The Effects of Accounting in Financial Literacy

of 11 ABM students of Commonwealth High School

Year 2019-2020

Group 1 February 28, 2020

11 ABM (SY)

CHAPTER 1

INTRODUCTION

BACKGROUND OF THE STUDY

Financial Literacy defined as follows," A combination of awareness, knowledge,

skill, attitude and behavior necessary to make sound ultimately achieve individual

financial well-being" (OECD) year 1997.

On the other hand, accounting is defined as a service activity. Its function is to

provide quantitative information, primarily financial in nature, about economic entities,

that is intended to be useful in making economic decision. Accounting Standards

Council (ASC) year 2011.

According to study of country’s financial regulator the financial literacy level of

Filipino remains alarmingly low- a problem that begins with poor childhood education

that persists until their adult years.

Another study as per Standard and Poor (S&R) Ratings Services Survey last

year, only 25% of Filipinos are financially literate. That means there are about 75 million
Filipinos who have no idea about inflation, risk diversification, insurance, compound

interest and even the idea of having savings account in the bank. The S&P survey was

conducted in 143 countries with Denmark, Sweden and Norway sharing the top spot

Many empirical studies revealed that the graduates from high schools have lack

of understanding of basic personal issues. This stresses that there is inadequate

personal finance among Senior High School Students and that have had negative effect

on their financial decisions. The ability of Senior High school to deal with financial

difficulties is dependent on financial exposure gained before entering college

(Lyons,Schrepf and Roberts 2006).

DepEd announced recently that it will have financial literacy and consumer

protection lessons for the first batches of Senior High school in the K to 12 Curriculum.

According to the Republic Act 10679 or Youth Entrepreneur Act mandates the

education agencies- DepEd, Commission of Higher Everything, Technical Education

Skills Development Authority (TESDA) spearhead programs that will promote

entrepreneurship and financial literacy.

Moreover, the researcher would find out what are the effects or changes of

tackled accounting subject to financial literacy among ABM students. Also to make a

guidance about the importance of financial literacy for those Non-ABM students.

STATEMENT OF THE PROBLEM

The main purpose of this study is to determine the effectiveness of Accounting in

Financial Literacy among to the selected Grade 11 ABM Students in Commonwealth

High School year 2019-2020.

Specially, the study sought to answer the following questions:

1. What is Financial Literacy?

2. What is the role of Accounting in terms of Financial Literacy?

3. Hoe does ABM Students apply their learning’s about Financial Literacy in real

life?

4. Are the findings utilized in students’ knowledge about Accounting in terms of

Financial Literacy?

5. What is the extent of good and bad effects of Accounting to Financial Literacy

of respondents in decision making?

SIGNIFICANCE OF THE STUDY

This study will assess the readers on how their knowledge in accounting plays an

important role in shaping students financial literacy. However, if this study will

have positive effects, then it would be significant to the following:

STUDENTS. The students can benefit from this study because they will gain

knowledge on how to handle their money properly and it will improve their

financial literacy. If they carry on that knowledge in financial literacy when they

grow up there’s possibility they will have prosperous future.

PARENTS. The parents can also benefit from this study because when their

children know the proper handling of money they don’t need to provide all the

demands or needs and wants of their children. In this case the parents will bale

to save money for family and emergency use.

TEACHERS. The teachers can benefit from this study because they will gain an

effective and easy way on how to teach their students to improve or develop their

financial knowledge (Financial Literacy). In that way the teachers and students

can connect to each other for better way to improve Financial Literacy of the

Students.

COMMUNITY. The community can also benefit from this study because when

the students have enough knowledge in financial literacy, it will bring a change

effect in its society. It will have positive effects in society because it will decrease

the number of consumptive people of the society. The readers of this study will

have enough knowledge on Financial Literacy.

SCOPE AND DELIMITATION OF THE STUDY

The focus of this study is to conduct the effects of accounting to financial

literacy of ABM Senior High Students. This study however focuses only at some

selected 11 ABM students since we are just given limited time for this study.

