Britech College

White Rose, Yati Liloan Cebu Philippines

Academic year 2023-2024

“FINANCIAL LITERACY: A BASIS OF BUDGETING FRAMEWORK OF SENIOR HIGH SCHOOL

STUDENTS IN BRITECH COLLEGE”

BY

GROUP 1 – 11 ABM BANATAO

Meca, Annikka Kierstine R.

Marikit, Jan Niña Q.

Banticel, Jon Boban L.

Abucay, Checki Rose

Cabico, Laura Marie S.

Thesis Adviser:

Ms. Khate Monterde

 CHAPTER 1

THE PROBLEM AND ITS BACKGROUND

INTRODUCTION

Knowledge and understanding of financial concepts and risks, as well as the

skills, motivation, and confidence to apply such knowledge and understanding in order
to make effective decisions across a variety of financial contexts, improve individuals'
and society's financial well-being, and enable participation in economic activity.
(PISA,Organisationfor EconomicCo-operationandDevelopment, 2017) This study dives
into the budgeting frameworks of senior high school students at Britech College, with
the goal of improving their financial literacy and empowering them to face financial
issues.

Financial difficulties are a major concern for all people, but students in particular.
The majority of students suffer financially since they come from disadvantaged
backgrounds. As a result, students must decide whether to spend money on food or
other necessities, and some must deal with health problems that have a negative impact
on their ability to pay for their bills (Perman, 2019). Students had to deal with financial
difficulties as a result of their lack of resources to adjust to the high cost of living.

To address the issue of financial literacy among grade 11 students, various laws
and initiatives have been enacted to encourage financial education in schools and
improve students' financial awareness. The Every Student Succeeds Act (ESSA) includes
provisions for financial literacy education as part of the school curriculum, emphasizing
the importance of equipping students with the skills needed to make sound financial
decisions (U.S. Department of Education, 2015). In addition, Republic Act No. 10922
establishes Economic and Financial Literacy Week in the Philippines, aiming to raise
awareness and promote financial literacy among Filipinos through the involvement of
government agencies, educational institutions, private sector, and civil society. (Republic
act no. 10922, 2016)

The 50/30/20 rule is an effective budgeting structure that grade 11 students can
use, allocating 50% of their income to needs, 30% to wants, and 20% to savings and
debt reduction. This rule gives students a basic yet efficient guideline for managing their
finances and prioritizing critical costs, discretionary spending, and savings goals
(Elizabeth Warren & Amelia Warren Tyagi, 2005). Britech College's financial literacy
teaching incorporates the 50/30/20 rule, allowing students to build practical budgeting
skills and cultivate healthy financial habits that will benefit them in the future

STATEMENT OF THE PROBLEM

The financial well-being of individuals significantly depends on their

understanding and management of money. In today's intricate financial landscape, a
lack of financial literacy can result in poor financial decisions, debt accumulation, and
restricted opportunities for economic growth. This study aims to explore the level of
financial literacy among Senior High School students at Britech College and its impact on
their budgeting frameworks.

The study's primary research questions are:

1. What is the level of financial literacy among Senior High School students in Britech
College?

2. How do Senior High School students in Britech College currently manage and allocate
their finances?

3. Is there a connection between knowing about money and being good at budgeting for
Senior High School students at Britech College?

4. What are the main challenges faced by Senior High School students in Britech College
in improving their financial literacy and budgeting skills?

SCOPE AND DELIMITATION

This study focuses on financial literacy; a basis of budgeting framework of Senior

High School Students of Britech College year 2023-2024. The researchers specifically
choose the financial literacy, to know the spending habits of Senior High School
Students of Britech College. With this reason, conducting a survey will be use in this
study. Further, this study is limited to Senior High School Students only, the duration of
the study is from April to May 2024. Findings are specifically in Britech College Senior
High School building, and may not be generalized to the whole campus.
SIGNIFICANCE OF THE STUDY

The result of this research will benefit the following:

Students: The spending in foods, and buying things that they see in social media, and
savings habits of the students have changed over the years in the Philippines. Senior
high school students have started to spend more money on entertainment and lifestyle
and have become more brand conscious. This study is conducted to understand the
saving and spending habits of Senior High School Students. This study was designed to
collect data about financial management behaviors of Senior High school students, and
provide information about current financial budgeting framework. Studying the financial
management behaviors could provide more information about skills related to the
psychosocial development of students related to their financial.

