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THE INFLUENCE OF FAMILY BACKGROUND IN

FINANCIAL LITERACY OF

SENIOR HIGH SCHOOL STUDENTS

___________________________________________

In Partial Fulfillment

Of the Subject

Practical Research 1 (Qualitative Research)

___________________________________________

By:
Amodia, Hannah Ashley
Banados, Ashley

Casol, Alhysa

Dolera, Kleah

Jayma, Gian Troy

Lerin, Maria Laura

Refugio, Alona

Tuquib, Rishialyn

Taghoy, Haven Jair

MAY 2024

1
APPROVAL SHEET

This research entitled “THE INFLUENCE OF FAMILY BACKGROUND IN FINANCIAL

LITERACY OF SENIOR HIGH SCHOOL STUDENTS” prepared and submitted by

HANNAH ASHLEY D. AMODIA, ASHLEY BANADOS, ALHYSA CASOL, DOLERA

KLEAH, GIAN TROY JAYMA, MARIA LAURA LERIN, ALONA REFUGIO, RISHIALYN

TUQUIB, HAVEN JAIR TAGHOY in partial fulfillment of the subject PRACTICAL

RESEARCH 1 (QUALITATIVE RESEARCH) is hereby reviewed, accepted, and

recommended for Oral Examination.

RUTH HUIT, LPT


Adviser

JASMIN M. SUMIPO, Ph.D. CHRISTIAN NOEL BLANTUCAS, LPT


Member Member

JAYMIA BOTOY, LPT


Member

Accepted as partial fulfillment of the requirements for the subject PRACTICAL

RESEARCH 1 (QUALITATIVE RESEARCH).

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ACKNOWLEDGMENT

The researchers would like to extend their impassioned gratitude and

appreciation to the beautiful lives that have contributed to the completion of this work

with their encouraging and pearls of wisdom, financial and moral support, shared time

and energy, and expressions of care.

Most importantly, to the loving Ruler of the Universe – God, the Almighty, for

making all things possible, for showing the way in searching for truth and knowledge,

and for showering them with hope, faith, and strength during their most challenging

days in this academic undertaking.

To their families, for their unhesitating cooperation whenever they need their

help; to their other source of inspiration, for bringing them joy and comfort when they

needed it the most.

To their research adviser, Ms. Ruth Huit, for dedicating her time, knowledge,

counsel, and patience to lead them through the whole process of writing the study.

To the principals and deans for allowing them to conduct this research, which

added to their valuable knowledge and experiences as future professionals.

Last but not least, for those who are involved and had contributed much to the

fulfillment of the research study, participants and all – your support is highly

appreciated.

The Researchers

3
DEDICATION

To God, who never left their side when they could have lost the belief in

themselves due to the overwhelming obstacles and weight of matters.

To their families who fed and took care of them while they could not focus on

looking after themselves as they usually would,

To their friends who positively distracted them and helped them keep their sanity

in this knowledge-gaining yet challenging academic experience,

To their research adviser, who gave full support and guidance to them amid the

challenges that the pandemic crisis entails,

To their old selves from the start who thought it was nearly impossible to

complete this, but brave the days anyway,

To their fellow learners who are fighting their way to their dreams of a better

future, one step at a time, in the face of the hardships and pains, notably this pandemic,

To each and every being who played a part in the completion of this paper,

Know that the researchers dedicate the success of this study to you all. Thanks

to your unending assistance, the sleepless nights, restless days, minor and significant

struggles, and breakdowns all paid off. May this academic paper provide something

meaningful to everyone’s lives.

The Researchers

4
ABSTRACT

5
TABLE OF CONTENTS

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

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

ACKNOWLEDGMENT.………………………………………………………………... iii

DEDICATION…………...……………………………………………….……………...
iv

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

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

LIST OF FIGURES AND TABLES…………………………………….


……………...viii

Chapter

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


1

INTRODUCTION………………………………………….…………….1

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

Theoretical Background……………………………..………… 3

THE PROBLEM………………………………………………………..
13

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


13

6
Significance of the Study..…………….………………………
14

RESEARCH METHODOLOGY………………………………………
15

Flow…………………………………………………...………...15

Environment…………………………..………………...…….. 17

Participants……...……………………………………...……...18

Instrument……………….…………………………………….. 18

Procedures……………………………………………………..
19

Gathering of Data………………………………………………
19

Treatment of Data………………………………………………....
…...20

DEFINITION OF TERMS…………………………………….……………….
23

2 PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA.……..25

3 SUMMARY, FINDINGS, CONCLUSION AND

RECOMMENDATIONS………………………………………………………..35

Summary……………………………………………...………………..
35

Findings……………………………..……………………...…………..36

Conclusion..…………………...………………………………...……..37

Recommendations………………………………………………….....38

7
REFERENCES……...…………………………………………………………
40

APPENDICES………...…………………………...…………………………..
45

Letters…………………………………………...……………………...45

Questionnaires…….………………………………...………………...
53

CURRICULUM VITAE…………………………………………………56

LIST OF FIGURES AND TABLES


Figure
1 Research Flow Chart …….…………………………………..….….. 16

Tables

1 Level of Motivation of the Teachers: Intrinsic Motivation……….…25

2 Level of Motivation of the Teachers: Extrinsic Motivation……..… 28

8
3 Summary of the Level of Motivation of the Teachers.................... 30

4 Job Performance of Teachers………………………..………..…… 31

5 Significant Relationship between Teacher Motivation and Teacher

Performance of the Teaching Personnel of Mater Dei

College…………………………………………………………………... 33

Chapter 1
THE PROBLEM AND ITS SCOPE

INTRODUCTION

Rationale of the Study

Around the world, financial literacy is a critical life skill, especially for

senior high school students who are transitioning into adulthood and will

soon face significant financial decisions. According to the (OECD, 2017),


9
financial literacy is the ability to manage one's finances wisely and make

well-informed decisions regarding personal finances. Financial well-being

is closely correlated with in individual's level of financial literacy and

competence, which are often developed in early life. Family background is

one of the numerous factors that influence the development of financial

literacy, particularly in senior high school.

Parents play a significant role as educators and role models in

teaching children about money management and financial responsibility.

Students' financial literacy is greatly influenced by conversations on

money management, seeing how their parents handle their finances, and

having access to financial tools. Positive parental financial behaviors, such

as budgeting, saving, and investing, can positively impact students'

financial literacy levels. As such, wealthy children are more likely to have

early access to financial education and plenty of opportunity to practice

money management, while less fortunate students can find it difficult to get

these kinds of tools. (Bandura, 1977) Furthermore, the way that parents

approach financial decision-making has a big influence on how financially

oriented teenagers are. Children are more likely to learn sound financial

habits from families who place a high priority on budgeting, investing, and

saving. As a result, teenagers pick up these money habits, which prepare

them for making wise financial decisions as adults.