Some constraints encountered during the research include the inadequate time

period or duration of the study. The study need to have conducted in one

academic semester. In addition, the questionnaire used in this study is

inherently limited in scope. However, the needed information required for the

survey was collected irrespective of the above mentioned limitation. The study is

limited within the vicinity of Commonwealth High School.

 THEORITICAL FRAMEWORK

This study chose the Reciprocal Determinism Theory presented by Albert

Bandura (1977) that refers to a dynamic and reciprocal interaction of individual

with a set of learned experience, external social context and responses to stimuli

to achieve goals. It is how people learn through observation, imitation and

modeling. This theory illustrates how an individual's behavior, personal

characteristic and surrounding environment interact to each other

(Bandura,1997).
 DEFINITION OF TERMS

The following terms are defined operationally and contextually to understand better the

study.

Accounting is a process of recording financial transactions pertaining to a business.

The accounting process includes summarizing, analyzing, and reporting these

transactions to oversight agencies, regulators, and tax collection entities.

Budgeting is the process of creating a plan to spend your money. This spending plan is

called a budget.

Financial literacy is the possession of the set of skills and knowledge that allows an

individual to make informed and effective decisions with all of their financial resources.

Personal Finance is the financial management which an individual or a family unit

performs to budget, save, and spend monetary resources over time, taking into account

various financial risks and future life events.

Savings refer to money you put aside for future use rather than spending it

immediately.
 CONCEPTUAL FRAMEWORK

Input
•Questionnaires made only for
research and for respondents
to answer.

Process
•Answering the questioners
by the respondents in
Commonwealth High School
(11 ABM Senior High School)
in their free time.

Output
•The answered questionnaires
show the usefulness of accounting
subject to financial literacy of 11
ABM Senior High School Students
of Commonwealth High School.
 CHAPTER 2

REVIEW OF RELATED LITERATURE

This chapter does a review on relevant literature from articles, journals, books and

publications on financial literacy of both local and international literature. This chapter

also forms the theoretical and empirical basis upon which the study is conducted. The

chapter therefore considers the academic theories and the various views expressed by

scholars on the topic.

Local Literature

According to Carmen A. Aldovino, Ashley DS Pangiligan and Ralyn E. Bermude

This study looked into the financial literacy and financial management practices of

permanent employees in a private university. Using a survey questionnaire, the

researchers assessed the employees’ understanding of what is credit, saving and

investment as well as their actual practices of the said financial concepts. Relationship

between financial literacy and demographic factors as well as financial management

practices and demographic factors were also explored. Results showed that majority of

the respondents were female, married, and master’s degree holder. In terms of their

understanding, most respondents showed moderate and high literacy in saving and

investment while generally, they showed moderate literacy in credit. Their savings are

normally kept in banks and other financial institutions within the university. Likewise,

they prefer the financial services of the same for their financial needs over other means

such as those offered by credit card companies and financial entities outside the

university. Meanwhile, real estate is the most common investment among the
employees. Meanwhile, significant relationship in financial literacy exists when

respondents are grouped according to civil status.

Posted by Fitz under General Information. Updated on April 19, 2015 in my

previous post, I shared F. Sionil Jose’s thoughts on why Filipinos are so poor.

He mentions poverty of spirit, poor sense of nationalism and loss of ethical moorings as

some of the reasons. Personally, I believe that the lack of financial literacy is also one of

the major causes why Pinoys are struggling with money.

As a student, all I remember ever learning about personal finance in elementary and

high school were the importance of saving, thrift values and how the love of money is

the root of all evil.

As what Rea Cu studied on August 13, 2017 Finance experts have stressed the

importance of educating the youth to boost financial literacy in the country, given that a

high 41 percent of millennial fail to save. The sector is counted on to help contribute to

the strengthening of the country’s economy in the coming years.

According to Serge Warrior on January 28 year 2012 Why Filipinos are poor?

This is a question that some of us often asks and does not really know the answer.

Some says because of the corrupt government and others would say because of the

natural procrastinating populace.

But I would say… It’s the lack of Filipinos Financial Literacy.

