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THE EFFICACY OF FINANCIAL LITERACY

AMONG HIGH SCHOOL STUDENTS IN UMTC

A Qualitative Research Presented to

The Faculty of Senior High School
UM Tagum College

Proponents:

DANO, JEANZEL D.
JAYECTIN, ANGELYN BIEN C.
RAMOS, KEITH JOSEPH G.
ROSAL, MESSEY GIFT C.
RUYOD, ANALIZA S.
VEGAFRIA, MA. JEZA ABIGAIL B.

March 2021
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Chapter 1

INTRODUCTION

RATIONALE

Financial Literacy is a significant form of element in understanding finances

and rational financial decision making. Financial Literacy is essential to learn among
High School students, as they face financial decisions that have important
consequences throughout their life. However, managing budget seems to be elusive
nowadays because of so many factors. These factors may lead students’ to
positively use their money and it can also deal negative affects to the students’ lives.
Many students do not have the knowledge of the basic financial skills that is
necessary for them to develop and maintain a budget and to understand credit. The
spending of money among the youth, especially students, is very alarming for they
find it hard to manage their expenses whenever they choose to spend more on
useless items rather than on things that are of a much greater value. That is why, as
early as a child he or she must be exposed in the area of financial management so
that the financial habits that he or she learn during adolescence persist through
adulthood (Seuntjens et al., 2016).

According to Belás et al., (2016) from their study that is entitled “Financial
Literacy of Secondary School Students. Case Study from the Czech Republic and
Slovakia”, the results of their research showed that secondary school students have
the ability to correctly apply theoretical knowledge and manage to save their own
money for emergency and future purposes. The significant finding of the study is that
secondary school students have a wrong way to approach money reservations and
the number of correct answers was around 20%, which is alarming due to the
importance of savings in financial management. Financial Literacy should be an
important form in the field of education on secondary school students for it is
appropriate to manage an individuals’ personal finances and to ensure sustainability
and quality life. The earlier that Financial Literacy is acquired the greater the benefit
for the students’ development.

In the Philippines, compulsive buying has caused the students today to have
the best gadgets but are not up-to-date with their tuition payments (Rios, 2017).
Compulsive buying is defined as an addiction that triggers pleasure receptors in the
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brain, much like drugs (Kagan, 2018). To put it simply, it is a mental disorder that
makes one spend far beyond what is necessary (Young, 2016) and a new research
study even suggests that spending a lot of money can make an individual happy, as
long as the money that an individual is spent on is for himself/herself (Nield, 2017).

Somcio et al., (2019) students of Bacolod, conduct a study entitled “Level of

Financial Literacy of Senior High School Students from Private Schools of Bacolod
City” stated various factors that dwells on the areas of spending habits, saving habits
and financial knowledge amongst each other. The ability to be able to get certain
products like foods or project materials is not the same for every child. The youth,
likely students or teenagers, spend has many factors that they tend to forget the
difficulty of obtaining money. In addition, Elkins et al., 2017's study (as cited in
Somcio et al., 2019) stated that when it comes to budgeting money, many falls short
among the youth. That is why, it is important for the youth, especially students, to
know or understand how to handle or use their money for it would be a great in the
future.

In the locality of Tagum City, students had a hard time managing their budget
or allowance for the week, which is why it is essential to learn Financial Literacy in
regards to concerning a young audience, which is in that case, the High School
students of UMTC. It plays a big role in sustaining basic knowledge to students in
regards to handling monetary matters as an entryway to the business industry and
even just simple real-world situations involving funds, it develops a student’s
potential not just in a specific course such as accountancy, marketing,
entrepreneurship, etc. It molds students of today’s generation into prepared
individuals that might contribute to the betterment of our country.

For the research gap of the study, the researchers based it from the study of
Dominguez et al., (2019) where the center of their study is about how the Financial
Problem affects the Academic Performance of the Senior High School Students. In
our study, we do not associate or deal about how the financial problem affects the
academic performance of the students, for we focus on the influence of the growth
and development of the students.
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URGENCY TO CONDUCT THE STUDY

Individuals will save money while they are young in preparation for a day
when they will retire from work; by that time, they will be able to sustain their quality
of life while living on their savings. Such individuals in their retirement years are
typically forced to spend more and to save less. In accordance to Friedman 2016'
study ( as cited in Durodula et al. 2017) , it is important to have knowledge about
handling money and to prepare for the future, especially among students. It
empower them with the knowledge that they can be smart with their finances.

PURPOSE OF THE STUDY

The purpose of this phenomenological study is to identify if applying Financial

Literacy has any impact on the growth and development of the high school students
of University of Mindanao Tagum College when handling money or finances as they
grow old. And to distinguish if between students who have any knowledge or idea
about Financial Literacy and students who don’t have any background or not taught
about Financial Literacy during childhood. This study will also give the students idea
of how important Financial Literacy is in molding one’s better future. It will give the
students better ideas on how to manage their finances in the future for their
betterment.

At this stage in research, handling high school students who don’t have any
background about Financial Literacy is a social issue and a phenomenon that
actually exists in the present financial situation. Students that has no idea or any
background about Financial Literacy encountered many experiences that sometimes
put them into risks, threatens them, or making them miserable and unproductive.
With these daily undertakings, they may create a common knowledge through their
communication, allowing them to come up with different ideas. These ideas will
become part of their daily lives thus; they socially elaborate these ideas in their
conversations.

This phenomenological study would add the growing body of knowledge

about the importance of the theory Efficacy of Financial Literacy at a Young Age and
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investigating social concerns such as handling high school students of University of

Mindanao Tagum College who don’t have any background about Financial Literacy.
Through this study, we would be able to acquire silent information that would help us
to manage our financial activities and how the high school students will cope with the
common problems they encountered in not learning Financial Literacy during
childhood. It also seeks future directions for the students how to learn Financial
Literacy.

This study also visualized documenting the different experiences of the six
students in- depths interviews and six students in the focus group discussion that
may or may not have any background or information about Financial Literacy from
their own school, University of Mindanao Tagum College. Moreover, the intent of this
study is to pursue, hear, and understand the unheard stories of the students as they
willingly to share their experiences during the interview. In addition, this study aims
to gain additional learnings in the field of research concerning the students who don’t
have any background about financial literacy during childhood.

