RELATIONSHIP BETWEEN FINANCIAL LITERACY LEVEL AND CHOSEN

ACADEMIC TRACKS AMONG SENIOR HIGH SCHOOL STUDENTS

A Research Paper Presented to the Faculty

of the Senior High School Department
BROKENSHIRE COLLEGE TORIL, DAVAO CITY, INC.
Purok 8 Pagkakaisa Village, Lubogan, Toril, Davao City

_________________________

In Partial Fulfillment of the Requirements for the Subject

Practical Research 2

_________________________

LYSSA LEY M. SEGUERRA

ABIGAIL MISH F. DELOS REYES
ANGEL JOY V. SUNDO
ANGELIKA Z. OMPAD
APRIL ROSE CORDOVA
CHRISYLLER IVAN S. ASILUM
DANICA D. SOILO
ELAIZA A. BOTRON
JACINT THERESE B. BALILI
RANIEL A. DURAN

November 2022
 ii

Abstract
 iii

TABLE OF CONTENTS

Page

Title Page………………………………………………………………………………. i
Abstract………………………………………………………………………………….. ii
Table of Contents………………………………………………………………………. iii
List of Tables……………………………………………………………………………. v
List of Figures……………………………………………………………………………. vi

CHAPTER

1 INTRODUCTION

Background of the Study…………………………………………………1

Review of Related Literature…………………………………………….3

Theory Base…………………………………………………....…………10

Conceptual Framework…………………………………………………. 11

Statement of the Problem………………………………………………. 11

Significance of the Study……………………………………………..… 12

Scope and Limitation of the Study…………………………………..… 13

Hypothesis………………………………………………….……………. 14

Definition of Terms …………….…………………………………….….. 14

2 METHOD

Research Design………………………………………………………… 15

Respondents…………………………………………………………….. 16

Sampling Design…..…………………………………………………….. 16

Research Instrument……………………………………………………. 16

Data Gathering Procedure……………………………………………… 17

 iv

Data Analysis…………………………………………………………….. 18

REFERENCES…………………………………………………………………… 18

APPENDICES

Curriculum Vitae
 Chapter 1

INTRODUCTION

Background of the Study

Financial literacy is a key factor in sustainability and plays an important role in

ensuring the financial sustainability of individuals, families, and businesses, including

national and global economies (Swiecka et al., 2020). Financial literacy is defined by

the OECD (2011) as the combination of awareness, knowledge, skill, attitude and

behaviour that all people, regardless of their status, must possess to make wise

financial decisions and, ultimately, achieve individual financial well-being. This is

especially crucial to adolescent high school students as they will be handling the

harsh financial realities of the world when they graduate and become independent

from their parents.

In many countries worldwide, realizations concerning financial literacy have

popped out that deem the subject crucial and urgent. In the US, for example, a 2016

survey of the Bank of America revealed that just 31% of young Americans (aged 18-

26) believed that their high school education did a good job of teaching them wise

financial practices, implying over 69% that said otherwise. Most college students

take out loans to finance their education, but they frequently do so without fully

grasping what basic terms such as loans, debts, inflation, expected income level and

budgeting imply. This is the reason why, according to Rathner (2021), most US

households still have outstanding student debts, with an average of $58,957, despite

the fact that years have already passed from their graduations.
 2

The Philippines, on the other hand, is not new to this problem. In a study

published by Lalosa (2020), it was found that students possess inadequate

knowledge in terms of financial literacy, even on the practical level of application in

their day-to-day activities. This finding is evident and related to the studies that

evaluated the Philippine’s financial score evaluation as 25, which is the lowest in the

ASEAN region (Xiao, 2020). In connection, a study by the Asian Development Bank

has stated that the country did not have a national strategy for financial education

(Enterprises, 2018). Although the Bangko Sentral ng Pilipinas have taken some

measures to promote financial inclusion and financial stability among Filipinos since

2008, recent studies still do not reflect the supposed outcomes (BusinessMirror,

2022).

