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Republic of the Philippines
DEPARTMENT OF EDUCATION
Region V
Division of Camarines Sur
CALABANGA NATIONAL SCIENCE HIGH SCHOOL
Sta. Cruz, Ratay, Calabanga, Camarines Sur
APPROVAL SHEET
This research paper entitled, “LEVEL OF FINANCIAL LITERACY OF GRADE 12
ACCOUNTANCY, BUSINESS, AND MANAGEMENT STUDENTS AT CALABANGA
NATIONAL SCIENCE HIGH SCHOOL S.Y 2022-2023” prepared and submitted
by Ma. Angela Geneva S. Esperida, Jasmine O. Guerrero, Jasmine A. Guiriba,
and Amanda Claire T. Gutierrez in partial fulfillment of the requirements in
Inquiries, Investigation, and Immersion has been examined and is
recommended for approval and acceptance.
RELITA P. PICO
Research Adviser
TABLE OF CONTENTS
TITLE PAGE
Approval Sheet
Table of Contents
CHAPTER I: Introduction
Background of the
Study……………………………………………………………….….1
Statement of the
Problem………………………………………………………………….5
Scope and
Limitation………………………………………………………………………...6
Significance of the
Study…………………………………………………………………...7
Definition of
Terms…………………………………………………………………………...9
End
Notes……………………………………………………………………………………....10
CHAPTER II: Review of Related Literature and Studies
Related
Literature…………………………………………………………………………….13
Related
Studies………………………………………………………………………………..16
Theoretical
Framework……………………………………………………………………..21
Conceptual
Framework……………………………………………………………………..23
Definition of Terms..............................................................................25
End Notes...........................................................................................27
CHAPTER III: Methodology
Research
Design...................................................................................32
Respondents of the
Study......................................................................33
Data Gathering
Instrument....................................................................33
Statistical
Treatment.............................................................................35
Republic of the Philippines
DEPARTMENT OF EDUCATION
Region V
Division of Camarines Sur
Sta. Cruz, Ratay, Calabanga, Camarines Sur
LEVEL OF FINANCIAL LITERACY OF GRADE 12 ACCOUNTANCY,

