THE RELATIONSHIP BETWEEN PURCHASING HABITS AND

FINANCIAL MANAGEMENT PRACTICES OF GRADE 12 STUDENTS IN

SAN DIEGO PAROCHIAL SCHOOL

A Research Presented to the Faculty of

Senior High School Department

San Diego Parochial School

In Partial Fulfillment of the Requirements

for the Subject Practical Research 2

Quantitative Research

Avendaño, Rose Nadine V.

Bautista, Bea Joy B.

Santos, Zyrine Shanne F.

Suatengco, Matthew Clarence V.

Suello, Railey James M.

Tura, Ma. Julianna O.

January 2022
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Chapter 1

THE PROBLEM AND ITS BACKGROUND

Introduction

Purchasing habits are a taught pattern of behavior that is followed on a

consistent basis. It is a useful tool for predicting an individual's financial status in the

near future (Bona, 2018). Consequently, it is essential since it enables them to

understand their financial situation and keep their spending under control.

Furthermore, to develop a strong understanding on purchasing habits, it is critical to

establish a financial management foundation. As Topa et al. (2018) explained,

financial management has a various set of behaviors and decision making that might

have a huge impact can affect the individuals especially students capabilities, skills,

and opportunities to make certain behaviors to be implemented. For that reason,

individuals, including students, must learn how their purchase habits are connected to

their financial management practices.

Internationally, modernization has brought various modifications, both

favorable and detrimental repercussions on people's financial habits in order to meet

their essential necessities (Ameliawati & Setiyani, 2018). Having said that, it leads to

society's consumption-oriented financial habit leads to a slew of negative economic

habits, including a lack of savings, investment, and long-term planning. Moreover,

students are much more inclined to spend their funds on things they want, such as

clothing, boots, handbags, as well as other necessities. In addition, pupils have the
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tendency to be intensive, favoring desire over need, and have poor financial

management skills (Ameliawati & Setiyani, 2018).

In the Philippines, residents' mentality upon receiving income is that spending

takes priority over savings (Maur, 2018). What's left is kept. Nothing can be saved if

there is none left. However, due to a lack of financial management knowledge, the

group of older people or pensioners who rely on their children for financial assistance

is gradually increasing. For that reason, to meet the nation's growing demand for

more expenditures, it is recommended that Filipinos save first and then consume

what's left once they've put their money aside (Maur, 2018).

Furthermore, students in Bacolod City are observed to save receipts and bills

in order to be aware of their spending, which they learn from their parents (Binobo et

al., 2019). In other words, family is one of the factors that influence a child's ability to

track and manage their finances. Parents must remember that teaching their children

the value of money at an early age is an important component in determining their

child's future success. As a result, they suggested that parents should acquire

sufficient knowledge on financial literacy in order to set a positive example for their

children to follow (Binobo et al., 2019).

In that regard, an individual’s purchasing habits can be affected by his or her

family considering that they share the same lifestyle or values in life. Young

individuals observe and mimic their parents’ and other family members’ spending
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habits. As Bona (2018) mentioned, “college students' spending behavior are greatly

influenced by their family background”. Consequently, it is important for students to

learn about finances during their adolescence so that they can wisely spend their

money, make good decisions on their own, have a solid financial knowledge

foundation that will help them in adulthood, and not be dependent on their family

members, particularly their parents.

Also, students who learn how to manage their own finances and save can

benefit not only themselves but their parents. Given that the majority of students are

financially supported by their parents, it is important for them to be considerate and

mature enough in handling their money. In connection with this, Avellana et al.

(2021) indicated in their study that “saving money is the wisest thing to do right”.

However, the studies that have been conducted provided limited information

on the relationship between purchasing habits and financial management practices

that primarily focus on students, which must be addressed. As Avellana et al. (2021)

claimed, it reduces financial troubles and can help them make better judgments or

actions about their purchasing habits and financial management practices. It is also

crucial for students to assist them in saving money for their wants or daily necessities,

as this will allow them to evaluate ahead of time if they will have enough money to

accomplish the things they need to or would like to do (Boral et al., 2020).

Following that suggestion, this study aims to determine the relationship

between purchasing habits and financial management of Grade 12 students in San

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Diego Parochial School. Moreover, the researchers will undertake a study that will

feature the following points; the purchasing habits and financial management

practices of Grade 12 students in San Diego Parochial School. This study will help

contribute to the improvement of Grade 12 students' purchasing habits and financial

practices. For some, young adulthood is the time where long lasting propensities and

practices are formed. Routines and inclinations are laid out, and choices are made that

will influence the way in life that every individual will take. This research ought to

establish an in-depth understanding behind how Grade 12 students in San Diego

Parochial School handle their finances and purchasing habits.

Statement of the Problem

This study aims to determine the relationship between the purchasing habits among

grade 12 students of San Diego Parochial School and their practices in financial management.

Specifically, this study seeks to answer the following question:

Main Problem:

1. Is there a significant relationship between the purchasing habits and financial

management practices of grade 12 students in San Diego Parochial School?

This question will help determine the relationship between the purchasing habits

among grade 12 students of San Diego Parochial School and their practices in financial

management. While the following questions will help further understand and provide the

needed information in addressing the main problem.

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Sub-problems:

1. How will purchasing habits of the respondents be measured?

2. How will financial management practices of the students be measured?

Scope and Delimitation

The study is limited to selected Grade 12 students of San Diego Parochial School,

Academic Year 2021-2022. It will focus on determining the relationship between students'

purchasing habits and financial management. However, there are limited studies that have

been conducted on the relationship between purchasing habits and financial management

practices that mainly focus on students, that can have an impact in gathering valuable

information in literature review. In order to fill in the gap in the study, the researchers will

obtain information from other studies that are somehow the same as the research’s approach,

which will help them to have a basis and evidence that will support the topic. Also, the study

might only be applicable to San Diego Parochial School in the academic year 2021-2022 due

to the fact that the results of the study may not be relevant to other schools, grade levels, and

other academic years.

