THE EFFECTS OF FINANCIAL LITERACY ON

SENIOR HIGH SCHOOL STUDENTS

A Research Presented to the

Senior High School Department
of Tagum National Trade School
Apokon, Tagum City
Davao del Norte

In Partial Fulfillment of the Requirements in

Practical Research 2

Faith Saimon M. Baer

Erick Troy S. Buladaco
Danica Kaye G. Celo
Raven Michel G. Cervera
NIlisa Jane D. Nataya

October 2023
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Contents
Chapter I........................................................................................................................................4
INTRODUCTION.......................................................................................................................4
Background of the Study...................................................................................................4
Statement of the Problem..................................................................................................6
Hypotheses...........................................................................................................................6
Review of Related Literature.............................................................................................7
Synthesis.............................................................................................................................16
Theoretical Framework.....................................................................................................16
Conceptual Framework....................................................................................................18
................................................................................................................................................19
Significance of the Study.................................................................................................19
Scope and Delimitation....................................................................................................20
Definition of Terms............................................................................................................20
Chapter 2.....................................................................................................................................21
METHODS................................................................................................................................21
Research Design................................................................................................................21
Respondents of the Study...............................................................................................22
Research Instrument........................................................................................................23
Data Gathering Procedure...............................................................................................26
Statistical Tools.................................................................................................................28
Ethical Consideration.......................................................................................................28
Chapter 3.....................................................................................................................................31
 Chapter I
INTRODUCTION

Background of the Study

Around the world, specifically Malaysia, high school freshmen must make a

variety of financial choices as they transition to adulthood. These choices include

handling finances, comprehending credit and debt, setting aside money for the

future, and selecting wisely. Being able to make wise financial decisions is

essential since mistakes made now could have long-term effects (Hastings &

Mitchell, 2018). In light of this, comprehensive financial education programs that

are part of high school curricula have gained popularity as a viable way to give

pupils the tools they need to handle the financial challenges they face.

The importance of financial literacy for senior high school students in the

Philippines is growing as the economy expands and changes. For these students

to successfully move into adulthood and navigate the myriad financial obstacles

that await them, it is crucial that they develop sound financial habits and make

wise choices early on. They gain the knowledge and skills needed to handle their

own finances successfully through financial education, which enables them to

make wise financial decisions for the rest of their life. This study intends to

determine if such educational interventions have a substantial influence on senior

high school students in the Philippines' financial literacy by examining the effects

of financial education on their knowledge levels. (Dela Cruz 2019).

Bruhn (2019) conducted a randomized control trial in Mindanao and found

that a comprehensive financial education program improved students’ financial

knowledge, saving behavior, financial planning, and even had positive effects on
 2

parents’ financial knowledge and behavior. In summary, these papers collectively

suggest that financial education can enhance the knowledge of high school

students. In order to enable kids to make knowledgeable financial management

decisions, financial education is essential. As one of the Philippines’ poorest

provinces, Mindanao needs special consideration in financial literacy initiatives.

Senior high school students, who will be future consumers and earners, have a

special need for the necessary knowledge, abilities, and attitudes to make wise

financial decisions. This study seeks to determine what influences senior high

school students in Mindanao’s knowledge of finances and the effects of financial

education on that knowledge. (Datuon, 2018).

Understanding the effects of financial literacy on high school students is

urgent due to their vulnerability to financial challenges, lifelong impact of early

financial decisions, and broader economic stability concerns. A thorough financial

education fosters personal growth, social justice, and equips students for a

dynamic global environment. Both people and society need to grasp this.

There are many important areas where data is lacking regarding how

financial education affects high school students' financial literacy. First and

foremost, research is required to look at the long-term effects of financial

education, monitoring students' financial knowledge and behavior over time.

Comparative studies on the effectiveness of various teaching strategies,

particularly those that use digital platforms, can shed light on the techniques that

result in the biggest gains.

The ability of financial literacy among senior high school students to foster

a more stable, just, and informed society is what gives it social significance. We
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can all contribute to the development of a more affluent and fiscally responsible

community by providing the next generation with the knowledge and skills

necessary to successfully navigate the complex world of finance.