STATEMENT OF THE PROBLEM

1. Where do you get your financial resources?

2. What sort of financial literacy experience or information do you have?

3. What are your spending habits?

THEORETICAL LENS

Financial Literacy as defined by Vitt et al. (2000) is the capacity to analyze,

examine, oversee, and impart about the individual financial conditions that influence
material prosperity. It incorporates the capacity to observe financial decisions,
examine cash and financial issues without (or despite) uneasiness, plan for the
future, and response completely to life events that influence everyday financial
choices, including events in the general economy. There are some people who never
got appropriate instructions on accounts during their youth end up as irresponsible
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adults especially in handling financial issues. They lack knowledge on how to invest,
save money to purchase a home and often have a problem in budgeting expenses.

The "Financial Education" could help that individuals, by making better

decisions, influence the improvement of competitiveness in financial institutions,
better allotment of resources, lower levels of non-performing credits and, at last,
quickened economic development. Present day ages are confronting various new
difficulties and decisions that have not been accessible as of not long ago, for
example, cable or ADSL internet access, purchase of cars on loan or leasing,
investing in shares or bonds, debit or credit cards, the choice of whether to invest in
bank savings, a pension fund or securities, and so on hence, Financial Education of
youth in these days is more significant (Fabris and Luburić 2016)

Therefore, learning Financial Literacy while young will be a great help in

adulthood. These practices are contrary to those of people who were educated about
financial management while they were young. Such individuals can settle on
educated financial decisions in their adulthood simply because they had a strong
financial foundation in their childhood (Fabris and Luburić 2016)

Financial knowledge is an integral dimension of, but does not correspond to

financial literacy. So as to achieve to make financially responsible decision, it is of
course essential to be adequately informed about the concept of the intended
behavior. Financial knowledge, without more, is not enough to acquire the significant
insight into what someone is capable of in terms of financial decision-making.
Furthermore, in order to apply something outside the context in which it has been
learned, it is necessary to enhance advisable attitudes that develops solid and sound
financial behavior especially to young adults (Hilgert et al., 2003; Perry and Morris,
2005 as cited in Ozer & Mutlu, 2019).

The term “financial literacy” in the literature has commonly been used to refer
to understanding of financial concept and procedures, whereas “financial capability”
has been harnessed to indicate skills needed to involve this understanding in a
meaningful manner. They have also observed that financial self-efficacy does not
statically and essentially relate to financial knowledge or literacy, attitudes towards
money and financial behavior (Amagir et al 2018)
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REVIEW OF RELATED LITERATURE

Financial Literacy and its Importance

Financial literacy is an important element of economic and as for both the

individual and the economy is financial stability. For example, in 2008 the financial
crisis demonstrated that ill-informed financial decisions are often caused by a lack of
financial literacy and can have tremendous negative consequences. While
recognition for financial literacy is greater than ever, the financial illiteracy is
widespread and the key determinants of financial literacy are still unknown. Given
this unanswered question and the complexity of day-to day financial transactions are
increasing, the evidence of financial illiteracy raises important policy questions that
must be addressed to ensure young adults’ economic success (Lusardi 2008 as
cited in Lusardi & Lopez, 2016)

According to Abdullah et al., (2017), the number of students facing financial

difficulties is troubling these days. It is important to be financially literate in order to
successfully handle one's finances. Despite the amount of loan or scholarship
received, many students struggle to manage their finances and end up with
inadequate income during their studies.

Being financially literate, according to Harian 2016's study ( as cited in

Abdullah et al., 2017) entails having a range of abilities and attitudes, such as
understanding of the money management concept, knowledge of financial
institutions, and attitudes that allow effective and responsible management of one's
financial affairs. Every person should learn about financial management so that they
can make the most of their earnings. Financial literacy, according to Awani 2014's
study ( as cited in Abdullah et al., 2017), is characterized as the ability to understand
the language of money. It meant that in order to become wealthy or to stabilize their
financial condition, people needed to be financially literate.

According to Yahaya et al. (2019) young adults are increasingly facing

financial difficulties. This is due to their lack of financial expertise and the fact that
they are forced to make difficult financial decisions at a young age, particularly in the
early stages of their careers. As a result, they made a poor decision that had a
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devastating impact on their lives. These financial issues arise as a result of the
financial markets' and financial services industry's diversity and constant change
(Mandell & Klein, 2009, cited in Yahaya et al. 2019). As a result, financial literacy is
critical for people in identifying and distinguishing different providers, goods, and
services in order to achieve financial well-being (Wagland & Taylor, 2009 cited in
Yahaya et al. 2019). As a result, policymakers must formulate effective strategies to
address these issues while also assisting the young population in gaining financial
literacy (Lusardi, Mitchell, and Curto, 2010, cited in Yahaya et al. 2019) ).

Financial literacy is as important a skill as reading, writing, and math skills are,
and thus everyone should have knowledge about it in order to survive the complex
financial world. (Wager, 2019)

According to Dikria and Mintarti's 2016 study (as cited in Ridhayani & Johan,
2020), one of the internal factors that influences consumer behavior is financial
literacy, or financial expertise. Financial literacy will help a country progress
(Kusumaningtyas & Sakti, 2017, cited in Ridhayani & Johan, 2020). People with
good financial literacy are more likely to save money and make informed financial
decisions. As a result, financial literacy has evolved into a life skill that every
individual must possess in order to live a long and prosperous life (Financial
Services Authority, 2017, cited in Ridhayani & Johan, 2020).

Individuals as well as the financial system's overall stability benefit directly

from good family budget management, as well as short- and long-term preparation
and careful selection of financial items. Tavares et al, (2019) also stated in their
study that , financial literacy refers to the ability to distinguish between financial
options, discuss financial and monetary matters, prepare ahead, and react
competently to daily circumstances involving financial decisions, such as global
economic events. In this regard, the importance of financial literacy is increasingly
recognized at the international level, with it being regarded as essential for promoting
understanding of economic behavior, both individually and collectively. All of this
makes it more important than ever to strengthen people's skills and financial
capacities as a requirement for the creation of a training plan and its implementation.

According to Garg & Singh (2017) the majority of researchers discovered a

correlation between financial knowledge, financial attitude, and financial behavior.
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Financial knowledge, financial attitude, financial behavior, and financial literacy are
all areas where youth seem to fall short. High educational status was found to be a
significant indicator of high financial knowledge, financial attitude, financial behavior,
and financial literacy in the majority of cases. In addition to these variables, an
individual's employment status, family history, and financial socialization all have an
effect on their financial knowledge, attitude, behavior, and literacy of an individual.

