Chapter I

INTRODUCTION

Background of the Study

Financial literacy affects financial behavior in many ways (Lusardi and

Mitchell, 2014). Financial literacy for individuals or society centers on learning the

ideas purchasers need to deal with their cash and construct riches (Lalosa,

2020). With this idea in mind, is it important to understand the basic financial

concepts as well as enhance the financial skills of people. Financial literacy is a

crucial component of one’s being, as it influences our decisions as to how we

effectively and efficiently manage our money.

As students, they must be knowledgeable and responsible when spending

their money. Erner, Menke, and Oberste (2016), students will face a more

complex and important financial decision after graduating high school. Gómez,

and Villagómez (2017), stress that the financial world is so complex nowadays

that even the average citizen is less able to face these challenges and make

optimal decisions due to a lack of tools and knowledge of basic financial

concepts.

UN Economic and Social Commission for Asia and the Pacific (ESCAP),

(2014), one of the factors affecting low literacy among Filipinos is the lack of

available services in terms of financial education. Further, the Bangko Sentral ng

Pilipinas (BSP) reported on July 20, 2023, that the Philippines ranked 30 out of

144 countries in terms of financial literacy.

Farinella, et al., (2023), high school students’ financial literacy will not

improve even if they are taught money management, according to their study, it

1
will not lower the learners’ willingness to avoid debt. Nevertheless, including

money management in all learning competencies or courses will be more likely to

help the learners avoid debt and deepen their financial literacy.

Thus, this study understand the literacy awareness and spending habits

among the senior high school learners of Bula National School of Fisheries,

providing them with research that would help them effectively and efficiently

manage their finances, leading them to become financially literate.

Statement of the Problem

This study is necessary to determine the financial literacy awareness and

spending habits among senior high school learners of Bula National School of

Fisheries. Hence this study’s goal is to understand the relationship between

financial literacy and spending habits.

Specifically, this study answered the following questions:

1. What is the level of financial literacy awareness among senior high school

learners?

2. What are the spending habits of the senior high school learners?

3. Are the spending habits of senior high school learners significantly

affected by their level of awareness of financial literacy?

Hypothesis

The spending habits of senior high school learners are not significantly

affected by their level of awareness of financial literacy.

2
Scope and Limitation

This study specifically focuses on the financial literacy and spending

habits of senior high school learners.

This study limits its coverage to senior high school learners. Its main

purpose is to identify the relationship between the two variables: financial literacy

awareness and spending habits of senior high school learners.

Additionally, researchers used a quantitative research design with a

correlational approach. The Bula National School of Fisheries in Zone 7,

Barangay Bula, General Santos City is the primary source of data for the study.

The researchers used a proportionate sampling technique to identify the sample

size and researchers will employ convenience sampling to identify the

respondents. Thus, the researcher made a self-made questionnaire to gather the

needed data. Moreover, the researcher intends to carry out the study within the

timeframe of March to April. This timeframe has been strategically chosen to

ensure comprehensive data collection and analysis, aligning with the research

objectives and methodology.

3
Significance of the Study

The outcomes of the study can be beneficial specifically to the following:

Students. The result of the study can gain valuable insights into personal

finance management. By improving their financial literacy, they can make

informed decisions about budgeting, saving, and investing, which can positively

impact their lives beyond their school years.

Parents. The result of the study can benefit indirectly from their child's

improved financial understanding, as they can share their knowledge and

potentially influence others to adopt better financial practices.

School. The result of the study can establish awareness among students

about how they manage their money and how to spend it properly and it can help

in designing and implementing targeted lessons and activities that address the

student needs and improve their financial understanding.

Community. The student can share their knowledge and potentially

influence others to adopt better financial practices, leading to improved financial

well-being in the community.

Researchers. This study can be a supplementary opportunity to broaden

their perspectives toward understanding how financial literacy affects the

spending habits of the students. This study can be an avenue for them to

understand that there are many factors affecting financial literacy and spending

habits.

4
 Future Researchers. The outcomes of the study can serve as a

launching pad for future researchers to delve into specific aspects of financial

literacy and spending habits, potentially uncovering more detailed insights and

nuances.

Definition of Terms

For better clarity and understanding of the study, the terms herein used

are defined operationally;

Financial Literacy. Operationally, refers to the level of understanding of

the senior high student as to financial concepts and effectively managing his/her

money.

Level of Awareness. Operationally, refers to the foreknowledge of the

learners in managing his/her finances.

Spending Habits. Operationally, refers to the financial spending behavior

of senior high learners.

Senior High School Learners. Operationally, this refers to the Grade 11

and Grade 12 learners of Bula National School of Fisheries, who are the

respondents of the study.

5
 Chapter II
REVIEW OF RELATED LITERATURE

This chapter includes the related studies that help support the information

established by the researchers and generalize the concept of this research. It

also presents the literature gathered which served as the foundation in

developing this study.

Financial Literacy

The ability to manage money is a fundamental requirement for everyone,

to live a rich life and to achieve excellence, financial literacy understanding is

essential (Margaretha and Artiani, 2015). Literacy in general terms is the ability to

read and write, this involves processing words and grammar that can help

individuals in reading and writing. Financial Literacy in other words is the ability to

understand the basic principles of business and finance. As we live in this

modern era where the financial complex is inevitable, it is being said that being

equipped with financial knowledge will bring prosperity as well as success.