Hence, the purpose of this study is to get an in-depth understanding

on the influence of family background in the financial literacy of senior high

10
school students. The researchers understand how family background

shape the development of financial knowledge and skills. By recognizing

the importance of family background, we can develop targeted

interventions, educational programs, and support systems that promote

financial literacy among young individuals. This, in turn, can empower

them to make informed financial decisions, achieve long-term financial

well-being, and contribute to healthier family and interpersonal

relationships.

Theoretical Background

Essentially, family background is a crucial factor in the financial

literacy of senior high school students. In this regard, there are three main

theories related to the influence of family background in the financial

literacy of senior high school students. Accordingly, they are the “Family

Systems Theory,” “Social Learning Theory,” and “Systems Theory.”

11
One notable approach in understanding the influence of family

background on students’ financial literacy is the Systems Theory which

explores how people handle finances, with a focus on family resource

management theory. This theory breaks down financial decision-making

into four stages: inputs, throughputs, outputs, and feedback loops.

Additionally, the study combines Bandura's social learning theory to

understand how environmental factors influence individuals' financial

knowledge, attitudes, and characteristics, shaping who they are today. As

students interact with others over time, they shape their values,

knowledge, and attitudes about finances. Factors like family, friends,

school, community, media, and educators all influence college students'

financial perspectives. This study focused on the significant influence

parents and educators have on students' financial understanding, with

parents typically more influential when students are younger, and

educators becoming more important as students’ progress through school

and college.

Similarly, Murray Bowen developed the Family Systems Theory

which proposes that families function as interconnected systems, where

the behaviors and experiences of individual family members are influenced

by the relationships within the family unit as a whole. This theory offers an

outline for understanding the ways in which various aspects of family

background—parental financial practices, communication styles, and

12
money-related values—collectively influence the development of financial

literacy in senior high school children.

The idea states that families function as complex systems with

patterns of interaction, reciprocity, and connectivity. Thus, being influenced

by personal characteristics, students' financial knowledge, attitudes, and

behaviors are also shaped by the larger family context in which they are

enmeshed. For instance, students observe and absorb the financial

behaviors and practices of their parents as role models within the family

system. Students may pick up proper financial practices from their parents,

such as establishing a budget, saving money, and investing, and they may

also acquire similar financial literacy abilities. On the other hand, students

may not be exposed to good financial practices and may find it difficult to

acquire the fundamental financial literacy skills if their parents demonstrate

poor money management skills or have limited financial resources.

Lastly, this research is also supported by the Social Learning Theory

(SLT), it describes how people acquire new behaviors by watching,

imitating, and modeling the actions of others in their social environment

(Bandura, 1977). According to Xiao and Chen (2014), SLT recommends

that students learn financial literacy abilities from seeing the financial

actions of their parents, peers, and teachers. Should a pupil witness their

parent engaging in prudent financial practices, including saving money or

staying debt-free, they are inclined to imitate such actions in the future.

Furthermore, according to Bandura's 1977 theory, people are more

13
inclined to accept rewarded behaviors and less likely to adopt punished

actions. This indicates that, in the context of financial literacy education,

children are more likely to make similar decisions in the future if they get

rewards for their wise financial decisions, such as praise from their parents

or higher grades in a financial literacy class. On the other hand, students

who face consequences for their bad financial choices—like losing money

or getting a failing mark in a financial literacy course—are less likely to

carry out similar actions again.

Moreover, all of these will be critical in determining the influence of

family background in the financial literacy of senior high school students.

Review of Related Literature

14
The definition of financial literacy is "the ability to use knowledge

and skills to manage financial resources effectively for a lifetime of

financial well-being" (Jumpstart Coalition for Personal Financial Literacy,

2017). It requires possessing the knowledge and skills necessary to make

wise financial decisions, as well as budgeting, saving, investing, and debt

management.

The influence of family background on the financial literacy of senior

high school students is a relevant area of research when considering the

importance of financial literacy for young people. Research conducted by

Lusardi and Mitchell (2014) suggests that having a strong financial literacy

is crucial for achieving financial success and stability. This is particularly

true for young individuals who often face significant financial decisions for

the first time, such as selecting a college, taking out student loans, or

starting a credit card account.

Understanding the role of family background in shaping financial

literacy among senior high school students is important because it can

help identify the factors that contribute to or hinder the development of

financial knowledge and skills in this age group. Family background

encompasses various elements, including socioeconomic status, parental

education level, and family financial practices. These factors can

significantly impact the financial experiences and exposure that young

people have growing up.

15
Research studies, such as those conducted by the FINRA Investor

Education Foundation (2015), have shown that a considerable number of

youth lack the necessary financial knowledge and skills to make informed

decisions about their finances. Exploring the influence of family

background can provide insights into whether certain family

characteristics, such as parental financial education or household financial

practices, play a role in shaping the financial literacy of senior high school

students.

Financial discussions within the homes of students is a critical factor

that develops financial literacy. The findings of Gutter et. al. (2010)

suggest that open and supportive communication within families about

money matters is associated with higher levels of financial literacy among

youth. When families engage in discussions about financial topics and

provide a supportive environment for learning about money management,

students are more likely to develop strong financial literacy skills. On the

other hand, the study also highlights that family conflict or secrecy

surrounding financial issues may hinder the development of financial

literacy in students. When families avoid discussing or openly addressing

financial matters, students may have limited exposure to financial

knowledge and may struggle to develop the necessary skills to make

informed financial decisions.

Developed financial literacy amidst financial struggles is an important

aspect in our lives. The study by Lynch and Netemeyer (2014) suggests

16
that individuals facing financial challenges, particularly those from lower

socio-economic backgrounds, may develop enhanced financial literacy

through practical experiences and familial influences. This implies that

real-life situations, such as managing limited resources or overcoming

financial obstacles, can serve as valuable learning opportunities that

contribute to a deeper understanding of financial concepts and skills.

Additionally, familial experiences, including observing and participating in

financial decision-making within the family unit, can play a significant role

in shaping individuals' financial attitudes and behaviors.

Engaging in family businesses for students provide various

advantages for students. Participation in such enterprises provides hands-

on experience in financial management, budgeting, and decision-making

processes. A study by Oppedisano et al. (2019) highlights the potential

benefits of involvement in family businesses in enhancing financial literacy

and fostering entrepreneurial attitudes among students. Participation in

family businesses offers hands-on experiences in financial management,

budgeting, and decision-making processes, providing practical insights

that go beyond theoretical knowledge. These experiences not only

contribute to improved financial literacy but also cultivate an

entrepreneurial mindset, encouraging individuals to take initiative,

innovate, and take calculated risks in their financial endeavors.

There is a necessity of acquiring financial literacy skills to make

prudent decisions and exhibit responsible financial behavior. The study by

17
Shim et al. (2010) underscores the critical role of financial literacy in

effectively managing financial obligations. It emphasizes that overspending

can be considered a manifestation of poor financial management, which

ultimately affects individuals' perceptions and behaviors regarding financial

matters.