Additionally they also stated that the studies are being conducted in order to
better understand the effect of different factors on financial literacy among youth.
Garg & Singh, (2017) mentioned that this various studies have been conducted
focusing on the various aspects of financial literacy as well as the effect of various
individuals' socio-economic and demographic factors on their financial literacy level,
and it has been commonly revealed that financial literacy is poor throughout the
world, which has become a cause for concern. Knowing what factors lead to or
distract from the acquisition of financial literacy among youth will assist in the
creation of policy initiatives directed specifically at youth to improve their financial
well-being.

Financial literacy among high school students is low, with less than a third of
teenagers understanding the basic principle of financial literacy (Mitchell and Curto,
2009, as cited in Ridhayani & Johan, 2020). The reference group, according to
Ramadhan and Simanjuntak 2018' study (as cited in Ridhayani & Johan, 2020) can
lead to consumptive buying behavior. Turcinkova and Moisidis 2011's research (as
cited in Ridhayani & Johan, 2020) claim that peer groups play a role in shaping
members' attitudes and behaviors, including buying behavior. Students tend to form
groups based on life or social needs, hobbies or interests, attitudes or behaviors that
are similar (Afiati, 2016). Even though they have been financially socialized by their
parents, teachers, and the environment, students appear to continue to engage in
excessive consumption (Mawo, Thomas, & Sunarto, 2017 cited in Ridhayani &
Johan, 2020)

There are three types of financial personality traits: financial attitude, financial
conduct, and financial power. Financial literacy is linked to financial conduct, attitude,
and financial impact, indicated by Jorgensen 2007's (as cited in Abdullah et al.,
2017). The study discovered a positive relationship between all of the variables and
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financial literacy. As the importance of the variables grew, so did financial literacy.
Furthermore, Atkinson and Messy 2012's study, (as cited in Abdullah et al., 2017)
discovered a strong connection between financial conduct and financial literacy.
Their studies used a number of models to analyze the impact of financial practices
on financial literacy. Students' financial literacy is determined by their financial
conduct, power, attitude, and awareness, according to Thapa, 2015's study (as cited
in Abdullah et al., 2017). All of the variables in the study were found to be important
and to have a positive relationship with financial literacy. Financial attitude, as Jang
et al., 2014's mentioned (cited in Abdullah et al., 2017), has a positive influence on
financial literacy. Both of the models showed a strong correlation between financial
practices and financial literacy.

Financial attitude were found to have a substantial positive relationship. The

better one's financial attitudes are, the better one's financial behavior will be, and the
more intense the relationship with the reference group will be. Consumptive behavior
was found to have a major negative relationship with financial behavior. Those who
had better financial habits were less likely to indulge in excessive consumption.
(Ridhayani & Johan , 2020)

Moreover, consumptive behavior and financial behavior had a strong

correlation. According to Ridhayani & Johan (2020), those who had better financial
habits were less likely to indulge in excessive consumption. While the reference
group and financial behavior had a substantial positive relationship, financial attitude
did not. The better one's financial attitudes are, the better one's financial behavior
will be, and the more intense the relationship with the reference group will be.

Warner and Agnello 2012' research (as cited in Jayaraman & Jambunathan
2018) advocated for an integrated approach to teaching financial literacy. According
to the researchers, financial decisions made today have an impact on not only the
current generation but also future generations. They also claimed that financial
literacy should be taught in relation to politics, culture, the environment, and ethics.
This integrated approach would encourage the students to consider financial
decisions from the perspective of a global, civic-minded, and engaged citizen, rather
than making decisions solely for their own benefit. As a result, they advocated for the
integration of financial literacy and responsible citizenship education.
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The environment in which the society is inserted requires self-sufficiency and

responsibility in a more accurate way, and financial literacy is an essential
component to have a more successful adulthood. In this context, the mastery of
personal-finance skills plays a central role in attitudes and responsible knowledge
formation when considering personal finance. (Potrich et al., 2016)

Students' background studies can also influence their behavior by influencing

their ways of thinking, viewpoints, and information gathering and management.
Similarly, geographical location (such as residential location) is expected to influence
consumption patterns; the closer a person is to a store, the easier it is to obtain the
desired goods and services (Sumarwan, 2015 cited in Ridhayani & Johan, 2020)

When insufficiently financially trained youth are incorporated into the financial
society, it causes problems not just for them individually, but also for the entire
society. As Fabris & Lubric (2016) said in their study, Individuals would become
over-indebted under such situations, which would have a negative effect on financial
stability; they would make poor financial decisions, which would have a negative
impact on the growth of society and their living standards, resulting in increasing
social issues and requiring increased budget expenses, and so on. Since today's
children will be the agents of future economic growth, it is essential that we take the
appropriate steps to enhance their financial literacy.

Financial Decision at Early Age

In today’s generation, young people face financial problem and decisions

which are more difficult than past generations confronted. Moreover, the financial
decisions have to made as early as high school. For instance, senior high school
face a decision whether they go to college or not and how to finance their education.
(Lusardi & Lopez, 2016).

Early formal financial education can be "preventative," serving as a barrier

against and corrective for detrimental misconceptions and habits before an individual
is faced with substantive financial decisions. In accordance to Kasman et al., (2018),
early financial decision-making experiences, as well as relationships with family and
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friends, can influence financial interests, attitudes, and behaviors for the rest of one's
life.

Short-term goals can be particularly useful because they act as stepping

stones toward the medium-term goals. Then, as a stepping stone to long-term goals,
use medium-term goals, and so on. Consider the various “time periods” when setting
goals: the short-term (what you expect to accomplish in the next year), the medium-
term (1–3 years), the long-term (3–5 years), and the far future (5 years and beyond).
This provides you with some “check points” to see how you are doing over time –
and to consider if your priorities have changed and whether you want to change
course. Planning is not just for those with a lot of money to plan how to manage their
money. In reality, the less resources you have, the more crucial planning becomes.
You want to get the most value for your money. Setting goals is the best way to
prepare – to know exactly what you want, to understand the difference between what
you need and what you want, to understand the things that matter most to you –
what you want out of life, what you want to accomplish, and what will make you
happy – now and in the future. (Rabbior, 2018)

Financial Education

“Only knowledgeable and trained consumers of financial services will

completely benefit from the opportunities provided by the modern financial
system.”(World Bank, 2013). The situation for children and youth who do not obtain
sufficient information either in the formal educational system or from their parents at
home is particularly concerning. All of this raises the possibility that many young
people may be unable to fully engage in society. (Fabris & Lubric, 2016).

