Northeastern Mindanao Colleges

Corner Rizal and Amat St.,

8400, Surigao City

FINANCIAL LITERACY OF SENIOR HIGH SCHOOL

STUDENTS OF NORTHEASTERN

MINDANAO COLLEGES

A Research Paper

Presented to the Senior High School Department

Northeastern Mindanao Colleges

Surigao City

In Partial Fulfillment of the Requirements for

Practical Research 2

By

WINFORD LEE V. TORING

SHEN VRIZEL L. SAYSON

DAN CARTER YU

JOSHUA JAMES M. MAGPATOC

JOHN KERRY M. MONTEROS

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

APPROVAL SHEET

This Research Paper entitled “FINANCIAL LITERACY OF SENIOR HIGH

SCHOOL STUDENTS OF NORTHEASTERN MINDANAO COLLEGES” prepared

and submitted by WINFORD LEE TORING, SHEN VRIZEL SAYSON, DAN

CARTER YU, JOSHUA JAMES MAGPATOC, AND JOHN KERRY MONTEROS

in partial fulfillment of the requirements for the Subject PRACTICAL RESEARCH 2 has

been examined, and is hereby recommended for approval and acceptance.

CHARLTON B. FELIZA, MAEM

                                Subject Teacher

------------------------------------------------------------------------------------------------------------ 

PANEL OF EXAMINERS  

APPROVED and ACCEPTED by the panel of examiners during the final defense at

Northeastern Mindanao Colleges, Surigao City on April 5, 2023.

Chairman      

          Member                                           Member

------------------------------------------------------------------------------------------------------------ 

GEMMA L. PETALLO, PhD

                                                                                                     Principal 
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

ACKNOWLEDGEMENT

The Researchers would like to express their sincere gratitude and appreciation to

all individuals and specially teachers who have contributed to the successful completion of

this research paper. First and foremost, the researchers extend their heartfelt thanks to the

Practical Research Teacher, Mr. Charlton B. Feliza. His unwavering support, guidance,

and valuable insights throughout the entire research process. His expertise and

encouragement have been instrumental in shaping the direction of this study. The

researcher would also like to acknowledge the invaluable assistance provided by the

faculty members of Mr. Michael P. Anino, LPT and Mr. Glen Boy Gurabil. Their

mathematical concept, statistical analysis and support have greatly enhanced the quality of

our work. The Researchers deepest gratitude goes to the participants of this study, whose

willingness and active involvement have made this research possible. Their valuable

contributions and cooperation are sincerely appreciated. Furthermore, the researchers

extended their appreciation to the colleagues and friends who have provided them with

helpful suggestions and shared their knowledge and experiences, enriching our research

endeavors. Their encouragement and support have been a source of inspiration throughout

this journey. Last but not least, the researcher would like to express their heartfelt

gratitude to their families for their unwavering support, patience, and understanding. Their

continuous encouragement and belief in us have been the driving force behind our pursuit

of knowledge. While it is impossible to mention everyone, who has contributed to this

research, the researchers sincerely appreciate the collective effort of all those involved.

Their support has been invaluable, and are truly grateful.

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
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ABSTRACT

Since the implications of personal money are substantial to society, financial

literacy has become one of the most pressing challenges in industrialized countries in

recent years. Given that today's world markets are flooded with complex products;

financial literacy is a need. It is crucial to calculate financial literacy among people

because of people's spending habits and demand for anything material.

This research aimed to find out how much senior high school student of

Northeastern Mindanao Colleges (NEMCO) know about Financial Literacy and if they

have knowledge about it. By analyzing the participants responses in view of profiles and

their saving, spending habits and their financial knowledge the researchers concluded.

The senior high school students of Northeastern Mindanao Colleges (NEMCO)

have an adequate level of financial literacy. There is also no significant difference on the

level of financial literacy of the students when grouped according to their demographic

profile specifically in Age Groups, Sex Groups, and Family Income groups. Therefore, the

demographic profile of students does not affect their level of financial literacy
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
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TABLE OF CONTENTS

TITLE PAGE i
APPROVAL SHEET ii
ACKNOWLEDGMENT iii
ABSTRACT iv
TABLE OF CONTENTS v
LIST OF TABLES AND FIGURES vi
CHAPTER

1 THE PROBLEM AND ITS BACKGROUND 12

Introduction 12
Framework of the Study 15
Statement of the Problem 20
Hypothesis 21
Significance of the Study 21
Scope and Limitation 23
Definition of Terms 24

2 REVIEW OF RELATED LITERATURE 27

Synthesis of the Review 32

3 METHODS 34
Research Design 34
Participants 35
Instrument 35
Data Gathering Procedure 36
Data Analysis 37

4 RESULTS AND DISCUSSION 38

5 SUMMARY, FINDINGS, CONCLUSIONS

AND RECOMMENDATIONS 51
Summary 51
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Findings 52
Conclusions 53
Recommendatios 54

REFERENCES 56

APPENDICES

A Letter of Permissions 59

B Validation Letters 61

E Survey Questionnaire 63

F Survey Data Summary 66

CURRICULUM VITAE 69
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
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CHAPTER 1

THE PROBLEM AND ITS BACKGROUND

Introduction

Money is the most common and Universal medium of exchange to obtain the

goods and services a person needs (Kenton, 2018). The purchasing power of the youth

today is said to be higher than any other generations before, this goes to show that the said

generation has influence that will continue affecting the world’s economies (Honigman,

2013). The idea of personal finance has been described in the literature as the awareness

and use of financial knowledge in our day to day economic activities. Many academic

researchers in the field of personal finance have chosen to define the concept as “The

ability to make informed and efficient judgement regarding the use and management of

money” (Schagen and Lines, 1996).