The procedure that will be used for gathering information is Simple Random Sampling

since it gives an opportunity for every sampling unit to be included in the sample. It will be

used to accurately obtain participants based on their purchasing habits and their practices in

financial management. The researchers will acquire all information and conclusions from this

study, which will include 91 out of 117 randomly selected grade 12 students as respondents.

The instrument that will be used to gather data for the respondents is adapted and modified.
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Significance of the Study

The results of this study can contribute to the improvement of purchasing habits and

financial practices of the grade 12 students. This study will also provide valuable information

that could be beneficial by providing insight on how important it is to determine the

relationship between the purchasing habits among grade 12 students of San Diego Parochial

School and their practices in financial management. This study has a theoretical and practical

significance.

The theoretical significance of the study is that it can contribute to the field of financial

management in a way on how to better understand people's interests and finances, as well as

how those certain elements influence the form of the financial system. In connection to that,

Binti Azmi and Ramakrishnan (2018), members of Faculty of Management in Universiti

Teknologi Malaysia, stated that “spending habits in the most desirable way is one of the

factors that can lead to financial satisfaction. Therefore, financial satisfaction depends on the

ability of people to manage and take control of their personal finances in order to improve

their financial decision making and financial status.” It will also be beneficial to the

marketing field because they will be able to utilize external data to find out what the

consumers want since this study also focuses on students' purchasing habits. Moreover, the

study will contribute to preceding theories by expanding existing knowledge about the

relationship between purchasing habits and financial management practices.

The practical significance of the study is seen on how people manage their finances

because in this study they will know how financial management is connected to purchasing
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habits. Moreover, they will have a better understanding on how to plan, organize, regulate,

and monitor financial resources of an individual. The findings from this research study can

help individuals develop and implement new financial management strategies that can help

improve productivity within their purchasing behavior. It can also benefit individuals by

having knowledge in arranging income where their money ought to be spent, how much

money ought to be saved, how much money ought to be contributed. Furthermore,

recognizing the relevance of the purchases may hugely affect individuals' behavior and

critical thinking.

This study will be particularly useful to the following:

Students. This research will help the students in improving and maximizing their purchasing

habits in terms of the items they will purchase in the future, as well as providing them with

knowledge about financial practices that are necessary in their daily lives.

Parents. The result of this study may serve as a guide to the parents to be open to all the

things that need to be acquired, such as being wise and practical in improving and

maximizing their children’s purchasing habits and financial management practices.

Entrepreneurs. This research study will help the entrepreneur in developing and limiting his

or her production. Furthermore, by knowing their customers’ purchasing habits and financial

management practices, they may be able to guide them on the most important products to

serve in order to avoid losing their net income.

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Teachers. This research will assist teachers in becoming more aware of their students’

improper purchases. Knowing all of the factors improves their ability to determine what they

will require in the upcoming school year, particularly in face-to-face class.

Future Researchers. Future researchers will gather information about this certain topic

included in our research especially about the purchasing habits and financial practices of the

grade 12 students and they will be able to compare their research to ours.

Definition of Terms

There are some words, phrases, terms used in the study which may confuse the readers.

To comprehend and explain the terms utilized in study, the following are therefore defined:

Budgeting. This refers to the formal expression of plans, goals, and objectives of

management that covers all aspects of operations for a designated period (Shim, et al., 2012,

p. 1). As used in the study, this refers to the process of creating a plan to spend your money.

Financial Management. This refers to the process of acquiring and disbursements of funds

(Goel, 2016, p. 1). As used in the study, this refers to applying general management

principles to financial resources of the students.

Impulse Buying. This refers to the type of purchase that won’t require much time in making

the purchase decision (Nagadeepa, et al., 2021, p. 6). As used in the study, this refers to the

unplanned decision by a consumer to buy a product or service, made just before a purchase.
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Personal Finance. This refers to the most important life skill to master, yet it is one of the

few topics rarely covered in schools (Butler, et al., 2018, p. 16). As used in the study, this

refers to managing your money as well as saving and investing.

Purchasing Behavior. This refers to the choice and acts individuals embrace to purchase

items for individual or gathering use (Krishna, 2013, p. 26). As used in the study, this refers

to the ways and practice of the students in buying.

Conceptual Framework

The conceptual framework is the foundation of the study and will act as a

guide for a better understanding of the study. For the framework that will be applied

in the quantitative research study, the appropriate model of visual representation is

the IV-DV Model. It can provide a high-level overview, and detailed information on

the research study's flow, as well as an analysis of the relationship between the two

variables.

In the visual representation, the two variables of the research topic are

correlational, which is connected to the relationship between purchasing habits and

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financial management practices of the grade 12 students of San Diego Parochial

School. The purchasing habits, which are the independent variable, are in the left

corner of the visual representation, while the financial management practices, which

are the dependent variable of the research study, are in the right corner.

Purchasing habits are strongly influenced by individual behavior. This is a

complex phenomenon that can change over time, depending on a variety of factors

such as circumstances, demographic characteristics of individuals, psychological

attributes, and cultural influences, among others. There are instances when not

everyone wants to buy the same thing. It reflects their unique personality features that

might help us understand their purchasing habits. The functions on purchasing habits

can be influenced by how people handle money on a regular basis, and they are linked

to individual behavior (Avellana et al., 2021). Furthermore, purchasing habits can

influence people’s decisions. Some individuals, particularly students, have poor

money management habits. That is why they buy or don’t buy certain goods and

services. On the other hand, there are still individuals who openly embrace proper

financial management practices, which can allow them to analyze the bad purchasing

patterns that need to be changed. With the help of having good financial management,

the purchasing habits of everyone leads to financial success Bona (2018).

