St. Joseph School of Candaba Inc.

Tenejero, Candaba, Pampanga

THE EFFECTIVENESS OF FINANCIAL LITERACY SKILLS IN HANDLING

ACADEMIC FINANCES OF GRADE 11 STUDENTS OF SAINT JOSEPH SCHOOL OF

CANDABA INC.

Dela Cruz, Zelle Joi D.

Dugelo, Miguela P.

Javison, Gio Adrian C.

Manlapaz, John Benedict D.

Moreno, Lorraine Joy T.

Taruc, Jaz Ryll R.

Tolentino, Raynee Jane B.

RESEARCH ADVISER:

Mr. Alvin Dela Peña

December 2023
 ACKNOWLEDGMENT

We would like to acknowledge with sincere respect and deepest appreciation the

following persons who contributed and helped realize the completion of this work.

Mr. Alvin Dela Peña, our research adviser, for his full support, guidance, and pieces of

advice that led to the revisions throughout the duration of this research work.

Ms. Janina Hipolito, our practical research adviser, who patiently gave all her support,

unselfish guidance, and countless recommendations that led to the development of our study.

Ms. Melissa Taruc, our class adviser, for the words of encouragement and suggestions

that helped us steer in the right direction of this study.

Mr. Daren Villaseñor, our department head, for his numerous constructive criticisms

and motivations for our research work and the upcoming research defense.

Mr. Ric Kevin Tolentino, our dearest acquaintance, for giving numerous

recommendations for research topics and meaningful tips that helped us begin our progress in

research.

To our fellow friends and classmates, for all the times they had lent us their ears in our

every head-scratching question, for countless sleepless nights working together due to deadlines,

and for all the fun and frustrations we all have had for the last four months.

To our family and friends, for their unwavering support, love, care, and words of

encouragement in helping us finish this study.

Above all, "The Almighty God" for his unending love, protection, and guidance.
 TABLE OF CONTENTS

CHAPTERS

I. The Problem and Its Background …

1.1 Introduction ……………………………………………………………………….1

1.2 Statement of the Problem …………………………………………………………4

1.3 Hypothesis ………………………………………………………………………...4

1.4 Significance of the Study …………………………………………………………4

1.5 Scope and Delimitation of the Study ……………………………………………..5

1.6 Conceptual and Theoretical Framework ………………………………………….6

1.7 Definitions of Terms ………………………………………………………………7

II. Review of Related Literature and Studies

2.1 Related Literature …………………………………………………………………9

2.2 Related Studies ……………………………………………………………………16

2.3 Proponents ……………………………………………………….……………..…23

2.4 Relevant Theories …………………………………………………………………26

III. Research Methodology

3.1 Research Method and Design ……………………………………………………..28

3.2 Respondents of the Study …………………………………………………………29

3.3 Sampling Technique ………………………………………………………………29

3.4 Research Instrument ………………………………………………………………30

3.5 Data Gathering Procedure ………………………..….……………………………31

3.6 Data Analysis and Statistical Treatment …………………………………………..31

3.7 Ethical Standards ………………………………………………………………….33

IV. Presentation, Analysis, And Interpretation Of Data

4.1 Demographic Profile of the Respondents …………………………………………34

4.2 Financial Management Skills of Students Survey Result …………………………37

4.3 Students’ Handling of Academic Expenses Survey Result ………………………..39

V. Summary, Conclusion, and Recommendation

5.1 Summary of Findings ……………………………………………………………...42

5.2 Conclusion …………………………………………………………………………44

5.3 Recommendation …………………………………………………………………..45

VI. REFERENCES ……………………………………………………………………….46

VII. APPENDICES ………………………………………………………………………..53

LIST OF TABLES

I. IVDV Model ………………………………………….………………..……………… 6

II. Total Number of the Grade 11 Respondents ………………………................................29

III. Rating Scale ……………………………………………………………………………33

IV. Frequency and Percentage of Age Responses …............................................................34

V. Frequency and Percentage of Gender Responses ………………………………………35

VI. Frequency and Percentages of Section Responses …………………………………….35

VII. Frequency and Percentages of Monthly School Allowances Responses ……………..36

VIII. Frequency Distribution of the Grade 11 Students’ Financial Management Skills …..37

IX. Frequency Distribution of the Grade 11 Students’ Handling of Academic Finances …39

X. Z-Test Two Sample Mean Result ………………………………………………………40

 1
CHAPTER I

INTRODUCTION

The Problem and Its Background

Due to the lack of educational financial background in the curriculum, students fail to

consider their buying habits and continue spending their allowances on unnecessary expenses,

resulting in the depletion of their budgets. This includes the number of students who spendthrifts

their budgets to dine and go out in places along with following the newest fashion and

technology. Consequently, these individuals may experience struggle with financial problems,

which can overwhelm them to the point that it interferes with their academic finances. Financial

stress also contributes to anxiety, depression, and poor mental health.

For high-level students, balancing their money or simply getting through the week are

constant battles. Issues similar to this are also relevant to college students who experience

financial problems, not as a result of overspending, but due to the overwhelming amount of

expenses directed to their monthly dormitory charges, textbooks, and other necessities such as

nutrition and clothing. Students who need enough finances to support their expenses are referred

to as "working students" by the general public. These individuals are driven to work part-time to

pay their bills and cover their basic needs while enrolled in full-time studies at universities or

other educational institutions. These concerns and issues point out the relevance and

effectiveness of financial literacy and proper budgeting skills in handling the academic finances

of students.

Financial literacy is crucial as it affects the students' decision-making regarding their

school expenses, such as budgeting and saving their allowances. Additionally, it helps students
manage their limited allowances, budget funds responsibly, and avoid debt. Understanding
2
money works helps students understand interest rates and borrowing, preventing them from

getting into financial trouble. Financial literacy is not just about handling money, but also about

being smart with money to ensure students can use it efficiently on their school expenses such as

determining how much money to spend on food, transportation, school projects, and joining

clubs or extracurricular activities.

According to Sujaini (2023), financial literacy refers to how money works, and knowing

how to spend. Financial literacy is a basic need of a person so they can avoid financial problems,

the emerging financial problems are not only at a low level of income but can also come from

people's lack of knowledge in managing their finances. It keeps you from overspending and

causing you to lose control over your finances. Financial literacy contributes to students

budgeting their money and prevents them from making unnecessary purchases. Being financially

literate will make you wiser when you are making financial decisions.

As mentioned by Susanti et al. (2019), financial literacy can come in many familiar

forms such as the giving of allowances/pocket money to children. Pocket money is a regular

allowance given by parents to children, aimed at teaching them about money, budgeting, and

financial responsibility. Students will benefit from having pocket money while they learn and

handle certain problems in life, which can be a stepping stone into the concept of financial

decision-making. Savings, in the context of financial literacy, involves setting aside a portion of

one's income for future needs, emergencies, or financial goals (Teresa et al., 2019).

Khoirunnisa and Johan (2020) explained that every student needs to be aware of financial

literacy’s benefits in their lives. Individuals with good financial management are more likely to

be financially secure and therefore, have more flexibility to face any unexpected challenges in
the future because of their financial stability. As stated by Andarsari and Ningtyas (2019), a
3
student with a high level of financial knowledge and comprehension is expected to behave

financially well and have great decision-making. Financial Literacy is needed to be able to

handle their personal expenses and eventually, to fuel their future finance for businesses.

According to Teresa et al. (2013), increasing financial literacy helps students develop

great decision-making skills for more effective planning and management of their education. As

stated by Cunningham (2018), a lack of financial literacy has been linked to having adverse

effects on students' academic performance, including difficulty paying fees, trouble meeting high

academic standards, and limited access to basic necessities such as transportation and

subsistence.