Financial literacy affects our behavior in terms of finance, as cited by the study by

Hanson and Olson (2018), financial literacy has been shown to influence a

variety of financial behaviors, making it crucial to understand how to promote

financial literacy to improve financial outcomes in personal finance. However, we

can clearly say that attaining financial education is not just a piece of cake, but

with determination to understand its concept is worth analyzing.

As mentioned, the complexity of finance is inevitable, it causes stress

among the people most especially to the learners. Britt, et al. (2016) that higher

6
levels of financial stress are associated with a variety of factors, including life and

financial stresses, subjective financial knowledge, financial resources, negative

perceptions, and mastery. Additionally, as cited by their study, although it was

closely associated with financial pressures, objective financial knowledge, and

financial resources, academic success was unrelated to financial strain. Given

this result, we cannot deny the fact that senior high school learners are facing

financial stress as we all know how costly it is in grade 12.

In other words, financial literacy is difficult to acquire especially when not

allowed to learn it. Financially illiterate people are more likely to lose their assets

and outlive their retirement savings (Xue, et al., 2018). Enhancing your

understanding of the concept of finance will give you a strong financial literacy

that is linked to better occupations, a higher level of education, better health, and

outright property ownership (Xue, et al., 2018). This means that financial literacy

is affected by various factors.

Balaza, et al., (2021), stated that the significance of fostering financial

early literacy involves integration with the curriculum, its inclusion advances the

worth of careful spending and saving so that students secure their daily

experiences. We can visibly see that the Department of Education included this

matter in the curriculum under the Entrepreneurship subject, however, we cannot

deny the fact that many students are still struggling when it comes to financial

management. This issue led to frustration as announced that we had low ratings

in terms of financial literacy. Balaza, et al., (2023), knowing financial literacy is

beneficial as they will be able to understand the significance of having a

7
comprehension of how economics affects their economic environment and their

lives as well.

Being financially literate means being a responsible citizen in terms of

spending and budgeting your finances, becoming sustainable and resilient.

Navickas, et al. (2014), stress that financial literacy is important for young people

and it has a positive impact on their finances. With this, as students, we must

invest in our financial education as we are about to enter the realm of reality

where finance is an important matter. In addition, the younger generation today

has a more difficult time choosing financial products and services than those

generations before them; financial knowledge is therefore crucial for youth

(Lusardi and Oggero, 2017).

Tiongson (2023), financial education is becoming a requirement in the

world we live in. Navigating the complicated world of personal finance can be

difficult for young people from the Philippines. The secret to a brighter and more

secure financial future is, however, to become financially educated. Moreover,

many young Filipinos come from homes where financial hardship is the norm.

Without adequate financial education, young people run the risk of continuing the

cycle of insecurity and poverty. The ability to handle their finances effectively can

enable young people to escape this pattern and create a better future for

themselves and their families.

Nevertheless, more people are getting into debt trouble and struggling to

manage their finances. Financial products, on the other hand, are getting more

complicated and come with a lot of hidden risks. Both locally and globally, young

8
people and children's financial education levels are subpar. A situation like this

could result in personal issues (financial distress), worsen financial stability, and

harm economic growth (Fabris & Luburic, 2016).

Moreover, people can better manage their finances and maximize the

advantages of using financial services by engaging in financial education, a

systematic process of developing financial literacy (Bangko Sentral ng Pilipinas,

2022).

A person's ability to make decisions as an adult may be compromised by

the lack of emphasis placed on financial education throughout the development

of student competencies (Abad-Segura, E. et al., 2019).

The potential to properly understand and put financial education into

practice in the modern economy is greater than ever. Sadly, there are a lot of

irrational people. People regularly make financial decisions that could boost their

short-term utility while raising the likelihood of later facing financial challenges

(Norvilitis, 2014).

There are various restrictions when it comes to studying financial

education. As cited by Fernandes, et al., (2014), examined the problems with

earlier studies on personal finance education. The researchers claimed that

"measured" treatments, such as financial awareness surveys, have a greater

influence on financial outcomes than "manipulated" interventions, such as

teaching. They emphasized that absent factors, such as those of psychological

and behavioral traits. The impact of education-related interventions is weakened

by characteristics (such as self-control and a propensity for delayed pleasure).

9
 Although people of all ages participate in financial education, young

people's financial education is particularly crucial. Compared to their parents, the

younger generation deals with riskier and more complicated financial goods.

Additionally, thanks to cell phones, bank accounts, and credit cards, young

people are exposed to financial services at extremely young ages. As a result,

people must receive financial education as early as feasible (Tezel, 2015).

Most Filipinos lose money as a result of excessive spending brought on by

a lack of financial literacy. The higher the year level and the older the student is,

the higher the financial literacy he has. Based on ethnicity, students who are

Ilocanos are more prepared for their future compared to students who are

Ibanag, Itawes, and Tagalog. This revealed also that females are more interested

in increasing their financial literacy and are more prepared for their future

compared to males (Dulin, 2016).

The main goal of the Bangko Sentral ng Pilipinas (BSP) is to increase

financial inclusion. The BSP's goal in implementing this mandate is to achieve a

situation where vulnerable groups, in particular, have effective access to financial

services like banking. To do this, BSP consistently enhances the quality and

design of formal financial services to cater to the various needs of people

seeking to transact with financial institutions.