In the context of the Senior High School curriculum in the Philippines,

specialized academic strands major in different areas. Of all the academic tracks,

only Accountancy, Business, and Management (ABM) strand is considered a

business major course that teaches financial literacy. This implies an unstable

equilibrium of financial literacy among students, with the lowest concentration among

non-business major courses. This implication is demonstrated several times in the

related literature that there exists a certain degree of relationship between the

chosen academic track of students and their levels of financial literacy. Hence, as

there is no study yet on this subject in Brokenshire College of Toril (locally), it is

precisely in this context that the study aims to determine the relationship of the two

variables to provide related individuals and/or institutions with data for them to know

how to effectively deal with the problem.

 3

Review of Related Literature

This section provides a review of relevant literature on financial literacy

among senior high students including articles, journals, books, and publications. This

chapter also provides the theoretical and empirical foundation for the study's

implementation. As a result, the chapter discusses academic theories and the many

points of view offered by experts on the subject.

Financial Literacy

Although the subject has been defined in a variety of contexts in the literature,

the definitions differ in terms of what the definition tries to accomplish. This means

that there is no clear definition for financial literacy or that there are just a few widely

acknowledged concepts and conceptual frameworks of personal finance. Financial

literacy, according to Noctor, Stoney, and Stradling (1992), is the ability to make

sound decisions about the use and management of money. Defining the idea in this

context implies that the meaning is narrowed as the emphasis is placed on money

management.

The concept can also be viewed in a wider context, as the OECD (2005)

defines financial literacy as "the process by which individuals improve their thought

about financial concepts through communication and instruction to make individuals

confident and aware of financial risks and opportunities in order to achieve financial

well-being." Remund (2010) divides personal financial literacy into five categories:

knowledge of financial concepts, ability to communicate about financial concepts,

 4

aptitude in managing personal finances, and skill in making appropriate financial

decisions, and confidence in effectively planning for future financial needs. This

means that financial literacy extends beyond the successful use and management of

money to include other aspects of finance. The United States Financial Literacy and

Education Commission (2007), on the other hand, defined financial literacy as the

ability to apply ideas and skills to successfully manage financial resources in order to

attain long-term financial stability. Financial literacy, according to the criteria

provided by the organizations, focuses individuals and directs them toward achieving

financial autonomy. It is in this context that Garman and Forgue (2000) defined

financial literacy as "important information and language essential in properly

managing an individual's own finances."

When consumers are presented with exciting financial options or

sophisticated products, financial literacy and education become critical. In general,

mastering financial literacy earlier in life can provide significant long-term benefits by

preparing people to deal with any financial difficulties that may arise.

Financial Education

Financial education is one of

the most concerned issues
 5

confronted by many
economies
since financial decisions have
become very difficult to make
or challenging. The
proliferation of
financial products available on
the market then urges
consumers to make informed
choices in
order to achieve a maximum
satisfaction. This calls for
consumers to be more
financially literate
 6

in order to improve decision

making.
Financial education is one of the most pressing concerns confronting many

countries today, as financial decisions have become increasingly complicated or

impossible to make. According to the OECD (2005), financial education is the

process by which consumers advance their thinking about financial products and

ideas based on information and objective advice in order to make decisions based

on good information in order to improve their wealth.An education that assists the

populace in developing the skills necessary to make informed decisions and also

suggests measures that improve their financial well-being (Arnone, 1999).

Financial education then offers individuals with knowledge, information, and

statistics to enable them to make informed decisions that promote their economic

well-being. Due to the dynamic and complexity of financial markets, financial

education is becoming an increasingly important issue for most economies.

According to White (1999), financial behavior is defined as the process by which

individuals understand and act on financial knowledge in order to make sound

investment decisions. It then explains how human beings are able to apply financial

ideas, concepts, and knowledge in their actions or inadvertently. Thus, financial

behavior refers to the effects of financial literacy on consumer or individual behavior.