BUSINESS,
AND MANAGEMENT STUDENTS AT CALABANGA
NATIONAL SCIENCE HIGH SCHOOL
S.Y 2022-2023
Quantitative research presented to Mrs. Relita P. Pico
In partial fulfillment of the requirements of the subject
Inquiries, Investigation, and Immersion
Esperida, Ma. Angela Geneva S.
Guerrero, Jasmine O.
Guiriba, Jasmine A.
Gutierrez, Amanda Claire T.
JUNE 2023
CHAPTER I
INTRODUCTION
This chapter of the paper presents the problem and its setting. It
includes the background of the study, the statement of the problem, the
significance of the study, and the scope and delimitation of the study.
Background of the Study
Fifty-two percent of millennials were more likely to make impulse
purchases than any other generation. There could be correlations drawn to
how fast our consumption culture is moving compared to past generations,
which could affect how quickly millennials decide to buy when shopping
(Tuttle, 2012). Money management is an important life skill that children can
start learning early. Parents can introduce young children to what money
looks like and where it comes from. As children age, they can learn about
needs, wants budgeting, saving, and value (Money Management for Children,
2023). In their study, Komal, Yadav, and Mehta (2017) came to the
conclusion that "Money management is the ability to make informed
judgments and to make effective decisions regarding the use and
management of money," which enables people to enhance their general
well-being and make plans for the future (Bautista, 2017).
As a child grows, their needs grow along with them. The ability to avail
of certain products like food or project materials differs for every child.
PAGE \* MERGEFORMAT 26
Teenagers have different costs regarding school and personal expenditures.
Most teenagers have financial support from their parents (Bautista, 2017).
The way teenagers spend money is influenced by a variety of factors,
including their habits, upbringing, lifestyle, economic status, and many more.
However, when it comes to budgeting money, many fall short, as the
majority of youth in the United States have less than one thousand dollars in
their savings account (Elkins, 2017).
Teenagers earn, save, spend and borrow billions of dollars each year.
They are spending more money than previous generations and are spending
that money at younger ages. Teens in the U.S. spend over $84 billion a year
on clothing and personal appearance products for food and entertainment
(Spending Habits of Teens, n.d.). Additionally, a recent European survey
reveals that the factor that had a noticeable difference in spending
compared to age groups was the goods used for hygiene and beauty, with
millennials spending more on comforts and convenience than other
generations (Peachey, 2018).
Obsessive spending, also known as compulsive buying, is an addiction
that, like drugs, activates the brain's pleasure receptors (Financial Terms A-
Z, 2019). Compulsive buying, on the other hand, is distinct in that it involves
the use of money. To put it simply, compulsive buying is a mental disorder
that causes one to spend much more than is necessary (Young, 2020).
According to recent research, spending money—as long as it is one's own
money—can make people happier (Nield, 2017).
In China, compulsive buying is quite a new research issue (Li et al.,
2014). Recently, an increasing focus on Chinese compulsive buying
behaviors has emerged. Compulsive buying disorder appears to be common
and starts in late adolescence or early youth. Compulsive buying is the most
socially acceptable addiction. Like other behavioral addictions, shopping
addiction can become a preoccupation that causes problems in other areas
of life. Recently, there has been an increased focus on Chinese compulsive
buying behaviors (MSc, 2022).
As students' mature, they go through a crucial process of learning how
to manage their money. People now need the practical ability of budgeting if
they want to keep and advance their social status. One of the reasons why
students' waste their money is because they need to keep the right priorities
in mind. It is an expense many college students choose not to forego.
With only 25% of Filipinos being able to respond to financial literacy
questions in polls, most of the country's residents in the Philippines need
more understanding of the concept. This is typically concerning as the
viability of the Philippine economy depends heavily on financial literacy
(BusinessMirror, 2022). Inadequate personal finance among senior high
students then has undesirable effects on students' decision-making. The
issue of personal finance, therefore, must be given the needed attention as
students would be facing the realities of economic hardships after school.
This implies that there is a need for senior high students to be equipped with
financial literacy in order to achieve some degree of financial autonomy.
Senior high students in Calabanga National Science High School are
not exposed to essential personal finance literacy before completion as the
school curriculum emphasizes getting admission to tertiary institutions
rather than inculcating financial literacy such as money management,
investments, mutual funds, insurance, and taxes into the syllabus. "As the
world faces further economic uncertainty, it is important that we equip our
children with the financial literacy skills they need to make wise decisions in
how they spend and save their money.” Simon Martin, Head of Group
Corporate Sustainability at HSBC.
Statement of the Problem
This study aims to determine the financial literacy level among Grade
12 Accountancy, Business, and Management students of Calabanga National
Science High School, S/Y 2022-2023. Specifically, to answer the following
questions:
1. What is the demographic profile of the students?
a. Age
b. Sex
c. Family Monthly Income
2. What is the level of financial literacy of the students in terms of:

a. Spending habits
b. Saving habits
3. What is the significant difference between the students' overall
financial literacy level compared to the following areas?
a. Spending Habits
b. Saving Habits
Scope and Limitation of the Study
Scope
This study aims to examine and build practical money management
skills in accountancy, business, and management students. It will also be
able to pinpoint the elements that influence each student's level of financial
literacy. Participants will include Calabanga National Science High School
Grade 12 Accounting, Business, and Management students. The study will be
completed in about four months, from early April 2023 to June 2023.
Descriptive-analytical design and comparative design will both be used in
this investigation. The researchers chose to utilize a survey questionnaire to
gather the data.
Limitation
There will not be any elementary school pupils, junior high school
students, or college students involved. This study will not include non-ABM
students as respondents as students from other strands may not have the
same level of exposure or interest in financial literacy as ABM students. The
fact that the student researchers cannot guarantee that the participants in
the survey answered honestly, even if it was encouraged, is a concern for
this study.
Significance of the Study
The study will be conducted to determine the level of financial literacy
among Grade 12 Accountancy, Business, Management, and Accountancy
students at Calabanga National Science High School. This study's result
benefits students, teachers, school administrators, parents, schools, and
future researchers. This can give empirical data as bases for suggestions on
a clear understanding of financial literacy and its areas, such as spending
habits, saving habits, and financial knowledge.
Students. They will have more information about the distribution of
their allowances because they are the primary study participants. In order to
better manage their budgets, they will also be able to make savings in their
daily lives. Additionally, it might make them more conscious of how they
handle money. This study encourages learning by also providing financial
knowledge.
Parents. They are the primary source of funding for the academic and
social lives of students. This study can provide light on young people in a
specific age range's capacity for budgeting. Parents might find the research
helpful in understanding where and how teenagers spend their money and
when and where they spend it most. The report also advocates for early
financial management instruction, which will likely begin at home.
Teachers. It is helpful if teachers know how the school affects a
student's daily spending and budget. Teachers can help their students
academically and financially by assigning less expensive assignments.
School Administrators. The school will also gain from this study
because it will enable administrators to understand better the degree of
financial literacy among accountancy, business, and management students
and to develop a strategy to support and enhance their performance on
tasks.
Future Researchers. They will gain more critical information on the
subject and related industries. They will be able to ask better questions and
interact with participants more effectively. Then, they will feel more secure
in their responses and achieve higher results. Additionally, they can aid in
identifying the correlation between various variables and the elements
influencing students' spending and saving behaviors.
Definition of Terms
The subsequent terms were defined in this study:
Budgeting – Budgeting is calculating how much money you must earn or
save during a particular period and planning how you will spend it.
Compulsive Buying Disorder (CBD) is characterized by excessive
shopping cognitions and buying behavior that led to distress or impairment.
Financial Behavior is defined as managing a person's savings,
expenditures, and budget. In contrast, human activities related to money
management, such as cash, savings, and Credit, are regarded as financial
behavior.
Financial Knowledge - Conceptually, it is financial awareness and
understanding the financial concepts and procedures and using this
understanding to solve daily financial problems. Operationally, it is the
knowledge a participant has regarding financial matters. It is also one of the
areas that can measure the level of financial literacy.
Financial Literacy – Conceptually, financial literacy is the ability to
understand and effectively use various financial skills, including personal
financial management, budgeting, and investing. Operationally, it is what is
being measured as a whole by the study.
Financially Literate – Being financially literate means knowing how to
manage your money. This means learning how to pay your bills, how to
borrow and save money responsibly, and how and why to invest and plan for
retirement.
Financial Management – Financial management is the business function
that invests the available financial resources so that tremendous business
success and return on investment (ROI) are achieved.
Money management – It refers to the processes of budgeting, saving,
investing, spending, or otherwise overseeing the capital usage of an
individual or group.
Saving Habits – Conceptually, saving habits are frequently practiced
behaviors, done without a particular awareness, to free up funds for saving
or debt reduction. Operationally, it refers to the ability of the participants to
save and budget their money. It is also one of the areas that can measure
the level of financial literacy.
Shopping addiction - A behavioral addiction that involves compulsive
buying to feel good and avoid negative feelings, such as anxiety and
depression.
Spending Habits – Conceptually, spending habits are the repeated and
sometimes involuntary routines and practices you have around using money
to purchase experiences, services, and things. Operationally, it refers to the
pattern of participants on how and where they spend their money. It is also
one of the areas that can measure the level of financial literacy.
CHAPTER II
REVIEW OF RELATED LITERATURE AND STUDIES
This chapter includes the ideas, finished thesis, generalization or
conclusions, methodologies, and others. Those included in this chapter help
familiarize relevant and similar information to the present study.
Local Literature
The pandemic may have negatively impacted global health and
economies. Still, it also presented opportunities for businesses to rethink
their strategies and for customers and employees to embrace a new method
of engagement. The banking sector has a significant opportunity to increase
financial awareness and education in light of the rising inflation. People are
more likely to make poor choices on how and where to save and invest their
money if they lack the fundamental knowledge necessary to manage their
finances. This idea should be introduced in early childhood education to lay a
