Money Management and the Financial Literacy of ABM-11 Students

A Research Presented to

The Faculty of SHS Department

Davao Doctors College, Inc.

Gen. Malvar St., Davao City

In Partial Fulfilment of the Requirements

In Inquires, Investigation and Immersion

Accountancy, Business and Management

Suarez, Lawrence Dave V.

Saud, Mansawie M.
Timbal, Christian Dave
Jarabay, Arabella Grace V.
Lopez, Loraine Mariel
Napoli, Patricia Nicole S.
Reyes, Fritzy A.
Sabang, Aslheey Heart D.
Sabellano, Conielyn B.
Villariaza, Giewil P.

May 2023
 TABLE OF CONTENTS

Title Page 1
CHAPTER
1 Introduction 3
Background of the Study 3
Review of Related Literature
6
Theoretical Framework 24
Conceptual Framework 25
Statement of the Problem 26
Hypothesis 27
Scope and Delimitation
27
Significance of the Study
28
Definition of Terms
30
2 Research Design
32
Respondents of the Study
37
Research Locale
40
Instrument of the Study
41
Data Gathering Procedure
47
Data Analysis
49
REFERENCE
 CHAPTER 1

INTRODUCTION

Financial literacy is a skill that an ABM student possesses that can assist

them with saving, investing, and other financial decisions that affect their well-

being. Financial literacy is present in anyone who makes financial decisions, either

their spending habits or money management. However, this is not always the case,

as other factors, such as social factors, can influence a student’s financial

decisions and money management (Majid et al., 2021). ABM students live with the

expectation to make sound financial decisions and to plan, taking into account not

only their immediate preferences but also their future needs, but other factors can

make this difficult.

According to Farinella et al. (2017), the government of the United States of

America provided a money management course to high school students to improve

financial literacy to combat certain factors that contribute to the illiteracy of

students. They investigated the relationship between high school students’

financial literacy and higher income, which tested whether or not a high school

money management course improves financial literacy. Financial literacy is crucial

in properly managing one's finances, despite other factors influencing it (Usama &

Yusoff, 2020). Since financial literacy is crucial in managing finances, one needs

to look at the financial literacy of a nation. Centeno and Vargas (2018) proposed

that only 25% of Filipinos are financially literate, aware of inflation, risk
diversification, insurance, and compound interest, and have bank savings

accounts in the Philippines. The study showed that 75% of Filipinos suffer from

poverty and insufficient adequate financial assistance, especially in squatter

communities near Manila. It begs the question, due to social factors such as

poverty and way of life, does this reflect one's financial literacy?

The Senior High School Department also implemented an ABM course,

wherein students are encouraged to develop financial literacy. This institution has

a sizable number of Grade 11 ABM students; interested in managing their

finances, but the need to emphasize whether their financial literacy will reflect how

they control their money, remains. The study is quite similar to previously

mentioned international and local studies. However, only a few findings focus on

evaluating whether a Grade 11 ABM student and their money management

accurately represents their financial literacy and competence. As a result, the

researchers of these studies will assess and comprehend the correlation between

the efficacy of a student in handling money and their financial literacy present in

their chosen academic track.

As was said before, only 25% of adults are financially literate in decision-

making after learning basic financial literacy from previous institutes (Business

Mirror, 2022). This situation raises an obvious issue regarding the application of

financial literacy by students in terms of money management. It is a significant

issue for today's standards because it demonstrates how much wasted potential

and knowledge this behavior has on students and educational institutions that

teach ABM. When students do not apply the financial knowledge, they have
learned in making financial decisions, they cannot weigh their options and make

well-informed choices for their financial situations. The researchers want to

conduct this study to address these concerns and determine whether financial

literacy truly reflects how well a student's money management is.

Due to the previously said reasons, the researchers think there is a need to

research this study as it will benefit the students under the ABM course —

broadening their knowledge application of financial literacy and turning their money

management habits more productive. Second, the findings of this study can help

schools and ABM educators figure out how to shape kids into better financiers and

what strategies they can use to raise financially literate individuals who can apply

their knowledge to their daily spending habits. Finally, this study will be practical in

current and future research on financial literacy and money management.

Thus, this study will be conducted to assess the correlational relationship

of Money Management and the Level of Financial Literacy displayed by Grade 11

Senior High School ABM Students.

Review of Related Literature

Money management, also known as investment management, is the

process of managing money and includes tracking expenses, making investments,

creating budgets, banking, and paying taxes. Money management is there to make

every dollar spent provide the maximum possible return on investment.

Understanding and using different financial skills, such as intelligent money

management and budgeting, is known as financial literacy (Love & Matthews,

2019). According to Nugraha et al. (2021), money management also includes

securing, acquiring, distributing, and using financial assets — a process typically

used to achieve a broader goal. It paints the picture that money management

should be an everyday habit that one should always exhibit to save finances and

make better financial decisions. It points to the importance of having ideal

behaviors and attitudes on handling finance hence why one should practice proper

management skills. Money management is a part of financial navigation, balancing

individual thoughts and project goals. Successful asset administration is the

primary concern of financial management as it helps the institution make better

financial decisions that could make it thrive amongst the competition on the

economic playground of their country (King et al., 2020).

Money Management has also been seen as a crucial factor in a person's

financial literacy — as it heavily depends on how financially literate an individual

is. As stated by Bamforth et al. (2018), money management is the process of

controlling the cash used by an individual in terms of budgeting, saving, investing,

and spending. Individuals with effective money management behaviors can take

charge of, manage, and control their finances. Effective money management

behavior contributes to financial fulfillment and safety and is a common sign that

an individual is financially literate when making crucial financial decisions. Money

management skills guarantee safer, responsible, careful monetary behavior and

more money literate in decision-making. For an individual to successfully manage

their money is an impactful discussion because their financial resources and

conditions affect their quality and social life. However, several factors affect one's

money management habits, making it harder for people to pinpoint whether one's

money management behavior reflects how financially literate they are.

Money management, despite other factors influencing it, is a good way of

determining whether an individual is financially literate because financial literacy

affects one’s money management behavior. According to Oseifuah et al., (2018),

financial literacy has a crucial impact on the economy and is an essential life skill

for an individual. Financial literacy has a connection to financial stability and will

lead to an efficient economy hence why academic institutions must implement

money management courses that help individuals to become more financially

literate when making financial decisions. For example, a student exercises their

money management skills when handling their money, which could be from their

allowances or working a part-time job. Experience in handling funds has been

shown to positively impact their financial literacy, as it would make them

knowledgeable about managing their financial obligations like budgeting,

investment, and saving. However, other factors also affect the stability of money

management behavior, which leads to the uncertain financial literacy that a student

display. An individual’s allowance will add to their savings behavior, as being

knowledgeable about finance will influence students into having effective money

management habits. However, the inverse of such a scenario is still not clear to

discern. It is evident that money management has an effect on an individual's

financial literacy and efficiency; however, these may not be definitive and

universal, for there are still other factors that may affect it. Studies that have
conducted tests to determine the relationship between money management and

financial literacy have limited scope for their test subject, which means the

relationship might not apply to other individuals (Rai et al., 2019). Past studies

have only examined financial literacy among working women, non-working

women, men, and students. It means that other groups may highly differ from one

another — as these groups have different environmental and social factors that

may affect how well they manage their money and financial literacy. After that, the

study used a small sample size and only included three variables related to

financial literacy; however, other important variables like socialization agent

influences, cultural influences, and family and environment-related issues were

also not factored into the study — with specified variables, a linear additive model

has been utilized. The impact of Money Management on the Financial Literacy and

Efficiency of the individuals who participated in the study was also classified in this

paragraph as related because it was defined as confirmatory factor analysis (CFA)

to verify the factors of the four variables.

Studying the relationship between Money Management and Financial

Literacy is useful as plenty of Academic institutions have started implementing

money management courses into their academe — enhancing financial literacy

and capability. According to Ouachani et al. (2021), having sufficient financial

literacy will favorably affect one's financial conduct and money management

habits, such as proper financial management or distribution. Everyone typically

uses money for various purposes, including personal expenses, savings, and

investments. The type of investment, among other types of money disbursement,

is the one that will be most beneficial in the long run. However, it still does not

provide proper context unto whether what accurately depicts how financially

literate an individual is. It makes one question whether a person's money

management habits would be enough to assess an individual's level of financial

literacy.

Financial literacy has been defined as having the knowledge, skills, and

confidence to manage personal finances and business finances. Financial literacy

is defined as the knowledge of financial concepts and the ability to make informed

financial decisions. Researchers point out two dimensions of financial literacy,

acquiring financial knowledge and skills, and modification in monetary behavior. It

is an ongoing process throughout the life of an individual. Financial literacy

influences the quality of financial decisions at the individual and societal levels.

Researchers have identified various factors that influence financial literacy in

individuals; financial knowledge, financial attitude, family influence, and peer-

group pressure (Olgu & Hacıoğlu, n.d.).

According to Ullah and Yusheng (2020), researchers have recognized the

role of financial socialization in deciding the financial literacy level. The crucial

socialization agents are family, peer group, school, and media. These socialization

agents will influence the individual to the extent of their exposure to these agents

— during their childhood to early adulthood. Both formal and informal contexts

provide opportunities to improve financial literacy. For the formal part of learning,

opportunities such as school and education are dully noted. On the other hand,

social interactions such as one’s social interaction with family and friends, could
be classified an informal part of learning.

According to Blue and Grootenboer (2019), the ability of consumers to

make financial decisions in their best interests over short or long-term periods

would typically be "financial literacy." Financial knowledge is an utmost need for

people, especially by today's standards, as it is evident that not many have

practiced good financial literacy for the past decade. Poor mortgage decisions

made by many Americans in the United States with limited resources, which

contributed to the recent collapse of the US and global banking systems, have

been attributed to a lack of financial literacy. Personal savings rates have probably

been low or even negative due to a lack of financial literacy. Due to this, money

management courses have been implemented for interested learners who want to

expand their financial literacy. However, this does not guarantee that learning

monetary concepts and attending these courses would contribute to the decrease

of poor financial planning that people seem to practice in current times.

It has been demonstrated that financial literacy influences several financial

behaviors among young people, particularly college or undergraduate students.

