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INDIANA AEROSPACE UNIVERSITY

Kagudoy Rd, Basak, Lapu-Lapu City, Cebu
Design Hearing

Group 5
Leader: Geray, Samantha Bianca S.
Members:
Franco, Gian Andre B.
Hermosisima, Joel Jr. L.
Langahid, Jerd Silvester
Macarayon, Rezjune Carlo A.
Magallon, Aaron Mharl L.
Padayao, Norgine B.
Pevida, Jc May B.
Rendora, Lyka Nadel C.
Velasquez, John Michael D.
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“The Usage of Gcash as a Financial Management Tool”

By
Ms. Samantha Bianca Geray/Mr. Gian Andre Franco/ Mr. Joel Hermosisima Jr./ Mr.
Jerd Silvester/ Mr. Rezjune Carlo Macarayon/ Mr. Aaron Mharl Magallon/ Ms.
Norgine Padayao/ Ms. Jc May Pevida/ Ms. Lyka Nadel Rendora/ Mr. John Michael
Velazquez

Keywords: Frequency and patterns, Effectiveness, Risk concerns and tracking.

Background

In today’s digital age, mobile wallets have become essential tools for personal
financial management across the globe. The global mobile payment market is
projected to exceed USD 10 trillion by 2033, reflecting the growing shift toward
cashless and technology-driven economies (GlobeNewswire, 2023). In the United
States and Europe, digital wallets are now widely integrated into daily transactions.
This trend is mirrored across the Asia-Pacific region, where rising smartphone access
and digital financial literacy have accelerated the adoption of mobile wallets like
GCash. In the Philippines, GCash has emerged as the dominant mobile wallet
platform, with over 76 million users as of 2023 (STL Partners, 2023). It offers
services such as money transfers, bill payments, and online purchases, and has also
expanded internationally, allowing Filipinos abroad in Asia, Europe, and North
America to use its features (Fintech News Philippines, 2023). To further enhance its
global capabilities, GCash partnered with blockchain firm Roxe in 2022 to improve
cross-border remittances for Filipinos worldwide (GlobeNewswire, 2022). In the
Visayas region—specifically Cebu—GCash is commonly used by students,
professionals, and small businesses for convenient digital transactions. In Lapu-Lapu
City, third-year students at Indiana Aerospace University rely on GCash to manage
their finances independently, especially during their Summer Class of 2025. This
study aims to assess how these students use GCash as a financial management tool,
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focusing on their spending behavior, budgeting practices, and awareness of financial

risks.

This study on the usage of GCash as a financial management tool among

students is grounded in five key theories: the Technology Acceptance Model (TAM),
Technology Continuance Theory (TCT), Financial Control Theory, Accessibility and
Social Influence Theory, and Payment Scheme Effectiveness Theory. The
Technology Acceptance Model (TAM) posits that users’ intention to adopt a
technology is primarily influenced by their perception of its usefulness and ease of
use (Alwi, 2021).When users find the technology difficult or not helpful, leading to
inconsistent or infrequent use. In this study, students’ perceptions of GCash’s user-
friendliness influence the frequency and patterns of its use in managing finances. The
Technology Continuance Theory (TCT) extends this model by emphasizing that
satisfaction, perceived usefulness, and positive attitudes determine the continued use
of digital platforms like GCash, especially during transitions such as the COVID-19
pandemic (Parilla & Abadilla, 2023). If students feel GCash does not effectively
support their budgeting or expense tracking needs, they are likely to discontinue its
use, reducing its effectiveness as a financial tool. Financial Control Theory
highlights the role of digital tools in promoting accountability, transparency, and
discipline in financial transactions—essential traits for students learning to manage
limited budgets effectively (Oleksich, 2017). When users cannot accurately monitor
their spending, they risk poor budgeting habits; this study shows how GCash’s
tracking features aid students in maintaining financial control. The Accessibility and
Social Influence Theory explains that factors such as convenience, ease of access,
and peer influence significantly shape the adoption of mobile payments among youth,
especially in university settings where social circles drive usage patterns (O’Connor,
2023). Yet limited access or lack of social encouragement can decrease usage
frequency, which affects students’ engagement with GCash. The Payment Scheme
Effectiveness Theory underscores that efficient digital payment systems enhance
accuracy, speed, and user satisfaction in financial transactions, contributing to better
institutional and personal financial management (Sari & Dewi, 2019); concerns about
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fraud or transaction failures raise risk issues that may deter students from fully using
GCash. Lastly, the Extended Theory of Planned Behavior identifies perceived risk,
such as fear of data breaches or financial loss, as a major barrier to technology
adoption (Tanveer et al., 2021), which helps explain students’ hesitance in relying on
GCash for budgeting and expense tracking. Together, these theories offer a strong
foundation for analyzing GCash not only as a technological tool but also as a socially-
influenced and behavior-shaping financial management platform among students.