As gleaned from the information gathered above, the researchers' goal is to assist students

with the value of money and investigate its effects on their academic finances. Considering that

wise financial decisions lead the way for a bright prospect for the future, teaching the younger

generations of students about budgeting, saving, and proper spending is necessary and useful for

the economy and the individuals themselves. Learning about money helps students know what's

important to spend on and what's not. Whether it's paying for school matter, buying the things

they need for projects, or joining fun activities, financially smart students can make good

decisions to make the most of their money. Furthermore, this study aims to explore the issues

associated with a lack of financial education, the importance of saving and budgeting skills, and

how various factors affect a student's ability to manage money. This research also highlights the

need to give students various opportunities to learn proper financial management and develop

their financial skills. Educating the youth about financial literacy results in effects on their
financial behavior and financial attitude is important as it benefits both the learners and the
4
overall economy.

Statement of the Problem

Generally, this study aims to determine the effectiveness of financial literacy skills in

handling academic finances of Grade 11 students of Saint. Joseph School of Candaba Inc.

Specifically, this study seeks to answer the following:

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

1.1) Age

1.2) Gender

1.3) Monthly School Allowances

2.) What are the financial literacy skills of students?

3.) What are the academic finances of students?

4.) What is the significance of financial literacy skills in handling academic finances of students?

Hypothesis

There is a significance in financial literacy skills in handling the academic finances of

Grade 11 students.

Significance of the Study

This study will be a significant endeavor in determining the effectiveness of financial

literacy skills of students and its effects on their academic expenses and education. This study

will be conducted to benefit the following:

 Students. Here, children will learn the effects of financial literacy skills in their studies,
5
the importance of money, proper budgeting, and decisions that will guide them so that they no

longer face most financial difficulties in their lives.

Parents. Financial literacy extends their knowledge of proper money management, by

educating them on how to properly plan for family necessities like children's education and daily

expenses.

School Administrator. The result of the study can help them choose the best curriculum

to assist students in becoming financially literate and educate them about the significance of

financial literacy skills in handling academic finances.

Teachers. They will also understand the idea of the importance of financial literacy, and

they can share with the students the knowledge that they know in financial literacy as it is

important to make the right decisions, especially if they have family to support.

Future Researchers. They will gain knowledge from this research about the

effectiveness of financial literacy skills in students handling academic finances. It leads to more

research, aids in resolving societal financial problems, and serves as a guide and a point of

reference for upcoming research projects on the topic.

Scope and the Delimitation of the Study

This research aims to analyze the effectiveness of financial literacy skills in handling the

academic finances of Grade 11 students and how it leads them to be more capable of managing

their budget. This research will assess and focus on educating pupils about the importance of
implementing proper budgeting and spending. This study will investigate the financial problems
6
including how it affects the students in their education.

The respondents of this study are the Senior High Grade 11 Students of St. Joseph School

of Candaba during the school year 2023-2024. These students were chosen because senior high

school students are cost-prohibitive and financial management skills can affect their academic

finances. We will take this action to assess the effectiveness of financial literacy skills on their

expenses in education and assist them in managing their funds in the form of showing the

importance of financial literacy.

This research will be conducted in Pampanga, specifically in Candaba, Pampanga. The

location of the study is not only convenient for the researcher to complete the research on time,

but the institution also makes use of synchronous learning, which is crucial for the study.

According to the institution's activity time, the targeted date of the study's covered time is

December 2023.

Due to the limited time given to complete the research, all of the major points mentioned

above will be closely followed, put into practice, and observed in this study. Future research may

take into account any element outside of the limitations and points listed above.

Conceptual and Theoretical Framework .

INDEPENDENT DEPENDENT
VARIABLE VARIABLE

Academic Finances of
Financial Literacy and
Grade 11 Students
Budgeting Skills
 7

Table 1. IVDV Model

As shown in the figure above, the conceptual and theoretical framework of this study

utilized the IVDV Model to display the effectiveness of Financial Literacy Skills (IV) in

handling Academic Finances of Grade 11 students (DV).

A student's lack of financial literacy and financial management skills can negatively

influence the learning experience, including their performance in classes.

Analyzing the effects of proper financial management on the students’ handling of their

school expenses is significant. As stated by Widener (2017), the lack of understanding of

financial management skills can contribute to low performance in learning. Shedding light on

this topic can effectively improve the education of students by analyzing the impacts of financial

literacy and budgeting skills.

Definitions of Terms

Academic Finances. Expenses incurred by students while they are studying.

Budget. Is a financial plan that helps people or organizations manage their money by

outlining projected income and expenses over a given period.

Endeavor. Is a purposeful and determined effort directed towards a specific goal or

achievement.

Extracurricular Activities. Organized student activities connected with school and

usually carried no academic credit.

 Financial Problem. This refers to a situation where an individual, organization, or
8
another entity faces challenges in acquiring, managing, or utilizing financial resources.

Financial Stability. Being in a stable and strong financial position, able to resist

hardships and keep a steady and sound financial condition.

Financial Strain. Refers to the pressure or stress experienced due to difficulties in

managing or meeting financial obligations.

Financial Stress. Experiencing strain and anxiety resulting from challenges in managing

or meeting financial responsibilities and obligations.

Food Insecurity. This implies that it is unable to determine whether the food is safe.

Leisure. This term refers to leisurely activities or leisure time that are not tied to work or

essential responsibilities.

Overspending. This term refers to exceeding the budget or financial prudently.

Pocket Money. Is a small amount of money given regularly to someone, typically a

child, by parents or guardians for personal expenses.

Savings. Is the portion of income that is not spent and is set aside for future use or

emergencies.

Subsistence. These are the things that are necessary to support students through food and

drinks during their academics.

Spendthrifts. Individuals who spend money extravagantly and often recklessly, often

beyond their means.

Working Student. Is someone who is both employed and pursuing academic studies

simultaneously.
 9

CHAPTER II

REVIEW OF RELATED LITERATURE AND STUDIES

This chapter includes the collection of related literature and studies from foreign and

local sources, proponents, and various theories connected to our research study. This involves the

documents and analysis of information residing in each literature and study conducted in

different countries throughout the whole world. The gathered information below will provide

help in the further development of the research study.

According to Sujaini (2023), Financial Literacy refers to understanding, financial

behavior, and money management skills. It is having a strong basis on how you deal with money.

This knowledge allows you to make smarter decisions about saving, spending, and investing.

Being knowledgeable in terms of using your finances and savings means you spend money more

wisely and in the best possible ways. It takes time and effort to become financially literate; it is

an ongoing process. It's about being conscious of how to make your money benefit you,

understanding financial principles, and creating a financial plan. Financial Literacy plays an

important role for a variety of reasons. Being financially literate is a skill that helps you make

wise decisions effectively as well as being more prepared for unexpected situations regarding

your savings and budgets.

 Chijwani (2014) defined it as the ability to apply information and abilities to effectively
10
handle financial resources in order to maintain financial well-being throughout one's life.

Understanding personal financial matters is the foundation of financial literacy.

Individuals who are skilled when it comes to managing their debts, budgets, and savings,

according to Corbin (2022), are likely to save more of their income as they are determined to

manage their savings patiently instead of spending them irresponsibly; People pay less in fees

when they are financially educated due to their quick decision-making in purchasing products

and avoiding impulse buying on unnecessary expenses. Lastly, being financially educated helps

people feel more self-assured and independent because it encourages them to manage their

money wisely, which results in more budgeting and lower wasteful spending.