Different degrees of financial literacy among young people may be attributed to

several variables, including access to financial information, gender, knowledge

area, and work experience. Work experience: High levels of financial literacy are

related to young individuals who work 10–20 hours per week while needing to save

for post-secondary education. Knowledge: Majors in finance and accounting are

the most knowledgeable within business majors and more knowledgeable than

non-business majors. Gender: Research has revealed that female college

students are less educated about and open to learning about personal financial

matters than male college students. Access to financial information: Younger youth

(ages 15–19) have less access to financial information than older youth (ages 20–

24), who also use financial services more frequently and are more likely to make

all of the household's financial decisions. Young people who are female and have

low incomes are less likely to have access to financial services (Deenanath et al.,

2019).

Due to the mentioned information above, the more students understand

financial literacy, the better they will be able to manage their money and use it to

make investment decisions. Student investment decisions are influenced by

financial attitudes. An individual's attitude toward managing their finances,

including investment decisions, improves with improved monetary behavior.

Student investment decisions are influenced by financial literacy. Financial literacy

can help with money management and investment decisions. However, financial

literacy cannot moderate behavior and attitudes toward investment decisions.

Impulse buying is referred to as impulsive buying or impulsive purchase (Efendi et

al., 2019). It is often defined as an illogical purchase; associated with unplanned,

conflicting, and emotional motives as it denotes an absence of planning. Given

that impulse buying often occurs in an unplanned manner, it is crucial to

understand how financial literacy might reduce this kind of behavior. The ability to

make wise financial decisions is considered to be made possible by financial

literacy. This research concurs that good financial conduct is influenced by

financial literacy, often known as financial education (Halimatussakdiyah et al.,

2019).

While noting the importance of financial literacy, the article by Efendi et al.

(2019) also lists three main factors that impact impulsive buying. Product

characteristics, marketing features, and consumer characteristics are some of

these. Certain factors may influence impulsive purchases. Among these are tone-

controls (Efendi, et al., 2019; Khoirunnisaa & Johan, 2020), money-making

knowledge and peers (Efendi et al., 2019), fiscal knowledge (Khoirunnisaa &

Johan, 2020), positive emotion (Yi & Jai, 2020).

Another study proposed by Lusardi (2019) showed an analysis that explicitly

visualizes many households are unaware of even the most fundamental economic

concepts required to make decisions regarding saving and investing. Financial

illiteracy of this kind is most widespread in nations like the United States and other

countries, as people of all ages appear to be woefully ignorant of fundamental

financial concepts, which have significant implications for saving, planning for

retirement, making mortgage decisions, and other choices. Governments and

several non-profit organizations have taken steps to raise financial literacy as a

response.

As other studies have observed, financial literacy is beneficial for perceiving

how people deal with monetary issues. According to Shammi et al. (2020), people

are better able to deal with money-related issues if they trust their financial literacy.

However, certain factors that affect one's money management habits and decision-

making are still present, despite how financially literate they are, and vice versa.

Legislatures focus on the financial education of their kin to figure out strategies
and take care of the economic issues of society. Additionally, comparisons could

be noted using data on financial literacy from various nations. If different nations

have comparable levels of financial literacy, they can learn from one another. In

addition, countries can be ranked in ascending or descending order based on their

financial literacy levels. Governments can also benefit from measuring the financial

literacy of their people to improve retirement plans.

Financial literacy teaches people about financial planning, which should

deter people from making impulsive buying. According to Philippas and Avdoulas

(2019), financial literacy is a skill that individuals should be able to master, as it is

a necessary tool for daily living. It pertains to using financial data to guide wise

decisions regarding the efficient use of financial resources or assets.

In other words, financial literacy gives people a framework for making

thoughtful decisions, such as prudent spending and financial planning. As

mentioned, impulsive purchasing is a behavioral expression of poor planning.

Therefore, financial literacy is assumed to enable one to avoid impulsive

purchases.

The ability to manage income and expenses and to apply the standard

techniques of exchanging and managing money are all parts of financial literacy,

which is a fundamental notion in comprehending money and its usage in daily life.

Financial literacy is crucial on many levels and has a significant impact on people's

well-being, particularly when managing their financial affairs. Saving, borrowing,

investing, and managing one's finances are all influenced by financial literacy. It

impacts people's lifestyle decisions, which affects their ability to increase their
wealth and income. Binti Azmi and Ramakrishnan (2018) defined personal

financial knowledge as personal financial management, skills, and information.

Many people have attributed and understood knowledge to the conditions, norms,

practices, and rules required to complete monetary tasks. The term "financial"

refers to a vast range of daily financing tasks, such as budgeting, insurance

shopping, check control, credit card management, and investing.

According to Iriobe (2017), being financially literate implies knowing how to

handle money and resources in a society that is changing — accomplishing

desired goals, acquiring money management skills, and comprehending the

effects that individual financial actions have on other people. Better financial

literacy benefits people's personal and professional lives. Financial literacy aids in

lowering social and psychological pressures and improving family welfare in daily

life. Money literacy decreases stress, disease, financial conflicts, child abuse, and

family strife. People who grow up in wealthy homes exhibit lesser aggression and

antisocial behavior, are less sad, and have higher levels of self-assurance.

According to Fernando (2022), financial literacy is the knowledge, skills, and

confidence to manage personal and business finances. Financial literacy is the

knowledge of budgeting concepts and the ability to make informed financial

decisions. Researchers point out two dimensions of financial literacy, acquiring

financial knowledge and skills, and modification in monetary behavior. It is an

ongoing process throughout an individual’s life. Financial literacy influences the

quality of financial decisions at the individual and societal levels. Researchers have

identified various factors that influence financial literacy in individuals; financial

knowledge, financial attitude, family influence, and peer-group pressure.

Researchers have recognized the role of financial socialization in deciding

the financial literacy level. The outlying socialization agents are family, peer

groups, school, and media. These socialization agents will influence the individual

to the extent of their exposure to these agents — from childhood to early adulthood.

Both formal and informal contexts provide opportunities to improve financial

literacy (Ullah & Yusheng 2020).

According to Kamakia et al. (2017), Being financially literate means having

the knowledge and understanding of financial concepts and risks as well as the

skills, motivation, and confidence required to make smart financial decisions are

crucial to improve one’s financial condition and participate in the economy. One

can evaluate economic data and draw judgments regarding debt, financial

planning, and wealth accumulation. Having a great sense of financial literacy could

be very beneficial as it helps with a lot of one’s financial decisions and tells how

much knowledge one has acquired of their learnings from their academe, hence

why it is practical for one to study it.

As stated by Dewi et al. (2020), a lack of financial literacy can cause an

individual to unknowingly make irrelevant financial decisions — which can lead to

sudden monetary shocks. On the other hand, individuals who have more financial

knowledge are more able to make financial decisions. Financial literacy can help

an individual achieve their financial goals and have less burden of financial

problems. The financial objective is the essential key to optimal financial literacy.

Creating a financial target may lead to good financial health. Additionally, being
able to improve the ability to manage finances can help improve gathering

information and basic financial skills. Having this information and a knowledgeable

mind will lead to a better financial decision to have financial wealth.

Some studies say that people must be able to make informed financial

decisions to be financially literate, while others say that knowledge of financial

literacy is already included when making financial decisions. According to Hastings

and Mitchell (2020), the most basic definition of financial literacy is the ability to

manage one’s wealth. Another study states that financial literacy is not a skill or

knowledge that everyone possesses — but an essential survival tool for anyone

wishing to survive in today’s modern society (Aydin & Akben Selcuk, 2019). An

abundance of conceptual definitions of financial literacy includes knowledge as a

distinct and frequent component. His study points out that the principal ideal

meaning of financial literacy values competence, knowledge, and skill, but it

doesn’t say what part of wealth management makes a person financially literate.

Monetary proficiency authorities and backers have not consented to functional

definitions, allowing scientists to characterize and gauge financial education. As a

result, research has provided a variety of meanings for financial literacy. Not only

does research indicate generally low levels of financial literacy, but it also reveals

a wide range of financial literacy levels across the population.

Financial literacy refers to making sound financial decisions in the short and

long term. It is the awareness, knowledge, skill, attitude, and behavior to do so. To

ensure that individuals and society develop sustainably — financial literacy is

essential. Understanding young people's financial literacy is crucial for

policymakers because it can help those who want to create successful financial

education programs aimed at young people (Swiecka et al., 2020).

Many researchers have tried to place a definite meaning and context upon

the concepts behind financial literacy. An example of this is how according to Goyal

and Kumar (2020), in academic writing and the media, the terms “financial

knowledge,” “financial education,” and “financial literacy” are frequently used

interchangeably. Financial literacy as the human capital components utilized in

banking activities to enhance the economic well-being of an individual. In contrast,

according to Belas et al. (2019), financial literacy is the fundamental knowledge

and skill that people require to survive in contemporary society. Financial literacy

is the capacity to secure income, make decisions regarding costs, be

knowledgeable on the effects of personal and current decisions on current and

future earnings, and inclination toward the job market. However, one key detail

that these researchers fail to show is whether learning fundamental knowledge

about financing is enough for an individual to be good at managing money (Hamid

& Loke, 2020).

According to Baker et al. (2019), financially literate people better

understand the potential benefits and risks because they spend less and thus

make wiser investment decisions. On the other hand, those who lack financial

awareness are less inclined to buy equities. Many young people wish they had

greater financial literacy since it is essential to making wise financial decisions.

Furthermore, a person's monetary well-being and level of money management are

reflected in their attitude toward money. More importantly, financially literate

people make fewer mistakes and have better financial standing. It should be

emphasized that having information does not always translate into good monetary

behavior — in addition to economic knowledge. It is also practical to consider the

environment in which someone lives.

Overspending and impulsiveness on credit card repayment decisions have

also been linked to socioeconomic factors, financial literacy, and money

management skill, according to studies. An analysis of 451 Malaysian credit card

users revealed that socioeconomic factors such as education, income, ethnicity,

marital status, and the number of credit cards influence credit card repayment

decisions. Financial literacy and money management skills improve credit

cardholder decision-making. Credit card repayments are influenced by money

management skills such as financial statement monitoring, prompt bill payment,

spending within budget, and handling money matters well. However, personality

traits like overspending and impulsiveness do not affect credit card payment

behavior. This study's findings support the argument that financial education and

behavioral interventions that instill good money management skills are crucial in

shaping people's behavior. Offenders in this study lacked basic financial

knowledge, which hampered their success after release. Based on their personal

experiences, the researcher modified the existing curriculum and developed a

course in financial literacy for offenders in a medium-security prison. A pretest and

posttest covering financial topics were used to assess the offenders' financial

knowledge. Monetary offenders could be seen in various areas, including savings

and debt, banking experience, and housing offenses. The findings suggest that
individuals become financially sound through knowledge (Hamid & Loke, 2020).