Financial knowledge and behaviors within households, with a specific

focus on how financial knowledge impacts practices like budgeting and

saving. The study by Hilgert et al. investigated the relationship between

financial knowledge and behavior within households, particularly focusing

on how financial knowledge influences financial behaviors such as

budgeting and saving. The findings suggest that individuals who have

experienced financial difficulties or economic hardships within their

families tend to place greater importance on acquiring financial knowledge

and skills. When families face financial struggles, individuals may

recognize the need to develop effective financial management strategies

to cope with economic challenges and ensure financial stability.

Financial literacy is a critical life skill, especially for senior high school

students who are transitioning into adulthood. Parents play a significant

role as educators and role models in teaching children about money

management and financial responsibility, that is why positive parental

financial behaviors is critical.

18
19
THE PROBLEM

Statement of the Problem

The purpose of this study is to investigate the financial literacy of senior

high school students in Mater Dei College and examine the influence of

family background that contribute to their level of financial literacy. The

study aims to answer the following research questions:

1. How does family background influence the financial literacy of senior high

school students?

2. What specific financial knowledge and skills did senior high school

students acquire from their parents?

3. How did the financial experiences of senior high school students affect

their perception towards financial matters?

Significance of the Study

This study provides valuable insights into the influence of family

background on the financial literacy of senior high school students of

Mater Dei College. Specifically, this study was of great importance to the

following:

Parents. The results from this study can lead to a more informed

parenting practices and strategies that promote financial literacy,

20
responsibility, independence, and preparedness among their children as

they transition into adulthood.

Fellow students. It can empower our fellow students by highlighting

the need for additional resources and support for those who may not have

access to financial education at home.

Youth. This research has the potential to contribute to the broader

goal of promoting financial literacy among young people. This study can

inform targeted interventions aimed at equipping youth from diverse

backgrounds with the necessary skills and resources to navigate personal

finances.

Researchers. The concepts introduced will provide researchers with

valuable knowledge to inform targeted interventions and support programs

aimed at promoting financial literacy among youth.

Policymakers and educators. The results can make informed

decisions regarding the design and implementation of financial education

programs. educators can tailor their teaching approaches and provide

targeted interventions to bridge the gap in financial knowledge and skills.

This can ultimately lead to improved financial literacy outcomes and better

equip students for their future financial responsibilities.

Future Researchers. The notions developed served as a foundation

and guideline in case they conduct a similar study and to check the validity

of other relevant information.

21
RESEARCH METHODOLOGY

Research Design

The researchers will utilize a qualitative research method to gain

insights into the financial literacy of senior high school students in Mater

Dei College. This research will employ the case study type of qualitative

research as it allows an in-depth understanding of individuals experiences,

perceptions and behaviors. By conducting interviews, researchers may

communicate directly with students through interviews in order determine

the ways in which their familial backgrounds influence their attitudes and

understanding about finance. Qualitative research facilitates a thorough

understanding of the interactions between familial relationships and the

development of financial knowledge and skill.

Research Flow

Input

The Influence of Family


Background in the Financial
Literacy of Senior High School

Process

Data Collection,
Analysis and

22
Output

Recommendations
Research Environment

The study will be conducted in Mater Dei College, a Roman Catholic

institution located at Cabulijan Tubigon Bohol. MDC is a home of

thousands of students from three different departments – elementary, high

school, and college. The researcher chose this environment because it

provides an opportunity to capture diverse family backgrounds and

socioeconomic statuses within a single institution. This diversity ensures

that participants can represent various growing environments, allowing for

a comprehensive examination of the factors shaping financial knowledge

and skills among senior high school students.

Research Participants

The population under investigation in this study consists of grade 11

senior high school students from Mater Dei College. The researchers are

interested in investigating how different familial environments may impact

the financial knowledge and skills of these students. Senior high school

students are usually between the ages of fifteen and eighteen, completing

their last years of secondary education before potentially moving on to

further study or enter employment. The researchers will be utilizing a

purposive sampling method. Sixteen students, eight of whom are female

and eight of whom are male, who are all in Senior High School, ensuring

23
that each of them will qualify for this condition: 1) that they are currently

studying in the said educational institution. The participants were the MDC

senior high school students to focus on the influence of their family

towards their financial literacy because as students it is relevant to them

as they continue to enhance their financial literacy that is crucial to

students who will be moving forward towards attaining college education.

By focusing on this particular grade levels, the researchers will attempt to

make useful recommendations for the development of their financial

knowledge and skills because now is a crucial point in the students'

academic journey because knowing that financial knowledge will greatly

impact their chosen future careers.

Research Instrument

The instrument used in this study is a semi-structured interview.

Semi-structured interviews are a qualitative research method that allows

for flexibility in the questions asked while still maintaining a consistent

focus on the research topic (Bernard, 2011). The interview involves

open-ended questions that explores the participants’ financial literacy

and the factors that contribute to their level of financial literacy. Open-

ended questions are useful in qualitative research as they allow

participants to provide more detailed and nuanced responses (Rubin &

Rubin, 2011). The questions of the interview are based on the literature

review and assessed for validity by two experts in the sphere. The open-

ended questions that are included in the interview for this study include:

24
a.) How has your family background influenced your financial literacy?

b.) What specific financial practices did you learn from your family? c.)

What major financial experience have you encountered that affected

your perceptions towards financial matters?

By using a semi-structured interview with open-ended questions,

this study can gather rich and detailed information on the participants’

financial literacy and the factors that contribute to it. To provide the validity

of the questions author utilized a pilot study approach, where a small

group of participants are interviewed using these questions to test their

effectiveness and appropriateness before the main study was conducted.

Research Procedures

The following phases were undergone in order for the study to be

accomplished, generalized, and concluded:

Gathering of Data

The data for this study will be collected through face-to-face semi-

structured interviews with the participants. Face-to-face interviews are a

common method of data collection in qualitative research, as they allow for

rapport-building and can help the researcher to better understand the

participants’ perspectives. The data collection process for this study will

incorporate the use of consent and transmittal letters to ensure ethical

standards and transparency. Prior to the interviews, participants will be

provided with a consent letter outlining the purpose of the study, the

25
voluntary nature of their participation, confidentiality measures, and their

rights as participants. Upon agreeing to participate, each participant will

sign the consent letter.

Furthermore, a transmittal letter will be sent to each participant along

with the consent letter, detailing the logistics of the interview process,

including the date, time, and location of the interview, as well as any

necessary instructions. These letters serve to establish clear

communication, uphold ethical standards, and reinforce respect for the

participants' autonomy throughout the data collection process.

The interviews will be conducted in a private setting and will last for

approximately 15 minutes per person. The length of the interviews is

appropriate for a qualitative study, as it allows for in-depth exploration of

the research topic without becoming overly burdensome for the

participants (Marshall & Rossman, 2014). During the interviews, the

researcher will ask the participants the open-ended questions included in

the semi-structured interview guide.