Benjamin Diokno, the Governor of the Bangko Sentral ng Pilipinas (BSP)

in 2021, underscored the paramount importance of enhancing financial literacy

among Filipinos, particularly in the current era marked by the increasing

prevalence of digital transactions. He emphasized the benefits not only for

10
individuals but also for the overall economic well-being of the country. Diokno

articulated that, to bolster financial resilience, the central bank, in collaboration

with private-sector partners, is endeavoring to integrate digital skill development

into existing conventional financial literacy programs. During his address at the

recent virtual 4th Financial Education Stakeholders Expo, Diokno asserted that

individuals who possess financial stability contribute more substantially to the

nation's progress and productivity.

Furthermore, in the aftermath of the pandemic, there has been a

noticeable enhancement in Filipinos' financial behavior, with an increased

propensity for saving, acquiring health and life insurance, and formulating

retirement plans. Diokno, referencing data from various sources, pointed out that

contributions to the Personal Equity and Retirement Account (PERA) escalated

from 1,388 in 2019 to 2,671 in 2020. Additionally, the number of life insurance

accounts rose from 39.1 million in 2019 to 43.5 million the following year.

From 9.8 million policies in 2019 to 30.3 million in 2020, non-life insurance

coverage grew. Approximately 48% of Filipinos who took part in the central

bank's financial inclusion survey before the pandemic said they had savings, but

in 2019, that percentage increased to 53%.

In 2019, 21% of respondents, up from 18% in 2018, said they saved

money in banks. Filipinos have the lowest financial literacy in the area, at 25%,

according to a 2015 World Bank (WB) assessment on adult financial literacy,

behind countries like Malaysia (36%), Singapore (59%), and Myanmar (52%).

11
 Only three of the seven financial literacy questions were correctly

answered by Filipino respondents, according to him, and simple division, interest

computation, and inflation all performed poorly. Related central bank research

that demonstrates that five out of ten people keep their money at home and five

out of ten borrow money from unauthorized lenders confirm these findings.

Increasing the financial resources available to students as well as allowing

them to improve their financial literacy would probably result in less stress and

higher academic accomplishment (Britt, et al., 2016)

Spending Habits

The way young people manage their money and their spending habits will

define their financial situation soon. Early adoption of good financial habits will

give them the best chance of finishing their schooling and learning how to

manage their finances in the future. Keeping track of one's spending helps one

avoid going over budget, making impulsive purchases, and overpaying for things

(Bona, 2018).

Spending habits have never remained consistent. It is dynamic and can

change from generation to generation (Sorooshian and Teck, 2013). As cited in

the research of Birari and Patil (2014), according to surveys, young people spend

more money shopping, particularly for branded goods. Additionally, it was

discovered that the spending habits of young people, both male and female,

differ somewhat from one another. The younger generation needs to develop the

habit of sensible spending and increase their fixed deposit, mutual funds, and

12
gold investments. The hotel industry, the mobile industry, the retail industry, and

fast-food establishments should make use of the youth market.

The research of Ajide (2015), showed that the spending habits of young

people, both male and female, varied significantly. and their primary source of

income was pocket money received from friends and family. Kumar, et al.,

(2022), the spending habits of individuals vary and are dependent on factors

such as race, religion, family background, ethnicity, and place of residence. Male

students frequently go toward manly goods like pricey electronics, watches, and

purses, while female students may be drawn to adornments like jewelry and

makeup. Numerous elements affect purchasing patterns. Understanding money

management, parental income, and peer pressure are a few of these.

Obagbuwa and Kwenda (2020), define a person as a poor spender if they

exhibit poor discipline in their regular spending habits. Kamis et al. (2021),

demand rises along with rising spending. Additionally, it is stated in their research

that the students who are good with money tend to spend more of it on durable

goods. Durable products might include items for housing and education.

Gulati (2017), also asserts that peer pressure can affect students'

spending patterns. This is due to the lengthier school days that pupils now

experience. To belong to a group or win over their friends, teenagers will copy the

trends that the majority of their classmates pretend to follow. Teenagers'

purchasing patterns will be impacted by this.

Activities that someone engages in that show both positive and bad

conduct can be seen as indicators of their financial behavior (Woodyard, et al.,

13
2017). In other words, financial behavior is an individual’s behavior related to

money management. The theory of planned behavior (TPB) to predict and

understand an individual's behavior (Ajzen, I., 1991) and the transtheoretical

model (TTM) of behavior change to assist people in achieving positive behavior

and changing negative behavior (Prochaska, J., et al., 1992) serve as the

theoretical foundations for the development of the theory of financial behavior.

The two ideas highlight the psychological theory that is employed to assist

individuals in altering their undesirable behavior. "Trans-theoretical" refers to the

process of converting theory into practice.

Students are improving their financial behavior as their knowledge level

rises. They have faith in their capacity to create the most profitable investments.

