman et al’s study from 2021, financial behavior
is the primary antecedent that predicts financial well-being, followed by financial
stress and financial literacy. Therefore, ensuring the financial well-being of those
in lower income groups would require striking a balance between income and
expenses, controlling financial stress, and raising financial literacy. Institutional
and governmental interventions are crucial in providing low-income individuals
with work possibilities and financial literacy to manage their basic living
standards; these can also be implemented and applied to the lives of students.
58
Table 11. Students’ Perceived of Financial Self-Efficacy

1 Students’ financial stability 3.34 Agree
2 Self-assurance in making wise financial choices 3.56 Agree
and judgments
3 Correlation between attaining financial self- 4.04 Agree
efficacy, financial knowledge as well as financial
behavioral discipline
Table 11 displays the data, which indicates that all phrases from 1 to 3
indicators are agreed upon by the students. Students’ responses on financial
self-efficacy were interpreted as “Agree” by the aggravated mean of 3.646, which
interacts and interprets with the highest mean of 4.04, which comes from
indicator 3. This suggests that students believed there was a significant
relationship between financial conduct and knowledge and that this included their
59
self-awareness and confidence in their ability to make prudent financial
decisions.
Financial literacy had a substantial impact on financial contentment,
according to Adiputra (2021), demonstrating that those with financial literacy will
feel more satisfied when it comes to budgeting and handling their own money.
Financial happiness was significantly impacted by financial attitude, suggesting
that people’s conduct while making decisions is influenced by financial attitude.
Those with strong control will find fulfillment in budgeting, managing, and making
their own financial decisions.
(Graph)
3.2 A. Students’ B. Self-assurance C. Correlation
financial stability in making wise between attaining
financial choices financial self-
and judgments efficacy, financial
knowledge as well
as financial
behavioral
discipline
Agree 36 42 50
Neutral 30 30 20
Disagree 18 14 2
Figure 11. Financial Self-Efficacy
A. Students’ Financial Stability
The majority of respondents said they felt financially secure, with 12%
strongly agreeing, 36% agreeing, and 30% neutral. Although some experienced
60
instability for a substantial amount of time, approximately 18% disagree and 4%
disagree on the subject.
B. Self-assurance in Making Wise Financial Choices and Judgments
The majority of students answered favorably, indicating that they are
confident in their capacity to make solid financial decisions and plans. The
majority of respondents ,14% strongly agreed and 42% agreed; nevertheless,
almost 30% were unsure. While 14% of respondents disagreed, none strongly
disagreed with the assertion.
C. Correlation between Attaining Financial Self-efficacy, Financial Knowledge as
well as Financial Behavioral Discipline
The total number of individuals who strongly agree and agree with the
statement was 78%, indicating that financial knowledge and financial conduct
were indeed associated to increased financial self-efficacy. As an instance,
approximately 20% of respondents answered indifferent, 2% disagreed, and
none strongly disagreed.
Financial literacy has a consequent impact on financial well-being,
according to research by Lone et al. (2024). Their study indicated that financial
literacy had a significantly beneficial impact on financial self-efficacy and financial
well-being. Additionally, it was shown that the relationship between financial
literacy and financial well-being is largely mediated by financial self-efficacy.
Furthermore, Salas-Velasco et al. (2022) noted that financial literacy is a crucial
antecedent to and a prerequisite for financial self-efficacy, which should be

61
recognized by policies that seek to enhance students’ financial capacities
through financial education programs.
Table 12. Students’ Perceived of Financial Security

1 Financial security contributes to a longer life 3.94 Agree
2 Maintaining financial discipline is helpful in 4.1 Agree
achieving financial security
3 Limitations on financial security and assurance of 2.76 Neutral
financial security even in the event of future
difficulties
The evidence presented in Table 12 highlights the importance of financial
security in extending an individual’s life, but this is only possible if daily financial
discipline is implemented. Based on the collected data, the 2.76 mean indicated
that the students exhibited a neutral ability to maintain confidence and security
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amidst the constantly changing circumstances of encountering financial
difficulties. On the other hand, indication 1’s score of 3.94 indicated their belief
that having money helps people live longer. The overall interpretation of “Agree”
with a mean of 3.6.
Philippe, N. et al. (2021) noted in their research that one of the main
factors influencing students’ financial well-being is financial literacy. According to
Lee et al’s study in (2020) ,financial practices to achieve control of finances was
related to efforts to develop and maintain financial discipline, by disciplined
planning of personal finances. Consequently, financial success follows discipline,
and discipline leads to security.
(Graph)
3.3 A. Financial B. Maintaining C. Limitations on
security contributes financial discipline financial security
to a longer life is helpful in and assurance of
achieving financial financial security
security even in the event of
future difficulties
Agree 58 56 52
Neutral 18 10 14
Disagree 4 2 6
Figure 12. Financial Security
A. Financial Security Contributes to a Longer Life
Yes, the majority of students responded that financial security aids in a
longer life, with a total of 78% of those who strongly agree or agree with the
63
statement based on the data gathered. Of those who responded, 18% were
neutral, 4% disagreed, and none strongly disagreed with the remark.
B. Maintaining Financial Discipline is Helpful in Achieving Financial Security
The majority of students responded in the affirmative, saying that
practicing financial discipline concurrently with financial security is achievable.
30% of respondents indicated they strongly agreed, 56% indicated they agreed,
and 10% indicated they were impartial. 2% of respondents said they disagreed,
and another 2% said they strongly disagreed, making up the remaining
percentage.
C. Limitations on Financial Security and Assurance of Financial Security even in
the Event of Future Difficulties
The majority of students indicated that they are confident they can
overcome financial difficulties in the future despite the constraints on their
financial stability, with 28% strongly agreeing and 52% agreeing. About 14% of
respondents gave a neutral response, 6% disagreed, and none strongly
disagreed with the statement.
The findings of the study conducted in (2021) by Alghamdi et al. ,point to
and indicate an unbalanced personal financial system, which is concerning for
future financial security, stability, and resilience. Thus, initiatives to promote
financial planning, investment, financing, and savings among students is
essential. Furthermore, according to a study by Jones et al. published in (2021),
they made the case that in order to develop successful treatments to lessen
64
these effects which could have long-term repercussions on students’ health and
well-being; it is crucial to consider the health and financial stability of students.
Applicability of financial literacy initiatives and financial education to
students who are struggling financially.
Financial education and financial literacy efforts have many dimensions,
and features that make them applicable to financially suffering pupils include
financial curriculum and financial literacy programs.
Table 13. Students’ Perceived of Financial Curriculum