The researcher will also take notes on the participants’ responses

and will use some follow-up questions that arose during the interview. The

interviews will be audio-recorded with the participant’s permission and

later transcribed for analysis. Overall, the use of face-to-face semi-

structured interviews as the data-gathering procedure for this study allows

for a more personal and detailed exploration of the participants’ financial

literacy and the factors that contribute to it.

26
Treatment of Data

The data obtained from the participant sample will be analyzed using

thematic analysis. In order to determine the underlying meanings and

messages that the participants are trying to get over, this method entails

finding and analyzing patterns and themes in the data. Large volumes of

qualitative data can be effectively interpreted using thematic analysis,

which also offers rich, in-depth insights into people's attitudes, sentiments,

and experiences related to a particular subject (Braun & Clarke, 2006).

27
Chapter 2
RESULTS AND DISCUSSION

This chapter has been formulated to answer the research question

keeping the literature review and research findings from the interviews in

consideration. The findings and discussions are organized according to

the research questions and interview questions. This way, it would be

easier to see the patterns and direct responses from the informants.

Research Question 1: How has your family background influenced your

financial literacy?

This research question tried to explore the influence of family

background on the financial literacy of senior high school students. Based

on the participants’ responses, it was confirmed that students are

influenced by the lessons of budgetting and saving that they learned from

their parents. They were also influenced by ther socio-economic status

and businesses owned by their family. The interview question below

showed the responses from the participants.

When asked about what were their perception about parents raising

children with disabilities, they uttered:

“Tungod sa ahung family background it influenced me to be mindful

on how i spend and budget.”

28
“My family influence me in terms of financial literacy is that they

taught me to save my allowances and prioritize my needs not wants.”

“My parent where always very responsible with money they

emphasized the importance of saving wisely and living within our means.

This instilled in me a strong sense of financial discipline from a young

age.”

“So first of all sa bata palang mi ginatudloan najud mi unsaon pag

save unya kanunay sd mi advisan nga dapat kuntento rajd og unsay naa.”

“Dili man mi kaayo well off so na influence ra akong financial literacy

sa among social status like sayo ko naka learn nga mag budget ug dili

mag oversfend, mag overspend kay dili ngana ka dali maka kwarta.”

“Knowing na were in middle class or di pud mo ingon ug middle class

but kanang naa mi sa tunga tunga sa middle class ug poor dapat gyud mi

mag tipid”

“base sa kanang financial nga status namo like mga gastoon sa

balay, murag dako-dako pud murag naka kuan pud ko nga kanang igo-igo

rapud ang madawat nga kwarta nila... my father and mother is a teacher

man both silang duha and ang ilang kuan kanang sweldo murag igo rapd

nga map-mapa kuan mi, mabuhi mi nila tanan walo ka mag-igsuon.”

“I grow up in family that severely not rich so ang ilang

naimpluwansyahan ko nila sa akong financial literacy nga importante

kaayo nga kaylangan magtigom”

29
“Naa pud miy business nga gipadagan bitaw and then base rapud

ana naka learn ko unsaon pag kuan sa financial saamong family”

“My family influence me is with money just because we have this

business called our own clinic which is very successful.”

Thematic Analysis of Research Question 1


Taught to be
responsible on
finances
Key
Socio-economic
Themes
status

Family business

Senior high school students’ financial literacy was influenced by their family

background by teaching them how to be responsible with their finances. Most of

the respondents emphasized that their families often teach them budgeting and

saving skills through financial discussions at home. These responses align with the

study conducted by Gutter et. al. (2010) which suggests that when families engage

in discussions about financial topics and provide a supportive environment for

learning about money management, students are more likely to develop strong

financial literacy skills such as budgeting and saving money.

The socio-economic status of the family was also a critical factor to

the students’ financial literacy. The respondents stated that living with a

lower socio-economic status in the society made them more financially

30
knowledgeable. This supports the study of Lynch and Netemeyer (2014)

which suggests that individuals who face financial challenges, such as

those from lower socio-economic backgrounds, may develop greater

financial literacy through practical experiences and familial experiences.

Family businesses can affect the financial literacy of the students.

The respondents emphasized that through their family businesses they

learn how to handle their finances. These responses support the study of

Oppedisano et. al. (2019) which states that involvement in family

businesses can enhance financial literacy and foster entrepreneurial

attitudes among students. It suggests that hands-on family businesses

provide valuable opportunities for learning about financial management

and decision-making, ultimately leading to improved financial literacy.

Research Question 2: What specific financial practices did you learn from

your family?

In question number 2, the focus was about the specific financial

practices that the students learned from their family. The findings showed

that the students learned how to budget and save their money from their

parents which is a critical skill that they can use while the teenagers are

transitioning into their adult life.

When asked about what financial practices they’ve learned from their

family, they answered:

31
“The specific financial practices that I’ve learn from my family is

budgeting”

“that is budgeting my family taught me to spend my money wisely so

I always bring snacks or lunch”

“I've learned from my family is kanang mag manage well or mag

budget”

“Gitudlo nila mama og papa nako nga magtigom”

“Ang specific nga financial practices sa ako na learn pagtigom”

“Saving, mag saving ug money

“Ang mga practices nga na learn nako sakong family is mag save”

Thematic Analysis of Research Question 2


Budgetting
Key
Saving Money
Themes

The participants’ responses stated that the financial practices that

they learned from their parents are budgeting and saving money. They

stated that they learned these skills through financial discussions within

their homes. This supports the study of Gutter et. al. (2010) which

suggests that when families engage in discussions about financial topics

32
and provide a supportive environment for learning about money

management, students are more likely to develop strong financial literacy

skills such as budgeting and saving money.

Research Question 3: What major financial experience have you

encountered that affected your perceptions towards financial matters?

The third research question looked at the major financial experience

that the students have encountered and affected their perceptions towards

financial matters.

When asked about what were the major financial experience that

they’ve encountered that affected their perceptions towards financial

matters, they answered:

“that time around march na nag overspend ko tapos na hutdan kog

money tapos naka borrow nalang kog money sa ahung friends arun maka

uli.”

“I spent my money too much, by buying expensive clothes and

cosmetics.”

“When i ran out of uh, when i ran out of my allowance due to the lack

of budgeting”

“During this year akong papa is na hospital need gyud mi ug financial

ana kay morag dako dako mig bayronon”

“katong pandemic ng nawad-an ug trabaho akong father”

33
Thematic Analysis of Research Question 3
Overspe
nding
Key
The Family
mes Problem
s

Senior high school students were deeply affected by their

overspending habits that it changed their perceptions towards financial

matters. The respondents stated that overspending results in various

consequences which lead them to realize the value of how to properly

handle their finances. This supports the study of Shim et. al. (2010) which

highlights the importance of financial literacy in managing financial

obligations effectively. Overspending could be considered a component of

poor financial management, which can, in turn, influence individuals'

perceptions and behaviors related to financial matters as they learn from

their experiences.