Wager (2019) mentioned in his study that, previous research has looked at
how financial education affects financial literacy. The key difference between
previous research and this one is that this one focuses on how financial education
impacts financial literacy for people with lower levels of education and income.
Financial education strengthened many different indicators of financial literacy (a
subjective measure, an objective measure, financial behaviors, perceived financial
literacy, and an index measure) according to a new report by Xiao and O'Neill
(2016).
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Moreover, Track in Course have a correlation with financial education that

greatly affects the financial literacy of a student. According to Kaara & Kugu (2016)
Age, class, and major fields of research all have a huge effect on financial literacy
and it varies significantly across major fields of study, owing to differences in
exposure to financial and/or economics courses. Students in the Faculty of Arts and
Sciences, for example, do not take economics or finance classes. Students in the
Faculty of Engineering only take Introduction to Economics, but students in the
Faculty of Economics and Administrative Sciences as well as the School of Applied
Sciences, especially juniors and seniors, take financial and economics courses.
Higher financial literacy levels were associated with higher ages and social classes.
Freshmen and sophomores performed lower than juniors and seniors. In addition,
the majority of the students had also taken a finance course, have strengthened their
comprehension and ability to respond correctly to the questions which indicates that
Financial education has an effect on financial literacy. (Simmons, 2016)

Llanes II et al. (2019) concluded in their study that non-ABM students struggle
to grasp and comprehend business mathematics terms. It also demonstrates that the
students are struggling with the unit/subject due to a lack of interest and poor
retention. With the evidences, the use of interactive multimedia as a supplement in
learning business mathematics can be an effective strategy for stimulating students'
interest because it offers interaction and motivation, allowing students to learn
subjects in a non-traditional manner while also improving retention. The majority of
respondents prefer to use interactive multimedia, as evidenced by the findings.

In addition Yahaya et al. (2019), stated that respondents who completed a

Financial Management course had better financial skills than those who did not
complete a Financial Management course, according to the findings. Financial
knowledge significantly influenced financial attitudes, and financial attitudes
significantly influenced financial behavior, according to the findings. However,
according to this study, financial knowledge has no meaningful impact on financial
behavior. Despite the numerous studies that have looked into student financial
literacy (Mohamad Shamsuri et al, 2017 cited in Yahaya et al. 2019)), there has
been relatively little previous research that links financial skills, financial attitude, and
financial behavior.
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For people with lower levels of education, financial education is more linked to
financial literacy—the estimated odds are higher than for people with higher levels of
education. Financial literacy levels were less likely to be low in those who had obtain
financial education and more likely to be high in those who had received financial
education. People with lower and higher education levels were more likely to have
higher financial literacy scores if they obtained financial education from one or more
outlets, according to the ordered probity model. This prove a connection between
financial education and increased financial literacy. (Wager, 2019)

Because of their limited financial management skills, today's young people

face many challenges in university life (Lusardi, et. al., 2010, cited in Yahaya et al.
2019). According to Borodich, et al., 2010's study (as cited in Yahaya et al. 2019),
young people in particular lack financial management expertise, which leads to poor
financial decisions. This is a critical issue because a financially illiterate society will
create several problems on the country's economy. Students who are financially
literate, on the other hand, are less likely to face financial difficulties because they
can better manage their debt and are more likely to make wise financial decisions,
such as saving for the future.

Findings show that financial education received in high school, college,

through an employer, or a combination of the three is linked to higher financial
literacy scores even years after completion. According to Wager, (2019), higher
levels of financial literacy appear to be linked to financial education, especially
among those with lower levels of education and income. While this study does not
prove a cause-and-effect relationship, it does indicate that taking any form of
financial education and subsequent financial literacy, as measured by five financial
literacy questions, are linked. This study also emphasizes the significance of
teaching financial literacy to those with lower levels of education and income,
according to previous studies, lack financial literacy and may need the most
assistance and with that it will benefit those designing financial education programs.

Kaara & Kugu (2016) also mentioned on their study that the ability of
secondary students to properly apply theoretical information and manage their own
cash has some reserves. Students from business academies given higher
application skills within the field of the analysis of the benefits of the employment of
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client credits and payment cards in foreign payments. It show that the intensity of the
engagement of latest approaches to teaching economic science in secondary
schools isn't adequate the present dynamics of the event of socioeconomic system,
and so secondary school ought to actively seek and implement new approaches,
forms and ways within the academic method. In their study the quantity of correct
answers was 20%,that is an alarming issue because of the special importance of
savings in financial management of households. The significant finding is that the
secondary students have a wrong approach to the creation of money reserves within
the kind of savings.

Improving financial literacy among young people requires effective financial

education, particularly in high school. Since their 2016 report, the Council for
Economic Education (as cited in Jayaraman & Jambunathan 2018), found that
efforts to improve financial education in schools have remained relatively
unchanged. They also stated in their 2018 results on the state of financial and
economic education in American schools that only 17 states required students to
take a personal finance course and 22 states required students to take an
economics course before graduating from high school.

Financial literacy is a multifaceted, complex construct that develops over time

as a result of repetitive decision-making and action. Kasman et al., (2018) stated in
his study that many experts agree that financial education that provides opportunities
for student engagement, discovery, and exploration—also known as "participatory
learning"—can improve financial literacy significantly.

The level of financial education in an important factor that specially affects the
tendency to have debts, and the fact that educated people tends to keep lending
more at reasonable balance in relation to income (Rose, 2002 as cited in Belas et
al., 2016)

Financial Advice

Mountain et al., (2020) stated that, financial advice illustrates the value of self-
directed knowledge finding in proper financial conduct. If successful, such advice will
most likely lead to more positive financial habits among young adults and students.
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The benefit will come from the fact that it is voluntary. This voluntary program has
the potential to develop young adults' financial habits as well as their financial
awareness and skills. Thus, regardless of whether you are pursuing financial advice
for a constructive or reactive cause, raising awareness and growing motivation to act
is crucial. Financial advising tends to be a successful way to inspire young adults to
participate in more healthy financial activities, according to the findings.

It is suggested that financial professionals should concentrate on the people

who are most in need of financial services. Voluntary element is an important factor
in improving financial behaviors. This finding is in line with a study that showed
young adults who have had financial difficulties are more likely to seek help from
financial professionals (Lim et al. 2014 cited in Mountain et al., 2020). It is intriguing
that children with strong financial role models have higher positive financial habits
but have less financial experience.