 7

The importance of promoting

financial literacy among high
school students cannot be
understated. High school
students and young adult
have shown to lack even the
most basic
understanding of topics such
as interest rate, inflation and
risk diversification (Mandell,
2008;
Lusardi and Mitchell, 2008).
This goes back inevitably to formal education in Philippine schools,

specifically in the Senior High School curriculum. The significance of teaching

financial literacy among high school students cannot be overstated. High school

students and young adults have demonstrated a lack of even the most fundamental
 8

comprehension of concepts such as interest rates, inflation, and risk diversification

(Mandell, 2008;Lusardi and Mitchell, 2008).

Low levels of financial literacy are one of the major causes of financial crises

across the world (Mudzingri, et al. 2018). In countries and economies that perform at

or above the OECD average – including Australia, Italy, the Netherlands, Poland and

the United States – at least one-fifth of students perform below the baseline level of

proficiency (PISA 2015). PISA’s (2015) data also shows that far too many students

around the world are failing to attain a baseline level of proficiency. This means that

these students cannot even recognise the value of a simple budget or understand

the relationship between how much a vehicle is used and the costs incurred. A study

conducted in the State University, Japor (2019) revealed that in terms of financial

literacy, they are only somewhat knowledgeable about the concepts of bank

accounts, stocks, and real estate. However, they are not knowledgeable about the

concepts of bonds, mutual funds, and precious objects. The problems encountered

with regards to investing were lack of knowledge, unknown starting point, and

investing in the wrong investment product. 

A few academic studies conducted in the country on the topic have indicated

that there is insufficient financial literacy among Filipinos, particularly the youth

(Frederick, 2009). The dynamic nature of the country's financial environment brings

more financial products to the market, but most Filipinos are unable to access these

products due to a lack of information. In 2011, for example, only 29% of the adult

population in the Philippines had a bank account, while only 16% of Filipinos had

saved with a financial institution (BSP, 2018). This demonstrates that the majority of
 9

Filipinos are unaware of the myriad of financial and investment options available in

the financial landscape.

In an effort to expose the Filipino public to various financial and investment

options, the Philippine government instituted a financial literacy week in the country.

However, despite the government's efforts to instill financial literacy among

residents, the financial literacy week is mistakenly focused on the general public

rather than senior high school students. Instilling financial literacy in senior high

school should be the critical and utmost priority because individuals tend to form

habits during this phase that allow them to build strong money management habits

as working adults (Dahlia et al, 2009).

Money Management

Money management is a concept that describes how financial assets are

managed. This subject encompasses critical areas in finance such as investment,

budgeting, banking, and taxes. It is thus a strategy used to ensure that investment

assets yield the highest interest value. Several academic works indicate that money

management skills play an important role as it influences the spending habits of

students on campus. Students begin college with little knowledge of money

management, owing to a lack of financial education (Ibrahim et al., 2009). This

suggests that students who join college with no sufficient money management skills

may face financial issues. This is especially true in the US where most college

students take out loans to finance their education without fully grasping what basic

terms such as loans, debts, inflation, expected income level and budgeting imply.
 10

This is why, according to Rathner (2021), most US households still have outstanding

student debts, with an average of $58,957, despite the fact that they graduated

years ago. Despite debts, however, there is one crucial aspect with regard to money

management that we are encouraged to practice in order to be somewhat financially

prepared in any unforeseen events or situations.

Saving, according to Warneryd (1999), is defined as the difference between

net worth at the conclusion of the period and net worth at the start of the period,

which should match the excess of income over consumption expenditure in the

same period. Savings are therefore defined as money or physical assets laid aside

for future use. It is a critical aspect in dealing with any unplanned events that may

occur in individuals, households, or businesses. Saving is then intended to cover

unforeseen expenses and may also function as a type of investment. According to

the literature, it is critical to instill a "culture of saving" in children at a young age

(Comeau and Rhine 2000).

Financial literacy equips

people with requisite
information and ideals needed
to make
sound decisions with accuracy
to manage financial resources
 11

and to improve financial

capability
to call for better financial
services (Ali, 2013). The
concept then enables people to
be prudent in
all financial engagements. A
persons level of education
does not necessarily
correspond with‟
how individuals understand
and apply the concept in
their human endeavors. It is
therefore
 12

prudent for all and sundry

to pay attention to
personal finance literacy
since an in-depth
knowledge in financial literacy
tends to have a direct impact
on the management of the
economy
(World Bank, 2009).
Financial literacy provides people with the necessary information and

concepts to make informed decisions with precision, manage financial resources,

and develop financial aptitude in order to demand better financial services (Ali,

2013). The concept then enables people to be cautious in all financial transactions.