Parents and Guardians: This study aims to help guardian and parents so that they could
know how their children's budget money that they work hard of. This can help so that
they can guide their children's on their budgeting framework.

Future Researchers: The conducted studies will further open doors for future
researchers to refine and expand studies in relation to budgeting frameworks. This may
serve as a source of information and basis for future researchers.
 CHAPTER 2

THEORETICAL FRAMEWORK

This chapter discusses similar studies and literature that are important to the present
investigation. These connected research and literature contribute to a comprehensive
understanding of the study's idea. It scientifically explained the method and the relationship
between concepts in the development of this research.

RELATED LITERATURE

According to (Ruofan Bai 2023), this study aims to examine the influence of
cognitive factors, specifically financial literacy, mental budgeting, and self-control, on
subjective financial wellbeing. The results indicate that financial literacy, mental
budgeting, and self-control exert a favorable and noteworthy influence on an
individual’s financial well-being. In general, the study’s theoretical implications augment
the current knowledge repository, while its practical implications provide feasible
perspectives for policymakers, financial institutions, and individuals to foster financial
wellness and enhance financial results.

(Guthrie, 2015)The purpose of the Personal Budget Project is to give you an

opportunity to envision your financial future and to understand and practice some
important personal financial skills such as estimating income tax, preparing a budget,
learning about debt, and recognizing the importance of beginning a savings program as
soon as possible. In working through the project, you will discover foundational truths
about personal finances that can help to foster sound decision-making as you become
responsible for your own financial future.

(Lusardi, 2019) Skills are becoming more critical, leading to divergence in wages
between those with a college education, or higher, and those with lower levels of
education. Simultaneously, financial markets are rapidly changing, with developments in
technology and new and more complex financial products. In this context, it is
important to understand how financially knowledgeable people are and to what extent
their knowledge of finance affects their financial decision-making. Furthermore, there is
evidence of a lack of confidence, particularly among women, and this has implications
for how people approach and make financial decisions.

(Sharma, 2024) This paper aims to offer a comprehensive perspective on the

importance of financial literacy from a global standpoint and the determinants that
influence an individual's level of financial education. Financial literacy is increasingly
recognized as a key skill necessary for navigating today's complex financial landscape. It
encompasses understanding concepts such as budgeting, saving, investing, and
managing debt.

(Versal et al. 2023) The research objective is to investigate how savings and
personal budgeting indicators affect both objective and subjective well-being and to
examine the role of these indicators in promoting financial literacy. The results of this
study may have interest for policymakers since they focus on improvement of the
financial literacy and FWB of individuals, results in a higher level of financial stability.

(Redhana, et al. 2020) found out from their study that the overall environmental
literacy of students was classified as a high category. However, the dimension of
knowledge was in the medium category, while the other dimensions were in the high
category.

(Garg, et al. 2018) The study reveals that the financial literacy level among youth
is low across the most part of the world that has become a cause of concern. Also, it has
been observed that various socio-economic and demographic factors such as age,
gender, income, marital status and educational attainment influence the financial
literacy level of youth and there exists an interrelationship between financial
knowledge, financial attitude and financial behavior.

(Mandel, et al. 2013) Their findings indicated that those who took the course
were no more financially literate than those who had not. In addition, those who took
the course did not evaluate themselves to be more savings-oriented and did not appear
to have better financial behavior than those who had not taken the course.

(Abrencia, et al. (2024) The result of their study showed a high level of financial
literacy among Senior High School students in terms of saving, budgeting, and investing.
On the other hand, the results also showed a high level of self-control among Senior
High School students in terms of inhibition, initiation, and continuation. Likewise, results
showed a high level of financial behavior among Senior High School students regarding
saving behavior, spending habits, and financial goal setting.