1 Effectiveness of K–12 financial and economic 3.92 Agree
curricula
2 Effectiveness of financial education standards for 3.86 Agree
money management when tested in diverse
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financial issues
According to Table 13, students “Agree” that K–12 financial and economic
curricula are beneficial in helping them apply their knowledge to deal with a
variety of financial challenges when they arise. The aggregate mean of 3.89
indicates that the respondents’ answers are consistently in line with agree,
indicating both connections between the answers. As a result, K–12 curricula
provide children with a fantastic opportunity to progressively advance their
financial management skills.
First of all, Johnson et al. (2021) noted that the necessity to look at the
efficacy of school-based financial education programs is highlighted by the
growing role that schools are playing in promoting financial literacy. The financial
education system, as mentioned by Salas-Velasco et al. (2021), not only assists
students in becoming financially literate but also financially competent, more
successfully guiding the next generation of financial decision-makers to apply
relevant financial knowledge. In a study conducted by Johan et al. (2021),
personal finance courses did, in fact, have a positive and statistically significant
influence on financial awareness when controlled for other variables. However,
the course did not have a statistically significant effect on individual’s attitudes or
behaviors.
66
(Graph)
4.1 A. Effectiveness of K–12 B. Effectiveness of financial
financial and economic education standards for
curricula money management when
tested in diverse financial
issues
Strongly Agree 24 16
Agree 54 62
Neutral 16 16
Disagree 2 4
Strongly Disagree 4 2
Figure 13. Financial Curriculum
A. Effectiveness of K–12 Financial and Economic Curricula

67
Absolutely, K–12 financial and economic curricula are useful for exposing
children to real-world economic situations. The majority of respondents said that
the usefulness of K–12 financial education is considerably demonstrated by 24%
who strongly agreed and 54% who agreed. However, 16% of the learners were
ambivalent, 2% disagreed, and 4% strongly disagreed with the statement
regarding its efficacy.
B. Effectiveness of Financial Education Standards for Money Management when
Tested in Diverse Financial Issues
In order to deal with financial concerns, financial education is believed to
spark good money management on a regular basis. This is supported by the
large number of respondents who answered strongly agree 16%, agree 62%,
others were 16% neutral, others disagreed for roughly 4%, and some disagreed
vehemently for 2%.
In their study from (2021), Moscarola et al. made the case that brief
extracurricular courses can also help students become more financially and
economically literate. Additionally, they offer compelling data that merits more
investigation into the possibility that informal financial education can strengthen
the benefits of formal financial education. Moreover, teachers are seen of as the
pinnacle of education and professional accomplishment, according to Polinar et
al. (2022), and they serve as role models for students, helping them become
better citizens.
68
Table 14. Students’ Perceived of Financial Literacy Programs

1 Financial literacy aids in avoiding poverty 3.88 Agree
mentality
2 Programs and seminars on financial literacy are 4.08 Agree
essential
Table 14 illustrates the importance of financial literacy programs in the
lives of students. Indicator 2’s highest mean of 4.08 indicates that respondents
consistently select “Agree” as their response. As a result, initiatives create a
strong case for enhancing financial literacy programs and holding seminars on
69
money management in order to support students’ development and accumulation
of wealthy mindset in the near future.
In their study, Khan et al. (2022) stated that financial inclusion is an
international policy agenda that can be attained by financially educated persons
who can make well-informed financial decisions and enhance the well-being of
individuals. This implies that in order for students to become financially literate
citizens, they must first improve their financial literacy by participating in financial
literacy training programs. Recent evaluations of Zhu et al.’s study from 2021
indicate that youth financial literacy is inadequate in another study. Furthermore,
financial literacy is a multifaceted concept that includes well-being, actions,
attitudes, and knowledge about money. Young people who possess financial
literacy are more able to become financially independent and break free from
intergenerational poverty. This means that secondary school is the ideal setting
for establishing young people’s financial literacy, and financial education should
be given to pupils during this time.
(Graph)
4.2 A. Financial literacy aids in B. Programs and seminars
avoiding poverty mentality on financial literacy are
essential
Strongly Agree 20 28
Agree 56 52
Neutral 16 20
Disagree 8 0
Strongly Disagree 0 0
Figure 14. Financial Literacy Programs
A. Financial Literacy Aids in Avoiding Poverty Mentality
Yes, being financially literate helps to avoid poverty mentality because the
survey data shows that the majority of students strongly agreed for around 20%
70
and agreed for 56%. While 16% of respondents said indifferent, 8% disagreed,
and none strongly disagreed.
B. Programs and Seminars on Financial Literacy are Essential
Yes, seminars and financial literacy programs are beneficial to students,
and there is still potential for improvement in this area of education, as the
majority of students responded with 28% strongly agree and 52% agree.
Although some were ambivalent for roughly 20%, none disagreed or strongly
disagreed with the assertion.
The study conducted in (2020) by Abichuela et al. defines financial literacy
as the culmination of responsiveness, profound knowledge, skill, attitude, and
behavior related to money, credit, and banking that are required to make
extraordinary financial judgments. In order to achieve massive financial inclusion
and advance economic development, financial literacy promotion is essential. In
their educational pursuits from (2020), Muñoz-Murillo et al. stated that improving
the design of financial literacy and education programs requires financial literacy.
An overview of students’ financial management and decision-making.
An overview of how students handle their money and make judgments on
their financial responsibilities in terms of money management, financial
decisions, financial behavior, and financial knowledge.
Table 15. Managing finances and making decisions