Statement of the Problem

This study is aimed to know the effect of financial literacy among senior

high school students of Tagum City National Trade School Specially, this study

will answer the following questions:

1. To determine the effect of financial literacy of the students in terms of:

a. Spending Habits

b. Saving Habits

c. Financial Knowledge

2. Is there a significant difference in the following areas when the participants are

grouped according to the variables mentioned above?

a. Sex

b. Grade Level

Hypotheses

The problem statement served as the basis for the hypotheses that are

listed below.

The following are the hypotheses formulated for this study about the

Spending Habits, Saving Habits and Financial Literacy of Senior High School

Students from Tagum National Trade School:

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1. There is no significant difference in the effect of financial literacy of senior high

school students when they grouped according to the following variables:

a. Sex

b. Grade Level

Review of Related Literature

In this section, The researchers list the linked studies. The articles provided

in this part also serve as the independent variable's supporting documentation of

the independent variable which is Financial Literacy with three indicators:

Spending Habits which is a practice or habits of spending your money; Saving

Habits which means a habit of saving your money; and Financial Education which

is teaching people the principles of managing their money throughout their lives.

Financial Literacy. Financial literacy is the ability to understand matters of

a financial nature, including a set of skills and knowledge that enable an individual

to make informed and effective decisions through their understanding Financial. It

is associated with all attitudes related to decision making, behavior and financial

knowledge. These decisions include when to save, when to spend, managing a

budget, choosing the right financial products and being willing to take care of

them. So it improves economic efficiency. Better financial knowledge contributes

to broader economic growth and development (Kefela, 2010). However, Mak and

Braspenning (2012) argue that consumers often do not have a sufficient level of

financial literacy to help them make informed and rational decisions, concluding

that behavioral biases have misleading influence on consumer decision making.

Financial capability has been used to denote the abilities required to apply

this knowledge in a meaningful way, while financial inclusion has been used to
 5

denote the opportunity to do so (Amagir et al. 2018). The Organization for

Economic Cooperation and Development defines financial literacy as: “the

combination of financial awareness, knowledge, skills, attitudes, and behaviors

necessary to make financial decisions.” rational policy and ultimately achieving

personal financial happiness (Goyal & Kumar, 2021))” and is used synonymously

with other terms such as: financial confidence, financial awareness, financial

knowledge, financial literacy and financial education.

Financial literacy has traditionally been used to refer to knowledge of

financial concepts and procedures. contends that the concept of "financial literacy"

includes knowledge of money, attitudes about money, and financial behavior.

They also demonstrate that there is no statistically significant relationship between

financial self-efficacy and knowledge, attitudes, or behavior related to money

(Amagir et al., 2018). Financial literacy is described as having "knowledge and

understanding of financial concepts and risks, as well as the skills, motivation, and

confidence to apply such knowledge and understanding in order to make effective

decisions across a variety of financial contexts, to improve one's own and

society's financial well-being, and to enable participation in economic life." (OECD,

2014).

Spending Habits. It is impossible to separate people's spending habits

from their daily lives due to the rapidly changing and highly competitive global

business environment. As a result, decision making becomes more difficult (Stym,

2020). Due to exposure to marketing initiatives, Internet service providers, and

electronic purchasing options, students are affected by this problem (Stym, 2020).
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A pattern of behavior known as “bad spending habits” involves an inability to

control current expenses. The social learning hypothesis posits that people learn

spending habits from their parents and other influential people (Luelle, 2018).

According to Ollau et al. (2020), young adults' shopping habits have a significant

impact on the duration of their financial resources.

Instead of investing in long-term financial plans, young people quickly

spend money on consumer goods (Decena & Abellalanosa, 2022). Institutions

should promote and encourage better financial literacy among students. Unlike

pleasures such as food, clothing, and other items, financially, students often

spend more money on durable goods such as housing, education, and

investments (Frun et al., 2019). If young adults have less savings and available

financial resources than older adults, it is worth examining how they use and

spend borrowed money in the form of debt and credit. Young people are not

required to save money to the same extent as older people, which may be related

to less financial planning for the future and a more positive attitude toward debt

(Phau & Woo, 2008). Young people view debt as necessary and do not believe it

will have a negative impact on their future (Penman & McNeill, 2008).