Additionally, their planned investments are anticipated to generate enormous

profits in the future, which will influence their financial behavior. The different

generations are concerned about their financial futures as well. While Millennials

and Generation Z are concerned about the state of the economy and how it will

affect them, Generation X is more concerned about the financial decisions made

by the next generation (Beck and Garris, 2019)

Lusardi and Mitchell (2013), Xiao, et al. (2014), and Khan, et al. (2017)

come into the same state that financial literacy comprises knowledge, skills, and

attitudes that affect an individual's financial behavior. Klapper, et al.'s (2015)

research, the level of financial literacy in industrialized countries differs from that

in most developing countries. In the world's developing nations age, education,

and income, which are sociodemographic characteristics, are positively

14
correlated with financial literacy, and financial literacy and financial skills are

positively correlated.

Further, financial knowledge is having prior knowledge including

compound interest, inflation, deposits, the time value of money, diversification,

interest rates, debt, and assets. Financial knowledge is the basis of financial

literacy which helps individuals in making decisions and establishing good

financial behavior. Furthermore, when making financial decisions, a person's

capacity to reduce the possibility of getting into financial difficulties is referred to

as having financial skills (Priyadharsini, 2017). In addition, Beliefs and principles

relating to various personal finance ideas are referred to as financial attitudes.

Financial management activities have a good relationship with financial attitude

and knowledge.

One of the variables that can affect someone's financial literacy is their

parent's income. This is because financial support from parents is one of the

ways that students earn a living. Therefore, how a person manages their

spending will depend on the financial resources they have. Additionally, pupils'

income has decreased as a result of the Covid-19 pandemic's fall in parental

income. Students continue to overspend and are unable to effectively manage

their finances despite the decline in parental income (Crister, et al., 2021).

Family has a significant impact on a person's spending habits. What things

to purchase and consume is heavily influenced by family members. Additionally,

a person's lifestyle has an impact on the way they shop. We frequently pay

attention to and imitate the spending patterns of our parents and other family

15
members. Lifestyle is the way a person interacts with the world as shown by the

goods they purchase or consume. Additionally, one's desire to spend is

influenced by attitude. Understanding your finances better means knowing what

to spend and why you spend the way you do (Bona, 2018).

Whether success is measured in terms of academic achievement,

perseverance to degree completion, or satisfaction, engagement is now widely

acknowledged to be essential to students' success in college. Less focus has

been placed, however, on the fact that wealthy students may most easily afford

the luxury of involvement (Kezar, et al., 2015).

Although a bachelor's degree is necessary for upward mobility, low-

income students are much less likely to obtain one than their peers who are in a

better financial situation. Although previous research on higher education has

shed light on a variety of factors that influence student achievement, very few

studies have looked at the importance of family support once students have

enrolled in college. We look at the connections between two types of family

support emotional and financial and low-income college students' academic

performance (Roksa & Kinsley, 2018).

It is urgent to create a reasonable financial assistance system for

students, which is vital to the sustainable development of higher education and

social fairness (Lan, 2016).

Many students work in addition to their formal education to augment their

income, obtain useful experience, and maintain their motivation. However, there

are dangers like burnout that could result in suicide ideation underlying the

16
pressures to become working students and the advantages they can obtain from

doing so (Casamorin, et al., 2023).

Family Income and Expenditure Survey (FIES) of the Philippine Statistics

Authority (2018), the average monthly family income of a Filipino family during

the year 2018 is P26,083 pesos thus, making it hard for average Filipino family

earners to produce graduates from such schools. Although there are public

schools available that are free but limited only to students with outstanding

academic performance. Parents’ support plays an important role in their

children’s educational endeavors, especially in the financial aspect.

Adzido, et. al. (2016), when parents have solid financial status, their child

has improved motivation and learning process resulting in better academic

accomplishments. However, some respondents from the same study strongly

asserted that family income status is not a significant predictor in saying that

students perform better in academics.

Students from lower family earners tend to be wise to uplift their

socioeconomic status after acquiring a college degree. Moreover, an article from

The Wing Institute at Morningside Academy, (2022), reveals that those students

whose families have higher financial capability continue to be more proficient in

mathematics compared to students from underprivileged families across all

grades. The gap in their performance continues to widen as those students from

high socio-economic status families keep on improving compared to students

from low socioeconomic status families. Therefore, in the current education

system, when students come from lower family incomes, their math performance

17
is also lower. It means that the financial capabilities of the family have a role in

the educational outcome of students. Some studies have been conducted on the

performance of students and family income.

Conceptual Framework

The study aims to explore the correlation between financial literacy

awareness, considered as the independent variable, and spending habits,

identified as the dependent variable. By examining these two variables, the

research seeks to elucidate the connection and understand how financial literacy

awareness influences individuals' spending behavior.

Figure 1 shows the conceptual framework of the study.

Independent Variable Dependent Variable

Financial literacy Spending habits

awareness

Figure 1. Conceptual Framework of the Study

18
 Chapter III
METHODOLOGY

This chapter presents the methodology and the procedures used in

completing the study. It includes the research design, research locale,

respondents of the study, sampling design, research instrument, data gathering

procedure, and statistical treatment.

Research Design

This study utilized a quantitative research method, particularly the

correlational approach to gather and examine the numerical data required for the

study. University of Texas at Arlington (2023), describes quantitative as an

assortment of methods, approaches, and presumptions used to investigate

numerical patterns to research psychological, social, and economic phenomena.

Correlational research, according to Seeram (2019), is a non-experimental

study method that predicts and explains relationships between variables. By

measuring associations using tests like correlational statistics, researchers can

objectively identify interactions, allowing for predictions based on the found

associations.

