GENDER DIFFERENCES ON ALLOWANCE AND SAVINGS BEHAVIOR

AMONG UNO-R HIGH SCHOOL STUDENTS

Abuyon, G., de Gracia, C.C., Roncales, E., Samande, A., Valencia, S.A
.
Integrated School - Senior High School
University of Negros Occidental - Recoletos

Zollo (1995) estimated that teens' spending was close to a staggering

$100 billion a year therefore they should be reminded the importance of
money management. “Student budgeting and spending behaviors: A
comparative study” demonstrates that women were much better planners
and budgeters than males (Stollak, Vandenberg & et al., 2010). The study
employed descriptive-correlational method as research design. Researchers
have found that most female students received an allowance ranging 1001-
1500 while males ranging only 501-1000. Using the Chi- square and
independent sample T-test the researchers determine that there is a
significant difference on allowance and saving’s behaviour of students.
Savings of students, therefore, do not relate to any variables that may affect
to it because the factor that may affect to it is their self-discipline.

INTRODUCTION differently by their parents, who also have

In today's generation, most students were
engage in a lot of trends and
modernization, realizing that their
allowances are their most basic source.
Zollo (1995) estimated that teens' spending
was close to a staggering $100 billion a
year therefore they should be reminded the
importance of money management. Fifty
years ago, the American scholars Marshall
& Magruder (1960) found that children’s
knowledge of money is related directly to
the extensiveness of their experience with
money. An allowance is money earned or
given to a child at regular intervals to teach
the child how to manage and saving as
clarified by Keynes (1936) as the excess on
income over what is spent on consumption.
In regards of saving behavior, socially
constructed gender roles have an impact on
behavioral differences between males and
females. The two genders have different
prescribed norms. Boys and girls are raised
different expectations of sons and
daughters (Thorne, 2003). Parents are
usually stricter with daughters than sons.
Daughters are more expected to take on
household chores than sons (Brusdal and
Berg, 2010). As a result, gender differences
in attitudes about money may occur.
Understanding the socialization processes
whereby students develop their attitudes
and behaviors regarding money is deemed
necessary in this study. Wondering how
much weekly allowance given to each
students and their spending habit could
result to how much they can save. In terms
of different constructed gender roles,
researchers aim to find out the differences
of the amount of weekly allowances, and
behavior in saving. The idea of gender
differences brought interest and critical
thinking to whom between them had more
positive attitude towards saving.
Researchers’ perspective in conducting this
kind of study is because gender has great
impact in students differences and aim to
determine whom is the better financial
literate. The study of gender differences in
saving and spending among Thai students
provides similar result that female had
more positive attitude towards savings than
males. However, the current study stated
that males and females had significant
difference in savings behavior. Scholars
have applied the Social Learning Theory to
explain people’s behaviors in various ways
(Bandurra, 1977). This theory supports the
study that males and females has different
behaviors especially in saving.
This study aimed to determine
the gender differences on allowance and
savings behavior among the high school
students of University of Negros
Occidental- Recoletos. Specifically this
study sought to answer the following
questions: 1.The weekly allowance bracket
of high school student. 2. The weekly
savings bracket of high school student. 3.
The bracket of savings behavior of high
school students. 4. Significant difference in
allowance bracket when grouped according
to sex. 5. Significant Difference in the
Saving's Behavior when grouped according
to sex. The researchers hypothesized the
following: There is no significant
difference in allowance bracket when
grouped according to sex and there is no
significant Difference in the Savings
Behavior when grouped according to sex.
In study Gender Differences in
Perception of Spending and Financial Risk
Aversion, the findings illustrate that there
was a significant difference between how
men and women distinguished themselves
and others as spenders/savers (Balhorn,
2010). Additionally, the findings also
demonstrate that women tended to be more
financially risk-averse than men; however,
the difference was not significant.
Research study "Gender Effects on
Aggregate Saving: A Theoretical and
Empirical Analysis" indicates that as some
measures of women's discretionary income
and bargaining power increase, aggregate
saving rates rise, implying a significant
effect of gender on collected savings (Floro
& Seguino, 2002).
The concept of this study is
quite similar to this current study which
finds the gender differences in savings
behavior. The key words in this study are
used which is the focus is the saving
behavior, capacity and the ability to save,
however, college students are the
participants while in the new study are the
high school students. The main points are
to determine the behavior in saving. The
gender as the focus also used in the current
study that determines between males and
females' allowances and savings' behavior.
METHODOLOGY
The research employed the descriptive-
correlational research design in the
formulation of this research work. The
descriptive-correlational analysis designed
to determine the significant difference of
allowance bracket and saving’s behavior
when grouped according to sex. In this
way, the researchers will be able to
describe and correlate the saving’s behavior
of male and female high school students.