A person's level of education does not always match to how they understand and

apply an idea in their human pursuits. It is therefore advisable for everyone to pay

attention to personal finance literacy, because a thorough understanding of financial

literacy has a direct impact on economic management (World Bank, 2009).

Apparent Relationship between Education and Financial Literacy

 13

A study by Chen and Volpe (1998) revealed that business majors are more

knowledgeable than non-business majors as the business majors answered 60.72%

of their survey questions correctly; the non-business majors, 49.94%. A study by

Antoni et al. (2020) between students studying faculty of arts (non-business major

course) and commerce (business major course) in South Africa also shows that the

majority of the respondents from the Commerce Faculty (76.67%) had high levels of

financial knowledge compared to the respondents from the Arts Faculty (35.56%).

These studies only show that business major students are more financially literate

than non-business major students.

Additionally, in Fatoki’s (2014) research, results indicated that non-business

students have a low level of financial literacy and that their entire survey clearly

shows that business majors are more knowledgeable than non-business majors. As

we can see, low levels of financial literacy of students especially in non-business

majors are evident and can greatly affect their financial sustainability.

In the context of the Philippine Senior High School curriculum, the school

academic strands are Accountancy, Business, and Management (ABM), Science,

Technology, Engineering, and Mathematics (STEM), Humanities and Social

Sciences (HUMMS), and Technical-Vocational-Livelihood (TVL). ABM strand is

considered as a business major course as it teaches the basic concepts of financial

management, accounting, and corporate operations (“Ciit.edu.ph”, n.d). STEM

strand exposes students to complex mathematical and science theories and

concepts, HUMSS strand shapes students with the necessary skills and knowledge
 14

on humanities and social sciences like psychology, sociology, and more, and TVL

offers vocational courses that give students the skills and knowledge they need to

get the certifications necessary for work (“Onlineshs,” 2021). STEM, HUMMS, and

TVL strands, on the other hand, are considered non-business major courses.

It is in this context that the researchers aim to determine the relationship

between business major strand which is ABM, non-business major strands which

are STEM, TVL, and HUMMS and the level of financial literacy among the Grade 12

Senior High School Students of Brokenshire College Toril.

Theory Base

A lack of a theoretical foundation has characterized financial literacy. Many

empirical studies related to financial based-psychology reinforce doubts about the

concept of traditional finance and the theories that had become the foundation of

traditional finance. There are two psychological theories that underly behavioural

finance, namely Heuristic Theory and Prospect Theory. Heuristic Theory

emphasizes the education program and national campaign in financial literacy (OJK,

2013). Prospect Theory, on the other hand, is a behavioural model that shows how

people decide between alternatives that involve risk and uncertainty (Khaneman &

Tversky, 1979).

Financial literacy is a fundamental requirement for all individuals in order to

prevent financial troubles (Mu'izzuddin et al., 2017). Stahl and Harell (1981) and

Harrel and Stahl (1986) employ a behavioral choice model technique to explore how

the expectation theory affects individual decision making. They discovered that the

processes of motivating decision-making are additive. According to Maslow's (1946)

 15

Motivation Theory, the assessment of financial literacy will connect to financial

behavior. Although financial conduct appears to be favorably associated to financial

literacy, the long-term influence of financial education cannot be guaranteed that the

relationship is certain.

Conceptual Framework

Figure 1 presents the variables in the study. The chosen academic tracks of

Grade 12 Students in Brokenshire College of Toril serve as the independent

variables that in turn will predict the students’ level of financial literacy which serve

as the dependent variables.

Figure 1. Conceptual Framework

Statement of the Problem

 16

The study will be conducted to determine the relationship between chosen

academic strands and the level of a student's financial literacy. Specifically, it seeks

to answer the following questions:

1. What are the profile of the respondents in terms of:

 academic strand

 grade level

2. What are the financial literacy levels of the respondents in terms of:

 saving

 investing

 borrowing

 insurance

3. Is there a significant difference in the respondents’ financial literacy

level when grouped according to their academic track?