Financial management practices as a dependent variable, is the deliberate

administration of financial planning and organization. It controls the flow of finances

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and makes optimal use of financial resources by employing basic management

principles. It establishes financial objectives after thoroughly assessing the relevant

data. The financial management practice refers to the typical ways for carrying out

financial operations such as accounting and budgeting (Admasu, 2021). Furthermore,

financial management techniques refers to the discipline of making financial

decisions for long and short-term goals in order to ensure that the return on capital

exceeds the cost without putting too much money at risk.

Chapter II

Review of Related Literature

A review of related literature is presented in order to provide a more in-depth

look to further understand the main themes of the research study. It includes a variety

of books and research journals from both international and local sources that support

the relationship between purchasing habits and financial management practices of

students. This will help the researchers in developing the study's results, conclusions,

recommendations, and to further understand the main problem.

The Purchasing Habits of Students

Purchasing habits are the characteristics a consumer has while purchasing

goods and services. These characteristics are influenced by a number of reasons

depending on the person. Moreover, it affects the financial future of an individual.

Students, as one of the individuals who usually spend money on a daily basis, are also
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concerned in knowing their spendings. Hence, they need to know how important it is

for it will help them to improve their decision making in relation to what their needs

and wants are.

As explained by Bona (2018) “purchasing habits are an acquired outline of

behavior that is done regularly. Good spending habit is an important tool to one’s

financial success. Spending in a smart way takes your money to go further and lets

you achieve your money goals”. Developing appropriate purchasing habits will help

an individual become financially secure in the long run. Learning how to spend

money can have a big impact on one's financial situation in the future. Furthermore, it

can aid to minimize overspending, impulsive purchases, and overpaying for an item.

Additionally, “purchasing habits are greatly influenced by their family background.

Parents play a key role in shaping not only the attitudes about financial management

but also the life attitudes in general of their children. It is therefore critical that young

individuals begin to learn about finance during adolescence for them to have the best

possible chance to be successful in adulthood" (Bona, 2018). It depicts that having a

decent financial understanding is not enough. Success necessitates a healthy and

positive mindset, as well as supportive parents who anticipate prudent financial

behavior. Despite the fact that the study provided relevant data on student purchasing

behavior, it did not present different approaches on how to regulate one’s spending

behavior. Which must be prioritized since one method may not work for another.
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In connection to that, pupils in Bacolod City are taught by their parents to

retain receipts and bills in order to keep track of their expenditures (Binobo et al.,

2019). In other words, a child's capacity to track and manage his or her finances is

influenced by his or her family. Parents must remember that instilling a sense of

financial worth in their children at a young age is critical to their future success. As a

result, they advised parents to gain appropriate financial literacy skills in order to set

a good example for their children to follow.

Moreover, there are different functions of purchasing habits depending on the

individual who usually handles them on a regular basis, and it might be connected to

individual behaviors (Avellana et al., 2021). By knowing and understanding the

study, this can be learned to prevent financial problems that can cause the person to

know how to handle budgeting in the present and future. Additionally, it provides

knowledge about proper spending habits that can help them choose the best action or

decision that needs to be made. It also provided insight into who is the most prepared

and most mature at handling money allowances and who is not totally dependent on

money management. In comparison to that, the present study will have a deeper

understanding and will be more focused on how the students do proper spending to

have better financial management of their own allowances.

Also, the purchasing habits of customers are affected by lifestyle and habits,

particularly when choosing foods, clothes, and gadgets that are suitable for the

preferences of certain individuals (Endri et al.,2020). It has a huge effect on

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customers who purchase something based on the characteristics that have a set of

standards. The decision-making process of individuals mostly defends created

behaviors, traits, necessities, and lifestyles that they have to inquire about the

budgeting struggles that they need to overcome. On the other hand, the current study

will provide specific perspectives on the proper handling of allowances, particularly

for students that want to grow and learn how beneficial it is to have good financial

management to make and learn the basics of budgeting skills.

Besides, financial attitudes have a significant influence on students'

purchasing habits yet students' financial literacy is generally low around the world

(Obagbuwa and Kwenda, 2020). Consequently, every student should improve as well

as be knowledgeable about their financial attitude as it affects their spending habits.

Additionally, parents or guardians should interact with them about financial matters.

Furthermore, Silva et al. (2017) stated that “male students are more likely to

discuss financial issues related to consumption and investment. On the other hand,

female students are engaged in issues about studies and career, as well as on the

conscious use of money”. This demonstrates that decision making in finance can

differ based on one’s gender.

As for the purchasing habits of the students, Boral et al. (2020) revealed that

“students tend to spend their allowances on recreational activities such as, renting

computer units for fun and games, buying items at the shopping mall, and more”. A

typical mistake that students make was not making and staying with a sensible
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financial plan. Students were spending their cash on many costs yet at times they

center around spending the cash on recreational exercises. One more misstep that

individuals make was by grouping their needs as requirements or needs. When

something is delegated a need, they don't think about scaling back it as much from the

beginning. They can also lump needs and wants into the same category, which can

make it harder. Planning is basically a roadmap that guides us on how to complete a

task before attempting to begin it. Creating this spending plan allows them to

determine in advance whether they will have enough money to do the things they

need to do or would like to do. Allowance was an amount of money given. It was a

need for students where they can save up for their wants or daily needs. On top of

that, they gave a lot of negative and positive students’ purchasing behavior yet, the

suggestions on how students can manage the negative purchasing behavior is not

enough.

