THESIS DWCC Ulit

SCHOOL OF BUSINESS, HOSPITALITY AND TOURISM MANAGEMENT
THE IMPACT OF FINANCIAL LITERACY TO ONLINE SHOPPING DECISION OF BHTM

STUDENTS OF DIVINE WORD COLLEGE OF CALAPAN
AUTHOR/S
RAMOS, KIM VERNA P.
kimverna.ramos@dwcc.edu.ph
CARREON, VINCENT JUNE CORCEGA, ZAIRA JOY

vincentjune.carreon@dwcc.edu.ph
zairajoy.corcega@dwcc.edu.ph
GIDA, MASHEENA PERPETUA RAYA, JUBILEE ANNE

masheenaperpetua.gida@dwcc.edu.ph
jubileeanne.raya@dwcc.edu.ph
A Research Study
Presented to the Faculty Members of School of Business, Hospitality and Tourism
Management in partial fulfillment of the requirements for the degree Bachelor of Science in
Business Administration
FINANCIAL MANAGEMENT RESEARCH

December 2022
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ABSTRACT
For college students, financial literacy is crucial. Financial challenges are particularly
onerous for college students. They've arrived at a time when knowledge and proficiency in basic
finances may make a big difference. The majority of people (including business owners) don't
comprehend the idea of compound interest, and some customers don't actively seek out financial
information before making financial decisions, according to research studies on financial literacy
conducted in various nations. The majority of financial consumers are unable to choose and use a
credit card effectively, and a lack of financial literacy instruction is to blame for those consumers'
inability to manage their money and plan financially for their business and retirement.
This study aims to determine The Impact of Financial Literacy to Online Shopping Decision
of Business, Hospitality and Tourism Management students of Divine Word College of Calapan.
The study is anchored on the grounds of the descriptive-correlational design of quantitative research.
The reason for this is that the nature of the inquiry, regarding the impact of financial literacy in
terms of financial awareness, capability and planning to online shopping decision, demands
numerical data and statistical tools. Based on findings with a total of two hundred seventy-three
(273) of Business, Hospitality and Tourism Management students of Divine Word College of
Calapan. And according to the results and findings, it shows that financial literacy in terms of
financial awareness, capability and planning has a direct impact with online shopping decision.
Keywords: Financial Literacy, financial awareness, financial capability and financial planning,
Online Shopping Decision.
INTRODUCTION
Financial literacy, as defined by the Financial Services Authority (2013), is a group of
procedures or actions designed to improve consumer and general public knowledge, beliefs, and
skills in order to aid in better managing their finances. You can better manage your money and
exert control over your purchase habits if you are financially educated. It is a group of methods or
strategies for handling the different aspects that affect our purchasing choices.And in the study of
(Kumar, 2017) on The Influence of fiscal knowledge Towards Financial Behavior and its
Recrimination on fiscal opinions A check of President University scholars in Cikarang – Bekasi.
fiscal knowledge refers to a person's understanding of plutocrat, their stations toward plutocrat,
and their conduct with plutocrat. It's important to be financially knowledgeable in order to make
sound fiscal opinions.
The evolution of the Internet has had a huge impact on the global marketing landscape,
allowing businesses to increase their reach through e-commerce (Alkailani and Kumar, 2018). The
Internet is becoming a more popular tool for finding, selecting, and purchasing information.
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Business-to-consumer (B2C) electronic commerce is the use of the Internet to market and sell
products and services to individual consumers.
One of the best features of the internet nowadays is the online shopping platforms. Every
day, online buying expands. This is due to the fact that people nowadays are more inclined to
social media and other related social platforms. The evolution of multimedia brought a significant
change to human life to the point that physical stores can now be converted into online selling
platforms. Many people engaged themselves more in online shopping. There are numerous
advantages to online shopping, including time savings, accessibility from anywhere, ease,
availability 24 hours a day, a wide range of products, and numerous alternatives for comparing
products and brands. Consumers perceive several types of perceived risk considerations and
psychological elements in online purchasing, in addition to the benefits. Financial loss, product
performance risk, delivery risk, and psychological issues like trust and security, as well as website
design, are all examples of perceived risk. Consumers' attitudes toward internet purchasing are also
influenced by perceived risk and psychological variables.