Farinella et al. (2017), stated in a study conducted in the United States of

America that governments are concerned about how a lack of financial literacy

affects money-making decisions. They proposed that the government provide a

money management course to high school students to improve financial literacy.

They investigated the relationship between high school students' financial literacy

and higher income. The study also discovered and tested whether or not a high

school money management course improves financial literacy. The lack of financial

literacy should be stopped and improved for a more stable economy.

Financial literacy is the degree to which one understands essential

monetary concepts and possesses the ability and confidence to manage personal

finances through appropriate, short-term decision-making and sound financial

planning, as defined in a study conducted in Zimbabwe (Usama & Yusoff, 2020).

It is the combination of awareness, knowledge, skill, attitude, and behavior

required to make sound financial decisions while considering other factors. It

demonstrates that financial literacy is crucial in properly managing one’s finances,

despite other factors influencing it. It provides additional evidence of the link

between financial literacy and money management. However, it raises the

question of whether a person’s money management habits can accurately predict

financial literacy. With the increase in financial illiteracy, people have been urged

to practice financial management practices, believed to help make the economy

grow even more, and failing to keep tabs on one’s financial records can have

serious long-term effects on society and culture. Additionally, according to Rafinda

(2022), comprehending important monetary concepts and terms is viewed to be

practical. Using credit, assessments, and financial planning includes information

about banking, automobile, life, health, and property holders’ protection. Scientists

have demonstrated that highly educated, financially educated consumers are

better prepared to use sound judgment for their families and, as a result, are in a

position to expand their financial security and prosperity. Although other significant

areas are tied to the individual budget, these are the areas that most adult

Americans encounter as they make everyday monetary decisions and exchanges.

For a commercial center to be successful and productive, it is essential to have

proficient buyers who make well-informed choices.

Centeno and Vargas (2018) proposed that only 25% of Filipinos are

financially literate in the Philippines. That means approximately 75 million Filipinos

are unaware of inflation, risk diversification, insurance, compound interest, or even

having a bank savings account. The S&P survey was conducted in 143 countries,

with Denmark, Sweden, and Norway tied for first place as the most financially

literate countries. They said the survey’s findings are nothing new to him because

he was once part of the other 75%. Growing up in a squatter community near

Manila, they witnessed firsthand poverty and a lack of access to adequate financial

assistance.

According to another study by Centeno and Vargas (2021), financial

education is becoming increasingly important because average families must

balance their budgets, buy a home, fund their children’s education, and ensure an

income when they retire. According to the researchers, people have always been
responsible for managing their finances daily, whether money is spent on a

vacation, saving up for new furniture, or used for their child’s education. But recent

developments have made financial education and awareness more crucial for

monetary well-being. Although some authors appear to associate financial literacy

with behaviors such as unusual preferences and behavioral biases, this does not

reassure whether money management accurately depicts a person's financial

literacy.

Theoretical Framework

The theories that will be discussed in this chapter will serve as the

foundation of the study. These are the Model of Budgeting Intention, and Economic

Importance of Financial Literacy Theory.

Kidwell and Turrisi’s Model of Budgeting Intention 2001. The model of

budgeting intention is a theory proposed by both authors to aid in the creation of

an efficient method of data collection, as it essentially serves as a combination of

well-known models that helps measure an individual's level of money management

(Kidwell & Turrisi, 2001). The basic idea behind this theory is that constructs from

the "theory of planned behavior" and "social behavior" would be incorporated into

a hypothesized model of budgeting intention. The researchers used this to

examine an individual's attitude, subjective norm, and perceived behavioral

control. This theory relies on two underlying factors that suggest an individual's
financial habits can be predicted and determined by their attitude and perceived

control.

The researchers chose this theory because it predicts attitudes toward

financial budgeting and management. This belief shift is critical to intervention

efforts aimed at changing the performance of a specific behavior (Armitage &

Conner, 2000).

Lusardi and Mitchell’s Economic Importance of Financial Literacy

Theory 2013. The Economic Importance of Financial Literacy is a multi-period

theory focusing on how a person can acquire and apply financial literacy (Lusardi

& Mitchell, 2013). This theory complements the previous one because it

incorporates other models focusing on measuring an individual's financial

knowledge and combining them to form a more efficient way of gathering

convenient data. The researchers utilized this theory because it investigates

numeracy and monetary behavior in determining an individual's level of financial

literacy. This theory calibrates and simulates a dynamic life cycle approach in

which individuals invest not only in capital markets — but also in financial

knowledge.

Conceptual Framework

The variables are shown using a Schematic Diagram. It visualizes a simple

illustration of the predictor and criterion variables. The predictor variable being

money management, and the criterion variable would be financial literacy.

Conceptual Paradigm

Money Management: Financial Literacy of

• Attitude ABM-11 Students:

• Perceived Control • Numeracy

• Planned Behavior
 Statement of the Problem

This study aims to determine the relationship between financial literacy and

money management, as well as whether the money management habits of ABM-

11 students at Davao Doctors College reflect their monetary efficiency.

To obtain all of the necessary data and information for this study, the

research should answer the following critical questions throughout the discussion

of the study:

1. What is the level of money management habits of Grade 11 ABM

students in terms of:

1.1 Attitude; and

1.2 Perceived Control?

2. What is the level of financial literacy of Grade 11 ABM in terms of:

2.1 Numeracy; and

2.3 Planned Behavior?

3. Is there a significant relationship between a Grade 11 ABM student’s

money management and their financial literacy?

4. What are experiences of Grade 11 ABM students in using their money

management habits in improving their financial literacy?

5. How does the money management habits of Grade 11 ABM students

affect their financial literacy?

 Hypothesis of the Study

The hypothesis will be tested at 0.05 level of significance:

Ho: There is no significant relationship between money management of Grade 11

ABM students and their financial literacy.

Scope and Delimitation

The primary goal of this research is to determine whether the quality of

money management of a student reflects their financial literacy.

This study is more concerned with determining the impact of Grade 11 ABM

students' Financial Literacy and Efficiency on the quality of their money

management. It focuses only on Grade 11 Senior High School Students for 2022-

2023, specializing in Accountancy, Business, and Management (ABM). The

researchers would also rely heavily on a questionnaire, interviews, and

discussions with chosen students as a reference. They would be able to determine

a student's level of financial literacy based on their ABM specialization and how

well they manage their money using their strategy and answers.

This study would also consider other factors, such as social factors

influencing students' attitudes toward financial decisions despite financial literacy.

The respondents of this research would be 77 Grade 11 Accountancy, Business,

and Management (ABM) students enrolled in the first semester of the school year
2022-2023. On the other hand, the participants would be ten (10) students who

have answered the survey and have the criteria the researchers deemed

necessary. To ensure the collected data is manageable — the questionnaire will

only include multiple choice and identification with close-ended and conducted

within the given semester. On the other hand, the interview questions would be

open-ended to best suit the purpose of adding a further explanation to the collected

quantitative data.

Significance of the Study

The researchers aim in conducting this study is to understand how the

money management skills of a student reflect their financial literacy.

Understanding money management is practical because it gives you financial

control, makes saving money more effortless, and helps you reach your financial

goals. Notably, the findings of this study will be beneficial to the following:

Students. The students are the study’s center of focus. It will provide adequate

consideration on how students can apply their knowledge when making decisions.

Not only will it help them as a student — but also as an individual in reducing

expenses through better regulation and having them create their structured

budget. Moreover, this study will shed more understanding of the areas of personal

finance, including income, spending, saving, investing, and protection.

Parents. This study will help parents be more mindful with their child’s spending

habits and how they should open them to a more financially literate environment.

This research will also help shed light on the lack of knowledge that student gets
with their ABM course.

Teachers. This research will inform teachers about the lack of knowledge

application to their student experiences, in which they can help guide their

students. This study will demonstrate how having good money management skills

can lead to better financing and better use of their financial literacy.

DDC Administration. This study will shed light on how Davao Doctors College, Inc

can develop its students into competent financiers who can use their learned skills.

This study’s findings will significantly aid the school in advising students on

managing their money management well and making wise financial decisions. It

will also help the school to be more attentive to students, to guide them in being

financially literate and hands-on with their knowledge.

Future Researcher. This research will add to the bodies of knowledge based on

financing and strategic decisions. For a deeper comprehension of the relationships

between these variables, present, and future researchers may investigate this

subject further in another context as a reference.

Definition of Terms

In order to fully understand some of the technical terms to be used in the

study, the following terms were defined to establish a common frame of reference:

Financial Literacy. It is the ability of someone to use knowledge and skills

when it comes to managing financial resources effectively and can also be applied

to achieve a lifetime of monetary well-being (Olgu & Hacıoğlu, n.d.) This study
refers to the numeracy of students acquired from their specialized subject related

to ABM and attitudes pertaining to finance.

Habits. They are routines that are practiced regularly. They can also be

actions that arise from an internal or external trigger (Davis, n.d.).

Management Skill. It refers to strategies, techniques, and approaches to

directing our activities and behaviors (Trinity College Dublin, 2019).

Money Management. It is the act of how you handle all of your finances,

from budgeting to investing to saving and setting monetary goals (USF, n.d.). This

study refers to perceived control and behavior displayed by the Grade 11 ABM

students of DDC.

Strategies. Strategies are a set of plans that dictate an action to achieve

short, middle, and long-term desired goals (Tools hero, 2018).

 CHAPTER 2

Methodology

This chapter presents the research methodology of the study, which

includes the research design; respondents of the study; research instruments; data

gathering procedures; and statistical treatment of data.

