HIGH SCHOOL STUDENTS’ ATTITUDES TOWARDS INVESTING: A

COMPARISON BETWEEN ABM AND NON-ABM STUDENTS

A Research Paper Presented to the Senior High School Department of Mater Dei

College

In Partial Fulfillment of the Requirements for Inquiries, Investigations, and

Immersion

By:

Alcantara, Jay Ann D.

Boligao, Reymar C.

De Erio, Mica Jane A.

Gatal, Dave Orhick Van A.

Supieza, Kristine Louise

May 2023
 APPROVAL SHEET
This research entitled “HIGH SCHOOL STUDENTS’ ATTITUDES
TOWARDS INVESTING: A COMPARISON BETWEEN ABM AND NON-ABM
STUDENTS” prepared and submitted by JAY ANN D. ALCANTARA, REYMAR
C. BOLIGAO, MICA JANE A. DE ERIO, DAVE ORHICK VAN A. GATAL, and
KRISTINE LOUISE SUPIEZA in partial fulfillment of the subject PRACTICAL
RESEARCH 3 (QUANTITATIVE RESEARCH) is hereby reviewed, accepted,
and recommended for Oral Examination.

JONAH BOLIGAO, LPT

Adviser
JASMIN M. SUMIPO, Ph.D. RUTH V. HUIT, LPT
Member Member

RICAR RIÑO L. TAYASAN, LPT

Member

Accepted as partial fulfillment of the requirements for the subject PRACTICAL

RESEARCH 3 (QUANTITATIVE RESEARCH).

APPROVAL
APPROVED by the tribunal at the Oral Examination with a grade of PASSED.

JONAH BOLIGAO, LPT

Adviser
JASMIN M. SUMIPO, Ph.D. RUTH V. HUIT, LPT
Member Member

RICAR RIÑO L. TAYASAN, LPT

Member
 ACKNOWLEDGMENT

The researchers would like to convey their profound gratitude and appreciation to
all the wonderful people with their helping hands and minds who contributed to
the completion of this academic paper by lending their supportive comments,
suggestions, resources, time, and effort, as well as their monetary and moral
support.
We want to start by expressing our gratitude to Mater Dei College for providing
us with this learning opportunity, which has taught us important life lessons about
tolerance, perseverance, teamwork, resilience, cooperation, and, most
importantly, the never-ending pursuit of knowledge, which has greatly aided and
contributed to this work.
Second, we thank Ms. Jonah Boligao for advising us on this academic work.
Support, advice, comments, ideas, and provisions imparted by her for this work
to be completed and successful were a huge help. Working and studying under
her direction and guidance was an absolute honor and privilege.
A major thanks to Almighty God for giving us the courage, information, skills, and
chance to conduct this research study; without His direction and grace, we could
not do this research or any of our other daily endeavors. To God be the Glory!
Last but not least, we would like to express our gratitude to everyone who helped
us, directly or indirectly, to finish this research work.
 DEDICATION
To God, who never left us hanging when we might have lost faith in ourselves as
a result of the enormous challenges and weight of the issues,
To our families who provided for and took care of us when we were unable to
concentrate on taking care of ourselves as we usually do,
To their friends who positively distracted them and helped them keep their sanity
in this knowledge-gaining yet challenging academic experience,
To our research adviser, who, despite her hectic and busy schedule, provided us
with a full blast of support and guidance,
To us researchers who bravely faced the days when we thought it would be
practically impossible to finish this,
To our fellow students who are battling their way toward their hopes and dreams
for a better future one step at a time despite the difficulties and pains,
To everyone who played a massive part in the accomplishment of this academic
paper, we would like to dedicate the success of this academic paper to each of
you. We are very grateful for the endless support, sleepless nights, restless days,
little and big battles, and breakdowns that have all paid off. We hope this
research paper makes a positive difference and imparts something significant to
everyone’s lives.
ABSTRACT This study aimed to examine the difference in the investing attitudes
between ABM and non-ABM students at Mater Dei College. The analysis
centered around the following questions: (1) What are the attitudes of ABM
students towards investing in terms of risk perception and locus of control? (2)
What are the attitudes of non-ABM students towards investing in terms of risk
perception and locus of control? (3) Is there a significant difference between
ABM and non-ABM students’ attitudes toward investing in terms of risk
perception and locus of control? (4) Is there a significant difference between
ABM and non-ABM students’ attitudes toward investing? A total of 30 ABM
students and 30 non-ABM students participated in the study and responded to a
four-level Likert scale questionnaire in hard copy format. The researchers utilized
statistical tools such as weighted mean and two-tailed T-test to interpret the
collected responses. Drawing upon five pertinent theories, including the Social
Learning Theory, The Theory of Planned Behavior, the Expectancy-Value
Theory, The Prospect Theory, and the Risk Compensation Theory or Risk
Homeostasis Theory, the researchers emphasized the influence of attitude on
behavior. Furthermore, the researchers discovered no significant difference in
investing attitudes, specifically regarding risk perception and locus of control,
between ABM and non-ABM students. Based on these findings, the researchers
made several recommendations for the investing attitudes of both ABM and non-
ABM students. These recommendations include: enhancing financial literacy,
fostering a positive attitude towards investing, developing a long-term investment
plan, and actively engaging in activities related to investing, particularly for ABM
students.

Keywords: investing attitudes, risk perception, locus of control, ABM students,

non-ABM students
 TABLE OF CONTENTS

TITLE PAGE……………………………………………………………………………...i

APPROVAL SHEET…………………………………………………………………….ii

ACKNOWLEDGMENT…………………………………………………………………iii
DEDICATION………………………………………………………………………….. iv

ABSTRACT…………………………………………………………………………….. v

TABLE OF CONTENTS………………………………………………………………..vi

LIST OF FIGURES AND TABLES……………………………………………………vii

Chapter

1 THE PROBLEM AND ITS SCOPE……………………………...........1

INTRODUCTION………………………………………………………..1

Rationale of the Study………………………………………………1

Theoretical Background…………………………………………….2

Review of Related Literature………………………………………6

THE PROBLEM…………………………………………………….…12

Statement of the Problem…………………………………...……12

Statement of the Hypothesis…………………………..…………12

Significance of the Study………………………………………….13

RESEARCH METHODOLOGY……………………………………...14

Design………………………………………………………………14

Environment………………………………………………………..14

Participants………………………………………………………...15
 Instruments……………………………………………………..….16

Procedures………………………………………………………....17

Gathering of Data……………………………………………...17

Statistical Treatment…………………………………………..17

DEFINITION OF TERMS…………………………………………….19

Chapter

2 PRESENTATION, ANALYSIS, AND INTERPRETATION OF

DATA……………………………………………………………………20

Chapter

3 SUMMARY, FINDINGS, CONCLUSION, AND

RECOMMENDATIONS……………………………………………….38

Summary……………………………………………………………38

Findings…………………………………………………………….39

Conclusion………………………………………………………….40

Recommendations………………………………………………...40

REFERENCES………………………………………………………...42

APPENDICES…………………………………………………………47

Letters………………………………………………………………47

Questionnaires…………………………………………………….48
 CURRICULUM VITAE……………………………………………….