On the other hand, consumers are increasingly expected to take responsibility for their
personal finances, asset accumulation, debt management, and long-term retirement planning in this
scenario. This fundamental shift in how people are expected to interact with financial services has
increased the need for customers to have the information and skills to make effective personal
financial decisions (ASIC, 2011a; OECD, 2005).
Financial management captures people’s knowledge of financial matters, and their ability to
manage their money and take control of their income. Current financial literacy/capability
definitions and measures have provided an excellent basis for achieving programs and resources, but
they do not provide full knowledge of the underlying abilities, traits, and behaviors related to
financial management and its implication on online trends, networking, and shopping(Ramos, 2019).
Thus, this research aims to determine and give answers to the impact of financial literacy to online
shopping decisions of BHTM students of DWCC.
Review of Related Literature
FINANCIAL LITERACY
According to (Dewi, 2020)several concepts that are still being researched and developed
today are used to describe financial literacy. Multivariables have been used in previous studies to
construct financial literacy (Atkinson A. &., 2017) and (Dewi, 2020). The definition of financial
literacy has evolved over the past several years as more complex financial challenges have arisen.
The links between the various financial literacy characteristics have been demonstrated and
supported by earlier studies. The idea of financial literacy was expanded upon in the current study
using literature and empirical data from earlier research projects.
Sufficient literacy will have a positive influence on a person's financial behavior, such as
managing or allocating finances appropriately. A person's financial literacy that can be measured
from indicators: literacy about general knowledge of finance, income, savings, loans and
investments can affect a person's behavior in spending his finances. Financial knowledge is a form
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of literacy in financial matters. Base from (Huston, 2010), defined financial literacy as financial
knowledge, with this also seen as the basis of appropriate financial decision-making (Lusardi,
2012b). Previous studies have shown that financial knowledge affects both financial behavior
(Babiarz, 2014) and (Robb C. A., 2011); (Robb C. A., 2011)), financial goal (Priyadharshini, From
financial literacy to financial well-being: A study of the level of financial literacy of women
teaching faculty in educational institutions in Coimbatore region., 2017) and financial decisions
(Asaad, 2015); (Parker, 2012). Even so, the existing literature is incompetent to determine the
unproductive effect of financial experience on financial literacy or vice versa due to
methodological issues. (Hogarth, 2011) and (Hilgert, 2011)revealed that knowledge is empty
without applied experience, and that financially literate people had experience to bridge between
knowledge and skills.
Accordingly, laypeople tended to have more risk-averse than financial experts and are
exposed to affiliation bias (i.e., finding suppliers and salesman more credible than laypeople).
Also, these people viewed as having less financial knowledge think more likely that financial
products are too complicated. In another study (Wang, Keller &Siegrist, 2011, p.11), authors
conducting a risk perceptions survey in Switzerland highly correlated knowledge-related scales
with risk-related scales. And they conclude that the participants viewed some investment products
as more understandable and perceived the same products as less risky. Therefore, financial literacy
would make a greater difference in financial settings than it is thought.
Financial Awareness
One of the basics required to create financial stability, according to (Priyadharshini, S. H.,
2017), is financial awareness. As a crucial component of financial literacy, financial awareness
affects how knowledge is perceived, which in turn affects how decisions are made. According to
(Nga, 2010), demographic characteristics have an impact on both general and product awareness
of financial matters. Financial decision-making is influenced by financial product awareness,
according to (Khan, 2017). This emphasis is in line with (Priyadharshini, S. H., 2017) finding that
financial awareness affects financial decisions via financial knowledge and financial capabilities.
In their study on financial awareness, it stated that lack of financial awareness has important
implications for understanding financial knowledge matters that relate to financial products and
services which, in turn, impact on decisions and investment in financial markets.
Financial Capability
The idea of financial capability has just been added to financial literacy. (Lusardi,
2014)used terms like "how well people make ends meet, prepare for the future, choose and manage
financial products and services, and build their own skills and knowledge to make financial
decisions" to measure peoples' financial competence. Knowledge, the ability to comprehend one's
own financial status, and the desire to act are all components of financial capability
(Priyadharshini, 2017). (Kempson, 2006) and the Organization for Economic Co-operation and
Development (OECD) (2009) created a financial capability model that emphasizes the behavioral,
knowledge, and attitude components, with six components measured in financial capability,
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including the ability to meet needs, the ability to track, the ability to choose the appropriate
product, the ability to plan ahead, and the ability to manage risk.
