THE LEVEL OF FINANCIAL KNOWLEDGE ON SPENDING BEHAVIOR AMONG

WORKING STUDENT

In partial fulfillment for the requirements of Practical Research 2 of Senior

High School (Technology Vocational Livelihood) in Arriesgado Foundation
College, INC.

Alcano, Mary
Catana, Julieta
Delatina, Devie Ann
Gera, Aissy
Lopez, Gladys
Marcos, Maria SoffiaMargarette
Reyes, Jenny Rose
Silutan, Roxanne

February 2023

1
 TABLE OF CONTENTS

CHAPTER

1. THE PROBLEM AND RELATED LITERATURE

Introduction 3
Review of Related Literature 6
Theoretical Framework 17
Conceptual Framework 19
Statement of the Problem 5

2. METHOD

Research 22
Respondents 25
Research Instruments 26

3. RESULTS AND DISCUSSION

Collaborative Language Learning exposure of Third year

BSEd-English students

Oral Fluency of Third Year BSED-English Students

Collaborative Language learning Exposure and Oral Fluency

4. SUMMARY, CONCLUSION , AND RECOMMENDATIONS

Summary
Conclusion
Recommendation

REFERENCE

APPENDICES

2
 Chapter I

INTRODUCTION

Background of the Study

Financial knowledge of financial terms and practices, and application of this

knowledge to address financial issues. Financial problem becomes a common issue

among young adults. Financial problem happens because they lack financial

knowledge and have to make difficult financial decisions. Spending behavior is

commonly a behavior affecting the way a person use their money in order to satisfy

their wants and needs without any use of control. The way on how students manage

their own money may become a behavior that may be a difficult thing to change, for

behavior had been also an influenced by the people around them. students is the

huge difficulty in controlling the way they spend, and worldwide, very minute

research has been done about this.

A study in Malaysia, has revealed that college students lack the information

necessary to efficiently manage their personal finances (Shamsuri et al, 2017).

In fact, there are many differences between today's higher education

institutions' living and financial needs and those in the past. As a result, having

knowledge of and proficiency in financial management is essential at the university

level. Students, however, have relatively little exposure to this field and thus have

difficulties when attending school issues at their universities.

Nowadays, there was a lot of financial distress among the students at

Cagayan University. They are persistent in their quest for knowledge about how to

effectively manage their financial resources, how money may be used to their

3
advantage, and how their choices in financial affairs will affect their long-term

financial security. Most of us believe that getting large sums of money will make our

issues disappear quickly. Most students lose money because of overspending

brought on by a lack of financial literacy. (Jonathan Swift 2016), money should be in

a wise man's mind, but not in his heart.

In Davao Region, the low rates of the study accomplishments are the central

concern of the Department of Education (DepEd). The study of (Ramento,2011),

states that the low educational attainments of the students in the City of Davao were

due to a low salary which leads the students to combine working and studying. Thus,

the students that have financial problems are spending more time working than

studying, and because of this, they attained poor grade and poor performance in

school.

Previous studies had introduced new perspectives in defining financial

knowledge as a tool for determining spending behavior regarding their attitude and

manner. However, numerous studies regarding financial knowledge and spending

behavior are most likely focused to the level of knowledge about financial handling

they get from school disregarding the common knowledge of an individual on

financial matters. Thus, this study finds the urgency to determine the level of

financial knowledge among working students have and their consequent behavior on

spending. This study aims to seek the relationship between financial knowledge

spending behavior and find out whether the improvement of financial knowledge will

be able to affect their spending behavior.

4
 The above discussions make it clear that there is a lot more to be done to

examine the financial knowledge and spending behavior of the students. The

researchers believed that this study could serve as guide by providing relevant

information on how to help the among students to gain more knowledge, the way

they spend their money and their attitude toward it. It would help counter the major

problem in spending practices like overspending and utilization of money or

prioritizing the wants than their needs, it is important to understand what students do

or do not know already.

Statement of the Problem

The objective of this study is sought to answer the following objectives:

1.What is the level of financial knowledge among students in terms of

1.1 Budgeting

1.2 Savings

2. What is the extent of spending behavior among students in terms of:

2.1 Self control

2.2 Self awareness

3.Is there a significant relationship between Financial Knowledge and Spending

Behavior among the students?

Review of Related Literature

This section contains reading and Literature from different sources like google

scholar, journals, website articles, thesis and dissertation that related to the study .it

5
start with the definition and the level of financial knowledge on spending behavior

among working students.