Studies on financial literacy were uncommon in academic publications prior to the

2008 economic crisis, but after the crisis, governments of many wealthy countries gave the

subject the attention it deserved. For instance, a personal finance advisory council was

established to promote financial literacy awareness among Americans in the wake of the

financial crisis. However, the concept of personal finance literacy is based on certain

important aspects of finance, such as borrowing and saving, interest rates, budgeting, and

financial literacy (Chen and Volpe, 1998; Remund, 2010). American spending tends to be

higher than their savings rate, according to previous studies. As a result, the nation's

savings rate was entirely negative (Sullivaa et al., 2008).

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

Several Researches conducted globally to measure the financial literacy among

high school students and proven that experience the insufficient level of financial literacy.

According to Taking Stock with Teens Survey Teenagers in United States spends on to

clothing, accessories and footwear around 40% to their allowance.

Obsessive Spending behavior, also called compulsive buying, is an addiction that

triggers pleasure receptors in the brain, much like drugs (Kagan, 2018). However, when it

comes to budgeting money, many falls short as the majority of youth in the United States

have less than one thousand dollars in their savings account (Elkins, 2017). New Research

even suggest that spending money can make humans happier, as long as the money spent

on is oneself (Nield, 2017).

Senior high school students at Northeastern Mindanao Colleges experiences

financial difficulties. Finances are important in high school, particularly because there are

many expenses like those for school supplies, funding, and involvement in fundraising

events. This study also demonstrated how difficult it is for students to meet their basic

necessities as well as their wants.

Students to learning how to handle their finances as they mature. Humans now

need the practical ability of budgeting if they want to keep and advance their social status.

Budgeting is significant for financial stability, ensuring oneself of being able to pay for

everyday expenses. One of the reasons why students waste their money is because they

don't prioritize their spending properly. The spending and saving habits of a person also

mirror how financially literate he/she is. According to Simon Martin, Head of Group

Corporate Sustainability at HSBC “As the world faces further economic uncertainty, it is
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
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important that we equip our children with the financial literacy skills that they need to

make wise decision about how they spend and save their money.”

Framework of the Study

This study is founded on the theory of the Financial Literacy in a Standard &

Poor’s (S&P Global Ratings) globally study, Philippines ranked in the bottom 30 out of

144 countries surveyed, scoring only 25 percent’s in terms of Financial Literacy. The

percentage of households with savings during the first quarter of 2022 in the Philippines

have increased marginally to 31.1% from 30.2% in the fourth quarter of 2021 (BSP

Consumer Expectations Survey Report). Some High School Student are in personal debt

due to the financial problem, students who live in an apartment or boarding houses in

particular. According to Atkinson and Messy (2012) suggested that financial literacy

should be taken as a combination of awareness, knowledge, skills, attitude and behavior

which are all necessary in making sound financial decisions and achieve individual

financial well-being.
 Northeastern Mindanao Colleges
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Input Process Output

• Profile of Students • Distribution and • Evaluation of

A) Age Collection analysis students and
B) Sex of data though Financial Literacy
C) Strand questionnaire or students are
survey. identified.
• Financial Literacy
of Senior High
Students.

Figure 1. Schematic Diagram of the Study

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Statement of the Problem

This study aimed to know the level of Financial Literacy of Senior High School

Students in NEMCO:

1. What is the profile of the respondents in terms of:

1.1) Age;

1.2) Sex;

1.3) Strand; and

1.4) Family Income?

2. What is the level of Financial Literacy of Senior High School students od NEMCO in

terms of:

2.1) Spending habits;

2.2) Saving habits; and

2.3) Financial knowledge?

3. Is there a significant difference on the level of financial literacy of Senior High School

students of NEMCO when grouped according to profile?

 Northeastern Mindanao Colleges
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Hypothesis

At 0.05 level of significance, it is hypothesized that

Ho: There are no significant difference in the Senior High School Students’ of Financial

Literacy of grouped according to profile.

Ha: There is significant difference in the Senior High School Students’ of Financial

Literacy of grouped according to profile.

Significance of the Study

The purpose of this study is to provide evidence of personal financial literacy

among The Senior High School Students in NEMCO. To Achieve this, the research will

benefit the following:

Students. As the main participants of the study. To have more knowledge about

the right way of spending their allowance. There will also be examine of the money
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

management from Male/s and Female/s to budgeting, savings and borrowing.

Furthermore, this can raise their awareness in financial knowledge thus promotes learning.

Teachers. It is important to have the teachers know how the school work fee

affects the students daily budgeting and expenses as a student. It is best if the teachers can

support their student not just in academic but in financial problems by giving them a lot

less cost for the project or requirements.

Parents. As the primary supporting financial of the students and personal life. This

can be beneficial to provide the ability to help the youth in a certain age range how to

budget the allowance. This can also help the parents understand where do teenagers spend

most of their allowance and how they spend into daily basis. This can also help to

promotes early education in home regarding the financial management.

Future Researchers. This can help to widen or specify the topic and consume to

their knowledge. They will be more confident in their answers and have better outcomes.