LIST OF TABLES

Table

1 Attitudes of ABM Students Towards Investing: Risk

Perception………………………………………………………………20
 2 Attitudes of ABM Students Towards Investing: Locus of

Control…………………………………………………………………..23

3 Summary of the Attitudes of ABM Students Towards

Investing………………………………………………….....................26

4 Attitudes of Non-ABM students towards investing: Risk

Perception………………………………………………………………28

5 Attitudes of Non-ABM students towards investing: Locus of

Control…………………………………………………………………..31

6 Summary of the Attitudes of non-ABM Students Towards

Investing………………………………………………………………...33

7 Significant Difference between the Risk Perception of ABM and

Non-ABM Students…………………………………………………….34

8 Significant Difference between the Locus of Control of ABM and

Non-ABM Students…………………………………………………….35

9 Difference between the Investing Attitudes of ABM and Non-ABM

Students………………………………………………………………...35

Chapter 1

THE PROBLEM AND ITS SCOPE

INTRODUCTION

Rationale of the Study

 Currently, schools have taught students about investing, so they now have

prior knowledge about it. Some students had exposure to the investment world

due to their socioeconomic class. Investing is something that students must

consider. People who invest early are setting themselves up for a future of

building wealth.

The practice of investing was to acquire assets that increased in value

over time and delivered a return through income payments or capital gains.

Students became financially independent and changed their spending patterns

when they started investing. The early investment enabled students to develop

their money and achieve their financial objectives. It implied that students should

invest if they want to ensure their future financial security. However, not all

students entertained the idea of investing due to the risk involved, the fear of

losing money on investments, and students' attitudes toward investing.

By observation, the researchers noticed that students with a positive

attitude towards investing might have a low chance of failing their future

investments. On the other hand, those who had negative attitudes towards

investing might have a high chance of failing their future investments. It was

because the "investment attitude" or mindset of students was critical in the

investment world. Before they start down the road of investing for their income,

they should also consider their attitudes.

By observation, the researchers noticed that Accountancy, Business, and

Management (ABM) students were more likely to succeed and have positive

attitudes toward investing than non-ABM students. It was because ABM students
were more exposed to business-related subjects, giving them more prior

investment knowledge. Their teachers trained them with the skills and tools they

needed to acquire in order to succeed. Because of these circumstances, the

researchers wanted to investigate these situations. The researchers' goal was to

know and measure the attitudes toward investing among Accountancy, Business,

and Management (ABM) and non-ABM students and determine whether there is

a significant difference between them.

Theoretical Background

The researchers anchored this study towards five theories. Accordingly,

they were the "Social Learning Theory," "The Theory of Planned Behavior,"

"Expectancy-Value Theory," "The Prospect Theory," and "Risk Compensation

Theory or Risk Homeostasis Theory."

To understand the attitudes of high school students toward investing,

Rotter's Social Learning Theory was a critical approach. In Rotter's 1954 Social

Learning Theory context, individuals strengthened their future outcome

expectations for specific or apparent event patterns. Researchers presumed that

experience and reinforcement history influenced how individuals attribute results

to their actions. Thus, Rotter (1966) suggested that interactions with others, the

environment, and individual differences (e.g., cognitive development, feelings of

alienation or powerlessness, need for autonomy or active competence of the

environment, and need for achievement) develop, reinforce, and strengthen

attitudes, beliefs, and expectancies related to an individual's locus of control

orientation. In the study's context, educators could provide more opportunities for
ABM students to learn about investing, leading to them developing more positive

attitudes toward investing.

Icek Ajzen's Theory of Planned Behavior (TPB) was another approach to

understanding high school students' attitudes toward investing (1985, 1991). The

Theory of Reasoned Action (TPB) was developed in 1980 by researchers to

forecast an individual's intention to engage in an activity at a particular time and

place. The Theory of Planned action (TPB) states that an individual's intention to

engage in or refrain from engaging in a given action, such as investing or not

investing, might impact their decision. Intentions were assumed to capture the

motivating factors that influenced a behavior; they indicated how hard people

were willing to try and how much effort they intended to put in to perform the

behavior. Generally, individuals are more likely to carry out behavior when they

have a stronger desire to engage in it. In the study's context, students' attitudes

toward investing were likely to predict their intentions to invest strongly.

Another approach to consider was The Expectancy-Value Theory.

Jacquelynne Eccles and her colleagues created The Expectancy-Value Theory

(Eccles et al., 1983; Eccles & Wigfield, 2002; Wigfield & Eccles, 2001). According

to the theory, achievement-related choices were motivated by people's success

expectations and subjective task value in specific domains. Students, for

example, were more likely to pursue investing in the future if they expected to do

well and valued the said activity. The model divides task value into four

components: attainment value (importance of doing well), intrinsic value

(personal enjoyment), utility value (perceived usefulness for future goals), and
cost (i.e., competition with other goals). According to the Expectancy-Value

Model, different factors shape individuals' expectations for success and task

value. These included child characteristics (abilities, prior experiences, goals,

self-concepts, beliefs, expectations, and interpretations) and environmental

influences (cultural milieu, beliefs, and behaviors of socializers). Success

expectations (i.e., competence-related beliefs) were strongly related to

performance. For example, a student who viewed investing as a positive life

experience was likelier to invest in the future than a student who viewed investing

negatively. The Expectancy-Value Theory emphasizes the importance of

competence-related beliefs (expectations for success) and values in explaining

children's motivation. In the study's context, students' expectations of success in

the stock market and the perceived value of investing for their future may

influence their attitudes toward investing.

In addition, The Prospect Theory was a psychological theory of risky

decision-making developed by psychologists Daniel Kahneman and Amos

Tversky and first published in Econometrica in 1979. Researchers developed

Prospect Theory based on a series of empirical studies that showed actual

human choice behavior. It described how people made decisions when faced

with uncertain outcomes, especially when the potential losses and gains were

unequal. Loss aversion is the tendency of humans to experience the pain of a

loss more strongly than the pleasure of a similar-sized gain; this indicates that

people are more driven to avoid losses than to acquire equivalent gains. The

tendency of people to choose a specific outcome over an uncertain event with

the same expected value refers to risk aversion; this indicates that people are

willing to pay a premium to avoid the risk of an unknown outcome, even if the

expected outcome is the same. Both loss aversion and risk aversion were

essential concepts in prospect theory because they influenced how people

evaluated uncertain outcomes and made decisions under uncertainty. According

to Prospect Theory, individuals decide by selecting options, and biased

judgments may influence their choice. Thus, it expanded on earlier research on

judgmental heuristics and the biases that can accompany frequency and

probability assessments by Kahneman and Tversky. These decisions involved

more fundamental internal choices involving values than judgments, which

involved external world evaluations. As a result, the essence of decision-making

was a value trade-off (Kahneman et al., 1979). In the study context, students'

perception of the potential gains and losses in the stock market may influence

their attitudes toward investing.