However, regardless of how well youth financial education programs are

planned, the standard of instruction that children receive is critical to their success.
Furthermore, teachers indicated that they felt especially unprepared to teach more
specialized subjects such as risk management and insurance. Despite the fact that a
vast majority (89 %) thought financial education should be a high school
requirement, 88 % said they were unfamiliar with the Jumpstart National Standards
or felt unqualified to teach them, and only 30% had ever been taught financial
literacy concepts through formal or informal training. Unfortunately, despite believing
in the importance of financial literacy, teachers still feel unprepared to deliver it
effectively. Way and Holden (2009) present results from a multi-state survey of K-12
teachers, with around 30% of those polled having taught financial literacy concepts.
(Kasman et al., 2018)

Parental Influence

Other factors that affect financial knowledge and skills include cultural
influences, media, and peers (Beutler and Dickson, 2008 as cited in Harari, 2016);
sources and amounts of money that the child manages (Doss et al., 2005 as cited in
Harari, 2016); and education about basic financial concepts (Beutler and Dickson,
2008 as cited in Harari, 2016). Financial literacy among young people is influenced
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primarily by the child's family, which is a primary source of financial socialization,

particularly for young children, according to the family financial socialization theory
(Gudmunson and Danes, 2011, as cited in Harari, 2016). They play an important role
in teaching children about money and modeling saving behaviors (Beutler and
Dickson, 2008 as cited in Harari, 2016). Children are affected by their families as
well as their age when it comes to the growth of financial literacy. Real-life scenarios,
such as using their allowance, may help children understand financial concepts and
move toward financial literacy (Hagedorn et al., 2012 as cited in Harari, 2016).

According to the findings, there is a connection between parental financial

literacy and their children's financial literacy. Williams 2010's study (as cited in
Abdullah et al., 2017) also mentioned, parents' financial guidance is very necessary
and important in ensuring the future well-being of their children's lives. The parents'
examples were followed by their children. This habit would persist until the children
receive proper financial management education in their schools or universities. The
spending habits or financial management of one's family can influence the actions of
other family members. When students control their own finances, according to Hira
1997's study (as cited in Abdullah et al., 2017), the family's financial behaviors and
spending habits will be passed to them. Because of the amount of time spent
together as a family, students can imitate their family members' spending habits. The
research also discovered that there is a connection between financial attitudes and
spending behavior and financial literacy. Furthermore, Clarke et al., 2005's study (as
cited in Abdullah et al., 2017) claimed in their study that poor financial behaviors in
children's lives are a result of parents who often show poor financial management.

In accordance to Ridhayani & Johan (2020), financial understanding and

attitudes were significantly influenced by the mother's education and family income.
Moreover, financial skills, financial attitudes, and the reference group all had a
substantial positive relationship with school origin. The major of study had a
substantial negative relationship with the reference group, with those in natural
sciences showing a higher level of engagement. This suggests that the reference
group had more financial knowledge, financial attitudes, and was more intense.

Kim and Chatterjee 2013's study (cited in Curran et al., 2020) found out that,
In terms of financial results, parental financial socialization that occurs during
 17

childhood has encouraged several beneficial financial practices that children have
continued to practice as they have grown older. Parents are the most powerful and
likely first financial socialization agent for their children (Gudmunson and Danes
2011, as cited in Curran et al., 2020).

Financial discussions with their parents based on more detailed and instantly
important financial topics (e.g., employee benefits such as health insurance,
retirement saving, mortgages). The positive relationship between parental financial
socialization and young adults' objective financial awareness could indicate that
young adults seek financial advice from their parents. (Curran et al., 2020)

There was a significant difference in financial literacy based on parental

education. Students with parents who have completed high school have a 7% higher
financial literacy than students with parents who have completed college. This result
is related to family income, which is somewhat contrary to intuition as people with
low levels of education tended to be poorer. (Jayaraman & Jambunathan 2018)

Familial Financial Status

In addition to Parental Influence it also correlates with the Household's

Financial Status. Agarwalla et al. 2013 (cited in Kaara & Kugu, 2016) found that
financial literacy varies by family income level; for example, in Thapa and Nepal
2015's study (cited in Kaara & Kugu, 2016) discovered that financial literacy is high
among high-income families. Family is critical for financial literacy; for example,
families are the primary source of financial knowledge for university students (Kim et
al., 2012 as cited in Kaara & Kugu, 2016). Individual financial literacy is connected to
family education levels (Lusardi et al., 2010, as cited in Kaara & Kugu, 2016),
although some research dispute this (Homan, 2015 as cited in Kaara & Kugu, 2016).
The positive savings patterns of students are inherited from their parents (Thapa &
Nepal 2015, as cited in Kaara & Kugu, 2016).

Furthermore, students from middle-income families have shown to be more

financially literate. It means that high schools must improve financial education for
students from low and high socioeconomic groups. (Liu et al. 2019)
 18

Families and other individuals with higher incomes tend to have higher
savings and lower consumption compare to those with lower incomes (Rose, 1994
as cited in Belas et al., 2016). It appeals in general that the volume of household
saving increases along with the raise of an income. Households usually consider
several factors in deciding when and how much to save: the level of income, the
intended target savings, and the anticipated income that will be collected in the form
of savings. Yet, the art of savings cannot be precisely define since there also other
factors that influence it such as economic factors (economic growth, income, prices,
interest) uneconomic factors (psychological, social, subjective – taste, fashion,
expectations, traditions), while a range of contradictory factors simultaneously
operates in this process.

People with higher incomes were more likely to gain financial expertise on
their own, according to Monticone's 2010 study (as cited in Wager, 2019) while those
with lower incomes considered it too expensive or lacked the same incentives.
College students were more financially competent than high school students,
according to Lusardi, Mitchell, and Curto, 2012 (as cited in Wager, 2019).