Managing finances and making decisions Mean Interpretation
Financial Responsibility in Money Management 4.193 A
Financial Decisions 3.24 N
Financial Behavior 3.753 A
Financial Knowledge 3.913 A
71
Grand Mean 3.774 A
Students’ responses were read as “Agree” in indicator 1 of table 15, with
an aggregate mean of 4.193. In indicator 2, on the other hand, the responses
were neutral, with an aggregate mean of 3.24. However, indicator 3, which
discusses the financial behavior and discipline of the youngsters, has an
aggregate mean score of 3.753, which is still translated as “Agree” orally. Last
but not least, indicator 4’s aggregate mean of 3.913 is still in line with earlier
interpretations. This leads to the calculation of a grand mean of 3.774, with
"Agree" serving as the basis for the students’ response regarding how they
approach money management and decision-making.
An overview of students' careless spending and inadequate money
management.
An overview of the circumstances behind students’ irresponsible spending
and poor money management in relation to their obligation to save money, their
ideas about future investing plans, and their coping techniques.
Table 16. Engaging in reckless spending and poor money management

Engaging in reckless spending and poor money Mean Interpretation
management
Saving Money 3.64 A
Investing Money 3.953 A
Grand Mean 3.796 A
72
Regarding Table 16, which discusses students’ financial responsibilities
and their future investment goals, the findings indicate that, with a total aggregate
mean of 3.64, respondents agree with Indicator 1. On the other hand, given that
the aggregate mean for indication 2 was 3.953, they do, in fact, “Agree” with their
ideas and future intentions regarding investing their money, since this is the
range of interpretation displayed. The response is therefore in line with “Agree”
because the grand mean that was determined was 3. 796.
An overview of students' financial strain brought on by several familial and
academic commitments.
An overview of the various familial and academic responsibilities that
students have in relation to financial stress, financial stability, and financial self-
efficacy.
Table 17. Financial pressure from several obligations to families and academics
Financial pressure from several obligations to Mean Interpretation
families and academics
Financial Stress 3.753 A
Financial Self-Efficacy 3.646 A
Financial Security 3.6 A
Grand Mean 3.666 A
The data collected in Table 17, which discusses the aggregate mean and
grand mean of students’ financial hardship due to many familial and academic
commitments, indicates that respondents’ replies in Indicator 1 were interpreted
as “Agree” since the aggregate mean was 3.753. Indicator 2, however, which
concerns students’ financial self-efficacy and yielded a score of 3.646, is
nevertheless understood as “Agree”. Among them is indicator 3, which yields
information about students’ financial security. Its aggregate mean of 3.6 is

73
consistent with respondents’ “Agree” responses. Finally, but just as importantly,
the grand mean of the total computations was 3.666, or "Agree".
An overview of financial education and financial literacy programs'
relevance to financially disadvantaged pupils.
An overview of the financial education and financial literacy programs’
relevance to financially disadvantaged students’ K–12 financial curriculum and
financial literacy initiatives.
Table 18. Applicability of financial literacy initiatives and financial education to