In the study of Delayco and Biana (2015) it is found that, “in De La Salle

University-Manila (DLSU), a myriad of food choices are made every day. These

choices impact on the politics of food and how students make these choices is

noteworthy. When a student chooses to bring packed food, eat within school grounds

or outside school premises, he or she engages in various mental processes such as

budgeting. One’s behavior towards spending on eating is dependent on his or her

income (or allowance, in this case), thereby aligning purchase behavior with

budgeting expenses”. It is known that eating out also affects a student's purchasing
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habits for the reason that the pupils engage in a variety of mental processes such as

budgeting when deciding whether to bring packed lunches, dine in school grounds or

eat outside the school premises. Amidst the fact that the study offered useful

information on understanding the budgeting and eating out behavior, they did not

recommend ways on what financial management strategies a student can acquire that

will help them improve their budgeting skills in terms of their eating out purchase

habits.

Additionally, based on the findings of Stollak, et al. (2011), when it comes to

eating out, there is a big gap in class position; seniors were more likely to eat out than

the lower year students. Although the pupils in higher level are most likely to dine

out, “seniors had the most dollars, followed by juniors, sophomores, and freshman,

respectively. This could be due to simple experience over the years regarding how

much they might really need to spend on meals over a semester” (Stollak et al., 2011).

It demonstrated that as students matured, they became better budgeters and planners.

Even though the students' purchasing habits and budgeting are included in the study,

it does not reflect the budgeting or money management practices that the students

use. Which the present study will determine in order to appropriately link it to the

students' purchasing habits.

Apart from that, “the increasing demand in skincare products must be taken

into account that the amount spent on these products are higher compared to basic
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necessities such as food and clothing. When it comes to beauty and general

appearance maintenance, women often feel like there is no limit to how much they

can spend. People afford to spare a significant amount of their money for the skincare

products that will work best on them” (Sandoval, 2021). As young adults, university

students, particularly women, place a high value on how they appear and present

themselves, they are willing to purchase skincare products. Essentially, most women

are prepared to spend money on skincare products in order to appear and feel better

about themselves. Moreover, “when asked why administering a skincare routine is

important, the answers can be summed up into three (3) themes: self-care,

personal hygiene, and relaxation” (Sandoval, 2021). It was determined from this that

investing in skincare products not only keeps the skin healthy and improves one's

look, but it also saves one money in the future when there is a chance for skin

concerns to occur as a result of one's own negligence.

In terms of the fields of marketing and business, Amaba et al. (2020) asserts

that “identifying customer buying habits is a requirement for marketing and growing

of the business”. In order for a business to be successful, business owners will need to

have an idea of what food products are suitable for their own business to sell to the

consumers in a particular area. In addition, external and internal influences can affect

the purchasing habits of an individual, external influences including Facebook

advertisements, billboards, celebrities, and trends, are the ways that influence buying

habits outside of people’s wants and needs, while internal influences are the factors
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that can affect purchase because of the customer’s wants, desires, needs, and

preferences such as hunger, health reasons, boredom, or even a desire to travel

(Amaba et al., 2020). However, this previous study only focused on the buying habits

of students on food products, including why they spend money and how they budget

their money. It fails to cover the whole scope of the purchasing habits of students.

In connection to that, “an over exposure to marketing communication

activities of the companies, the students have turned to be more brand conscious and

also spend a considerable amount of their income on entertainment and gadgets. With

the increase in spending power of adults, even the young have become free-hand

spenders and spendthrifts in some cases“ (Jeevitah & Priya, 2019). This depicts that

marketing communication also affects the purchasing habits of the students for they

make the students think that spending on what is mainstream will make them feel like

part of the society for that reason they tend to save less than they spent.

Also, Hayhoe et al. (2000) explained that the youth’s affective credit attitude

(how people feel about the use of credit cards) also influenced the students’

purchases. The affective credit attitude predicted away-from-home purchases of

clothes and shoes, electronics, entertainment, travel, gasoline, and food. Males bought

electronics, entertainment, and food away from home, while females bought clothing.

Gender was more influential than affective credit attitude in predicting financial

management practices, with young women employing a greater range of financial

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practices. Gender differences in the relationship between financial practices, financial

difficulties, affective credit attitude, and the number of credit cards with a balance

were revealed by a path analysis model.

Furthermore, students are more likely to have no savings since they have

spent all of their money and are terrified of going into debt if they borrow from

family or friends Daud, et al. (2018). Due to limited financial resources and increased

school costs, students may face monetary difficulties in their daily life. Several

individuals have no alternative source of income and are forced to rely completely on

scholarships or educational funding. Moreover, numerous pupils are orphaned or

from low-income homes.

In connection to that, individuals in the Philippines have a well-known belief

that spending takes precedence over saving when they get money. What is left is

saved. If there are none left, nothing can be saved. However, as a result of a lack of

money management skills, the number of older persons or pensioners who rely on

their children for financial support is steadily growing. To fulfill the country's rising

desire for increased spending, it is advised that Filipinos save first and then spend

what's left after they've put their money away (Maur, 2018).

Additionally, nearly all students have not yet mastered financial management

and financial challenges were encountered by the majority of students. They had no

idea how to handle their personal money, they spent it on unnecessary items or

overspent, as well as living away from their families, which contributed to student
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financial troubles (Abellana et al., 2019). Almost all students have not yet mastered

money management, which has led to financial difficulties among students. So

students are struggling in terms of purchasing and they have no experience to manage

their money.