The problems that the students face with their families affect their

financial perceptions. The respondents emphasized that when their

families face financial struggles they learn the importance of financial skills

such as budgeting and saving money. The responses align with the study

conducted Hilgert et al. (2003) investigated the relationship between

financial knowledge and behavior within households, particularly focusing

on how financial knowledge influences financial behaviors such as

34
budgeting and saving. Their findings suggest that individuals who have

experienced financial difficulties or economic hardships within their

families tend to place greater importance on acquiring financial knowledge

and skills. When families face financial struggles, individuals may

recognize the need to develop effective financial management strategies

to cope with economic challenges and ensure financial stability.

35
Chapter 3

CONCLUSION AND RECOMMENDATIONS

Findings

The research study about the influence of family background on the

financial literacy of senior high school students is conducted in Mater Dei

College Cabulijan, Tubigon, Bohol. Through in-depth interviews and

thematic analysis, several key findings emerged between family dynamics

and financial literacy development.

The study highlighted the significant influence of parental financial

behaviors and attitudes in shaping students' financial literacy. Participants

frequently cited their parents' financial habits, such as budgeting, and

saving as influential factors in their own understanding of financial

concepts. Additionally, family socioeconomic status emerged as a

determinant factor in students' financial literacy. Participants from lower

socioeconomic backgrounds often displayed resourcefulness and

resilience, relying on practical experiences and familial responsibilities to

develop financial competencies.

Furthermore, overspending emerged as a common experience

among the students, leading to financial strain and borrowing money from

36
friends. This emphasizes the importance of budgeting and financial

planning skills in avoiding excessive spending and maintaining financial

stability. Additionally, family problems, such as medical emergencies or job

loss, were cited as major financial experiences that affected students'

perceptions towards financial matters. These experiences can create

significant financial stress and uncertainty, underscoring the need for

individuals to be equipped with the knowledge and skills to navigate such

challenges effectively.

Conclusion

Based on the findings, the researchers concluded that the influence

of family background in the financial literacy of Senior High School

students is highly important for their development and future success.

Families are the primary educators and role models for children, through

proper education and guidance from their parents, students learn financial

skills such as budgeting, saving, and responsible spending. These lessons

aim not only to improve their current situation but also their future in the

financial field.

Recommendations

In this stage, the researchers are able to give recommendations to

the persons who are involved in this study.

37
 To the parents. Introduce basic financial concepts to children at an early

age such as budgeting, saving, and the value of money through age

appropriate activities and discussions, demonstrate responsible financial

behavior, foster open financial communication, and provide support and

guidance when needed but also allow them to learn from their mistakes

and be accountable from their financial decisions.

 To government and non-government agencies. Develop financial

education programs and encourage parental involvement in financial

literacy education by providing resources and workshops aimed at

parents. Empowering parents with financial knowledge and skills can

positively influence their children's financial behaviors and attitudes. These

programs should consider the socioeconomic status of students and

provide targeted resources and support for those from lower-income

families.

 To educational institutions. Introduce financial concepts and skills at an

early age, starting from primary school. Incorporate age-appropriate

financial literacy curriculum into the education system to ensure that

students receive foundational knowledge and skills that can be built upon

as they progress through school and ensure that financial education

resources are accessible to all students, regardless of their socioeconomic

background.

 To the future researchers. Increase the number of participants to attain

more key themes and more accurate results.

38
REFERENCES

Bernard, H.R. (2011) Research Methods in Anthropology Qualitative and

Quantitative Approaches. Rowman Altamira, Lanham, Maryland. -

References - Scientific Research Publishing. (n.d.).

Braun and Clarke (2006). (n.d.).

Edward, E., Ihsan, M. N., & Siregar, A. P. (2021). Pemanfaatan Financial Technology

bagi Pelaku UMKM Pada Masa New Normal di Provinsi Jambi. Ekonomis, 5(1), 11.

FINRA Foundation-Funded Study documents Effectiveness of state financial

education mandates | FINRA.org. (2015, February 5).

Jump$tart Coalition for Personal Financial Literacy. (2019, March 18). Financial Literacy

Facts | Jump$tart Coalition. Jump$Tart Coalition.

Kerig, P. K., & Alexander, A. R. (2023). Models of psychopathology. In Elsevier

eBooks.

Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy:

Theory and evidence. Journal of Economic Literature, 52(1), 5–44.

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Marshall, C. and Rossman, G.B. (2014) Designing Qualitative Research. Sage

Publications, New York. - References - Scientific Research Publishing.

(n.d.).

Rubin, A., & Babbie, E. R. (2011). Qualitative Research General Principles. In

Research Methods for Social Work) (pp. 436-455). - References - Scientific

Research Publishing. (n.d.).

https://www.scirp.org/reference/referencespapers?referenceid=3470398

Simply Psychology. (2024, February 1). Albert Bandura's Social Learning Theory

In Psychology

Villegas, F. (2023, September 12). Thematic Analysis: What it is and How to Do It.

QuestionPro.

Wagner, J. (2019). Financial education and financial literacy by income and

education groups. Journal of Financial Counseling and Planning, 30(1),

Wilkinson, L. A. (2011). Systems theory. In Springer eBooks (pp. 1466–1468).

Xiao, J. J., Chen, C., & Chen, F. (2014). Consumer financial capability and financial
satisfaction. Social Indicators Research, 118(1), 415–432.

40
Appendix A
TRANSCRIPTION

TYPE
SESSION DETAILS OF REFLECTIVE NOTES
DATA
P1 DATE: April 17, 2024 Audio I realize that we have to save money
TIME:2:40pm – 2:45pm and we should spend our money in
LOCATION: MDC SHS important things not in just that you want
Building 4th Floor that but it's not very important.

P2 DATE: April 17, 2023 Audio I realize that we have to save money
TIME: 3:10pm-3:14pm and we should spend our money in
LOCATION: Mater Dei important things not in just that you want
College Tubigon, Bohol that but it's not very important.
P3 DATE: April 17, 2024 Audio I've come to the realization that we
TIME: 2:25pm-2:30pm actually need to save money and
LOCATION: Mater Dei manage our spending so that we have a
College Tubigon, Bohol fallback plan in case we run into
unforeseen issues, particularly with our
finances. I also came to the realization
that we should consider our options
before making a purchase. Throw all the
pointless things that you buy and
prioritize you're needs.
P4 DATE: April 17, 2024 Audio I've come to the realization that we
TIME: 2:20pm-2:25 pm actually need to save money and
LOCATION: Mater Dei manage our spending so that we have a
College Tubigon, Bohol fallback plan in case we run into
unforeseen issues, particularly with our
finances. I also came to the realization