students who are struggling financially
Applicability of financial literacy initiatives and Mean Interpretation
financial education to students who are
struggling financially
Financial Curriculum 3.89 A
Financial Literacy Programs 3.98 A
Grand Mean 3.935 A
Indicator 1 for Table 18, which discusses the value of financial literacy and
education programs for students from low-income families, indicates that
students “Agree” with the importance of K–12 financial curricula in students’ lives,
as indicated by the calculated aggregate mean of 3.89. However, in the context
of financial literacy programs, indication 2 received a noteworthy amount of 3.98,
indicating that students are still in agreement with the topic. This yields a grand
mean total of 3.935, which is exactly in line with the respondents’ “Agree”
responses.
74
Chapter 5
SUMMARY, FINDINGS, CONCLUSION AND RECOMMENDATIONS
This chapter presents the summary, findings, summary of findings,
conclusions and recommendations offered.
Summary
The research endeavor was a quantitative study that employed a self-
made survey questionnaire distribution method to collect data from 50
respondents who voluntarily joined departments ranging from junior high school
to college. We discovered a few limitations in the students’ awareness, behavior,
and knowledge of finance management after the data was collected, totaled,
75
tabulated, and recorded in a table with the scores, means, and percentages.
Among these limitations is the fact that the majority of the students were not
really into saving money, which is essential for stability. Likewise, through the
use of several factors for the investigation, the additional analysis was found.
Findings
The following findings are drawn from a careful examination of the survey
data.
The study was able to pinpoint the following findings primarily, students
care for their responsibilities and most of them don’t engage in careless
spending, usually putting their priorities of needs first before spending on lavish
items, since needs are seen as heavier in scale of value rather than wants; thus
the correlation between financial independence and responsibility is significant.
According to Butterbaugh et al. (2020), a crucial aspect of maturity is financial
independence, as people are required to make important decisions and undergo
big life transitions, all while focusing on being self-sufficient. For instance,
managing debt and duties might be challenging owing to stress and time
constraints, but learners can overcome these obstacles. The data offered
emphasizes the necessity of financial responsibility and financial literacy, as well
as reasons for spending patterns that help people make better financial
decisions.
Behavior inherently stimulates financial cognition and action due to its link
to motivation and finance. Dewi et al. (2020) observed a substantial association
between financial skills and financial management behavior in addition to a

76
significant relationship between financial attitude and behavior. According to the
gathered research data , a significant portion of learners are generally happy with
the products and services they have bought, proving they have the means to
spend money on things that make them happy and enhance their quality of life.
One effective way to combat financial difficulties, which are primarily the result of
financial illiteracy, is to limit one’s excessive spending habits. Budgeting is an
additional tactic that is a reasonable approach to managing finances in order to
maintain stability over time. Impulsive spending, on the other hand, has been
found to lead to unintended debt and negatively impact students’ ability to
manage their finances, causing chaotic financial struggles and crises that, if the
behavior persists, affect not only their mental but also their physical well-being.
According to Kumar et al. (2022), the condition’s primary causes are
overspending and debt, both of which may result from a lack of financial capacity.
A considerable proportion of students encounter difficulties striking a balance
between their extracurricular and financial commitments, and dealing with money
problems can be demotivating. That being said, they thought that setting aside
time and space to deal with financial planning and management helped to reduce
financial strain. This indicates that applying financial discipline to a person’s life is
only reasonable and meaningful when self-control is practiced. Furthermore,
peer-to-peer financial relationships have been shown to be a significant factor in
lowering financial stress because they foster a close grasp of financial issues and
help learners become more adaptable through the support of others. Muhammed
et al. (2020) found that peer knowledge sharing, also known as intra-
organizational knowledge sharing, has an impact on financial and innovation

77
performance. The study also shows that a crucial precondition for peer
knowledge sharing is leadership support.
The importance of financial awareness and knowledge in fostering
financial health is another element. When asked how capable they are of
assuming knowledge, understanding the distinctions between equity, liabilities,
and assets, and seizing market opportunities, the majority of students say they
are capable of handling their money sensibly, which could lead to financial
success. Additionally, given that it is related to experiencing financial
contentment when made with sound judgment, being able to discern between a
need and a want is equally important. In the realm of financial management, both
saving and investing money show to be logical and successful strategies. About
42% of learners agree and strongly believe that saving money has long-term
benefits for stability, and 6% strongly agree that savings grow in relation to
liabilities. But some were objectively neutral. Taking into account their responses,
it appears that they would rather save money in their bank accounts than use a
more traditional approach.
For instance, financial self-efficacy is an individual’s confidence in their
finances and ability to make sound financial decisions; most students were
financially comfortable, some fell somewhere in the middle, and others felt
unstable for a significant period of time. As a result, many have faith in their
ability to make wise financial choices and strategies. An individual’s capacity to
attain financial self-efficacy is increased by the relationship between their
financial behavior and knowledge. Nevertheless it was discovered that having