Research Design

Quantitative:

The researchers chose to conduct quantitative research to achieve the

study's objectives. Researchers can communicate quantitative results by using

unbiased statistics derived from numerical analysis of survey-questionnaire data,

which allows them to make predictions and generalizations to larger, more

universal populations outside the test sample. According to Ratan et al. (2019),

quantitative research is social research that employs empirical methods and

empirical statements. In general, quantitative research focuses on collecting

numerical data to describe a specific occurrence, and some questions appear to

lend themselves better to quantitative methodologies than others. Non-

experimental correlational research will be used for this study — to examine the

variables without attempting to influence them. With this in mind, the researchers
will conduct this research using a survey approach. The researchers will use a

questionnaire to learn how respondents rate their level of money management and

financial literacy. It would assess the relationship between money management

and financial literacy among Grade 11 Accounting and Business Management

students.

A correlational study is a quantitative research method in which two or more

quantitative variables from the same group of subjects are subjected to a series of

computations to determine whether or not there is a relationship (or covariance)

between variables. According to Daniel (2019), a quantitative research method

within the positivism paradigm. It entails explaining phenomena through numerical

(quantitative) data collection, which is then analyzed using mathematically based

methods. It represents a broad research approach centered on determining

covariance among naturally occurring variables.

Qualitative:

To achieve the second phase of this study's objectives, the researchers

chose to conduct qualitative research. Researchers can communicate qualitative

ideas from previous research through well-structured analysis derived from open-

ended questions used in an interview, allowing them to make personalized and

specific populations outside the test sample. This research design will be

employed as it provides a richly detailed response from the participants using an

in-depth interview (Medelyan, 2023

The goal of qualitative research, a method of naturalistic inquiry, is to

investigate social phenomena in their natural environment. Data analysis and

interpretation would then be combined from the researcher's perspective and the

data itself. In drawing necessary conclusions — themes within responses are

found and discussed using coding.

Mixed Method:

Since the researchers began with a quantitative research design for their

study and intend to branch out and further expound on the findings of their first

study through qualitative research, they will need to use an explanatory sequential

mixed-method research design. This research method combines quantitative and

qualitative methods for data collection and analysis.

First, quantitative data will be gathered — then expanded and described using

a qualitative approach. For the quantitative segment of the study, the researchers

opted for correlational non-experimental research which involves subjecting two or

more quantitative variables from the same group of subjects to a series of

computations to determine whether or not there is a relationship between

variables. For the qualitative phase, the researchers will conduct the second

research through interviews and focus group discussions. The researchers will ask

open-ended questions to determine how respondents rate their level of money

management and financial literacy and explain such phenomena. It would examine

the relationship between money management and financial literacy among Grade

11 Accounting and Business Management students.

 Respondents of the Study

Quantitative:

The respondents in this study, titled "Money Management on the Financial

Literacy and Efficiency of ABM -12 Students are Grade 11 Senior High School

Students; who specialize in Accountancy, Business, and Management (ABM).

To make the data collection procedure more efficient, the researchers also

considered the practicality and accessibility of this sample size. Table 1 displays

the total number of grade 11 ABM students enrolled.

The researchers have proposed a total population size of 77 for the study.

The sample size for the research will be 96, with a margin of error of 5%,

according to Slovin's formula. The researchers will use Probability sampling in

choosing the respondents of this study, especially a stratified random sampling

procedure.

According to Thomas (2020), researchers divide a population into

homogeneous subpopulations called strata, each of which can estimate

statistical measures for each subpopulation and ensure that the sample size is

representative of the total population. The first strata would be senior high

school students enrolled, followed by the second strata of Grade 11 students,

and finally, all Grade 11 students in the ABM strand. The study's respondents

were 77 accounting, business, and management (ABM) students enrolled in the

first semester of the 2022-2023 academic year.

Qualitative:

The participants in this study, titled "Money Management on the Financial

Literacy and Efficiency of ABM -12 Students would be about 5 participants, whom

are selected Grade 11 Senior High School Students who specialize in

Accountancy, Business, and Management (ABM) and have already taken part in

the first part of this research. To make the data collection process more efficient,

the researchers considered the practical characteristics and accessibility of the

research participants.

The researchers will use the purposive sampling technique to identify

study participants because the researchers have specific criteria in mind that will

make conducting the interview with the participants easier. Purposive sampling

is a type of non-probability sampling in which researchers select participants from

the population or previous survey respondents to participate in the second phase

of their research. Since the researchers want to reach a specific subset of people,

they will use a purposive sampling technique (Jordan, 2021).

Research Locale

The researchers chose to conduct their study in two distinct environments.

Most of the researchers' work would be done at the school. After the majority of

the data has been collected, the second research environment would be via

Zoom or Google Meet.

Most of this research will take place at one of the most well-known medical
schools in Davao City, Philippines, on Gen Malvar Street Poblacion District. It

was founded in 1975 and has since grown to become one of the best medical

schools in Davao City. It is a private, nonsectarian academic institution in

Mindanao that provides students with quality health and wellness education.

Before the inclusion of the uniform instructional curriculum in the Philippines, it

most effectively provided college-level education. In addition to the K-12

curriculum, the institution allocates training extension software or senior high

exclusive college software. Also, the study's participants are engaged in the same

institution where we, the researchers, will conduct our research.

Research Instrument

Quantitative:

For this study, the researchers would use an adapted and revised survey

questionnaire as their primary data collection tool based on the research

objectives. It is because it best serves as a way for participants to answer the

question and the study's objectives. The researchers would use an existing

questionnaire with minor changes based on the study's context. It would consist of

32 questions and would be distributed to 77 Grade 11 ABM students via a Google

form to assess these students' relationship with money management and financial

literacy.

The questionnaires used in the study will be structured using a Likert scale.

Rensis Likert, an American social scientist, developed the Likert scale. In this
study, the researchers used the Likert scale to specify the level of agreement with

the respondent's statement (Batterton, & Hale, 2017). Respondents will receive

five response options in this type of questionnaire. 5-Completely Agree (CA). 4-

Agree (A). 3- Neutral. 2- Disagree (D). 1- Completely Disagree (CD).

The researchers will use statistical analysis to analyze the data collected

from respondents for their learning behavior. Through a Likert scale, the results

were tallied below:

Table 3.1 Scales in the Questionnaire with Corresponding Descriptive Equivalent

and Interpretation

Scale in the Descriptive

Interpretation
questionnaire Equivalent

5 Completely Agree The statement was

experienced by the
respondents at all time.

4 Agree The statement was

experienced by the
respondents
oftentimes.
3 Neutral The statement was
experienced by the
respondents
occasionally.
2 Disagree The statement was not
often experienced by
the respondents.

1 Completely Disagree The statement was not

at all experienced by
the respondents.

The responses to each item statement will be interpreted as such. The

range of means shown below is the basis for all indicators' responses at all times.

This would provide a typical index of the questionnaire item statements.

Table 3.2 Range of Means with Corresponding Descriptive Equivalent

and Interpretation

Range of Means Descriptive Interpretation

Equivalent

4.50-5.00 Very High This indicates that the

respondents experienced it
for about 9-10 out of 10
occasions.

3.50-4.49 High This indicates that the

respondents experienced it
for about 7-8 out of 10
occasions.

2.50-3.49 Moderate This indicates that the

respondents experienced it
for about 5-6 out of 10
occasions.

1.50-2.49 Low This indicates that the

respondents experienced it
for about 3-4 out of 10
occasions.

1.00-1.4 Very Low This indicates that the

respondents experienced it
for about 0-2 out of 10
occasions.

Qualitative:
 The researchers chose two primary data collection tools to further the

objectives of this study through qualitative means for the second phase of this

study. These research tools are interviews and focus group discussions or FGDs.

First, the researchers will conduct interviews with participants from the previous

sample size to collect qualitative data. The researchers will use open-ended

questions developed from the structured interview guide (Adeoye‐Olatunde &

Olenik, 2021). These questions would include two research questions, four (4)

identifying questions, and fifteen (15) probing questions that would be distributed

to five (5) Grade 11 ABM students possessing the qualities specified by the

researchers.

The interview serve to determine the relationship between the money

management habits of grade 11 ABM students and their financial literacy. The

responses of the participants, as well as their body language and mannerisms, can

be used to guide future research on financial decisions, saving and spending

habits, or questions about monetary knowledge (Roberts, 2020).

The researchers will record the participants' video and audio during the

interview and focus group discussion after being given a letter of consent to

conduct this type of interview with them. Furthermore, the researchers will

transcribe these interviews to identify trends and themes that emerge from the

participants' responses. Each interrogation will last 30-45 minutes for these

participants.
 Data Gathering Procedure

Quantitative:

The researchers followed the following procedure when gathering their

quantitative data, as they wish to examine the correlational relationship between

a student's level of money management and financial literacy. First, the

researchers will make a letter to seek the approval of the Senior High School

principal of the school to conduct the study. The researchers will provide

necessary questionnaires to available Grade 11 ABM students; currently

enrolled for the given semester. The researchers would then conduct the study

within a week. Through google forms, the researchers will disseminate the

questionnaires, attached with a letter for conducting this research and the

consent form of the respondents. The researchers will distribute the

questionnaires through the presidents of each section first with a google form

link. The data that will be collected — will be interpreted using the weighted

mean and Pearson's coefficient correlation.

Qualitative:

To expand the data collected from studying the correlational relationship

between a student's level of money management and financial literacy, the

researchers will use the following procedure to collect qualitative data for the

second phase of their study.

As with the previous phase of this research, the researchers will first write
a letter to the Senior High School principal of the school requesting permission to

conduct the study. Before initiating the interviews, the researchers will give each

participant an ethical consent form to sign, where they will be informed of the

research goals and the purpose of the recordings. The researchers will ask the

participants to permit to participate in the study and to have their information

recorded. The researchers will distribute open-ended questionnaires to Grade

11 ABM students currently enrolled for the previous semester. The interviews

would then be held within a week by the researchers. The study will commence

at a Senior High School on General Malvar Street in Davao City, Philippines, and

via video chat platforms such as Zoom or Google Meet.

The researchers will conduct online interviews, inquiring asynchronously

with each participant. To begin the data-gathering process — the researchers will

prepare the necessary equipment, such as video cameras or other recording

devices. The interviews will be audio and video recorded and will then be

transcribed. The researchers will use thematic analysis to analyze the collected

data.

Data Analysis

Quantitative:

For this study, the researchers used the following statistical treatment to

interpret the collected data efficiently. The first statistical treatment that the

researchers would utilize to summarize the collected data would be the

 Descriptive statistic "Mean." The second statistical treatment would focus on

the Inferential statistic "Pearson's Coefficient Correlation" to interpret the

results.