Financial knowledge is vital to learn and well-understand for an individual to

make a better financial decision making as to avoid some difficulties such as low

savings and failure in managing debt and loans. Lack of financial knowledge will also

drive to poor in budgeting and poor long-term financial planning. In reality, the basic

parts of financial knowledge concepts actually have been part of human

accomplishments for a very long time and have been anticipated throughout history.

There are various definitions provided by several researchers in the literature that

stated by (Taft et al, 2013).

Furthermore, adopting adequate financial behavior depends largely on one’s

financial knowledge (Allgood et all,2016). Individuals who have the ability to use their

knowledge to make appropriate decisions for the effective management of their

financial resources tend to be more financially literate (Asaad et all, 2015 ). In this

regard, numerous studies have assessed the level of financial knowledge among

students, young adults and the general population. Some authors have chosen the

widely used JumpStart questionnaire (Keown et all, 2011) while others have

developed similar questions that relate to a body of financial knowledge or to some

of its components (potrich et all, 2018). In all cases, the results are the same:

financial knowledge is relatively poor among participants. While this has led several

authors to take an interest in financial knowledge as a means of improving financial

behavior, conflicting results have been obtained. For example Mountain et al. (2020)

found a positive relationship between financial knowledge and financial behavior,

6
while Tang et al. (2015) found that financial knowledge is not sufficient to change

financial behavior. Despite these contradictions, we hypothesize that financial

knowledge positively influences financial behavior and financial confidence.

In another study, Ergun (2017) investigated the relationship between financial

behavior and financial knowledge of university students across five European

countries. They found that financial education improve financial literacy among

students and those who took finance course from university were more

knowledgeable than those who got the information about financial issues from social

media. Previous studies have shown that college students have insufficient

knowledge to manage their personal finance effectively (Shamsuri et al, 2017).

Financial literacy is defined as the capacity to apply knowledge to make informed

decisions for the efficient management of one's financial resources (Robb and

Woodyard 2011). Numerous studies have evaluated the level of financial literacy

among students, young adults, and the broader community in this regard.

Moreover, financial knowledge is referred to by a number of different names.

Financial understanding, financial literacy, and related terms are equally common.

However, there hasn't been agreement on a single, comprehensive definition. In

addition the simplest term refers to the capacity to manage finances (Remund,

2010). People who are financially literate can comprehend, manage, analyze, and

discuss financial difficulties also they are knowledgeable about personal finance

terms and products, and they can put this knowledge to use in decision-making

skills, help people make informed financial decisions through problem-solving, critical

thinking, and an understanding of key financial facts and concepts (Huston, 2010).

7
More specifically, financial literacy is the capacity to manage financial difficulties and

make wise financial choices (Aprea, 2012).

Budgeting As mentioned by Bona (2018), students pick the products that

will best suit their needs in terms of quality and cost. Based on the study's findings, a

student's family background has a significant impact on how much money they

spend. Parents are equally important in influencing their children's attitudes on life in

general as well as financial management. Students must take the effort to design

practical tools to make keeping track of their spending easier in order to develop

better financial habits. They should first make their own budget and keep notes on

how to make it better. They can keep tabs on how much money they spend on

apparel, entertainment, and electronics by keeping a log of their expenditures. They

must not overlook setting aside funds for saves because a sound budget includes

savings. Last, they ought to have an optimistic outlook.

Moreover budgeting is often described as a tool that motivates students to

organize and manage their financial aid. It could be challenging for college students

to manage their allowance on their own due to a lack of experience. According to

Signh et al. (2020), student budgeting mostly relates to managing financial spending

within their designated budget. The conduct of pupils is dynamic and distinctive from

one another due to a number of reasons. These variables might be either

controllable or uncontrollable, technological as well as psychological.

Furthermore, Holand (2016) asserts that a lot of college students lack

experience with money management. Keeping track of their expenses is one of their
8
major financial concerns. They may be attempting to keep up with new, wealthy

acquaintances or living in an expensive region, and many of them are unaccustomed

to handling money. In other words, students spend more than they can afford.

Together with socializing and spending on their luxuries that are probably a factor in

their cost, like going out to eat with friends, buying gifts for loved ones, or investing in

high-quality professional clothes or any item that is in style, they need to manage

tuition, textbooks, transportation, their housing, food, and supplies. Particularly

during the COVID 19 epidemic, things have changed significantly. New conventions

are being adopted, which have altered every aspect of people's lives.