Partly there are some shortcomings with the countries

Education system but as a reasonable and responsible individual we should take it upon

ourselves whatever the system cannot give us. Unfortunately, Filipinos who happens to

be in these situations were unable to realize that what they have as habits or what they

were unable to do were the cause of them being poor. Here are some examples of how

our society pulling themselves into poverty

According to Atty. Dodo Dulay on January 1 2019 AFTER health, money is

probably the second most popular topic Filipinos think about this time of year when

making their new year’s resolutions. We say to ourselves: This is the year I’m going to

save more. Or I’m going to handle my money better this year. It’s an admirable goal. I’m

sure we all want to be the kind of parent, sibling or child who is good with money.

I was one of those who used to believe that financial literacy was one of the keys to

achieving one’s money goals. That if we had only taken some kind of class about

money and budgeting, we would be in a better position to avoid making the many

financial mistakes committed by others.

According to Remund, D. 2010 financial literacy relates to a person’s knowledge,

skills, confident, and motivation to manage money.

Financial literacy is the key to sound financial health. Learn its basics and with

practice, be set for life. Making wise financial decisions is a skill that everyone should

learn early on in life. Having financial acumen brings about a comfortable life and its

ultimate goal — years of worry-free retirement. (The Manila Times)

Financial literacy provides the necessary knowledge, skills and tools for

individuals to make informed financial decisions with confidence, to manage personal

wealth with efficiency and to increase financial competence to demand for better

financial services (Ali, 2013).

In a bid to make the Philippines Asia’s “heart” of financial literacy, a

leading insurance firm has intensified its campaign in educating Filipino children

to be more responsive when it comes to money matters (Horario, 2013).

According to NCCC Group of Companies communications manager

Aileen Gajo, this activity falls under their NCCC Cares program to educate the

public on basic financial management.

Foreign Literature

The concept can also be looked at from a broader perspective as 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 so as to achieve financial well-

being.

Remund (2010) tries to conceptualize the definition of personal financial literacy

into five categories which include; knowledge of financial concepts, ability to

communicate about financial concepts, aptitude in managing personal finances, and

skill in making appropriate financial decisions, and confidence in planning effectively for

future financial needs. This implies that financial literacy goes beyond the effective use

and management of money and considers other important areas in finance.

 It includes the ability to discern financial choices, discuss money and financial

issue without (or despite) discomfort, plan for the future, and respond competently to life

events that affect every day financial decisions, including events in the general

economy (Kapoor, Dlabay, & Hughes, 2004)

Having financial literacy skills is an essential basis for both avoiding and solving

financial problems, which, in turn, are vital to living a prosperous, healthy and happy life

(CBF,2004).

U.S. Financial Literacy and Education Commission (2007) have also defined

financial literacy as the capacity to apply ideas and skills to effectively manage financial

resources in order to achieve a long lasting financial soundness.

The Government Accountability Office (GAO) defines financial literacy as “the

ability to make informed judgments and take effective actions regarding the current and

future use and management of money.

Vitt et al. (2000) define it as the ability to read, analyze, manage, and

communicate and about the personal financial conditions that affect material wellbeing.

Manson and Wilson (2000) define financial literacy as a meaning making process

in which individuals use a combination of skills resources and contextual knowledge to

process information and make decisions with knowledge of the financial consequences

of that decision.

Financial literacy is knowledge of financial concepts and how the knowledge is

used to make financial decision, taking into account available resources and the unique
situations for each individual of family. (Delgadillo,2014; Gentry, 2007; Huston 2010;

McCormick 2009)

Financial literacy can help individual plan for their future and contribution to a

sustainable, vibrant lifestyle during work years and retirement. Effective financial literacy

helps individual develop efficient household budget, create savings plan, manage cash

and formulate strategic investment decisions for themselves and their families (Keown,

2009; Dworsky, 2009, Redhead, 2008)

Local Studies

The Philippines has a financial literacy problem. Citing a 2015 survey by the

World Bank, the Bangko Sentral ng Pilipinas (BSP) noted in a statement last year that

Filipino adults could answer only three out of seven financial literacy-related questions

correctly. These questions were about basic numeracy, computing compounding

interest, fundamentals of inflation, and investment diversification. Furthermore, a measly

2% of Filipino adults could answer all seven correctly.