When compared to their peers from high-income families, students from

lower-income families had a higher level of financial literacy. This was in contrast to
the fact that children from families with sufficient financial resources were more
financially literate than those from families with limited resources (Aizcorbe et al.,
2003; Mandell, 2008, cited in Jayaraman & Jambunathan 2018). The low-income
students were aware of their families' financial situation and the budgeting strategies
employed by their parents. This difference could be explained by the fact that poor
families focus more on saving, budgeting, and planning in order to run their families
on a limited budget, resulting in higher financial literacy. (Jayaraman & Jambunathan
2018)

However, the main predictor of the financial literacy score is the

socioeconomic status of the students. The average of lower performers or level 1
and 2 live in households with worse socioeconomic status than the average
household in the United States. Moreover, students who were born into households
that are one standard deviation richer than the average household or top 84% of the
socio-economic index have the average of 35.5 points higher than a teenager in the
 19

mean household on financial literacy. Highest parental occupational status, highest

parental education in years, and home possessions index are the three components
of socioeconomic index. When you look closer to the components, it shows that a
higher home possessions index and highest parental occupational status are
predictor of the better performance on the financial literacy assessment. The home
possessions index is more important in magnitude than the highest parental
occupational status. Particularly, having more than one hundred books generates an
increase of 42 points on the financial literacy score and having a computer at home
generates a 34-point increase on the financial literacy score. (Lusardi & Lopez,
2016)

Monetary Management and Age Gap

Young adults went through a phase of gaining the financial skills and
behaviors required to handle full-time adult social roles and obligations between high
school to college (i.e., a process that included knowledge domains, self-beliefs,
behaviors, and levels of well-being; Serido et al. 2013 as cited in Curran et al.,
2020). Studies on the young adult age discovered evidence that as they gained new
knowledge, young adults developed a personal financial capacity, which influenced
their financial and non-financial outcomes. (Curran et al., 2020)

High school students are the focus of several empirical studies on personal
finance literacy. According to Avard et al. 2005's study (as cited in Llanes II et al.
2019) high school graduates lack a fundamental understanding of personal finance
issues. This highlights the fact that most students struggle to balance a checkbook
and lack basic financial principles (Avard, Manton, English and Walker, 2005, cited in
Llanes II et al. 2019)

In addition, High school students leave school without the fundamental skills
needed to manage their personal finances, putting them at risk of being unable to
plan responsibly for their financial future. This emphasizes the lack of personal
finance knowledge among senior high students, which has had a negative impact on
their financial decisions and behavior. Financial exposure gained before entering
college determines a senior high school student's ability to deal with financial
problems (Lyons, Scherpf, and Roberts, 2006, cited in Llanes II et al. 2019)
 20

Receiving an allowance as a child or getting a savings account as a child, for

example, has been related to lower rates of financial distress and greater individual
financial responsibility as a young adult. Parents, is even more than other influences
like youth work experience or financial education. They play a significant role in how
children grow financial norms, attitudes, skills, and behaviors. As a result, it's not
shocking that there's a connection between parents' financial habits and their
children's financial literacy. (Kasman et al., 2018)

Research shows how financial literacy can be identified in the younger

generation. According to Liu et al. (2019), students in 9th grade performed better in
terms of financial literacy than students in 8th grade. Students' life management
courses, such as financial planning, tactics, and actions, have proven to be effective
in high schools.

The same students who have "allowance/maturity" and attend undergraduate

management and economics courses have superior expertise in comparison to their
peers in areas such as inflation, the relationship between Roscoe and Profitability,
and risk diversification. According to Tavares et al, (2019) the results of the study,
students majoring in management and economics, as well as students with
“Allowance/maturity,” have higher values for the detention of financial items such as
order and term deposits, as well as debt and credit cards. Both groups have a basic
understanding of credit cards and insurance.

Influence of Social Media

According to Lyons et al. 2006's research (cited in Kaara & Kugu, 2016) ,
social media is a modern source of information: 33 percent of high school and
university students see the Internet and financial media as a knowledge resource.
Via social networks and media, finance professionals, government officials, and
academics become financial knowledge resources (Shiffrin & Fagan, 2013 as cited
in Kaara & Kugu, 2016). While families are the primary source of financial knowledge
about how to use money and invest, formal and informal education is the primary
source of financial knowledge. Internet features such as social media and networks
are used in informal education. News and educational information are provided by
financial media channels.
 21

Gender Gap

Gender, age, profession, religion, education, marital status, , the discipline of

study, work experience, parents' education and occupation, and income all affected
financial literacy, according to Jayaraman & Jambunathan (2018) . Gender had a
substantial positive relationship with consumptive behavior, implying that female
students were more likely than male students to engage in such behavior. One of the
determinant factors that causes consumptive behavior, according to
Kusumowidagdo 2010's study (as cited in Ridhayani & Johan , 2020), is gender; men
are more likely to be utilitarian shoppers, while women are more likely to be hedonic
shoppers.

Girls and women, need to be financially literate. According to the study,

women have longer lives (and retirements) than men, are paid less for the same job,
and are under more strain to combine professional careers with childbearing and
child care responsibilities. This gender gap in financial literacy can be seen in a
woman's life, but it is especially noticeable in young women as early as high school.
Not only do they have poor financial literacy, but according to some reports, young
women are less likely than men to find personal finance interesting or significant,
which may reduce their desire to learn about it in school. Despite this, studies
consistently show that women have lower financial literacy than men, even when
marital status, schooling, and income are taken into account. Women are less likely
than men to seek out a financial advisor, save for retirement, or invest in the stock
market, and they score lower on financial knowledge assessments. (Kasman et al.,
2018)

Furthermore, males have been shown to have superior financial

understanding, financial attitudes, financial conduct, and overall financial literacy as
compared to females. Except in female-dominated states like Nagaland, Mizoram,
and Meghalaya, the situation is similar in India. (Filipiak and Walle, 2015 as cited in
Garg & Singh, 2017).

Females was less likely than the male to be financially competent, resulting
female respondents becoming less likely to participate in positive financial behaviors
and more likely to engage in negative financial behaviors. (Mountain et al., 2020)
 22

Financial literacy among women is critical for increasing life expectancy,

developing new financial products and services, and allowing people to make
informed financial decisions in changing family structures. They looked at financial
literacy among women in India and found that lower literacy rates, social and cultural
expectations of a woman's role, underlying fear of failure, and financial and
infrastructural obstacles were all contributing factors. (Singh and Kumar 2017, cited
in Jayaraman & Jambunathan 2018)

However, in terms of gender, females (young or old) exhibit substantial lower

debt Literacy than males. Understanding of the basic of the mechanics of debt is
unexpectedly limited among the elderly, females, certain minorities, and people with
lower incomes and wealth. Individuals with lower level of financial literacy more likely
to have costly mortgages and less likely to refinance their mortgages during a period
of falling interest rates. ( Belas et al., 2016)

Moreover, Gender differences have shown significantly, Female students fare

better than male students in terms of academic achievement. With this in mind, high
schools should be the starting point for improving male financial education. (Liu et al.
2019)

SIGNIFICANCE OF THE STUDY

We are confident that this phenomenological study would add to the

usefulness and significance of educating the high school students in University of
Mindanao Tagum College. Through this study, we would able to obtain information
about the student’s financial skills including financial management and budgeting. As
well as the effectiveness of financial literacy among junior and senior high school
students.