Significance of the Study

This study will provide research-based information on the relationship

between the chosen academic strands of Grade 12 Students and their levels of

financial literacy. More specifically, this study will benefit the following individuals

and institutions:

 Society. The overview that will be presented in this study will provide crucial

awareness and information to society regarding the importance and benefits

of high financial literacy.

 17

 Government. The results of this study will assist the government gain more

data in support of its natioanl strategies involving financial education.

 School. As there is no study yet on this subject in Brokenshire College of

Toril, the data that will be presented in this study are expected to help the

institution construct policies regarding financial education.

 Students. Students can utilize this study for their realizations and self-

actualization towards financial literacy and education.

Scope and Limitation of the Study

The objective of the study is explanatory in nature. It aims to determine

whether there is a significant connection between the chosen academic strands of

Grade 12 Students and their levels of financial literacy, and in relation, to also help

related individuals and/or institutions with their policy formulations in resolving the

subject. The research will be conducted in Brokenshire College of Toril, Davao City,

specifically in the Senior High School Department. The study will only explore data

coming from Grade 12 students and will not go beyond the established parameters.

The timeframe within which the data-gathering procedures are to be completed is

estimated to be five (days).

The study will follow a quantitative research structure, particularly of a

comparative design, to help the study attain valid and reliable findings. As the study

is a social inquiry, survey questionnaires will be the research’s fundamental data-

gathering instrument, which will be administered through digital means (e.g. google
 18

forms) to avoid the threat posed by the Covid-19 pandemic. Moreover, according to

the rule of statistical representation, we will utilize the formula of getting the required,

ideal sample size from the total Grade 12 Student population as guided by the

methods of Yamane (1967). However, as with the majority of studies, the design of

the current study comes with limitations. Due to time constraints leading to limited

ability to gain access to needed data of the Grade 12 population, the sample may

not truly be a random sample that can accurately represent the appropriate

proportions of each stratum (academic track) of the whole population. This limitation,

therefore, points to a need for future studies on the subject.

Hypothesis

This research seeks to explore two hypotheses of the relationship between

chosen academic strands and the level of students' financial literacy. Specifically,

the study expects two possible outcomes:

Ho: there is no significant difference in the respondents’ financial literacy

level when grouped according to their academic track.

Ha: there is a significant difference in the respondents’ financial literacy

level when grouped according to their academic track.

Definition of Terms

The following terms are defined for better understanding of the study:

Financial literacy – the combination of awareness, knowledge, skill, attitude

and behaviour necessary to make sound financial decisions.

 19

Academic Strand – a chosen two year specialized upper secondary education

in senior high school. The academic strands are Accountancy, Business, and

Management (ABM), Science, Technology, Engineering, and Mathematics Strand

(STEM), Humanities and Social Sciences Strand (HUMSS), and Technical-

Vocational-Livelihood Strand (TVL).

Business courses - field of study that deals with the principles of business,

management, and economics.

Non-business courses - are courses that are not related and don't have

anything to do with business-related courses.

Chapter 2

METHOD

This methodology chapter aims to present and explain the various procedures,

instruments, considerations, including the research designs, method and technique

choice that will be employed in the study in order to properly address the research

questions.

Research Design

The purpose of the study is explanatory in nature. It attempts to determine

whether or not there is a significant relationship between the chosen academic

strands of Grade 12 Students and their levels of financial literacy. Moreover, as the

results of this endeavor involve numerical figures that will become the study’s primary
 20

and fundamental data, it therefore requires an effective strategy that can engage

with the subject in a statistical manner.

A quantitative research, as Roger (2015) defines it, “is a study specifically

used to find, gather, and analyze numerical data.” As the study requires a statistical

strategy in dealing with the subject, a research paradigm that of a quantitative

character is the best fit to help the research attain findings that are both valid and

reliable. Furthermore, as the study is also correlational in nature, a correlational

design will also be adopted as guided by the methods of Azarian (2011) that

comparative analysis is used on the “explanation of differences, and/or the

explanation of similarities.”