Lastly, Wilde developed Risk Compensation or Risk Homeostasis Theory

in 1982. Risk compensation, also known as risk homeostasis, was a theory that

explained why people took risks. According to this theory, when people feel more

secure, they are more likely to take risks. In other words, individuals adjust their

risk-taking behavior based on the safety measures in place (Wilde, 1994). Risk

Homeostasis Theory supported the current study because it measured risk

perception as one of the variables.

Taking everything into account, all of these ideas were important in

determining high school students' attitudes toward investing.

Review of Related Literature

Investing is a familiar concept to today's high school students. The action

or process of investing money in the hope of getting future benefits was known

as investing. Individuals frequently viewed investment as a profit-making activity

applied to financial markets; this entailed setting money aside and investing it

with the expectation of profit in the future for the person who invested (Hietanen,

2017).

Investing with research and a clear mind can lead to success. Every

investor wishes to maximize the return on their investment (Rasheed et al.,

2018). According to Merton (1987), as cited in Rasheed et al. (2018), the more a

person knows about finance, the more rational a decision he will make.

However, research has highlighted the behavioral phenomenon of the

investor psyche over the last two decades through "cognitive unconsciousness,"

which refers to having perceptions, memories, and thoughts without awareness,

and has used this to explain why rational investors make investment decisions

mistakes (Hilton, 2001, as cited in Rasheed et al., 2018). That said, investors'

thoughts and feelings can shift the decision-making process from rational to

irrational (Baker and Nofsinger, 2002, as cited in Rasheed et al., 2018). In the

study context, students' perceived level of risk in the stock market may influence

their attitudes toward investing, and they may adjust their behavior accordingly

as compensation.
 Attitudes, behavior, and feelings were interconnected, so people's attitudes

influenced how these variables interacted. Attitude is a person's learned

tendency to respond positively or negatively to an object, situation, concept, or

another person (Sarmah & Puri, 2014, as cited in Mazana et al., 2019). Attitudes

changed and developed over time, and once students formed a positive attitude

toward investing, their actions improved. A negative attitude, on the other hand,

impeded effective learning and, as a result, affected the learning outcome and,

consequently, performance (Joseph, 2013, as cited in Mazana, 2019). As a

result, individuals must recognize that attitude is a critical factor.

To assess our participants' investing attitudes, the researchers divided the

term "attitude" into risk perception and locus of control. Risk perception refers to

people's subjective assessments of the likelihood of adverse events such as

investment failures. A common assumption in risk perception research was that

people's knowledge and certainty about a risk determined how they perceive it.

Researchers based this assumption on the rational choice decision-making

model, which depicts people evaluating the possibility of outcomes by calculating

potential costs and benefits (Paek & Hove, 2017).

In the meantime, the locus of control was defined by Rotter (1966), as

cited in Tyler 2020, as the degree to which a person perceived an outcome to be

dependent on his or her actions or external forces, with a continuum from a more

internal orientation to a more external orientation. Individuals with an internal

locus of control believed that their behavior or personal characteristics

determined the outcome. Those who believed in an external locus of control, on

the other hand, believed that life outcomes were determined by forces outside of

their control (e.g., independent of their as a result of one's deeds or as a result of

fate, luck, or chance), were dependent on powerful others, or were unpredictable

due to the complexity of the social environment (Tyler, 2020).

Scott Fyffe Wealth Management has prepared a risk perception

questionnaire to provide clients with an indication as to which investment type

would suit their needs. Researchers could rely on this questionnaire, as the

questionnaire was compatible with the variables assessed and analyzed in the

study. Adrian Furnham provided the locus of control questionnaire, retrieved from

the research study "Locus of Control and Investment in Risky Assets" by Nicolas

Salamanca, Andries de Grip, Didier Fouarge, and Raymond Montizaan in 2016.

A large and growing empirical literature documents the economic

importance of financial literacy (Lusardi et al., 2017; Lührmann et al., 2018); this

has made it a top priority for every country in the world to implement its National

Financial Literacy Strategy and develop financial education programs and school

mandates. To support financial inclusion and stability, several major economies

in the world, including the majority of Organization for Economic Cooperation and

Development (OECD) member countries, as well as India and China, have

adopted programs for improving financial education. In the Philippines,

policymakers included Accountancy, Business, and Management in the K-12

curriculum, and educators teach subjects such as General Mathematics and

Entrepreneurship to improve students' entrepreneurial and financial knowledge.

 Previous research has concluded that financial education has little or no

influence on future financial behaviors (Hastings et al., 2013; Fernandes et al.,

2014). However, Kaiser et al. (2020) found evidence that financial education

programs have positive causal treatment effects on financial knowledge and

downstream financial behaviors in 160,000 people. Furthermore, a 2017 study

conducted by the same authors discovered that financial education has a

significant impact on financial behavior and, to a lesser extent, financial literacy,

contradicting previous research by Mandell & Klein (2009), stated that financial

education does not necessarily affect one's future or current financial behaviors.

Utami and Wedasuari (2023) conducted an empirical investigation to

examine the relationship between financial literacy, risk tolerance, and

investment decisions. The findings indicated that financial literacy has a

statistically significant positive impact on investment decisions, implying that

those people with higher levels of financial literacy were better equipped to make

sound investment decisions. In contrast, those with lower levels of financial

literacy may struggle in this regard. Moreover, the study revealed that risk

tolerance was also significantly positively related to investment decisions,

suggesting that individuals with higher risk tolerance tend to make higher

investment decisions than those with lower risk tolerance levels. These findings

were consistent with prior research emphasizing the importance of financial

literacy and risk tolerance in shaping investment decisions. Specifically,

individuals with higher education and financial literacy levels were more adept at

preventing or mitigating investment risks. At the same time, those with high-risk
tolerance were more willing to tolerate potential losses in pursuit of higher

investment returns.

Radianto et al. (2021) explored the relationship between financial attitude,

financial self-efficacy, locus of control, and financial behavior. The study finds

that social construction theory plays a role in the internalization of financial

attitudes and beliefs, which in turn has affected financial behavior. Financial

attitude has positively affected financial behavior, as individuals with the right

attitude toward finance are more likely to manage their money wisely. Financial

self-efficacy has positively affected financial behavior as individuals confident in

managing their finances were more likely to make effective financial decisions.

Locus of control has impacted financial attitude, behavior, and self-efficacy. The

higher an individual's internal locus of control towards finance, the more likely

they were to show the right financial attitude and manage their finances

effectively. The study contributed to the social construction theory on how people

construct financial behavior.

According to Abun et al. (2019), there was a link between entrepreneurial

knowledge and student entrepreneurial intent. Knowledge of specific things or

activities has improved students' intentions toward that performance.

Furthermore, after receiving financial education, Accountancy, Business, and

Management, students were likelier to take risks and invest. ABM students

strongly desire success, calculated risk-taking, and drive and determination.

