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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

THE EFFECTIVENESS OF FINANCIAL STRATEGY IN MANAGING


SCHOOL EXPENSES AMONG THE SELECTED GRADE 12
ACCOUNTANCY, BUSINESS AND MANAGEMENT STUDENTS OF
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES,
S.Y: 2017-2018

Alfonso, Jane Eunice


Fernandez, Kyla Kathrine
Gialogo, Jessie Lyn
Icalla, Allyssa
Pilos, Jonathan
Ugayan, Aimee Joy
Varon, Anne Rae

ABM 12-17

Ms. Arianne Nicole S. Nachor

January 2018

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ACKNOWLEDGEMENT

This study made possible with the help of different people that encourage us

to boost our confidence and nourish our young minds to be better researchers that

made well-fitted ideas in this research.

First, we would like to express our sincere gratitude with our humble hearts to

the people who let us to develop our inner self and make this thesis possible.

To our Sintang Paaralan, the Polytechnic University of the Philippines, for

giving us this opportunity to experience making a thesis with our own abilities.

To our Parents, who always lend their helping hand, understanding heart and

nerver ending patience.

To our instructor, Prof. Arianne Nicole Nachor, for her undying support and

guidance that serves as our backbone in making this thesis with full confidence

together with her unnatural knowledge about the subject matter.

And last, our Almighty God, he embraced our faults and flaws in all aspects

upon making this thesis and give us endless grace.

Together, we dedicated this thesis for all the people behind this success, we

are overwhelmed with their unbreakable guidance and support.

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CERTIFICATION OF ORIGINALITY

This is to certify that this research work presented in this thesis entitled “THE
EFFECTIVENESS OF FINANCIAL STRATEGY IN MANAGING SCHOOL
EXPENSES AMONG THE SELECTED GRADE 12 ACCOUNTANCY, BUSINESS
AND MANAGEMENT STUDENTS OF POLYTECHNIC UNIVERSITY OF THE
PHILIPPINES, S.Y: 2017-2018 ” for partial fulfillment of the requirements for the
Inquiries, Investigation and Immersion at Polytechnic University of the Philippines.
This thesis does not contain words and ideas taken from a published works and
proper referencing and acknowledgements where made.

Alfonso, Jane Eunice

Fernandez, Kyla Kathrine

Gialogo, Jessie Lyn

Icalla, Allyssa

Pilos, Jonathan

Ugayan, Aimee Joy

Varon, Anne Rae

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ABSTRACT

Title: “ The Effectiveness of Financial Strategy in Managing School Expenses Among


the Selected Grade 12 Accountancy, Business and Management Students of
Polytechnic University of the Philippines; S.Y: 2017-2018”

Research Approach: Quantitative Research


Researchers: Alfonso, Jane Eunice
Fernandez, Kyla Kathrine
Gialogo, Jessie Lyn
Icalla, Allyssa
Pilos, Jonathan
Ugayan, Aimee Joy
Varon, Anne Rae
Curriculum Program: SHS, Academic Track, Accountancy and Business
Management Strand
Date: January 2018
Adviser: Ms. Arianne Nicole Nachor

This study presents quantitative datas regarding the effectiveness of saving

money and financial strategies together with application of various technics for proper

allocation of allowance in their miscellanous expenses in school by the students of

Accountancy, Business and Management. The involved respondents in this study

were some students from the senior high school department, particularly,

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Accountancy, Business and Management Students in 6th Year of High School. This

study used questionnaire-based surveys to get information and data from 60

respondents inside the campus. The aims of this study were to know if the

effectiviness of various financial strategies in different school expenses of the Grade

12 Accountancy, Business and Management students of Polytechnic University of the

Philippines with the use of random sampling and a semi-structured interview as a

guide to finish this study, and of course, with the help of randomly selected 60

respondents from the strand of strength in numbers and intellectual in analyzation

under the Department of Senior High School. This study consist of six statement of

the problem that serves as a backbone in maintaining this research possible and

effective all the time. Hence, this study is made with exceptional dedication of

researchers and unconditionally support from the thesis adviser.

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TABLE OF CONTENTS

TITLE…………………………………………………………….…………….…........i
ACKNOWLEDGEMENT…………....…………………………………………….....ii
CERTIFICATION OF ORIGINALITY..................................................................iii
ABSTRACT.……………………………………………………………………….....iv

CHAPTER I. THE PROBLEM AND ITS BACKGROUND


1.1 Introduction………………………………………….…................ 8
1.2 Background of the Study………………………….....…........... 12
1.3 TheoreticalFramework............……………….......................... 15
1.4 General Objectices.................................................................. 17
1.5 Conceptual Framework/Paradigm…………….….................. 18
1.6 Statement of the Problem ……………………………............... 19
1.7 Hypothesis …………………………………..………………..…. 20
1.8 Scope of the Study…………………………………………........ 21
1.9 Limitation of the Study………………………………….…......... 21
1.10 Significance of the Study……………………………….…...... 22
1.11 Definition of Terms………………………………….……......... 23
CHAPTER II. REVIEW OF RELATED LITERATURES AND STUDIES
2.1 Foreign Literature…………………………………….……........ 25
2.2 Local Literature………………………………………….….….... 29
2.3 Foreign Studies…………………………………………………. 32
2.3 Local Studies…………………………………………………..... 38
2.3 Synthesis................................................................................ 42
CHAPTER III. METHODOLOGY
3.1 Method of Research Used………………………………........ 44
3.2 Population, Sample Size, and Sampling Technique……....45

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3.3 Description of Respondents…………………….…………….. 46
3.4 Research Instrument................................................................ 46
3.5 Data Gathering Procedure ………………………………..…… 46
3.5 Data Interpretation Method…………………………….….….... 47
3.6 Statistical Treatment of Data.................................................... 52
CHAPTER IV. PRESENTATION, INTERPRETATION AND ANALYSIS OF DATA
4.1 Presented Results of Tables................................................... 53
CHAPTER V. SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings……………………………………..……..66
5. 2 Conclusion………………………….…………...…….............. 67
5.3 Recommendations……………….………………………..........70

APPENDIX A……………………………………………………..….………….........72
APPENDIX B………………………………………………………….……….……..73
APPENDIX C………………………………………………………….……….……..74
CURRICULUM VITAE.........................................................................................77
REFERENCES………………………………………………………..………..........84

LIST OF TABLES
Table 1. Demographic Profile of the Respondents........................... 50
Table 2. School and Personal Expense.............................................. 52
Table 3. Student gain their knowledge…………................................ 55
Table 4. The applications of various financial strategies........................58
Table 5. The act of saving money for school expenses..........................61
Table 6. Relationship of financial strategies and school expenses…..64

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CHAPTER I

THE PROBLEM AND ITS BACKGROUND

Introduction

In this world where everything is not free and the demand of exchanging

goods and services to tangible monetary value is in demand, money plays a vital role

in every person's life to achieve the needs and wants of an individual. Money is the

medium used for exchange to make everything possible. It is used to buy goods and

materials that are necessary in everday‟s basis. It prevents the sufferings that come

with poverty like cold and hunger, give satisfaction, provides education and even

power. As prices of commodities become higher, money has gained more value

today. Additionally, there are only few materials left that cannot be bought by money.

This is why it is very important to spend it wisely and handled it with caution. Still,

using money does not end from spending; it is also very essential to save wealth for

future use and plans.

"Savings" are usually put into the safest places, or products, that allow an

individual to access money at any time. The recent economic slowdown has changed

country‟s economic environment, and the way people think about financial issues.

Students face many hard financial decisions. Error· in money management

can impact them long after graduation or even during their school days. Many

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students end up making some costly money mistakes, thus these mistakes can

actually cause damage that lingers for decades (Xiao etaI. 2007). As a young adult

they need to figure out how to pay for college, earn some spending money, and still

get a good education. Students on the other hand, learn to save their allowance as

they grow and meet different requirements in school as well as things they want to

buy for self satisfaction. Budgeting and savings are one of the practical skills that

come in useful for them. It helps them to attain a better understanding of financial

matters that would become handful in the future. However, with escalating

responsibilities and opportunities as they go towards higher level of education,

particularly in senior high school and college, it becomes very challenging for

students to manage their money.

Tuition, textbooks and transportation are not the only things they need to worry

about; there are the housing, food and supplies together with socializing. In fact

according to a research of Westwood College in U.S (2013) most in middle level

students spend the least of their allowance in transportation, books and supplies but

spends 40% on discretionary activities- entertainment, apparel and services, travel

and vacation. Additionally, expenses of students also depend on their chosen course.

Accountancy and Business Management are expected to spend a lot of money for

various extravagant vast references of textbooks. Recognizing this, the study

therefore aims to know how students budget their allowance. The researchers

decided to survey sixth year grade in Senior High School Department of Polytechnic

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University of the Philippines particularly Accountancy, Business and Management

Students because of their background knowledge on the previous subjects they took

about marketing goods, consumption of products and their proper allocation of

money together in uplifting better financial decisions and making crucial choices what

to spend and what to do not spend. The researchers seek to describe how much

allowance are given to seventh grade ABM students in general, what school

expenses they pay with their allowance and how at the same time they budget it.

This will illustrate the attributes of the students towards financial matters. The

study also aims to benefit Accountancy, Business & Management Students, parents

and the lower level of the said senior high strand upon the information gathered on

the end of the study that can help their youthful minds to nourish the capacity of their

financial talent as the future endeavours of this nation. Although it is consider as one

of seldom mainstream topic to social network, the financial functioning of an

individual plays a central role in well-being. Students may not have much money to

spend on saving but what they have is time, time to increase their knowledge about

saving and a long saving horizon, and that is enough. Burton Malkiel (2011) argues

in his bestselling book “A Random Walk down Wall Street” that younger people

should have a bigger proportion of their savings in riskier assets such as stocks. This

is because they have longer saving horizons and they have likely many years of

steady income in front of them that could cover potential losses. Students are the

ones that soon will have jobs and will faced the complex reality of business world;

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they will enter the house markets, take loans and maybe struggle with increasing

electricity bills, which mean they will need savings or at least knowledge about how to

save.