“The study also showed that Filipinos lack specific knowledge to make informed

financial decisions. However, the same study indicated that money management habits

formed in childhood stay into adulthood. Those who began saving as children display

better attitudes to saving, and tend to outperform their counterpart group who did not

develop the habit early in the areas of choosing financial products and services,

monitoring expenses and planning for retirement,” the BSP said.

Financial literacy for students

WENILYN SABALO studied in year 2019 month of March, the Sapat-Dapat

Comprehensive School Program is now on its final level of implementation, and has

solicited positive responses from partner schools, its benefactors said. Orlado

Palompon, Bayad Center area head for Visayas and Mindanao, shared that they

noticed some of the students have started saving in piggy banks. We were able to

observe that some now have savings, and some even have earnings. What we did was

heighten their financial literacy awareness for them to also share their knowledge to

other students,”

The CIS Bayad Center Inc., with the Department of Education and Marylindbert

International, launched the Sapat Dapat Comprehensive School Program to make a

keen effect in the Filipinos’ mindset, particularly high school students, by introducing

them to financial education. The program, launched in June 2018, will run for three

years until 2021, and is envisioned to become part of the school curriculum of Grades 9

and 10.

According to Article of Imelda Calapre Montalbo on January 2017 A financial

literacy survey among one thousand, nine hundred twenty four (1924) professional and

pre-service teachers across different regions of the country is the basis of the study.

With the permission standardized tool was used to gather data from the randomly

selected respondents from different public and private schools, colleges and universities

from Luzon, Visayas and Mindanao. The findings revealed that both professional and

pre-service teachers have very low basic and sophisticated financial literacy skills.

Thus, financial illiteracy is common among educators which reflect their students’

financial literacy skills and the economic condition of the majority of the Filipino people.

Curriculum inclusion of financial education to both basic and higher education is

recommended to improve the financial knowledge, behavior and attitudes among

teachers and students which, in turn, spells a better economic growth and development

of the country.

The financial literacy level of the average Filipino remains alarmingly low—a

problem that begins with poor childhood education that persists until their adult years,

according to the country’s financial regulator. The Bangko Sentral ng Pilipinas (BSP)

said Filipino adults could correctly answer only three out of seven financial literacy-

related questions covering basic numeracy, computing compounding interest,

fundamentals of inflation and investment diversification. Citing the results of a study by

the World Bank, the BSP said only 2 percent of Filipino adults answered all questions

about financial literacy correctly.

“The study also showed that Filipinos lack specific knowledge to make informed

financial decisions,” the central bank said, stressing that financial education was an

“imperative,” considering the country’s low financial literacy levels.

Let’s do more for financial literacy in the Philippines

Even the most responsible Filipinos are placed at greater risk when attempting to

access credit needed to rise above poverty or go up in social class, as the majority of

Filipinos have or will take on debt. According to a survey conducted by the Bangko

Sentral ng Pilipinas (BSP) in 2015, only 19.1% of adults do not borrow at all. And those

who borrow greatly prefer informal sources over banks; 61.9% of them borrow from

friends and family, and 10.1% borrow from informal lenders. Even the most responsible

Filipinos are placed at greater risk when attempting to access credit needed to rise
above poverty or go up in social class, as the majority of Filipinos have or will take on

debt. According to a survey conducted by the Bangko Sentral ng Pilipinas (BSP) in

2015, only 19.1% of adults do not borrow at all. And those who borrow greatly prefer

informal sources over banks; 61.9% of them borrow from friends and family, and 10.1%

borrow from informal lenders. Furthermore, a World Bank survey in 2015 discovered

that Filipinos who are knowledgeable about financial matters are more likely to report

that they have money left after paying for basic necessities, and less likely to say that

they’ve borrowed beyond their means.

Foreign Studies

Research studies suggest that financial stress is common among low-income

families, however there is no evidence to suggest that these low income families are

financial literate (Worthington, 2006)

At present financial management skills are not being taught in any effective and

comprehensive way, at most institution of higher education. However the higher

education seeks purposeful learning outcome with a holistic development perspective

by providing students with a broad spectrum of experience. Developing financial

management skills could enhance learning and personal growth, hence promote

development of a whole student while scholar have examined many of college student

development there is a little literature relating to development of college students' skills.