However, they have a moderate need for autonomy and a creative streak

(Santos, 2018).
 In the meantime, a study in 2019 showed that non-ABM students needed

help understanding and comprehending business math concepts. The study has

also shown that students' difficulties with this subject resulted from a lack of

interest and low retention (Galope et al., 2019).

Experts highlighted how senior high school students' lack of personal finance

knowledge could harm their financial choices and behavior. As a result, young

people have left school with a lack of basic skills in managing personal financial

matters that could put them at risk of not being able to plan correctly for their

future. Lyons et al. (2006), as cited in Galope et al. (2019), reported that senior

high school students financial exposure before college influenced their ability to

deal with financial difficulties.

 THE PROBLEM

Statement of the Problem

This study compared the attitudes toward investing between Accountancy,

Business, and Management and non-ABM students. Specifically, this research

study also aimed to answer the following:

1. What are the attitudes of ABM students towards investing in terms of:

1.1 risk perception; and

1.2 locus of control?

2. What are the attitudes of non-ABM students towards investing in terms of:

2.1 risk perception; and

2.2 locus of control?

3. Is there a significant difference between ABM and non-ABM students’ attitudes

towards investing in terms of:

3.1 risk perception; and

3.2 locus of control?

4. Is there a significant difference between ABM and non-ABM students’ attitudes

toward investing?
Statement of the Hypothesis

1. There is a significant difference between the investing attitudes of ABM

and non-ABM students in terms of:

1.1 risk perception; and

1.2 locus of control.

2. There is a significant difference between the investing attitudes of ABM

and non-ABM students.

Significance of the Study

This study was a remarkable contributor to the broad knowledge of

understanding students' attitudes toward investing. Moreover, the findings of the

study benefited the following:

ABM Students. They benefited from this study since they were one of the

groups under investigation. This study assessed their attitudes toward investing;

this helped them decide what appropriate attitude they should impose when they

want to enter the world of investment soon.

Non-ABM Students. It benefited them because they could gain more

knowledge about investing, especially the proper attitude they ought to uphold

when entering the said field. They can also learn about embracing a high

tolerance for risk and obtaining more excellent financial knowledge, especially

when they already considered or started the act of investing soon.

Researchers. They benefited from this study since it allowed and helped

them fulfilled the required and necessary tasks for their practical research
subject. They gained further and more profound knowledge about the study they

were conducting.

Future Researchers. This study also provided them with findings and

reference materials for future research on the same topic, benefiting them.
 RESEARCH METHODOLOGY

The research methodology in this academic paper has gone through how

the researchers efficiently composed their study to achieve accurate and reliable

outcomes that correspond to the goals and objectives of their research. The

research methodology included the research design, flow, environment,

participants, instrument, and research procedures, which were composed of two

sub-parts, namely: the gathering of data and treatment of data.

Research Design

This study used a comparative, non-experimental design under the

quantitative research category. Comparative design involves the technique of

contrasting similar objects with one another to identify their differences and

points in common. The researchers' goal in this academic paper was to measure

and compare the attitudes toward the investment of two groups of students:

those studying Accountancy, Business, and Management and those studying

non-ABM. To collect the data, the researchers personally handed out printed

survey questionnaires to participants and provided hard copies of them. They

then meticulously analyzed and interpreted the data to produce a quantitative

description of the investing attitudes of ABM and non-ABM students.

Research Environment

The researchers conducted the study at Mater Dei College's Senior High

School Department, a private, co-ed, Roman Catholic primary and higher

education institution. It was commonly known by the abbreviation MDC. The

institution was on Central Nautical Highway, Cabulijan, Tubigon, Bohol,

Philippines. Mater Dei College (MDC) was known for providing quality education

to its students, especially in business and finance; having entrepreneurship

taught by teachers was a great example. Since Mater Dei College (MDC)

provided a high-quality education to its students, the researchers believed that

they would surely provide relevant data that would be helpful to the research

study. This reason influenced the researchers to choose MDC as the locale of

the study. Furthermore, the researchers believed that by confining their research

environment to MDC, they would be able to gather data that would be useful in

their study.

Research Participants

In this study, the participants were Grade 12 students at Mater Dei

College, Tubigon, Bohol. This study utilized a cluster sampling technique to get

the participation of sixty (60) students, thirty (30) from the Accountancy,

Business, and Management (ABM) strand, and thirty (30) from the non-ABM

strands, which was HUMSS and STEM strand. The researchers believed that the

investing attitudes of these groups, ABM and non-ABM students, differed

because they focused on different fields and had different interests. Aside from

General Mathematics and Entrepreneurship, subjects taken by all of the strands,

ABM students have major subjects that deepened their understanding of

business; the researchers believed that ABM students had an advantage over

non-ABM students regarding investing attitudes comparison. This study only has

Grade 12 students as participants since they have already taken up all the

subjects needed to give them prior knowledge about investing.

Research Instrument

This study used questionnaires as the primary means of collecting data

from the participants. The researchers adapted standardized questionnaires and

modified them to relate to this study. The first part of the questionnaire was about

the attitudes of ABM students towards investing, and the researchers divided it

into risk perception and locus of control. The researchers used the same

procedure and questionnaire to gather data about non-ABM students' attitudes

toward investing.

Scott Fyffe Wealth Management, a financial planning firm in Dundee,

Scotland, provided a questionnaire on risk perception. Adrian Furnham provided

the locus of control questionnaire from the research study "Locus of Control and

Investment in Risky Assets" by Nicolas Salamanca, Andries de Grip, Didier

Fouarge, and Raymond Montizaan. The first category included ten (10)

structured statement items, and the second included thirteen (13) structured

statement items. Respondents rated their opinions on a 4-point Likert scale,

indicating the following: 1 strongly disagree, 2 strongly disagree, 3 strongly

agree, and 4 strongly agree.

Research Procedures

This part outlined the procedures employed to complete this research study

which involved identifying the significant differences in investing attitudes

between ABM and non-ABM students. Moreover, these procedures were divided

into two: the gathering of data and the treatment of data.

Gathering of Data

To complete the study, the researchers used standardized questionnaires

assessed, approved, and permitted by the researchers' adviser to ensure that the

data gathered were reliable. To formally start the data-gathering process, the

researchers arranged a consent request to conduct the study via a transmittal

letter to the high school principal. They informed her of the purpose and intent of

this study. Afterward, the researchers distributed the questionnaire to sixty (60)

senior high school students at Mater Dei College, Tubigon, Bohol, who were

either from the Accountancy, Business, and Management (ABM) or non-ABM

strands, and collected the necessary data regarding the attitude of high school

students towards investing by giving them printed survey questionnaires. The

researchers accessed the submitted survey forms and questionnaires, compiled

all the data sent among the participants, and later tabulated, analyzed, and

interpreted the data to provide a reliable result.

Statistical Treatment

The researchers utilized the weighted mean and t-test statistical

approaches. The researchers computed the average value of the data using the

weighted mean. Additionally, the researchers investigated the significance of the

degree of difference between the ABM and non-ABM students using the T-test.

To obtain accurate results, the researchers did all computations using Excel.