To investigate students saving the researchers will first go through financial

theories and previous research on the area of saving, and then expand the approach

to include the financial strategies they can apply on saving allowances. By increasing

the knowledge about students‟ saving and their attitudes towards saving, combined

with the researchers conclusions about what could be done to increase interest

among students, the researchers hope to contribute to the process of improving the

financial stability of future of the Accountancy, Business & Management Students in

Polytechnic University of the Philippines.

The researchers choose Grade 12 Accountancy, Business and Management

because of their vast experience and knowledge in allocating money. ABM Strand

serves as a potential and a good example of high school course that focus in

savings, financial competencies actions and other related subjects that an ABM

Student can apply thru the process of direct knowledge in handling their allowance

for the sake of fulfilling their obligation in paying school fees and creating strategies

to make it possible. Compare to the other strand offered in PUP, Accountancy,

Business and Management conceptualize a wide array of ideas that deals with the

basic rules of savings other than other academic and non-academic strand. Grade 12

ABM Students are the respondents on this study for having previous knowledge in

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their Grade 11 Subjects where they studied Management, Basic Accounting and

Marketing that taught them to be financially responsible even in their young age.

Background of the Study

Over the past decades, saving plays an important role in the process of

economic growth and development. Logically, saving encourages investment that

triggers the economic growth of one country.According to a study of on savings habit

development by Cizilia Loibl (2010) is an assistant professor at the Department of

Consumer Sciences at The Ohio State University states that Saving programs and

strategy participation supports habit formation. Compared to non-participants, the

savings habit of IDA program participants increased over time, peaked at 19-24

months, and then flattened. There was no difference in savings habit between non-

participants and new enrollees, thus supporting successful habit formation during

savings program participation.She also stated admittedly the idea that long-term

savings may be achieved by habitualizing behavior is controversial in the world of

behavioral economics.

Behavioral economics favors commitment devices that reduce the behavioral

component to a minimum – in other words, the less action required, the more

successful the saver will be. Examples include auto-enrollment in retirement plans,

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the use of life-cycle investment funds, and employer-sponsored matched savings

(Choi et al. 2007). However, researcher‟s analysis focuses on the financial

behaviorsand applications of various financial tactics in everyday life, the ideal

scenario for building savings habits. Many students decision are all about their

academic needs and social needs was only in secondary group that tend to affect

small amounts of money in the "peanuts" range (Prelec and Loewenstein2008;

Markowitz 2008), and are targeted toward the greater goal of freeing up money for

saving or debt reduction. These savings habits may funnel funding toward an

institutionalized commitment mechanism or develop independently, but both help

achieve the greater goal of asset building for the purposes of short-term and long-

term savings.

According to Duesenberry, Modigliani & Brumberg and Friedman

independently developed three different hypotheses that focused on explaining the

consumption function. Duesenberry argued that what determines how much people

consume and save is not income, but instead it‟s determined by how much neighbors

and friends consume. Duesenberry also argue that once a certain level of

consumption and standard of living has been reached it‟s irreversible. It‟s hard or

even impossible to start consuming less and go back to a lower standard of living

again. Modigliani & Brumberg (2010) had another explanation, they stated in their

hypothesis that the amount saved depend on a person‟s age and their point in life.

Two prominent psychological theories that explain behavior is the theory of planned

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behavior by Icek Ajzen and self-determination theory by Deci and Ryan. The theory

of behavioural life cycle hypothesis focus on four factors that determine behavior,

attitude towards the behavior, social norm, perceived behavioral control and

intentions. Behavioral Life Cycle Theory focuses on how different kinds of motivation

determine and affect a behavior. The number of students experiencing financial

difficulties has increased significantly in recent years and is likely to continue doing

so. This paper sets out to identify and explore the effectivity of saving practices

among Grade 12 ABM Students of Polytechnic University of the Philippines to

nourish their capability in handlind their own allowance and spend it in good

purposes.

Furthermore, this study seeks to know the relationship of the two variables

which are (i) how effective does an ABM Student apply the various financial strategy

in dealing school expenses, and (ii) what are the expenses they faces with

establishing student‟s financial strategies as a future endeavor and corporate

associates to save their allowances weekly. Also, this study will provides the basic

needs of every student to know their self potential in handling tangible monetary

values and also as an individual who do or do not have a disciplined and well

established mindset in terms of priorities and secondary needs both a student and an

individual.

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Theoretical Framework
Theoretical Framework

Behavioral Hierarchy
Institutional
of needs,
Life Cycle Asset of
Accumulation theory of
Hypothesis motivation
Concepts of Interest

Saving Strategies Saving Supports Material Hardships

One important component of theoretical framework for this study is the

theories of how people practice the idea of saving. The best know theory related to

saving strategies is the “Behavioral Life-Cycle Hypothesis Theory” proposed by

Shefrin and Thaler which allows both long and short term focus. The BLCHT model

has different propositions: (i) people create their own incentives and limitations in

order for them to save money and (ii) propose a framework of saving and asset-

accumulation strategies. Beverly et al. (2008, 2010) proposed that there are two

broad types of saving strategies: psychological and behavioral. Psychological

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strategies are grounded in self- imposed rules about making deposits and

maintaining assets. Behavioral strategies represent efforts to change economic

actions, especially efforts to control consumption and methods of making deposits

and withdrawals. The second theory is the “Theory of Saving Supports”. According

to this institutional approach, people make financial choices based on their own

preferences, but their choices are shaped by rules and norms of institutions.

Sherraden‟s theory shows how the economic and the socio-psychological reinforce

each other (Beverly &Sherraden, 2009; Sherraden, 2011).The emphasis on

institutions suggests that the institutional characteristics of saving opportunities may

shape the saving and asset-accumulation strategies used by individuals. And the last

one is the “Theory of Material Hardship”. In addition to the theories of saving

strategies and saving supports, the work related to understanding material hardship

is a critical aspect of this dissertation. The ability of families to meet their most basic

needs is an important measure of economic stability and well-being. As noted by one

group of researchers, measuring material hardship gets at the issue of what does it

mean to be poor by examining families‟ living conditions and the extent to which they

can meet their basic needs.

The researchers believe that this study and the provided theories are

interconnected simply because, the three-pronged theories are about saving

strategies, saving supports and material hardship that influence in identifying the

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other possible financial strategies for the benefit of the students and other

interralated individuals. People create their own incentives or constraints to help them

save and with the help of concept of interest it is now the supporter of this study for

discrete using unique saving strategies as the researchers seek the dominant and

possible financial techniques.

General Objective:

The general aim of this research is to know the effectiveness of financial

application used by the Grade 12 Students of Accountancy Business and

Management in Polytechnic University of the Philippines in saving allowance for their

school expenses and how much they value the allowances they have.

Specific Objectives:

(i.) To determine the effectiveness of different financial strategies uses by grade 12

students of ABM of Polytechnic University of the Philippines to meet their budget

goals and limitations

(ii.) To know who influences the grade 12 ABM students of Polytechnic University of

the Philippines to save their allowances.

(iii.) To know if the grade 12 ABM Students of PUP are wisely enough to handle their

own allowance and decide to allocate it by their ownse

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Conceptual Framework

Figure 1
Conceptual Paradigm

Input Process Output

The Effectiveness of
Financial Strategy in
The demographic profile of Managing School
the respondents in terms of
Quantitative Expenses among the
age,sex,weekly allowances Selected Grade 12
and it includes about what Research
Accountancy,
financial strategies they use Correlational
and how effective does the
Business and
strategies use by Grade 12 Research Management
Accountancy, Business and Random Sampling Students of
Management Students to Polytechnic
cope with their financial Survey University of the
issues towards school Questionnaire Philippines, School
expenses
Year: 2017-2018

Feedback

The conceptual framework used the Input-Process-Output (IPO) mode where

the input contains the statement of the problem which includes the demographical

profile of the respondents consisting of the following: Age, Sex, and Weekly

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Allowances, it also includes the effectivity of applying financial strategies by

Accountancy, Business and Management Grade 12 Students in their allowances.

Moreover, it contains of how a 6th Year Accountancy, Business and Management

Students manage or comeup with his/her own financial strategy to save his/her

allowances for the sake of various school expenses. On the other side, the process

shows the details on how the researchers gather data and the type of research that

was used. The output of the study states The Effectiviness of Financial Strategy in

Managing School Expenses.

Statement of the Problem

The study aims to know the effectivity of financial strategy in managing school

expenses of the Grade 12 students of Accountancy Business and Management in

Polytechnic University of the Philippines. This study presents the following research

questions:

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

1.1 Sex

1.2 Weekly Allowance

2. What are the expenses of the students of Accountancy, Business and

Management?

2.1 Transportation

2.2 Photocopy, printing reviewers/modules

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2.3 Food and Beverage

2.4 Personal Expenses

2.5 School Miscellaneous Fee

2.6 Vices

2.7 Utilities Expense

3. How the students gain their knowledge about financial strategies?

3.1 Experience

3.2. Learning

3.3 Teachers

3.4 Family

3.5 Media

4. Does application of various financial strategies help the students to allocate their

allowances properly?

5. Does the act of saving create temporal hardship to the students?

6. Is there a significant relationship between financial strategies and managing

school expenses?

Hypothesis

There is a significant relationship between the school expenses and classified

strategies to the application of the previous financial knowledged learned by the

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Grade 12 Students of ABM Strand in independently saving allowance for paying

school fees.

Scope and Limitation

Scope of the study: The study will mainly focus on the effectiveness of financial

strategy and its application to the school fees by the Grade 12 Accountancy Business

and Management to save their allowance for school fees. Furthermore they seek to

explain how the Grade 12 Accountancy Business and Management can apply the

financial strategies to save their allowance for school fees.

Limitations of the Study: The researchers narrow their study to only the financial

strategies applied by the Grade 12 Accountancy Business and Management students

to save their allowance for school fees due to some students do not keep their extra

allowance for school fees instead they spend it for worthless things. The

respondents will be exactly 100 persons from Accountancy Business and

Management of Polytechnic University of the Philippines because the Accountancy

Business and Management raised the future Entrepreneurs, Accountant, and

Business Analyst, Auditors, and other financial and analytical related jobs.