solid foundation for money management (Schwarz, 2022).
In research from BusinessMirror, Filipinos may demand better financial
services and terms for loans and lines of credit and achieve financial
independence through wise investing thanks to more excellent financial
knowledge in the country. On a bigger scale, it can boost domestic savings
rates and promote "financial inclusion," which can enable us to boost
domestic products more sustainably and bring about a significant shift from
being a consumption-driven to an investment-driven economy
(BusinessMirror, 2022). “Without financial literacy, one cannot make
important decisions regarding investment, savings, borrowing, and, most
certainly, insurance. Indeed, it has been found, for example, that lack of
understanding of interest rates has placed creditors at risk" (Why Financial
Literacy Should Be Taught in Schools | Metrobank, n.d.-b).
Previous research has demonstrated that lesser financial literacy is
linked to lower rates of retirement planning, asset accumulation, use of more
expensive financial services, stock market involvement, and debt levels. The
widespread belief among Filipinos is that spending takes precedence over
saving after receiving a salary. What remains is preserved. Nothing can be
salvaged if there are none left.
Having a solid foundation of financial literacy is essential because it
gives the knowledge to manage money wisely. With financial literacy, correct
decisions are made regarding saving or investing money. Understanding how
finances work to avoid incurring debt when using a credit card, taking out a
loan on a first car, and growing savings through investments is essential.
Financial literacy also enables one to achieve financial goals, whatever these
may be (Why Financial Literacy Should Be Taught in Schools | Metrobank,
n.d.-d).
Foreign Literature
Financial literacy is essential, as personal finance education provides
students with the knowledge and skills to manage financial resources
effectively for a lifetime of financial well-being. It is equally important,
however, that this education be offered at school. Today's high school
students feel unprepared about managing their finances, according to a
recent survey by EVERFI. The U.S. Department of Education (E.D.) shares
that students who receive personal finance education in line with their goals
may be more likely to retain the information and use it to make informed
financial decisions. Introducing financial literacy concepts may need to begin
before students are admitted or preparing to obtain their higher education
(Schwarz, 2022). In research from Savingforcollege.com, many young people
begin working part-time in high school or college for the first time but have
no financial obligations. They can now use their money to have fun a result.
While it is acceptable when they are young, it may not necessarily instill the
spending habits that will benefit them later. The capacity to budget spending
in advance and track where the money is going is the main focus of the
financial literacy notion that "The ability to spend wisely is perhaps the most
important one to learn at a young age."
According to new research, financial decisions, both short-term and
long-term, are all impacted by financial literacy, which affects both the
individual and society. Poor financial literacy is associated with expensive
borrowing and debt management, inefficient spending and financial
planning, and ineffective borrowing. Due to the extensive effects of poor
levels of financial literacy worldwide, immediate action is required (Lusardi,
2019). Teaching financial literacy can be time-consuming, and students may
find it "boring" if they do not immediately perceive a need. If kids in high
school, primary school, or middle school are trying to conceive information
that will be useful to them in 10 to 20 years, it may not be easy to sustain
their interest if they do not see how it applies to their lives right now. In
general, today's students learn very differently than their predecessors did.
There is a greater emphasis on integrated learning, and the material must be
exciting, interactive, and engaging (Leszczynski).
Regarding criteria like gender, education level, Income, and age,
financial literacy percentages vary significantly. In the world, 35 percent of
males and only 30 percent of women are financially literate. Women are less
likely to answer questions about financial literacy correctly. However, they
are also more likely to say that they "do not know," a finding that has been
regularly seen in other studies (Lusardi, 2019).
The ability to make wise financial judgments is given through financial
literacy. It gives information and abilities needed to manage finances
effectively, including budgeting, saving, borrowing, and investing. The
specific advantages of financial literacy will vary based on an individual's
circumstances. However, some typical instances in which financial literacy
can aid include saving for retirement, making and adhering to a balanced
budget, buying a property, choosing insurance, and decreasing spending.
Being financially educated is a crucial life skill that can promote the
achievement of financial objectives, provide financial stability, and lessen
anxiety.
Local Studies
In this descriptive quantitative study, the researchers developed and
validated a financial literacy test based on the financial literacy
competencies made by Bangko Sentral ng Pilipinas and DepEd integrated
into the Philippine Elementary Learning Competencies to determine the
financial literacy of the learners and know whether the competencies they
took is sufficient to give them financial knowledge. After analyzing the data,
the financial literacy test appeared to acquire a high content and face
validation. The researchers consequently concluded that the financial
literacy test was reliable using the Kuder-Richardson Formula 20. However,
after the test administration, it appeared that the financial literacy
competencies taken by the learners were insufficient to give them financial
knowledge (Adriano et al., 2018).
Many believe that all students should receive primary education in
personal finance. Most required personal financial education occurs in high
school. Interactive multimedia as a supplement to learning business
mathematics can be an effective strategy in stimulating interest for students
as it provides interaction and motivation to help the students learn the topics
in a non-traditional way. It was also shown that engaging in multimedia has
restrictions: 1.) some topics are easy to learn through search engines, and
2.) some topics are hard to understand, which should require an actual
teacher to elaborate the discussion thoroughly. This indicates that students
tend to enhance their learning in business math by using three independent
variables: presentations, videos, and simulations. These variables help
students improve their literacy and understanding of business math (Galope