They can also help the understanding and affecting of research topic. This can also see the

factors of the students in spending and saving habits and the correlations.
 Northeastern Mindanao Colleges
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Scope and Limitation of the Study

This research focuses and conducts of The Financial Literacy of Senior High

School Students in NEMCO. The study analyzes and develop money management

efficiently and also be able to identify the factors of the financial literacy. The related

studies are used to support for this research will be taken from books, journals and

websites or taken online. This study is only limited in Senior High School Students in

NEMCO. This research study does not involve any local elementary department, junior

high school students and college departments or strangers. This study is only centered and

focuses in Senior High School Students in NEMCO to give the true reflection and

experiences of their financial literacy. So the researchers only conducted to the only

available students in Senior High School Department.

Definition of Terms

Financial Knowledges. is the objective mastery of financial definitions, terms and

concepts. (nefe.org)

Financial Literacy. is the ability to understand and effectively use various financial

skills, including personal financial management, budgeting, and investing. (Investopedia)

 Northeastern Mindanao Colleges
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Finances. is a term for matters regarding the management, creation, and study of

money and investments. (Investopedia)

Financially Literate. refers to the ability to understand and apply different financial

skills effectively, including personal financial management, budgeting, and saving.

(cleartax.in)

Saving Habits. are the excess of income over consumption expenditures someone

does often or regularly. (Collins Dictionary)

Spending Habits. are a way you put your plan into action. (nerdwallet.com)
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
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CHAPTER 2

REVIEW OF RELATED LITERATURE

Since the implications of personal money are substantial to society, financial

literacy has become one of the most pressing challenges in industrialized countries in

recent years. Given that today's world markets are flooded with complex products;

financial literacy is a need. It is crucial to calculate financial literacy among people

because of people's spending habits and demand for anything material.

According to Mandell (2008). the results of the first Jump$tart survey in 1997

were appalling, returning an average score of 57.3%. The following four biennial test

means we’re between 50.2%-52.4%, and by 2008 the average score had drop to 48.3%,

which means that the test average has never made to the 60% originally designated as

acceptable. Some people (young people in particular) are having to have more financial

choices in their earlier age and are increasingly getting offered to borrow money and apply

to have credit (e.g. see Roberts and Jones,2001; Lusardi et al.,2010).

Financial Literacy can be defined as the ways how people manage their money in

terms of insuring, investing, saving and budgeting (Hogarth, 2002). Financial literacy or

financial capacity, is decided by a person's requirements, experience, and skills, and it can

have a beneficial impact on a consumer's personal involvement in financial markets and

services. As a result of the abundance of financial goods on the market, consumers are

compelled to make well-informed decisions in order to attain maximum pleasure. In order

to improve decision-making, customers must become more financially literate. When

 Northeastern Mindanao Colleges
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consumers are confronted with interesting financial decisions or difficult products,

financial literacy becomes essential. In general, learning financial literacy earlier in life

could lead to essential benefits in the long run as it enables individuals to with stand any

financial distress that would be encountered (Kerkmann et al., 2000)

A lack of Financial Knowledge has been identified as contributing to insufficient

retirement savings (Lusardi and Mitchell,2007). As Lusardi (2008) states, “individuals

need to know how to read and write financially”, by the complexity of financial problems

and financial decisions required in everyday life. This also applies to the teenagers

growing up in a society in which are the financial literacy is complex (Amagir at

al.,2018a). Similarly, a study about 4Ps parents’ beneficiaries are struggling when it

comes to financial literacy especially in allocating budget for food, education,

hospitalization or medicine and savings, the parents are having a difficulty in finding the

solution (Once, V. Gabon, Dela Cruz, R. Gabon, Lacaba, 2017).

A result in India that having a high level of numeracy knowledge can be having

trouble doing financial computations and parental involvement was also found to have a

significant influence and financial literacy (JD Jagaraman, Saigeetha Jambunathan, 2018).

From having knowledge and understanding of financial concepts and risks can be useful to

have the financial decision making among adults and young people (Organization for

Economic Cooperation and Development (OECD), 2017).

Consumptive behavior is the tendency to buy goods or services without

rational consideration. This study aims to analyze the influence of financial literacy and

reference groups toward consumptive behavior across senior high school students. The
 Northeastern Mindanao Colleges
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study used a cross-sectional design and the research location was selected purposely based

on the distance of the school from the shopping center area. Using the self-administered

questionnaire, the study involved 125 students of public high school (SMAN) at Bogor

City, that is SMAN 3 and SMAN 9. The data were analyzed using descriptive analysis and

inferential statistics. The study showed that the level of financial literacy was in the

medium category, while the reference group and the level of consumptive behavior were

in a low category. Moreover, results indicated a relationship between the characteristics of

adolescents, financial literacy, reference groups, and consumptive behavior. The

regression test found a significant negative effect of financial behavior toward

consumptive behavior. Females were more likely to be more consumptive, while reference

groups positively influenced the consumptive behavior of senior high school students.