In this study, the researchers employed correlational research design to

explore the relationship between two variables: level of financial literacy

awareness and spending habits. Correlational research is chosen as the

methodology because it allows one to examine the association or connection

between the identified variables without manipulating them. The purpose is to

understand how changes in one variable may correspond to changes in the

19
other. Thus, by utilizing this research approach it can contribute to a deeper

understanding of the dynamics between the variables without manipulating any

factors, allowing for a more comprehensive interpretation of the observed

patterns.

Research Locale

The study is conducted at Bula National School of Fisheries (6.1036° N,

125.1940° E) in Isabelo Ruiz Street, Zone 7, Barangay Bula, General Santos

City, South Cotabato (9500), Philippines. It is one of the Technical Vocational

secondary schools found in General Santos City and the only fishery school

across the whole region of SOCCSKSARGEN.

Established in 1967 in Barangay Bula, Philippines, the Bula National

School of Fisheries (BNSF) has undergone dynamic transformations, adapting to

various educational programs and achieving notable academic success. With a

team of 46 teachers and seven administrative staff, BNSF's adoption of the

Redesigned Technical-Vocational High School Program led to recognition as a

Regional ICT Center in Tech-Voc High School by 2009. Academic achievements

include improved National Achievement Test scores and certificates for

outstanding learning packages. BNSF continues to evolve, ranking 2nd in the

Search for Best Senior High School Advocacy Materials, highlighting its

commitment to quality education and student preparation for future success.

20
 Figure 2: Locale of the study

Respondents of the Study

The respondents of this study are the Senior High School Learners of Bula

National School of Fisheries comprising 54 learners enrolled in the academic

year 2023-2024. Table 1 shows the distribution of the respondents of the study.

Table A. Frequency Distribution of Respondents of the Study

Grade Level Population Sample

Grade 11 107 21

Grade 12 165 33

Total 272 54

21
Sample and Sampling Technique

The researchers used the LR Gay technique in which 20% of the total

population is taken as a sample. The sample per grade level is taken using a

proportionate sampling technique to identify the sample size. In choosing the

respondents, the researchers used Convenience sampling where the

researchers conveniently selected the following strands in grade 11: HumSS 1: 4,

HumSS 2: 4, ABM: 4, ICT: 3, HE: 3, and AFA: 3. In grade 12, the researchers will

conveniently select in the following strands: HumSS 1: 6, HumSS 2: 6, ABM: 6,

ICT: 5, HE: 5, and AFA: 5.

Research Instrument

The researchers used a self-made questionnaire composed of two (2)

parts. Part I deals with the level of financial literacy awareness among the senior

high school learners and part II deals with the spending habits of senior high

school learners.

Below is the five-point scale to be used to determine the financial literacy

awareness and spending habits of senior high school learners:

Scale Verbal Description

5 Strongly Agree

4 Agree

3 Neither agree or disagree

2 Disagree

1 Strongly Disagree

22
Data Gathering Procedure

The researchers made a researcher-made questionnaire and validated it

through the experts. Once the letter was approved, the researchers then

distributed the questionnaire. The researchers then retrieved the questionnaire

for analysis and interpretation to examine the correlation between financial

literacy awareness and spending habits among senior high school learners. The

researchers asked permission and approval from the principal of Bula National

School of Fisheries, Barangay Bula to conduct the study.

Statistical Treatment

Mean Range Verbal Interpretation

4.21 - 5.00 Fully Aware

3.41 - 4.20 Moderately Aware

2.61 - 3.40 Aware

1.81 - 2.60 Partially Aware

1.00 - 1.80 Not Aware

The weighted mean is utilized to determine the average response from the

survey corresponding to the first and second problems. To determine the

relationship between financial literacy awareness and spending habits among

senior high school learners, the person r correlation will be use.

To determine the level of financial literacy awareness of the senior high

school learners, the consolidated rating was quantified using the scale below.

23
 To understand how senior high school learners spend their money, the

researchers used a rating scale to measure their spending habits. The scale

below was used to quantify the consolidated rating.

Mean Range Verbal Interpretation

4.21 - 5.00 Strongly Agree

3.41 - 4.20 Agree

2.61 - 3.40 Neither Agree or Disagree

1.81 - 2.60 Disagree

1.00 - 1.80 Strongly Disagree

24
 Chapter IV
PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA

This chapter presents the analysis and interpretation of the data gathered

in this study. The various results are presented in the succeeding tables. The

researchers surveyed 54 Senior High School Learners from Bula National School

of Fisheries using survey questionnaires.

The Level of Financial Literacy Awareness among Senior High School

Learners

This table presents the financial literacy awareness among senior high

school learners of Bula National School of Fisheries.