Additionally, no evidence exists to demonstrate how development of these skills impact

personal growth. Therefore a review of literature related to college students finances

was conducted, including topics like consumerism, credit, financial aid, and money

management Thang Pian Thawn (2012).

Studies have shown that financial Literacy does not mean that a person would be

able to make the right financial decision, as that person may not be familiar with the

financial awareness of the financial contract or particular instrument (Marriott & Mellett,

1996).

FINANCIALLITERACY AMONG HIGH SCHOOL AND COLLEGE STUDENTS

Many empirical studies on personal finance literacy tend to center on high school

students. Danes and Hira (1987) are the first scholars to undertake academic work on

financial literacy on senior high school students. Avard et al. (2005) reveals that

graduates from high schools lack the understanding of basic personal finance issues.

This emphasizes that most students find it difficult to balance a checkbook and lack the

basic principles in finance (Avard, Manton, English and Walker, 2005).

FINANCIAL LITERACY AMONG ADULTS

Several empirical studies of financial literacy on adults have been conducted in many

areas in the world. Most of the studies have proven that adults tend to have inadequate

personal finance globally. Hilgert and Hogarth (2002) revealed that U.S adults tend to

have inadequate personal finance as indicated in the survey conducted using data from

the University of Michigan.

 CHAPTER 3

METHODOLOGY

This chapter presents, analyzes and interprets data gathered from the 11 ABM

students at Commonwealth High School in determining the effects of accounting in

financial literacy of our respondents.

METHODS OF RESEARCH

The researchers used the combination of quantitative and qualitative

techniques sometimes called mixed method research to determine the effects of

accounting in financial literacy among 11 ABM students of Commonwealth High School.

The main goal of this type of research is to expand and strengthen a study’s conclusion.

RESPONDENTS

Out of 120 ABM students of Commonwealth High School, the researcher utilized

18 ABM students as respondents of this study. There are 11 male students and 7

female students ranging of age 16 to 18 yrs. old.

SAMPLING TECHNIQUES

The researchers used purposive sampling technique to make it easier to identify

who will only be the respondents in research study entitled “The Effects of Accounting in

Financial Literacy of 11 ABM students at Commonwealth High School Year 2019-2020”

in order to achieve the satisfaction of the mentioned research study. Purposive

sampling, also known as judgmental, selective, or subjective sampling, is a form of

non-probability sampling in which researchers rely on their own judgment when

choosing members of the population to participate in their study. Researchers asked the

students who have little knowledge about accounting and managing their money, and

then the one who raised their hands will be chosen as the subject of our study.

INSTRUMENT USED

The researcher utilized the following instruments in gathering data and collecting

the needed data.

Questionnaire This was employed because it is one of the most effective

techniques by which information from other people must be obtained.

Three sets of questionnaires were used in collecting the data, namely, the

questionnaire-ranking scale for measuring the effects of accounting in financial literacy

of 11 ABM students of Commonwealth High School Year2019-2020.

DATA GATHERING PROCEDURE

The first thing we did is that we asked permission from the Principal and

Commonwealth High School Faculty to conduct the survey that we need to support our

research study. Now, we discussed to the potential subjects (11 ABM students) that we

have to select our respondents by asking who are knowledgeable in managing money

and accounting. We also distributed the questionnaires to the respondents after the
approval of letter by assigned teacher in that time. We gathered and collected the

copies of the approved questionnaires that we need. Then say “Thank You” for taking

their time for us. The instruments were obtained after they were finished answering.

STATISTICAL TREATMENT

The researchers apply the following statistical treatment to emphasize the data

effectively. Percentage was used to interpret the data Percentage.

To calculate the percentage of responses in “YES” and “NO” the formula that the

researchers utilized was presented:

P= F*10\N

Where:

P= Percentage of responses in YES and NO

F= frequency of responses in YES and NO

10= Number of Items N = total number of respondents.