This study examines how saving motives are related to saving habits using

Katona’s (1975) psychological classification of saving, where households save regularly

(discretionary), save irregularly (residual), or do not save. Of the 3,822 non-retired

households in the 2007 Survey of Consumer Finances, 46% saved regularly, 32% saved

irregularly, and 22% did not save. Precautionary and retirement motives increased the

likelihood of saving regularly or irregularly as compared with not saving, but only the

retirement motive separated the regular savers from irregular savers. A long-term planning

horizon and higher income increased the propensity for regular or irregular saving as

compared with not saving, and for saving regularly as compared with irregularly, while

low risk tolerance had the opposite effect. Financial advisors, educators, and policymakers
 Northeastern Mindanao Colleges
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should facilitate short- to long-term goal seeking with frequent saving by individuals and

families.

Saving is described by Warneryd (1999) as the difference between net worth at the

conclusion of a period and net worth at the start of the period, which should equal the

surplus of income over consumption expenditure in the same period. Savings is defined as

money or tangible assets laid aside for future use. It is a critical component for individuals,

homes, and businesses to deal with unforeseen situations. Savings can then be used to

cover unforeseen expenses and can even be used as an Investment Literature says that

children should be taught a "savings culture" at a young age Comeau and Rhine (2000).

The current research examines the relationship between personal financial

knowledge (both objective and subjective), financial satisfaction, and selected

demographic variables in terms of best practice financial behavior. Data are taken from the

Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study,

a nationally representative sample of 1,488 participants and are analyzed using multiple

regression analysis. Findings suggest that both objective and subjective financial

knowledge influence financial behavior, with subjective knowledge having a larger

relative impact. Other variables that have a significant impact on financial behavior

include financial satisfaction, income, education, age, race, and ethnicity. Knowledge

refers to what individuals know about personal financial matters, as measured by their

level of knowledge about various personal financial concepts. According to Kholilah and

Iramani, Financial Knowledge, is one's mastery of various things about the world of

finance (2013). Youth learn about money mostly from school and parents, with an
 Northeastern Mindanao Colleges
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emphasis on savings Chowa, et.al, (2012). In its development, knowledge about finance

began to be introduced to various levels of education.

The current research examines the relationship between personal financial

knowledge (both objective and subjective), financial satisfaction, and selected

demographic variables in terms of best practice financial behavior. Data are taken from the

Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study,

a nationally representative sample of 1,488 participants and are analyzed using multiple

regression analysis. Findings suggest that both objective and subjective financial

knowledge influence financial behavior, with subjective knowledge having a larger

relative impact. Other variables that have a significant impact on financial behavior

include financial satisfaction, income, education, age, race, and ethnicity.

Synthesis.The Literatures cited that personal financing has been informed and

efficient judgement thru the use and management of money by teaching the senior high

students. Additionally, literatures cited that financial literacy focuses into contributing

financial knowledge and financial decision.

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CHAPTER 3

METHODS

This research study is to engaged the Financial Literacy of Senior High School

Students in NEMCO. Their significant experiences made this study possible to further

examine the state of their financial literacy and financial knowledge. This chapter focuses

the methods of gathering data that will be utilized to get the best data for the study. This

also described how participants for the study were chosen, including who and how many

people were involved to get the right data. It will also be discussed what constraints this

study will have as well as its reliability and validity. It will also consider how will the data

will be examined.

Research Design

This research conducts the descriptive survey method of research to assess the

Financial Literacy of Senior High School Students in NEMCO. The chosen research

design is considered appropriate as the study aims to determine the state of the financial

literacy in terms of spending habits, saving habits, and financial knowledge. The design

allowed the researchers to assess the student’s financial literacy experiences.

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Participants

The participants are based on the availability of the senior high school students of

NEMCO. Due to the participants prime adolescent development, they are highly aware of

everything going on around them. The researchers utilized the Convenience Sampling

Technique, a non-probability sampling method is used when there are only a few available

members of the target population who can become the participants in the survey. The total

available and only responders that are part of this research are thirty-five (35) senior high

students of NEMCO.

Research Instrument

In this study, the researchers made a researcher-made survey questionnaire to

determine the profile of the participants and the level of financial literacy in terms of

knowledge, skill and attitudes. The survey is a descriptive type of questionnaire. The

survey contains the box inline to the appropriate scale for them. The scale is a 4-Point

Liker Scale, where Four (4) refers to Strongly Agree, three (3) refers to Agree, two (2)

refers to Disagree, one (1) is Strongly Disagree. The Likert-Type of scale 90%, 89%, and

88% reliability. The tool was revised and checked by a math professor and an English

Teacher to assure its consistency and appropriateness for the said research.
 Northeastern Mindanao Colleges
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Data Gathering Procedure

These professional tasks were carried out with the highest discretion and privacy. To

show respect for the participants, the information acquired was kept safe and is only

disclosed by authorized parties. Prior to the actual study, the researcher will formally ask

the permission of the High School Principal for the distribution of the questionnaire to the

Senior High School Students of NEMCO, with the knowledge of the Principal. The form

of data gathering is via Google Form survey since we are not able to meet them for a

Face-to-Face survey. The researchers also made assurance to the participants that the

information obtained will be treated with utmost confidentiality. A brief orientation will

be given to the respondents after the final revision and the research advisers approval to

ensure correct response collections. Additionally, the researchers explained the importance

of the survey to them and request their cooperation so that the study can be successful.

The researcher will be present while the participants are responding, based on the

instructions also given to them, to ensure that they can address any questions or concerns

that may be posted online. All the questionnaires are gathered by the researcher using

Google Forms. With the help of the consultant and statistician, the collected data will next

be organized, totaled and analyzed.