Mean. The researchers would use this in the statistical treatment of data,

for it summarizes the data by presenting it into more manageable bits. To answer

problems 1 and 2 found in the statement of the problem in Chapter 1: The Problem

and Its Background, which focuses on the relationship between the level of money

management and financial literacy of grade 11 ABM students enrolled in Davao

Doctors College Inc. — the researchers used this statistical analysis in

ascertaining the respondents' evaluation of their attitudes and documents. It

incorporates the numerical average of scores as it is calculated by adding all the

figures and dividing by the number of values. The formula ΣX / N would calculate

the analysis (Bhandari, 2022).

Pearson’s Coefficient Correlation. It is the most common method for

calculating a linear correlation. A number ranging from -1 to 1, indicating the

strength and direction of a relationship between two variables, would help

determine the relationship (Turney, 2022). It will be employed to determine the

significant relationship between the level of money management and the financial

literacy performance of a student.

Thematic Analysis. It is a qualitative data analysis process that entails

reading over in-depth interview transcripts and looking for patterns in meaning

throughout the data to derive themes. Thematic analysis is an active process of

reflexivity in which the researcher’s subjective experience is crucial to making

sense of facts. (Caulfield, 2022). The researchers will analyze the relationship

between money management and financial literacy of ABM-11 students. It also

builds on the previously used theoretical frameworks, increasing the interpretive

potential of the research. The researchers would analytically examine the

transcripts to components that may appear ordinary at first but are frequently

critical to interpreting the meanings of a participant's discourse (Labra et al., 2019).

CHAPTER 3

RESULTS AND DISCUSSIONS

 This chapter presents the results consolidated from the adapted and revised

survey questionnaire. Also, further interpretations of the study would be discussed

derived from the interpreted answers from the guided interviews. The results

include the following:

Quantitative Phase

Level of Money Management of ABM-11 Students

To discover the level of money management that ABM-11 Students of

Davao Doctors College exhibit, there are factors that were considered. These

factors include Attitude, and Perceived Control.

Attitude. Table 3.1 displays the outcome of the level of financial

management in terms of behavioral engagement. "I constantly worry about how

little savings I have." have the highest mean score of 4.00 — indicating a high

descriptive equivalent. The statement, "I find it more satisfying to spend money

than to save it for the long term," on the other hand, received the lowest mean of

2.56, which has a moderate descriptive equivalent.

The findings revealed that student”' money management attitudes are high,

with an overall mean score of 3.61. The interpreted result further establishes that

an individual’s attitude reflects how well they manage their finances, as seen on

approximately 7-8 out of 10 occasions. It would imply that students are well-

rounded when saving money and have good money management habits. The

researchers discovered that students displaying a positive attitude toward finance,

such as being a saver rather than a spender, perform well in terms of developing
good financial habits. Students who have a negative attitude toward money have

poor financial habits.

Table 3.1. Level of Money Management in Terms of Attitude

Descriptive
Attitude Mean
Equivalent

1. I constantly worry about how few 4.00 High

savings I have.

2. I am really concerned about whether I 3.96 High

have enough money saved.

3. Money really talks: it talks about your

3.86 High
status in life.

4. Money is there to be spent.

3.75 High

5. I set long term financial goals and strive 3.66 High

to achieve them.

3.64 High

6. Money is there to be spent.

3.48 Moderate

7. I seem to worry more than most people

about money.
 8. I find it more satisfying to spend money 2.56 Moderate

than to save it for the long term.

Overall 3.61 High

Legend:

Range of Means Descriptive Equivalent

4.50 - 5.00 Very High

3.50 - 4.49 High

2.50 - 3.49 Moderate

1.50 - 2.49 Low

1.00 - 1.49 Very Low

According to a study by Çoşkun and Dalziel (2020), the relationship

between an individual’s financial habits and financial attitudes is greatly influenced

by each other — as these variables are highly correlated. They would still be

parallel with each other if the inverse happened. A person with a low-pleasing

attitude will have poor money management habits. Those with a good attitude have

good financial habits. According to conventional wisdom, the mediation effect of

monetary behavior strengthens the relationship between money management and

behavior if an individual practices moderate to excellent behavior (Ameliawati &

Setiyani, 2018).
 Perceived Control. Table 3.2 shows the result of the level of money

management in terms of perceived control. "Before I buy something, I carefully

consider whether I can afford it." received the highest mean of 4.22, which is high.

While the statement, "I tend to live for today and let tomorrow take care of itself."

received the lowest mean of 3.06, it is considered moderate. Furthermore, the

overall mean in this indicator is 3.57, indicating a high descriptive rating. It means

that the respondents are emotionally engaged on about 7-8 out of every ten

occasions.

These findings imply that most respondents have good monetary habits if they

also have good planning habits or think ahead of time rather than only managing one's

decisions when needed. It is shown here that students who prioritize saving money

for future use and calamities over spending it on insignificant items that will no longer

be useful in the long run are more likely to exhibit good money management habits

and financial control.

Table 3.2. Level of Money Management in Terms of Perceived Control

Perceived Control Mean Descriptive Equivalent

1. Before I buy something, I carefully 4.22 High

consider whether I can afford it.

2. I feel anxious when I think about 3.76 High

money.

3. I pay utilities and expenses 3.75 High

immediately to avoid interest and

penalties.

4. The amount of money that I have 3.71 High

saved is never quite enough.

5. I am prepared to risk some of my own

3.42 Moderate
money when saving or making an

investment.

6. I am much more of a saver than a 3.32 Moderate

spender.

7. I am pretty good at budgeting. 3.31 Moderate

8. I tend to live for today and let tomorrow 3.06 Moderate

take care of itself.

Overall 3.57 High

Legend:

Range of Means Descriptive Equivalent

4.50 – 5.00 Very High

3.50 – 4.49 High

2.50 – 3.49 Moderate

1.50 – 2.49 Low

1.00 – 1.49 Very Low

Furthermore, several alternative studies have demonstrated that behaviors

such as warmth perception of money, autonomy toward money, guilt about spending

money, and perceived importance of money are practical in observing an individual's

money management habits and how well they would manage their finances (Wang et

al., 2022). According to Niemyjska et al. (2018), when people do not practice proper

saving habits, the lack of perceived control can lead to risky behavior and cause the

positive money anthropomorphism on saving to disappear. The results have

significant and practical implications for increasing personal savings.

Level of Money Management. Table 3.3 displays the level of money

management demonstrated by ABM-11 students at Davao Doctors College. The

indicators for money management are moderately high. These indicators, including

attitude and perceived control, had a mean of 3.59 and a standard deviation of 0.99.

Attitude with a mean of 3.61 ranked as highest. While Perceived Control ranked as

lowest.
 It is supported by the study of Ameliawati and Setiyani (2018), in which they

investigated whether financial attitude, financial socialization, and financial experience

influence financial management behavior directly or indirectly via financial literacy as

a mediation variable. The study implies financial attitude positively influences

monetary management behavior because it affects financial experience and how well

one manages their finances. Financial attitude positively influences one's finances

because it aids in the formation of crucial behavior in one's budgeting habits. Another

study suggests that perceived control — or the behavior one exhibits when planning

finances and ensuring that individuals perform proper budgeting techniques for future

monetary endeavors, is a good indicator of one's money management behavior (Dewi

et al., 2017).

Table 3.3. Level of Money Management by ABM-11 Students

Standard
Money Management Mean Descriptive Equivalent
Deviation

Attitude 3.61 0.95 Moderate

Perceived Control 3.57 1.02 Moderate

Overall 3.59 0.99 Moderate

Level of Financial Literacy of the Grade 11 STEM Students

To discover the level of Financial Literacy of ABM-11 Students of Davao

Doctors College with these following factors: Numeracy and Planned Behavior.
 Numeracy. Table 3.4 shows the level of financial literacy in terms of numeracy.

The statement, "If the chance of getting a disease is 10%, that means 100 out of 1,000

people are expected to get the disease." received the highest mean rating of 3.74,

indicating a high descriptive rating. While the statement, " If Person A’s risk of getting

a disease is 1% in ten years, and Person B’s risk is double that of A’s, then Person

B’s risk of getting a disease in ten years would be 10% " received the lowest mean of

2.34, indicating a low descriptive rating. The findings revealed that students' financial

literacy concerning numeracy is moderate, with an overall mean of 3.05. The financial

knowledge of the respondents is present on about 5-6 out of 10 occasions.

According to the findings, students have neutral levels of financial literacy

concerning numeracy. It would imply that the ABM-11 students' numeracy skills are

lacking, especially when dealing with day-to-day monetary issues. Furthermore, these

students demonstrate low problem-solving skills, which is crucial in testing for

numeracy and determining how financially literate an individual is.

Table 3.4. Level of Student’s Financial Literacy in Terms of Numeracy

Descriptive
Numeracy Mean
Equivalent

1. If the chance of getting a disease is

3.74 High
10%, that means 100 out of 1,000
people would be expected to get the

disease.

2. In the Acme Publishing

Sweepstakes, the chance of winning a 3.38 Moderate

car is 1 in 1,000. This would mean that

0.1% of tickets could win a car.

3. In the Big Bucks Lottery, the

chances of winning a $10.00 prize are

1%. This would mean that the best 3.36 Moderate

guess on how many people would win

a $10.00 prize if 1,000 people each buy

a single ticket would be 10.

4. Imagine that we roll a fair, six-sided

die 900 times. Out of 900 rolls, would 3.27 Moderate

the die come up 450 times as an even

number?

5. The chance of getting a viral

2.90 Moderate
infection is .0005, which means 50 out

of 10,000 people would get infected.

6. Suppose you had ₱100.00 in a

savings account and the interest rate

2.66 Moderate
was 2% per year. After 5 years, would

there be exactly ₱102.00 in the

account if you left the money to grow?

7. If 5 people all have the winning

number in the lottery and the prize is 20 2.37 Low

million pesos, they would each receive

₱2,000,000.00.