41
that we should consider our options
before making a purchase. Throw all the
pointless things that you buy and
prioritize you're needs.
P5 DATE: April 17, 2024 Audio Thoroughly plan, adapt, and respect
TIME: 2:26pm -2:34pm privacy while actively listening,
LOCATION: Mater Dei documenting accurately, and analyzing
College Tubigon, Bohol the collected data to ensure reliable and
meaningful insights.
P6 DATE: April 17, 2024 Audio That it requires careful planning and
TIME: 2:40pm -2:48pm attention to details to ensure a accuracy
LOCATION: Mater Dei in data collection
College Tubigon, Bohol
P7 DATE: April 17, 2024 Audio Learn to save money and don't spend
TIME: 2:20pm - 2:46pm money for nonsense
LOCATION: Mater Dei
College Tubigon, Bohol
P8 DATE: April 17, 2024 Audio : Be satisfied of what you have
TIME: 3:00pm - 3:30pm
LOCATION: Mater Dei
College Tubigon, Bohol
P9 DATE: April 17, 2024 Audio : I realized that we need to save money.
TIME: 4:15pm - 4:18pm Saving money is important because if
LOCATION: Mater Dei something bad happens and we need
College Tubigon, Bohol money, we can use our savings and we
don't have to borrow money from other
people. I also realized that don't spend
too much money on unnecessary things.
I believe that the sooner you start saving
for your goals, the more likely you’ll
achieve them faster.

P10 DATE: April 17, 2024 Audio I realized that we need to save money.
TIME: 3:34pm - 3:47pm Saving money is important because if
LOCATION: Mater Dei something bad happens and we need
College Tubigon, Bohol money, we can use our savings and we
don't have to borrow money from other
people. I also realized that don't spend
too much money on unnecessary things.
I believe that the sooner you start saving
for your goals, the more likely you’ll
achieve them faster.
P11 DATE: April 17, 2024 Audio a certain experience can help us think
TIME: 3:05 pm - 3:07pm differently, whether it be positive or
LOCATION: Mater Dei negative about money. and it shows that
College Tubigon, Bohol we all need experiences to attain a

42
lesson in life that we can learn from
whether it be about financial literacy or
not
P12 DATE: April 17, 2024 Audio I believe that the sooner you start saving
TIME: 2:34pm-2:49pm for your goals, the more likely you’ll
LOCATION: Mater Dei achieve them faster.
College Tubigon, Bohol
P13 DATE: April 17, 2024 Audio I realized that different family
TIME: 3:31 pm- 3:34 pm backgrounds can have different
LOCATION: Mater Dei thoughts or ideas about financial
College Tubigon, Bohol literacy.
P14 DATE: April 17, 2024 Audio I realized that don't spend too much
TIME: 3:37pm-3:56pm money on unnecessary things. I believe
LOCATION: Mater Dei that the sooner you start saving for your
College Tubigon, Bohol goals, the more likely you’ll achieve
them faster.
P15 DATE: April 17, 2024 Audio I realized that don't spend too much
TIME:12:30pm-12:50pm money on unnecessary things. I believe
LOCATION: Mater Dei that the sooner you start saving for your
College Tubigon, Bohol goals, the more likely you’ll achieve
them faster.
P16 DATE: April 17, 2024 Audio I came to the realization that we should
TIME:10:00am-10:15am consider our options before making a
LOCATION: Mater Dei purchase.
College Tubigon, Bohol

Question #1: How has your family background influenced your financial literacy?
TRANSCRIPTION
P1 My family influence me in terms of financial literacy,,,, is that they thought me to
save my allowances and,,, and prioritized my needs not wants. Even if my
parents give me a lot money, I, myself knows to save it and think before hand
the consequences of my,,, behavior before spending or buying the item.

P2 Secret,, charr,,, (laughing) so mao to kuan,,,Dili man mi kaayo well off so na


influence ra akong financial literacy sa among social status like sayo ko naka
learn nga mag budget ug dili mag oversfend, mag overspend kay dili ngana ka
dali maka kwarta.
P3 Average Financial Capacity of my family, my family has the capacity to provide
our needs and wants, but even though they can,,, it though me to save my
allowances and prioritize my needs. more than anything.... I know that we have
somethings to provide and prioritize so I have to,,, budget my money wisely and
prevent spending much.
P4 Family background diay?!.... na,,, naimpluwensyahan gyud sakong pamilya kuan

43
kanang kaalaman ug kasanayan sa ahong kwarta kay, una sa tanan, sila may
naghatag sakong kwarta so kung pila ang ihatag nako mao poy katumbas nga
impluwensya sa pagmanage nako sa kwarta kay for example dako sila ug ihatag
nako , ang maimpluwensya ato,,, ang impluwensya nga mahatag adto kay mas
madaghan kog mapalit therefore, mas ma careless ko sa akong kwarta kay dili
man kuan daghan pamag choices, pero kung gamay nalang ang ihatag nako,
ang maimpluwensya pud ana kay mas ma careful ko kung unsay gipangpalit,
mas magtipid ko mga ingana.
P5 Growing up my family approach to finance had a big impact on me.My parent
where always very responsible with money they emphasized the importance of
saving wisely and living within our means.This instilled in me a strong sense of
financial discipline from a young age.
P6 I grow a family that severly not rich so ang ilang naimpluwansyahan ko nila sa
akong financial literacy nga importante kaayo nga kaylangan magtigom
P7 Since akong mama kay mao may nagdala sa budget and naa pud miy business
nga gipadagan bitaw and then base rapud ana naka learn ko unsaon pag kuan
sa financial sa among family.
P8 So first of all sa bata palang mi ginatudloan najud mi unsaon pag save unya
kanunay sd mi advisan nga dapat kuntento rajd og unsay naa.
P9 Knowing na were in middle class or di pud mo ingon ug middle class but kanang
naa mi sa tunga tunga sa middle class ug poor dapat gyud mi mag tipid kay
kanang morag pobre mi nga di.
P10 My family influence me is with money because we have this business called our
own clinic which is very successful and not just beside from my clinic we have
supportive family we can provide such as financials within our family and our
business as well that's why i find my family influenced on financial matters.
P11 Tungod sa ahung family background it influence me to be mindful on how i spend
and budget
P12 Growing up, my grandparents would love to be with me. Despite living in different
houses, like naa koy mga side as along mama and lolo na mga grandparents, at
a young age. I witnessed and experienced how it feels to be poor. Side as akong
lolo, They would limit me to buy only one kinder joy despite wanting to buy 2,
since it cost a lot. Their i learned that money does not grow on trees and as i
matured i learned to value the importance of money.
P13 So my family background about kanaaang financial is kada month kay kanaang
magpada mana akung father maoto kanaang ang ipada sa akung father kay
budgeton jud na kanunay sa akong mother like kanaang [inaudible 00:30 to
00:31] jud nya didtoa na tanang mga kanaang bud mga gastoonon namo sa one
month mao tong maoy naka influence nako.
P14 Uhm base sa kanang financial nga status namo like mga gastoon sa balay,
murag dako-dako pud murag naka kuan pud ko nga kanang igo-igo rapud ang
madawat nga kwarta nila, ay ma kuan nila mama sa ilang trabaho, my mama is,
ay my father and mother is a teacher man both silang duha and ang ilang kuan
kanang sweldo is murag igo rapd nga map-mapa kuan mi, mabuhi mi nila tanan
walo ka mag-igsuon.