Respondents

The scope of the study is confined to recruiting Grade 12 Students in the

ABM, STEM, HUMMS, and TVL strands enrolled for the school year 2022-2023 in

Brokenshire College of Toril. According to proper school authority source, the total

population of the Grade 12 consists of 1 130 students. However, some needed data

such as the proportions of each academic strand (ABM, HUMMS, STEM, and TVL)

were not obtained.

With regard to the sample size, the equation below will be utilized, as

provided by the methods of Yamane (1967) in statisical proportions. In this manner,

the study will be able to determine the ideal sample size that is representative of the

total population of the Grade 12 curriculum. Each academic strand will then be
 21

appropriated with approximately one-fourth (¼) of the ideal sample size as shown

below.

N = total population; n = ideal sample size; e = margin of error

N 1300
n= n= n=296
1−N ( e ) 2
1−1300(0.05)²

n n n n
ABM= HUMMS= STEM = TVL=
4 4 4 4
296 296 296 296
¿ = = =
4 4 4 4
¿ 74=74=74=74

Sampling Design

The study will attempt to utilize probability sampling as the main sampling

design of the study. Mainly because, as McCombes (2022) explained, probability

sampling is utilized in quantitative research as this produces results that are

representative of the whole population. This type of sampling implies that every

member of the population has an equal chance of being selected. More specificially,

the stratified sampling design, division of the population into subgroups (e.g.

academic strands), will be employed in order to yield findings sufficient to answer the

research questions (Thomas, 2022).

Research Instrument
 22

The study will utilize a survey questionnaire to collect the needed data from

the respondents. The survey questionnaire will be composed of two parts: the first

part being about the respondents’ profile, and the second part being about their

levels of financial literacy.

Data Gathering Procedure

Quantitative research is framed within the structure of the scientific method

(Williams, 2021). It generates unbiased data that can be explained in detail using

statistics and figures, carried out in a methodical, scientific manner so that other

people may duplicate them, and findings that are primarily used to find patterns,

make predictions, test cause-effect relationships, and generalize results to wider

populations (Bhandari, 2022). However, as all other studies are, the research is

required to first follow research ethics.

For this reason, the researchers obtained permission from related individuals.

The researchers made sure to inform and notify the research adviser, as well as the

research head and administrator of the school, of the processes the study will

undergo in data collection. Moreover, with regard to the research participants, they
 23

will be provided with relevant information regarding the investigation and study, to

guarantee their informed consent. This is in accordance to research ethics that

informed consent is essential to any study based on principles of sovereignty and

self determination (Parija & Mandal, 2014).

Other ethical concerns will also be taken into account. Respect for the

persons involved will be the utmost priority for the researchers. Their dignity shall be,

at all times, recognized. The researchers will make sure to not force any of their

participation to the investigation, but will rather only entertain volunteers. Moreover,

in accordance to Kaiser (2009) and the Philippine Data Privacy Act of 2012, the

privacy, safety and personal information of the participants will be protected and will

only be used for research purposes.

Data Analysis

A good data analysis strategy lends credibility to the researched data; it

provides a theoretical foundation for the data by referencing accurate and reliable

sources (Jena, 2012). The data analysis will commence after all the data gathering

procedures have been completed. In determining what type of statistical treatment

will be applied to the data, the underlying assumption with regard to the distribution

of data is to be tested first using the Kolgomorov-Smirnov Test, as the sample size is

greater than fifty (50) (Gupta, 2019). Since the study involves comparing more than

two (2) groups, Kim (2022) suggests that either One-Way ANOVA or Kruskal-Wallis

Test should be administered.

Specifically, the type of test of difference that will be employed will rely on the

results of the Kolgomorov-Smirnov Test. According to the same author, once the
 24

data is assumed to be normally distributed, the set of data is understood to be

parametric and the One-Way ANOVA will be utilized. However, if the assumption is

the opposite, the set of data is understood to be non-parametric and the Kruskal-

Wallis Test will be used.

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