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Data Analysis

The following statistical tools was used to examine the study’s data:

Frequency Count and Percentage. This tool was used to determine the profile of

the students in terms of age, sex, strand, and family income.

Mean and Standard Deviations. This tool was used to describe the level of

financial literacy of the senior high school students. Significant difference between the

Financial Literacy of Senior High School Students in NEMCO when grouped according to

the respondents in terms of their spending habits, saving habits, and financial knowledge.

Cronbach’s Alpha. This statistical tool was used to determine the reliability of the

questionnaire.

Kruskal Wallis H Test. This is a nonparametric tool employed in determining the

significant difference on the level of financial literacy of Senior High School students of

NEMCO when grouped according to respondents profile.

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CHAPTER 4

RESULTS AND DISCUSSION

This chapter presented the results and analysis of the study. The results and their

corresponding discussions were presented according to the order of the problem in

Chapter 1.

Table 1. Respondents’ Profile

PROFILE f (n = 35) %
Age 15-16 years old 5 14
17-20 years old 30 86

Sex Female 13 37
Male 22 63

Strand ABM 15 42
GAS 14 40
HUMSS 3 9
TVL 3 9

Family 10,000 below 15 43

Monthly 10,000 7 20
Income 15,000 3 9
20,000 6 17
25,000 2 6
30,000 2 6

Table 1: presents the profile of the respondents in terms of age, gender, strand and

monthly income.

As regards age, it can be gleaned from Table 1 that the majority of the respondents

are in the age of 17-20 years old, which constitutes 86% of the entire respondents. On the

other hand, 14% of the respondents are 15-16 years old.

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In terms of sex, out of the 35 respondents to the survey, 13(37%) were females,

while 22(63%) were male. This means that the majority of the respondents are male. It is

possibly that males were more inclined to participate in the survey or were more likely to

complete it than females. Various factors, including social and cultural influences,

personal interest, or individual motivations, can influence participation rates and response

patterns.

In terms of strand, out of 35 respondents to the survey, the majority are ABM that

have 15 (42%) respondents, GAS has 14 (40%) respondents, HUMSS has 3 (9%)

respondents and TVL has 3(9%) respondents.

In terms of family monthly income, its shown that 15 (43%) of the respondents

have a family income of below 10,000 pesos monthly, 7 (20%) of the respondents have

10,000 pesos monthly income, 3(9%) of the respondents have 15,000 peso monthly

income, 6(17%) of the respondents have 20,000 peso monthly income, 2(6%) of the

respondents have 25,000 peso monthly income, and 2(6%) of the respondents have 30,000

peso monthly income. For instance, a personal finance advisory council was established to

promote financial literacy awareness among Americans in the wake of the financial crisis.

However, the concept of personal finance literacy is based on certain important aspects of

finance, such as borrowing and saving, interest rates, budgeting, and financial literacy

(Chen and Volpe, 1998; Remund, 2010).

 Northeastern Mindanao Colleges
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Table 2. Level of Financial Literacy of Senior High School students of NEMCO

Table 2.1 Spending Habits

Indicators M SD VI QD
1. I buy things on impulse. 2.86 0.65
2. I spend more on my wants than - -
on needs.
3. I am able to allocate my budget - -
to match with my spending
4. I am able to allocate my budget 2.29 0.79
to match with my spending
5. I often spend money on others. 2.64 0.70
Overall Response 2.64 0.46

Table 2 shows the level of financial literacy of senior high school students in

NEMCO. The data showed that the respondents of NEMCO. were aware of their spending

habits.

It can be gleaned from Table 2.1 above that most of the respondents observed the level of

financial literacy of senior high school students in NEMCO in terms of spending habits

(M=2.64; SD=0.46). This implies that they make their budget mindful and always take

necessary decision. Obsessive Spending behavior, also called compulsive buying, is an

addiction that triggers pleasure receptors in the brain, much like drugs (Kagan, 2018).

However, when it comes to budgeting money, many falls short as the majority of youth in

the United States have less than one thousand dollars in their savings account (Elkins,

2017). New Research even suggest that spending money can make humans happier, as

long as the money spent on is oneself (Nield, 2017). American spending tends to be higher
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

than their savings rate, according to previous studies. As a result, the nation's savings rate

was entirely negative (Sullivaa et al., 2008).

Table 2.2 Saving habits

Indicators M SD VI QD
1. I see to it that I would always - -
have weekly or monthly savings.
2. Creating a budget is part of my 3.14 0.73
saving habits.
3. I set aside emergency saving 3.06 0.73
funds.
4. I save money for the things I 3.31 0.58
want to buy.
5. I am able to determine what 3.31 0.58
should be prioritized before and
during buying an item/s.
Overall Response 3.14 0.49

In can be gleaned from Table 2.2 above that most of the respondents highly

observed the level of financial literacy of senior high school students in NEMCO in terms

of saving habits (M= 3.14; SD=0.49).

They also set aside emergency saving funds, save money for the things they want

to buy, and are able to determine what should be prioritized before and during buying an

item/s. This suggests that the students have a satisfactory financial literacy level with

regards to saving habits. A study examines how saving motives are related to saving habits

using Katona’s (1975) psychological classification of saving, where households save

regularly (discretionary), save irregularly (residual), or do not save. Of the 3,822 non-

retired households in the 2007 Survey of Consumer Finances, 46% saved regularly, 32%

saved irregularly, and 22% did not save

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

The spending and saving habits of a person also mirror how financially literate

he/she is. According to Simon Martin, Head of Group Corporate Sustainability at HSBC

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

children with the financial literacy skills that they need to make wise decision about how

they spend and save their money.”