et al., 2019).
Financial literacy is a skill that ABM students possess, and they are only
moderately inclined to save money. The household members of the
respondents had modest positive correlations (0.088) and low negative
correlations (-0.144) with their financial literacy and saving decisions. The
researchers concluded that when the family size decreases, respondents
become more financially aware and driven to save (Bodota, 2019).
In a study by Sarsale, the gap in linking financial literacy and
entrepreneurial characteristics in the Philippine setting was addressed by
investigating the correlation between financial literacy and entrepreneurial
characteristics. According to the results, there is a significant positive
correlation between financial literacy and entrepreneurial traits, except for
cash management, when linked to innovativeness and tolerance for
ambiguity. The results also suggested that gender impacts risk-taking
propensity and how men and women see hazards differently. The findings
also revealed that the accountancy, business, and management (ABM)
strand significantly outperformed non-ABM in fostering entrepreneurship and
financial literacy.
A Business Finance subject was proposed to enhance the student's
financial literacy. The study's primary purpose was to make Grade 12
Accountancy, Business, and Management students financially literate. The
study showed that Business Finance lessons could help students improve by
becoming financially literate. Students who have a problem with financial
literacy are recommended to do a daily budgeting plan to minimize and
monitor their expenditures (Condino, 2020).
Foreign Studies
Personal finance classes are valuable and essential, and educators,
administrators, parents, business owners, and community members must
understand this. In this study, teachers, administrators, parents, business
owners, and community people completed a two-page survey to learn how
important they thought the financial literacy curriculum was and what
subjects they believed Bozeman High School should cover in a financial
literacy course. The survey revealed that most respondents saw financial and
financial literacy education as vital. The findings of this study indicated that
financial literacy is advantageous and that the ideas covered in this kind of
instruction are valued (Tschache).
In educational institutions in Germany, researchers surveyed German
high school students, which revealed that they performed poorly on standard
financial literacy tests, as has been shown for other populations. Students
who are female and who have a low level of integration consistently have
much inferior financial literacy. According to the researchers, whereas
sophisticated financial literacy is associated with a student's general
cognitive ability and foreign language skills, basic financial literacy is tied to
mathematics skills. Therefore, it is essential to focus on the subpopulations
that these criteria identify when creating more specialized financial literacy
initiatives (Erner et al., 2016).
In the study by Cameron et al., variables affecting high school
students’ financial literacy in New Zealand are viewed in an urban setting.
The association between financial literacy and five sets of variables was
explicitly investigated. For policymakers and educators, the study findings
have several significant ramifications. These findings show that youth are
underprepared for potentially life-changing financial decisions to the extent
that financial literacy is connected with financial decision-making. These
findings are only one of many studies that indicate deficient levels of
financial literacy among high school students.
This study investigates the relationship between Financial Education,
Financial Socialization Agents, and Money Attitudes toward Financial Literacy
among Students in Tashkent, Uzbekistan. Based on a quantitative survey
and a sample of 110 respondents, data were analyzed using SPSS Version
20. The results showed that Financial Education and Financial Socialization
Agents have a positive impact on financial literacy among students in
Uzbekistan. Financial Education was found to have the highest significant
impact. However, Money Attitude had little impact on financial literacy. The
findings support the results from some earlier studies and bring out several
new ideas, such as the importance of financial education. The findings have
significantly contributed to the advancement of knowledge in financial
literacy of students (Isomidinova et al., 2017).
This study examined whether the Money Management Skills for Young
Adults Class increased high school seniors' financial knowledge. Seven units
were measured: (1) Financial Psychology, (2) Managing Credit, (3) Income,
(4) Investment, (5) Savings, (6) Risk Management, and (7) Long-Term
Planning. Second, this study examined whether there was a correlation
between students' developmental assets and financial knowledge. Finally,
this study examined whether there was a correlation between students'
social support and financial knowledge. Findings indicated that student's
financial knowledge significantly increased in five units. There was no
significant correlation between students' developmental assets and financial
knowledge. Social support, however, was correlated with financial knowledge
(Nguyen, n.d.).
Theoretical Framework
This study will be anchored on the following theories: (1) Hyperbolic
Discounting; (2) Permanent Income Hypothesis; and (3) Theory of Planned
Behavior. The paradigm is shown in figure 1.
Hyperbolic Discounting. Herrnstein (1961) suggests that people
tend to prioritize short-term gains over long-term benefits. The level of
financial literacy among the Grade 12 Accountancy, Business, and
Management students can be analyzed through this theory by examining
their ability to manage their finances in the long run and make decisions that
lead to better financial outcomes in the future.
Permanent Income Hypothesis. Friedman (1957) believes that
people will consume based on an estimate of their future income; individuals
will consume based on their current income. The level of financial literacy
among the Grade 12 Accountancy, Business, and Management students can
be analyzed through this theory by examining their ability to manage their
expenses and create a sustainable budget based on their future earning
potential.
Theory of Planned Behavior. Ajzen (1991) suggests that an
individual's behavior is influenced by their attitudes, subjective norms, and
perceived behavioral control. In the context of financial literacy, this theory
can be used to understand how the Grade 12 Accountancy, Business, and
Management students' attitudes towards financial management, social
norms related to financial behavior, and perceived control over their financial
decisions influence their level of financial literacy.
Permanent Income
Hyperbolic Discounting Hypothesis
Herrnstein (1961) PAGE \* MERGEFORMAT 26 Friedman (1957)