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Significance of the Study

Saving money for school fees has a lot of benefits not only for the students but

also for the people around you or the people who is responsible of giving your

allowance. This generalization of this present study would be a great contribution to

the vast knowledge for students on what financial strategies they will use in order for

them to save their allowance for school fees. The results of this study could be highly

significant and beneficial especially to the following:

University Administrators: The knowledge gained by the Accountancy, Business

and Management Students in 6th Year is not possible without the help of the

facilitators, teachers and administrators who created and planned the for the

curriculum in changing through time it is examined, evaluated and revised to meet

the different and changing learning styles of the students in financial issues together

with their unending support to the students in enhancing their inner ability to intake

the different core subjects particularly their financial knowledge.

Parents: It is a less burden for the parents because in this way of saving allowances

of their children it helps them to prevent increasing their expense. Also, it is a good

habit to the children in practicing allocation of their allowance because parents feel

confident to trust their children in private and financial issues

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Students: For them to identify if how their chosen track which is Accountancy

Business and Management helps them to improve their knowledge and potential

particularly in financial strategy on saving their allowances for school fees.This study

will seek if it is an advantage or disadvantage for them as future entrepreneurs and

accountants of the country.

Future Researchers: It is a big help for them and also benefits them in many ways

such that this will be the skeleton or the basis of their future research, can be their

guide to make their research competently efficient and this study will serve as a

compication reliable and independent facts and datas.

Definition of Terms

The following terms are defined contextually and operationally clearer:

Financial Strategy- it is a careful method to achieve a particular goal and to attain

individual or group success.

Savings– amount of money that you have saved for personal or specific interest.

Allowance- it is an amount of money that is given to someone regularly for a specific

purpose.

Expense- it is something expended to secure a benefit in various purposes.

School Miscellaneous Fee- are items such a registration, student activity,

academic-related fees that are not covered or partialy covered by tuition fee or grant.

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Personal Expenses- are items such as clothing, personal items, laundry,

entertainments, travel, and school supplies.

Vices- unhealthy habbit of students including; smoking, alcohol and gambling.

Utilities Expense- are items such as electricity, water and rental of apartments.

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CHAPTER II

REVIEW OF RELATED LITERATURE

Foreign Literature

Income and Saving Behavior of an Individual

Saving behavior occurs when current income exceeds present consumption

and therefore when total resources increase. Not saving is the opposite of saving.

Saving leads to asset accumulation. People might simply make deposits immediately

after receiving income, before making any other purchases or payments. As the cost

of living are getting high, people face with income instability together with the

unstoppable population growth that can result in having less employment

opportunities, inappropriate savings increased anxiety among moderate and low-

income household (Cho, 2009). This phenomenon has concerned consumers of the

adequacy of their savings, which could cause their saving rate declined over time.

One study conducted by The Pew Research Center (2007) found that almost

80% of American students always try to save; however, 63% responded they do not

save enough. While, Hurd and Zissimopolous (2008) reported that about 70% of

respondents saved too little even though they have job unlike in their college days.

The lack of financial knowledge and education leads students to face financial

problems right after their graduation. Some courses or programs provide financial

educations are not effective and inadequate for students to learn and improve their

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money management. (Croy et aI., 2010) said many students experience financial

hard times when they finished their studies, finding a job and when they get older

because they never got the facts on saving. They think that saving is something that

they do not need to consider right now.

Relationship between Financial Education and Financial Behavior

Those who are taught about personal finances at a younger age tend to do

better financially than those who were not (Lyons, 2008, 2009; Varcoe, Peterson,

Garrett, Martin, Rene, & Costello, 2010). Danes, Huddleston-Casas, and Boyce

(2007) found that immediately after studying the High School Financial Planning

Program (HSFPP) curriculum about 40% of the students began to write goals to

manage their money in their own ways, to save money for their needs and wants,

and to track where they spend their savings. At a three-month follow-up, it was found

that around 60% of the students indicated that they had changed their spending

patterns and that they now only get things they really need and they spend more

properly. Also 60% of the students had changed their savings patterns, 80%

indicated they now save for what they really need or want, and 20% indicated that

they now save every time they have money. Danes and Haberman (2008) also

evaluated the HSFPP and found that students who studied the program reported

significant improvement in their financial behavior after the said financial curriculum.

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In a study evaluating the Money Talks curriculum, Varcoe, Allen, Devitto, and

Go (2009) found that saving behavior increased after participating in the curriculum.

Participants „shopping behavior also improved after exposure to the curriculum

because participants were more likely to compare prices and wait until items were

drop on sale after the program.

Using a telephone survey of a nationally representative data set, Bernheim,

Garrett, and Maki (2007) compared states with no financial education programs to

other states with programs at different times to measure the long term effects of

financial curricula in high schools across the country. They found that mandated

personal finance education has a positive effect on students „financial behaviors over

the long term, and the effect was not observable in short run behavior but with the

continuous exposure to financial education. Borden et al. (2008) found that at post-

test, students reported intending to engage in significantly more effective financial

behaviors and less in risky financial problem. Additionally, Lyons (2008) found that

students who had taken, or were currently taking a formal course in personal finance,

were capable to develop the essence of money goals for each other purposes.

Conceptualizing and Measuring Financial Knowledge

Financial knowledge was described by Bowen (2009) as understanding key

financial terms and concepts needed to function daily in American society. It includes

knowledge about items related to banking, auto, life, health and homeowners

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insurance, using credit, taxes, and investing. While there are other important areas

related to personal finance, there are areas in American that adults encounter

difficulties as they make daily financial transactions and decisions.

Researchers indicated that well informed, financially educated consumers are

better able to make good decisions for their families and thus are in a position to

increase their economic security and well-being. Knowledgeable consumers who

make informed choices are essential to an effective and efficient marketplace. The

number and types of financial education programs have grown since the mid-1990s.

Many of these programs focus on providing information to consumers and operate

under the implicit assumption that increases in information and knowledge will lead to

changes in financial management practices and behaviors (Hilgert, Hogarth &

Beverly, 2007).

Financial knowledge has been conceptualized and measured in several ways

that could cover a variety of subjects and could range from basic awareness through

mastery of a subject. It can be thought of as true knowledge or perceived knowledge.

For instance, knowledge has been directly measured. One widely known example of

this is the Jump$tart Survey conducted every other year. It uses a set of questions

used as a benchmark of financial literacy of high school students. The survey has

been conducted nationally and tests both students who have and have not had

financial education courses while in high school. Such knowledge tests are common

with a great deal of variability in what topics are truly assessed.

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Self-reported financial knowledge was also utilized where respondents are

asked how they rate their level of knowledge on a particular personal finance topic.

These are often measured as scales. While the efficacy of this measure has not been

clearly established, it was still included as it may represent confidence in one„s

knowledge level. A final measure employed for financial knowledge was a relative

measurement. These try to establish one„s perception of their own knowledge relative

to a specific reference group, often as compared to a peer group. This measure may

also help to establish confidence in one„s knowledge.

Local Literature

Breakdown of Student Allowance

For many parents, the question of how much school allowance should they

give their children is a lingering one.

By philSTAR.com's computation, parents could spend anywhere between

P25,000 and P30,000 (computed at three times a week of classes for 18 weeks of

two semester at P250 allowance per school year) College school students typically

get P150 to P250 (excluding transport allowance) per day. Students from exclusive

schools like Ateneo and DLSU receive where surrounding places to eat tend to be

more expensive receive higher allowance. The allowance covers P50 to P100 for

lunch, P30 to P50 for merienda, P20 on average for photocopies, and P50 to P80 for

school requirements like printing, buying pens, etc. Students outside of Manila,

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especially those living in municipalities usually get about P100 to P150 per day

(excluding transport allowance). Transport allowance is easy to compute, however.

Emma, mother of a college student, says that she gives her son, Paulo, P250

per day which is P100 higher than his allowance when he was in high school. This is

to account for more photocopies and requirements in college. She notes that “giving

too much allowance to a student risks financial irresponsibility including unnecessary

hanging out with friends and playing LAN-based games in computer shops”.

Donna, a college student from a single income family notes that she only

receives P100 as an allowance. Even if she deems this insufficient, she notes that

she understands that with the death of her father, it means less resources and she

needs to make do with what is given. Her siblings who are in high school in Ibaan,

Batangas receive P30, which is enough for the needs of a student in a public high

school.

The frequency of giving the allowance is another issue. Students who live with

their parents usually receive their allowances daily or weekly. Students who move to

study away from their homes receive theirs weekly or monthly. Consider the cost in

terms of time and transaction charges when deciding the frequency of remitting

allowance for children who live away from home.

It is a good idea to teach kids budgeting skills as early as when they are high

school. There is nothing more real than the pain of a grumbling stomach to teach

them about handling their finances well.

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Students encouraged to start saving money now

The Bangko Sentral ng Pilipinas (BSP) and Department of Education (DepEd)

are uplifting students to start saving money and spend it wisely and carefully. It was

discussed when BSP and DepEd conducted a flag-raising ceremonies in schools to

cap the annual observance of Savings Consciousness Week. This year‟s theme was

“Perang Pinag-ipunan, May Dalang Kaunlaran” (Saved Money Brings Prosperity).The

annual observance of National Savings Consciousness Week aims to teach students

the importance of saving money and how it can contribute to Philippine economic

growth. The statement, signed by BSP Governor Amando M. Tetangco Jr. and

Education Secretary Armin Luistro, stressed the importance of knowing the

differences between wants and needs, so people could avoid spending on

unnecessary things. Students, the message said, could start saving by opening

personal bank accounts. The DepEd and BSP said there were now banks that

allowed the opening of new accounts with initial deposits of as low as P200. Some

banks, the government agencies said, even organized caravans that visit different

schools and allow students to open accounts on the spot. The BSP pointed out that

money deposited in a bank earns interest. The bank also uses the deposit to lend

money to businesses so they could grow and contribute to economic development

and job creation. The BSP said that if students felt uncomfortable about bringing

small amounts to the bank, they could save money first in piggy banks until they had

a more substantial amount to open an account. It said that, since students were

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young, banks did not expect them to deposit thousands of pesos. Banks would be

happy to serve those who at a young age already know the importance of saving.

Foreign Studies

Financial Literacy of High School Students

Tennyson and Nguyen (2010) studied high school students and Bernheim,

Garrett, and Maki (2007) studied adults who were between the ages of 30 and 49.

Another inconsistency in the studies is that Tennyson and Nguyen (2010) studied

knowledge levels and Bemheim, Garrett, and Maki (2007) studied behaviors.