Table 2.3 Financial knowledge

Indicators M SD VI QD
1. I learn financial management 3 0.69
and obtain financial knowledge
through my parents.
2. I obtain financial knowledge - -
and learn financial management
on my own.
3. I feel confident in my - -
knowledge and ability to manage
my own finances.
4. I consider myself to be 3.11 0.63
financially literate (able to
maximize present money in order
to gain financial stability).
5. I consider myself to be 3.26 0.70
financially literate (able to
maximize present money in order
to gain financial stability).
Overall Response 3.14 0.49

It can be gleaned from Table 2.3 above that most of the respondents highly

observed the level of financial literacy of senior high school students in NEMCO in terms

of financial knowledge (M=3.14; SD=0.49).

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

A lack of Financial Knowledge has been identified as contributing to insufficient

retirement savings (Lusardi and Mitchell,2007). As Lusardi (2008) states, “individuals

need to know how to read and write financially”, by the complexity of financial problems

and financial decisions required in everyday life.

Similarly, a study about 4Ps parents’ beneficiaries are struggling when it comes to

financial literacy especially in allocating budget for food, education, hospitalization or

medicine and savings, the parents are having a difficulty in finding the solution (Once, V.

Gabon, Dela Cruz, R. Gabon, Lacaba, 2017).

Table 3. The Significant Difference on the Financial Literacy of Senior High School

Students in NEMCO when they are grouped according to their profile.

Variables P-value Decision Interpretation

Age 0.55 Accept Ho
Spending Sex 0.42 Accept Ho
Habits Strand 0.66 Accept Ho
Family 0.65 Accept Ho
Monthly
Income

Age 0.57 Accept Ho

Saving habits Sex 0.84 Accept Ho
Strand 0.13 Accept Ho
Family 0.65 Accept Ho
Monthly
Income
Financial Age 0.45 Accept Ho
knowledge Sex 0.02 Accept Ha
Strand 0.13 Accept Ho
Family 0.10 Accept Ho
Monthly
Income
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

It can be inferred in Table 3 that in variable spending habits in terms of age which has a p-

value less than 0.05 level of significance and in terms of sex, strand and family income which are

greater than 0.05 level of significance. This implies that in terms of variables in spending habits,

there is a significant difference in terms of their age and there is not significant difference on the

profile variables in sex, strand and family income on the level financial literacy of senior high

school students in NEMCO. In terms of saving habits, only strand has a significant difference and

the rest do not.

The current research examines the relationship between personal financial

knowledge (both objective and subjective), financial satisfaction, and selected

demographic variables in terms of best practice financial behavior.

In terms of financial knowledge in profile variable age, sex, strand and family monthly

income which are greater that 0.05 level of significance. This implies that there is no significance

difference on the profile variable in age, sex, strand, and family income on the level of financial

literacy of senior high school student in NEMCO.

Given that today's world markets are flooded with complex products; financial

literacy is a need. It is crucial to calculate financial literacy among people because of

people's spending habits and demand for anything material.

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

CHAPTER 5

SUMMARY OF FINDINGS, AND CONCLUSIONS

Summary

This research study focuse on the Financial Literacy of Senior High School

Students in NEMCO. This research paper explores the significance of financial literacy

and its impact on individuals empowerment and overall financial well-being. This

quantitative research study focuses on financial literacy, including knowledge skills and

attitudes. When grouped according to demographic profile by age, sex, strand and monthly

income. Majority of the respondents were from the strands of ABM and GAS. It was also

shown that almost 43% of the respondents had a family income of below 10,000 pesos

monthly. On average, the students had positive spending, saving habits and financial

knowledge.

Conclusion

The senior high school students of Northeastern Mindanao Colleges (NEMCO)

have an adequate level of financial literacy. There is also no significant difference on the

level of financial literacy of the students when grouped according to their demographic

profile specifically in Age Groups, Sex Groups, and Family Income groups. Therefore, the

demographic profile of students does not affect their level of financial literacy.
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

FINDINGS

Based on the results of the survey being conducted, the following findings were formulated:

1. The profile of the participants in terms of their Age, Sex, and Strand.

Majority of participants in terms of Age gourp are 17-20 years old with a number of 30 or

86%, while the lowest age of participants are 15-16 years old with anumber of 5 or 14%. In terms

of Sex, majority of the participants are males with a number of 22 or 63% and 13 or 37% are

female. In terms of strands, ABM has the highest number of 15 or 42%, while TVL and HUMSS

has the lowest number of participants of 3 or 9%. In terms of family monthly income, 10,000

below monthly income has highest respondent that have 15 or 43% and the lowest respondents

that have only 2 or 6% are the 25,000 and 30,000 family monthly income

2. The level of Financial Literacy of Senior High School Students of NEMCO in terms

of Spending Habits, Saving habits, Financial Knowledge, and Family Income:

In terms of variable Spending Habits, the result number of participants (M=2.64;

SD=0.64).

In terms of variable Saving Habits, the result number of participants has (M=3.14;

SD=0.49).