Asaad (2015) stated that financial decisions play a critical role in our lives since,

regardless of how minor the decision is, it will determine your level of financial security, which

will influence whether or not you live a happy life. While financial literacy aids in making wise

financial decisions, achieving financial stability requires "ability and confidence" on the part of

the individual. It shows how a person's spending power is influenced by their level of financial

stability and decision-making. An individual’s knowledge and confidence regarding handling

finances can determine their financial literacy as well. Being financially stable will allow you to

feel secure about all of your life's expenses. These two elements are necessary for making wise

financial decisions.

According to Hadzic and Poturak (2014), University students have a big influence on

spending habits and trends. It explains that many students struggle with money because they

don't manage it well. The study aims to see how students in private colleges in Bosnia and

Herzegovina make decisions about what to buy and how they manage their money with a limited
budget. It also highlights that knowing how to handle money affects students both personally and
11
academically. Financial literacy is the ability to understand how money works in the world: how

someone manages to earn or make money.

Lalmuanpuia (2021) stated that Financial behavior in students involves budgeting and

saving, but many struggles with this. Parents often provide financial support, but having less

money shouldn't mean that it affects the students' spending. Technology and advertising

influence spending, leading to splurge. This trend is not limited to students, but can also affect

adults. Teaching students to save and understand money better can help them make smarter

choices in terms of expenses and avoid impulse buying that leads to debt.

There are many factors affecting financial literacy among individuals and these include:

Gender. According to Susanti et al. (2019), gender influences student financial behavior,

with studies indicating that men tend to perform better in financial management than women.

Women are more afraid to take risks than men when it comes to financial decisions, due to the

fact that women have low self-esteem due to their having limited roles. This indicates that men

and women have different motivations in financial matters.

Pocket Money. These are the additional money and savings given to children and thus, is

a big responsibility to manage and can be considered as a test of their skills in handling finances.

Students using pocket money learn budgeting skills, setting aside essentials for school supplies

and transportation, while also balancing non-essential expenses (Susanti et al., 2019).

Lifestyle. Susanti et al. (2019) mention that lifestyle indicates how people spend their

time, especially when choosing between options or items that belong to a specific topic. Lifestyle

can be defined as the way we express ourselves, make decisions, and differentiate ourselves from

others through the things we like and interests.

 On the other hand, Rustandi et al. (2021) stated that a good lifestyle requires using the
12
budget from your income but only to a certain level, as it should be in line with your overall

salary. However, it is not a wise financial move if your high-end lifestyle interferes with your

income by reducing your budget for other expenses.

Parental Background. Parents who have higher incomes often have better financial

knowledge because they use financial services regularly. Furthermore, children are more likely

to be financially literate if their parents are well-educated and have financial success. As a result,

how well parents understand and handle money may influence how well their children do

(Susanti et al., 2019).

As supported by Teresa et al. (2019), parents affect the financial practices throughout the

lives of their children directly and indirectly. The most influence on an individual's values and

attitude is considered by financial socialization. Parent's consumer behavior would most likely

influence their own child's consumer behavior pattern in the future. This is how the children

observed the regular patterns of their parents. Early personal finance learning begins at home and

can be obtained through parents.

There are at least three components that make up financial literacy:

Budget. According to Teresa et al. (2019), budget is the reason for making informed

decisions to become a wise spender, a good credit manager, have personal savings for future use,

for an individual’s finances, and help avoid unnecessary debt. It is to prepare graduates and bring

them great wealth in return for smart investment.

On the other hand, Lalmuanpuia (2021) stated that student budgeting mainly refers to

controlling one's financial spending within their assigned budget. The hardest thing for students

to do is figure out how to limit their spending and save a certain amount each month for
unexpected expenses. This is because the majority of students are dependent on their parents for
13
their monthly allowance and financial support.

Savings. These are defined as the many financial strategies for gaining wealth,

preventing students from making negative consequences from spending too much, contributing

to a stable economy as educated and productive citizens, gaining financial freedom, and

acquiring future financial goals. (Teresa et al., 2019).

According to Waranyasathid and Htin (2020), the amount of disposable income from

which expenses are lessened is defined as savings. To fulfill future needs, saving is the decision

to put off current consumption. This is the transferring of money to deficit economic units

through financial agents from surplus economic units. With this, the entire nation is benefitted. It

is also described by other studies that saving management is an important person's behavior in

managing money, emergencies, unexpected expenses, and figures that are long- term such as

home and education.

Spending. On the other hand, the researcher stated that spending is a common issue

among higher institution students. Additionally, students' money could be spent to purchase

products with minimal worth or importance. When someone's pocket money runs out, they either

borrow from friends and family or take up part-time work. (Teresa et al., 2019).

Financial problems are a significant situation in which personal stress related to money is

experienced. Many people experience financial problems, which can have a serious negative

influence on motivation, academic performance, and mental health. Furthermore, Gingras (n.d.)

stated that financial problems occur for many different reasons. Usually, they happen due to

personal or professional crises. Financial problems can come and go at any point in our lives and
it is necessary to do everything to avoid them. If one has financial issues, it is better to deal with
14
them in a way without making undesirable decisions.

There are at least four examples of what students recognize as Academic Finances:

Transportation Expenses. According to Fletcher and Knaff (2022), nearly 20 percent of

college living expenses are made up of transportation costs such as gas, car maintenance, public

transportation, and paid parking. The burden of transportation costs influences the student's

education, and thus resolving this issue is vital. Resolving this issue is essential as the burden of

transportation costs affects the student's educational experience. Over a tenth of students feel that

their school fails to make transportation affordable. Lack of access to transportation discourages

students from promoting their school to other people. Furthermore, a lot of students have

lengthy commutes since they need to possess or have access to a reliable vehicle and/or depend

on inconvenient public transportation. To lessen the financial strain of their transportation

expenses, students could additionally benefit from managing their finances. Their ability to

efficiently handle their finances affects the decisions they make about their spending, including

transportation costs. Students' affordability of transportation can be even improved by providing

discounted or free transit passes and encouraging them to avoid excessive spending.

Subsistence/Food Expenses. According to Gaines (2014), Food insecurity turned out to

be significantly more common among students who received financial aid, were financially

independent, and received food assistance. On the other hand, alternative funding sources like

credit card use and family financial support have been shown to have a negative connection with

food insecurity. The findings indicate that the basic needs of students for housing and food are
not being supplied by the financial aid that currently exists, which may force students to turn to
15
additional financial assistance to meet their needs or prevent food insecurity.

Projects and Schoolwork. Based on the Mott’s Children's Hospital Poll Report (2019),

School extracurricular activities have been proven to improve academic performance and

personal growth. Children require school activities every year, although some are unable to

participate due to obstacles. To reap these benefits. Children with needs, particularly those

related to school activities, projects, and homework, benefit from financial literacy. However,

some children are able to manage their finances and participate in school-related activities

without it.

Extracurricular Activities. According to Emily Cahill (2022), it can be expensive to pay

for your children’s extracurricular activities. At the start of every term, most students get excited

about signing up for new extracurricular activities. From football to martial arts, music lessons, and

dance the list of what your child can do is endless and, let's face it, expensive. Financial instability

among students can pose significant challenges when it comes to participating in extracurricular

activities in schools. Students who face financial hardships may struggle to afford the costs

associated with participating in extracurricular activities, such as sports teams, events, clubs, etc.

This may restrict their capacity to participate in these events, which could lead to a decline in

attendance. Additionally, financial difficulties can lead to increased stress and lower morale

among students, which can further discourage their involvement in extracurricular activities.

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

In a study conducted by Lusardi and Mitchell (2015), nowadays, consumers tend to think

critically in financial choices due to the modernity of our economy. Poor financial decision-
making leads to negative consequences throughout their lives and affects their families and the
16
economy. Compared to their parents, high school students will experience more financial risks.