In the research study of Aragos et al. (2021) it is stated that “out of all the

variables used to measure respondents' level of influencing factors regarding their

buying behavior, the personal factor was found to be the most important.” It is clear

that individuals will generally take advantage of assets in the midst of distress.

Stimulus and protection programs assumed a basic part in relieving the effect of work

interruptions on spending during this period. Effective promoting systems should

likewise foster some place in the order of requirements. Businesses must establish a

message that instills urgency in their customers. Besides the fact that they gave a lot

of reasons behind students’ purchasing behavior, they did not put enough suggestions

on how students can manage their purchasing habits.

Even though they presented useful information and relevant data, they

provided limited information on how understanding purchasing habits can relate to

the financial management practices of the students. Moreover, it fails to elaborate the

problems that affect their purchasing habits which can help them to regulate their

spending behavior. In order to fill in the gap of the previous studies, the current

research will provide an in-depth knowledge on how purchasing habits of the

students’ can be linked to their practices in financial management. This will assist the
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students in making better decisions about their expenses and will help them avoid

financial troubles in the future.

The Financial Management Practices of Students

Financial management practices deal with the long and short-term decisions of

an individual that vary depending on financial education, financial knowledge,

financial resources, financial dispositions, or even demographics. Moreover, students

will be expected to engage in a variety of financial transactions, and a lack of

financial management might lead to financial difficulties. As a result, in order to avert

future financial catastrophes, a strong financial foundation is essential.

According to Topa et al. (2018), “financial management is a complex set of

behaviors and decisions that can change as a function of the importance and difficulty

of implementing the behavior, as well as of people’s capabilities, skills, and

opportunities to perform such behaviors.” Lack of knowledge in this field can

negatively affect individuals, households, and our society as a whole. Effective

financial management should not be viewed just as a result of knowledge and

confidence in its implementation, but rather as the result of the interaction of

cognitive and social factors that affect a human being (Topa et al, 2018). Though this

previous study focused on how and when investment literacy drives well-informed
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and responsible financial behavior. It does not determine if financial management can

help individuals with their purchasing habits and if there is a significant relationship

between the two.

Furthermore, Nobanee (2019) stated that “financial management is one of the

most important concepts in finance. There is an increased need for better ways of

evaluating companies' performance”. The ideal circumstance has been a manner by

which organization achievement is still up in the air as an issue of financial

performance and social or ecological performance. The term 'maintainability' alludes

to the accumulation of feasible methodologies by various substances and

organizations across different enterprises in a country. Regardless of how this study

explains the importance of financial management, it is not based on students’

financial management.

Additionally, Qamar et al. (2016) stated, ”despite the understanding that

money initially started as a medium of trade inside of the marketplace, analysts have

since a long time ago recommended that money is indeed a diverse symbol endowed

with importance and which means for every person”. Hence, the study of money,

including financial management, is important for all ages as an individual can

develop their attitudes towards money from childhood. Qamar et al. (2016) also

mentioned that “people’s attitudes towards money relies on different variables such as

for an individual's adolescence experiences, education, economic and societal status.

Depending on these variables, the attitudes towards money differ from person to
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person”. Financial education has the best impact on financial management and money

attitude has an effect on an individual’s purchasing habits. However, this previous

study only tackles how financial knowledge moderates the relationship between

money attitudes and personal financial management behavior. They did not explain

whether there is a significant relationship between purchasing habits and financial

management.

On a global scale, modernisation has resulted in a variety of changes, both

positive and negative, in people's financial habits in order to satisfy their basic needs.

However, society's consumption-oriented financial habits have resulted in a plethora

of detrimental economic habits, such as a lack of savings, investment, and long-term

planning. Furthermore, students are significantly more likely to spend their money on

items they desire, such as apparel, boots, purses, and other non-essential items.

Furthermore, students have a proclivity for being intense, prioritizing want above

necessity, and have poor financial management abilities (Ameliawati & Setiyani,

2018).

Moreover, financial management can be manipulated by the behavior and how

the money will be managed by certain individuals (Falahati, 2014). It depicts that

every individual, especially students, has various hardships in life that need to be

faced. One of them is how to manage and have a strong foundation of budgeting to

prevent problems particularly financial anxiety. In addition, for the current research
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study, it will give an idea and scope that can clarify the purpose of knowing the

proper purchasing habits for the financial management of students.

Apart from that, based on the study conducted by Kwenda and Sihlongonyane

(2021), it is found that “the female students were found to manage their finances

better than their male counterparts, while students who went to public schools

demonstrated better management of their finances compared to those who went

to private schools. Students enrolled in the Faculty of Commerce were found to

manage their finances better than those from the other faculties.” This shows that the

students' financial management practices differ greatly depending on their gender, the

type of high school they attended, and the program of study. Furthermore, “friends’

influence, social media, fashion and intense advertising were the main factors

considered by the students to be influencing their financial management

practices” (Kwenda & Sihlongonyane, 2021). They suggested that, in order to

overcome the research’s problems, during new student orientation, a personal

financial management awareness program should be implemented to emphasize the

need for solid personal financial management. Although the study offered interesting

data on personal financial management practices, it did not explain why some aspects,

such as friends' influence, social media, fashion, and strong advertising, influenced

the students' financial management techniques. For that reason, the present study will

clarify the factors that influenced the students' money management behaviors.
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On the other hand, according to the study of Robb and Sharpe (2009),

“exposure to a personal finance course may not always help students make specific,

personal financial decisions.”. Taking a personal finance course does not necessarily

help students make particular, personal financial decisions. Finance education has

little long-term impact on financial behavior of persons. Although the result of their

study implies a link between financial knowledge and behavior, the nature of the

relationship requires further research. Therefore, this current study will fill this gap in

knowledge about this particular topic that will give a better understanding and will

help consumer educators identify the specific aspects of financial knowledge that can

help college students make effective decisions regarding purchasing.