[Link] Person A’s risk of getting a disease

is 1% in ten years, and Person B’s risk

2.34 Low
is double that of A’s, then Person B’s

risk of getting a disease in ten years

would be 10%

Overall 3.05 Moderate

Legend:

Range of Means Descriptive Equivalent

4.50 - 5.00 Very High

3.50 - 4.49 High

 2.50 - 3.49 Moderate

1.50 - 2.49 Low

1.00 - 1.49 Very Low

This result is supported by Jayaraman et al. (2018), where study results show

a strong relationship between numeracy and financial literacy skills. It could be

observed in their study that students with Low numeracy are associated with a 4.8%

reduction in financial literacy, meaning those who are not versed in numeracy would

also not be considered financially literate individuals. It is also worth noting that the

strong relationship between numeracy and financial literacy makes it a valid indicator

of how monetary literate an individual is and how this affects their money management

behavior and the trends that follow (Lusardi et al., 2017).

Planned Behavior. Table 3.5 shows the result of the level of financial literacy in

terms of planned behavior. The statement “Having a lot of money is one of the best

achievements in life.” garnered the highest mean with a mean score of 4.21, which

means high in terms of descriptive equivalent. While the statement “I enjoy buying

expensive products to impress others.” got the lowest mean of 2.05, which means low

in terms of the descriptive equivalent. Based on the level of financial literacy

concerning planned behavior, the result showed moderate with an overall mean of

3.33.
 The result states that financial literacy could be indicated moderately by

planned behavior. It led to the idea that planning is the most important indicator that

helps identify skills in finance and how financially literate they are.

Table 3.5. Level of Financial Literacy in Terms of Planned Behavior

Planned Behavior Mean Descriptive Equivalent

1. Having a lot of money is one of the

4.21 High
best achievements in life.

2. I wished that I understood financial

4.10 High
affairs better than I do.

3. You need money to buy the good

4.09 High
things in life.

4. It is very important for me to save 3.92 High

money for a rainy day.

5. I feel foolish and embarrassed talking

3.19 Moderate
about many money issues.

6. I really don’t understand financial talk

2.95 Moderate
and jargons

7. I show off to people with the brand

2.10 Low
name products I have bought.

8. I enjoy buying expensive products to

2.05 Low
impress others.
 Overall 3.33 Moderate

Legend:

Range of Means Descriptive Equivalent

4.50 - 5.00 Very High

3.50 - 4.49 High

2.50 - 3.49 Moderate

1.50 - 2.49 Low

1.00 - 1.49 Very Low

According to Ajzen (2020), planned behavior and actual behavioral control is

assumed to moderately dictate the financial literacy of an individual. An individual

should be able to act on their intentions to the level that they have control over their

behavior. These behavioral intentions are good determinants of perceived behavioral

control over one's financial literacy. In the current formulation of the theory, a favorable

attitude and a supportive subjective norm provide the necessary motivation to engage

in proper financially literate behavior (Nabi et al., 2017).

Level of Financial Literacy. Table 3.6 shows the result of the level of financial

literacy displayed by ABM-11 students of Davao Doctors College. The indicators for

the level of financial literacy are moderately low. These indicators, numeracy, and

planned behavior obtained a mean of 3.19 with a standard deviation of 0.94.

According to Garg and Singh (2018), established behavior and numeracy dictate an
individual's financial literacy on a moderate level. These factors affect an individual

differently from others as one’s unique behavior and outlook about financial concepts

could affect how financial literate they are. Another study proposed that

one's financial literacy could be closely related to numeracy as financial literacy is in

line with the knowledge and skill of understanding easy numerical problems that one

may encounter every day, especially in monetary endeavors (Jayaraman et al., 2018).

Table 3.6 Level of Financial Literacy by ABM-11 Students

Standard
Financial Literacy Mean Descriptive Equivalent
Deviation

Numeracy 3.05 0.96 Moderate

Planned Behavior 3.33 0.91 Moderate

Overall 3.19 0.94 Moderate

Significant Relationship between Money Management and Financial

Literacy among ABM-11 Students. Table 3.7 shows the significant relationship

between money management and the financial literacy of Grade 11 ABM Students

with the average mean, standard deviation, and t-critical value with a significant level

of 0.05, degree of freedom, and the P-value. It depicts how these variables don't have

much of a crucial relationship with each other at all. The researchers used a statistical

tool to determine the type of data interval these variables display called the Pearson

Coefficient r. It identifies the results of r=0.19 and p-value=0.11. Generally, Financial

Literacy displays a significant relationship with Money Management. However, the

inverse of this situation has proven to be different — as these variables do not show

any crucial relationship with each other. Hence, the null hypothesis is accepted.

The overall mean for Money Management was 3.59, with a standard deviation

of 0.99. In contrast, Financial Literacy has an overall mean of 3.19 and a standard

deviation of 0.94. Based on this result, the R-value is 0.19, or 19%, and the p-value is

0.11. It means that the ABM-11 students of Davao Doctors College's money

management do not reflect their financial literacy, which is about 19%. The remaining

81% could be attributed to factors not addressed in this study. With a p-value of 0.11,

the two identified variables do not have a significant relationship, which is less than the

0.05 level of significance.

Table 3.7. Test of significant relationship between Money Management and the

Financial Literacy of ABM-11 Students

Variables X Y SD R-value P-value Decision

Money Management 3.58

0.99

Financial Literacy 3.19

0.94

Overall 0.19 0.11 Accept Ho

 This implication is supported by Ameliawati and Setiyani (2018) as they

conducted a study regarding money management and its influence on financial

literacy. Both of these researchers' studies noted that there is no significant

relationship between most indicators that measure the level of monetary attitude and

how Financially literate they are, based on the courses they attend. Studies have

shown that money management doesn't have much of an effect on an individual's

financial literacy as other factors could contribute to how one manages their finances

well, like family relations or other social and environmental factors (Yusfiarto et al.,

2020). Thus, the level of money management and the level of financial literacy

displayed by ABM-11 students are not significantly related to each other.

Qualitative Phase

This portion of the chapter presents the interpretations of the researchers in

behalf of the answers from the guided interviews. Further interpretations of the

quantitative phase study would be discussed in this qualitative section. The results

include the following:

Level of Money Management of ABM-11 Students

To reinforced the quantitative findings pertaining to the level of Money

Management that ABM-11 Students of Davao Doctors College exhibit Attitude and

Perceived Control were considered.

Table 3.8

Status Essential Theme Core Idea

Criterion Variable Confirmation Of:

 Money Management Attitude Uncertainty

Reasons for spending

money

Reasons for Saving money

Money Management’s

effect on Financial literacy

Perceived Control Control

Money Saving

Usage of knowledge

Outside Factors

Financial literacy’s effect on

Money Management

Table 3.9

Status Essential Theme Core Idea

Criterion Variable Confirmation Of:

Money Management Attitude Uncertainty

Reasons for spending

money

Reasons for Saving money

Money Management’s

effect on Financial literacy

 Attitude. The participants in this study have high levels of money management

behaviors based on their observations of their attitudes about saving and spending

money.

Participant Evermore offered their observations regarding their attitude toward

saving money, stating:

Whenever I like in school, I tempt to buy food after school, then

katong plano unta nako e save na money like mawala na kay tungod

kay na stress karun na day like mo ana ko sakong sarili nga “Ay, deserve

nako mupalit og pagkaon karun,” so mawala natong like plano nako mag

save unta ana na day. Also another factor is whenever I get tempted to

uhm, kuntahay things on like ay whenever I scroll sa online like naa man

jud na mga advertisement sa mga products na ma tempted ta mao to in

order to uhmm, to avoid temptation, gina stop jud nako akong sarili like

kana ganing gina delete na nako akong mga online apps for shoppings

like shoppe, lazada para dili na kayo ko ma tempt.

Participant Midnights, on the other hand, asserted their advantage in terms of

their attitude toward money management, saying:

Uhmm wala kaayo koy gina consider nga factor when I spend my

money po kay (gigilssss) hahaha wala jud

They explained, further stating:

 Wala po ano lang guro ga think ko if naa pakoy money sa next ay

sa allowance nako the next day mao dili nako sya e spend kaayo mao

lng (giggles) hahahaha mao lang siguro po

It depends lang man pud siya sa tao and kung unsa sila ka tipid,

and kung unsa sila ka gastos; and I think it’s really privilege of me being

pud, which I’m really grateful na ingana, maka spend ko ug money na

careless, uhmm…carelessly and kato pud na.

Overall, the participant transcripts demonstrate high money management

behaviors in monitoring their fiscal attitudes. According to Safryani et al. (2020),

money management is a person’s ability to handle their daily financial funds. Effective

financial management necessitates appropriate financial conduct, which may be

proven through planning, management, and financial control. Attitude toward money

management is crucial in determining how well they make financial decisions.

Financial literacy and understanding of financial concepts are critical in financial

management. Everyone has their financial habit and perspective. A good attitude

about money might improve an individual’s financial literacy and decision-making

ability. Before making any financial decisions, it is critical to evaluate the

repercussions (Ameliawati & Setiyani, 2018).

Table 3.10

Status Essential Theme Core Idea

Criterion Variable Confirmation Of:

Perceived Control Control

 Money Saving

Usage of knowledge

Outside Factors

Financial literacy’s effect on

Money Management

Perceived control. The participants in this study demonstrated that they had a

high level of perceived control over their money management elements, such as

saving and spending, as well as many solutions to their difficulties. Most participants

report similar issues with controlling their money management, mainly due to

temptation but still controllable.

The following are some participants’ familiar narratives:

Evermore discussed their issues with their apparent control. In their own words,

he stated:

Uhmm ano po, isa pud na sa factor na, ay sa mga problems na

akong ma encounter kanang saving money kay mag…ano ba, mag aya

gud akung mga friends nga “Oy! Murag feel nato deserve nato mag laag

karun na week kay last week baya kay hell week sa school,” so mao na,

isa pud na sa problem nga ma encounter nako in saving my money

diba? Na dijud na malikayan na ma tempt jud ta nga sige deserve man

nato mo laag karun so mao to dili na maka save og money na ma save

unta to for future expenses, mas ma gastos noon sa mga laag.

They stated his strategy on their problem with his temptation saying:
 Para dili jud ko ma tempt for example, ang gina hatag saakoa na

baon kay 200, half of it is instead na dal-on nako sya sa school, ibilin

nako sya sa balay para dili ko mag exceed sa akong gusto e save up

karun na day kay if dal-on man gid nimo siya tibook jud nimo baon, naa

jud times na ma tempt jud ka nagastuhon so kato ang mga strategies.

Whenever mag save ko, ibilin nako tung half sakong baon para dili nako

sya makagasto.