Financial literacy in young people is beneficial when making choices regarding spending, debt,

saving, planning, and health care coverage. High school students are charged with making some

of the most important financial decisions of their lifetimes, namely whether to go to college and

if so, what to study.

Financial Literacy and the Need for Financial Education: Evidence and Implications

Based on the study of Lusardi (2019), the importance of financial education is to raise

financial literacy and inform future consumers, workers, and citizens of the next generation.

Before making important financial decisions that lead to a consequence, it is firstly important to

educate young people on the basic concepts of financial decision-making. On average, about

one-third of the global population has familiarity with the basic concepts that underlie everyday

financial decisions. To evaluate the gap between what people know and what they need to know

is to provide the tools for better financial decision-making. Even well-educated people are not

always good at financial decision-making. Financial literacy among young people could be

higher. Across many countries, the gender gap is also present in financial literacy. The study

shows that men answer the questions more correctly than women. Student loans and debt are also

what young people struggle with in particular. Everything from day to day is affected by

financial literacy to long-term financial decisions and has implications for society and both

individuals. Unique opportunities are provided by schools, workplaces, and community

platforms to deliver often diverse segments of the population and financial education. The needs

of its audience, accurately targeting vulnerable groups, having clear objectives, and relying on

rigorous evaluation by metrics is an effective financial education program efficiently identified.

By preparing young people for important financial decisions, school-based education can be
17
transformational. Targeting students, young adults and colleges is crucial to provide them with

the necessary tools and take on responsibilities to make sound financial decisions as they

graduate. It is also worth adding that irresponsible spending, managing finances, and poor debt

management are all associated and correlated with the lack of financial literacy in people across

countries. The low levels of financial literacy and their widespread implications have seen calls

for urgent efforts and actions worldwide.

Personal Finance Practices of Millennial Students: An Exploratory Model.

Based on the study by Teresa et al. (2019), shows that the financial literacy of the general

population of countries, regardless of the countries' economic status, has become alarmingly low.

Millennials aged between 15 to 35 years old are one-third of the Philippines population,

Philippine Statistics showed. Poor financial practices lead to an experience of stress for the

majority of college students as revealed in the study conducted among undergraduate students

from different universities and colleges.

Financial Anxiety Among College Students: The Role of Generational Status

In a study conducted by Potter et al. (2020), students in college deal with particular

financial challenges and frequently experience anxiety and financial stress. The rate of tuition is

rising faster for students, compared to overall inflation, substantial debt, and unstable job

opportunities in the early stages of adulthood. Many people with this new financial responsibility

and funds are exhausted before the end of the semester with little progress made at reducing

expenses or increasing income. Lack of savings is a common concern among students, as high

credit card debt, not enough income to cover expenses and over-drafting of monthly payments

and late payments balances. These types of circumstances could be anxiety-inducing for any
college student. Still, financial anxiety seems to be more common among students in this
18
generation, as anxiety and the negative impact it has on one's financial behavior, both general

health and academic progress.

Financial Literacy and Money Management among the Young

In this study conducted by Waranyasathid and Htin (2020), millennials nowadays face a

lot of challenges regarding spending money while having limited income. This case is common,

especially with undergraduates. Online shopping sites continuously grow and have a vital role

for students in spending while they have poor money management. At a young age, individuals

must be taught about how to handle money responsibly and wisely. This will prevent them or

save them from getting involved in debt which is a problem not easy to fix and costly for the

young. The money management of undergraduates improves when financial literacy is

prioritized or taught in universities. In decent money management, financial literacy is required,

to understand various financial products and services which is essential for making proper

financial decisions. Improper money management can lead to debt accumulation and influence

one's spending patterns.

The Relationship between Financial Literacy, Financial Status, and Academic Success in

College Students

Based on the study by Brausch (2018), the cost of attending college increases

consistently, and many students rely on credit cards and loans to cover their postsecondary

education. Many universities have started to promote financial literacy so that students can

increase their financial knowledge and also promote positive money management, which will
help them avoid debt and graduate without financial problems. Students face the burden of issues
19
brought on by postsecondary education as the cost of college continues to increase and family

income remains consistent. This student is receiving personal loans, which coincide with rising

credit card debt. The financial strain affected the students' negative thoughts, behaviors, and poor

academic performance. The capacity of students to attend college and academic success is

negatively impacted by financial strain.

A Study of Financial Literacy among Working Women in Pune .

The findings of Chijwani's (2014) study concluded that most people without any prior

financial experience are unfamiliar with the concept of financial literacy. A person's financial

well-being may suffer as a result of financial decisions made by someone with low financial

literacy. The study's multiple surveys were distributed to the respondents, and the results showed

that even with their clear financial goals and decisions, the participants still needed to be

financially literate to not fall into financial problems. Several recommendations have been

reached, including the adoption of financial planning as soon as an individual begins to receive

income and making an effort to attend seminars to improve their financial literacy.

A Study on Student Budgeting and Spending Behaviour among the College Students of

Aizawl

Based on the study conducted by Lalmuanpuia (2021), more than half of the students rely

on their relatively tight budget to support their frequently unmaintained lifestyle and pay their

bills. Since out-of-town students must pay for living expenses like gas, electricity, and other

utilities, those who study locally tend to spend less than those who study elsewhere. These

students spend a large portion of their income on leisure and lifestyle, which varies from student

to student. Additionally, the study reveals that students prefer to save a portion of their allowance
each month, primarily in cash or at a bank, showing good budgeting practices. It's also important
20
to remember that increasing one's emergency fund is a wise decision while in college as

unanticipated costs can happen often. College students must educate themselves about finance

from their teenage years since this will increase their chances of success as fully-grown adults.

Transportation barriers and school loyalty: Results from Trellis’ Fall 2021 Student

Financial Wellness Survey

The findings of Fletcher and Knaff’s (2022) study concluded that due to high percentages

of students having issues with transportation affordability and reliability issues, the students are

affected greatly by their education. Encouraging the school and local transportation providers to

offer free or discounted transit passes, financed by a mix of federal funding and student fees, is

one way to reduce the financial burden of commuting for students. However, this issue can also

be solved by helping the students manage their money properly to better improve their

transportation cost burden. Having good financial management influences their choices

regarding their expenses, such as those related to transportation. Encouraging students to limit

and refrain from excessive spending while offering discounted or free transit passes can help

increase students' transportation affordability.

The Impact of Poverty on Participation In Extracurricular Activities

According to Burkhardt (2016), Children's lives in poverty have many negative effects on

families such as physical, mental, emotional, social, etc. Children living in families with low

incomes are more likely to continue living in poverty as adults due to the many effects of

poverty, one of which is limiting their participation in extracurricular activities. They struggle

with financial issues for their children’s extracurricular activities at school. Extracurricular
activities are beneficial for future generations, but low-income students often struggle to pay fees
21
for uniforms, equipment, coaches, referees, playing locations activities, and so on. Low-income

families have particularly tough challenges in meeting these needs through their children's

extracurricular activities at school. To improve participation rates, cost-effective solutions, and

comprehensive information are needed.

The Relationship Between Food Insecurity and Financial Behaviors Among Undergraduate

College Students

According to Gaines (2014), Students who are financially independent and stable often

face food insecurity as a consequence of becoming quite unhealthy, running out of money, and

becoming unstable financially. buying foodstuffs Although, they are aware of the importance of

financial literacy. However, they still have a credit card, and they will no longer experience food

insecurity because their parents will help them manage their food budget. Student needs for

housing, food, and other necessities are unable to be fulfilled by financial stability alone since

students also require financial assistance to prevent food insecurity. It's not that you are

financially stable and understand the importance of financial literacy, purchasing food or other

enjoyable items without knowing if they are safe, that's why any student often has a big

financial, mental, and physical problem.