Table 1
Mea
Indicator SD Remarks
n
I understand basic financial concepts (e.g., Moderately
3.89 1.06
budgeting, savings, investments). Aware
Moderately
I know how to manage my personal budget. 3.78 0.92
Aware
I prioritize saving money as part of my daily Moderately
3.76 0.97
budget. Aware
I invest my extra budget into assets. 3.06 0.88 Aware
I have familiarized the financial terms commonly
3.24 0.85 Aware
used in personal finance.
I seek out financial information to enhance my
3.24 0.82 Aware
knowledge.
I stay informed about personal finance. 3.33 0.85 Aware
I have learned a lot from different formal financial
education programs or workshops that improved 3.02 0.96 Aware
my spending habits.
I believe that my financial education has been Moderately
3.48 0.93
used in the way I spend money on a daily basis. Aware
Moderately
Overall Mean 3.42
Aware
Level of Financial Literacy Awareness among Senior High School Learners

25
 Table 1 shows the respondents' level of financial literacy awareness,

revealing a total mean of 3.42. This finding indicates that the respondents

perceive their financial literacy awareness as moderately aware. As shown in the

table, it becomes evident that indicator number one (1) stands out, indicating that

the respondents understand basic financial concepts (e.g., budgeting, savings,

investments), which got the highest mean of 3.89. Furthermore, they know how

to manage their budget, as reflected by the second-highest mean of 3.78. The

researchers also found that indicator number eight (8) got the lowest weighted

mean with over 3.02 which shows the respondents have learned a lot from

different formal financial education programs or workshops that improved their

spending habits. Based on the statistics presented, it can be concluded that

Senior High School Learners of Bula National School of Fisheries have a solid

understanding of basic financial concepts such as budgeting, saving, and

investing. However, there is potential for improvement in terms of allocating

additional funds to assets and attending formal financial education programs or

seminars to improve spending habits. Overall, individuals demonstrate a

moderate level of financial literacy and engagement with personal finance, as

indicated by the overall mean score of 3.42.

As mentioned, the complexity of finance is inevitable, it causes stress

among people most especially to the learners. Britt, et al. (2016) that higher

levels of financial stress are associated with a variety of factors, including life and

financial stresses, subjective financial knowledge, financial resources, negative

perceptions, and mastery. Balaza, et al., (2021), stated that the significance of

26
fostering financial early literacy involves integration with the curriculum, its

inclusion advances the worth of careful spending and saving so that students

secure their daily experiences. Additionally, Navickas, et al. (2014), stress that

financial literacy is important for young people and it has a positive impact on

their finances. With this, as students, we must invest in our financial education as

we are about to enter the realm of reality where finance is an important matter.

Spending Habits of the Senior High Learners

This table presents the spending habits of the senior high school learners

of Bula National School of Fisheries.

Table 2
Indicator Mean SD Remarks
I spend based on my allowance. 3.61 1.17 Agree
I discuss financial goals and budgeting with my
3.41 1.09 Agree
family to align spending decisions.
I keep to enhancing my financial skills through Neither
courses, workshops, or educational resources to 3.22 0.96 Agree or
effectively manage my finances. Disagree
I create a budget for my daily expenses. 3.63 1.09 Agree
Neither
I regularly track my daily expenses. 3.37 1.19 Agree or
Disagree
I review and adjust my financial goals. 3.54 1.08 Agree
I spend money based on my current budget
3.74 1.14 Agree
allocation.
Overall Mean 3.50 Agree
Spending Habits of the Senior High School Learners
Table 2 presents the spending habits of the respondents, showing an

overall mean of 3.50, indicating agree. The researchers found that indicator

number seven (7); the respondent's spending money based on their current

budget allocation agrees with a mean of 3.74. Additionally, create a budget for

27
their daily expenses, as indicated by the second-highest mean of 3.63. However,

indicator number three (3), which stated that the respondents keep enhancing

their financial skills through courses, workshops, or educational resources to

effectively manage their finances, shows a slightly lower mean of 3.22 which is

neither agree or disagree. According to the presented data above, senior high

school students have generally good spending habits and a reasonable level of

financial responsibility. However, there is a slight need for improvement in areas

like discussing financial goals with family and actively seeking out financial

education resources. Overall, the findings indicate that senior high school

students have a strong foundation of financial understanding and are actively

involved in managing their funds, with an overall mean score of 3.50 out of 5.

According to Birari and Patil (2014), young people spend more money

shopping, particularly for branded goods. Additionally, it was discovered that the

spending habits of young people, both male and female, differ somewhat from

one another. Moreover, Obagbuwa and Kwenda (2020), define a person as a

poor spender if they exhibit poor discipline in their regular spending habits.

Demand rises along with rising spending. Furthermore, it is stated in research

that students who are good with money tend to spend more of it on durable

goods cited by Kamis et al. (2021).

The Significant Relationship between Financial Literacy Awareness and

Spending Habits among Senior High School Learners

28
 This table presents the relationship between the level of financial literacy

awareness and spending habits of the senior high school learners of Bula

National School of Fisheries.

Table 3
Relationship between Level of Financial Literacy Awareness and Spending
Habits of the Senior High School Learners

Level of Spending Habits of the Senior

Variables High School Learners

r r² p-value Remarks
Level of Financial Literacy
Awareness among Senior 0.527 0.277 0.00004 Significant
High School Learners
As shown from the analysis above, it is evident that there exists a

statistically significant correlation between a senior high school learner’s level of

financial literacy awareness and their spending habits. The two main variables

being studied are the level of financial literacy awareness among senior high

school learners and their spending habits. The p-value for the relationship

between these variables is 0.00004. This p-value is less than the commonly used

significance level of 0.05, indicating that the relationship between financial

literacy awareness and spending habits is statistically significant. In conclusion,

the study found a significant correlation between financial literacy and spending

habits among senior high school students. This research emphasizes the need to

increase financial education among this group to encourage prudent financial

behavior and decision-making.