According to the ((OECD), 2009), financial capability is the ability to manage finances day
to day and the ability to plan for the future. Meanwhile, according to (Cohen, 2011), financial
capability is the ability to take advantage of opportunities by using knowledge and skills in one’s
existing financial literacy by applying what he/she learns from time to time. Financial capability is
also defined as financial capacity based on a combination of knowledge, skills, and appropriate
access to financial products and services (Despard, 2014). (Xiao, 2017) used the following
indicators: objective financial literacy, subjective financial literacy, desirable financial behavior,
perceived financial capability, and a financial capability index to measure financial capability.
Kempson et al. (2006) indicated three elements of financial capability: (1) financial knowledge and
understanding; (2) financial skills and competence; and (3) financial responsibility.
The Financial Service Authority (2005) mentioned four important elements that helped
people learn to improve their financial capability, namely: (1) managing money; (2) planning
ahead (budgeting, retirement planning, and insurance); (3) the ability to make choices such as
comparing costs and identifying products with risk; and (4) independence to obtain help through
third parties. Previous research measuring financial literacy through financial capability variables
has included studies by (Ajzerle, 2013); (Atkinson A. &., 2012); (Cohen, 2011).
Financial Planning
Before making a buying decision, one should be financially literate. This includes knowing
how to handle good finances, how to make a budget when necessary, and how to do financial
planning that is appropriate for their needs. Furthermore, according to study by Shahnaz and
Moeinadin (2015). The findings of the study imply that those with inadequate financial literacy are
more prone to impulsive purchases. Therefore, it can be said that everyone needs to develop their
financial literacy, particularly students between the ages of 19 and 21 because they are more
susceptible to peer pressure when it comes to making purchases at that age.
It is said that having financial planning is like having financial goals where it plays an
important role in measuring a person’s financial literacy. Without specific and measurable
financial goals, a person will not have a road map to guide him/her towards financial freedom
(Priyadharshini, 2017). Clearly defining financial goals can help a person to make wise decisions
to avoid accepting offers of tempting but misleading financial products. Determining effective
financial goals is the key to success in achieving financial freedom. Having a healthy money
situation should be the goal of every individual but, without this goal, a person's financial health
can be affected by poor decision-making. Of course, with good financial literacy, one can make
decisions based on the right information. Creating financial goals can be done by setting goals
based on time, for example, short, medium, and long term. In addition to setting goals, we also
need to think about how to achieve these goals, whether by saving or choosing a step forward to
address debt. Previous studies that have measured financial literacy through financial goal
variables are by (Hogarth, 2011); and (Priyadharshini, 2017).
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And base on research and reports of (Ameriks, 2003); (Lusardi, 2014), that individuals who
plan have higher savings and wealth accumulation than those individual who fail to plan. Financial
practices such as cash-flow management, financial planning and goal setting involve a certain level
of numeracy and research skills. Then Stawski et al. (2007) reports that the benefits associated with
retirement planning and having clear goals for retirement have to do with establishing savings
tendencies. Moreover, according to Ameriks et al. 2003; van Rooij et al. 2012; Lusardi & Mitchell,
2007a, b; 2009, financial literacy/capability is associated with higher levels of retirement planning
and wealth accumulation in retirement.
According to (Archuleta, Dale, & Spann, 2013), budgeting is a discipline that many students
lack, and they are prone to overspending spending excessively. College students, specifically, are in
a time of significant transition. They are challenged to be independent, explore the world, and
establish an identity. It is a time of great opportunity, but with it comes many dangers. Students are
often uneducated and unguided when it comes to finances. College-aged students are a demographic
with a unique set of circumstances that make focused studies on this group meaningful. For many,
young adulthood is the time where lifelong habits and behaviours are formed. And (Beierlein &
Neverett, 2013; Goetz et al., 2011; Gudmunson et al., 2015; Markovich & DeVaney) said that
routines and preferences are established, and decisions are made that will affect the path in life that
each person will take.. It has been discovered that college students are not particularly good at
managing their money management.