In terms of variable Financial Knowledge, the result number of participants has (M=3.14;

SD=0.49).
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

In terms of variable Family Income, the income 10,000 below has the highest number of

participants with a numer of 15; and with a frequency of 42%

3. As to significant difference, when participants are grouped according to Age, Sex, and

Family Income:

According to Age Groups, which has a p-value less than 0.05 level of

significance.

According to Sex Groups, which has a p-value greater than 0.05 level of

significance.

According to Family Income, which there is no significance difference.

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

REFERENCES

Financial Literacy of Senior High School Bacolod City College

https://www.studocu.com/ph/document/bacolod-city-college/accounting/financial-literacy-

of-senior-high-school/22271148

Financial Literacy Among Senior High School Students Evidence from Ghana (Armstrong;2015)

https://www.academia.edu/36086162/

FINANCIAL_LITERACY_AMONG_SENIOR_HIGH_SCHOOL_STUDENTS_EVIDE

NCE_FROM_GHANA

Factors Associated with Financial Literacy Among High School Students in New Zealand

(Cameron and Calderwood;2014)

https://www.sciencedirect.com/science/article/abs/pii/S1477388014000188

Financial Literacy of High School Students in the Netherlands: Knowledge, Attitudes, Self-

Efficacy, and Behavior (Amagir and Groot;2016)

https://www.sciencedirect.com/science/article/abs/pii/S1477388020300128

Financial Literacy Among High School Students: Evidence from India (J.D Jayaram and

Saigeetha Jambuthan;2018)

https://journals.sagepub.com/doi/full/10.1177/2047173418809712

Financial Knowledge and Best Practice Behavior|Journal of Financial Counseling and Planning,

Vol. 22, No. 1 (Cliff Rob and Ann Woodyard; 2011)

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2061308

Household Saving Behavior: The Role of Financial Literacy, Information, And Financial

Educations Programs (Annamaria Lusardi;2008)

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1094102
 Northeastern Mindanao Colleges
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Relationship of Saving Motivates to Saving Habits| Journal of Financial Counseling anf

Planning, Vol. 23, No. 1 (Patti Fisher and Sophia Anong; 2012)

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2061308

The Influence of Financial Literacy and Reference Group Toward Consumptive Behavior

Across Senior Highs School Students (Fikriyyah Ridhayani and Irni Rahmayani

Johan; 2020)

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2061308

The Economic Importance of Financial Literacy: Theory and Evidence (J Econ Lit. 2014 Mar;

52(1):5-44 by Annamaria Lusardi and Olivia S. Mitchell

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5450829/

The Financial Literacy Of Young American Adults (L Mandell;2008)

https://scholar.google.com/scholar?

hl=en&as_sdt=0%2C5&q=mandell+2008&btnG=#d=gs_qabs&t=1686975367833&u=

%23p%3Dx0-lufa66bgJ
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Appendix A
Letter of permission
May 4. 2023
EDWIN T. MONTALBA, PhD.
Vice-President for Academic Affairs
Northeastern Mindanao Colleges
Rizal Street, Surigao City

Dear Dr. Montalba:

The undersigned is conducting a study entitled “FINANCIAL LITERACY OF SENIOR

HIGH SCHOOL STUDENTS OF NORTHASTERN MINDANAO COLLEGES” In
view hereof, we would like to ask permission to administer the survey in your academic
institution. Rest assured that the gathered data will be treated with utmost confidentially
and shall be used for research purposes only. Attached herewith is the instrument to be
utilized in the study.

We anticipate your favorable response in this regard. Thank you.

Respectfully yours,

WINFORD LEE V. TORING SHEN VRIZEL L. SAYSON

Researcher Researcher

DAN CARTER G. YU JOSHUA JAMES M. MAGPATOC

Researcher Researcher

JOHN KERRY M. MONTEROS

Researcher

Noted:

CHARLTON B. FELIZA
Subject teacher
Approved:

EDWIN T. MONTALBA, PhD.

Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

Vice-President or Academics Affairs

Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City
Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

FINANCIAL LITERACY OF SENIOR HIGH SCHOOL 

STUDENTS OF NEMCO 

  

Statement of the Problem

This study aimed to know the level of Financial Literacy of Senior High School

Students in NEMCO  

Categorically this study will seek to answer the following specific questions: 

1.What is the profile of the respondents in terms of:  

1.1) Age;  

1.2) Sex;  

1.3) Strand; and  

1.4) Family Income?  

    

2. What is the level of Financial Literacy of Senior High School Students of NEMCO in

terms of:  

2.1) Spending Habits:  

2.2) Saving Habits; and

2.3) Financial Knowledge?

  
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

3.Is there a significant difference on the level of Financial Literacy of Senior High School

Students of NEMCO when grouped according to profile?  

  

Survey on the Financial Literacy of Senior High School Students in NEMCO  

  

Note: Please respond to the questions using the following scale. The gathered information

will be secured for confidential purpose only. Indicate (✓) mark on the appropriate box.  

PART I: Respondents Profile  

2. Age: 15-16 17-20 21-25

3. Sex: Male Female

4. Strand: ABM GAS HUMMS TVL

5. Monthly Income: below 10,000 10,000 15,000

20,000 25,000 30,000

PART II – Survey on the Financial Literacy of Senior High School on Scale 

Instructions: Read each item carefully. Use the scale below to guide you in choosing the

appropriate column that best describes the competency of your department head in terms

adaptability, decision-making, planning and implementation and instructional supervision.

Please check the column that corresponds to your answer. 