We are confident that this study will add knowledge about the efficacy of
financial literacy among the high school students. Moreover, this knowledge would
be helpful to the quality education about financial management of Department of
Education. Thus, this study is planned and strategic way on promoting financial
literacy at a young age. It is not only the students will be benefited to this study.
Moreover, to the teacher who willingly share their guidance and literate their students
 23

about financial management. In such a way, these experiences might have a

significant factor on the student’s financial skills and achieving quality education.
Lastly, this study would somehow assist other researchers in the future who are
interested to conduct a study related to efficacy of financial literacy in high school
students. It will lend them a hand on identifying financial literacy that need further
study and investigation.

DEFINITION OF TERMS

The following terms used in this are defined operationally and conceptually:

Financial Literacy. Financial literacy is a measure of the degree to which one

understands key financial concepts and possesses the ability and confidence to
manage personal finances through appropriate short-term decision-making and
sound, long-range financial planning, while mindful of life events and changing
economic conditions. (Fernandes et al., 2014)

. Efficacy is the confidence of an individual or their ability to organize and

execute courses of action required to attain specific performance outcomes (Jot et
al. 2011)
24
 25

CHAPTER 2
METHODOLOGY

This chapter discusses the method used more specifically the research design, role
of the researcher, research participant/informants, data collection, data analysis,
trustworthiness that includes credibility, confirmability, dependability, and
transferability. And lastly is the ethical consideration.

RESEARCH DESIGN

Qualitative research is exploratory or interrogative in nature, seeking to go

"below the level." “The goal is to hear about how people work, what they do, how
they use things, and what they need in their daily or professional lives. (Government
Design Service Manual, 2016 as cited in Jost 2016)

Qualitative study is concerned with events, interactions, and structures that

the general population can relate to, as well as some of our most profound and
transcending human encounters. (Clark and Sousa, 2017)

Qualitative research, also called field research, typically includes fieldwork

which the researcher observes and records behavior and events in their natural
setting, the researcher physically goes to the people, setting, or site in order to
observe the subject as it normally and naturally occurs or behaves. (Crossman,
2016)

The aim of qualitative research is to develop new ideas and hypotheses by

systematically describing and interpreting problems or phenomena from the
perspective of the person or population being studied. The technique chosen is
determined by the questions raised. (Viswambharan & Priya, 2016 as cited in
Haradhan 2018)

A phenomenology is a qualitative study method that explains the sense of a

phenomenon's lived experience for a group of people, in this case the experience of
nutrition education. (Phenomenology is a philosophy-based method of investigation
with a long history that can be perplexing and disorienting to Academic and clinical
practitioners interested in understanding and conducting research in professional
fields such as nursing, medicine, clinical, psychology, pedagogy, psychotherapy, and
education can find phenomenology to be both confusing and disorienting. The
 26

concept "phenomenology" is increasingly being used in a variety of qualitative

contexts. (Max van Manen, 2017)

ROLE OF THE RESEARCHERS

Learning Financial Literacy at a young age could serve as a great advantage

to prepare young adults into stepping up onto the real world. Understanding
Financial Literacy is a huge investment to one’s self or for an individual to know
common financial literacy principles such as budgeting, saving and investing.
Financial education can assist young adults acquire discipline to save, inform and as
well as contributing skills to the community. Financial illiteracy is rampant whereas
individual lacks skills, little knowledge and poor money management and they are
not confident in their own financial decisions, and as well as being self-insufficient
and fails to achieve financial stability, it is time to start educating the youth and to
take a step forward into acquiring knowledge, for they are the future people and the
silver lining for our world to change to be more open and educated.

Financial education empowers individual to make smart financial decisions. It

provides every person a much deeper understanding to be effectively equipped to
reach their own financial goals and achieve financial stability. Furthermore, it guides
and helps students to save and plan their allowances, on where and how much
should it be spent and for students to have equitable access to a fundamental life
skill. That is why it very important to nurture and encourage every young adult to
have this kind learning and opportunities.

We as researchers, finding the efficacy of financial literacy of the high school

students here in UMTC is very significant for us, for the reason that we are also a
student here in University of Mindanao and learning its significance affects and also
correlates to our track as an ABM student. Developing financial literacy among youth
is essential and vital for they are more capable and learning and developing it while
young can benefit personally as an individual and as well as for the community.

For this research, we as researchers had made used both IDI and Focus
group discussion which means we have gathered respondents in Junior and Senior
High School. For the Junior High School, us researchers conducted in-depth
 27

interviews for 6 students and for the Senior High School, we have facilitated a focus
group discussion for 6 students as well.

RESEARCH PARTICIPANTS

The participants of this study were the High School Students of UMTC, both in
Junior High School and Senior High School that may or may not have any idea or
knowledge about Financial Literacy. This is to see and find out how or does learning
Financial Literacy may or may not have any effect on the development of the
students regarding financial management, saving or budgeting money. The
researchers are conducting a qualitative research and methods of qualitative
research include In-depth Interview and focus group discussion. The Researchers
interviewed 6 Senior High School Students individually and gathered 6 junior high
school students for the focus group discussion. In an in-depth interview, the
interviewer has a general plan of inquiry, and may also have a specific set of
questions or topics to discuss, but this is not always necessary, nor is asking them in
a particular order. The interviewer must, however, be fully familiar with the subject,
potential questions, and plan so that things proceed smoothly and naturally. Ideally,
the respondent does most of the talking while the interviewer pay attention, takes
notes, and guides the discussion in the direction it needs to go (Crossman, 2017). A
focus group is basically research that organizations do to gather information about
customer perspectives and opinions about new ideas, products or services either
being offered or in the product development stage. Focus group respondents are
asked questions in an interactive setting and are encouraged to talk freely with other
participants (Lotich, 2011; cited by Crossman, 2017).

As the Researchers are conducting a phenomenology study, according to

Creswell (2012; cited by Alase, 2017) suggested in his study that “When selecting
participants for a study, it is important to determine the size of the sample you will
need” (p.146). Moreover, it is a research tradition that the participants can be
between 2 and 25 in a phenomenology type of study. The selection of these
participants should reflect and represent the homogeneity that exists among the
participants’ sample pool.

Additionally, in any qualitative research study, it is important that “you select

people or site that can best help you understand the central phenomenon”
 28

(Creswell, 2012 p. 206; cited by Alase, 2017). For that reason the researchers
specially chose these students to serve as their key informants as they have met the
qualifications the study needs and also because the researchers believe that they
will give credible and reliable information that this study demands.