29
 Chapter V
SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

In this chapter, an overview is provided that summarizes the study’s

findings, conclusions, and recommendations, offering valuable insights for further

exploration.

Summary of Findings

The following are the findings derived from the analysis of the data.

1. Level of Financial Literacy Awareness Among the Senior High School

Learners.

The respondents’ understanding basic financial concepts (e.g.,

budgeting, savings, investments) got the highest mean of 3.89; I know

how to manage my personal budget got the highest mean of 3.78; I

prioritize saving money as part of my daily budget got the mean of 3.76;

I invest my extra budget into asset got the mean of 3.06; I have

familiarized the financial terms commonly used in personal finance got

3.24; I seek out for financial information to enhance my knowledge got

the mean of 3.24; I stay informed about personal finance got 3.33; I

have learned a lot from different formal financial education programs or

workshops that improved my spending habits got the lowest mean of

3.02; I believe that my financial education has been used the way I

spend money on a daily basis got the mean of 3.48; All in all, the overall

mean is 3.42.

30
 2. Level of Spending Habits of the Senior High School Learners

I spend based on my allowance got the mean of 3.61; I

discuss financial goals and budgeting with my family to align

spending decisions got a mean of 3.41; I keep enhancing my

financial skills through courses, workshops, or educational

resources to effectively manage my finances got the mean of 3.22;

I create a budget for my daily expenses got the highest mean of

3.63; I regularly track my daily expenses got the highest mean of

3.37; I review and adjust my financial goals got the mean of 3.54; I

spend money based on my current budget allocation got the mean

of 3.74; All in all, the overall mean is 3.50.

3. Significant Relationship between Financial Literacy Awareness and

Spending Habits among Senior High School Learners

The result showed that there is a significant correlation

between a senior high school learner’s level of financial literacy

awareness and their spending habits.

Conclusion

Based on the Findings, the following conclusions were drawn.

1. Based on the statistics presented, it can be concluded that Senior High

School Learners of Bula National School of Fisheries have a solid

understanding of basic financial concepts such as budgeting, saving,

and investing. However, there is potential for improvement in terms of

31
 allocating additional funds to assets and attending formal financial

education programs or seminars to improve spending habits. Overall,

individuals demonstrate a moderate level of financial literacy and

engagement with personal finance, as indicated by the overall mean

score of 3.42.

2. According to the presented data above, senior high school students

have generally good spending habits and a reasonable level of

financial responsibility. However, there is a slight need for improvement

in areas like discussing financial goals with family and actively seeking

out financial education resources. Overall, the findings indicate that

senior high school students have a strong foundation of financial

understanding and are actively involved in managing their funds, with

an overall mean score of 3.50 out of 5.

3. In conclusion, the study found a significant correlation between

financial literacy and spending habits among senior high school

students. This research emphasizes the need to increase financial

education among this group to encourage prudent financial behavior

and decision-making.

Recommendation

Based on the conclusions drawn in this study, the following are the

researchers’ recommendations:

1. The students should take proactive measures to improve their financial

literacy by looking for additional resources such as workshops, online

32
 courses, and books. They may also enhance their financial well-being by

assessing their spending habits on a regular basis and creating attainable

financial objectives. Additionally, they may actively engage in school

initiatives or organization-sponsored financial education programs or

seminars to improve financial management skills.

2. Engage in open discussions regarding finances with their children to

create an understanding of financial responsibility in them. Offer direction

and support that may encourage their children to save and invest.

3. Incorporate financial education programs into the curriculum to provide

students with complete financial literacy teaching. They may also organize

workshops or seminars that cover practical financial skills including

budgeting, saving, and investing. Additionally, they may collaborate with

community organizations or financial institutions to provide additional

resources and support for financial education initiatives.

4. They may provide financial literacy workshops or seminars suited to the

needs of senior high school students. Build connections with schools to

promote financial education and provide resources and support for

activities targeted at increasing young financial literacy.

5. Conduct more research to determine the long-term impact of financial

literacy on the financial well-being of senior high school students. Indulge

in researching new techniques for teaching financial literacy that may be

more effective in engaging students and encouraging behavior change.

Additionally, they may also research the effects of socioeconomic

33
 determinants on financial literacy and spending behaviors among senior

high school students.

6. Expand and invest in previous study findings to investigate growing trends

and issues in financial literacy teaching for senior high school students.

Consider doing longitudinal research to evaluate the efficacy of financial

education initiatives across time. Additionally, they may collaborate with

schools, community organizations, and legislators to develop and

implement evidence-based solutions for increasing student financial

literacy.

34
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 APPENDICES
Appendix A
SURVEY QUESTIONNAIRE

Name (Optional): _________________________ Grade and Strand: _________

Part 1: Financial Literacy Awareness of the Senior High School Learners
Instruction: Check the box provided for your answer based on the following
levels:
1= Strongly Disagree 4 = Agree
2 = Disagree 5 = Strongly Agree
3 = Neither Agree or Disagree
Indicators 1 2 3 4 5
1. I understand basic financial
concepts (e.g., budgeting,
savings, investments).

2. I know how to manage my

personal budget

3. I prioritize saving money as

part of my daily budget

4. I invest my extra budget into

assets.

5. I have familiarized the

financial terms commonly
used in personal finance.