Comparative results suggest the effects of a personal finance curriculum in high

school may have more long- term effects. Tennyson and Nguyen's study (2010) was

conducted to assess the financial literacy level of students in twelfth grade in the

United States. The test consisted of 31 multiple choice questions about decisions

related to personal financial management, facts, and terminology (2010).

The authors found that a general financial curriculum mandate in a state does

not translate into higher student scores on a financial knowledge survey. They report

that, "mandating personal finance education may be effective in increasing student

knowledge, but only if the mandate requires significant exposure to personal finance

concepts" (2010). Therefore, specific topics such as savings, spending, investing,

and debt should be included in the curriculum if financial knowledge levels are to be

increased. They also stated that the results may relate to how the mandate is

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implemented in each state. The study also found that teacher attitude towards the

subject was directly related to student learning and that teacher attitudes were more

negative in those states with mandates. Bernheim, Garrett and Maki (2007)

conducted a study to evaluate if financial curriculum mandates in the United States

have any effect on the education and savings of individuals who had been exposed

to mandates in high school. Their analysis was based on a cross-sectional household

telephone survey administered in the fall of 2005. Over 2,000 participants between

the ages of 30 and 49 completed the survey. Information gathered included

household assets and liabilities, earnings of participant and spouse, employment

status, ethnic group, and education as well as other subjects. Research participants

were also asked to identify the state in which they attended high school. Results are

based on comparisons across states and over time. States which did not adopt a

mandate were used as a benchmark.

At the time of the study, 29 states required students to receive consumer

education. Fourteen states specifically required student instruction in the area of

personal finance. The first mandate was issued by Nevada in 1957 and most other

states had adopted mandates by the 1990s (Bernheim, Garrett & Maki, 2007). This

study's conclusions were that mandates significantly raised both the exposure to

financial education as well as asset accumulation once exposed students became

adults. Net worth for participants exposed to a mandate was higher by approximately

one year's earnings than for participants who had not been exposed to a mandate in

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high school. The effect of individuals who were exposed to a mandate having a

higher net worth appear to have occurred gradually rather than immediately. The

authors attribute the gradual rather than immediate change to probable

implementation lags in mandates (Bernheim, Garrett & Maki, 2007).

Tennyson and Nguyen (2010) studied about the financial curriculum in the

twelfth grade in the United States. They reported that, “mandating personal finance

education may be effective in increasing student knowledge, but only if mandate

requires significant exposure to personal finance concepts” (2010). The relationship

of this study led by Tennyson and Nguyen (2010) to the relationship of financial

strategy towards the application of school expenses is that if one wants to have a

financial knowledge, we must give enough knowledge to the students about saving,

spending, etc. Research participants were asked what their net worth is. In this study

it states that the higher the net worth appears it‟ll be gradually attribute than

immediate.

Financial Knowledge: Factors Influencing Student to Save their Allowance

One of the studies which have attracted researcher's attention is a research

paper written by Maurice MacDonald (2010) entitled " Savings Behavior and

Financial Problems among College Students: The Role of Financial Literacy in

Malaysia". They demonstrate that students who had higher financial knowledge were

more likely to report savings behavior and also reported fewer financial problems.

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According to them, students with financial knowledge promote better financial

management whether or not they can afford to indulge themselves during the college

years.

The study done by Cunningham, 2007; Nellie, 2008 point out those students

entering their university education without ever having been responsible for their own

personal finances. While in the college or university students have to manage their

own expenditures. Student's ability to manage their financial resources is very

important for everyday life activities. Financially educated people are able to make

better decision, thus lead to higher financial security (Hilgert and Hogarth, 2008).

Recent studies are mostly focus on the financial planning of university students

because many of them fail to plan their expenditure and unexpectedly experience

financial problems. While many worries of the importance of financial education,

Brennan and Ritters (2007) indicated that, financial education plays a key role in

financial empowerment.

Many researchers have suggested that a lack of financial knowledge and skills

results in students' experiencing financial problems. Norvilities et al. (2007) and

Hilgert and Hogart (2008) indicated that, financial knowledge is one of the strongest

predictor of financial behavior among university students. Financial education or

knowledge should be based on the needs, interests, and abilities of each student.

Clearly, more financial education is needed for young adults to better the economy.

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A study done by Cunningham (2010) and Nellie (2011) focused on the

students who went into universities in the United States without ever been

responsible about their own personal finances. This study relates to the topic

because in this study it focuses on those students that have the ability to manage

their allowances. In this study, it also focuses on the parents who taught their children

how to spend and save their allowances. Clarke, et al. (2007) found that the poor

financial habits of the parents commonly present their children‟s lives. Children watch

and model their parents, so if parents would factually educate their children about

their finance, children will less likely to develop poor finance habits. The recent study

also focuses on the universities‟ financial planning that most likely or unexpectedly

experience financial problems. According to Brennan and Ritters (2008) indicated

that, “financial education plays a key role in financial management.” If the students

lack on financial knowledge and skills it will result in students having financial

problems. It shows that the best education starts at home (Clarke, et al., 2009).

Neoclassical thinking of an individual

Another study is that individuals always make a wrong perception about

today‟s theoretical economy system which is operated by Say's Law, according to the

purchase price of every commodity entirely demands towards other goods. The

neoclassical thinking is that, the individual is hedonistic, entirely spends their income,

except if they can earn higher returns in the future with interest. In Keynes's vision,

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this attitude changes radically. In this theory, interest will appear as a reward, by the

waiver of liquidity, so if the consumer groups its income on the basis of usefulness

between periods, this will not be the only determining incentive, other encouragement

is needed in order to increase savings. Keynes goes further, he comprehends saving

as wealth creation, and the future assets will be spent at some unspecified time.

Thus, objective and subjective factors can be distinguished of the savings. Objective

factors are: the size of real income, the difference between gross and net income, the

individual time preference. Subjective factors are: reserve for unforeseen cases,

independence, self-reliance, bequest intentions. In Keynes's theory of the consumer

doesn‟t decide rationally in the sense that neoclassical thought: in their decision the

motif of caution, foresight, avarice, and pride plays a role.

The life-cycle theory is one of the main objections to the Keynesian thoughts,

ignores the fundamental human qualities, that we to try to smooth our consumption in

time. This is Modigliani and Brumberg‟s life-cycle theory. They assume that the

individual is actually planning for life with a "consumption path", so they try to smooth

their consumption in time. This would be true if Gosse‟s 1st Law is prevailed, thus,

the marginal utility of consumption in each period is falling. They plan to spend their

income and then distribute it to a stable standard of living, to secure a permanent

consumption. The theory of permanent income hypothesis can be attached to Milton

Friedman‟s name. Friedman split the generated income into two components:

permanent and temporary income. The permanent income the portion of the income

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from which people is thought to persist in the future. The temporary income is not

permanently available. Friedman's view is that consumption depends on the

permanent income, because consumers try to make consumption smooth, with

borrowing loans and accumulate savings, to respond to transient changes in income

(Mankiw, 2009). The permanent income hypothesis, therefore, reveals that

consumption depends on the people's expectations.

Local Studies

Expense Pattern of Filipino Youth

A study conducted by National Statistics Office, a spending pattern of Filipino

youth is about the highest expenditures of the students was on school expenses that

is related to the recent study of the researchers which is the relationship of financial

strategy towards application of school expenses.

Here in the Philippines, on the study conducted by NSO, spending pattern of

Filipino youth move towards lesser school consumption expense. In 2008, the share

of school expenses on the total expense was 43.6% but it declined 42.8% in 2010.

The proportion of expense on school went down from 38.6% in 2008 to 37.5% in

2010. On the other hand, higher spending on school expenses consumed outside

was observed to increase as the proportion went up from 5% in 2000 to 5.3% in 2010

suggesting a change in the Filipino youth lifestyle of regular spending money in

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school and possibly be linked to the growth of school organizations. Youth spent

more on photocopies and classroom funds as these were monitored to move up from

6.85% in 2008 to 7.45% in 2010.

Finally, the result of the study conducted by Gallardo (2011) on the spending

behavior of college students in selected schools of Baguio and La Trinidad revealed

that the highest expenditure of students per semester was on school fees. Her study

also revealed that the highest student‟s monthly expense was on food followed by

rent and transportation expenses. The least expenditure was on outings and

cosmetics. The analytical study also conducted by Decoyna (2010) on the spending

behavior of college students in selected schools of Baguio and La Trinidad also

revealed that year level of the students has a significant effect on the expenditure on

liquor, cigarettes and school fees. Age variable also has a highly significant effect on

expenditure on foods, cosmetics, and outings or recreational activities. Gender of the

student is significantly correlated to cigarettes, liquor and cosmetics. He further

explained that if the students have high income, expenditure on these

aforementioned items have the possibility to increase.

Students Budget their Daily Allowance

This study was taken at the University of Santo Tomas particularly with the

College of Fine Arts and Design students.

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The average daily allowance of CFAD Students respective to their courses;

Advertising arts: Php264.85;Painting: Php215.38;Industrial Design: 237.5;Interior

Design is 266.67.Based on their respective courses, the Interior Design students

were found to have the highest average of daily allowance. The Daily allowance of

the majority of students has the amount ranging from Php 200-299 or a percentage

of 37%.2.

The average amount of allowance spent on transportation. Based on the

research gathered, the researchers found out that out of the total population of the

students who took the survey, almost 55% lives in the dormitory and the remaining

45% goes home every single day. In addition to the students going home every day,

majority of the students answered that they spend Php10.00-50.00 daily.3. Amount of

Money Spent in Food. It was found that the majority of 47% spends php40-60 in their

food while minority only spends Php. 150-200.4. Amount of Money Spent on

Materials for Projects and Plates. It was found that the majority of the overall amount

of money CFAD students spends for their plates and projects ranges from Php 250-

350, and the rest only spend 50-1505. Majority of Amount of Money spent in Leisure

Time. It was found that a majority of 41% students spends their daily allowance on

their leisure time with amount ranging from Php 50-100.6. Top Most Priority of CFAD

Students when it comes to Spending

From the Painting department, female students answered that their priority is

food, next are art materials, and lastly, transportation. Same to the male students,

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they answered as their top priority is art materials, then food, and lastly,

transportation. For both, transportation is the least priority from the top 3. The

remaining priorities which are entertainment and printing are seldom their real

priority.