Poor spending habits are a behavioral pattern that is characterised by a

lack of self-discipline regarding continued overspending. According to the social

learning theory, spending habits are learned from parents and other key

personalities (Fluellen, 2018). Individual childhood experiences comprise ways

parents manage money and the money management lessons received. Parents

are critical impetus in their children‘s lives when growing. The positive and

negative spending habits displayed are subject to their parents‘ habits (Hadzic &

Poturak, 2014). The agents of socialisation, such as family and peer groups, have
 7

great influence on an individual‘s attitude towards money (Hadzic & Poturak,

2014). Pillai et al. (2010) state that a young adult‘s spending habits play a key role

in the sustainability of their finance resources and is an important variable in

financial judiciousness. Young adults have the tendency to immediately spend

their money on consumable products, thereby neglecting long-term financing

matters such as investment (Shaari et al.,2013). Financially literate students

normally spend a greater proportion of their money on durable goods, such as

housing, education, and investment rather than on food, clothing, and other luxury

goods Thus, an improvement in students' financial literacy is desirable and

recommended for universities (Shaari et al., 2013).

Most students lack trust of their ability to handle money wisely. They are

more influenced by their spending habits and has issues making good financial

decisions (Andriani et al., 2018). Spending patterns among students are not a

constant phenomenon and comprise a type of financial behavior that is influenced

by one's level of financial literacy and money-management prowess (Nadome,

2014). Students who are no longer under the protection of their parents and

guardians are now responsible for their own financial decisions and must plan and

manage their funds. The spending habits vary from person to person. Youth

involves in conspicuous consumption regardless of the source of funds. They

have no or limited experience in saving and spending as they learn to live within

their means. Individuals below the age of 30 years have high rate of debt because

of their limited experience with finances and managing money (Kim et al. 2016). It

has been observed that people lack actual financial literacy. They do not engage

in simple financial behaviors like saving money and creating a budget. There
 8

could be some negative repercussions if one does not cross these (Birari & Patil,

2014).

According to Hoang and Le (2020) and Tan and Ooi (2018), habit refers to

the degree to which people act or behave instinctively. This is a result of the

lessons learned from earlier mistakes. This tendency also holds true for internet

food purchases. Because people use applications to make recurrent purchases at

the same or other locations, spending patterns in this context can be interpreted

as a type of online food buying behavior. Age and consumer experience can

influence such hedonistic desire. The benefits associated to spending habits when

employing technologies like OFDA are supported by this theorizing, which also

lends support to the measurement of spending habits utilized in this study (Ooi,

2018).

The study, according to Jeevitha and Priya (2019), revealed that students

spent more money than they saved, even though they were aware of how

important saving money was. Even so, students have their own spending habits.

Even if the majority of them still financially rely on their parents. By promoting

financial literacy, we can prevent students from spending their money on

unnecessary purchases.

Young people's spending habits are an increasingly important topic in the

financial sector management. (Henry et al., 2019). These people make more

complex financial decisions and follow through financial management procedures.

(Parotta & Johnson, 2018). Young people's spending habits will affect their lives

early financial situation (Bona et al., 2018). Adopting spending habits early will

help give them the best opportunity to complete their education and learn about
 9

money future management skills. According to Bona (2018), tracking money

prevents overspending, impulsive purchases, and overpaying for items. Students'

spending habits can have many effects on their lives, including their relationships

with family, friends, and even strangers. Somebody These impacts can be felt not

just in terms of financial wellbeing.

Saving Habits. Tharanika and Anthony's (2017) research demonstrates

that financial literacy both positively influences and most significantly influences

saving behavior. Most students lack trust of their ability to handle money wisely.

They are more influenced by their spending habits and has issues making good

financial decisions (Andriani et al., 2018). The literature discusses a variety of

aspects of pro-saving financial behavior, and a large portion of it believes that this

financial literacy is crucial for everyone, not just for professional managers. This is

especially true for managing both corporate life and personal level, which raises

the question of what skills people should possess to cope better with both

personal and professional life (Ribeiro et al., 2018). More can be gained by

increasing the rate of saving (Cheema et al., 2018).