6. I seek out financial

information to enhance my
knowledge.

7. I stay informed about

personal finance.

8. I have/earned a lot from

different formal financial
education programs or
workshops that improved
my spending habits.

42
9. I believe that my financial
education has been used in
the way I spend money on a
daily basis.

Part II: Spending Habits of the Learners:

1. I spend based on my
allowance.
2. I discuss financial goals and
budgeting with my family to
align spending decisions.

3. I keep enhancing my
financial skills through
courses, workshops, or
educational resources to
effectively manage my
finances
4. I create a budget for my
daily expenses.
5. I regularly track my daily
expenses.
6. I review and adjust my
financial goals.
7. I spend money based on my
current budget allocation.

43
Appendix B

44
45
46
Appendix C

47
48
49
50
51
Appendix D

52
 Appendix E
Statistical Results
Table 1
Level of Financial Literacy Awareness among Senior High School Learners
Mea
Indicator SD Remarks
n
I understand basic financial concepts (e.g., Moderately
3.89 1.06
budgeting, savings, investments). Aware
Moderately
I know how to manage my personal budget. 3.78 0.92
Aware
I prioritize saving money as part of my daily Moderately
3.76 0.97
budget. Aware
I invest my extra budget into assets. 3.06 0.88 Aware
I have familiarized the financial terms commonly
3.24 0.85 Aware
used in personal finance.
I seek out financial information to enhance my
3.24 0.82 Aware
knowledge.
I stay informed about personal finance. 3.33 0.85 Aware
I have learned a lot from different formal financial
education programs or workshops that improved 3.02 0.96 Aware
my spending habits.
I believe that my financial education has been Moderately
3.48 0.93
used in the way I spend money on a daily basis. Aware
Moderately
Overall Mean 3.42
Aware

Table 2
Level of Spending Habits of the Senior High School Learners
Indicator Mean SD Remarks
I spend based on my allowance. 3.61 1.17 Agree
I discuss financial goals and budgeting with my
3.41 1.09 Agree
family to align spending decisions.
I keep to enhancing my financial skills through Neither
courses, workshops, or educational resources to 3.22 0.96 Agree or
effectively manage my finances. Disagree
I create a budget for my daily expenses. 3.63 1.09 Agree
Neither
I regularly track my daily expenses. 3.37 1.19 Agree or
Disagree
I review and adjust my financial goals. 3.54 1.08 Agree
I spend money based on my current budget
3.74 1.14 Agree
allocation.
Overall Mean 3.50 Agree

53
Table 3
Relationship between Level of Financial Literacy Awareness and Spending
Habits of the Senior High School Learners
Level of Spending Habits of the
Variables Senior High School Learners
2
r r p−value Remarks
Level of Financial Literacy
Significan
Awareness among Senior 0.527 0.277 0.00004
t
High School Learners

54
 CURRICULUM VITAE

PERSONAL INFORMATION
Name : JANSSEN JAMES DANDA

Age : 18 years old

Civil Status : Single
Date of Birth : February 24, 2006
Place of Birth : Tacloban, Leyte
Current Address : Zone 7, Brgy. Bula
Parent’s Name : Joveta Mae T. Danda
Junmar P. Fernandez
________________________________________________________________

EDUCATIONAL ATTAINMENT
Senior High School
ACCOUNTANCY, BUSINESS AND MANAGEMENT

Bula National School of Fisheries

Zone 7, Brgy. Bula
2022-Present
Junior High School
COMPUTER SYSTEM SERVICING (CSS)
Bula National School of Fisheries
Zone 7, Brgy. Bula
2018-2022
Elementary
Bula Central Elementary School
Zone 7, Brgy. Bula
2012-2018

55
 CURRICULUM VITAE

PERSONAL INFORMATION
Name : KAYE ANNE APILAR

Age : 18 years old

Civil Status : Single
Date of Birth : July 03, 2005
Place of Birth : General Santos City
Current Address : Asai Village, Brgy. Bula
Parent’s Name : Rose D. Apilar
________________________________________________________________

EDUCATIONAL ATTAINMENT
Senior High School
ACCOUNTANCY, BUSINESS AND MANAGEMENT

Bula National School of Fisheries

Zone 7, Brgy. Bula
2022-Present
Junior High School
FOOD PROCESSING
Bula National School of Fisheries
Zone 7, Brgy. Bula
2018-2022
Elementary
Jose Divina Gracia Sr. Elementary School
Zone 8, Brgy. Bula
2012-2018

56
 CURRICULUM VITAE

PERSONAL INFORMATION
Name : MICHAEL JOHN D. DUERME

Age : 18 years old

Civil Status : Single
Date of Birth : January 20, 2005
Place of Birth : General Santos City
Current Address : Zone 6, Brgy Bula
Parent’s Name : Sharon D. Duerme
Jovert Duerme
________________________________________________________________

EDUCATIONAL ATTAINMENT
Senior High School
ACCOUNTANCY, BUSINESS AND MANAGEMENT
Bula National School of Fisheries
Zone 7, Brgy. Bula
2022-Present
Junior High School
AQUACULTURE
Bula National School of Fisheries
Zone 7, Brgy. Bula
2018-2022
Elementary
Bula Central Elementary School
Zone 7, Brgy. Bula
2012-2018

57