Interpretation:
 3.26 – 4.00 Strongly Agree (SA)

2.51 – 3.25 Agree (A)

1.76 – 2.50 Disagree (D)

1.00 – 1.75 Strongly Disagree (SD)

DEFINITION OF TERMS

The terms listed below were operationally defined in this part to ensure an

explicit knowledge of some terms used in the study:

ABM Students – refers to Accountancy, Business, and Management, an

academic strand in the Philippines' senior high school curriculum.

Non-ABM Students - refers to academic strands other than ABM.

HUMSS – refers to Humanities and Social Sciences, which is an

academic strand that focuses on subjects related to social

sciences, humanities, and communication.

STEM - Science, Technology, Engineering, and Mathematics- an

academic strand that focuses on subjects related to these fields.

Investing Attitude – refers to the perspective and thoughts of the ABM

and non-ABM students towards the investment world.

Locus of Control – refers to the beliefs of ABM and non-ABM

students that the causes of the results in the given investment

situations were due to internal locus of control like their personal

efforts.
 Risk Perception – refer to the ideas of ABM and non-ABM

students about possible losses or harm that could occur in

investment.

Chapter 2

PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA

This chapter presents the data gathered, the results of the statistical

analysis done, and the interpretation of findings. These are presented in tables

following the sequence being stated in the Statement of the Problem regarding

the comparison between the investing attitudes of ABM and non-ABM students in

Mater Dei College.

Table 1

Attitudes of ABM Students Towards Investing: Risk Perception

Risk Perception Mean Interpretation
1. I would describe myself as a cautious person. 2.97 Agree
2. I feel comfortable about investing in the stock
2.70 Agree
market.
3. I generally look for the safer investments, even if
that means lower returns. 2.83 Agree
4. Usually it takes me a long time to make up my Strongly
3.37
mind on financial matters. Agree
5. I associate the word “risk” with the idea of Strongly
3.27
“opportunity”. Agree
6. I can pretty much determine what will happen in my
2.53 Agree
investments.
 7. I am willing to take substantial investment risk to
3.07 Agree
earn substantial returns.
8. I have little experience of investing in stocks,
2.53 Agree
shares, or investment funds.
9. I would rather take my chances with higher risk
2.47 Disagree
investments than have to save more.
10. I am not comfortable with the ups and downs of
2.67 Agree
stock market investments.
Composite Mean 2.84 Agree

Table 1 illustrated the attitudes of ABM students towards investing in

terms of risk perception. Statement 4 (Usually, it takes me a long time to decide

on financial matters.) garnered the highest score of 3.37, interpreted as “Strongly

Agree” from the 30 participants, suggesting that ABM students preferred to take

their time when making financial decisions. ABM students’ preference for taking

their time when making financial decisions indicated a more cautious approach to

investing; this was consistent with the finding of Radianto et al. (2021) that

financial attitude positively affected financial behavior, as individuals who had the

right attitude towards finance were more likely to manage their money wisely.

ABM students’ desire for success, calculated risk-taking, and drive and

determination, as Abun et al. (2019) noted, may have contributed to their

cautious approach to financial decisions. Furthermore, the finding of Utami and

Wedasuari (2023) that financial literacy positively impacted investment decisions

supported the idea that individuals who took the time to educate themselves

about financial matters were more likely to make sound financial decisions. ABM

students’ moderate need for autonomy and creative streak, as noted by Santos

(2018), may have also contributed to their desire to weigh their options when

making financial decisions carefully.

 Statement 9 (I would rather take my chances with higher risk investments

than have to save more.) garnered the least score of 2.47, which was interpreted

as “Disagree” by the participants. It indicated that ABM students tended to save

rather than invest in high-risk opportunities. This result was consistent with Utami

and Wedasuari, which indicated that financial literacy and risk tolerance play

significant roles in shaping investment decisions. Individuals with higher levels of

financial literacy and risk tolerance tend to make sound investment decisions and

are more likely to invest in high-risk opportunities. ABM students prefer saving

over investing in high-risk opportunities due to their lower financial literacy and

risk tolerance levels; this aligned with the idea of loss aversion in The Prospect

Theory of Kahneman et al. (1979), where people are more likely to choose

options that minimize potential losses rather than maximizing potential gains.

The composite mean for risk perception of ABM students at Mater Dei

College was 2.84, interpreted as “Agree.” The results related to the discussion on

financial literacy and education in the Philippines. Including the Accountancy,

Business, and Management (ABM) strand in the K-12 curriculum was an effort to

improve students’ entrepreneurial and financial knowledge. The study by Utami

and Wedasuari (2023) found that financial literacy positively impacted investment

decisions, suggesting that students with higher levels of financial literacy were

better equipped to make sound investment decisions, whereas those with lower

levels may struggle. However, the Galope et al. (2019) study highlighted that

senior high school students lack personal finance knowledge, which could

negatively impact their financial decisions and behavior. The findings from these
studies emphasized the importance of financial education in equipping students

with the necessary skills and knowledge to manage their finances effectively,

especially in making investment decisions.

Table 2

Attitudes of ABM Students Towards Investing: Locus of Control

Locus of Control Mean Interpretation
1. If I get rich, it is due to my careful investments. 3.13 Agree
2. If I suffer from investment losses, that is because of
2.93 Agree
my own idleness.
3. Whether or not I have desired returns from my
2.90 Agree
investment depends upon my abilities.
4. In the long run, If I remain wealthy, that is because Strongly
3.30
I take care of my investments. Agree
5. When I make my investment plans, I am almost
3.17 Agree
certain to make them work.
6. I can pretty much determine what will happen in my
2.53 Agree
investments.
7. I am usually able to protect my investment
2.90 Agree
interests.
8. When I get what I want, it is usually because I Strongly
3.50
worked hard for it. Agree
Strongly
9. My life is determined by my own actions. 3.53
Agree
10. If I am poor, I cannot do anything to escape Strongly
1.70
poverty. Disagree
11. If I get rich, it is not because I am lucky but Strongly
3.70
because I worked hard for it. Agree
12. It is chiefly a matter of fate whether I become rich
2.43 Disagree
or poor.
Strongly
13. I can only become rich if I inherit or win money. 1.70
Disagree
Composite Mean 2.88 Agree
Table 2 detailed the attitudes of Accountancy, Business, and Management

(ABM) students toward investing in terms of locus of control. Statement 11 (If I

get rich, it is not because I am lucky but because I worked hard for it.) was the

highest statement. It garnered the highest score of 3.70, interpreted as “Strongly

Agree” from the 30 participants, suggesting that ABM students view investing as

a way to achieve financial success through hard work, knowledge, and skill

rather than relying solely on luck or chance; this connected to Expectancy-Value

Theory, which suggested that individuals make decisions based on the perceived

likelihood and value of the outcomes associated with different options. ABM

students who scored high on statement 11 perceived investing as a high-value

activity likely to lead to financial success if they worked hard, acquired

knowledge, and developed skills. This perception influenced their decision to

view investing as a viable option for financial success.