Saving is important to students, not only because they have their own

money, but also are used to managing themselves properly to become wise

people in managing their finances. and not wasteful or redundant. While saving

behavior is the behavior performed by someone by setting aside a part of his

income that he has to save (Triardiyani & Retno, 2014). There are many ways that

individuals can save, including setting aside a portion of their income, reducing

expenses and delaying consumption.

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Parents have a great influence on the saving behavior of 4,444 students.

This is consistent with the results of Otto's (2009) study which confirms that

parents have a role in encouraging children to adopt saving behavior. Thung

(2012), in his study, suggested that parental socialization has a positive impact on

salvaging behavior. This is also consistent with what Sirine and Dwi (2016) found

conveyed, they also stated that parental socialization has a positive impact and

significant influence on students' saving behavior. Based on the results of

research conducted and consultation with experts and previous studies, obtained

evidence that the role of parents influences savings behavior.

According to Ayadi et al. (2018), it will eventually result in industrial

development, the business period, a shift in the character of goods, stable prices,

and higher prices. In both established and developing nations, household and

individual savings account for a significant portion of national savings (Ayadi et al.,

2018). This factor will boost investment levels and the nation's economic growth

(Ahmed, 2015).

Saving is part of an individual’s income (Mori, 2019). The benefits of saving

include hedging against unforeseen circumstances, building assets, preparing for

investment opportunities, providing pensions, buying or repairing housing, paying

off debt, and obtaining social services (Faridi & Bashir, 2010). Life theory

describes the structure of saving behavior by stipulating that the level of saving

depends on the demographics of society rather than family income (Modigliani &

Brumberg, 1954). Saving mobilization requires an immense effort to teach the

culture of saving and increase confidence among individuals, particularly the

young people who can save more at their early age than their older ones (Uddin,

2020).
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A country's national savings is the sum of savings made by the public and

private sectors, including individual savings (Rehman et al., 2011). Personal

savings will benefit households and the country (Abdul Jamal et al., 2016)

because personal savings are a part of national savings (Gandelman, 2016).

Personal savings refers to the amount remaining in an individual's disposable

income after subtracting consumption expenditures (Ismail et al., 2020). Because

savings are a source of capital, a key factor of production, and a driver of labor

productivity and growth, an understanding of personal savings is essential to

understanding long-term economic development. term (Bodenhorn, 2018).

National savings are an important indicator of economic development. for a

country as it is used to finance national investments to achieve economic growth

(Hashim et al., 2017). However, it is worth noting that over the past decade, a

decline in Malaysia's gross national savings has led to concerns that the country's

savings will not be enough to fund the investments needed in the future. future to

promote the country's economic development (Lee Heng Guie, 2022).

Financial Knowledge. Financial literacy is a collection of public

information, abilities, and attitudes that is important in today's society for the

financial security of oneself and their family (Berry et al., 2018). According to Mien

and Thao (2015), personal financial management conduct is connected with

financial literacy or knowledge, whereas someone with a locus of control is less

likely to behave poorly in this area. The financial management behavior of

creative economy actors in the fashion sub-sector in Kediri City was significantly

influenced by research by financial knowledge, financial attitude, and locus of

control (Mardhatillah et al., 2020). The study by Bapat (2020) produced results

that verified the existence of a relationship between financial attitudes, financial

 12

literacy, and internal locus of control and financial management behavior in young

adults.

Siswanti and Halida (2020), looked at the Financial Knowledge, Financial

Attitude, and Financial Activity in an effort to identify the elements that influence

how people manage their finances. Consequently, the FK has an impact on how

Indonesians behave, according to the study's findings. manage their money. In

light of this, it may be said that the FK has a big impact on how people behave

financially. Likewise, a Tavares et al. (2019) investigation Higher education

students' financial literacy is limited. Lack of financial literacy and lack of self-

control control over their accounts. Financial knowledge is therefore a crucial

element in creating sound financial management practices.

According to Moreno et al. (2017) study, financial education can be defined

as the comprehension and empowerment individuals gain regarding financial

matters, in conjunction with their educational level. This knowledge equips them

with the foundation to make informed decisions about their personal finances.