Same with the Advertising department, the student top priorities are food,

entertainment, and transportation. For the female students, their priorities are

arranged starting from food, to art materials, to transportation. On the other hand, the

male students said that food is also their top priority, to art materials, to

transportation, to printing, and finally, to entertainment. Clearly that Advertising male

and female has the same priorities.

In the Industrial Design department, both male and female‟ only priorities are

only art materials and food. For female, their first are art materials, and second food.

The male‟ answers are vice versa to what the females answered.

Lastly, from Interior Design department, the females answered that their top

priorities are art materials, food, transportation, and printing. The male students

answered that their priorities are only food, and art materials.7.Budget Plan Female

and male students were intentionally counted separate to observe and to know if

there is a difference. But both majority of male and female was found that they make

a budget plan every day. The difference was majority 56% of male said yes and a

majority of 57% in females. There is only little difference inters of majority.

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Both female and male students follow their budget plan and also there is little

difference between the majorities that said yes. Almost all of the students (97%) were

found that they save money every day and only very little (3%) said no. Amount of

Savings of CFAD students: Majority of students (38%) was found that they can save

money ranging fromphp10-50. Followed by 23% of students who can save amount

ranging from Php50-90. Minority of the students saves php90-130 from their

allowance

Synthesis

The literature and studies gathered by the researchers explains that there are

different factors to consider why millennial teenagers do and do not practice the act

of saving money and spend it to school expenses. The stated literatures ad studies

both local and foreign emphasize that even the behavior of an individual affects the

mental and personal view of an individual in making financial decision, also, with the

gathered data from previous studies about student budgeting, it is highly visible that

the capability of an individual to save his or her allowance contradict each other,

there are patterns that linked the youths in finalizing their decision about handling

their money thoroughly. The researchers objectives in this study is to determine

what are the financial strategies know by the Grade 12 ABM Students of Polytechnic

University of the Philippines and what are the school fees they need to pay and how

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they apply what they have learned on previous budgeting and marketing Grade 11

subjects to increase their financial capability and lessen their unconscious monetary

thinking, hence the gathered literature and studies emphasize the key points needed

that the researchers to sustain and find a concrete evidence on this research. There

are correlated between this study and the stated both local and foreign literature and

studies, both of them says that Financial strategies for Grade 12 ABM Student has

pros and cons. And most importantly this research and various literature and studies

emerge with a belief that there are many factors that can influence an individual‟s

mind financially in nature, through that, the researchers condemned that needed

information and evidences justified respectively.

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CHAPTER III

METHODOLOGY

This chapter contains the methods and procedure of the researchers in

conducting the study. It includes the research of method used, research locale,

description of respondents, instrumentation, sampling method and data gathering

procedure.

Research Design

The research approach of this study is quantitave considering in mind that not

everything can be quantified. A quantitative research is suited in the topic being

studied because it can generate data regarding the application of financial strategy

of the Accountancy, Business and Management. Aliaga and Gunderson (2008) have

described the quantitative research methods very well. According to them

"Quantitative research is an inquiry into a social problem, explain phenomena by

gathering numerical data that are analysed using mathematically based methods

e.g. in particular statistics". According to the Creswell (2008) a researcher primarily

uses post-positivist approach to develop knowledge when quantitative research is

selected like cause and effect thinking, use of measurement and observations, and

test of theories and employs strategies of inquiry such as experiments and surveys,

and collects data on predetermined instruments that yield statistical data. The

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conducted study used a quantitative correlational method of research. Descriptive

research method is used in scientific research to study the association and/or

relationship between variables. According to Calderon (2008), as cited by Alberto et

al (2011), descriptive method is also known as statistical research, it describes data

and characteristics about the population or phenomenon being studied. This

research method is used for frequencies, averages and other statistical calculations.

Often the best approach prior to writing descriptive research, is conducting a survey

investigation. This method is used to gather information in order to test hypothesis or

to answer questions concerning the currents status of the subject of the study.The

quantitative research is an interactive design of a study interconnecting each part to

describe and explore the certain study.

Population and Sampling

Within the 1800 Grade 12 students of Accountancy, Business and

Management in Polytechnic University of the Philippines, 60 students were chosen

to be the respondents in the survey questionnaire that was provided by the

researchers. The respondents of the study are composed of 30 male and 30 female

who were selected randomly, regardless of their age, sex and weekly allowances

ranging from 1 peso and above.

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Description of Respondents

Within the 1900 students of Accountancy, Business and Management, 60

students were chosen to respond to the interview. The 60 students are the chosen

respondents who are selected randomly meet the eligibility criteria and could

potentially contribute to this study.

Research Instrument

The primary instruments used by the researchers in gathering of data are

survey, questionnaire and semi-structured interview. Semi-structured interview was

used by the researchers to have enough data to sustain the needs of the study.

Face-to-face interview is a data collection method when the interviewer directly

communicates with the respondent in accordance with the prepared questionnaire.

This method enables to acquire factual information, consumer evaluations, attitudes,

preferences and other information coming out during the conversation with the

respondent. Thus, face-to-face interview method ensures the quality of the obtained

data and increases the response rate.

Data Gathering Procedure

The researchers have used in data gathering for the study is semi-structured

interview and focus on individual interview. Semi-structured interviews should be

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used in focusing on an individual or face-to-face interview to know the notions of the

respondents in order for the researchers to modify their answers thoroughly. Before

the interview takes place, the respondents should be informed about the certain

study, this gives the respondents idea of what to expect from the interview. The

interviews conducted on the place where the respondents are comfortable. While

conducting the interview, the researcher gives some information to the interviewee

to be familiarized to the questions being asked, so that the process appears more

natural and not scripted. At the end of the interview, the researchers give a warm

appreciation to the respondents for their time and asked them if there is anything

they would like to add before the ending process of the interview. After conducting

an interview it is a priviledged to strengthen the study by doing questionnaire based

surveys to eliminate unnecessary findings and boost the needed agendas and facts

of the researchers. All the informations of every respondent gathered, organized and

analyzed to create more specific, reliable and acceptable informations for more

concrete evidence to support this study.

Data Interpretation Method

The research sampling design that was used in this study is random

sampling. It is is one of the simplest forms of collecting data from the total

population. Under random sampling, each member of the subset carries an equal

opportunity of being chosen as a part of the sampling process. According to

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Kerlinger (2009) randomization is the assignment of objects of a population to

subsets of the respondents that every member of the population has an equal

probability of being chosen for that assignment.

Statistical Treatment of Data

The data gathered were classified, tabulated and analyze. For simplicity and

easy interpretation, the researcher made use of tables to show findings and

observations. To give meaning to the study, the findings were also translated to such

statistical measures as the determination of percentage, mean, and rank and a very

special case, the presentation of the difference among the perceptions of the

respondents through the use of more sophisticated statistical measures, namely;

1. Percentage - This will employ to determine the frequency counts and percentage

distribution of personal related variables of the respondents as a whole.

Where
P = Percentage
F = Frequency
N = Total number of respondents
100 = Constant value

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2. Weighted Mean – This will be use to determine the assessment of the

respondents with regards to their personal profiles.

Formula:

( ) ( ) ( ) ( ) ( )

Where:

WM = Weighted Mean
f = Frequency
w = Weight of each item
N = Total number of respondents

3. Likert Scale - The data interpreted by using the five likert scale method, as the

criterion which serves as the basis for the interpretation of the data. This will be used

to measure attitudes or opinions. With this scale, respondents are asked to rate

items on a level of agreement. The concept of the boundary of the numerals will be

used as follows:

Scale Numerical Value Descriptive Value

5 8.01 – 10.00 Strongly Agree (SA)

4 6.01 – 8.00 Agree (A)

3 4.01 – 6.00 Neutral (N)

2 2.01 – 4.00 Disagree (D)

1 0.01 – 2.00 Strongly Disagree (SD)

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CHAPTER IV

PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

Sub-problem No. 1: What is the Demographic profile of female and male

respondents in terms of: 1. Allocation of money for school expenses; 2.

Correlated to vices and 3. Allowance as a tool of money management.

Allocation of money for Allowance as a tool of


school expenses Correlated to vices money management

Female Neutral = 50.00% Neutral = 50.00% Disagree = 40.00%

Male Neutral = 50.00% Disagree = 33.33% Neutral = 43.33%

Table 1 shows the demographic profile of the Selected Grade 12

Accountancy, Business and Management Students and considered the first question

as both Neutral: 1) Allocation of money for school expenses with a percentage of

both 50.00%; while the remaining two questions contradicting each other with a total

of neutral and diasagree namely: 2) Allowance as a tool of money management with

a percentage of 40.00% for the Femal and 43.33% for the male and 3) Gender of a

student is significantly correlated to different devices with a percentage of 50.00%

for the female and 33.33% for the male.

Considering the separated results of the responses of the Selected Grade 12

Accountancy, Business and Management Students, it appears that there age and

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their expenses is correlated in one another together with their decision of spending

their allowance in various vices or unnecessary Items but can change due to

personal or technical reasons. The relationship of the data results in this study is it

gives a same ideology about the decision in terms of money saving on the

respondents to strengthen and boost the competencies of the students in saving

their allowance as this study seeks the answer in the question of effectivity of the

financial decisions in school expenses.

National Statistics Office. “Breakdown of Student Allowance”. Philippines

Star. 18 Mar. 2013. The data results of Table 1 shows different phenomena reasons

how students allowances can help their parents to manage their money properly.

The online article of NSO talks about the spending pattern of Filipino Youth to lessen

their school expense consumption; hence, there is an effect on the expenditure on

liquor, cigarettes and school fees that even the gender of the student is significantly

correlated to different vices that serves as the backbone of ideas on the above

questions of Table 1.

Sub-problem No. 2: Does Grade 12 ABM Students’ allowance goes on the

following school and personal expenses: 1. Printing/Photocopying;

2. Transportation; 3. Activities/Project; 4. Computer Rental; 5. Miscellaneous;

6. Food and Beverages; 7. Going out with friends/dates; 8. Utilities; 9.

Clothing, Shoes and Accessories and 10. Vices?