According to (Fuior Elena, et al. 2022) The elements in the lower level
components contribute to achieving higher levels components. Budgetary resources
allocated for the implementation of programs contribute to achieving the objectives
expressed by outputs and outcomes and objectives to achieve the goals of the program.
 These different studies highlight the importance of financial literacy, mental
budgeting, and self-control in determining people's financial well-being. They emphasize
the importance of knowing financial ideas, having strong financial abilities, and making
informed decisions in order to achieve financial stability and success. While concerns
such as low financial literacy among young and confidence disparities persist, there is a
rising acknowledgment of the need to improve financial education around the world. By
providing individuals, particularly young people, with the required knowledge and
abilities, we can enable them to navigate the intricacies of the financial world and make
smarter financial decisions to safeguard their futures.

RELATED STUDIES

(Amiranashvili 2023), concluded that Family and educational background play a

significant role in shaping students’ financial literacy, and access to financial education
resources may also be a factor in their level of financial literacy.

Based on the study conducted by (Ian Ramsay et al. 2014) young people are
active consumers and it has been suggested that their levels of financial literacy are not
consistent with their extensive consumer activities. Currently a research gap exists
regarding the financial literacy levels and attitudinal/behavioural aspects of young
people’s financial decision-making.

Above 50 percent of students were found to be financially literate and there

were more female students who were financially literate compared to male
counterparts. The study also shows that the age and the parent’s educational
background have a statistically significant relationship with the student being financial
literate. Furthermore the results indicate that there is a statistically significant
relationship on good financial decision making (that is, budgeting, savings and
investments) and being financial literate, compared to being financial illiterate.
(Mudzanani 2018)

Based also on the study of Homan 2015, there is no difference financial literacy
among male and female students and there is no difference in the financial literacy of
students who lived alone with a student who lives with his parents. There was no
correlation between the parental income levels of financial literacy. And also there was
no correlation of parental education and their children's financial literacy.

A correlation between the Jump $ tart Coalition Survey of Personal Financial

Literacy Among Students scores and time to complete the survey was generated to
describe this relationship. Results indicated that overall, high school seniors represented
by this convenience sample did not possess adequate financial literacy with an average
score of 50.5. Results revealed statistical differences at. 05 level of significance based on
race, personal bank account ownership, and socioeconomic level. (Shults 2012)

Students must know more about Financial Literacy and develop a good spending
behavior as it will help them in adulthood. Parents and Teachers must set a good
example to the young generation since there are a significant factor affecting the
students’ knowledge and behavior. (Bedrejo et al. 2021)

This study investigates the impact of personal and family background, academic
ability, and childhood consumer experience on financial literacy among students. This
investigation is among the first to examine the role that ethnicity plays in the
relationship between childhood consumer experience and in explaining financial
knowledge. Students of Chinese ethnicity, who live on campus, and who attend private
colleges were less likely to be financially literate. Structural equation modeling indicated
that early childhood consumer experiences such as savings' habits contribute to
students' financial well-being; measured as money saved, current financial situation,
and financial management skills. (Sabri 2011)

(Jayaraman et al. 2018) results showed that parental involvement was also found
to have a significant influence on financial literacy. Interviews with students highlighted
the fact that understanding of societal and macroeconomic impacts of financial literacy
was low. These findings lend support for high school financial education which involves
parents and stresses practical hands-on application, societal and macroeconomic
impact, as a means of improving financial literacy.

According to (Gabay et al. 2024) The findings revealed that parents were the
primary source of financial knowledge. Also, students faced challenges in money
management and showed limited familiarity with financial terms, particularly budgeting.
Therefore, the findings suggested a moderate to high level of financial literacy among
senior high school students, emphasizing the need for a financial stewardship plan.

In conclusion, multiple studies show that family history, educational resources,

parental participation, and early consumer experiences all have a substantial impact on
pupils' financial literacy levels. Gender disparities, age, parental education, and good
financial decision-making skills all have an impact on pupils' financial literacy levels. It is
clear that developing financial literacy through practical education, family involvement,
and early exposure to financial ideas is critical for improving kids' financial knowledge
and skills as they grow into adults.
CONCEPTUAL FRAMEWORK

Engagement in financial activities or association in daily transactions that require

the use of money has been an integral part of human nature. Financial literacy suggests
the capability of individuals to be knowledgeable and mindful of their allocation of
financial resources such that there are multiple fractions in life that need to be funded
and provided with monetary attention.
 CHAPTER 3

RESEARCH METHODOLOGY

RESEACH DESIGN

In this study, we will be using a qualitative design since it allows for a thorough
examination of the students' perspectives, behaviors, and experiences with financial
literacy and budgeting. We can use qualitative methods such as interviews and
observations to uncover the underlying reasons for students' financial decisions,
understand their attitudes toward money management, and investigate the impact of
factors such as family background and educational experiences on their financial literacy
skills. This technique allows for a more detailed knowledge of how students handle
financial difficulties, giving important information that may be used in creating specific
actions and instructional strategies to improve financial literacy among Britech College's
senior high school students.