78
financial security contributes to living a longer life and that anything is possible
with discipline when it comes to finances. As financial health may be
conceptualized and quantified as a major social determinant of health, Weida et
al. (2020) found high correlations between financial health and health outcomes.
Of those surveyed, 30% strongly agreed, 56% agreed, and only 10% were
neutral, meaning that students felt confident in their ability to overcome obstacles
to their financial stability in the future.
Financial and economic curricula are helpful in introducing youngsters to
real-world economic scenarios. The financial world needs responsible,
knowledgeable, and financially literate citizens. According to available statistics,
the effectiveness of K–12 financial education is significantly indicated by 24% of
learners who strongly agreed, 54% who agreed, 16% who responded
ambivalently, 2% who disagreed, and 4% who strongly disagreed. Therefore,
financial literacy is the primary means of preventing a poverty mindset, and
financial education is a first step in laying a solid basis for sound money
management. Thus, financial literacy programs and seminars are beneficial to
learners and have the potential to improve the quality of financial education.
Conclusions
Based on the findings of the study, the following conclusions are drawn.
1.)The practice of financial discipline serves as a stepping stone to financial
independence. It is followed by a behavioral and application approach.
Consequently, developing both aspects can benefit an individual in managing
their finances effectively. Hamid et al. (2021) mentioned the idea that behavioral
79
interventions and financial education, which instill sound money management
skills, are crucial in influencing people’s behavior is widely supported.
2.)Tools such as bank accounts and other technological advancements are used
as development resources that have a significant impact on students’ financial
growth and literacy, especially in easily tracking their money, savings, and
expenses. Santoso et al. (2022) demonstrate that digital financial literacy has a
favorable impact on people’s current saving and spending habits. It also helps
individuals anticipate their future saving and spending habits.
3.)Financial literate learners possess the competency to make sound financial
decisions and sensible investments. They are calculated in their approach,
carefully considering the risks involved in every steps they take. The findings of
Alaaraj’s (2020) study suggest a strong and favorable correlation between
financial literacy and the ability to make informed investment decisions.
4.)Limited access to information about money management hinders individuals
from saving prudently and making wise financial decisions, especially when it
comes to navigating the complexities of investments. This lack of financial
literacy prevents individuals from reaching their full potential and can lead to
financial irresponsibility, hindering their ability to become self-sufficient adults.
According to a study by Nugraha et al. (2023), financial literacy is crucial for the
younger generation as it enables them to manage their money wisely and
achieve their long-term financial goals. Young people should learn financial
management skills and apply them to their everyday lives, being aware of the
80
advantages of sound money management, saving, and investing, as well as
financial literacy.
5.) The K-12 financial and economic curriculum helps young people improve their
financial literacy and overcome financial challenges. Matheson et al. (2020)
assert that required, well-supported, student-oriented transdisciplinary instruction
has the potential to produce more worthwhile and effective learning, making
graduates better prepared to handle future challenges and financial difficulties.
Recommendations
Financial Literacy Workshops. Organize interactive workshops focusing
on budgeting, saving, investing, and debt management to enhance students’
financial knowledge. Provide real-life scenarios and case studies to help students
understand the importance of financial responsibility.
Personal Finance Courses. Integrate personal finance courses into the
college curriculum to ensure students acquire essential financial skills before
graduating. Cover topics like credit management, taxes, and financial goal
setting.
Financial Wellness Assessments. Conduct assessments to gauge
students’ financial knowledge and behavior. Use the results to tailor financial
literacy programs and provide individualized guidance where needed.
Online Financial Tools. Offer access to online financial management
tools and resources that help students track their expenses, create budgets, and
81
set financial goals. Encourage students to utilize these tools to develop good
financial habits.
Internship Programs. Partner with financial institutions to provide
internship opportunities that expose students to real-world financial practices.
This hands-on experience can enhance their understanding of financial
responsibility and management.
Mock Investment Competitions. Organize mock investment
competitions where students can learn about investing in stocks, bonds, and
mutual funds. This experiential learning approach can improve students’
understanding of investment risks and rewards.
Financial Counseling Services. Provide free financial counseling
services for students to seek guidance on managing their finances. Certified
financial advisors can offer personalized advice on budgeting, saving, and
planning for the future.
Financial Literacy Campaigns. Launch campus-wide financial literacy
campaigns to promote awareness and participation among students. Utilize
social media, workshops, and events to engage students and emphasize the
importance of financial responsibility.
Peer-to-Peer Financial Mentoring. Pair students with upperclassmen or
alumni who have demonstrated financial responsibility to serve as mentors.
These mentors can share practical tips and advice based on their own
experiences.
82
Financial Literacy Certification. Offer a financial literacy certification
program that students can complete alongside their academic studies. This
certification can serve as a valuable credential demonstrating their proficiency in
financial management.
Definition of Terms
The terminologies below have both conceptual and operational definitions
for the sake of clarity, greater understanding, and establishing a shared
construction of meaning.
Budgeting- the act of making a spending plan that enables you to foresee
whether you will have enough money to carry out the tasks you must or want to
by simply balancing your expenses and income.
BSP- The Bangko Sentral ng Pilipinas (BSP) is the central bank of the
Philippines. It was founded on July 3, 1993, in accordance with the 1987
Philippine Constitution and the 1993 New Central Bank Act.
EFL- The Economic and Financial Literacy Act, also known as Republic
Act No. 10922, aims to raise national awareness of economic and financial
literacy.
Financial Attitude- is a person’s attitude toward money, which is typically
a product of his upbringing and environment.
Financial Behavior- concerns about a person’s behavior in relation to
money management.
Financial Security- refers to peace of mind felt or calmness we have
when we aren’t worrying about money, it includes having enough income to

83
cover bills comfortably, being debt-free, and having funds to handle
emergencies.
Financial Self-Efficacy- is conceptualized as the confidence of an
individual in his/her ability to acquire information for making effective financial
decisions or defined the person’s belief in his or her capacity to gather
knowledge necessary to make wise financial judgments.
Financial Stability- is a state in which an economy’s systems for valuing,
allocating, and managing financial risks are efficient enough to contribute to the
economy’s performance. People who have stable finances are less prone to
worry and stress about money.
Prudent- A student can be prudent by exercising any sort of sound
judgment or foresight. Prudence is being cautious with money. It means being
careful in the way you make decisions or spend money so that you avoid
unnecessary risks .Prudence in finances essentially entails making long-term
plans and investing in ventures with high potential for profit. It also entails being
fully aware of how to maximize the growth of the money you already have; this is
a concept that can assist people in practicing frugal spending and avoiding
capital expenditures.
Risk and Ambiguity- Unlike ambiguity, where result probabilities are
unknown, risk refers to a situation in which we precisely know the probability of
each option’s possible outcomes.