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TABLE 2

School Expenses of Grade 12 Accountancy,


Business and Management Students

Selected Grade
12 ABM
School/Personal Expenses Students TOTAL Rank
WM VI WM VI
1. Do you believe that most of your
allowance goes to printing/photocopying 35% N 35% N 5th
expenses?
2. Do you believe that most of your
allowance goes to your transportation
expense? 40% N 40% N 3rd
3. Do you believe that most of your
allowance goes to activities or project of
your strand? 41.43% D 41.43% D 2nd
4. Do you believe that most of your
allowance goes to computer rental? 33.33% D 33.33% D 6th
5. Do you believe that most of your
allowance goes to school miscellaneous 31.67% D 31.67% D 7th
fees?
6. Do you believe that most of your
allowance goes to food and beverages? 41.67% N 41.67% N 1st
7. Do you believe that most of your
allowance goes to going out with your 33.33% N 33.33% N 6th
friends/dates?
8. Do you believe that most of your 7th
allowance goes to utilities expense? 31.67% D 31.67% D
9. Do you believe that most of your
allowance goes to clothing, shoes, and 33.33% D 33.33% D 6th
accessories?
10. Do you believe that most of your
allowance goes to various vices? 31.67% D 31.67% D 7th
11. Do you prioritize the proper allocation
of your allowance for school expenses? 36.67% N 36.67% N 4th
Overall Average Percentage 35.43% D 35.43% D

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Table 2 presents the school and personal expenses of selected Grade 12

Accountancy, Business and Management Students and among the 10 questions

identified by the Selected Grade 12 students of Accountancy, Business and

Management Strand, there are six questions considered Neutral (N). These are the

1) Printing/photocopying with a percentage of 35.00%; 2) Transportation expense

with a percentage of 40.00%; 3) Food and Beveragws with a percentage of 41.67%;

and 4) Going out wirh friends/dates with a percentage of 33.33%; While the

remaining six questions considered Disagree (D), 1) Activities or projects with a

percentage of 41.43%; 2) Computer Rental with a percentage of 33.33%; 3) School

Miscellaneous with a percentage of 31.67%; 4) Utilities expense with a percentage

of 31.67%; 5) Clothing, shoes and accessories with a percentage of 33.33% and 6)

Vices with a percentage of 31.67%. The last question that identified as your opinion

in yourselfabout prioritizing the proper allocation of your money for school expenses

got a percentage of 36.67%. The overall average mean of the 11 questions identified

by the selected Grade 12 Accountancy, Business and Management Students

respondents is 35.43% which has verbal interpretation of Disagree.

Considering the overall average percentage of the responses of the Selected

Grade 12 Accountancy, Business and Management Students indicating 35.43%, it

appears that they prioritize their allowance for school expenses rather than their

personal wants. It is also show the top three expenses of the Selected Grade 12

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Accountancy, Business and Management Students, the first one is the Food and

Beverages followed by projects of the chosen track or strand and the third one is

transportation which are visible expenes for common students in Sintang Paaralan.

Canlas, Mark. “Breakdown of Student Allowance”. Philippines Star. 26 Mar.

2014. The data result of Table 2 shows the breakdown or the list of different

expenses encountered by the students in daily basis. The online article of the

famous newspaper – philSTAR, gives the Filipinos a sample of students‟ expenses

and their estimated allowance by their parent‟s financial capability and social status.

It is also stated that the given local literature prioritize the essence of fulfilling the

needed fees rather than unrelated self satisfactory things.

Sub-problem No. 3: How the students gain their knowledge about saving

money is it thru the influence of following: 1. Past Financial Subjects; 2.

Media; 3. Friends; 4. Family; and 5. Church? Do the respondents believe the

following: 1. Budgeting can allocate school expense properly; 2. High school

students need bank accounts; 3. Appreciating more purchased goods with

your own money; 4. the curriculum in ABM Strand nourish their money saving

skills; 5. Is it important for parents to teach their children about money

matter?

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TABLE 3

Student gain their knowledge thru the influence of the


other people and self-experience

Selected Grade
12 ABM Students
TOTAL Rank
WM VI WM VI

1. Do your past financial subjects influence you to


save money for your school and personal
expenses? 40.00% N 40.00% N 6th
2. Does the media influence you to save money for
your school and personal expenses? 40.00% N 40.00% N 6th

3. Do your friends influence you to save money for


your school and personal expenses? 45.00% D 45.00% D 5th

4. Does your family influence you to save money


for your school and personal expenses? 51.67% N 51.67% N 3rd

5. Does the church influence you to save money


for your school and personal expenses? 35.00% D 35.00% D 7th

6. Does your experience on budgeting your money


influence you to allocate thoroughly for your school 58.33% N 58.33% N 1st
and personal expenses?
7. Do you believe that high school students need
bank accounts or to enhance their learning
capability about financial techniques and handling 40.00% N 40.00% N 6th
their money wisely?
8. Do you tend to appreciate more the goods and
services you buy with your own money, especially if 40.00% N 40.00% N 6th
you saved it over a period of time?
9. Does the curriculum on your strand introduce the
financial management courses to expose you and
the other ABM students with the world of money
management that can help to guide and encourage 50.00% N 50.00% N 4th
all of you to save at the young age?

10. Do you think that it is important for parents to


teach their children about money matters? 55.00% N 55.00% N 2nd

Overall Average Percentage 45.50% N 45.50% N

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Table 3 shows on how the Grade 12 Accountancy, Business and

Management gain their knowledge about financial strategies and among the 5

questions for the money matter knowledge influence that are identified by the

selected grade 12 Accountancy, Business and Management respondents, on the ten

question stated only two marked as Disagree (D) by the respondents; 1) Influenced

of friends with a percentage of 45.00%; and 2) Influenced of church with a

percentage of 35.00%. On the other hand, all eight remaining questions about

money matters knowledge of the students are Neutral (N). 1) Influence of past

subjects has a percentage of 40.00%; 2) Influence of media has a percentage of

40.00%; 3) Influence of family has a percentage of 51.67%; 4) Experience on

allocation of money has a percentage of 58.33%; 5) Having bank accounts of a high

school student with a percentage of 40.00%; 6) Appreciating more purchased goods

and services by self money with a percentage of 40.00%; 7) The curriculum in ABM

Strand nourish the respondents money saving skills with a percentage of 50.00%

and 8) Importance of teaching a child by his parents about money affairs with a

percentage of 55.00%.The overall average percentage of the 10 questions identified

by the selected Grade 12 Accountancy, Business and Management Students

respondents is 45.50% which has verbal interpretation of Neutral.

Considering the overall average percentage of the responses of the Selected

Grade 12 Accountancy, Business and Management Students indicating 45.50%, it

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appears that they appreciate more purchased products with their own money and

also believing about different methods and techniques to guide them for proper

allocation of their allowances. It is also show a result that the media influences them

most among all kind of units in the society when it comes to budgeting and money

skills plus the factor of high appreciation to the goods they bought using their money.

MacDonald, Maurice. “Savings Behavior and Financial Problems among

College Students”. University of Kansas. 2010. The data results of Table 3 shows

the factors influences the capacity of the students to give high priority in their

consecutive allowance and spend it on better purposes. MacDonald pointed that an

individual is highly capable in monetary basis decision making by their behavior and

self financial literacy, this study relates to the data gathered because this study

focuses on those factors that have the ability to manage and help the monetary

decision of the Grade 12 students.

Sub-problem No. 4: Does different financial strategies like: 1) Spending more

in school matters rather than pampering yourself; 2) Budget list; 3) Taking

subjects about finance; 4) Selling clother, part-time job, paluwagan and 5)

Self-made strategies can help the respondents to allocate their allowance

properly?

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TABLE 4

The applications of various financial strategies help the


students to allocate their allowances properly

Selected
Grade
12 ABM TOTAL Rank
Students
WM VI WM VI
1. Students should lessen their
expenses on transportation, clothing,
cosmetics and communication so that 33.33% N 33.33% N 5th
they will have more to spend on school
supplies and other school related
expenses.
2. As a student, when you need to buy
something, you shop around to find or
buy the best deal on sale but you still 35.00% N 35.00% N 4th
have limited budget for the certain
item because you do have a disciplined
mind set.
3. Financial concepts such as your
strand offers finance subject is an
excellent way to reiterate your financial 40.00% N 40.00% N
decisions that can help you to allocate
your money on the right place when it 2nd
comes to school needs.
4. Saving strategies like getting a part
time job, selling clothes or other items to
raise money, lessen other leisure
activities, direct deposit into savings
account and “paluwagan” can serve as a N N 3rd
38.33% 38.33%
big help to maintain your discipline in
handling money on a proper manner.
5. With the help of different financial
strategies you know, you can focus on
your target budget to sustain your school 45.00% N 45.00% N 1st
expenses
Overall Average Percentage 38.33% N 38.33% N

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Table 4 shows the application of various financial strategies that help the

students to allocate their allowances properly and among the five financial strategies

identified by the selected Grade 12 Accountancy, Business and Management

respondents it is all rated as Neutral (N) namely: (1) Students should lessen their

expenses on clothing, cosmetics, and communication with a percentage of 33.33%;

(2) Having a disciplined mind with a percentage of 35.00%; (3) Financial concepts

with a percentage of 40.00%; (4) Part time jobs, selling clothes online, lessen leisure

activies, and paluwagan with a percentage of 38.33%; and (5) Focusing on a target

budget with a percentage of 45.00%. The overall average percentage of the five

strategies identified by the selected Grade 12 Accountancy, Business and

Management respondents is 38.33% which indicates Neutral.

Considering the overall average percentage of the responses of the Selected

Grade 12 Accountancy, Business and Management Students indicating 38.33%, it

appears that the respondents have undecided opinion about self financial

techniques to ensures that there allowances are worth spending for in their school

expenses. All problems and questions is clearly on the state of uncertainty for the

responders of Grade 12, it is vividly see that the Grade 12 respondents is certainly

unsure onhow to do the indicated methods of saving due to personal or technical

reasons.With the high results of Neutral in terms of level of agreement, the Grade 12

Students is still in the process of coping the different techniques, tactics and

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applications needed to conceptualize their young minds for saving their allowances.

Hence, upon conducting an interview for some respondents, they stated that with the

combination of their financial knowledge, they begin in trial and error mwthod of

saving not just only for their school expenses but also for their respective wants and

needs as an individual. The researchers are proud to presents that the respondents

is matured enough to segregate their money properly, it is visible on the Table 4 as it

is stated without malicious or dishonesty contents that with the blend of proper or

well disciplined mind plus a background for the subject itself it will create a big

impact for the better financial handling of the respondents.