Financial Literacy among UiTM’s Students

According to Abdullah et al. (2017), The problem of financial strain and costly food

expenses in certain universities is one that many students everywhere encounter. One of the most

important aspects of college life is having enough money for food expenses, but many students

today find it difficult to meet these needs. Students have fewer choices due to the increasing

price of food on campuses, particularly those who are not financially literate. Most of them have
no choice but to select less expensive meals even though it is not suitable for their health because
22
of their limited finances. Sometimes, individuals are compelled to purchase processed foods and

fast food items that are high in fat, sugar, and harmful chemicals, rather than consuming

nutritious meals. Lack of financial literacy worsens the problem. Not enough knowledge about

sound financial management leads to insufficient funds for quality dining out. Some students

might not know how to manage their financial resources or set priorities, which leads to them

frequently consuming less expensive but unhealthy foods. All things considered, the problem of

low-income and expensive food at universities is a complicated one that has an impact on

students' health and well-being. To help students make better decisions about their finances and

health, there is a need to increase financial literacy and offer more ways to meet their nutritional

needs.

Money Management: Students’ Budgeting Behavior

According to Arcangel (2019), everyone should practice the discipline of financial

management, regardless of their status. Students' spending habits can be affected by their

financial skills, including budgeting. Since students in their early years have a limited income in

the form of their allowances, studying student behavior concerning budgeting was crucial.

Students who practice budgeting behavior set aside a portion of their allowance to cover different

school expenses, including assignments, projects, paperwork, extracurricular activities, and

supplies. They also prioritize their transportation costs, both to and from school. They frequently

mentioned that their personal expenses had become their least priority expenses. Additionally, it

shows that students who practice financial skills save aside funds for future schooling expenses

and make budgets for basic needs like food and water. Furthermore, it demonstrates their
understanding of the need to budget their allowance according to priority—that is, from what is
23
necessary to what they need the least.

The Efficacy of Implementing Financial Literacy Curriculum for College Students

According to Slade (2023), Students who have financial literacy are more likely to

comprehend the significance of their school fees, habits of spending, financial obligations, and

lifetime decisions. Furthermore, financial literacy has demonstrated that students may effectively

pay for their projects, school lunches, transportation expenses, and other educational obligations

with the help of their financial literacy. Giving students financial education is beneficial since it

provides them with information on responsible credit card use, money management, and student

spending behaviors. Students' ability to make financially sound choices will also improve,

particularly for those who are graduating.

Financial Literacy, Impulsive Buying Behavior, and the Z-Gen

According to Qomariyah et al. (2023), Nowadays, we do a lot of things using the internet,

including buying and selling stuff online (e-commerce). It's helpful because you can buy things

without needing to go to a real store, which is useful during the COVID-19 pandemic when we're

trying to avoid meeting people in person. The Hedonic Shopping Value means finding

enjoyment or satisfaction in shopping, like when it's fun or exciting to buy things. People

sometimes buy stuff impulsively, meaning they don't plan it, just do it in the moment because it

feels good. and also, Impulsive Buying Behavior (IBB) is something without thinking, often

driven by an unexpected stimulus. Even students can experience impulsive buying, especially

because they might not have a lot of experience managing money. Poor financial literacy, which

means not knowing much about money and how to spend it wisely, can make impulsive buying
more likely. If students understand finances better, they're more likely to make smart decisions
24
about what to buy and avoid impulsive buying.

Proponents

According to Thavva and Balakrishnan (2021) in their study entitled “Financial Literacy

and Financial Well-Being”, the significance of people's ability to effectively handle their

finances has escalated in modern society, primarily due to the increasing complexity of the

economy. Additionally, factors such as the continuously low savings rate, increasing levels of

debt and bankruptcy, and the growing responsibility individuals bear for making decisions that

will impact their financial well-being have further pointed out the importance of this skill. This

study aims to assess individuals' levels of financial literacy and investigate the potential

connection between financial knowledge and financial stability. The outcomes of the survey

suggest that individuals possess a respectable level of financial literacy. Women and those with

lower levels of education have shown a lack of proficiency in financial literacy. A

comprehensive examination of many demographic variables, such as age, education, and gender,

revealed a significant disparity in levels of literacy. The implementation of financial education

has the potential to enhance individuals' skills and capabilities. It is also worth mentioning, that

while today’s people are familiar with the basic common management of finances such as

purchasing and saving, they generally do not possess an adequate understanding and financial

background of the present complex market. Furthermore, most individuals categorize themselves

as financially literate than they actually are. Evidence from this study shows that although

different educational backgrounds and income levels affect one’s level of financial literacy, they

all can be just as ignorant and vulnerable to financial issues as the less financially educated
people.
25
According to Lusardi (2015) in their study entitled “Financial Literacy: Do people know

the ABCs of Finance?”, nowadays, financial security has become more common due to people

being free to afford their expenses as people deal with ever-more complex financial instruments.

With more freedom than ever, today’s individuals have much more necessary access to

budgeting and saving expenses. However, an increase in “independence” in managing one’s

finances usually results in individuals becoming vulnerable to irresponsibility. There is also

evidence that many people lack the skills necessary to make wise financial decisions. Lack of

understanding of basic financial concepts is a factor in poor borrowing habits, non-participation

in the stock market, and retirement planning failure. Given the population's lack of financial

literacy, it is vital to address it by implementing the importance surrounding financial literacy in

the school curriculum.

As stated by Widener (2017) in her study entitled “Financial Management Issues of

College-Aged Students: Influences and Consequences”, higher-grade students have made a

reputation for being irresponsible in using their savings, having no money to spend, and getting

buried in debt. This perception towards them is not entirely true, as this is not just a product of

being naive and inexperienced in life, but rather has several variables that affect the student’s

financial management. The diversity in students regarding their age, gender, race, and parental

backgrounds meant that there were clear differences in every student on their perceptions,

decisions, and problems regarding their finances. In addition, the financial situation of the

student can be linked to health issues brought on by stress and anxious thinking. An instance

where a student suffers a lack of finances can lead to the person becoming vulnerable to

depression and stressful thoughts. The more financial burdens and stresses occupying one’s
thoughts, the more likely that the individual would fail to focus on their lessons and make
26
reasonable decisions. Academic performances, relationships, livelihoods, and success in various

aspects of life may all be impacted by how an individual handles their money. Comprehending

the encountered issues of students and why they continue is the first step in improving the

financial situation of our graduating generation.

Relevant Theories

Various theories have been gathered that are significant and relevant to this current

research about Financial Literacy. This study is supported by the conjecture that follows:

Personal Budgeting Theory

The theory where this study has been molded is from the Theory of Personal Budgeting

by Galperti (2019). This theory is the most relevant to the aims of this study, given the emphasis

it places on an individual's capability to manage budgets for their present needs and future

demands. It states that determining how necessary an expense is and where the money will be

spent can help individuals handle their uncontrollable spending through the use of strict

budgeting. The choices of a consumer to either buy or dismiss products as well as the

commitment to future choices are factors that make budgets possible. Personal Budgeting Theory

also states that the cause for self-restraint issues can be attributed to the “present bias” commonly

experienced by people where consumers often value purchasing goods for short-term purposes

instead of saving money for future purchases. Hence, this theory is vital to strengthen the claims
and data from the respondents, as budgeting your expenses is a part of Financial Literacy and as
27
such, is an important aspect of handling your finances.

Motivation Theory

This theory is constructed from the Motivation Theory under the research journal of

Muizzuddin et al. (2017). This theory's emphasis on a person's dedication, direction, and

perseverance to reach their financial goals makes it relevant to the objectives of this study as

well. It states that one’s financial literacy is connected to their financial behavior even though the

long-term impact of financial education cannot be guaranteed. In addition, it states that one’s

motivation is the driving force behind one's actions, which includes understanding the different

aspects of the financial industry’s products and services. Multiple studies have discussed the

relationship between financial literacy and the individual’s motivation. According to Hogarth

and Angelov (2003, as cited in Muizzuddin et al., 2017), low motivation tends to occur in

families with low income and savings as they fail to realize and improve their financial situation.