Apart from that, Azer and Mohamad (2018) reported that the students who

have good financial management practices tend to avoid overspending their money

while those individuals with poor money management, make poor financial

judgments. The results of their study suggested that financial education should be

practiced since it helps students adapt and survive in the real world and become

responsible purchasers. While the previous research tackles the financial management

strategies of the students, it fails to elaborate the problems that affect their techniques

in managing their finances. Which the present study will therefore expound since an

individual cannot analyze a subject without understanding the other problems.

Along with that, there are three components to prevent failure, especially

failure, especially the self-control failure that can lead to impulsive purchasing by an
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individual (Baumeister, 2002). It is classified as: First, evade an unreliable means of

achieving goals and standards that a certain individual can’t control. For example, the

failure that happens in maximizing, balancing, and saving money. Second, for

handling and monitoring the behaviors, it is necessary to keep the plan that is made

by an individual. Third, in order to avoid financial management issues, be mindful

and open to action taken by that person or how he/she controls themselves.

Furthermore, it addressed conflict and goals in the same way, emphasizing the

importance of maintaining stable self-control in order for us to form an accurate

picture of our purchasing habits. This research is focused on the business field and

provides background information on how to handle impulsive buying. Therefore, the

present research will provide information about purchasing habits and how the

students can handle their allowances.

It is explained that substantial improvement of young people's financial

literacy is essential as young individuals are a significant factor in the development of

the national economy (Fernandez et al., 2021). Hence, it is important for everyone to

have financial knowledge. Specifically, financial management practices such as

awareness and understanding about their financial situation and creating a financial

plan that includes short-term and long-term goals can help them to manage their

finances easily. Even though this study focused on the financial literacy and spending

habits of Bachelor of Science in Accounting Information System (BSAIS) students.

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These two factors were tackled separately and did not state if there is a significant

relationship between the two.

Furthermore, financial literacy is defined as the distinct and open access to all

knowledge about doing an action that has a proper and justifiable decision to make

the younger generation and others to have a good or better financial management to

their daily purchase (Alekam, 2018). This kind of knowledge makes the individuals

have a good understanding and can interpret the wide various data of the Financial

that might happen. In addition, acknowledging behavior can be beneficial since it has

a huge role in influencing particularly the students to make a better understanding of

the financial management practices. On the other hand, despite for being reliant of

this research on the behavior of students, its needs to broaden and get a lot of have

viewpoint to seek more information to know that other individuals, not only parents,

can contribute to giving knowledge about resolving financial management issues

through the purchasing habits of their children, especially students.

Unlike those students with low financial literacy levels, they are more

conceited and impatient. According to Mudziringi et al. (2019), “risk preferences

index, financial literacy perception index and confidence significantly influenced the

financial behavior of categorized university students.” The risk preference index

significantly influenced the debt of university students. It can assume a crucial part in

affecting the government assistance of people in a family, society, country and the

world overall. People who display financial information and can execute financial
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movements to further develop their government assistance are known to be

financially proficient. The quest to understand what drives financial behavior is

critical, especially considering the advent of financial crises (Mudzingiri, et al.,

2018). Apart from explaining the risks and consequences of financial behavior, they

did not elaborate on how the students can manage their finances in a way that the

students would not have to face too many consequences with their financial

management.

Student budgeting primarily refers to management of financial expenses

within their assigned budget. As stated by Gupta et al. (2020), “the major challenge

that students face is the difficulty to budget their expenses. Developing the saving

habits of students can be an effective tool to encourage the younger lot to live in a

financially sustainable way”. The study was centered around deciding the spending

behavior of 138 college students in Delhi and Mumbai. Members were viewed as

spending firmly when it came to shopping, traveling, academic purposes and freely

with regards to amusement and way of life. However, in spite of the fact that this

study focused on the students’ spending behavior, the ways on how the students can

manage it is not enough.

Also, budgeting is one of the biggest problems for everyone, especially

students who are having a hard time handling their money allowances (Deloso et al.,

2019). This study suggested strategies such as DIY (Do it by yourself) by creating a

budgeting plan in order to save money or how individuals do the proper spending,
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such as buying basic needs, supplies, and, lastly, the wants. Furthermore, for

acknowledging and doing the DIY, adults, individuals, and the younger generation

may eventually learn the importance of having knowledge and strategies for handling

and managing money for making financial decisions. In addition, knowing budgeting

not only focuses on the purchasing habits of a student but also needs to be open to all

the advice of teachers and parents to minimize uncertain spending, also known as

impulsive buying, to prevent problems, especially with the family financial problems

of a specific student. Even though this study has a similar objective to the present

research, it has a gap, especially to the other financial management that needs to

apply to improve the budgeting of the students.

Furthermore, students who do not have a source of income should be cautious

about how they spend their limited funds (Peliño et al., 2017). Money is at the center

of everyone's existence. It is not enough to plan to ensure that plans are carried out.

Students without a source of income should be careful how they use their limited

finances. Money and time are both finite resources, so making the most of them

requires thought.