The researchers will able to know which of
the male and female students have a bigger
or smaller allowance and savings, and
which of the two sex has a positive or
negative savings behavior.
The participants were selected
using random sampling method.
Participants were not forced nor paid to be
part of the sample. To be able to gather the
data needed for the study, a self-made
questionnaire was used which were
distributed to the high school students of
University of Negros Occidental-Recoletos
(UNO-R) to enable them to determine the
relationship between their allowance and
behavior in savings. Since the instrument
was self-made, it was subjected to
validation by a panel of research teachers.
After validation, the test instrument was
then tested to 30 students randomly
selected high school students of UNO-R as
the target participants. Test was used in
order to find out how reliable the
instrument was. The reliability coefficient
of the instrument was computed using the
Cronbach’s Alpha. The correlation
coefficient of the instrument was found to
be 0.843. Therefore, the instrument was
considered to be highly reliable. With the
use of SPSS program, the data collected
were edited, coded, and analyzed. The
researchers used Chi-Square Independence
test to determine the significant difference
in the allowance bracket of high school
students when grouped according to sex.
This is applied when determining the
significant association between two
categorical variables. T-test Independent
Samples was used to determine the
significant difference in the saving’s
behavior when grouped according to sex. In
this test, it compares two sample means to
determine whether the population means
are significantly different.
RESULTS, DISCUSSION AND
IMPLICATIONS
Table 1 shows the allowance bracket of 264
male and female. . This answers the
statement of the problem no.1 and explains
that in 42 students having an allowance of
below 500, both male and female have an
equal percentage of 50%. In 91 students
having an allowance bracket of ₱501-
₱1000, most of them are male and covers
59.3%. While in ₱1001- ₱1500 allowance
bracket which 82 students have, female
covers 51.2% out of 100%. While in the
allowance of above 500, out of 49 students,
32 of which were females and covers
65.3%.
Table 2 shows the savings
bracket of 264 male and female. This
answers the statement of the problem no.2
and explains that in 96 students who have a
weekly savings of below 100, the majority
of them are male having a percentage of
55.2%. In 99 students having a weekly
savings bracket of ₱101- ₱250, most of
them are male and covers 53.5%. While in
₱251- ₱500 weekly savings bracket which
47 students have, female covers 59.6% out
of 100%. While in the weekly savings of
above 500, out of 22 students, 15 of which
were females and covers 68.2%.
Chi-Square Independence test
was used to determine the significant
difference in the allowance bracket when
grouped according to sex. Table 3 shows
the value of p which is 0.05, therefore,
there was a significant difference in the
allowance bracket when grouped according
to sex [χ2 (3) = 7.816, p (0.050)]. This
answers the statement of the problem no.3
and explains that male and female don’t
have an equal amount of allowance and it
may vary according to their sex. The null
hypothesis is rejected and therefore the behavior in terms of contingency factor of
allowance was affected by sex. the female is higher than the male. And as
whole the savings behavior in terms of
contingency factor of high school students
has a 3.75 mean and a standard deviation of
1.16 with a high interpretation. Therefore,
high school students have a positive
T-test Independent Samples savings behavior in terms of contingency fa
was used to determine the difference in the ctor.
saving’s behavior when grouped according
to sex. Table 4 shows the value of p which
is 0.001 and is less than 0.05, therefore,
there was a significant difference in the
saving’s behavior when grouped according
to sex p (0.001). This answers the statement
of the problem no.4 and explains that As table 7 shows the mean
females have more positive behavior value of male savings behavior in terms of
towards savings than males. price sensitivity factor is 3.42 and the
standard deviation is 1.22 with a moderate
interpretation. While the female mean is
4.09 and the standard deviation is 0.99 with
a high interpretation. Therefore the savings
behavior in terms of price sensitivity factor
As table 5 shows the mean of the female is higher than the male. And
value of male savings behavior in terms of as whole the high school students have a
opportunity factor is 3.23 and the standard 3.75 mean and a standard deviation of 1.16
deviation is 1.14 with a moderate with a high interpretation. Therefore, high
interpretation. While the female mean is school students have a positive savings
3.54 and the standard deviation is 1.13 with behavior in terms of price sensitivity factor.
a high interpretation. Therefore the savings
behavior in terms of opportunity factor of
the female is higher than the male. And as
whole the high school students have a 3.39
mean and a standard deviation of 1.14 with
a moderate interpretation.
As table 8 shows the mean
value of male savings behavior in terms of
budget factor price sensitivity is 3.27 and
the standard deviation is 1.22 with a
moderate interpretation. While the female
As table 6 shows the mean mean is 3.36 and the standard deviation is
value of male savings behavior in terms of 1.05 with a moderate interpretation.
contingency factor is 3.42 and the standard Therefore the savings behavior in terms of
deviation is 1.22 with a moderate a budget factor of male & female is both
interpretation. While the female mean is moderate and the same. And as a whole the
4.09 and the standard deviation is 0.99 with high school students have a 3.32 mean and
a high interpretation. Therefore the savings a standard deviation of 1.14 with a
moderate interpretation.