Self control This implies that there will be things in the near future that are

restricted to accomplishing a future aim. In a different context, exercising self control

is a way for someone to save money (Putra, et al 2013). So, exercising self-control

when managing personal money involves developing a disciplined approach to

achieving future financial goals by managing one's own body, mind, and behavior.

Gufron and Risnawita (2016) indicate that people manage their emotions to a degree

that is socially acceptable, that they understand how much control is required to

meet their own needs and the expectations of the group, and that they assess the

situation before commenting on a specific behavior.

As explained by Averilin Gufron and Risnawita (2016), self control involves

control over behavior, cognition, and decision-making. The two basic components of

behavioral control are how people govern and control specific situations and how

and when people respond to unpleasant stimuli. The person will respond to an

9
unpleasant stimulus in a variety of ways, including avoiding it, delaying its

occurrence between other stimuli, stopping it before it should, and diminishing it. In

cognitive control, people try to relate one occurrence to another in a cognitive

framework in order to relieve pressure. They also interpret and evaluate undesired

information. The trick is gathering data and performing an assessment so that later

the person can adapt to the situation. Also, decision-making control refers to how

people choose to act in accordance with their ideas. A person's ability to maintain

self-control will be impacted by both internal and external circumstances (Gufron and

Risnawita, 2016).

The research report discovers that the price of education has increased

significantly over the previous few years (Sorooshian, et al., 2013). The cost of many

items, including tuition, books, and fees, has increased by 5 to 10% yearly. Yet, the

majority of full-time students receive financial aid, grants, and loans to help defray

the expense of college. As indicate in the study, students only cover around a third of

the true cost of a college education. Based on experience, college students are

currently expecting luxury and do not recognize the issue with their expenditures.

They appear to be so accustomed to charging such exorbitant fees that the items are

now typical sights on college campuses. Students who think before they spend are

more likely to make wise purchases than those who do not. Planning ahead for

expenses can help students spend more responsibly. Instead than spending money

on wants, they could consider saving money to buy necessities. Students need to

learn how to regulate their spending because it appears that they spend a lot on

entertainment. This study examined the psychological and financial aspects of

10
spending behavior in great detail and produced tangible findings, however it omitted

to include monetary terms in its purview.

Spending behavior

Students purchase goods that both satisfy their needs and budget. The study

came to the conclusion that family history has a significant impact on how much

money college students spend. In addition to influencing their children's attitudes

regarding money management, parents also have a significant impact on their

overall outlook on life. Students need to spend some time developing practical

budgeting strategies to assist them better manage their finances. They should first

make their own budget and keep notes on how to make it better. They can keep tabs

on how much money they spend on apparel, entertainment, and electronics by

keeping a log of their expenditures. They must not overlook setting aside funds for

saves because a sound budget includes savings. Finally, they ought to have an

optimistic outlook. Since this study was more qualitative in character, it was unable

to measure student spending behavior in monetary terms (Bona, 2018).

Among students are currently expecting luxury and are not aware that their

spending is problematic. The items now appear to be typical items found on

campuses since they have grown so accustomed to these exorbitant pricing.

Students who consider their purchases before making them are more likely to do so

intelligently than those who do not (Sorooshian, et al., 2013). This research paper's

major goal is to investigate the many psychological and demographic elements that

influence young Indians' purchasing decisions.

11
 The researchers draw the conclusion that there is a significant link between the

socioeconomic condition of the parents and the academic performance of the

children. This essay contrasts financial aid for students with academic achievement.

It doesn't take into account the numerous goods that (Sollano, et al., 2018). Keeping

a tight rein on your cash outgoings and limiting your spending is not only a good

habit, but it also helps you achieve financial success, which will be crucial in the

future. Since young people are so influential in our society, it's critical to keep an eye

on how they behave when it comes to money. Budgeting, saving, investing,

spending, and monitoring the overall use of cash are all steps in the lengthy process

of managing money. The way students view money is an issue of social freedom,

and they are constantly informed about the newest trends in trend. For students,

daily activities include purchasing designer clothing, visiting far-off locales, and

dining at renowned fast food restaurants average cost of a college education (Manju,

2016).

They conclude that students saved less than they spend but their spending

avenues are different. Most of the students have savings and they know about the

importance of savings. Students commonly prefer saving bank account as their

saving avenues. Students save for their emergency situation. From the study on

spending pattern of students, they are spending higher amount in transportation and

studies. The past year has seen a lot of attention focused on the problem of financial

management, including low savings, debt, and bankruptcy. When people are

exposed to different ways to manage their own finances from a young age, it can

frequently result in the formation of bad habits (Gutter et al., 2010).