The information of the participants are kept confidential and hidden to

maintain privacy, by this the Researchers used aliases to determine the respondents
disregarding their gender.

RESEARCH INSTRUMENTS

The instrument the researchers used in the study was an In-depth Interview
and Focus Group Discussion survey which determine the efficacy of financial literacy
to High School Students of UMTC. This questionnaire was made by the Researchers
and was validated by to ensure the gathering of reliable and valid data for this study,
The Survey-questionnaire instrument where used as the main object of the study.
The questionnaire was structured in such a way that respondents will be able to
answer it easily.
Due to the pandemic that we are currently facing right at this moment, the
survey will be performed on an online platform, thus, the set of Questionnaire was
structured using Google form survey for In-depth Interview to Senior High School
students and Google meet for the focus group discussion to the junior high school
students. In this type of interview question, the respondents were given an opinion to
say anything and allowed any language that both parties understand. These options
served as the quantification of the participants' agreement or disagreement on each
question item.

DATA COLLECTION

We will conduct focus group discussion on junior high school students while
in-dept individual interview on senior high school students in collecting data. They
are free to use several languages such as Bisaya, Filipino, English, or mix of any of
those three languages. In junior high school there are 6 students who will participate
for the focus group discussion and 6 senior high school for in-dept interview, in total
of 12 participants. Before we conduct the interview to the participant, we make sure
that all the materials that are needed in the interview are well organize and prepared
 29

thoroughly. We will prepare a backup plan in case there will be a problem during the
interview of the participants. We will not remove any clips in the video to ensure the
validity and to avoid unfairness. We ensure the safety and confidentiality of the
participants by covering their faces and only the voice and their presence will notice
in the video and also interviews will be conducted during their free time or after
classes.

TRUSTWORTHINESS

To ensure the quality of this study, the researchers considered

trustworthiness such as credibility, transferability, dependability, and confirmability
since qualitative research do not use instruments with established metrics about
validity and reliability, unlike quantitative research. According to Connelly (2016),
Trustworthiness refers to the measures taken to ensure high quality data collection,
interpretation and methodology of the study. It allows the researchers of this study
describe the virtues of qualitative terms and demonstrate that data analysis has been
conducted in a precise, consistent, and exhaustive manner through recording,
systematizing, and disclosing the methods of the analysis with enough detail to
enable the readers to determine whether the process is trustworthy for (Depoy and
Gitlin 2016 as cited in Connelly 2016) cited that controversy exists within qualitative
research so this is the best method of maintaining trustworthiness.

Credibility. One of the key criteria tended to by positivist researchers is that

of internal validity, in which they seek to guarantee that their study measures or tests
what is really proposed. The credibility criteria include establishing that the results of
qualitative research are credible or believable from the perspective of the participant
in the research. Since from this perspective the purpose of qualitative research is to
portray or understand the phenomena of interest from the participant’s eyes, the
participants are the only ones who can legitimately pass judgement on the credibility
of the results.

According to Connelly (2016), the most important aspect in qualitative

research is establishing credibility for when the researchers employ standard
qualitative approaches or procedures during data collection and analysis, the
 30

researchers must ensure that those participating in the research are identified and
describe accurately.

Transferability. Transferability in qualitative research is synonymous in

quantitative research with generalizability or external validity. Transferability is
established by giving readers proof that the research study’s finding could be
applicable to other contexts, situations, times, and populations. Connelly, (2016)
stated that transferability could improve if the researchers use quality content, and
precise explanations, locations, and open-minded and trustworthy participants.

Dependability. Dependability in qualitative research can be define as the

security of information after some time and over conditions. Dependability are often
compared to reliability in quantitative studies, in a qualitative study it establishes data
stability in reference to time and study conditions (Connelly, 2016). To achieve
dependability, the researchers of the study must aim to verify that their findings are
consistent with the raw data that they collected.

Confirmability. Confirmability is the last criterion of Trustworthiness that the

researchers of a qualitative research must establish. Confirmability refers to the
degree to which the outcomes could be confirmed or corroborated by others.
Qualitative research tends to assume that every researcher conveys a unique
viewpoint to the study. There are several processes that enhanced confirmability so
that the results of the study would not be affected by individual biases of the
researchers (Connelly, 2016). Through confirmability, the researchers must ensure
that the findings are based in the participants’ narratives and words rather than the
biases of the researchers.

ETHICAL CONSIDERATION

Forms a major element in a research. The researcher needs to adhere to

promote the aims of the research imparting authentic knowledge, truth and
prevention of error. Furthermore, following ethics enables scholars to deal
collaborative approach towards their study with the assistance of their peers,
mentors and other contributors to the study (Priya Chetty, September 2016) serve
 31

as a guide for moral day by day living and encourages us judge whether our
conduct can be justified. Morals alludes to society's feeling of the correct method
of carrying on with our everyday lives. It does this by building up rules, standards,
and qualities on which we can base our direct.

Respect for persons it is the recognition of a person as an autonomous,

unique, and free individual it maintain friendship, trust, and confidence among the
participants and researchers. According to Emmanuel O’Grady, (2016), as
interpersonal respect plays a significant role in the esteem felt within a relationship, it
can also serve cultivate trust between researchers and their participants in a
research study.

Consent is a one challenging aspect of this process is successful

communication of risks and benefits to potential research participants (Nusbaum et
al. 2017) this is to tell participants became aware on the roles and responsibilities of
the research study that they are going to involve, Written consent was provided for
them to get their approval.

Beneficence requires a commitment of reducing the risks to the research

participants rather maximizing the profits that are due to them. The privacy of the
interviewee was kept in order not to put the each participant into risks. Gathering
input from community and stakeholder consultations to help assess what is
appropriate in the context and whatever is ultimately decided is clearly explained
within the informed consent process (King, 2018)

Confidentiality alludes to a condition wherein the analyst knows the

character of an examination subject, however finds a way to shield that personality
from being found by others. In such cases, keeping up secrecy is a critical measure
to guarantee the insurance of private data. According to Surmiak, 2018) This seems
particularly important in situations where participants hide their membership in a
stigmatized group or when they are critical of persons or institutions on which they
depend.

Justice aims to ensure that the benefits are shared equitably and that no
groups are being exploited, (King, 2018). It advocates reasonable treatment for all
and a reasonable dissemination of the dangers and advantages of the exploration. It
 32

prohibits abuse of weak individuals or the individuals who are effectively controlled
because of their circumstance.

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