Calculating the percentage of responses in YES

P = 126*10/18

P = 1260/18
P = 70%

Calculating the percentage of responses in NO

P = 54*10/18

P = 540/18

P = 30%

The result of the survey that we gathered shows that 70% of our respondents say

“YES” while the 30% says “NO”. It means most of the respondents are knowledgeable

to financial literacy and the rest needs more knowledge and information about financial

literacy.
 CHAPTER 4

PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

This chapter contains the presentation, analysis, and interpretation of data that

have been gathered from the questionnaires distributed to the respondents. The

purpose of this study is to determine the effects of Accounting in Financial Literacy of 11

ABM students at Commonwealth High School.

QUESTIONS YES NO TOTAL

1. As a student do 16 2 18
you save money on
your allowance?
2. Do you practice 9 9 18
listing down your
expenses and
savings every day?
3. Do you have 6 12 18
savings account?
4. Do you have any 5 13 18
debts? Do you
manage to pay it on
its deadline?
5. Do you 3 15 18
experience that your
money is getting
into financial risk or
scam?
6. Do you have any 16 2 18
knowledge of
avoiding being
scam?
7. Is the financial 17 1 18
literacy the key to
improve your daily
spending habits?
8. Can financial 18 0 18
literacy help to plan
effectively for
future?
9. Does the 18 0 18
accounting help you
to improve your
knowledge in saving
money?
10. Does financial 18 0 18
education can help
your decision
making and
planning?

The following statistical methods, was used to represent of a display the data

the specifies percentage. Percentage was used in determining the effects of accounting

in financial literacy of ABM students. Responses to the questionnaires by Grade 11

ABM students were statistically analyzed with data requirements.

To calculate the percentage is to take the frequency in category multiply by 10 divided

by the total number of participants to get the percentage of responses. It is computed as

follows ;

P= F*10\N

Where:

P= Percentage of responses in YES and NO

F=frequency of responses in YES and NO

10= Number of Items

N = total number of respondents.

Calculating the percentage of responses in YES

P = 126*10/18

P = 1260/18
P = 70%

Calculating the percentage of responses in NO

P = 54*10/18

P = 540/18

P = 30%

The result of the survey that we gathered showed that 70% of our respondents

say “YES” while the 30% says “NO”. It meant most of the respondents are

knowledgeable to financial literacy and the rest needs more knowledge and information

about financial literacy.

The research applied dichotomous Questions that will be answered by YES or NO. In

item no.1, most of the respondents answered yes which means they saved money from

their allowances. In item no.2, half of the respondents answered yes and others

answered no which means half of our respondents recorded their expenses and savings

while the others In item no.4, 68% said they don’t have any debts while the 32% they

had debts but pay it immediately. In item no.5, 83% of the respondents said they don’t

experience the financial risks and scams while the remaining experience it. In item no.6,

89% said they are knowledgeable of preventing being scam or experiencing financial

risks while the 11% percent have no enough any knowledge of avoiding being scam. In

item no.7, 94% of respondents said that acquiring financial knowledge improves their

daily spending habits. In item no.8, all of the respondents said confidently that financial

literacy has a big help in planning for the better future. In item no.9, all of the
respondents said that the subject of accounting can help them to improve their financial

knowledge. In item no.10, all of the respondents said that financial education can help

their decision making.

In overall view, the data gathered from selected respondents clearly show that all the

subjects acquired and gained knowledge about financial literacy in their accounting and

business management lessons. This explain that the majority of ABM students are more

educated in financial literacy and prevent them from getting into financial conflicts, also

to manage their money properly. Moreover, the researchers successfully theorized the

effects of accounting in financial literacy among 11 ABM students and have been

proved of the data gathered from the said subject.

 CHAPTER 5

SUMMARY OF FINDING, CONCLUSIONS AND RECOMMENDATIONS

SUMMARY OF FINDINGS

The findings in this study indicate that students had knowledge in personal

financial. This was conducted for the purpose of determining the effects of accounting in

financial literacy among Grade 11 students in Commonwealth High School conducted in

a year of 2019 – 2020. The mixed method were used was Qualitative and

Quantitative for this research and the purposive sampling technique was used for

gathering data. We used questionnaire as an instrument for collecting data. Out of 120

ABM students 18 of them selected as a respondents, after conducting the survey

questionnaire out of 18 respondents 11 are males and 7 are females. The majority of

their answers were YES with the total percentage of 70% while the remaining who

answered NO is 30%.The results show that in terms of student’s educational

background the majority of business students pursuing the ABM strand are more likely

to acquired financial literacy.