Additionally, research on the motivational variables by Mandell and Klein (2007, as cited in

Muizzuddin et al., 2017), shows that an individual's motivation is related to and capable of

changing their financial behavior, which in turn improves their financial literacy. Thus, this

theory is relevant because it illustrates the relationship between a person's financial motivation

and financial literacy, which can support the concept that financial literacy among students is

crucial and serves as the main goal of this study.

 28

CHAPTER III

RESEARCH METHODOLOGY

In this section, the researchers will discuss the methods, design, respondents, sampling

techniques, instrument, data collection procedure, ethical considerations, and statistical treatment

that are going to be used in this study. The information that will be presented here is relevant to

completing this study.

Research Method and Design .

This study will utilize the Quantitative Descriptive Design to precisely characterize the

traits in order to determine the significance of the variables. In this case, by gathering the data,

the researchers will assess the effectiveness of financial literacy skills in the handling of

academic finances among Grade 11 students. A quantitative approach is essential for researching

financial literacy as it makes it possible to measure a variety of factors precisely, including

knowledge levels and decision-making skills. This will be best used to quantify results and
29
analyze them accordingly.

As stated by Themes (2017), "The descriptive design includes identifying the variables

within a phenomenon of interest, measuring these variables, and describing them. The

description of the variables leads to an interpretation of the theoretical meaning of the findings

and the development of possible hypotheses that might guide future studies" (p. 218).

As mentioned by Queirós et al. (2017), “Quantitative research focuses on objectivity and

is especially appropriate when there is the possibility of collecting quantifiable measures of

variables and inferences from samples of a population” (p. 2).

Respondents of the Study .

The Grade 11 Students of St. Joseph School of Candaba Inc. will serve as the respondents

for this research study. Since senior high school students nowadays are cost-prohibitive and have

alarming spending habits due to projects, requirements, transportation, and other needs, they are

chosen to help determine the effectiveness of financial literacy skills in handling the academic

finances of Grade 11 students. According to Widener (2017), higher-grade students have made a

reputation for becoming irresponsible at spending and having poor budgeting skills. The

respondents for this study will comprise 117 Grade 11 students from four different sections. This

is shown in the table below:

Table 2. Total Number of the Grade 11 Respondents

Name of Section Total Number of Students by Sections

11-STEM A (Gregor Mendel) 32

11-STEM B (Rene Descartes) 31

 11-HUMSS (John Locke) 29 30
11-ABM (Luca Pacioli) 25

TOTAL 117

Sampling Technique .

The researchers will use the convenience sampling technique to use all the available

respondents from the population. Utilizing this method is useful for research involving limited

respondents as it can be cost-effective and time-efficient. Gathering the data from the available

respondents allows the researchers to collect data quickly, with low cost, and with fewer rules to

follow. Consequently, we will select all the 117 respondents from among the Grade 11 pupils in

four sections.

As stated by Etikan et al. (2016), “Convenience Sampling is affordable, easy and the

subjects are readily available. It is compulsory for the researcher to describe how the sample

would differ from the one that was randomly selected. It is also necessary to describe the

subjects who might be excluded during the selection process or the subjects who are

overrepresented in the sample” (p. 2).

Research Instrument .

The research instrument for data collection will be the survey questionnaire. To obtain

accurate data, the researchers used a questionnaire that was connected to the investigation. The

questionnaires consist of ten (10) items and will be divided into two parts. The first part of the

questionnaire consists of five (5) questions and tackles the financial management skills used by

the students that come from the study by Daud et al. (2018) entitled “Students Financial

Problems in Higher Education Institutions”. The second part of the questionnaire consists of five
(5) questions and tackles the academic finances of students that comes from the study of
31
Dumaran et al. (2013) entitled “Financial Status and Academic Performance: Basis for a Propose

College Tuition Planning”, Nyahende et al. (2015) entitled “Survey on the Assessment of the

Current Actual Expenses Incurred by Students on the Meals and Accommodation within and

around the Campuses: The Case of Tanzania Higher Education Students’ Loans Beneficiaries” &

“Survey- Questionnaire” (2016). A Likert scale questionnaire method will be employed to best

fit the responses of the participants. As stated by Jebb et al. (2021), “Likert scales provide a

convenient way to measure unobservable constructs, and published tutorials detailing the process

of their development have been highly influential” (p.1). The frequency of responses by students

will be categorized into the following rating scale with five categories: Always-5, Often-4,

Sometimes-3, Rarely-2, and Never-1. The responses by students will also be categorized in

another rating scale with five categories: Strongly Agrees-5, Agree-4, Neutral-3, Disagree-2, and

Strongly Disagree-1

Data Gathering Procedure .

The principal of St. Joseph School of Candaba Inc. will be asked for permission to allow

the researchers to conduct the survey among the students. The Grade 11 respondents will be also

asked for consent by the researchers before administering the questionnaire, and they will also

receive further background information regarding this survey. If approved, the students will be

given five minutes to answer the survey questionnaires. Using this technique, respondents can

ensure they comprehend the purpose of the study and the content of the questions. After

collecting the data, the researchers will tally the results of the survey.

Data Analysis and Statistical Treatment

 The result will determine the effectiveness of financial literacy skills in handling the
32
academic finances of Grade 11 Students of St. Joseph School of Candaba Inc. The researchers

will employ a variety of methods, including Average or Mean, Weighted Mean, Frequency

Count, Z-Test, and Value/Rating to measure the effects of financial literacy and budgeting skills

on the students handling their academic expenses and to determine the frequency with which

students employ these financial management skills. The researchers will utilize a quantitative

approach to assess and interpret the data they acquired using printed survey forms. The formula

used in treating the data gathered are stated below:

Average or Mean:

Where:

X̄ = is the sample average of variable x.

∑xn = sum of n values.

n = number of values in the sample.

Weighted Mean:

Where:

X- = Weighted Mean

Σ = Summation
w • x = Multiplied Frequency
33
w = Sum of the Population

Z-Test

Where:

Z = Z-Test

X = Any value from the population

μ = Population Mean

ơ = Population Standard Deviation

SCALE MEAN VALUE/RATING

5 Always/Strongly Agree 4.21 – 5.00

4 Often/ Agree 3.41 – 4.20

3 Sometimes/Neutral 2.61 – 3.40

2 Rarely/Disagree 1.81 – 2.60

1 Never/Strongly Disagree 1.00 – 1.80

Table 3. Rating Scale

Ethical Standards .

Researchers intend to include an ethical component in this study to make sure that no one

acts in a way that might harm respondents or a particular person. The researchers will only

utilize it for educational purposes and firmly guarantee the confidentiality of all respondent

information, including names, contact details, and responses from Grade 11 survey participants.
The researchers will also consider the consent of every student when responding to the survey,
34
and won't force anyone to take part if they don't want to. The research group would take full

responsibility and accept all the credit if any sensitive or confidential information leaked.

CHAPTER IV

PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA

This section explains, analyses, and analyzes the research data gathered in an attempt to

provide answers to the stated questions and to build a clear understanding of the data presented

below. The data are organized in accordance with the sequence of the questions stated in

Introduction. This chapter will also provide tables and figures to aid in the interpretation of the

findings.

The following tables present the Demographic Profile of the 108 Grade 11 students in

terms of their age, gender, section, and monthly school allowances. The results below may reveal

the characteristics and qualities of the individuals included in this study.