84
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85
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APPENDICES
94
APPENDICES A
Transmittal Letter
February 26, 2024
ROLANDO C. SANGALANG
School President/Director
Golden Success College
1297 V. Rama Avenue, Corner
Singson Street, Guadalupe,
Cebu City, 6000, Philippines
Dear Mr. Sangalang,
We are bonafide students of Golden Success College, Guadalupe Cebu

City who are presently enrolled in Practical Research 3. We are currently
conducting a study entitled "EXAMINING STUDENTS’ FINANCIAL LITERACY
WITH AN EYE TOWARD THEIR OWN FINANCIAL RESPONSIBILITY IN
GOLDEN SUCCESS COLLEGE”. This research study is conducted solely for its
objectives in measuring the students capabilities of using behavioral and
knowledge attempts when it comes to dealing with their personal financial affairs.
In this regard, we respectfully request your permission to carry out this

research project at Golden Success College. Rest assured that all gathered data
will be treated with utmost confidentiality and the study may be useful for future
references. We are hoping for your full support regarding this request.
Thank you and God bless you!

Respectfully Yours,
ANGEL Y. LIMATOG JAZZLY E. GENERALAO

Researcher Researcher
CHESKA J. ARELLANO LALAINE ROSE G. DY

JANICA ESTRADA ROLAND JAMES N. PIANGCO

LEA MAY W. ONDE
Researcher
Noted: Approved:
MICHAEL L. BARILLANO, MA.Ed. ROLANDO C. SANGALANG, LPT, REB.

Research Adviser School President/Director
95
Appendix B
Survey Questionnaires
This questionnaire is administered to the participants in the study

"EXAMINING STUDENTS’ FINANCIAL LITERACY WITH AN EYE TOWARD
COLLEGE".
Section 1: Demographic Information
Name(optional):____________________________ Age:_________________
Gender:___________
Do you earn income? Yes [ ] No [ ]

Do you lean on allowances your parents provide for you? Yes [ ] No [ ]
Grade Level of the Respondents
a.)Grade 7 [ ] c.)Grade 9 [ ] e.)Grade 11 [ ] g.)College [ ]
b.)Grade 8 [ ] d.)Grade 10 [ ] f.)Grade 12 [ ]
Strand of the Respondents (Senior High School Students Only)
a.) ABM [ ] c.)TVL-HE [ ] e.)HUMSS [ ]

b.) STEM [ ] d.) TVL-ICT [ ]
Course of the Respondents (College Students Only)
a.)HM (Bachelor of Science in Hotel and Restaurant Management) [ ]
b.)IT (Bachelor of Science in Information Technology) [ ]
Education (College Students Only)
a.) Bachelor of Elementary Education Major in Math [ ]
b.) Bachelor of Secondary Education Major in English [ ]
Ranges of Allowance Amount
[ ] 100-200 or below average [ ] 400-500
[ ] 200-300 [ ] 500+ above average
In which strategy do you prefer when handling your budget money and
expenses?
[ ] Income/Allowance-Expenses=Saving [ ]Income/Allowance-
Savings=Expense
[ ] Income/Allowance-Savings-Needs=Wants
Section 2: Survey Questionnaires

This form of questionnaire is presented to the respondents as to gather
results and rate the quality of responsible personal finance (QoRPF) among the
students' way of management to financial affairs.
96
Instructions: Please put a check on SA if you Strongly Agree on the