The lowest statements were statements 10 (If I am poor, I cannot do anything to

escape poverty.) and 13 (I can only become rich if I inherit or win money.). The

statements garnered the least score of 1.70 from the participants, interpreted as

“Strongly Disagree.” It indicated that ABM students believe their actions and

decisions can influence their life outcomes rather than external factors such as

luck or fate. The result concurred with the Social Learning Theory, the Theory of

Planned Behavior, and the Expectancy-Value Theory. The Social Learning

Theory suggests that people learn from observing and imitating the behaviors of

others, including their attitudes and beliefs. In this case, ABM students exposed

to positive role models who have overcome poverty through their efforts and
determination were more likely to reject the belief that they cannot escape

poverty through their actions. The Theory of Planned Behavior emphasizes the

role of attitudes and beliefs in shaping behavior. In this case, ABM students who

rejected the belief that external factors determine their life outcomes were likelier

to have a positive attitude toward taking actions that could lead to escaping

poverty. The Expectancy-Value Theory highlighted the importance of

expectations and values in motivating behavior. In this situation, ABM students

who rejected the belief that external factors determine their life outcomes were

more likely to have positive expectations about their ability to escape poverty and

to value the outcomes associated with doing so.

The composite mean of 2.88, interpreted as “Agree,” indicated that ABM students

generally agree with the given statements, indicating a moderate locus of control.

The result supported The Theory of Planned Behavior and Expectancy-Value

Theory, which suggested that attitudes, subjective norms, and perceived

behavioral control influence an individual’s intention to engage in a particular

behavior. In this case, the belief of ABM students in their ability to control

outcomes (locus of control) and their perception of the importance of investing for

their future financial well-being influenced their attitudes toward investing.

Furthermore, the Expectancy-Value Theory connected to this case, the

expectation of ABM students of the outcome of their investment (e.g., financial

return), and the value they place on that outcome influenced their decision to

invest. The moderate level of locus of control inferred that ABM students believe
that their actions can influence the outcome of their investment. However, they

also recognize the influence of external factors.

Table 3

Summary of the Attitudes of ABM Students Towards Investing

Factors Affecting ABM Students Attitudes Weighted
Interpretation
Towards Investing Mean
Locus of Control 2.88 Agree
Risk Perception 2.84 Agree
Overall 2.86 Agree

Table 3 summarized the attitudes of ABM students towards investing in Mater

Dei College. The data, arranged according to highest mean down to lowest,

showed the mean gathered by each factor: locus of control gathered a mean of

2.88, and risk perception gathered a mean of 2.84, with an overall mean of 2.84;

this inferred that the students have moderate attitudes towards investing, with all

of the factors interpreted as “Agree” (A). The student’s attitudes toward investing

in the locus of control ranked first among the two factors, implying that students

think the results of the given investment situations are due to their internal and

external factors. The finding supported the Prospect Theory, where students are

more likely to be influenced by how potential outcomes are presented rather than
the risk involved. Through locus of control, one cannot blame others if something

happens to their investments, as the results are due to their actions.

On the other hand, risk perception had a lesser mean compared to locus of

control. Although it gained a lower mean, it was still positive and interpreted as

“Agree” (A); this affirmed that having a good perception of risk is essential, as it

determines how they perceive the concept of investing. It supported the Risk

Homeostasis Theory, which suggested that students are unwilling to take

investment risks. With the ability to consider their risk perception towards

investing, students have an advantage in deciding whether to invest..

Table 4

Attitudes of Non-ABM Students Towards Investing: Risk Perception

Risk Perception Mean Interpretation
1. I would describe myself as a cautious person. 2.73 Agree
2. I feel comfortable about investing in the stock
2.50 Disagree
market.
3. I generally look for the safer investments, even if
2.77 Agree
that means lower returns.
4. Usually it takes me a long time to make up my
3.10 Agree
mind on financial matters.
5. I associate the word “risk” with the idea of
3.07 Agree
“opportunity”.
6. I can pretty much determine what will happen in
2.40 Disagree
my investments.
7. I am willing to take substantial investment risk to
2.73 Agree
earn substantial returns.
8. I have little experience of investing in stocks,
2.47 Disagree
shares, or investment funds.
9. I would rather take my chances with higher risk
2.30 Disagree
investments than have to save more.
10. I am not comfortable with the ups and downs of
2.57 Agree
stock market investments.
Composite Mean 2.66 Agree
Table 4 showed the attitudes of non-ABM students towards investing in terms of

risk perception. The highest statement was statement 4 (Usually, it takes me a

long time to make up my mind on financial matters). The statement garnered the

highest score of 3.10, interpreted as “Agree,” from the 30 participants, suggesting

that non-ABM students were not confident in making financial decisions. This

finding concurred with the Theory of Planned Behavior, which suggested that

people’s attitudes, subjective norms, and perceived behavioral control influenced

their behavior. In this case, non-ABM students may have negative attitudes

toward financial decision-making, affecting their perceived behavioral control and

making them less confident in financial decisions. Another theory that can be

applied is the Prospect Theory, which proposes that the presentation of the

options influences people’s decisions rather than the absolute value of the

outcomes. In this case, non-ABM students may perceive financial decisions as

risky and uncertain, making them more cautious and taking longer to make

decisions. Finally, the Risk Homeostasis Theory implies that people have a target

level of risk they are comfortable with, and they adjust their behavior to maintain

that level of risk. In this case, non-ABM students may have a lower risk tolerance

and prefer a cautious approach to financial decision-making to avoid potential

losses, leading them to take longer to make decisions.

On the other hand, statement 9 (I would rather take my chances with higher-risk

investments than have to save more) was the lowest statement. The statement

garnered the lowest score of 2.30, interpreted as “Disagree” by the participants.

The finding that non-ABM students at Mater Dei College prefer to save their

money rather than bet on high-risk investments was in line with the Prospect

Theory. According to this theory, people tend to be risk-averse when making

decisions involving gains but are more willing to take risks when faced with

potential losses. In investing, people may be reluctant to take risks because they

fear losing money.

The composite mean for risk perception of non-ABM students at Mater Dei

College was 2.66, interpreted as “Agree.” The result was in contrast with Utami

and Wedasuari’s (2023), which found that individuals with higher levels of

financial literacy and risk tolerance were better equipped to make sound

investment decisions and were more willing to tolerate potential losses in pursuit

of higher investment returns. On the other hand, based on the results in Table 4,

it can be inferred that non-ABM students at Mater Dei College may have lower

levels of financial literacy and risk tolerance, which may influence their

investment decisions.