Age Frequency Percentage

15 Years Old 1 1%
16 Years Old 58 53.7%
17 Years Old 44 40.7%
18 Years Old 5 4.6%
 19 Years Old 0 0%
TOTAL 108 100% 35

Table 4. Frequency and Percentage of Age Responses

Based on the table above, the majority participants are 16 years old with a total of 58

(53.7%) students. There are also several 17 years old consisting of 44 (40.7%) individuals,

whereas there are 5 (4.6%) 18 years old participants and only one (1%) 15 years old Grade 11

student involved in this study. No responses were given for the 19 years old category. While

there are considerable differences in the frequencies of the participants, this has no bearing on

the responses they’ve provided and simply shows that the majority of Grade 11 students are 16

years old.

Gender Frequency Percentage

Male 46 42.6%
Female 56 51.9%
Others 6 5.5%
TOTAL 108 100%

Table 5. Frequency and Percentage of Gender Responses

The table above indicates that 46 (42.6%) of the respondents to the research were male,

representing a substantial sample population size. 56 (51.9%) of the respondents were female,

slightly more than the overall percentage. Lastly, "Others" comprised 6 (5.5%) of the

respondents. Females constituted over half of the total sample population, making them the

largest demographic group among respondents.

 Section Frequency Percentage 36
11 - Luca Pacioli (ABM) 19 17.5%
11 - John Locke (HUMSS) 29 26.9%
11 - Gregor Mendel (STEM-A) 31 28.7%
11 - Rene Descartes (STEM-B) 29 26.9%
TOTAL 108 100%

Table 6. Frequency and Percentages of Section Responses

Based on the table provided, it delineates the distribution of votes among different

sections for a survey questionnaire. Among these sections, Gregor Mendel (STEM-A) received

the highest number of votes with 31, representing 28.7% of the total votes. Following closely

behind are John Locke (HUMSS) and Rene Descartes (STEM-B), each receiving 29 votes,

accounting for 26.9% of the total votes for each section. Luca Pacioli (ABM) received the lowest

number of votes with 19, making up 17.5% of the total votes. Overall, the total number of votes

cast was 108, with each section contributing to the selection process.

Monthly School Allowances Frequency Percentage

₱499 and Below 24 22.2%
₱500-₱1,000 21 19.4%
₱1,001-₱1,500 15 13.9%
₱1,501-₱2,000 13 12.1%
₱2,000 and Above 35 32.4%
TOTAL 108 100%

Table 7. Frequency and Percentages of Monthly School Allowances Responses

Based on the table, 35 (32.4%) individuals chose the ₱2,000 and above and is what the

majority of respondents’ monthly school allowance for their everyday costs. The second is the

₱499 and below who 24 (22.2%) individuals chose. Third is the ₱500-₱1,000 which was

answered by 21 (19.4%) respondents. The fourth is ₱1,001- ₱1,501 with 15 voters and 13.9%
percentage of the total respondents and lastly, the ₱1,501-₱2,000 got the lowest of 13 (12.1%)
37
responses. In conclusion, most of the respondents have a great monthly school allowance of

₱2,000 and above, indicating adequate amount of finances and sufficient handling of their daily

costs.

Financial Management Skills of Students

No. Questions 5 4 3 2 1 Weighte Perception/

d Interpretatio
Alway Often Some Rarely Never Average
s times
1. I use my allowances for school 34 44 24 4 2 3.96 Often
needs and expenses.

2. I save money for emergencies 38 38 23 8 1 3.96 Often

and unexpected purposes.
3. I budget my allowance for 56 35 11 5 1 4.30 Always
necessities like food and
service.
4. I save some of my allowance to 33 41 26 7 1 3.91 Often
buy the things needed in school.
5. I spend my money on items that 49 31 19 11 3 4.18 Often
are a priority.
Total Mean 4.062 Often

Table 8. Frequency Distribution and Descriptive Measures of the Grade 11 Students’

Financial Management Skills

The total mean of students results to often in the following questions: “I spend my money

on items that are a priority” (4.18), “I save some of my allowance to buy things needed in

school” (3.91), “I save money for emergencies and unexpected purposes” (3.96), and “I use my

allowances for school needs and expenses” (3.96). This explained that the Grade 11 students

often handle their money in a responsible way.

 On the other hand, the question “I budget my allowance for necessities like food and
38
service” (4.30) got an interpretation of Always. This suggest that students are frequently

budgeting their school allowances for necessities such as food and service. Thus, the results

show that students are responsible enough for their financial management skills and are aware in

financial literacy.

The collected data is supported by research conducted by Thavva and Balakrishnan

(2021), which demonstrates that individuals have a reasonable amount of financial literacy. Upon

examining people's financial behavior, it was discovered that the majority of them exhibited

moderately positive financial behavior. .

Students Handling of their Academic Finances

No Questions 5 4 3 2 1 Weighte Percept

. d Interpret
Strongly Agree Neutra Disagree Strongly Average
Agree l Disagree
1. Do you spend more on 11 44 44 7 2 3.51 Agre
school activities than on
leisure activities?
2. Do you use your money on 7 30 31 20 20 2.85 Neutr
transportation necessarily?
3. Do you buy food right 48 26 22 10 2 4.00 Agre
away once you’re hungry?
4. Do you spend excessively 13 46 40 7 2 3.56 Agre
on extracurricular activities
such as events?
5. Do you spend more money 42 29 23 11 3 3.89 Agre
when buying lunch/snacks
at school?
Total Mean 3.562 Agre

Table 9. Frequency Distribution and Descriptive Measures of the Grade 11 Students’

Handling of Academic Finances

The total mean of students' results agrees with the following questions: “Do you buy food

right away once you’re hungry?” (4.00), “Do you spend more money when buying lunch/snacks
at school?” (3.89), “Do you spend excessively on extracurricular activities such as events?”
39
(3.56), “Do you spend more on school activities than on leisure activities?” (3.51), and “Do you

use your money on transportation?” (2.85). The results show that even though the students

scored high in financial management skills, they still spent more in handling their academic

finances.

This is supported ironically by the earlier questions about student's financial management

skills. On analyzing the students handling of academic finances, the students still spend more and

exhibited moderately negative in handling their academic expenses. It shows that the financial

management skills of students were not enough to cope with or lessen their expenses in school.

According to Fletcher and Knaff’s (2022) study, it concluded that due to high percentages

of students having issues with transportation affordability and reliability issues, the students are

affected greatly by their education. In which the question, "Do you use your money on

transportation necessarily?" has a rating scale of neutral.

Nonetheless, the gathered survey results showed that the Grade 11 students showed

distinct school priorities and behavior in handling their school allowances . As stated by Hadzic

and Poturak (2014), Although it has been demonstrated that students frequently save money,

they also frequently overspend more than what they have in their pocket and have a habit of

impulse buying.

Z-Test: Two Sample for Means

Financial Literacy Skills Academic Expenses
Mean 4.062 3.562
Known Variance 0.02 0.2

Observation 5 5
Hypothesis 0
Z 2.383656473
P(Z<=z) One-Tail 0.008570798

Z Critical One-Tail 1.644853627

P(Z<=z) Two-Tail 0.017141595
Z Critical Two-Tail 1.959963985
 Table 10. Z-Test Two Sample Mean Result
40

Table 10 tackles the results of computing the scores of Financial Literacy Skills and

Academic Expenses of students using the statistical tool, Z-Test, which is frequently used for

populations that exceed 30 respondents. According to Chen (2024), if a two-tailed test with an

alpha of 0.05% has a z-critical value of greater than 1.96 or less than -1.96, then the null

hypothesis is rejected. The Z-Critical Two-Tail and One-Tail have the value of 1.959 and 1.644

which shows that the null hypothesis, “There is no significance in financial literacy skills in

handling the academic finances of Grade 11 students” must be accepted.