12
 Individuals’ spending habits are affected by their personal demographics and
unique
characteristics. With this, some students do not have enough knowledge and
experience on how
to manage their money, which lead them into spending their personal finance
carelessly.
Students who lack knowledge regarding money saving tend to create wrong
decisions, while
those students who have a background on money handling and/or gained knowledge
about it
before college gives them the ability to be wise on their spending habits, enabling
them to avoid
financial problems (Sabri& MacDonald, 2010).

Individuals’ spending habits are affected by their personal demographics and

unique
characteristics. With this, some students do not have enough knowledge and
experience on how
to manage their money, which lead them into spending their personal finance
carelessly.
Students who lack knowledge regarding money saving tend to create wrong
decisions, while
those students who have a background on money handling and/or gained knowledge
about it
before college gives them the ability to be wise on their spending habits, enabling
them to avoid
financial problems (Sabri& MacDonald, 2010).

Individuals’ spending habits are affected by their personal demographics and

unique
characteristics. With this, some students do not have enough knowledge and
experience on how
to manage their money, which lead them into spending their personal finance
carelessly.
Students who lack knowledge regarding money saving tend to create wrong
decisions, while
those students who have a background on money handling and/or gained knowledge
about it
before college gives them the ability to be wise on their spending habits, enabling
them to avoid
financial problems (Sabri& MacDonald, 2010).

13
 Individuals’ spending habits are affected by their personal demographics and
unique
characteristics. With this, some students do not have enough knowledge and
experience on how
to manage their money, which lead them into spending their personal finance
carelessly.
Students who lack knowledge regarding money saving tend to create wrong
decisions, while
those students who have a background on money handling and/or gained knowledge
about it
before college gives them the ability to be wise on their spending habits, enabling
them to avoid
financial problems (Sabri& MacDonald, 2010).

Self Awareness People's purchasing behaviors are influenced by their

personal demographics and distinguishing characteristics. As a result, some

students make poor financial decisions because they lack the skills and information

required to manage their money. Students who don't know how to save money

frequently make poor decisions, while those who have learned about or have

experience managing money are better able to regulate their spending and avoid

financial difficulties (Sabri& MacDonald, 2010).

As mentioned by Bona (2017), the majority of respondents spent more money

on their homework, projects, textbooks, board, and housing. The rising cost of the

supplies required to complete their projects and assignments is the cause of this.

Also, the expense of tuition and room and board raised the spending rate.

Nonetheless, students spend less on transportation, automobiles, laptops, and other

technologies. Students who want to change their spending patterns should budget

their money. Instead of spending a lot of money on their wants, individuals should

think about saving money and only buying needs. Because their financial decisions

have an effect on their future, students need to be aware of the consequences.

14
 Esenvalde's (2010) research provided empirical support for the notion that

self-control was positively correlated with financial behavior. The ability to manage

oneself is a very common and used explanation for saving behavior. Several student

organizations divide their funds in different ways, especially between the sexes. It

looks at how students behave when they get money for their education from their

parents, a scholarship, or a loan. Men often spend more on dining and entertainment

out, while women typically spend more on apparel. According to (Jalil et al. 2020),

women are more likely than males to manage their money responsibly, but more

frequently than not, women—not only students—racked up more credit card debt.

Not only students, but all students receiving financial aid, just like business

students, must develop responsible spending habits. The financial practices of

university students tend to be influenced by their educational background. They find

that non-business majors are less likely to be aware of personal issues than

business students who enjoy money, particularly banking and accounting (Nugraha,

2018).

Savings are seen as a healthy financial habit that improves both the

immediate and long-term wellbeing of families (Babiarz and Robb 2014). Savings

allow for balanced consumption throughout a person's life cycle and sustain

purchasing power despite income shocks brought on by unemployment, disability,

unexpected medical costs, or the price of buying a home or car (Heckman and

Hanna 2015).

Savings are the portion of available funds that are not used for consumption

(Bime and Mbanasor, 2011). Saving, in the words of Virani (2012), is reducing

15
present consumption in order to raise one's standard of living and provide for one's

needs in the future. Savings are amounts of something that you do not need to use

or spend, such as time or money.

Theoretical Framework
This study is anchored with the consumer theory which is concerned with how

the customers rationalize their decision in spending and consumption. It also studies

how people spend their money based on their personal preference, choices, and

knowledge (Levin and Milgrom, 2004).