CONCLUSION

From this study, the researcher concluded that the 11 ABM students are more

financial literate and can answer correctly all financial-related questions. Financial

literacy is knowledge about financial issues, ability to communicate about financial

concepts and skill in making appropriate decision and confidence in planning in effective
for future financial needs. The ABM students specifically the subjects in our data

gathering clearly show the application of financial knowledge in their real life by having

no debts, saving their left allowances and avoiding themselves by getting into scam.

Also the findings in data gathered by the researchers will be utilized by the students in

getting more information about financial education. Furthermore, this research study

may have a big impact to those Non-ABM students, teachers, school and for those

interested readers by opening their mind in financial educational.

RECOMMENDATIONS

The following suggestions are given in order to introduce and elaborate financial

literacy.

STUDENTS

• Students should learn how to save money from their allowance.

• Students should start saving money on their own through piggybank to gain

knowledge on how to handle their money properly.

• Students should take courses that will provide enough knowledge, furthermore

job training is a great help to for financial awareness.

• Students should determine their financial priorities to minimize their spending.

PARENTS

• Parents should advice their children about personal finance to avoid financial

problem.
 • Parents should expose their children to the importance of financial literacy that

would discipline at young age.

SCHOOL

• School should provide a memorandum of having a time of discussing in the class

of financial-related-lessons.

• School curriculum should offer courses that would focus on personal finances.

COMMUNITY:

• Community is recommended to have seminars to its people about financial

issues.
 REFERENCES

PRIMARY SOURCES (RESEARCH STUDY)

• Miora A. Razafimahasolo, CBF, 2004; Impact of financial literacy on level of

stress and academic achievement among college students / 2012.

• Thang Pian Thawn (2012), Financial Literacy and Risk Tolerance as Correlates

of Personal Finance Practice of Overseas Myanmar Workers

SECONDARY SOURCES (INTERNET)

• Accounting Standards Council (ASC) year 2011

https://www.asc.gov.sg/consultations/archives/2011

• Armstrong Opoku (2015)

Literacy Among High School an Evidence from Ghana (page 50)

http://ir.knust.edu.gh/bitstream/123456789/8511/1/ARMSTRONG%20OPOKU.pd

• Atty. Dodo Dulay (January 1, 2019) Why Financial Literacy Programs don't work

https://www.manilatimes.net/2019/01/01/opinion/columnists/why-financial-

literacy-programs-dont-work/490251/490251/

• Citing a 2015 survey by the World Bank, the Bangko Sentral ng Pilipinas (BSP)

http://www.bsp.gov.ph/publications/media.asp?id=4738

• Imelda Calapre Montalbo on January 2017

https://www.researchgate.net/publication/322375634_Financial_Literacy_of_Prof

essional_and_Pre-Service_Teachers_in_the_Philippines
• NCCC Group of Companies

https://edgedavao.net/the-economy/2013/11/12/nccc-davao-spearheads-

financial-literacy-program/

• (OECD) year 1997

http://www.oecd.org/finance/National-Strategies-Financial-Education-Policy-

Handbook.pdf

• OECD/INFE (2005),National Strategies and Financial Education (pg.17)

http://www.oecd.org/finance/National-Strategies-Financial-Education-Policy-

Handbook.pdf

• Remund (2010) Economics and Sociology vol. 9, No 4,2016

https://www.economicssociology.eu/files/E&S_9_4_Belas_Nguyen_Smrcka_Kole

mbus_Cipovova.pdf

• The Manila Times (April 29, 2019)

https://www.manilatimes.net/2019/04/29/supplements/what-you-should-know-

about-financial-literacy/546551/

• Wenilyn Sabalo (March 2019)

Financial Literacy for Students

https://www.sunstar.com.ph/article/1795834