As table 9 shows the mean
value of male savings behavior in terms of
awareness factor is 3.09 and the standard
deviation is 1.26 with a moderate
interpretation. While the female mean is
3.48 and the standard deviation is 1.09 with
a moderate interpretation. Therefore the
savings behavior in terms of awareness
factor of female & male is the same. And
as a whole, the of high school students has
a 3.29 mean and a standard deviation of
1.19 with a moderate interpretation.
CONCLUSIONS AND
RECOMMENDATIONS
Based on the data gathered, most of the
allowance of females are ranges to ₱1001-
₱1500 while the allowance of males ranges
to ₱501- ₱1000. It means that female
students have greater allowance than male
students. That’s why in the result of table 2
females also have a higher saving than
males because they have a higher
allowance than male. It proves the research
study “Gender Effects on Aggregate
Saving: A Theoretical and Empirical
Analysis” indicates that as some measures
of women’s discretionary income and
bargaining power increase, aggregate
saving rates rise, implying a significant
effect of gender on aggregate savings
(Floro & Seguino, 2002). The mean of
savings behavior of female students is
higher than the mean savings behavior of
male students. Managing money is a
cerebral activity that requires thoughtful
research. Research indicates that women
are better students than men and this shows
when it comes to handling their finances.
Parents tend to restrict their sons less than
their daughters (Blair, 1992; Brusdal,
2002). Parents want their daughters to be
close to them while letting their sons go
outside. Being close to their parents enables
the daughters to learn more about financial
management more than sons (Garrison,
2010). This means that females have a
higher opportunity in financial learning
that’s why they a good control in managing
and handling their money. Students can be
provided with the knowledge and skills to
deal with their finances. Parents should
discuss financial management practices
with their children when they are young,
while schools and universities could
develop financial education programs for
teenagers.
This study has suggested
several directions for the beneficiaries of
this research. Students, due to the findings
that female has a more positive behavior
towards savings, the researchers
recommend that having self-control is one
way to discipline male students in setting
their priorities and proper spending their
allowance. Parents, this research also
recommends that parental disciplinary
actions can give impact on savings
behavior of students. Wong, (2013)
conducted studies on the parental role of a
child’s financial education and the trend in
research demonstrates that a child’s most
significant source of financial knowledge
comes from their family. Future
Researchers, the researchers suggest to the
future researchers to cover broader area of
the sample. The sample should be drawn
from multiple college students to determine
if every department has a difference in
savings behavior given that high school
students had a significant difference in
savings behavior when grouped according
to sex. The researchers also recommend
expanding the study in determining the
factors that may affect the saving behavior
of the students. According to the study of
Thung et al. (2012) financial literacy,
parental socialization, peer influence, and
self-control have a positive relationship
between the saving behaviors of the
students and it was proven by the different
researchers too. The researchers suggested
considering these factors that may help
explain further the study.
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