The Theory of Reasoned Action was proposed in 1975 by Martin Fishbone and

Ice Janzen. This approach was claimed as being superior than information

integration theory. Two key modifications are noticeable. First, Reasoned Actions

adds a behavioural intention as an additional component to the concept of

conviction. As does Information Integration theory (along with numerous others),

Reasoned Action is only focused on behaviour rather than attempting to anticipate

attitudes. Additionally, this strategy acknowledges that there are frequently

circumstances (or other factors) that restrict the impact of attitude on behaviour.

Conceptual Framework

Figure 1: Conceptual Framework of the study

16
 CHAPTER 2

Methodology

This methodology selected for the proposed study will be detailed here. This

chapter includes the research design, research locale, research respondents,

research instrument, and data gathering procedure, statistical tools and empirical

consideration observed in the conduct of this study.

Research Design

A descriptive correlational design was employed in this study to describe the

level of financial knowledge on spending behavior among students, and also to

examine the relationship between those variable. Lappe J.M. (2000) mentioned that

17
descriptive correlational research aims to describe the relationship between

variables rather than ascertain a cause and effect relationship as such that it is used

to describe how one phenomenon is related to another in cases where the

researchers have no control over the independent variable–the variable that is

believed to have influenced the dependent variable. He further added the

advantages of descriptive correlational research–it is straightforward, is usually

inexpensive, can be done quickly, and in most cases, it can serve as a crucial

preliminary research for further studies that can be done to determine cause and

effect relationships between variables

Moreover this research was conducted through a quantitative approach. This

research is non-experimental. Tanzeh (2011) Quantitative research is research

which basically uses deductive-inductive approach, meaning that departs from a

theoretical framework, the notion of experts, based on his experience and

understanding of the researchers then developed into the problems and their

solutions. Research design in this approach is specific and detailed. The resulting

data is numeric data.

Furthermore, in this study, researcher used quantitative research to obtain

the significance of the relationship between the variables studied were the level of

financial knowledge on spending behaviour among students. Meanwhile the

research design was a descriptive correlational study. Descriptive said to be

intended to get a description of a reality that already exists or has occurred on the

subject. In this design the researcher does not manipulate treatment or placement of

the subject (Hajar 1999), while the descriptive correlational design called for the

18
implementation uses statistical analysis technique called correlation. The correlation

that states the level of relationship between the variables investigated.

Research locale
All working students in Tagum City, Davao del Norte, Philippines—mostly

college students who are capable of working and hustle while studying, whether they

are male or female—were included in the study. Tagum City is a premier component

city and is referred to as the "City of Palms." According to a 2017 study on

Philippine cities, it is the commercial and educational hub of Davao del Norte and

one of the most livable cities in the country after Laoag in IlocosNorte and Talisay in

Cebu. Since the Local Government of Tagum enacted these rules, students who are

of legal employment age may work in the city. 150 working students in all, both

males and females.

The researchers chose to approach working student at different school in

Tagum city by face to face and using online survey through google form in order

togather information and their perspective on what factor contribute to their

satisfaction and their experience.

19
 Figure 2: Map of the Philippines and
Davao Region

Research Respondent

The respondents of this research will be the working students of Tagum City.

They were also the research subjects because they are directly related to the

conduct of this study. All participants have experienced working while studying and

qualified to be the participant. The participants provided information is given with full

disclosure in which involves disclosing one's personal information or presented

information. The study will select the respondents based on a convenience sampling

technique as there are a lot of respondents in Tagum City that can give an

appropriate response in this study.There will be a total of 150 respondents for this

research.

In this research sampling technique was used to take sample is purposive

sampling. According to Arikunto (2010) purposive sampling is the process of

selecting sample by taking subject that is not based on the level or area, but it is

taken based on the specific purpose.

20
 According to Riyanto (2001) stated that the technique of research was

orientation on choosing sample that population and the purpose was specific from

research is knowing by researcher in the very beginning. With purpose sampling the

researcher can choose the sample those that representative and get represent of

population

Research Instrument

A survey questionnaire acted as both the interview guide and the tool for

gathering data. The survey's only category that measured how much management

style affects working students satisfaction was included in the questionnaire. It has

eight items in each of the two categories of financial knowledge, money

management, saving, and other topics. The second component of the survey asked

about students' happiness and was composed of 8 topics, including values and

behavior, managing and effectiveness, and support given. A likert scale was used in

the test, with a maximum score of five and a minimum score of one. 150 students

were chosen at random for this study and were used as research subjects. It used a

descriptive research design and a survey questionnaire as its primary research tools.