Despite the growing popularity of mobile wallets in the Philippines, there

remains a research gap in understanding how students, particularly those living
independently, utilize platforms like GCash for daily financial management. Most
existing studies focus on general adoption trends or national usage statistics, but few
specifically explore how digital tools influence students’ budgeting, expense tracking,
and decision-making in a localized academic context. The Unified Theory of
Acceptance and Use of Technology 2 (UTAUT2) extends the traditional model by
adding factors such as hedonic motivation, price value, and habit to explain
technology usage (Venkatesh et al., 2016). These theories provide a foundational
framework for understanding the influence of digital tools like GCash on the financial
behavior of students at Indiana Aerospace University.

This study is significant because it examines how digital money tools such as
GCash assist students in managing their own finances, which is critical in today’s
digital environment. Since many individuals, particularly young people, now use
cashless payments, it is beneficial to understand how students use mobile wallets.
This understanding can assist educators, policymakers, and app developers in better
understanding students’ financial habits. The study also identifies the strengths and
weaknesses in students’ financial skills, which can help enhance financial education.
Finally, the findings can be used to design financial apps that encourage students to
develop healthy money habits.
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The researchers would like to conduct a study on the usage of GCash as a

financial management tool among third-year students at Indiana Aerospace
University. The objective is to better understand how these students use GCash to
manage their everyday financial needs with minimal assistance from their families.
This study also examines how GCash influences their budgeting, spending habits, and
financial decisions. Additionally, it aims to determine whether mobile wallets like
GCash can help students become more financially independent. Furthermore, the
research seeks to identify the challenges students face in using GCash and explore
ways to improve the platform to better support their financial management needs.

This paper examines how third-year students at Indiana Aerospace University

utilize GCash to manage their personal expenses while living independently. The
researchers are competent in studying GCash and its functionalities, enabling them to
effectively analyze its use among students. The study investigates the reasons behind
GCash usage, such as convenience, peer influence, and trust, as well as the challenges
students face in managing their finances. Guided by technology acceptance theories,
the research explores how students adopt digital financial tools in their daily lives. By
focusing on student experiences, this study provides valuable insights to enhance
financial education and improve the usability of mobile wallet platforms like GCash.

Aims of the Study

The main purpose of this study is to assess the usage of of Gcash as a

financial management tool among the third - year students at Indiana Aerospace
University for the A, Y, 2024 - 2025.

Specifically, it will seek to answer the following sub-problems:

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1. To assess the effectiveness of gcash as a financial management tool among

independent students in terms of:

1.1 Frequency

1.2 Expense tracking

1.3 Risk concerns

2. Rank the problems encountered by the third-year students who are enrolled in
summer class 2025.

3. Propose an action plan based on the findings of the study.

Research Method

This study employs a mixed methods approach to explore the usage of GCash
as a financial management tool among third-year students at Indiana Aerospace
University during the Summer Class of 2025. The total population consists of 242
students; for the quantitative component, a stratified random sample of 100 students—
proportionally selected from different academic programs—will complete surveys
containing structured Likert-scale questions focused on their budgeting, saving habits,
and usage patterns of GCash for financial management. The qualitative component
will involve semi-structured interviews with 8 to 10 parents or guardians, purposively
selected to provide insights into their perspectives on their children’s financial
management skills, challenges faced, and the role of GCash in fostering financial
independence. This combined approach allows for a comprehensive understanding of
both student behaviors and familial viewpoints regarding digital financial
management.

Research Environment

The locale of this study is Indiana Aerospace University, located along

Kagudoy Road in Lapu-Lapu City, Cebu. The university was founded in 1992 under
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the name Indiana School of Aeronautics and was granted university status in the year
2000, coinciding with its relocation to a 15-hectare campus. Known for its strong
academic foundation in aviation, aerospace, and related fields, Indiana Aerospace
University offers specialized programs such as Airline Management, Aircraft
Maintenance Technology, Aviation Electronics, and Aviation Tourism. It continues to
improve its educational systems and digital facilities to support student learning and
development. Through its partnerships with aviation companies both in the
Philippines and abroad, the university provides students with practical industry
exposure and hands-on experience. Indiana Aerospace University fosters a learning
environment that encourages discipline, technical excellence, and international
competence.

Research Respondent

The respondents will consist of 100 third-year students enrolled in the Summer Class
of 2025 at Indiana Aerospace University. These students come from various
programs: Aerospace Engineering (38), Aircraft Maintenance Technology (141),
Airline Management (21), Aviation Technology majoring in Flying (16), Avionics
Technology (17), Hospitality Management (3), and Tourism Management (6).
Stratified random sampling will be used to ensure proportional representation from
each program. This study will focus specifically on students who live independently
from their families and actively use GCash as their primary financial management
tool.