On the same topic, Folklore revealed their issues with perceived control. They

stated:

Mahihirapan po ako like pag balance po sa ano ko po—sa

allowance ko po, mahirapan po ako mag balance po ky because po sa—

inig mag attempt kog palit like even if I don’t have enough money para

po—ma ano jud gusto jud nako pero ipugos jd nako sya bisan dili na

enough akong kwarta like kabalo gd ko na dili sya—unnecessary things

jud sya. I ano nako siya—kwaon nako siya sakong savings para mapalit

lang tung ano—na bagay.

They stated their strategy with their problem with temptation, saying:

For example, po like ang money po is enough lang po sa food

and transportation tapos naa pud kay kailangan bayaran sa school like

sa ambag ba. Mag isip jud ko ug strategy kung unsaon nako siya, for

example dili lang sa—mag tipid lang sa ko sa food like kanang magpalit
 kog food for lower price lang para ma sigo nako akong kuan. Para

mabayaran nako akong project and sa transportation po like—ay okay

lang man ang transportation sa food lang jud ko mag ano po murag I

less lang nako po.

Midnights, another participant, expressed their efforts in terms of self-discipline,

significantly impacting their money management problem. They put it this way:

Wala po ano lng guro ga think ko if naa pakoy money sa next ay

sa allowance nako the next day mao dili nako sya e spend kaayo mao

lng (giggles) hahahaha mao lng siguro po

They then clarified their statement saying:

Yes po like dili nako ma discipline akoang self na uhm na e focus

jud and akng needs kay mostly wants po

They then specified their statement, saying:

I think lack of self-discipline po akoang tita kay gina encourage

jud ko mag save kog money kay she really like gina hatagan jud niyag

importance ang saving pero (giggles) mao to lack of discipline and also

kanang and social media like shoppe so easy lng kaayo mag add to cart

og mag palit so mao pud na temptation of lack of discipline po.”

Here, they stated how they do not apply any strategies when it comes to

savings, saying:
 Wala po talaga ako naga make ng strategies. And, in terms of

allowance, mag-ask ko and mangayo lang ko, so…if ano, wala koy

strategies.”

Overall, these transcripts suggest that having a sense of control benefits an

individual tremendously. To effectively improve budgeting tendencies in young

people, individuals’ attitudes, feelings, habits, control perceptions, beliefs, and

intentions must be changed (Castro-González et al., 2020). The transcripts below

reveal that despite having difficulty making decisions, ABM-11 students had a high

level of financial literacy with perceived control. The participants’ self-control balances

their apparent control over decisions and the temptations they confront. According to

Mpaata et al. (2021), individuals with limited self-control require a high level of financial

literacy to have a favorable effect on their saving behavior.

Level of Money Management. Based on the overall message communicated

by the transcripts below, it is clear that ABM-11 students have a high degree of

financial literacy, echoing the quantitative findings from the previous phase of the

study. Attitude and perceived control, two money management indicators, performed

admirably. Individuals' attitudes about money management are crucial in determining

how well they make financial decisions since this improves their financial literacy and

decision-making skills (Ameliawati & Setiyani, 2018). Perceived Control balances

one's perceived control over decisions and temptations, needing a high level of

financial knowledge to affect saving behavior positively (Mpaata et al., 2021).

Level of Financial Literacy of the Grade 11 STEM Students

To reinforced the quantitative findings pertaining to the level of Financial

Literacy displayed by ABM-11 Students, these following factors: Numeracy and

Planned Behavior, were checked and interpreted by the researchers.

Table 3.11

Status Essential Theme Core Idea

Criterion Variable Confirmation Of:

Financial Literacy Numeracy Application of knowledge

Non-application of

knowledge

Assessment of knowledge

Planned Behavior Distractions from set plans

Plans or Strategies they

incorporate

Reason why they

incorporate knowledge

Table 3.12

Status Essential Theme Core Idea

Criterion Variable Confirmation Of:

Financial Literacy Numeracy Application of knowledge

 Non-application of

knowledge

Assessment of knowledge

Numeracy. The majority of the study's participants reported that their financial

knowledge, in terms of numeracy, is optimal for an ABM student or participant who is

continually surrounded by resources designed to develop one's financial literacy. The

participants reported that their intended behavior is high and is thoroughly applied in

their daily lives.

Based on this transcript from Participant 3, it is clear that they apply their ABM

subject learnings when making financial decisions:

Siguro po kanang mag give track ka sa imong mga ah, sa

imohang mga purchaces kay karun man gud about ano man gud among

lesson karun kanang, pag state jud sa mga kanang unsa tawag ana?

Kanag record jud to mga gipang gasto nimo so mao to akung na learn

na gina apply nako karun.

The proceeding text reinforces the idea that the participants are inclined to be

versed in financial concepts that widen their financial literacy and should utilize it while

making financial decisions:

Uhm yes po. I believe na you manage your money uhm, mag

reflect jud na sya sa imohang uhm, naa jud kay na learn sa imohang

specialized subjects sa ABM. Kay if diba, gi tudloan mo na dapat mag

save, mag invest, tapos dili nimo sya ma apply so maka affect jud sa
 imong kuan…Abm student ka unya dili diay nimo na ma apply sa pag

manage saimong money so mag reflect jud na saimo na kato bang mga

learnings na na learn nimo sa Abm is na apply ba nimo sya or wala.

Based on both transcripts, the participant applies their knowledge and believes

one should exercise their financial literacy whenever they make a critical financial

decision. According to Lusardi (2019), it is crucial to understand how financial

knowledge influences the fiscal decision-making of an individual and how it is a chief

indicator of people's capacity to make sound monetary judgments. Financial literacy

is not just knowledge and awareness of fiscal ideas — but also the application of

abilities to make good decisions in various fiscal circumstances (Kumar et al., 2022).

In another transcript, some participants cannot use some of their ABM strand

knowledge due to other factors not covered in this study, such as Social Factors.

Some of Participant 3's testimonies may emphasize this:

Ah yes po. Kanang like maglisod kog mag make og financial

decision when if kanang daghan nagud kaayo mga like kuan, sila dapat

gastohan like, nagsagolsagol na ba, like maglisod naka unsaon unsa to

dapat imong unahon. Daghan kaayo mga importante na kailangan

uhmm, bayaran ana so didto ko mag struggle kung or naay instances

na pag mag kuan sila tanan ba, magsabay sabay gud mao to.

Usahay katong mga na save nako na money maadto lang sya sa

mga nonsense na butang like, mga laag ana hihihi, pero kanang
 naaman pud koy uban na nasave na naadto sa mga importante nga

butang.

These transcripts indicate that, despite knowing numerical and financial principles,

there are situations when other causes and reasons hinder its utilization. According to

Lind et al. (2020), the numerical skill and cognitive reflection of a participant cannot

be linked — implying that one's knowledge cannot be relied on all of the time due to

other factors influencing such transactions (Barrafrem et al., 2020).

Overall, the transcripts show that an ABM-11 student's financial literacy in

terms of numeracy is moderately high and heavily used while making financial

decisions. The respondents' numerical and financial knowledge is present and

exceptional. It would imply that despite some circumstances influencing their

monetary judgments, the ABM-11 pupils' numeracy skills are efficient (Lind et al.,

2020). However, individuals sometimes struggle when it comes to applying financial

principles, which makes budgeting, saving, investing, and future planning much more

complicated (Lusardi, 2019). Numeracy provides the foundation for financial literacy,

allowing individuals to make informed decisions and build a secure financial future.

Table 3.13

Status Essential Theme Core Idea

Criterion Variable Confirmation Of:

Planned Behavior Distractions from set plans

 Plans or Strategies they

incorporate

Reason why they

incorporate knowledge

Planned Behavior. According to the transcripts, most participants believed

Planned Behavior is crucial for determining an individual's financial literacy. The

participants have demonstrated that their planned behavior is exceedingly proficient

and high.

Based on these transcripts, participant 3 has shared their ability to keep their

Planned Behavior:

Yes po. Example po I have P400 po in a week, then ang 250 po

inaano ko po sya sa food pag lalabas po ako with friends, tapos yung

100 po sa transportation expenses and yung mabilin po is for save—for

savings po.

Participant 5 has expressed a similar sentiment about correctly preserving a

budget as a result of their intended conduct:

Yes po, mag reflect po siya kase po mas natutunan ko na po paano

mag save ng money or na understand na nako—pero not much—how

important mag make ng budget—ay ng budget plan po para doon.

Yes! Based sa what I have said kanina po, na dapat kabalo ka mag

manage sa imonhang mmoney. Mag save, mag invest sa mga

importante na mga butang and so yun po katong mga learnings na na

 learn nako sa Abm kay important jud to sya para sa akoang mga in

making financial decisions.

These transcripts describe how their money spending and budgeting plan help people

comprehend how much money they have, where they intend to spend it, and what

they are saving for (Dewi et al., 2017). Well-informed, financially educated customers

are more likely to make appropriate decisions and follow through on their placed

planned behavior, demonstrating how planned behavior is best in measuring ABM-11

students' financial literacy (Goyal & Kumar, 2021).

Setting financial objectives is another skill that each participant demonstrates.

Below are some transcripts of each participant's planned to conduct in terms of saving

goals, such as Participant 4 who said:

Yes po. Ano po—Ano po sya na para mag save po. Savings, para

less po ang gasto.

Yes po. It helps po, for example in the future po, if you want to start

a small business po. Yung savings niyo po it can help po na para pang

dagdag po sa ano niyo po sa business.

On the same point, Participant 3 emphasizes the notion that saving for a

financial goal is helpful for the future:

My first priority po is ano po ah—ano po yung my savings po, para

po sya for future use po. Para magamit ko po yung savings ko po.

According to Sabri et al. (2020), saving money for something important, such as future

expenses, can help people stay motivated to stick to their intended monetary behavior
and budget, leading us to believe how beneficial it is in assessing people's financial

literacy. Having a defined aim in managing one's money may benefit Grade 11-ABM

students since it may lead to a more rational approach to financial decisions, such as

setting money aside rather than wasting it (Ludbrook, 2019).

Another criterion that determines the financial literacy of the selected participants in

terms of Planned Behavior is how they track their expenses.

Participant 3 discussed how they monitor their finances and how this tie to the

lessons they gained in their ABM strand:

Uhm—ano po sa — kasi minsan po avoid nalang po (Chuckles)

Hindi nalang po ako magbili po. Like magtipid na lang po ako.