LEVEL OF FINANCIAL LITERACY AMONG GRADE 12
ACCOUNTANCY, BUSINESS, AND MANAGEMENT STUDENTS IN
Theory of Planned
Behavior
Ajzen (1991)
Figure 1.
Theoretical Framework of the Study
Conceptual Framework
The study will use the profile of the respondents: sex and family
monthly income and all Grade 12 Accountancy, Business, and Management
students as the respondents will use as input together with gathered
opinions and data related to the level of financial literacy. This will get
through having a survey for the participants. The gathered information will
be treated statistically. At last, the expected output will be the answers from
the participants to provide a conclusion and test the hypothesis that there is
no significant difference in the overall level of financial literacy of Grade 12
Accountancy, Business, and Management students to that of the following
areas:
a. Spending Habits
b. Saving Habits
c. Financial Knowledge
This is to examine the level of financial literacy of Grade 12 Accountancy,
Business, and Management students at Calabanga National Science High
School. The paradigm is shown in figure 2.
INPUT PROCESS OUTPUT
1. Proposal of the
 Profile:
research work to
-Sex
the adviser and
Figure 2.
Conceptual Framework of the Study
CHAPTER III
METHODOLOGY
This chapter discusses the research designs, which include the
presentation of the method used in conducting the study, the description of
the source of data and sample, the gathering tools, and the statistical
treatment applied to the data gathered.
Research Design
This study will use quantitative research, a detailed, analytical study of
descriptive and comparative design. This design will attempt to determine
the level of financial literacy of Grade 12 Accountancy, Business, and
Management students based on different areas and to determine if there is a
significant difference between the overall financial literacy and in the
following areas: (a) Spending Habits, (b) Saving Habits, and (c) Financial
Knowledge.
The descriptive-analytical design aims to determine the financial
literacy level of Grade 12 Accountancy, Business, and Management students.
The method will establish financial literacy based on spending habits, saving
habits, and financial knowledge.
The comparative research design will also determine if there is a
significant difference when respondents are grouped according to variables:
sex, and family monthly income.
Respondents of the Study
The research dwells on the level of financial literacy of senior high
school students, specifically in spending habits, saving habits, and financial
knowledge. The respondents are Grade 12 Accountancy, Business, and
Management students at Calabanga National Science High School.
Using Cochran's formula with 95% reliability, the sample population of
the respondents resulted in 89 out of 101 Grade 12 Accountancy, Business,
and Management students.
Table 1. Grade Level and Section Profile of Respondents
Grade Level Total Number of Percentage