Table 4 shows different techniques, strategies and planning in terms of

budgeting and making their allowance more productive in purpose and Bowen being

the creator of the known thesis in Ukraine about financial knowledge, says that

people tend to developed their financial knowledge and the result will gain more

advantages in terms of creating new concepts to stabilize intellectual strategy in

saving their own money thru banks, thru self planning or social aspects.

Sub-problem No. 5: Does the act of 1) High cost of commodities and delayed

allowances; 2) Temptation on buying something; 3) Deficit spending pattern

and 4) Sacrifing something in order to save money create a temporal hardship

to the respondents?

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TABLE 5

The act of saving money for school expenses


create temporary hardship to the students

Selected Grade TOTAL Rank


12 ABM Students

WM VI WM VI

1. Delayed and inadequate


allowance, high cost of
commodities, urgent school
prints and modules are the 41.67% N 41.67% N 2nd
common hindrances you
usually face that stopping you
to save money.

2. Temptation on buying
something you want is too
strong that keeping 41.67% N 41.67% N 2nd
you to save from your
allowance.

3. You have deficit spending


pattern that may be attributed
to a lack of education about
financial matters or having a
lower incentive to follow a 51.67% N 51.67% N 1st
budget, so you tend to
sacrifice something you need
or want just to save money.

4. Are you the type of student


that in order to save money for
both school and personal 36.67% N 36.67% N 3rd
expenses you tend to sacrifice
something that you really
want?

Overall Average Percentage 42.92% N 42.92% N

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Table 5 shows on how the Grade 12 Accountancy, Business and

Management save money for school expenses create temporal hardship to the

student and among four questions identified by the selected Grade 12 Accountancy,

Business and Management respondents, all questions were considered Neutral (N)

namely: 1) Save money for both school and personal expenses with a percentage of

41.67%; 2) Delayed allowance, commodities, urgent school prints and modules with

a percentage of 41.67%; 3) Spending pattern with a percentage of 51.67%; and 4)

Temptation on buting something that you want with a percentage of 36.67%. The

overall average percentage of the four questions identified by the selected Grade 12

Accountancy, Business and Management respondents is 42.92% as rated as

Neutral.

Considering the overall average percentage of the responses of the Selected

Grade 12 Accountancy, Business and Management Students indicating 42.92%, it

appears that the respondents faces hindrances in all times whether they like to

budget their money or not, but later decided to sacrifice something in order to

allocate their allowances properly or do not have intention to fixed things in financial

aspect as much as possible. It is highly visible and respectfully indicated that the

lack of financial education is the first concern of the students being the top reason of

why they need to sacrifice something for the sake of fulfilling their needs and wants

by spending money thoroughly with a little hopes and assumptions. There was not a

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relationship between the number of helpful saving strategies and the age of the

saver. A relationship was not found between the saver‟s age or number of children

and the number of hardships experienced.

Balint, Adam. (2014). “Saving Habits of Hungarian College Students”. Szent

Istvan University. The Table 5 data results shows the hindrances and temporal

hardships of the students in having their allowance for daily, weekly or monthly

allowance on hand that can relate to Balim‟s statement about the behavior of an

individual whethere he or she exceed in present consumption or increase in his or

her money profit as a student it is also visible thAT the cost of living are getting high,

people face with income instability together with the unstoppable population growth

that can result in having less employment opportunities, inappropriate savings

increased anxiety among moderate and low-income household. This phenomenon

has concerned consumers of the adequacy of their savings, which could cause their

saving rate declined over time.

Sub-problem No. 6: Is there a significant relationship between financial

strategy to school expenses in terms of: 1) Various school fees together with

applying different techniques of budgeting and 2) Importance of financial

strategies for school expenses?

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Table 6

Significant relationship between


financial strategy to school expenses

Selected Grade TOTAL Rank


12 ABM Students

WM VI WM VI

1. Various school fees


create an impact to
broaden your mind as a
student to apply different 53.33% N 53.33% N 1st
financial strategy in order
for you to save money
and pay the school
expenses.

2. Do you believe there is


importance between
applying financial
strategies to obtain the 43.33% N 43.33% N 2nd
needed school expenses.

Overall Average 48.33% A 48.33% A


Percentage

Table 6 shows on how the Grade 12 Accountancy, Business and

Management the relationship between financial strategy to school expenses. In this

table the two questions are both considered Neutral (N); 1) Impact of school fees in

financial strategies with a percentage of 53.33% and 2) the importance between

financial strategies to obtain school expenses with a percentage of 43.33%. The

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overall average percentage of the two questions identified by the Grade 12

Accountancy, Business and Management respondents is 48.33% as rated as Agree.

Considering the overall average percentage of the responses of the Selected

Grade 12 Accountancy, Business and Management Students indicating 48.33%, it

appears that there is a significant relationship between the financial strategies and

school expenses. It is clearly see that the respondents apply method or techniques

of budgeting to overcome their school expenses in all matters.

Peng, T. M., Bartholomae, S., Fox, J. J., & Cravener, G. (2007). “The impact

of personal financial education delivered in high school and college courses”.

Journal of Family & Economic Issues. The Table 6 shows the relationship between

financial strategy and school expenses by answering the question of its importance

and impact on the two independent variables and Peng Bartholomae strengthen the

result by his study pertaining to the impact of financial education and its outcome on

web based sult survey. Hence, both result nearly clarify that there is a siginificant

relationship between the two variables, just like Bartholomae stated in his research

that it is natural to have a different perspective on financial foundation due to the

enforcement of knowledge in middle school and experience serves a financial

instrument to make a correlational relationship between estimated school expenses

and the financial tactics need to imposed for further better outcomes.

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CHAPTER V

Summary, Conclusion, and Recommendation

Summary

The salient findings of the study are as follows:

 Most of the students of Accountancy Business and Management of Polytechnic

University of the Philippines agree (47%) that allocating money to pay for school

expenses must come first rather than buying unnecessary items and (36.67%)

are neutral that their gender has a significant relationship to a different vices for

them as a students and (36.67%) strongly agree that saving allowance can help

the problem of their parents.

 Accountancy Business and Management students of Polytechnic University of

the Philippines believe that most of their allowance goes to the following: rank 1-

food and beverages; rank 2- transportation; rank 3- Printing/photocopying

expenses; rank 4- Going out with friends and dates; rank 5- Activities/Projects;

rank 6- utilities expense; rank 7- miscellaneous fee; rank 8- clothing shoes and

accessories; rank 9- computer rental; rank 10- Vices. It is clearly see that the

commonly expenses of the student in PUP is the food and beverages while the

least one is the other vices.

 Relative to the relationship of financial strategy of the Accountancy business and

management students of Polytechnic University of the Philippines, the students

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says that they gain their knowledge thru the influence of the following: rank 1-

Media; rank 2- Family; rank 3- Financial Subjects; rank 4- Friends; rank 5-

church.

 When it comes to application of financial strategies, respondents have undecided

opinion about self financial techniques to ensure that there allowances are worth

spending for in their school expenses.

 The students faces hindrances in all times whether they like to budget their

money or not, but later decided to sacrifice something in order to allocate their

allowances properly or do not have intention to fixed things in financial aspect as

much as possible.

 Lastly, there is a significant relationship between the financial strategies and

school expenses. The weighted mean 3.49 indicates verbal interpretation of

Agree and so does their relationship meet certain expectations. The researchers

observe and clarify everything to come up with the result of having significance or

not.

Conclusions

Based on the findings of the study, the following conclusions are drawn:

 The researchers conclude that overall of the students‟ weekly allowance ranges

501 and above.

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 The researchers conclude that Female are mostly allocate their money to pay for

their school expenses than Male.

 The researchers conclude that the gender of the students agree on the

outstandingly correlated different vices.

 The researchers find out that most of the students‟ allowance goes to

printing/photocopying , school/strand activities, computer rental, school

miscellaneous fees, food and beverages, hangout or dates with friends, clothes,

shoes accessories ,transportation, and utilities expense.

 The researchers conclude that most of the students, strongly agree that they

prioritize the proper distribution of their allowance for school expenses.

 The researchers conclude that students‟ financial, friends, families, subjects ,

media, church-mates and experience affect them to save money for school

expenses

 The researchers conclude that students both male and female need bank

accounts credit/debit card to practice their learning capability about financial

techniques and handling their money wisely.

 The researchers conclude that the financial management courses expose them on

how important the money management that would help and encourage them to

save at a young age.

 The researchers conclude that it is important for parents to teach their children

about the money matters.

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 Researchers conclude that students should minimize their expenses on

transportation, clothing, cosmetics and communication so that they will have more

to spend on school supplies and other school related expenses.

 Researchers conclude that the students‟ Financial concepts such as their strand

offers finance subject is an excellent way to recapitulate their financial decisions

that can help you to allocate your money on the right place when it comes to

school needs.

 Researchers conclude that saving strategies like getting a part time job, selling

clothes or other items to raise money, lessen other leisure activities, direct deposit

into savings account and “paluwagan” can serve as a big help to maintain their

discipline in handling money on a proper manner.

 Researchers conclude that students agree of the help of different financial

strategies they can focus on their target budget to sustain their school expenses.

 Researchers conclude that most of the students agree that saving money for

school expenses creates destitution and shortage for the students.

 Researchers conclude that delayed and insufficient allowance, high cost of

commodities, urgent school prints and modules are the common obstacle they

usually encounter that stopping them to allocate their money.

 Researchers conclude that students‟ desire on buying something they want is hard

that keeping them to save from their allowance.

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 Researchers conclude that students‟ have shortage spending pattern that may be

attributed to a lack of education about financial matters or having a lower incentive

to follow a budget, so they tend to sacrifice something they need or want just to

save money.

 Researchers conclude that students disagree that in order for them to save money

for both school and personal expenses they need to sacrifice something they

really want.

 Researchers conclude that student‟ various school fees create an impact to

broaden their mind to apply different financial strategy in order for them to save

money and pay the school expenses.

 Researchers conclude that students do believe that there is importance between

applying financial strategies to obtain the needed of school expenses.