If mag spend po ako di ko po bibilhin yung mga hindi ko po—not

necessary things po. Like murag I first jud nako ang mga kailangan—

mga importanteng butang po na paliton.

This idea is supported further by Participant 5 on this transcript:

Hmm, example po of necessary po is ano po—uhm like sa ano po for

projects po yun po yung I fifirst prioritize ko po ngayon like mag bili ako

ng mga materials. Yun po muna. First, dili nako paliton—for example

magpunta ako sa mall sa store, kung unsa lang jud akong kailangan,

mao lang jud to akong paliton.

These transcripts state that monitoring spending habits can help identify the financial

literacy of the participants and other people and how they can stop overspending their

budget and ensure they are implementing their planned behavior (Achtziger, 2022).
Hamid and Loke's (2021) findings further support these concepts and think it is crucial

in molding an individual's fiscal behavior.

Overall, these transcripts show that planning is a salient sign of financial literacy

and how an individual should be able to execute their objectives to the point where

they have control over their behavior (Kim et al., 2019). The following transcripts have

showed us that the level of financial literacy in terms of Planned Behavior displayed

by ABM-11 students are moderately high Spending and saving money with a plan is

a principal stage in making a financial decision, ensuring that individuals allocate their

resources effectively, stay within their budget, and reach their financial goals (Dewi et

al., 2017).

Level of Financial Literacy. Based on the overall idea conveyed by the following

transcripts, it is evident that ABM-11 pupils have a moderately good level of financial

literacy. Numeracy and planned behavior, both financial literacy indicators,

demonstrated an exceptional degree. Even though some variables influence

monetary judgments, the ABM-11 students' numeracy skills are practical because

numeracy allows them to make informed decisions (Lind et al., 2020). Spending and

saving money with a plan are crucial in making a financial decision because it ensures

people manage their resources properly (Dewi et al., 2017). These elements affect an

individual differently than others since one's particular behavior and attitude toward

financial ideas might influence one's level of financial literacy.

Relationship Between Money Management and Financial Literacy. The significant

association between the predictor variable, Money Management, and the criterion

variable, Financial Literacy, of ABM-11 students is shown in the table, which was

refuted by data acquired during the quantitative phase of the study. It was shown that

the participants communicate their thoughts on how being adept at managing one's

finances and other fiscal tasks may also be used to determine how financially literate

an individual is. They have a high level of financial literacy or awareness of the

accounting principles they acquire in their course while also being a wise money

spender, demonstrating how well their money management skills are.

Research Area Quantitative Results Qualitative Results

The level of money Moderately high levels of Participants have proven

management habits of the two money the high rating of the two

ABM-11 students in terms management measures indicators contained in

of Attitude and Perceived shown by ABM-11 Money Management as it

Control. students, varying from displays positive

3.59 to 3.61, indicating outcomes that corroborate

that the respondents the quantitative phase

frequently demonstrated results.

high money management (Refer to Table 3.9)

practices.

(Refer to Table 3.3)

The level of financial Moderately low levels of Participants have not

literacy of Grade ABM-11 the two financial literacy proven the quantitative

students in terms of indicators shown by ABM- outcome claim and have

Numeracy and Planned 11 students varied from an opposing claim that

Behavior. 3.05 to 3.33, indicating indicates a good grade for

that the respondents do the two indicators that

not have a constructive assess the degrees of

view of their financial financial literacy

literacy. demonstrated by ABM-11

(Refer to Table 3.6) students with positive core

ideas for the qualitative

analysis. It is because

both numeracy and

planned behavior have

shown exceptional levels;

despite some conditions

impacting monetary

judgments, financial

literacy abilities remain

efficient for informed fiscal

habits.

(Refer to Table 3.11)

The significant Money Management and Money Management and

relationship between an Financial Literacy Financial Literacy

ABM-11 student’s money demonstrated by ABM-11 displayed by ABM-11

management and their students exhibit no students had a significant

financial literacy. significant association, link with one another,

with an R-value of 0.19, or yielding a different result

19%, and a p-value of when compared to data

0.11, indicating that the acquired in the

respondents' money quantitative portion of the

management does not study. Participants share

reflect their financial their thoughts on how

literacy. As a result, the being adept at managing

null hypothesis is one's finances and other

accepted. fiscal tasks may also be

(Refer to Table 3.7) used to determine how

financially literate an

individual is.

. (Refer to Table 3.8)

Experiences of ABM-11 Attitude and perceived

students in using their control, both money

money management management measures,

were revealed to have a

habits to improve their high degree of financial

financial literacy. literacy improvement for

the participants. Attitude

and perceived self-control

toward money

management are critical in

determining how

effectively they make

financial decisions, as this

improves an individual's

financial literacy and

decision-making skills.

(Refer to Table 3.9)

Effects of money Numeracy and planned

management habits of behavior, both measures

ABM-11 students with of financial literacy, have

their financial literacy. been shown to impact

one's money

management practices

and vice versa

significantly. Despite

various conditions

affecting monetary
 judgments, the ABM-11

students' financial literacy

abilities remain successful

because they help them

make informed decisions

and ensure that people

properly allocate their

resources.

(Refer to Table 3.11)

Overall significance. According to the tables, the quantitative and qualitative

findings of the study differ in demonstrating the importance of the predictor variable,

Money Management, and the criterion variable, Financial Literacy. It could be related

to the complexity of human behavior and how it impacts one's ability to think clearly

about how well they manage their money and adopt financial literacy strategies

compared to how they implement them in their daily life. According to Yusfiarto et al.

(2020), money management influences financial literacy but does not always show up

since other factors, such as family relationships or other social and environmental

factors, might affect how well one handles their finances.

 Chapter 4

DISCUSSION

This chapter presents a synopsis of the study, followed by the researchers'

significant conclusions based on their findings and recommendations for future

researchers based on the unearthed information of this study entitled "Money

Management and the Financial Literacy of ABM-11 Students."

The researchers conducted this study to examine the level of money

management displayed by ABM-11 students and whether these levels correspond to

their level of financial literacy. Conducted to determine whether or not the two

variables among ABM-11 students demonstrate their financial literacy when making

monetary judgments. The researchers employed a survey strategy to collect

quantitative data before branching out with an interview for the qualitative part of this

study, specifically a descriptive survey with correlation processes and a guided

interrogation. The researchers statistically evaluated the quantitative data, yielding the

following principle findings: (1) students' money management habits in terms of

attitude received a mean of 3.61, classified as high. For perceived control, it received

a mean of 3.57. Both have a very descriptive equivalent. The money management

abilities of ABM-11 students are moderately high, with an overall mean of 3.59 and a

standard deviation of 0.99; (2) The students' financial literacy in numeracy acquired a

mean of 3.05 — which equates to a descriptive equivalent of moderate. For intended

behavior, it scored a mean of 3.33. The overall mean of ABM-11 students' financial

literacy is 3.19, with a standard deviation of 0.94; (3) the study's results show that the

p-value is equivalent to 0.11, which is smaller than the R-values of 0.19. In the

qualitative phase, participants appear to communicate their thoughts on how to be

adept at managing one's finances and other fiscal tasks, resulting in a high level of

financial literacy while also being a wise money spender, demonstrating how well their
money management skills are. After evaluating and interpreting the participants'

responses, it reveals some themes that all point to the assumption that each

participant is familiar with numerous accounting principles that aid them in making

crucial financial decisions that reflect their money management practices. The

quantitative data shows an insignificant relationship between the two variables,

whereas the qualitative data shows that both variables share the same high level of

aptitude and have a significant relationship with each other; however, the idea that

participants can't seem to properly implement their financial literacy when making

financial decisions appears to propagate in both of the results. It demonstrates that

outside forces still influence each variable wholly, leading the researchers to adopt the

null hypothesis.

Conclusions

Having the findings of the study, the following conclusions were drawn:

1. The ABM-11 students' level of money management is moderately high in both

quantitative and qualitative phases, indicating that they are involved in

financial habits, whether good or negative, in terms of attitude and perceived

control. It would imply that each person exhibits somewhat high money

management levels while engaging in neutral monetary behavior and

management habits in their current job.

2. The ABM-11 students appear to have a moderately low level of financial

literacy in the quantitative phase of the study while having a reasonably high

level in the qualitative phase, which means that individuals display a neutral
 understanding of basic financial literacy concepts and behavior that are

expected of them based on their chosen course in terms of numeracy and

planned behavior while still managing to have a firm grasp of the differing

principles.

3. There is little evidence of a link between money management and financial

literacy among Davao Doctors College ABM-11 students. It also means that a

person’s financial literacy cannot be determined or reflected by how effectively

they handle their finances and other money management practices due to the

many variables that influence them.

Recommendations

In view of the findings of this study, the researchers would like to make the

following recommendations:

Students. Students must grasp the significance of their financial

literacy in their financial decisions, particularly their monetary conduct.

Students should think about their money management habits because

applying their financial literacy to their money management habits would

help them save money and manage their budgets better.

Parents. Parents can encourage and guide their children in their

financial endeavors and monetary behavior. They may also coach and

encourage their children to become more financially savvy. Parents are

encouraged to offer their children a suitable atmosphere and a financially

secure upbringing, tremendously aiding them in developing more financially

literate monetary behavior and a deeper awareness of various accounting

principles.

Teachers. Teachers might apply improved tactics in teaching learners’

essential subjects that focus on students' financial literacy to fight the students'

apparent lack of knowledge application — now that the relationship between

money management and students' financial literacy has been made

insignificant. Teachers should assist their pupils in applying their newly

acquired knowledge to their monetary behavior and management practices to

maximize efficiency and one's budget.

DDC Administration. This research would primarily serve as a

foundation for the administration to establish programs that coincide with

students' chosen courses, assisting in developing students into competent

financiers who can apply their newly gained abilities while making financial

decisions. It might be crucial in ABM classes because it would help students

and educators alter their approach to molding students' financial literacy

through their teachings, ensuring that the knowledge they gain is implemented

hands-on in their finances.

Future Researchers. Finally, future researchers who wish to widen the

scope of this topic will find our work practical. Our findings may be of use in

their development. They could also try to optimize the data collection technique,

as the researchers encountered a roadblock in attaining the appropriate sample

size. As the lack of related literature endures, future researchers may explore

deeper into this area.

 References

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