and Section Population Respondents
12 – ABM 1 50 44 49.44%
12 – ABM 2 51 45 50.56%
TOTAL 101 89 100%
Data Gathering Instrument
A letter of request to conduct the study will be prepared. The
researchers will construct a questionnaire checklist, validated by the teacher
of the subject then the questionnaire checklists will be distributed.
The data required for the study the researchers will conduct will be
gathered using a questionnaire based on previous research instruments. A
self-made questionnaire will be under validation and reliability test. The
survey instrument has three sections, each consisting of seven (7) questions,
thus totaling a twenty-one (21) item questionnaire. The sections are
Spending Habits, Saving Habits, and Financial Knowledge. Before answering
any of the sections, the respondents will be tasked first to fill up their
demographic profile, which asks about the sex, and family monthly income
of the respondents. For confidentiality, the researchers will not require the
names of the participants.
The three sections mentioned will use the five-point Likert Scale as
answers. The Likert Scale is a rating system used in questionnaires that are
designed to measure people’s attitudes, opinions, or perceptions (Jaimeson).
As this study is investigating the level of financial literacy of Grade 12
Accountancy, Business, and Management students based on previously
mentioned areas, this method is the most efficient and effective because it
will give solid answers about the information that the researchers wish to
attain. Table 2 shows the legend of the rating scale to be used:
Table 2. Likert Rating Scale Used with the Questionnaire
Rating Interpretation
5 Strongly Agree
4 Agree
3 Neutral
2 Disagree
1 Strongly Disagree
Spending habits are discussed in Section A, which shows the
respondents' spending patterns. The students' saving habits are covered in
Section B. How well students can handle their finances will be determined by
the questions. The aim of Section C, on the other hand, is financial
knowledge; the section will determine whether the respondents have
sufficient knowledge about finances.
Statistical Treatment
In order that the data gathered were treated statistically, the researchers will
make use of the following tools:
1. Percentage - is a measure of a portion in relation to whole, often
expressed in relation to how many of something there are per 100.
X/Y = P% X 100
Where:
X = part
Y = whole
P% = percentage
2. Weighted Mean - will be used to calculate the level of financial literacy in
the following areas: spending habits, saving habits, and financial knowledge.
To draw out the weighted mean value, the formula below was followed:
Where:
= is the weighted value
Σ = is the summation
3. Z-test - to test the hypothesis that there would be a significant difference
between the overall level of financial literacy of Accountancy, Business, and
Management students in the following areas: spending habits, saving habits
and financial knowledge. The researchers will use the z-test statistical tool. In
this process, it will be determined whether the hypothesis is rejected or
accepted. To accomplish this, the researchers will use the formula below.
Where:
x = mean
u = population
mean = standard deviation
n = number of populations
After calculating the data, we will determine the level of financial
literacy of the grade 12 ABM students using the four values of financial
literacy, including well literate, which refers to having knowledge and beliefs
about financial service providers and their products, including their features,
benefits, and risks as well as their rights and obligations in relation to those
products and services. Sufficiently literate which means being
knowledgeable and assured about financial service providers and their
products, including their features, advantages, risks, and related rights and
obligations. Less literate which refers only having knowledge of financial
service providers, financial products, and financial services and not literate
which defined as lacking skills in using financial products and services as well
as knowledge of financial service institutions, financial products, and
services. (OJK, 2013)
‌
INTRODUCTION
It is essential to understand
why people need to save and
invest. However
saving needs to be done the
right way and that
is by investing money in the
market via stocks,
bonds, debentures,
insurances, and mutual
funds. An investment in the
stock market gives
the money in the right
direction and a much higher
returns compared to the
bank's savings account.
Investing in the market does
expose money to
risk, however, does help attain
financial goals
faster by putting money to
work and not lazing
around in lockers or bank
accounts. Investments
will help not just the people
but also the
government and the nation to
grow.
Education reform has been in
need in
the Philippines for
generations. Before K to 12,
the Philippines had been one
of the remaining
countries in the world to have
a ten-year basic
education cycle, most
countries across the globe
operate on a 12-year basic
education cycle.
In 2010, the new
administration
identified education reform at
the very top of its
priorities thus pushed for this
reform through the
Enhanced Basic Education
Program, or K-12. It
is not just an additional two
years but its the
product of decades of study
and a larger
process of reforming the
education sector as a
whole. The passage of the
Enhanced Basic
Education Act or Republic Act
10533, aims to
ensure the continuity of the
reform beyond the
generation.
The K to 12 Program covers
Kindergarten and 12 years of
basic education
(six years of primary
education, four years of
Junior High School and two
years of Senior
High School [SHS]) to
provide sufficient time for
mastery of concepts and skills,
developing lifelong
learners, and prepare
graduates for tertiary
education, middle-level skills
development,
employment, and
entrepreneurship. Senior High
School Program is the new
addition in the
INTRODUCTION
It is significant to
understand
why people need to save and
invest. However
saving needs to be done the
right way and that
is by investing money in the
market via stocks,
bonds, debentures,
insurances, and mutual
funds. An investment in the
stock market gives
the money in the right
direction and a much higher
returns compared to the
bank's savings account.
Investing in the market does
expose money to
risk, however, does help attain
financial goals
work and not lazing
but also the
grow.
need in
the Philippines for
of the remaining
a 10-year basic
education cycle.
In 2010, the new
administration
the very top of its
reform through the
years but its the
and a larger
Enhanced Basic
10533, aims to
reform beyond the
generation.
basic education
years of Senior
developing lifelong
development,
employment, and
addition in the
in financial goals
work and not lazing
but also the
grow.
need in
the Philippines for
of the remaining
a 10-year basic
education cycle.
In 2010, the new
administration
the very top of its
reform through the
years but its the
and a larger
Enhanced Basic
10533, aims to
reform beyond the
generation.
basic education
years of Senior
developing lifelong
development,
employment, and
addition in the