Financial education has the potential to convey knowledge, skills, and attitudes,

facilitating the adoption of prudent financial practices by the general population

(Berry, 2018). Furthermore, it serves as a means of promoting financial inclusion,

as it enables people to develop the necessary skills to access and choose

financial products that align with their specific requirements, as highlighted by

Chen and Lemieux in 2016.

Financial knowledge or confidence in one's own financial skills, however, is

not always associated with performance (Parker et al., 2012). The extent to which

a person's beliefs are regulated by his or her actual financial skills is known as
 13

financial sophistication (Woodyard & Robb 2016). Highly adjusted individuals with

higher financial knowledge but lower financial goals may be perceived as more

confident. Previous studies have shown that overconfidence in people's skills

often leads to worse financial performance (Barber and Odean 2001; Camerer

and Lovallo 1999; Robb et al. 2015; Statman et al., 2006), and a reluctance to

seek financial advice (Kramer 2016; Lewis 2018). Similarly, individuals with low

financial knowledge but high financial goals may feel insecure. Lack of trust can

also have a negative impact on financial behavior if, for example, individuals

become more reluctant to make important financial choices. Peters et al. (2019)

showed that people with "inconsistent" levels of objective and subjective self-

efficacy report worse financial and health outcomes. In addition to trust, it is

therefore important to examine the relationship between trust and confidence in

financial behavior.

According to Rootman and Antoni (2015) and Shuttleworth (2011), financial

literacy is the development of any skill that results in a comprehension of financial

facts and the capacity to make wise and prudent financial decisions. This calls for

knowledge of both financial concepts and related products and services (Sebstad

et al., 2006). According to Sebstad et al. (2006), financial attitudes are a person's

thoughts, feelings, and views toward money-related issues. In order to respond

positively to financial problems, a person must be emotionally engaged when

learning financial concepts and information (Potrich et al., 2016). When it comes

to their level of saving behavior, debt management, and spending patterns

(Rootman & Antoni, 2015). This action is related to addressing personal finances

and financial concerns (DeBondt et al., 2010).

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Synthesis

This study examines the data and seeks to discover a substantial association in

financial literacy. The researchers are seeking to understand the relationship

between students' financial literacy experiences and the help they get from their

parents and guardian to address such issues. The literature is sufficient to meet

the readers' needs in comprehending this study; in the examination of linked

literature, you will find the supporting study that verifies the accuracy of the study

described in this study. This research contributes to studies that focus on a

current and contemporary issue in our society, which is the rising proportion of

financial literacy, particularly in schools where financial problems are prominent.

The purpose of this study is to give sources of evidence that will aid in the

discovery of a relationship that will be relevant in future studies on financial

literacy.

Theoretical Framework

This study is anchored on the Financial Literacy Theory of Noctor et al.

(1992), that emphasizes the studies of how financial literacy affects the

knowledge and skills to manage one’s financial resources effectively for lifetime

financial security. The ability to make informed judgements and take effective

decisions regarding the use and management of money.

This study is anchored on the Social Capital Theory of Bourdieu (1985),

the social association between individuals is “productive resources.” Social capital

depicts the association between individuals residing in a specific society. Social

capital is described as “the sum of the actual and potential resources embedded

within, available through, and derived from the network of relationships possessed
 15

by an individual or a social unit” (Nahapiet & Ghoshal, 1998; Berraies et al.,

2020).

In the context of the researcher’s study, Social capital theory suggests that

individuals' social networks and relationships significantly influence their financial

literacy. This theory suggests that information dissemination, access to learning

resources, and peer influence can enhance financial literacy. Social capital allows

individuals to share financial knowledge, access educational resources, and feel

motivated to make responsible financial decisions. This can be particularly

beneficial for those with limited financial education resources. Overall, social

capital plays a crucial role in shaping financial literacy.

This study is anchored on the Social Cognitive Theory (Bandura, 1971), a

person's behavior is influenced by how they observe other people and how their

behavior and cognitive processes interact. Socialization, the process through

which people learn about values and norms, may be dramatically different for

individuals if they do not discuss or observe saving activities in their families of

origin or by peers (Gutter et al., 2008).