According on (MCEETYA. , 2011), consumers today are increasing the use of online and
digital environments for shopping and making financial transactions under an uncertainty
environment. The increase in Internet access and the growth of Internet banking have led to a
dramatic rise in purchasing goods and services on the Internet. Consumers are responsible for
making decisions in the online context. They need to enhance their capabilities in solving their
financial issues and plan for needs and wants. Shopping on the Internet is highly risky regarding
the payment process via e-banking. Customer may face security and privacy problems on the
Internet. These risks may increase because consumers are concerned about the security of
transmitting credit card information through the Internet. Additionally, to gain financial
knowledge, most consumers base on a large amount of information and advice consultants,
consisting of informal sources (i.e. family, friends) or formal sources (i.e. financial advisors or
bankers) before conducting their purchasing decisions.
ONLINE SHOPPING DECISION

People may now shop more easily thanks to advancements in internet technology,
particularly regards to the current pandemic. Consumers can now purchase without going to malls or
physical stores by just using technology to visit a variety of websites—a practice known as internet
shopping. Because of the ease it offers, online shopping makes it simpler for us to do our shopping
without spending time or effort. Online shoppers can view the many things that are advertised by the
merchant and sold through the web. Due to the fact that consumers and sellers can avoid meeting in
person when shopping online, this gives sellers the chance to attract customers from other countries.
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A person's actions or behavior when choosing a product, including the type and quantity of
the item itself, are referred to as purchasing decisions. The decision-making process itself has at least
five stages, including the identification of needs, gathering information, weighing options, choosing
purchases, and purchasing behavior, which is typically characterized by satisfaction with the
decisions made.
Kuester, (2012) defined consumer Behaviors as the method used by individuals or groups to
select any product or service, experience, or idea to satisfy their needs and their long-lasting impact
on the consumer and society. The study of consumer behavior was new till the late 1960s. The study
of consumer behavior was taken from other disciplines such as economics, marketing, and
behavioral science. Additionally, the concept of the vast study of consumer behavior was created in
psychology, and social science where individual and group studies on human nature, behavior, and
attitude were conducted (Smith and Rupp, 2003). Thus, since the penetration of technology and
business trend has changed online the behavior is important to study. In the era of information
technology internet has given an opened new window for the world to use internet technology to buy
and sell online products where physical involvement is not important. The online shopping business
is not something secret of sale products therefore it is essential to analyze consumers’ behaviors
towards products shopping and payment online because there is no physical interaction between
them. Nazir et al., (2012) stressed in their study to analyze and understand consumer behaviors. The
relationship between online selling products and their marketing strategies with the behavior of
consumers is strongly bonded. In the past, many research studies have talked about online consumer
behavior and the impacting factors. Conversely, since individual behavior is different from others so
further research has been suggested (Constantinides, 2004).
According to Torres (2015), nearly nine out of 10 Filipino consumers do their shopping
online, based on a study commissioned by Visa International. The Visa ecommerce Consumer
Monitor 2014 also reveals that the top reasons for online shopping are convenience (58 percent),
price (47 percent), and deals (46 percent). According to Gomez (2016) similar to walking only a few
steps to reach a sarisari store, e-shopping has given the Filipinos power to buy anything, from
anywhere, at any time.
Toral (2017) states that a big number of Filipino online shoppers buy from the international
sites. According to the study of Reyes (2016) online stores don’t just pose advantages for sellers.
Their main feature is being able to provide shoppers with a fun but convenient way to shop. Since
they are not bound by geography, they’re able to bring international brands and experiences within
reach. In the study of Tomlinson (2015) the e-commerce is becoming the ‘new normal’ in Southeast
Asia, as consumers in the region take to online shopping of the variety of goods and services
available, competitive pricing and improved delivery option make the whole process much easier.
Consumer attitudes toward online shopping usually been determined by two factors; one is
trust, and another is perceived benefits (Hoque, Ali, & Mahfuz, 2015). Therefore, trust and perceived
benefits seem to be the critical conjectures of consumer behavior toward online shopping (Al-Debei,
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Akroush, & Ashouri, 2015; Hajli, 2014). Moreover, information quality, merchandise attribute,
website design, transaction capability, payment, security/privacy, delivery, self-consciousness, state
of mind, the consumer’s time sense and customer service are strongly predictive of online shopping
satisfaction (Katawetawaraks & Wang, 2011; Liu, He, Gao, & Xie, 2008; Mudambi & Schuff, 2010;
Novak, Hoffman, & Yung, 2000; Shergill & Chen, 2005; Sorce, Perotti, & Widrick, 2005).