The Financial Knowledge on Spending behavior among working students

questionnaire was develop by the researchers to measure the financial knowledge

and how they spend it. These research instrument or tools are way of gathering data.

Without them data would be impossible to put in hand. Questionnaire is the common

instrument or tools of research obtaining data. This survey questionnaire consist of

how to manage and budget the money of working students, how they value saving

money, being knowledgeable enough to save finances .

21
The responses of the respondents in all statements of the indicators of the
questionnaires used the following scale, descriptive equivalent and interpretation.

Scale Description Interpretation

5 Strong Agree This indicates that the items embodied is

Observed at all times.

4 Agree This indicates that the items embodied is

Observed most of the time.

3 Moderately Agree This indicates that the items embodied is

Observed sometimes.

2 Disagree This indicates that the items embodied is

Observed in few instance.

1 Strongly Disagree This indicates that the items embodied is

Observed at all.

Management Style

Scale Likert scale interval Interpretation

5 4.21 – 5.00 Strongly agree

4 3.41 – 4.20 Agree
3 2.61 – 3.40 Moderately agree
2 1.81 – 2.60 Disagree
1 1.00 – 1.80 Strongly disagree

Working students satisfaction

Scale Likert scale interval Interpretation

22
 5 4.21 – 5.00 Strongly agree
4 3.41 – 4.20 Agree
3 2.61 – 3.40 Moderately agree
2 1.81 – 2.60 Disagree
1 1.00 – 1.80 Strongly disagree

Data Gathering
The researchers observed the following procedure in gathering data for the

study. The researchers used these steps to collect data on the level of financial

knowledge on spending behavior among students.

The researcher proposed a title, which was approved by the subject teacher, and

then worked on and developed the first and second chapters of this study as its

strength of character. Next, the researchers drafted a researchers-made

questionnaire and submitted it to the adviser were incorporated into the

questionnaire for the final revision. After the questionnaire was validated and

approved, the researchers submitted a letter of proposal to conduct a study, and the

researchers distributed questionnaire to the target respondents to gather their

answers for data collection. After they had answered the questionnaires, the

researchers retrieves the data and answers for final revision. When the data was

collected, the researchers sent it to a statistician for analysis, and the statistician

analyzed the data using the method.

Statistical tool
After collecting the questionnaire, it is immediately tailed & subjected to

statistical Interpretation. The following statistical tool will be a used to collect,

interpret and analyze the data that we gathered;

23
 Mean; this was used to determine the level of financial knowledge on

spending behavior among students

Person(r) with the use of statistical tool, we can establish whether there is

statistically significant correlation between financial knowledge and spending

behavior among students.

Ethical Consideration
When seeking respondents for a study, we make sure to let everyone know

that their participants is completely voluntary and that they are free to leave the study

at any moment without suffering any consequences.

We held an interview to students in any different schools. We request

demographic information from participants, such as their name, degree level, gender

identity, nationality, and ethnicity because all of this information may allow others to

identify individual participants. We separated their personal information from their

interview data and included participant numbers in both files. Only the participant

numbers can be used to link survey data to personally identify information.

We take steps to protect our data and prevent threats to data privacy in order

to keep it private. All signed consent forms are kept in a locked file drawer, and all

files containing interview data are password-protected. Only other researchers

approved by the team leader are allowed to access to study data, and you make

sure that everyone knows and respects your institution’s data protection rules. In this

study we interviewed students on their experience as a working students and non-

working students in their level of financial knowledge on spending behavior. Some of

these question may bring up negative emotions, so we inform participants about the

24
sensitive nature of the survey and assure them that their responses will be

confidential.

Questionnaire on The Level of Financial Knowledge on Spending Behavior of Among

students

(Independent Variable)

I. Student-Related Financial Knowledge

Directions: Please check(/) and rate yourself honestly based on what you actually
experience given the statement using the following scales below. The scale of 5 is
the highest and 1 is the lowest. Rest assured that all your answers will be treated
with utmost confidentiality and will be used only for the data of this research.
A. Financial Knowledge 5 4 3 2 1
1.I learn how to spend less and
manage a budget.
2.I always budget my daily
allowance.
3. preparing a budget every
month.
4.

25
5.I set long term financial goals
and strive to achieve them.
6. I do not spend on things that
are not important
7.I can decide independently
what to spend my money on.
8.Before I buy something I
carefully consider whether I
can afford it

Questionnaire on Financial knowledgeof Among Students

(Dependent Variable)
A. Spending Behavior 5 4 3 2 1
1.Before I buy something I
carefully consider if I need it.