 
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

Score Verbal Description

  4 Strongly Agree

    3 Agree

    2 Disagree 

     1 Strongly Disagree

 Survey on the Financial Literacy of Senior High School in terms of Spending

Habits 

Spending Habits 4 3 2 1

1. I buy things on impulse.

2. I spend more on my wants than on needs.

3. I am able to allocate my budget to match with my spending

4. I spend more on branded items than on non-branded ones.

5. I often spend money on others.

 
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

 Survey on the Financial Literacy of Senior High School in terms of Saving

Habits. 

Saving Habits 4 3 2 1

6. I see to it that I would always have weekly or monthly savings.

7. Creating a budget is part of my saving habits.

8. I set aside an emergency saving funds.

9. I save money for the things I want to buy.

10. I am able to determine what should be prioritized before and

during buying an item/s.

 Survey on the Financial Literacy of Senior High School   in terms of Financial

Knowledge.  

Financial Knowledge 4 3 2 1

11. I learn financial management and obtain financial knowledge

through my parents.

12.  I obtain financial knowledge and learn financial management

on my own.

13. I feel confident in my knowledge and ability to manage own

finances.

14. I consider myself to be financially literate (able to maximize

present money in order to gain financial stability).

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

15. I prioritize what to buy before spending money.

SURVEY DATA SUMMARY

 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

WINFORD LEE V. TORING

Sitio Looc, Brgy. Luna, Surigao City

Contact no. 09610112463

Email address: [email protected]

PERSONAL BACKGROUND
Age: 18
Sex: Male
Birthdate: April 16, 2005
Birthplace: San Jose Dinagat Island
Height: 5’5
Civil Status: Single
Religion: Roman Catholic
Nationality: Filipino
Parents: JAMES IAN N. TORING
JENNY LOU B. VALDEO

EDUCATIONAL BACKGROUND
High School NORTHEASTERN MINDANAO COLLEGES
Surigao city
Senior High School
Batch 2023
Elementary C.V DIEZ MEMORIAL CENTRAL ELEMENTARY SCHOOL
C.V Diez Memorial Central Elementary School
Batch 2017
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

SHEN VRIZEL L. SAYSON

Sitio Looc, Brgy. San Juan P- IV, Surigao City

Contact no. 09153983098

Email address: [email protected]

PERSONAL BACKGROUND
Age: 18
Sex: Female
Birthdate: December 26, 2004
Birthplace: Pulung Cacantud, Angeles City
Height: 5’6
Civil Status: Single
Religion: Roman Catholic
Nationality: Filipino
Parents: CHRISTOPHER D. SAYSON
AZUCENA F. LESACA

EDUCATIONAL BACKGROUND
High School NORTHEASTERN MINDANAO COLLEGES
Surigao city
Senior High School
Batch 2023
Elementary DINAGAT CABAYAWAN ELEMENTARY
Dinagat Cabayawan Elementary
Batch 2017
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

DAN CARTER G. YU
Brgy. Cagniog Surigao City

Contact no. 0946818940

Email address: [email protected]

PERSONAL BACKGROUND
Age: 18
Sex: Male
Birthdate: February 12, 2004
Birthplace: Surigao City
Height: 5’5
Civil Status: Single
Religion: Roman Catholic
Nationality: Filipino
Parents: DAN CAREY P. YU
JIMONETTE G. YU

EDUCATIONAL BACKGROUND
High School NORTHEASTERN MINDANAO COLLEGES
Surigao city
Senior High School
Batch 2023
Elementary SURIGAO CITY CENTRAL ELEMENTARY SCHOOL
Surigao City Central Elementary School
Batch 2017
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

JOSHUA JAMES M. MAGPATOC

Purok 5, Brgy. Canlanipa Don Julio, Surigao City

Contact no. 09936378377

Email address: [email protected]

PERSONAL BACKGROUND
Age: 17
Sex: Male
Birthdate: May 15, 2005
Birthplace: Caraga Hospital, Surigao City
Height: 5’6
Civil Status: Single
Religion: Roman Catholic
Nationality: Filipino
Parents: MARLO M. MAGPATOC
JEAN M. MAGPATOC

EDUCATIONAL BACKGROUND
High School NORTHEASTERN MINDANAO COLLEGES
Surigao city
Senior High School
Batch 2023
Elementary SURIGAO CITY CENTRAL ELEMENTARY SCHOOL
Surigao City Central Elementary School
Batch 2017
 Northeastern Mindanao Colleges
Corner Rizal and Amat St.,
8400, Surigao City

JOHN KERRY M. MONTEROS

Purok ilang-ilang, Brgy. Ipil, Surigao City

Contact no. 09369272903

Email address: [email protected]

PERSONAL BACKGROUND
Age: 17
Sex: Male
Birthdate: September 26, 2005
Birthplace: Caraga Hospital, Surigao City
Height: 5’5
Civil Status: Single
Religion: Roman Catholic
Nationality: Filipino
Parents: ROLANDO A. MONTEROS
MARISA M. MONTEROS

EDUCATIONAL BACKGROUND
High School NORTHEASTERN MINDANAO COLLEGES
Surigao city
Senior High School
Batch 2023
Elementary BRGY. IPIL, SURIGAO CITY ELEMENTARY DIPLOMA RIZAL
CORNER, AMAT ST.
Brgy. Ipil, Surigao City, Elementary Diploma Rizal Corner, Amat st.
Batch 2017