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Republic of the Philippines

This research paper entitled, “LEVEL OF FINANCIAL LITERACY OF GRADE 12

ACCOUNTANCY, BUSINESS, AND MANAGEMENT STUDENTS AT CALABANGA

NATIONAL SCIENCE HIGH SCHOOL S.Y 2022-2023” prepared and submitted

by Ma. Angela Geneva S. Esperida, Jasmine O. Guerrero, Jasmine A. Guiriba,

and Amanda Claire T. Gutierrez in partial fulfillment of the requirements in

Inquiries, Investigation, and Immersion has been examined and is

recommended for approval and acceptance.

LEVEL OF FINANCIAL LITERACY OF GRADE 12 ACCOUNTANCY,

Quantitative research presented to Mrs. Relita P. Pico

In partial fulfillment of the requirements of the subject

Inquiries, Investigation, and Immersion

Esperida, Ma. Angela Geneva S.

Gutierrez, Amanda Claire T.

Background of the Study

Fifty-two percent of millennials were more likely to make impulse

purchases than any other generation. There could be correlations drawn to

how fast our consumption culture is moving compared to past generations,

conclusion that "Money management is the ability to make informed

judgments and to make effective decisions regarding the use and

management of money," which enables people to enhance their general

well-being and make plans for the future (Bautista, 2017).

The way teenagers spend money is influenced by a variety of factors,

However, when it comes to budgeting money, many fall short, as the

their savings account (Elkins, 2017).

on clothing and personal appearance products for food and entertainment

(Spending Habits of Teens, n.d.). Additionally, a recent European survey

reveals that the factor that had a noticeable difference in spending

millennials spending more on comforts and convenience than other

generations (Peachey, 2018).

Obsessive spending, also known as compulsive buying, is an addiction

Z, 2019). Compulsive buying, on the other hand, is distinct in that it involves

the use of money. To put it simply, compulsive buying is a mental disorder

money—can make people happier (Nield, 2017).

In China, compulsive buying is quite a new research issue (Li et al.,

2014). Recently, an increasing focus on Chinese compulsive buying

behaviors has emerged. Compulsive buying disorder appears to be common

socially acceptable addiction. Like other behavioral addictions, shopping

addiction can become a preoccupation that causes problems in other areas

of life. Recently, there has been an increased focus on Chinese compulsive

buying behaviors (MSc, 2022).

As students' mature, they go through a crucial process of learning how

in mind. It is an expense many college students choose not to forego.

With only 25% of Filipinos being able to respond to financial literacy

questions in polls, most of the country's residents in the Philippines need

more understanding of the concept. This is typically concerning as the

viability of the Philippine economy depends heavily on financial literacy

(BusinessMirror, 2022). Inadequate personal finance among senior high

students then has undesirable effects on students' decision-making. The

issue of personal finance, therefore, must be given the needed attention as

financial literacy in order to achieve some degree of financial autonomy.

Senior high students in Calabanga National Science High School are

not exposed to essential personal finance literacy before completion as the

school curriculum emphasizes getting admission to tertiary institutions

rather than inculcating financial literacy such as money management,

world faces further economic uncertainty, it is important that we equip our

Corporate Sustainability at HSBC.

Statement of the Problem

12 Accountancy, Business, and Management students of Calabanga National

Science High School, S/Y 2022-2023. Specifically, to answer the following