In the context of the researcher’s study, People learn to manage their

money in various ways early, frequently leading to poor habits. Financial issues

often affect young adults due to lack of financial literacy and challenging

decisions. Legislation must create effective measures to address these issues

and help young people develop financial literacy. The variety and advancements

in financial markets and services contribute to these problems (Mandell & Klein,

2019). Financial education is crucial for economic well-being (Wagland & Taylor,

2019).
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Conceptual Framework

In this section, a conceptual framework is presented. The purpose of this

study is to gain knowledge about financial literacy among senior high school

students in terms of Spending Habits, Saving Habits, and Financial Knowledge.

The Variable is Financial Literacy (Binobo et al, 2018) with three indicators:

Spending Habits, which is a practice or habits of spending your money; Saving

Habits or the practice of saving your money; and Financial Knowledge, which is

teaching people the principles of managing their money throughout their lives.

Figure 1
Conceptual Model of the Study

Independent Variable

Financial Literacy
(Binobo et al, 2018)
- Spending Habits
- Saving Habits
- Financial Knowledge

Moderating Variable
- Sex
- Grade Level
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Significance of the Study

This study will benefit the following:

Students. In this study, it may help the students understand the effects of

financial literacy and can lead to targeted educational programs and policies to

improve financial knowledge and outcomes, benefiting both individuals and

society as a whole.

Teachers. This may help them inform and guide the students in terms of

dealing with financial literacy and create a supportive environment that not only

benefit educators but also the students, communities, and society.

Parents. This study may help parents to guide their children into managing

their finance.

Future Researchers. Future researchers can build upon the findings of

this study to conduct further investigations, expand the scope of research, and

explore additional aspects related to the effects of financial literacy among senior

high school students.

Scope and Delimitation

The scope of this study is limited to senior high school students within a

specific geographic region or school district. It focuses on assessing the impact of

financial literacy programs or interventions on students' understanding of basic

financial concepts, financial behaviors, and decision-making abilities.

The study does not explore advanced financial topics or involve post-

secondary students or adults and it will only consider the perspectives and
 19

experiences of senior high school students and will not include the views of

educators, parents, or other stakeholders who may influence financial literacy.

 18

Definition of Terms

The following terms were conceptually defined. Some were operationally

defined for the researchers to have a better understanding of the relevance of

these terms in the study.

Financial Literacy. This study refers to the knowledge and understanding of

financial concepts and risks to apply such knowledge and understanding in

order to make decisions across financial contexts.

Financial Independence. In this study, this term refers to having enough money

to live the life you want without income from a job.

Financial Decision. In this study, this term refers to the decisions taken by

managers about an organization's finances.

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Chapter 2

METHODS

This chapter presented the methods of the study which covered the

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

procedure, statistical tools, and ethical considerations.

Research Design

This study used a descriptive-analytical design. It is for the goal of

determining the effect of financial literacy on senior high school students. The said

method was able to establish the level of financial literacy based on spending

habits, saving habits, and financial knowledge.

The descriptive-analytical design is used when researchers seek to

determine the current status of a variable or phenomenon (Center of Innovation in

Research and Teaching, 2019). This method formulates its hypothesis as data is

being collected. The descriptive research design does not allow interventions or

manipulation of the variable. As the first goal is to seek the effect of financial

literacy, it is only appropriate to use the said research design.

The descriptive research design is used to determine if there is a significant

difference when respondents are grouped according to variables, sex, and grade

level.

Descriptive research design in the context of financial literacy involves the

systematic and objective examination of the current state of individuals'

understanding and knowledge regarding financial matters. This approach focuses

 19

on collecting and analyzing data to provide a detailed account of financial literacy

levels within a specific population or group

 20

Researchers employ surveys and questionnaires methods to gather information

about various aspects of financial knowledge, such as budgeting, investing,

saving, and understanding financial products.

Descriptive research helps in identifying trends, patterns, and gaps in

financial literacy, thereby offering valuable insights for policymakers, educators,

and financial institutions to develop targeted interventions and educational

programs to improve individuals' financial literacy and empower them to make

informed financial decisions.