2. Responsible of my
expenses and money matters

3. I prioritize my needs over

my wants.

4.

5.

6.

7.

8. I value saving money

26
 Reference

Abawag Christine Faith Nicole B. [et al.]. - April 2019.Spending Behavior

Managemnet

Al-Bahrani, A., Buser, W., & Patel, D. (2020). Early Causes of Financial Disquiet

and the Gender Gap in Financial Literacy: Evidence from College Students in

27
 the Southeastern United States. Journal of Family and Economic Issues,

Allgood, S., &Walstad, W. B. (2016).The effects of per-ceived and actual financial

literacy on financial behaviors. Economic Inquiry, 54(1), 675–697.

Archuleta, K. L., Dale, A., & Spann, S. M. (2013). College students and financial

distress: Exploring debt, financial satisfaction, and financial anxiety. Journal of

Financial Counseling& Planning, 24(2), 50–62.

Asaad, C. T. (2015). Financial literacy and financial beha-vior : Assessing

knowledge and confidence. Financial Services Review, 24(2), 101–118.

BirariAbhijeet and PatilUmesh // The SIJ Transactions on Industrial, Financial &

Business Management (IFBM). - Aurangabad : The Standard International

Journals, May 3, 2014. - 2321-242X : Vol. 2. - pp. 158-165.

Bona J. T. C. // Journal of Fundamental and Applied Sciences. - February 24,

2018. SorooshianShahryar and Teck Tan Seng // Asian Social Science. -

Chen, H. & Volpe, R. P. (1998).An analysis of personal financial literacy among

college students. Financial Services Review, 7(2), 107-108

Ergun, K. (2017). Financial literacy among university students: A study in eight

European countries. International Journal of Consumer Studies, 42, 2-15.

Graves, E., & Savage, S. (2015). Financial pasts, presents, and futures of

community college students of a personal finance course. Journal of Business

& Finance Librarianship, 20(1/2),

Grinstein-Weiss, M., Spader, J., Yeo, Y.H., Taylor, A. & Freeze, E.B. (2011).

Parental transfer of financial knowledge and later credit outcomes among

28
 lowand moderate-income homeowners.Children and Youth Services Review,

Gutter, M.S., Garrison, S., Copur, Z., 2010. Social learning opportunities and

Intharacks, J.(2017). The influence of ethnicity on consumer behaviour : a

study of inter-generational and inter-group differences. Western Sydney

University Thesis Collection Retrieved August 28, 2018 from

Husniyah, A. R., MohdFazli, S., Norhasmah, S., MohdAmim, O., Norhafifah, S.,

&FatinFarwizah, M. R. (2017). Financial practices and physical health

influencing financial health of Malaysian employees. Malaysian

Journal of Consumer and Family Economics, 20(S2), 1–20.

Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs,

44(2), 296–316. https://doi.org/10.1111/j.17456606.2010.01170.x

Jorgensen, Bryce L. and JyotiSavla. 2010. “Financial Literacy of Young Adults:

The Importance of Parental Socialization.” Family Relations

59(4):465–78. Retrieved September 21, 2013

(http://doi.wiley.com/10.1111/j.1741-3729.2010.00616.x).

Jeevitha, P. and KanyaPriya, R. (2019).A Study on Saving and Spending

Habits of College Students with Reference to Coimbatore City.

Retrieve October 2019 from

https://ijrar.com/upload_issue/ijrar_issue_20543376.pdf

Keown, L.-A. (2011). The financial knowledge of Canadians. Statistics

Canada, 11, 1–12 http://en.copian.ca/library/research/stats/financial_knowl

edge/financial_knowledge.pdf

29
Kim, J. &Chatterjee, S. (2013). Childhood financial socialization and youth adults’

financial management.Association for Financial Counselling and Planning

Education, 24(1), 61-79.

Komal, GarimaYadav, Manju Mehta &Sudesh Gandhi (2017). Money management

practices among students. International Journal of Commerce, Business and

Management, Vol. 6 (1)

Lusardi, A., Mitchell, O. S. &Curto, V. (2010).Financial literacy among young.

The Journal of Consumer Affairs, 44(2), 358-380.

Lusardi, A. (2012). Financial Literacy or Financial Capability? Retrieved from the

way they spend their money and their attitude toward it.

Manju R. // International Journal of Research in Humanities and Social Studies. -

[s.l.] :Sryahwa Publications, October 2016. - 10 : Vol. 3. - pp. 39-47.