statement ,A for Agree, N for Neutral, D for Disagree, and SD for Strongly
Disagree.
INDICATORS SA A N D SD
1.)How do students manage their money and make
decisions?
1.1 Financial Responsibility in Money Management
a. Are you a responsible, well-informed citizen with money
matters?
b. Do you find that having financial independence entails a
lot of responsibility?
c. Is it challenging to manage a lot of responsibilities and
debt?
1.2 Financial Decisions
a. Does understanding your spending patterns help you
make better financial decisions?
b. Do you think it’s beer to spend money on wants over
needs?
c. Are the majority of the things you purchased sufficient to
meet your needs and satisfy your demands?
1.3 Financial Behavior
a. Do your self-control overspending habits keep you from
managing your money irresponsibly?
b. Does sticking to a budget help you achieve your long-
term financial goals in the long run?
c. Do you believe that unintentional debt results from
impulsive purchases?
1.4 Financial Knowledge
a. Are you aware in the complexity of managing your
money and how to take advantage of new possibilities in
the market?
b. Does improving financial growth require knowing and
comprehending the differences between equity, liabilities,
and assets?
c. If someone wants to achieve financial contentment, is it
necessary to distinguish wisely between needs and wants?
2.)Do young students engage in careless spending and
inappropriate money management?
2.1 Saving Money
a. Do you set aside portion of your money regularly for
developing financial health and security?
b. Do your savings grow as opposed to your liabilities?
c. Is depositing money straight into your bank account
instead of employing a more conventional method of
97
saving better?
2.2 Investing Money
a. Is making financial plans to invest and save really that
important for your future?
b. Do you think you can be more safe in the long run by
investing money your money in assets that have the
potential to boost your profitability rather than liabilities?
c. When the time comes, will you think about being able to
invest money?
3.)Were they under tress from having so many financial
obligations to both their families and their studies?
3.1 Financial Stress
a. Are you able to maintain a balance between your
activities and finances in all facets of your life?
b. Does overcoming financial difficulties make things more
difficult for you or demotivate you in any way?
c. Does making time and space for money management
help to reduce financial stress?
3.2 Financial Self-Efficacy
a. Regarding your finances, do you feel secure?
b. Do you have confidence in your ability to make sound
financial decisions and plans?
c. Are you certain that acquiring financial knowledge and
financial behavior discipline are related to achieving
financial self-efficacy?
3.3 Financial Security
a. Does financial security aid you to a prolonged life?
b. Does it appear that you will eventually attain financial
security if you continue to practice financial discipline?
c. Knowing that the amount of money you have secured
has a limit, are you certain you can continue to secure your
finances with every transaction you make in the future?
4.)Are financial literacy programs and financial education
necessary and relevant when it comes to students facing
financial difficulties?
4.1 Financial Curriculum
a. Does knowledge acquired from the K-12 financial and
economic curriculum prove to be effective?
b. Does the standard of financial education translate into
the effective money management on a daily basis when
dealing with various financial issues?
4.2 Financial Literacy Programs
a. Do you think that having a financial literacy helps you
avoid having a poverty mentality?
b. Do seminars and financial literacy programs seem
necessary to the students and is there room for
98
development in this area of education?
Appendix C
Informed Consent Letter
Part I. INFORMATION SHEET
Introduction
Greetings, participants! We are bonafide students of Golden Success
College. We would like to invite you to take part in a study. By doing this, we can
gather sufficient data to back up our research on students’ personal financial
literacy.
Purpose of the Research
We would like to know more about “EXAMINING STUDENTS’
RESPONSIBILITY IN GOLDEN SUCCESS COLLEGE.” In order to come up
with solutions related to financial literacy, we will analyze students’ financial
literacy skills in relation to their own abilities.
Type of Research Intervention
This is a quantitative study, so your feedback would be greatly
appreciated as it would aid in the resolution of the problem.
Participant Selection
Twenty volunteers from each of the three departments, the junior high
school, senior high school, and college, are identified and chosen at random for
this study.
Voluntary Participation
You are free to decide whether or not to engage in the study. It is entirely
voluntary. We will elucidate the study for you. Kindly do not hesitate to ask any
queries you may have regarding the study. We will be pleased to go over
anything in more depth.
Procedures
In order to wait for the survey participants to indicate whether they strongly
agree, agree, disagree, or disagree strongly with the statement, the researchers
will read the informed consent letter to them. Following that, we will start reading
the survey questionnaires.
Following that, people are free to ask questions, and the questions on the
survey and study will be answered to allay their worries. These procedures are
all carried out just for formalities.
Duration
99
You shouldn’t worry because the survey should just take three to seven
minutes to complete.
Risks
There is a chance for data leaking if the researchers fail to secure the
information we have collected from this survey. However, don’t worry we’ll do
everything in our power to ensure that you entrust such information to us alone.
Benefits
The advantage of this research is that it will enable us to better
comprehend and achieve the study’s goal foundation and the manner in which
students assume personal financial responsibility on a regular basis.
Reimbursements
To inquire about reimbursement, please get in touch with us. If you have
any questions concerning the topic, we would be happy to assist you.
Confidentiality
You may be confident that, in accordance with Republic Act No. 10173,
also known as the Data Privacy Act, all information and data obtained will be
treated with the highest confidentiality. If your response is anonymous, it means
that no one other than us will be aware of it and your name won’t show
anywhere.
Sharing the Results
Only the researchers will have access to the survey papers that
correspond to the participants. The responses to this survey will be totaled, and
the findings will only be shared with people who were involved in the study. Any
articles or presentations we write or make on your behalf will use a fictitious
identity, and no personal information will be disclosed.
Right to Refuse or Withdraw
If you do not wish to continue you have the right to withdraw from the
study. Without penalty, at any time.
Who to Contact
Please feel free to contact lalainerosedy2@gmail.com or this number,
09094239535, if you have any questions or concerns regarding your response to
this survey.
Part II. CERTIFICATE OF CONSENT
I have been invited to participate in the survey entitled, “EXAMINING
STUDENTS’ FINANCIAL LITERACY WITH AN EYE TOWARD THEIR OWN
FINANCIAL RESPONSIBILITY IN GOLDEN SUCCESS COLLEGE.” I have read
the preceding information about the research, or it has been read to me. I have
had the opportunity to ask questions about it and any questions I have been
100
asked have been answered to my satisfaction. I voluntarily consent to be a
participant in the study.
CURRICULUM VITAE
101
CURRICULUM VITAE
LALAINE ROSE G. DY (lalainerosedy2@gmail.com)

Lupa, Sapangdaku Cebu City (+639094239535)
________________________________________________________________
EDUCATION
Senior High School(Golden Success College)
1297 V. Rama Avenue, Corner Singson Street, Guadalupe Cebu City
Accountancy Business and Management (ABM)
2023- 2024
Elementary(Sapangdaku Elementary School)
Lupa, Sapangdaku Cebu City Date of Birth: December 4,2005
2012-2018 Age: 17
Skills: Religion: Roman Catholic
Singing & Rapping & Arts Height:5'4"
Essay & Poetry Writing & Memorization Weight: 44 kg

102
CURRICULUM VITAE
ROLAND JAMES N. PIANGCO(rheyviern123@gmail.com)

Apas, Lahug Cebu City (+639317901795)
________________________________________________________________
EDUCATION
2023- 2024
Elementary(Bato National High School)
8HQR+Q84, Bato, Toledo City, Cebu Date of Birth: April 11,2006
2012-2018 Age: 17