Respondents of the Study

This study was conducted in an educational institution located in Tagum

City, situated in the province of Davao del Norte, Philippines, during the academic

year spanning from 2023 to 2024.

To accomplish the primary goal of this study, which was to determine the

effects of financial literacy on senior high students in general and on Home

Economic students particularly in Cookery, the researchers selected a school to

survey senior high school students' perceptions as respondents.

There are 60 respondents were chosen for this study using a stratified

random selection. Stratified random sampling is used to solve this problem since it

ensures that the number of samples in each stratum is proportionate to the size of

the class. An approach where the user sets the size of the strata and sets them to

values that fall somewhere between the proportions of the area classes and a

simple equalizing strategy can be used to obtain a disproportional stratified

 21

random sample (Ramezan et al, 2019). To guarantee that there was a

representative in
 21

each category, the respondents were selected according to how their

population was classified.

The respondents of the study were the students from Grade 11 and Grade

12 of School A, Apokon, Tagum City, Davao Del Norte, who were enrolled on

school year 2023-2024 with a sample size of 60

Research Instrument

This study use survey questionnaire to determine the effect of financial

literacy of the students in terms of Spending Habits, Saving Habits, and Financial

Knowledge among senior high school students. To determine the effect of

financial literacy among senior high school students, the researchers use an

adopted survey questionnaire on the study of Binobo, (2018) a Quantitative

Research: Level of Financial Literacy of Senior High School Students from Private

Schools of Bacolod City, having three indicators: Spending Habits, Saving Habits,

and Financial Knowledge is being use.

Table 1
Effect of Financial Literacy Based on Spending Habits
Spending Habits

I tend to buy things on

impulse.

The money I spend is

greater when I have just

received my allowance or

any source of cash.

I treat people often/ I spend

 22

money on others.

I spend more on my wants

compared to needs

I wait for sales before I buy

my wants.

Table 2
Effect of Financial Literacy Based on Saving Habits
Saving Habits

I am able to allocate my

budget to match with my

spending.

I see to it that I would

always have weekly or

monthly savings.
 23

I am able to determine what

should be prioritized before

and during buying an

item/s.

I do write or electronic

budget

planning/preparation.

I keep receipts and bills to

be conscious of my

spending.

Table 3
Effect of Financial Literacy Based on Financial Knowledge
Financial Knowledge

I feel confident in my

knowledge and ability to

manage my own finances.

I consider myself to be

financially literate (able to

maximize present money in

order to gain financial

stability).

I am aware of the exchange

 24

rate of peso’

I am aware of the of

inflation rate in the

Philippines.

I read and understand a

contract/s especially

involving money before

signing.

Data Gathering Procedure

Initially, the researchers obtained consent from the administrator of School

A to conduct their research. They then determined the suitable participants for the

study, which included 60 cookery students from School A's 11 and 12 grades

during the 2022-2023 academic year. These students were selected using the

stratified random sampling method. The researchers used a specific research tool

to gather the required data for their study. Subsequently, they performed

assessments to ensure the accuracy and consistency of the research instrument.

After collecting the data, the researchers proceeded to analyze and make sense

of the information they acquired. Depending on the data they interpreted, they

composed the results, discussion, conclusion, and recommendations sections of

their research study.

Asking for Permission to Conduct the Study. To secure permission for

their research, the researchers sent a formal letter to the principal of School A in

Tagum City, Davao del Norte, for the academic year 2023-2024.
 25

Identifying the Respondents. They identified and enlisted 60 cookery

students from School A's 11 and 12 grades during the 2023-2024 school year.

These individuals were specifically School A's face-to-face mode students and

were categorized through the stratified random sampling technique.

Preparing the Research Instruments. The independent variable in this

study is "The effect of financial literacy of the students in terms of Spending

Habits, Saving Habits, and Financial Knowledge among senior high school

students"(Binobo, 2018).

Conducting Validity and Reliability Testing. The researchers conducted

assessments to determine the reliability of the research tools, guaranteeing that

these instruments consistently yielded dependable results.

Analyzing and Interpreting Data. The quantitative research data were

subjected to statistical methods for evaluation. Mean and standard deviation were

employed to assess the effect of financial literacy among senior high school

students' spending habits, saving habits, and financial knowledge, simple linear

regression was applied to ascertain the scope of financial literacy among senior

high school students.