Table 5

Attitudes of Non-ABM Students Towards Investing: Locus of Control

Locus of Control Mean Interpretation
1. If I get rich, it is due to my careful investments. 3.20 Agree
2. If I suffer from investment losses, that is because
3.03 Agree
of my own idleness.
3. Whether or not I have desired returns from my
3.03 Agree
investment depends upon my abilities.
4. In the long run, If I remain wealthy, that is because
3.23 Agree
I take care of my investments.
5. When I make my investment plans, I am almost
3.23 Agree
certain to make them work.
6. I can pretty much determine what will happen in 2.50 Disagree
 my investments.
7. I am usually able to protect my investment
2.73 Agree
interests.
8. When I get what I want, it is usually because I Strongly
3.43
worked hard for it. Agree
Strongly
9. My life is determined by my own actions. 3.43
Agree
10. If I am poor, I cannot do anything to escape
1.93 Disagree
poverty.
11. If I get rich, it is not because I am lucky but Strongly
3.60
because I worked hard for it. Agree
12. It is chiefly a matter of fate whether I become rich
2.13 Disagree
or poor.
13. I can only become rich if I inherit or win money. 1.80 Disagree
Composite Mean 2.87 Agree
Table 5 presented the attitudes of non-ABM students toward investing in terms of

locus of control. The highest statements were statements 8 (When I get what I

want, it is usually because I worked hard for it.) and 9 (My life is determined by

my own actions.) These statements got the highest score of 3.43, interpreted as

"Strongly Agree," from the 30 participants, indicating that they firmly agree that

their lives were in control of their actions and that when they obtained what they

wanted, it was because they worked hard for it. Rotter's social learning theory

from 1954 proposes that reinforcement strengthens future outcome expectations

for specific or seemingly connected occurrences, and the results are consistent.

The degree to which someone attributes results to their efforts is related to their

personal experiences and reinforcement history. Evidence supports the idea that

attitudes, beliefs, and expectations related to a person's locus of control

orientation change, are reinforced, and get more potent due to interactions with

other people, the environment, and individual differences.

Statement 13 (I can only become rich if I inherit or win money.), on the other

hand, garnered the lowest score of 1.80, interpreted as "Disagree" from the 30
participants. This result aligned with the literature by Tyler (2020), who

referenced Rotter (1966) about the internal locus of control where, according to

which locus of control is a continuum that runs from a more internalized

orientation to a more externalized orientation, depending on how much a person

believes an outcome is dependent on their actions or those of outside factors.

Those with an internal locus of control think their actions or personality traits

govern how things turn out. People who have an external locus of control, on the

other hand, think that forces outside of their control determine life outcomes,

depend on strong people, or are unpredictable because of the complexity of the

social environment (e.g., independent of their actions or as a result of fate, luck,

or chance) (Tyler, 2020).

The composite mean for risk perception of ABM students at Mater Dei College

was 2.87, interpreted as "Agree." The findings supported Rotter's Social Learning

Theory, a unique method for determining how high school pupils feel about

investing. Rotter's (1954) social learning theory discusses the development of

locus of control orientation, reinforcing future outcome expectations for particular

or presumably relevant occurrences. Experts postulate that an individual's

experiences and reinforcement history relate to the degree to which they ascribe

outcomes to their efforts.

Table 6

Summary of the Attitudes of Non-ABM Students Towards Investing

Factors Affecting non-ABM Students Weighted
Interpretation
Attitudes Towards Investing Mean
 Locus of Control 2.87 Agree
Risk Perception 2.66 Agree
Overall 2.77 Agree

Table 6 presented the summary of the attitudes of non-ABM students toward

investing in Mater Dei College, with the data arranged from the highest to the

lowest mean. The results showed that the students have moderate attitudes

towards investing, with all factors interpreted as "Agree" (A). Among the two

factors, locus of control ranked first, indicating that students believe that the

outcomes of the investment situations are a result of their efforts. The mean for

the locus of control was 2.87, while the mean for risk perception was 2.66,

resulting in an overall mean of 2.77.

Applying the Risk Homeostasis Theory, the finding that the students have

moderate attitudes toward investing suggested that they have a personal level of

acceptable risk, which they are not willing to exceed; this influenced their

investment decisions and behavior. Similarly, the Prospect Theory suggests that

presenting potential outcomes influences people's decision-making. In light of

this theory, the finding that the students' attitudes towards investing were more

strongly influenced by their sense of personal control (locus of control) than their

perception of risk suggested that they are more likely to be influenced by how

investment opportunities are framed or presented to them, rather than by the

level of risk involved.

Table 7
Significant Difference between the Risk Perception of ABM and Non-ABM

Students

Level of Decision on Null

Risk Perception p-value Difference
Significance Hypothesis

ABM Students
Non-ABM 0.05 0.11 Do Not Reject Not Significant
Students
Note: Significance Level a = 0.05

Table 7 showed the difference between ABM and non-ABM students' investing attitudes in

terms of risk perception. Since the p-value of 0.11 was greater than the significance level of

0.05, the alternative hypothesis was rejected; this meant that there was no significant difference

between the risk perception of ABM and non-ABM students.

Table 8

Significant Difference between the Locus of Control of ABM and Non-ABM

Students
Decision
Level of
Locus of Control p-value on Null Difference
Significance
Hypothesis
ABM Students Not
Do Not
0.05 0.88 Significant
Non-ABM Students Reject
Note: Significance Level a = 0.05

Table 8 showed the difference between ABM and non-ABM students' investing attitudes in

terms of locus of control. Since the p-value of 0.88 was greater than the significance level of

0.05, the alternative hypothesis was rejected; this meant that there was no significant difference

between the locus of control of ABM and non-ABM students.

Table 9
Difference between the Investing Attitudes of ABM and Non-ABM Students
Decision on
Investing Level of
p-value Null Difference
Attitudes Significance
Hypothesis
ABM Students
Not
Non-ABM 0.05 0.19 Do Not Reject
Significant
Students
Note: Significance Level a = 0.05

Table 9 compared the mean scores of ABM students and non-ABM students
regarding their investing attitudes. Compared to each other, the investing
attitudes of ABM and non-ABM students showed no significant difference. The
researchers used the t-Test: Two-Sample Assuming Unequal Variances and
found that the p-value, which was 0.19, was greater than the level of significance,
which was 0.05. Because the p-value is greater than 0.05, there was insufficient
evidence to accept the alternative hypothesis. Therefore, the researchers found
no significant difference between ABM and non-ABM students' investing
attitudes.
The result served as a ground to reject the alternative hypothesis. The
comparison between the investing attitudes of ABM and non-ABM students in
terms of risk perception and locus of control substantiated the Expectancy-Value
Theory. The theory states that individual's behavior is determined by their beliefs
and attitudes toward the outcome of their actions (Eccles et al., 1983; Eccles &
Wigfield, 2002; Wigfield & Eccles, 2001). In this case, ABM and non-ABM
students' beliefs and attitudes toward investing influence their investing attitudes
rather than their academic background. Furthermore, the Theory of Planned
Behavior (1985, 1981) also provided insight into the findings. According to the
theory, individuals' intentions to perform the behavior, subjective norms, and
perceived behavioral control determine their behavior. In the study context,
students' intentions to invest, the norms and expectations of their social
environment, and their perceived control over investment decisions influence
their investing behavior.
In essence, the results indicated that the different academic backgrounds of ABM
and non-ABM students are not significant determinants of investing attitudes;
instead, individual beliefs, attitudes, and intentions toward investing influence
investing behavior. These findings have practical implications for educators,
policymakers, and financial advisors seeking to promote positive investing
behavior among students and young adults. Educating individuals on the
importance of developing a positive attitude towards investing and providing
them with the tools to make informed decisions may be more effective than
focusing on their academic background.-

Chapter 3
SUMMARY, FINDINGS, CONCLUSION, AND RECOMMENDATIONS

This chapter provided a summary of the study based on the analyzed and

interpreted findings from the previous chapter. The conclusions drawn were

based on the interpretation of data acquired and discussed in the preceding

chapters. Additionally, relevant recommendations were offered in relation to the

issues and concerns under consideration.