RESEARCH ENVIRONMENT

The research will be conducted at Britech College that is located in White Rose,
Yati, Liloan, Cebu along the National Highway, Philippines. The school is situated in a
peaceful and serene location, ideal for students looking for a conducive environment for
learning.

Conducting our research in White Rose, Yati, Liloan, Cebu along the National
Highway, Philippines allows us to focus our study on students in Britech College who are
struggling with Financial Literacy. By selecting this specific location, we hope to gather
data and insights that will provide us with a clear understanding of the challenges faced
by students in this area. Additionally, conducting the research in a specific location
makes it easier for us to engage with the community and tailor our interventions
accordingly. Overall, our choice of location serves as a strategic approach to finding
solutions to address the issue of financial literacy among students in Britech College.

RESEARCH PARTICIPANTS

The research respondents for this study are senior high school students from
Britech College. As researchers, we aim to understand their financial literacy levels and
how these influence their budgeting practices. By uncovering their experiences,
behaviors, and perspectives on money management, we hope to gain valuable insights.
To ensure a comprehensive understanding, we will conduct interviews specifically with
Grade 11 STEM (Science, Technology, Engineering, and Mathematics) students. This
study employs purposive sampling, which involves selecting participants based on our
judgment.

RESEARCH INSTRUMENT

The main research tool for this study on senior high school students at Britech
College's financial literacy and budgeting practices will be a structured interview guide.
A variety of questions will be asked during the interview to evaluate the participants'
knowledge of financial concepts, attitudes toward budgeting, and real budgeting
techniques. It would encourage participants to elaborate on their financial management
experiences and to provide thorough answers. The interview guide will contain both
open-ended questions to allow for a more thorough examination of participants'
viewpoints and closed-ended questions to collect on particular areas of financial literacy
and budgeting. This strategy will give students a thorough awareness of the variables
driving their financial decision-making. The interview is expected to run between 30-45
minutes, depending on the topics being covered. This will allow for a comprehensive
examination of the participants' financial knowledge, practices, and attitudes.
Participants will have the chance to share their experiences and thoughts, which will
add significant information to the study's conclusions and influence next initiatives
meant to improve senior high school students' financial literacy and encourage sensible
budgeting techniques.

DATA COLLECTION AND PROCEDURE

Structured interviews will be conducted with a purposive sample of 25-30 senior

high school students. These interviews will explore their understanding and application
of financial literacy concepts, specifically focusing on budgeting practices. Each
interview will last approximately (depends) minutes and will be guided by a set of open-
ended questions designed to elicit detailed responses about their financial behaviors,
challenges, and the influence of their education on their budgeting skills. Interviews will
be audio-recorded with the consent of the participants, and the data will be transcribed
verbatim for thematic analysis. This approach will ensure an in-depth understanding of
the students' financial literacy and budgeting frameworks.

RESEARCH INTERVIEW QUESTIONS

1. Name
2. Sex
3. Age
4. Can you describe your understanding of financial literacy and how it impacts
your daily life as a senior high school student?
5. In what ways do you believe budgeting principles can be applied to your
personal financial decisions and planning for the future?
6. Can you share any financial challenges or mistakes you've experienced as a
senior high school student, and how you've learned from them?
7. How do you currently track your expenses and income, and do you feel it is
effective in helping you manage your finances?
8. What are your perceptions and experiences with different financial accounts,
and how do you manage them in your day-to-day life?
9. How do you see yourself continuing to develop your financial literacy skills
beyond your senior high school education?
10. How do you prioritize their spending, especially when faced with competing
needs such as school supplies, transportation, and personal expenses?
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38WFMJ-lxCl8KQ8_aem_AdDP8MXWk9vBZItilQiWoq5Qf-
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