As explained by Alfeche et al. (2018), “budgeting, having an expense, and

savings is a cycle pattern. The cycle is a step by step procedure”. The cycle is a

sequential operation. First, you need to have a financial goal. One will be motivated

to save money as a result of this. Second, you must budget your spending. Set aside

money for a certain cost. It is preferable if you keep a record of your spending so that
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you can keep track of them. Then, after the budget has been met, distribute the

assigned budget for the specific expenditure. Finally, any spare funds that were

allocated for the expense will become savings. It is up to you to decide where you

want to invest your money. An individual can reach their financial objectives as soon

as you start saving every day. Though it recommended what are the ways in

budgeting, it failed to thoroughly discuss the research findings on the strategies in

budget management of the students. The present study will therefore elaborate the

managing practices of students in regards to their budgeting.

However, despite the past research having the same approach to the current

study, it fails to focus on students. Moreover, they only tackle financial management

and purchasing habits, separately and do not determine if financial management can

help students with their purchasing habits and if there is significant relationship

between these two. Therefore, the current study will fill the gap in knowledge and

will cover the whole scope of the significant relationship of financial management

and purchasing habits of students. Additionally, it will elaborate the factors that

influenced the student’s purchasing habits.

Synthesis

Purchasing habits are conducted on a regular basis considering money is such

a major aspect of everyone's life. As a result, everyone should be educated in

financial management practices in order to avoid financial difficulties, as it is a useful

tool for predicting a person's financial situation in the near future. Moreover,
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identifying the relationship between purchasing habits and financial management can

prompt students to prioritize studying financial management and avoid risky

purchasing behavior, allowing them to maximize their potential to satisfy their

financial satisfaction and needs. Furthermore, it can assist individuals, particularly

students, in improving their purchasing habits while they are still young.

Chapter II

METHODOLOGY

This chapter outlines the research methods that will be used to collect

quantitative data in order to complete the research study. The research design, locale,

respondents, instrumentation, data gathering and procedure, data analysis, and ethical

issues are all covered in this chapter.

Research Design

This qualitative study uses correlational research design as a way to gather

information that will determine the link between variables. Creswell (2012) defined

correlational research design as:

“Procedures in quantitative research in which

investigators measure the degree of association (or
relation) between two or more variables using the
statistical procedure of correlational analysis. This
degree of association, expressed as a number, indicates
whether the two variables are related or whether one
can predict another. To accomplish this, you study a
single group of individuals rather than two or more
groups as in an experiment.”
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The study considered correlational research design as it is a type of non-

experimental research that allows the researchers to determine the relationship

between the financial management and purchasing habits of students. It also examines

relationships between the variables without the researcher controlling or manipulating

any of them, allowing it to assess statistical relationships without the influence of any

extraneous variables.

Research Locale

The study will be conducted in randomly selected Grade 12 students in San

Diego Parochial School, Poblacion 1, Polo, Valenzuela City, Philippines during the

Academic Year 2021-2022. San Diego Parochial School is a well-known Parochial

School in Valenzuela, with a constantly growing population (San Diego Parochial

School Inc., n.d.). Given the situation of its growing student population, the

researchers observed that the pupils, particularly Grade 12 students, are involved in

purchasing goods while also using their own money management. Having said that,

San Diego Parochial School is a suitable location for this quantitative study to

determine the relationship between Grade 12 students' purchasing habits and financial

management practices.

Respondents of the Study

The population of the study consists of one hundred seventeen (117) Grade 12

students from San Diego Parochial School. From this population, Slovin's formula is
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utilized in order to calculate its sample size. Whereby: n is the sample size; N is the

population size; e is the margin of error. The margin of error used is 95% confidence

level or 0.05 significance level to get the true mean of the population. The total

number of the respondents is ninety-one (91) out of one hundred seventeen (117)

Grade 12 students in San Diego Parochial School.

Below is the computation of the sample size using Slovin’s formula:

n = N1+Ne2

n = 1171+117(0.05)2

n = 1171+117(0.0025)

n = 1171.2925

N = 90.5222437

n = 91

Moreover, the researchers will use Simple Random Sampling as a method to

select a respondent. This technique will be utilized to randomly choose the

respondents using a fishbowl, where a list of ninety-one (91) names will be drawn at

random from a list of Grade 12 students at San Diego Parochial School. The

researchers will seek permission from the class advisers and the class presidents to

obtain the students' names.

Furthermore, the respondents must have the following general standards: (1)

Grade 12 student who is currently enrolled in San Diego Parochial School, Poblacion
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1, Polo, Valenzuela City, Philippines during the Academic Year 2021-2022; (2) Must

have an initial knowledge about financial management; and (3) Must have purchasing

habits. The given standards are utilized in the selection of respondents that are

concentrated upon the objectives and points of the research study. The above

standards will be validated by the research adviser for confirmation.

Instrumentation

The study will use survey questionnaires and scales to determine the

relationship between purchasing habits and financial management practices among

Grade 12 students in San Diego Parochial School. This is done so that the

respondents can provide specific quantifiable values to purchasing habits and

financial management practices.

The survey questionnaire consists of twenty-five (25) questions that will be

distributed to the students. It consists of three (3) different sections; the first section is

demographic aspects including sex, age, and strand; the second section is focused on

the purchasing habits of the students; and the last section is concentrated on financial

management practices of the students. The questions presented in this study will be

validated by the research adviser (see Appendix A for the survey questionnaire).

Furthermore, the instruments are modified based on the previous survey and

study of International Network on Financial Education [INFE] (2011) and Azer and

Mohamad (2018) which shows in Table 2. The INFE consists of policymakers and
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public officials that are tasked with developing and implementing national financial

education policies and individual financial education programs, as well as suggesting

novel approaches for increasing financial literacy among the people of partner nations

(Organisation for Economic Co-operation and Development, n.d.). Azer and

Mohamad are researchers from Universiti Teknologi MARA (UiTM). The questions

that were adapted and modified will help to address and achieve the purpose of study.