Recommendations

Based on the findings and conclusions presented, the following

recomendations are suggested:

 The researchers recommend that the students should sacrifice their wants or

desire in order for them to save money for school expenses so that they will no

longer ask money from their parents and also improve their skill on handling

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money epecially that their chosen strand are Accountancy Business and

Management.

 The researchers recommend that the students should not minimize their expenses

such as transportation, and communication because this is one of the basic needs

that students must have especially those who live in the rural areas. Moreover,

transportation expense cannot be minimizing bacause of the set standardization

on jeepney fare.

 The researchers recommend that the students should stop buying unecessary

things and going out with friends everytime, instead engage their self to the things

that will make them busy and do not require money.

 The researchers recommended that the students should prioritize more of their

budget in different school expenses rather than spending money for unnecessary

things.

 The researchers recommended that the parents should guide and teach their

children on how to spend money wisely in various things.

 The researchers recommended that the students should expose their selves in

different financial matters to enhance their money management at their younger

age.

 The researchers recommended that the students should continue to learn more

about financial matters that may encounter at younger age and to surpass every

financial problem.

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APPENDIX A
(Letter to the Principal Requesting Permission to Administer the
Questionnaire)

Republic of the Philippines


Polytechnic University of the Philippines
Sta.Mesa, Manila
Accountancy and Business Management
Senior High School Department
February 03, 2018

Prof. Mina Comuyog


Principal, Senior High School
Polytechnic University of the Philippines

A warm greeting!

We are the students from Senior High School Department Grade 12 under the strand of Accountancy
and Business Management of the Polytechnic University of the Philippines is presently taking the
subject of Inquiries, Investigations and Immersion under the supervision of Prof. Arianne Nicole
Nachor and now conducting a research about “The Effectiveness of Financial Strategy in Managing
School Expenses Among the Selected Grade 12 Accountancy, Business and Management
Students of Polytechnic University of the Philippines; S.Y: 2017-2018”. In order to fulfil the
needed requirements to make our research possible, we are respectfully asking for your permission to
conduct a survey on the selected 60 respondents from Grade 12 students of Accountancy and Business
Management to participate and become a big part of our research.

We are hoping for your kind consideration and approval. Thank you!

Respectfully yours,

Jane Eunice Alfonso


Kyla Kathrine Fernandez
Jessielyn Gialogo
Allyssa Icalla
Jonathan Pilos
Aimee Joy Ugayan
Anne Rae Varon

Noted by:

Ms. Arianne Nicole Nachor


Inquiries, Investigations and Immersion

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APPENDIX B
(Letter to the Respondents Requesting Permission to Administer the
Questionnaire)

Republic of the Philippines


Polytechnic University of the Philippines
Sta.Mesa, Manila
Accountancy and Business Management
Senior High School Department

February 03, 2018

Dear Respondents!

A warm greeting!

We are the students from Senior High School Department Grade 12 under the strand of Accountancy
and Business Management of the Polytechnic University of the Philippines is presently taking the
subject of Inquiries, Investigations and Immersion under the supervision of Prof. Arianne Nicole
Nachor and now conducting a research about “The Effectiveness of Financial Strategy in
Managing School Expenses Among the Selected Grade 12 Accountancy, Business and
Management Students of Polytechnic University of the Philippines; S.Y: 2017-2018” . In order to
fulfil the needed requirements to make our research possible, we are respectfully asking for your
cooperation and be our respondents to our prepared survey. Your opinions and notions are
extravagantly needed in our study; we are now thanking all of you in advance for your warm welcome
and respectful actions towards us. Your responses will remain anonymous and highly confidential.

We are hoping for your kind consideration and response. Thank you!

Sincerely,

Jane Eunice Alfonso


Kyla Kathrine Fernandez
Jessielyn Gialogo
Allyssa Icalla
Jonathan Pilos
Aimee Joy Ugayan
Anne Rae Varon

Noted by:

Ms. Arianne Nicole Nachor


Inquiries, Investigations and Immersion

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APPENDIX C
(Questionnaire)

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CURRICULUM VITAE

Jane Eunice S. Alfonso


Address: 38 A. P Mejia St. Libis Quezon City
Birthday: September 15, 1999
Gender: Female
Age: 18
Phone Number: (+63) 936 388 9952
Religion: Roman Catholic
Nationality: Filipino
Civil Status: Single
E-mail Address: niss.alfonso@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
Juan Sumulong High School
18th Ave. Cubao, Quezon City; Academic Year: 2012-2016 (JHS)
Primary
Libis Elementary School
Boni Serrano Road ,Libis Quezon City; Academic Year: 2006-2012

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Kyla Kathrine C. Fernandez


Address: #1100 Capangyarihan Comp.
Valenzuela City
Birthday: February 18, 2000
Gender: Female
Age: 18
Phone Number: 09368724621
Religion: Roman Catholic
Nationality: Filipino
Civil Status: Single
E-mail Address: kylak.fernandez@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
Bobby and Kates Incorporated
5A L San Diego St, Valenzuela City; Academic Year: 2012-2016 (JHS)
Primary
Bobby and Kates Academy
5A L San Diego St, Valenzuela City; Academic Year: 2006-2012

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Jessie Lyn D. Gialogo


Address: 755b Lacson St., Sampaloc, Manila
Birthday: June 29, 2000
Gender: Female
Age: 17
Phone Number: (+63) 919 593 6612
Religion: Roman Catholic
Nationality: Filipino
Civil Status: Single
E-mail Address: gialogojessielyn@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
Victorino Mapa High School
300 San Rafael St., San Miguel, Manila; Academic Year: 2012-2016 (JHS)
Primary
Don Jouquin Artuz School
Iloilo City; Academic Year: 2006-2012

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Allyssa A. Icalla
Address: #74 Mabini St., Brgy. Dist. 2, Cuyapo,
Nueva Ecija
Birthday: October 7, 1999
Gender: Female
Age: 18
Phone Number: (+63) 975 912 0266
Religion: Roman Catholic
Nationality: Filipino
Civil Status: Single
E-mail Address: alayicalla99@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
St. Pius X Institute
Aguila St., Cuyapo, Nueva Ecija; Academic Year: 2012-2016 (JHS)
Primary
Cuyapo Central School
Aguila St., Cuyapo, Nueva Ecija; Academic Year: 2006-2012

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Jonathan D. Pilos
Address: #120 Blk. 9 Welfareville Compd.,
Brgy. Addition Hills, Mandaluyong City
Birthday: August 26, 1999
Gender: Male
Age: 18
Phone Number: (+63) 999 960 8085
Religion: Roman Catholic
Nationality: Filipino
Civil Status: Single
E-mail Address: connect143.jp@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
Mataas na Paaralang Neptali A. Gonzales
Martinez St. Mauway, Mandaluyong City; Academic Year: 2012-2016 (JHS)
Primary
Nueve De Febrero Elementary School
9 de Pebrero St., Mandaluyong City; Academic Year: 2006-2012

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Aimee Joy C. Ugayan


Address: #8 Road 4 North Daanghari, Taguig
City
Birthday: December 1, 1999
Gender: Female
Age: 18
Phone Number: (+63) 906 884 0610
Religion: Born Again Christian
Nationality: Filipino
Civil Status: Single
E-mail Address: aymijoycatapang@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
Dr. Arcadio National High School
Junior High School
KM15, SMDP, Parañaque City; Academic Year: 2012-2016 (JHS)
Primary
Daanghari Elementary School
North Daanghari, Taguig City; Academic Year: 2006-2012

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Anne Rae G. Varon


Address: Blk 2 Lot 4 Humanity Village Brgy.
Bagong Silangan, Quezon City
Birthday: September 9, 1999
Gender: Female
Age: 18
Phone Number: (+63) 939 043 8087
Religion: Roman Catholic
Nationality: Filipino
Civil Status: Single
E-mail Address: varonannerae@gmail.com

Educational Background

Secondary
Polytechnic University of the Philippines (PUP)
Sta. Mesa, Manila; Academic Year: 2016-Present (SHS)
Bagong Silangan High School
J.P. Rizal Bagong Silangan, Quezon City; Academic Year: 2012-2016 (JHS)
Primary
Bagong Silangan Elementary School
Villamor St., Bagong Silangan, Quezon City; Academic Year: 2006-2012

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BIBLIOGRAPHY

Thesis and Dissertations:

Kieschnick, Danika Ann (2008) “Financial knowledge levels and savings behaviors of

Bermudian high school seniors at CedarBridge Academy”. Retrospective Theses and

Dissertations.

Iowa State University

Bemheim, D , Garrett, M., & Maki, D. (2007). “Education and saving: the long-term

effects of high school financial curriculum mandates”. NBER Working Papers 6085,

National Bureau of Economic Research, Inc.

Retrieved March 1, 2011, from:

www.econ.stanford.edu/faculty/workp/swp97012.pdf.

Wong, Beatrice Anak. (2013). “Practices of Savings among Students”

University of Malaysia Sarawak

Online Sources:

Balint, Adam & Horvathne, Annamaria Kokeny. (2013). “Saving Habits of Hungarian

College Students”. European Scientific Journal

Szent Istvan University

Borden, L., Lee, S., Serido, J., & Collins, D. (2008). “Changing college students„

financial knowledge, attitudes and behavior through seminar participation”.

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Journal of Family and Economic Issues

Gutter, M.S. & Garrison, S. (2008). “Perceived norms, financial education, and

college student credit card behavior”.

Journal of Consumer Education

Hira, T. (2009). “ISU professor studies gender differences in investment behavior”

Retrieved November 7, 2010 from:

http://www.iastate.edu/~nscentral/news/2006/nov/genderinvest.shtml

Jump$tart Coalition. (2007). “Financial literacy declining among 12th graders,

coalition urges states to include personal finance in curriculum standards”

Retrieved November 10, 2008, from http://www.jumpstartcoalition.org

Losby, Jan Leiann. (2008). “Saving Strategies: Decisions and sacrifices low income

parents make to secure a better future for their families”. Iowa Research Online.

University of Iowa.

Morton, J. (2009). “The Interdependence of economic and personal finance

education”.

Social Education

Peng, T. M., Bartholomae, S., Fox, J. J., & Cravener, G. (2007). “The impact of

personal financial education delivered in high school and college courses”.

Journal of Family & Economic Issues

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