Summary

This academic paper investigated the difference in attitudes towards investing

between students taking the Accountancy, Business, and Management (ABM)

track and non-ABM students at Mater Dei College. The study examines explicitly

two factors that influence investment attitudes: risk perception and locus of

control.

To achieve this, the researchers employed a quantitative comparative design.

The researchers used a survey questionnaire lifted from the Scott Fyffe Wealth

Management website, along with the study "Locus of Control and Investment in

Risky Assets." The researchers administered a risk perception questionnaire

(RPQ) and a locus of control questionnaire (LCQ), which are standardized

questionnaires, to a sample of 60 students (30 from the grade 12 ABM students

and 30 from the grade 12 non-ABM students) through face-to-face interviews.

The collected data was analyzed using statistical computation and analysis,

including weighted mean and t-tests, to identify significant differences in

investment attitudes between the two groups.

Overall, this study provides insights into the investment attitudes of ABM and

non-ABM students, highlighting the importance of risk perception and locus of

control in shaping these attitudes. The findings can inform the development of

investment education programs tailored to the specific needs of each group,

ultimately improving their financial literacy and decision-making abilities.

Findings

After interpreting and summarizing the gathered data, the findings of the study

are as follows:

1. Attitudes of ABM Students Towards Investing

1.1 The composite mean of Risk Perception for ABM students was 2.84,

interpreted as "Agree."

1.2 The composite mean of Locus of Control for ABM students is 2.88,

interpreted as "Agree."

2. Attitudes of Non-ABM Students Towards Investing

2.1 Non-ABM students obtained a composite mean of 2.66 for Risk Perception,

interpreted as "Agree."
2.2 The composite mean of Locus of Control for Non-ABM students is 2.87,

interpreted as "Agree."

3. Difference between the Investing Attitudes of ABM and Non-ABM Students

3.1 There was no significant difference between ABM's and non-ABM students'

investing attitudes in terms of risk perception.

3.2 There was no significant difference between ABM's and non-ABM students'

investing attitudes regarding locus of control.

4. There is no significant difference between the investing attitudes of ABM and

non-ABM students.

Conclusion

Based on the findings, the researchers concluded that there is no

significant difference in the investing attitudes of students enrolled in the

Accountancy, Business, and Management (ABM) and non-ABM academic tracks.

Recommendations

The researchers propose the recommendations hereunder to the key stakeholders

of this study:
1. Students should strive to improve their financial literacy by attending seminars,
workshops, and other events that provide insights into investing, financial
planning, and money management; this will help them make informed decisions
about investing.
2. Students should be encouraged to cultivate a positive attitude towards investing,
which includes embracing risk, having a long-term perspective, and seeking
advice from experienced investors; this will help students overcome their fears
and uncertainties and make sound investment decisions.
3. The researchers highly encourage students to create a long-term investment plan
by setting their financial goals, understanding their risk tolerance, and selecting
investments that align with their objectives and risk profile.
4. The researchers highly recommend that students interested in investing, especially
ABM students, should actively immerse, expose, and involve themselves in
activities related to this field; this will enhance their knowledge and skills and
provide an opportunity to interact with experienced investors and like-minded
individuals.

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 APPENDICES

Mater Dei College

High School Department
Cabulijan, Tubigon, Bohol

January 18, 2023

JASMIN M. SUMIPO, PhD

Principal, Mater Dei College High School
Cabulijan, Tubigon, Bohol

Ma’am:
Greetings of peace and harmony!
We, the undersigned researchers of the senior high school department of
Mater Dei College are currently working on the research study titled, “HIGH
SCHOOL STUDENTS’ ATTITUDES TOWARDS INVESTING: A COMPARISON
BETWEEN ABM AND NON-ABM STUDENTS”.
In line with this, we would like to request and obtain official permission
from your good office to allow us to conduct our research study on the selected
grade 12 students of Mater Dei College as the main participants and respondents
in the study.
Your favorable response to this certain request will be much appreciated!
Respectfully yours,

(Sgd.) Alcantara, Jay Ann D.

(Sgd.) Boligao, Reymar C.
(Sgd.) De Erio, Mica Jane A.
(Sgd.) Gatal, Dave Orhick Van A.
(Sgd.) Supieza, Kristine Louise

Noted:

JONAH BOLIGAO, LPT

Research Instructor

Approved:

JASMIN M. SUMIPO, PhD

Principal, Mater Dei College High School
 RESEARCH QUESTIONNAIRE

Risk Perception Questionnaire by Scott Fyffe Wealth Management

Instruction: For each statement, please check whether you Strongly Disagree,

Disagree, Agree, or Strongly Agree.

Strongly Strongly
Disagree Agree
Indicators Disagre Agree
(1) (4)
e (2) (3)
1. I would describe myself as a
cautious person.
2. I feel comfortable about investing
in the stock market.
3. I generally look for the safer
investments, even if that means
lower returns.
4. Usually it takes me a long time to
make up my mind on financial
matters.
5. I associate the word “risk” with
the idea of “opportunity”.
6. I find investment matters easy to
understand.
7. I am willing to take substantial
investment risk to earn substantial
returns.
8. I have little experience of
investing in stocks, shares, or
investment funds.
9. I would rather take my chances
with higher risk investments than
have to save more.
 10. I am not comfortable with the
ups and downs of stock market
investments.
TOTAL SCORE:

Locus of Control Questionnaire by Adrian Furnham

Instruction: For each statement, please check whether you Strongly Disagree,

Disagree, Agree, or Strongly Agree.

Strongly Strongly
Disagree Agree
Indicators Disagree Agree
(1)
(2) (3) (4)
1. If I get rich, it is due to my careful
investments.
2. If I suffer from investment losses,
that is because of my own idleness.
3. Whether or not I have desired
returns from my investment depends
upon my abilities.
4. In the long run, If I remain wealthy,
that is because I take care of my
investments.
5. When I make my investment plans,
I am almost certain to make them
work.
6. I can pretty much determine what
will happen in my investments.
7. I am usually able to protect my
investment interests.
8. When I get what I want, it is
usually because I worked hard for it.
9. My life is determined by my own
actions.
10. If I am poor, I cannot do anything
to escape poverty.
11. If I get rich, it is not because I am
lucky but because I worked hard for
it.
12. It is chiefly a matter of fate
whether I become rich or poor.
13. I can only become rich if I inherit
or win money.
TOTAL SCORE:
CURRICULUM VITAE