Mien, NT, &Thao, T P. (2015). Factors affecting personal financial management

behaviors: evidence from Vietnam. Proceedings of the Second Asia-Pacific

Conference on Global Business, Economics, Finance and Social Sciences

Mohd.Shamsuri, G., Ilyani, A., Aishah, S. M., Afizah, N. M. A., &Azmi, M.

(2017). Personal financial literacy among high school students in Raub,

Pahang, Malaysia.Journal of Engineering and Applied Sciences 12(7), 1830-

1834.OECD.(2005). Recommendation on principles and good practices for

financial ceducation and awareness. Retrieved from

Mountain, T. P., Kim, N., Serido, J., & Shim, S. (2020). Does type of financial

learning matter for young adults’ objective financial knowledge and financial

30
 beha-viors? A longitudinal and mediation analysis. Journal of Family and

Economic Issues, 42(1), 113–132.

Norvilits, J.M. & MacLean, M.G. (2010).The role of parents in college students’

behaviour and attitudes. Journal of Economic Psychology, 31(1), 55-63.

Potrich, A. C. G., Vieira, K. M., & Mendes-Da-Silva, W. (2016).Development of

a financial literacy model for university students.Management Research

Review.

Sabri, M.F., MacDonald, M., Masud, J., Paim, L., Hira, T.K. & Othman, M.A. (2008).

Financial behaviour and problems among college students in Malaysia:

Research and Education Implication. ConsuInterestsAnn.

Shahryar, S., Tan, S. T. (2013).The spending behaviour of a case of Asian

university students. Asian Social Science, 10(2), 64-69.

Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., &Serido, J. (2010). Financial

Socialization of First- year College Students: The Roles of Parents,

Work, and Education. Journal of Youth And…Journal of Youth and

Adolescence, 39(12), 1457–1470.

Shim, S., Barber, B.L., Card, N.A, Xiao, J.J. &Serido, J. (2009a). Financial

socialization of first year colleague students: The role of parents, work and

education. Journal of Youth and Adolescence, 39(12), 1457-1470.

SollanoAbegail T. [et al.] // International Journal of Engineering Science and

Computing. - [s.l.] : International Journal of Engineering Science and

Computing, June 2018. - 6 : Vol. 8. - pp. 19685-19690.

31
Stollak, M., Vandenberg, A., Steiner, K. and Richards, J. (2019). Student Budgeting

and Spending Behaviors: A Comparative Study. Retrieved from

http://www.aabri.com/OC2010Manuscripts/OC10089.pdf

Pahang : Canadian Center of Science and Education, December 29, 2013.

Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., &Tinghög, G. (2017). Does self-

control predict financial behavior and financial well-being? Journal of Behavioral

and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002

Sumaiyah, M. D. (n. d.). What is financial management: Business and

management, 1, 1-9.SitiAlida,J. A. , &Halimah,A. (2017). Finance and

teachingof IPT. Kuala Lumpur: Utusan Publications & Distributors Sdn.

Bhd.

Tang, N., Baker, A., & Peter, P. C. (2015). Investigating the disconnect between f

inancial knowledge and beha-vior : The role of parental influence and

psychological characteristics in responsible financial behaviors among

young adults. Journal of Consumer Affairs, 49 (2), 376–406.

https://doi.org/10.1111/joca.12069

Taft, M.K., Hosein, Z.Z., Mehrizi, S.M.T., 2013. The relation between financial

literacy, financial wellbeing and financial concerns. Int. J. Bus. Manag.8, 63.

Tezel, Z. (2015). Financial education for children and youth. In Handbook of

REsearch on Behavioral Financial and Investment Strategies: Decision

Making in the Financial Industry (pp. 69– 95). IGI Global.

32
Thomas, B., &Subhashree, P. (2020).Factors that influence the financial literacy

among engineering students.Procedia Computer Science, 172, 480-487.

Vyvyan, V., Blue, L., &Brimble, M. (2014). Factors that influence financial capability

and effectiveness: exploring financial counsellors' perspectives. Australasian

Accounting Business & Finance Journal, 8(4), 3.

White, K., Watkins, K., McCoy, M., Muruthi, B., &Byram, J. L. (2021). How Financial

Socialization Messages Relate to Financial Management, Optimism and

Stress: Variations by Race. Journal of Family and Economic Issues, 42(2),

237-250.

Xiao, J. J., Porto, N., & Mason, I. M. (2020).Financial capability of student loan

holders who are college students, graduates, or dropouts. Journal of

Consumer Affairs, 54(4), 1383-1401.

33