103
Cooking & Badminton Height: 5'6"
Volleyball Weight: 55 kg
CURRICULUM VITAE
JAZZLY E. GENERALAO(Jazzlygeneralao@gmail.com)
64-A Spolarium Duljo Fatima Street Cebu City (+639926779487)
________________________________________________________________
EDUCATION
2023- 2024
Elementary(San Nicolas Elementary School)
7VVP+X8C, Carlock St, Cebu City, 6000 Date of Birth: November 16, 2004
2012-2018 Age:18

104
Singing Height: 5'4"
Dancing Weight:59 kg
CURRICULUM VITAE
ANGEL Y. LIMATOG(angellimatog5@gmail.com)
Don Gil Garcia Street Capitol Site Cebu City (+639621391613)
________________________________________________________________
EDUCATION
2023- 2024
Elementary(Guadalupe Elementary School)
372 English V. Rama Avenue Street,
6000 Guadalupe Cebu City Date of Birth: August 10,2006

105
2012-2018 Age: 17
Dancing Weight: 43 kg
CURRICULUM VITAE
JANICA ESTRADA(estradajanica28@gmail.com)
ForestHills Banawa Kalubihan Cebu City (+639182008890)
________________________________________________________________
EDUCATION
2023- 2024
Elementary(Banawa Elementary School)
8V9H+428, Forest Hills Rd, Banawa,

106
Cebu City, 6000 Date of Birth: October 28,2005
2012-2018 Age: 17
Cooking Height:5'2"
Basketball Weight: 35 kg
CURRICULUM VITAE
CHESKA J. ARELLANO(cheska5arellano@gmail.com)
Unit 5, Oprra Kalunasan Cebu City (+639812508657)
________________________________________________________________
EDUCATION
2023- 2024
107
Elementary(Oprra Elementary School)
Oprra Kalunasan, Cebu City Date of Birth: April 21,2006
2012-2018 Age: 17
Dancing Weight: 65 kg
CURRICULUM VITAE
LEA MAY W. ONDE(ahhleaonde@gmail.com)

Singson Kanaas Guadalupe, Cebu City (+639939384490)
________________________________________________________________
EDUCATION
2023-2024
108
Elementary(Guadalupe Elementary School)
372 English V. Rama Avenue Street,
6000 Guadalupe Cebu City Date of Birth: May 27,2005
2012-2018 Age: 18
Skills: Religion: Baptist
Dancing Height: 5’0”
Weight: 52 kg

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EXAMINING STUDENTS' FINANCIAL LITERACY WITH AN EYE TOWARD

THEIR OWN FINANCIAL RESPONSIBILITY IN GOLDEN SUCCESS

This participative research entitled, “ EXAMINING STUDENTS’ FINANCIAL LITERACY

MICHAEL L. BARILLANO, LPT, MA.Ed SHIELA S. BISMANOS, LPT

JASMINE A. ALVAREZ, LPT MAILYN BONGO, LPT

ELLEN C. GABISAY, LPT

APPROVED by the Committee on Oral Examination with the grade of _______.

MICHAEL L. BARILLANO, MA.Ed SHIELA S. BISMANOS, LPT

JASMINE A. ALVAREZ, LPT MAILYN BONGO, LPT

ELLEN C. GABISAY, LPT

MICHAEL L. BARILLANO, MA.Ed.

TABLE OF CONTENTS viii

LIST OF FIGURES xii

Chapter 1 THE PROBLEM AND ITS SCOPE

Rationale of the Study 1

Statement of the Problem 11

Significance of the Study 13

Scope and Limitations 13

Chapter 2 REVIEW OF RELATED LITERATURE AND REVIEWS

CHAPTER 3 RESEARCH METHODOLOGY

Data Gathering Procedure 32

Statistical Treatment of Data 33

Chapter 4 PRESENTATION, ANALYSIS AND INTERPRETATION

Managing finances and making decisions 40

Financial Responsibility in Money Management 39

Engaging in reckless spending and poor money management 40

Financial pressure from several obligations to families and 44

Applicability of financial literacy initiatives and financial 48

education to students who are struggling financially

Financial Literacy Programs 46

An overview of students’ financial management and 47

An overview of students’ careless spending and inadequate 48

An overview of students' financial strain brought on by 48

several familial and academic commitments

An overview of financial education and financial literacy 49

programs' relevance to financially disadvantaged pupils

Chapter 5 SUMMARY, FINDINGS, CONCLUSION AND RECOMMENDATIONS

C.Informed Consent Letter 91

TABLE TITLE PAGE

1 Distribution of Research Respondents 31

2 Demographic Profile of Student-Respondents 32

4 Students’ Perceived of Financial Responsibility 35

5 Students’ Perceived of Financial Decisions 36

6 Students’ Perceived of Financial Behavior 37

7 Students’ Perceived of Financial Knowledge 38

8 Students’ Perceived of Saving Money 39

9 Students’ Perceived of Investing Money 40

10 Students’ Perceived of Financial Stress 41

11 Students’ Perceived of Financial Self-Efficacy 42

12 Students’ Perceived of Financial Security 43

13 Students’ Perceived of Financial Curriculum 44

14 Students’ Perceived of Financial Literacy 45

15 Students' financial management and decision- 46

16 Students' careless spending and inadequate 47

17 Students' financial strain brought on by several 48

familial and academic commitments

18 Financial education and financial literacy 49

programs' relevance to financially disadvantaged

FIGURE TITLE PAGE