This is further supported by the findings of Qomariyah et al. (2023) in which the result

shows that the impulse to buy is not influenced by financial literacy. It suggests that financial

literacy is not enough to prevent someone from making impulse purchases. This may be the

result of someone having poor financial literacy, in which case it cannot serve as a basis for

decision-making on purchases.

CHAPTER V

SUMMARY, CONCLUSION, AND RECOMMENDATION

 This chapter presents the summary and conclusion derived in conducting of study which
41
is to prove the effectiveness of financial literacy skills in handling academic finances. It also

provides recommendations that can be pursued that have been gathered. The study was

conducted at Saint Joseph School of Candaba Inc. The respondents were composed of 108 Grade

11 students from academic strands ABM, HUMSS, STEM-A, and STEM-B. They were selected

using Convenience Sampling Method. It employed quantitative research and utilized descriptive

method. The statistical tools used were Mean, Weighted Mean, Frequency Counting, Z-Test, and

Rating Scale.

SUMMARY OF FINDINGS

The findings of the study were summarized according to the statement of the problem

stated in Chapter 1.

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

1.1) Age

1.2) Gender

1.3) Monthly Allowances

Based on the survey that the researchers conducted, the provided data offers insights into

the demographic characteristics and financial situations of Grade 11 students participating in the

study. Among the age groups, the highest proportion of respondents are 16 years old, comprising

58 (53.7%) of the total sample, while only one student (1%) is 15 years old. No responses were

recorded for the 19 years old category. In terms of gender distribution, females constitute the

highest demographic group, representing 56 (51.9%) of respondents, followed by 46 (42.6%)

males. The "Others" category makes up 6 (5.5%) of respondents. Regarding monthly school
allowances, the highest proportion of respondents receives ₱2,000 and above, comprising 35
42
(32.4%) of the total, on the other end of the spectrum, the lowest proportion of respondents

(22.2%) receives ₱1,501-₱2,000, consisting of 13 (12.1%) students.

2.) What are the financial literacy skills of students?

Since the Grade 11 students have the weighted average of 3.96, they often save their

allowances for school needs and expenses, while with the weighted average of 2.85, the students

also sometimes use their money on transportation necessarily. The students on the other hand,

always budget their allowance for necessities like food and service, in which the students have a

total mean average of 4.062 that states the students often budget, save money and use their

allowance for needs or things that are a priority.

3.) What are the academic finances of students?

Based on the gathered data, school activities, food such as lunch and snacks,

transportation, and extracurricular activities such as events, are the academic finances of

students, in which the students have a total mean average of 3.562 that states the students agree

on spending more and excessively in their academic finances.

4.) What is the significance of financial literacy skills in handling academic finances of

students?
 Based on the analysis and interpretation of data, it is found that financial literacy skills
43
have no significant influence on the academic finances of students. Even the students' financial

literacy skills have a total mean that states they often budget, save money and use their

allowance for needs and priority, the students still spend more and excessively in their academic

expenses. Furthermore, it suggests that the prior knowledge of Grade 11 students in financial

management skills are not enough to handle their academic finances appropriately.

CONCLUSIONS

This paper establishes that financial literacy skills are associated with the academic

finances of students. Specifically, individuals with a high level of financial literacy in terms of

use of budgeting and saving are less likely to engage in uncontrollable spending in school

premises. However, the findings revealed that there is no significance difference between

financial literacy skills and handling of academic finances among Grade 11 students of Saint

Joseph School of Candaba Inc. The responses show that they are financially literate since they

frequently set aside money for necessities and priorities, budget, and save money. However, they

also spend unnecessarily and more on extracurricular activities, school supplies, and meals. The

prior knowledge of the Grade-11 students regarding financial management skills are not

sufficient enough to manage their academic expenses responsibly and effectively.

RECOMMENDATIONS

The study examined the effectiveness of financial literacy skills in handling academic

finances. Thus, the following recommendations are hereby presented:

 1. Promote Proper Spending Habits for students to incorporate proper financial literacy
44
skills as to avoid unnecessary and excessive spending habits. As it helps on building their

prior knowledge on how to manage their money responsibly and spend properly. This is

for students to know that their knowledge on Financial Literacy weren't enough to handle

their academic finances properly. The school can organize to make a seminar for proper

money spending and emphasizing the importance of distinguishing the difference

between wants and needs. This also encourages students to be aware of the long-term

effects or consequences of their spending choices.

2. Implementation of Financial Literacy Skills through an educational brochure that will

provide financial advices, tips, and serves as a reminder for better financial knowledge

for students. It also serves as an important strategy in assessing daily academic expenses

that should be encouraged by the administrators and embraced by educators in an effort

to improve their spending habits and lessen their impulse buying in the future.

3. Teachers should understand the benefits of financial literacy for effective teaching, while

parents should be knowledgeable about their children's needs and preferences, guiding

them in their spending habits and providing the best for them.

4. Since the scope of this research study is limited to budgeting, saving, and spending of

students in their school premises, this paper endorses the need for a study to examine the

relationship of financial literacy and excessive spending of students. Expanding the scope

of other studies to include topics such as investing and debt management is also

suggested.

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APPENDICES

APPENDIX A
 Survey Questionnaire
52
““The Effectiveness Of Financial Literacy Skills In Handling Academic Finances Of Grade

11 Students Of Saint Joseph School of Candaba Inc.”

Direction: Write and Check (✓) your Personal Information.

Name (Optional):

Age:

o 15

o 16

o 17

o 18

o 19+

Gender:

o Male

o Female

o Others

Section:

o ABM (Luca Pacioli)

o HUMSS (John Locke)

o STEM-A (Gregor Mendel)

o STEM-B (Rene Descartes)

Monthly School Allowance:
53
o ₱499 and Below

o ₱500-₱1,000

o ₱1,001-₱1,500

o ₱1,501-₱2,000

o ₱2,000 and Above

Direction: This part asks you to discuss how you handle your money as a student in terms of

budgeting skills, proper spending, and how it affects your academic expenses and study habits.

Read and answer each statement carefully and put a checkmark (✓) in the option boxes.

Always - 5, Often - 4, Sometimes - 3, Rarely - 2, Never - 1

Financial Management Skills of Students

No. Items 5 4 3 2 1

1. I use my allowances for school

needs and expenses.

2. I save money for emergencies

and unexpected purposes.

3. I budget my allowance for

necessities like food and service.

4. I save some of my allowance to

buy the things needed in school.

5. I spend my money on items that

are a priority.

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

Students Handling of their Academic Finances

 No. Items 5 4 3 2 1 54
1. Do you spend more on school activities
than on leisure activities?

2. Do you use your money on

transportation necessarily?

3. Do you buy food right away once you’re

hungry?

4. Do you spend excessively on

extracurricular activities such as events?

5. Do you spend more money when buying

lunch/snacks at school?

Source of Questionnaires:

Daud, et al. (2018). STUDENTS FINANCIAL PROBLEMS IN HIGHER EDUCATION

INSTITUTIONS. & Dumaran et al. (2015). FINANCIAL STATUS AND ACADEMIC

PERFORMANCE: BASIS FOR A PROPOSE COLLEGE TUITION PLANNING & Nyahende

et al. (2015). SURVEY ON THE ASSESSMENT OF THE CURRENT ACTUAL EXPENSES

INCURRED BY STUDENTS ON THE MEALS AND ACCOMMODATION WITHIN AND

AROUND THE CAMPUSES: THE CASE OF TANZANIA HIGHER EDUCATION

STUDENTS’ LOANS BENEFICIARIES & SURVEY-QUESTIONNAIRE. (2016)