Research Instruments

To gather data for this study, the researchers used a self-made survey
questionnaire for third-year students, quantitative employing a 5-point rating scale
from 1 (Strongly Disagree) to 5 (Strongly Agree) to measure aspects such as
Frequency and Patterns of GCash usage, Effectiveness as a financial management
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tool, Risk Concerns, and Expense Tracking. Meanwhile, qualitative data were
collected through semi-structured interviews with parents or guardians to gain deeper
insights into their observations and experiences regarding their children’s financial
management using GCash. This mixed-method approach provides a well-rounded
understanding of how GCash supports students’ financial independence from both the
users’ and their families’ perspectives.

Data Gathering Procedure

The researchers will first secure approval from Indiana Aerospace University
and inform the participants of the study’s purpose. For the quantitative phase, a
stratified random sample of 100 third-year students will be surveyed using a self-
made questionnaire with Likert-scale items administered online through Google
Forms for ease of access and efficient data collection. For the qualitative phase, 8 to
10 parents or guardians will be selected through purposive sampling and interviewed
using semi-structured questions. All data collection will take place during the Summer
Class of 2025. Responses will be recorded, compiled, and organized for analysis.

Statistical Treatment of Data

The statistical treatment of data used a five-point Likert scale with numerical
ranges, descriptive equivalents, and interpretations to evaluate the usage of GCash as
a financial management tool. This method was applied to assess key variables such as
frequency and patterns of use, effectiveness in budgeting and expense tracking, risk
concerns, and overall financial management. Descriptive statistics like weighted
mean, rate, and frequency and ranking were used to summarize and interpret the
quantitative data collected from students. Meanwhile, qualitative data from parent
interviews were analyzed thematically to support and enrich the findings.

Scale Range Descriptive Interpretation

Equivalent
5 4.21 - 5.00 Strongly Agree The students
(SA) strongly agreed that
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the usage of GCash

as
a financial
management tool
was highly
effective in most
cases.

4 3.41 - 4.20 Agree (A) The students

agreed that the
usage of GCash as
a financial
management tool
was effective in
most cases.

3 2.61 - 3.40 Neutral (N) The students

neither agreed nor
disagreed that the
usage of GCash as
a financial
management tool
was effective.

2 1.81 - 2.60 Disagree (D) The students

disagreed that the
usage of GCash as
a financial
management tool
was effective in
most cases.

1 1.0 - 1.80 Strongly Disagree The students

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(SD) strongly disagreed

that the usage of
GCash as a
financial
management tool
was effective in
most of all cases.

Ethical Considerations
All participants in this study, including the students and their parents or
guardians, were provided with a clear explanation of the research objectives,
procedures, and any potential risks involved. Participation was entirely voluntary, and
respondents were informed that they could withdraw at any time without any negative
consequences or effect on their academic standing. To protect privacy, all data
collected through surveys and interviews were kept confidential and stored securely,
accessible only to the research team. Participants’ identities were anonymized and
were not revealed in any reports or publications. The researchers took care to ensure
that the data collection process was respectful and non-intrusive, minimizing any
discomfort or stress. If any participant experienced emotional discomfort, appropriate
support and referrals were offered. The research team committed to presenting
findings honestly and transparently, including acknowledging any study limitations.
Any conflicts of interest were disclosed to maintain transparency. Participants were
also given the option to review their data before analysis, ensuring their control over
personal information. These ethical practices helped maintain trust and integrity
throughout the study, ensuring a responsible and respectful approach to understanding
students’ use of GCash for financial management.
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References
Fintech News Philippines. (2023, March 8). GCash Overseas Now Available Across
Asia, Europe, and North America. [Link]
overseas-now-available-across-asia-europe-and-north-america/

GlobeNewswire. (2022, September 8). Roxe partners with GCash, the leading Filipino
mobile wallet app.
[Link]
[Link]

STL Partners. (2023). What is GCash? [Link]

is-gcash/
Alwi, S. F. S. (2021). Factors influencing e-wallet adoption: A review of the
Technology Acceptance Model and Diffusion of Innovation Theory. Journal of
Financial Services Marketing, 26(1), 5–18. [Link]
00090-3

Alwi, S. F. S. (2021). Technology Acceptance Model (TAM): A review and

implications for future research. Journal of Information Systems Engineering and
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Oleksich, D. (2017). Financial control theory: Concepts and applications in personal

finance management. International Journal of Finance and Accounting, 6(4), 189–
197. [Link]

O’Connor, P. (2023). Accessibility and social influence in technology adoption

among youth. Journal of Social Behavior and Technology, 12(1), 45–57.
[Link]

Parilla, J., & Abadilla, K. (2023). The role of satisfaction and perceived usefulness in
technology continuance among students during the pandemic. Asian Journal of
Educational Technology, 18(3), 125–138. [Link]
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Sari, R., & Dewi, F. (2019). Evaluating payment scheme effectiveness and user trust
in digital payment systems. International Journal of Digital Economy, 9(2), 50–65.
[Link]

Tanveer, M., Imran, M., & Shaikh, R. A. (2021). Perceived risk and technology
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