This also includes a 4-point Likert Scale where they state their purchasing

habits and financial management practices with a scale of 4 (Strongly Agree),

3(Agree), 2 (Disagree), 1 (Strongly Disagree). The researchers will provide a

checklist outlining the possible reasons for their purchasing habits and financial

management practices. This will assist the researchers in gathering feedback while

eliminating the use of a neutral choice. In this manner, respondents are tasked to form

an opinion and will help the researchers in obtaining particular responses.

Respondents will be given a consent form that states that they agreed to

conduct a response for the questionnaire and will be signed by the respondent (see

Appendix B for Formal Consent). In line with this, respondents who are under the age

of eighteen (18) will be given a parental consent form in order to participate in the

study. No survey questionnaire session will be conducted without the approval of the

respondents and their parents/guardians. All questions will be administered

professionally between respondents and researchers through a platform called Google

Sheet Form.
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Objectives Authors No. of

Items

Purchasing Habits (INFE, 2011) and (Azer & Mohamad, 11

2018)

Financial Management (Azer & Mohamad, 2018) 11

Practices
Table 2. Modified Instruments

Data Gathering and Procedure

In this study, the researchers presented data collection methods in order to

carry out the study's objectives through the usage of phases. The phases are discussed

in this section of the study.

Phase I

To start the data collection, a letter of approval will be submitted to the rector

of the San Diego Parochial School, Reverend Fr. Xavier Domingo M. Salonga which

will also be passed on through Sr. Susana B. Bundoc O.P., the school principal. To

start the research study, the researchers will then pick a suitable sampling technique

in choosing the population, and for this study, the Simple Random Sampling will be

utilized to pick respondents randomly by equivalent possibility and provide each

contributor with an impartial probability of being chosen. A letter of consent is

written and will be distributed to the students as well as to the parents/guardians of

the respondents who are under the age of eighteen (18) to ask for permission in
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conducting the study. The letter clarifies the situation and conditions, as well as their

rights as volunteers in the study.

Phase II

After the compliance and verification of the consent letter, the researchers will

provide a questionnaire that is related to determining the relationship between

purchasing habits and financial management practices among Grade 12 students in

San Diego Parochial School to be able to gather the quantitative data. The researchers

will select ninety-one (91) out of one hundred seventeen (117) Grade 12 students in

San Diego Parochial School, the school year 2021-2022. The survey will be

conducted with the use of Google Sheet Form.

Phase III

The researchers will distribute the research questionnaire to the respondents

electronically through Google Sheet Form. After the respondents answer the

questionnaire, the researchers will gather and analyze it and the study's data to

determine the relationship between purchasing habits and financial management

practices of Grade 12 students at San Diego Parochial School.

Data Analysis

In summarizing the demographic characteristics of the respondents,

descriptive statistics will be applied. For categorical variables, frequency and

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proportion were used. Furthermore, continuous quantitative data that satisfied the

normal assumption was analyzed using Pearson's Correlation or Pearson's R.

In this study, likert scale questions and ordinal data were evaluated. Moreover,

inferential statistics will be utilized to answer the study’s questions of what the

relationship is between the students' purchasing habits and financial management

practices. To determine the link between the variables of purchasing habits and

financial management practices, an independent T-test will be employed. This

involves calculating a t-score and a corresponding p-value in order to determine a

correlation coefficient. The analysis includes all valid data. Variables that were

missing were not replaced nor estimated. At the 0.05a level of significance, the null

hypothesis was rejected. The total points from each student’s purchasing habits and

financial management practices will provide the quantitative data to perform a

statistical test using Microsoft Excel Analysis Test.

Ethical Issues

At this moment, there is no arising ethical issue or issues regarding the

research. The respondents of the research are not coerced to take part in the study.

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Appendix A

SURVEY QUESTIONNAIRE
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SENIOR HIGH SCHOOL DEPARTMENT

I. DEMOGRAPHIC ASPECTS OF THE RESPONDENTS

Name (optional):

Sex:

Age:

Strand: ____ Science, Technology, Engineering, and Mathematics (STEM)

____ Accountancy, Business, and Management (ABM)

____ Humanities and Social Sciences (HUMSS)

II. PURCHASING HABITS OF STUDENTS

Direction: Kindly make a self-assessment on your purchasing habits and financial

management practices using the following scales as a guide to give reliable

assessment in each indicator:

4 - Strongly Agree

3 - Agree

2 - Disagree

1 - Strongly Disagree

Purchasing Habits 4 3 2 1

1. I do not know how to cut my spending

2. Money is there to be spent

3. I hide my spending habits from family

4. My spending habits create problem for

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me

5. I avoid overspending

6. I enjoy shopping

7. I buy as often as I can

8. I am attracted to buy things on sale

9. I spend and buy for any celebration

10. I buy things but never use it

11. I buy things that I do not need

III. FINANCIAL MANAGEMENT PRACTICES OF STUDENTS

Financial Management Practices 4 3 2 1

1. I am responsible for day-to-day decisions about my money

2. Before I buy something, I carefully consider whether I can afford

it

3. I tend to live for today and let tomorrow take care of itself

4. I find it more satisfying to spend money than to save it for the

long term

5. I am prepared to risk some of my own money when saving or

making an investment

6. I keep a close personal watch on my financial affairs

7. I set long term financial goals and strive to achieve them

8. I skip meals to save money

9. I follow a budget to limit my spending

10. I have little or no difficulty in managing money

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11. I regularly set aside my money for savings

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SENIOR HIGH SCHOOL DEPARTMENT