44
P15 The current place as significant role in shaping my individual financial literacy by
providing early education serving as model for financial behavior offering
resources and support influencing cultural values and considering opportunities
or challenges related financial management
P16 I spend my money responsibly and wisely

Question #2: What specific financial practices did you learn from your family?
TRANSCRIPTION
P1 The specific financial practice that I learn from my family is budgeting,, that's why
I always brought my own lunch in school.
P2 Mag budget then mag save
P3 That is budgeting,,, my family taught me to spend my money wisely so I always
bring snacks,,or. lunch... since I know that is expensive if I buy it on the
cafeteria... About clothes and accessories naman.... I [inaudible] to buy affordable
yet high quality clothes so I can save money more in my everyday ... expenses
P4 sa ang.........nalearn pud nako nila ang.. pagtipid sad kay kanang exam..
kanang... imbes nga mopalit maggama nalang, kanang example, kintahay ang
mga parent,,akong mama kay dili man hilig mopalit ug ready to eat na nga
pagkaon kay mas maka,,,, mas maka save mi kung kami nalang magluto ingana
so mao to, mao toy nalearn nako nga imbes nga mopalit nalang kung sud an sa
canteen, magda nalang ko ug,, kuan sud an or snacks nga gikan sa amoa.
P5 Ang specific nga financial practices sa ako na learn pagtigom,mao ang gitudlo ni
papa og mama eversince I was a kid para makapalit sa ako ganahan especially
sa akong ganahan nga pagkaong cravings and then maka shopping sa online
then malipay si mama og papa ang akong parents tapos ako na sila mapadalhan
og kwarta.
P6 Gitudlo nila mama og papa nako nga magtigom, invest.
P7 The specific financial practices that I’ve learn from my family is budgeting and
learn to save and kana pung kahibaw ka mo control sa imohang mga gasto
kahibaw ka mo control sa imong mga luho like for example naa kay gusto, dapat
imoha jd na syang tiguman or dapat imoha jud na syang kuan murag mag think
paka ba nga dapat magamit ni sya nako naa ni syay purpose.
P8 Ang mga practices nga na learn nako sakong family is mag save jud mi bisag aw
every day hatagan man ko niyag bawn pero dapat mag bilin jud ko para mag
save everyday.
P9 Saving, mag saving ug money.
P10 Actually number 2 question not in particular na give me a practice to learn such
from myself. I learn how to save money and spend money well because of a
(inaudible timestamp) crisis about a money it is hard to define a learning from my
parents of how to spend money because of a business. In my perspective my
learnings of financial it is not based of my family but it based of myself.
P11 One of the financial practices that I've learned from my family is kanang mag
manage well or mag budget well sa kwarta na I am currently holding.
P12 Surrounded with people that works hard to earn money makes me reflect that
money comes from the sweat of my families hardwork. Although we are financially

45
stable or incapable. We were taught to be humble and even share our blessings
to others.
P13 Katong na influence nako kay mao napuy akong giapply nako sa akong self since
since gaboarding house naman ko mao poy ak mao poy akong pinaagi sa pinaagi
inig kanaang makadaw madawat na nako akoang allowance mao to ako napung
ibudget for one week.
P14 Sa kanang bills sa kuryente og sa tubig og sa mga kuan expenses sa mga gamit
nga, like sa mga stove kintahay ngana, mga, sa mga appliances, yes samot na sa
mga school supplies, pakit on mn mi niya sa mga kuan sa unsay tawag, resibo
inag palit.
P15 This is I learn from my family are budgeting saving weekly allowance.
P16 Uhm kuan set goals, spend less than you make og create a budget.

Question #3: What major financial experience have you encountered that affected your
perceptions towards financial matters?
TRANSCRIPTION
P1 There are times that I spend my money purchasing online like buying some
clothes, jewelry and,,, mostly cosmetics therefore my savings lessen. I realize that
i need to manage my money wisely.
P2 Sa karon,,, wala pa
P3 There was a time that I spent my money too much,,,, by buying expensive clothes
and cosmetics,,, not realizing that I disregarded my budget for my basic needs....
Therefore, I need to start adjusting my behavior...so that..... by managing and
spending my money and expenses wisely.... I conclude that saving money,, and
separating my needs and wants may help me in my financial management.
P4 Kanang... unsa to, unsa to,,,, (repeating the question) [moment of silence]......
unsaon mana........ [the researcher explaining further regarding in this question]....
ang experience nako nga naka effect gyud nako sa manage sahong kwarta kay
uhmm.. ang pag eskwela diri sa mater dei kay, kay layo naman ko sahong
ginikanan niya gamay rakong,,, gamay ra ang relatives nako diri so mas careful
ko mag,, gasto gasto kay kung kintahay, naay emergency nga.. gastohonon wala
nakoy kaduolan maong sukad atong naa ko diri sa mater dei, nag save save nako
wala nako sig gasto mga pointless nga kuan,, niya magdanajud kog extra nga
kwarta nga gikan nako mga ingana....para safe.
P5 Sigi ko pangutang dugay kayko mubayad kanang gutmon man ko always so sige
kug palit og kanang food so mahurot ako kwarta maoto.
P6 Usahay kong mawagtangan mahutdan ko [inaudible]di nako murag nga magtigom
jud ko kailangan gud naho i manage ang ako kwarta.
P7 Actually wala pakoy experience about ani but if naa man gani sa future is maka
affect siya especially wala pa bitaw ko naka learn aning about sa financial matters
unya maka affect ni saamoa for example kanang mawala ang tig hatag saakong
budget ngana so dako syag impact saamong life nga maka affect saamong
financial matter.