Collecting data. "The participants in this research were carefully chosen

through a stratified random selection method. This approach was employed to

address the issue of ensuring that the number of samples in each subgroup is

proportional to the size of the group they represent. The process involved allowing

users to define the sizes of these subgroups, keeping them within certain ranges

that align with the proportions of the population classes. This ensured that the

sample may not be perfectly proportionate, but it was representative of the various
 26

categories. The study focused on cookery students in Grade 11 and Grade 12 at

School A in Apokon, Tagum City, Davao Del Norte, during the 2023-2024 school

year, with a total sample size of 60."

Writing the Results, Discussion, Conclusion, and Recommendations.

"The research study's outcomes included the results of data collection, a detailed

discussion, and a conclusion. At the conclusion of this study, the original research

objective, which aimed to determine the impact of financial literacy on senior high

school students, was addressed with comprehensive answers. Additionally, the

study provided in-depth recommendations and proposals for further discussion."

Statistical Tools

The data were gathered, evaluated, and analyzed statistically that helped

answer the specific objectives and hypothesis formulated in this study.

Mean and Standard Deviation. This was used to describe the data's

dispersion in respect to the mean. The researchers were able to describe the

effects of financial literacy of the students.

Simple Linear Regression. This was used to determine if there is a

significant difference in the areas of sex and grade level when the participants are

grouped according to the variables.

Ethical Consideration

The study was carried out by the researchers in collaboration with the research

committee with the aim of fostering equity, beneficence, and respect. The

following are the ethical considerations that must be followed:

 29

Recruitment. When a researcher obtains a list of possible research

volunteers, respondents reported a diverse variety of permitted recruitment

tactics, at their institution (Obeid et al., 2017). The researchers followed the legal

recruitment method for the participants by giving an informed consent form to

respondents. After that, when the researchers had the final list of the respondents

in the study, the school research committee reviewed recruitment activities and

materials to ensure that participants were treated fairly and that their privacy was

protected as well as the confidentiality of their responses. In response to the

potential threat of a Covid-19 pandemic, the researchers used an online or remote

approach.

Informed Assent/Consent. Such criteria, which come from a genuine

desire to protect children from harm, also include ethical warnings about

protecting vulnerable individuals from coercion or harsh paternalism and issues of

secrecy, privacy, and authority imbalances in the informed consent/assent method

(Goidsenhoven & Schauwer, 2022). The researchers provided informed consent

to all the respondents to ask for their approval in participating in the study. This

method involved presenting the study as well as its risks to the participants who

were aware and deciding whether they should participate in this research. To

better understand the subject, the informed consent form was written in English

and Vernacular.

Voluntary Participation. Voluntary participation is a practice common

feature of real-world social interactions: in many naturally occurring contexts,

people freely choose whether to interact or not to collaborate with others on joint

initiatives (Nosenzo & Tufano, 2017). The respondents were fully aware that they

were participating in this study on their own volition. The researchers notified the
 29

students that they may withdraw from the study at any time. Informed Consent

Form
 27

(for legal-age students) written in English with vernacular translation by confirming

their participation in the study.

Confidentiality. The researchers are responsible for safeguarding the

respondents from harm by changing any personal information or identifiable

information that might be disclosed throughout the investigation or interview

(Coffelt, 2017). The researchers ensured privacy and confidentiality in order to

protect the details and information provided by the study’s respondents. The

researchers took all reasonable precautions to safeguard the respondents'

responses. Furthermore, no details or information provided by respondents were

shared with anyone, even faculty members or other parties that request it.

Plagiarism. Plagiarism is described as the appropriation of ideas, words,

processes, or products. outcomes produced by someone else without due

acknowledgment, credit, or citation (Chowdhury & Bhattacharyya, 2018). It

included using ideas, words, or phrases from other authors without acknowledging

him or her. To avoid this to happen, the researchers implemented the method of

paraphrasing, referencing, quoting, and referring in writing the study to ensure

acknowledgment of ideas from other authors. Moreover, the researchers used

plagiarism software to check for any accidental errors in the manuscripts.

 32

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