46
P8 So kani wapa jud ko nakasuway ani kay everyday ginahatagan man jud ko og
bawn mga expenses nako pero og makasuway man gani ko everyday aw basin
makasuway man gani ko ani in the future basig dili tali nako makaya akong
buhaton tali kay dapat mag kugi ko dapat saakoa ra jd self mag save jud ko.
P9 During this year akong papa is na hospital need gyud mi ug financial ana kay
morag dako dako mig bayronon sa hospital then kalit lang sakto sakto rami ng
naay kwarta nga ma kuan sa kada buwan sa budgeting mora siyag na short kay
lagi na hospital akong papa need gyud bayran tung mga financials.
P10 Actually it's fine I don't have perception towards financial because I’m always
aware of the danger of financial how to spend it will and how to carry it well and
how to save well because in life money is needed in order to survive that's why I
don't have any perception about financials in encountered life.
P11 That time around march na nag overspend ko tapos na hutdan kog money tapos
naka borrow nalang kog money sa ahung friends arun maka uli. tungod ato naka
realize ko na kailangan jud dapat ta makahibaw unsaon inig save ug money.
P12 When i ran out of uh, when i ran out of my allowance due to the lack of budgeting,
I realized that due to my irresponsible actions it would lead me, it would lead to
the dissapointment of my parents. There i learned to budget and be responsible
with my financial matters.
P13 What major financial experience have I encounter is katong pandemic ng nawad-
an ug trabaho akong father since gipanaog tanang mga sea ferris kay lagi
pandemic nya mao tong murag dili na sila kaayo kadawat ug sweldo dili na
pareha sauna ag ilang nadawatan na sweldo maong murag na short² pud mi adto
kung unsaon pag budget especially kay naa pud mi mga daghang pangbayaran.
mao rato thank you.
P14 Kanang mga tampohon sa skwelahan dagko kaayo.
P15 In major financial experiences that I encounter are an expected expenses such as
buying things that I don't need and only I want and etc.
P16 Kanang katong like dili na kaayo ko magsalig sa akong parents kanang pamaliton
nako bisag unsa kay akoa nang kwarta gamit, kay naka realize ko na kuan karon
na bata [ako, ay basta padung na sa adulthood dapat kamao nako mo handle
sakong own money.

47
Appendix B
LETTERS
Mater Dei College
Cabulijan, Tubigon, Bohol
April 2024
DR. JASMIN M. SUMIPO
Principal, High School Department
Mater Dei College
Cabulijan, Tubigon, Bohol
Dear Dr. Sumipo:
Warm greetings!
We, the researchers from Grade 11 ABM of Mater Dei College, are
currently enrolled and undertaking the subject Practical Research 1.
Presently, we are conducting research entitled “ The Influence of Family
Background in financial Literacy of Senior High School Students” as a
prerequisite of the subject. Hence, it is part of the requirements to gather
data from the selected research participants.
With regard to this, we would like to request permission from your
respected office that some students of the High School Department shall
take part in our study as participants. We would be grateful if you would
enable us to pursue this research and conduct surveys with our study
participants.
Your approval of our request is highly anticipated.
Respectfully yours,

(Sgd.) Amodia, Hannah Ashley


(Sgd.) Banados, Ashley
(Sgd.) Casol, Alhysa
Noted by: (Sgd.) Dolera, Kleah
(Sgd.) Jayma, Gian Troy
RUTH HUIT, LPT (Sgd.) Lerin, Maria Laura
Research Adviser (Sgd.) Refugio, Alona

48
(Sgd.) Tuquib, Rishialyn
Approved by: (Sgd.) Taghoy, Haven Jair

JASMIN M. SUMIPO, PhD


Principal

Mater Dei College


Cabulijan, Tubigon, Bohol

April 2024
Dear Participants:
Greetings of joy and peace!
We, researchers from Grade 11 ABM of Mater Dei College, are
currently taking up the subject Practical Research 2. Hence data collection
from our chosen study participants is one of the subject’s prerequisites.
The researchers are conducting a study entitled “The Influence of Family
Background in Financial Literacy among Senior High School Students.”
The purpose of this research is to explore the influence of family
background in shaping the financial literacy of senior high school students.
Your participation in this study would involve participating in a face-to-face
semi-structured interview, where we will discuss your experiences,
perspectives, and insights regarding your family's influence on your
financial literacy.
In this regard, we are respectfully requesting your time, effort, and
honesty in answering our questionnaire. Rest assured that your responses
will be kept confidential and will only be used for research purposes.
Your positive response to this request of ours will be highly
appreciated as it will be a valuable contribution to the success of the study.
Respectfully yours,
(Sgd.) Amodia, Hannah Ashley
(Sgd.) Banados, Ashley
(Sgd.) Casol, Alhysa
(Sgd.) Dolera, Kleah
(Sgd.) Jayma, Gian Troy
(Sgd.) Lerin, Maria Laura
(Sgd.) Refugio, Alona

49
(Sgd.) Tuquib, Rishialyn
Noted by: (Sgd.) Taghoy, Haven Jair

RUTH HUIT, LPT


Research Adviser

Mater Dei College


Cabulijan, Tubigon, Bohol

April
2024
Dear Parents:
Warm greetings!
We, the researchers from Grade 11 ABM of Mater Dei College, are
currently enrolled and undertaking the subject Practical Research 1.
Presently, we are conducting research entitled “ The Influence of Family
Background in financial Literacy of Senior High School Students” as a
prerequisite of the subject. Hence, it is part of the requirements to gather
data from the selected research participants.
With regard to this, we would like to request your permission to
allow your daughter/son to take part in our study as participants. Rest
assured that their responses will be kept confidential and will only be used
for research purposes. Your positive response to this request of ours will
be highly appreciated as it will be a valuable contribution to the success of
the study.
Your favorable response to this matter will be much appreciated.
Respectfully yours,

(Sgd.) Amodia, Hannah Ashley D.


(Sgd.) Banados, Ashley
(Sgd.) Casol, Alhysa
(Sgd.) Dolera, Kleah
(Sgd.) Jayma, Gian Troy
(Sgd.) Lerin, Maria Laura

50
(Sgd.) Refugio, Alona
(Sgd.) Tuquib, Rishialyn
(Sgd.) Taghoy, Haven Jair
Noted by:
RUTH HUIT, LPT
Research Adviser
Appendix C
RESEARCH QUESTIONNAIRE
Please read each statement carefully and respond in accordance with the guidelines
provided in each section based on your knowledge or experiences.
Part 1. Influence of family background
How has your family background influenced your financial literacy?
________________________________________________________
______________
________________________________________________________
______________
________________________________________________________
______________
Part 2. Financial practices learned from family
What specific financial practices did you learn from your family?
________________________________________________________
______________
________________________________________________________
______________
________________________________________________________
______________
Part 3. Financial experiences that affected your perceptions towards financial matters
What major financial experience have you encountered that affected your perceptions
towards financial matters?

51
________________________________________________________
______________

______________________________________________________________________
________________________________________________________
______________

CURRICULUM VITAE

Name : Amodia, Hannah Ashley D


Address : Poblacion, Sagbayan, Bohol
Age : 17
Birthdate : February 3, 2007
Birthplace : Tubigon, Bohol
Nationality : Filipino
Religion : Roman Catholic
Name of Father : Noreen D. Amodia
Name of Mother : Jenifer S. Amodia

EDUCATIONAL BACKGROUND
Senior High School : Mater Dei College
Cabulijan, Tubigon, Bohol

52
2023-Present
Junior High School : Mater Dei College
Cabulijan, Tubigon, Bohol
2019-2023
Elementary School : Sagbayan Central Elementary School
Sitio School Site, Sagbayan, Bohol
2013-2019

53

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