Snehal Chincholkar (2016), concludes in his study that slowly our traditional way of grocery
shopping may see a drastic change. The companies have to work hard for developing their marketing
and distribution strategies to overcome the hurdles of grocery e-retailing. Grocery e-retailing in its
nascent stage, first it needs to capture Tier-I cities, then Tier-II and Tier-III cities of Indian can be
penetrated. This further implies that strategies of different e commerse business can affect that
behavior and attitude of consumers towards buying products online.
The purchasing preferences of consumers greatly influence their desire to make an online purchase.
Brand and quality orientation are positively connected to online purchasing intention, according to
Ling et al. (2010). Thamizhvanan and Xavier (2013), on the other hand, could not discover any
effects of brand and quality orientation on online purchase intention. As a result, it is unclear from
prior research whether brand and quality orientation affect online purchase intention.
Additionally, several studies concentrate on impulsivity, variety seeking, price concern,
convenience, leisure purchasing, and shopping for entertainment. According to research (Calk &
Ersoy, 2008; Girard & Silverblatt, 2003; Ling et al., 2010; Park, 2002; Thamizhvanan & Xavier,
2013), consumers who buy more items online are more price sensitive, (2) consumers who are loyal
to websites prefer to buy online more, and (3) people who spend more time online buy more items.
On the other hand, according to Brown et al. (2003), shopping attitudes do not directly influence the
desire to make an online purchase.
Theoretical Framework
Consumers are always able to make the smartest decisions given that they have a limited
financial budget Consumers must invest both money and time when acquiring products or services
from a store. With today's Online purchase phenomenon, the time cost has nearly vanished.
However, nothing comes without a price in business, as the saying goes. When consumers have an
abundance of options, they tend to waste a lot of time before making a final selection. The main
reason is that in an online buying scenario, there is no "touch and feel factor," therefore customers
make decisions mainly on price (Bilgihan, A., & Kandampully, J., 2016)). Financial competence,
according to Taylor (2011), refers to people's knowledge of how to handle and govern their
finances. Making sound financial judgments, as well as learning how to manage money, are all
aspects of this notion.
Technology Acceptance Model (TAM) The classic theory of reasoned action (TRA)
[ (Ajzen and Fishbein, 1980)], the theory of planned behavior (TPB) (Ajzen, 1991), and TAM
have been extensively adopted for explaining and predicting user behavior in an online shopping
environment (e.g., [ (Pavlou, 2003)]). TAM posits that actual system use is determined by users’
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behavioral intention to use, which is in turn influenced by their attitude toward usage. Attitude is
directly affected by users’ belief about a system, which consist of perceived usefulness and ease of
use (Davis, 1986). TAM has been extended to include subjective norms to explain perceived
usefulness and usage intentions in terms of social influence and cognitive instrumental processes
(Venkatesh, 2000).
The Technology Acceptance Modal (TAM) is a theory of information systems that
models how users come to accept and use the technology. The model recommends that when users
are presented with a new technology, a number of aspects that effect their decision about how and
when to use it. Technological Acceptance Model (TAM) was introduced by Fred Davis in 1986
and specifically tailored for modelling user acceptance of information systems. TAM is an
adaptation of the Theory of Reasoned Action (TRA) by Davis in 1989 (Davis, Bagozzi, &
Warshaw, 1989). It is one of the most successful measurements for computer usage effectively
among practitioners and academics. TAM attempts not only to predict but also provide an
explanation to help researchers and practitioners identify why a particular system may be
unacceptable and pursue appropriate steps. TAM helps to understand how users of the technology
come to accept a certain technology.
This study used the theory of planned behavior (TPB). Theory of TPB specifies that
behavior of consumer separately is examined in term of purchasing behavior as well as information
behavior, and these two behaviors were influenced by consumer’s attitude, perceived risk, trust,
social influence, technology, perceived usefulness, personal online skills, website characteristics,
and perceived ease of use (Ajzen, 1991). According to a study by Ming Shen: Effects of online
shopping attitudes subjective norms and control beliefs on online intentions, a test of the Theory of
Planned Behaviour, the author found out that the attitude toward online shopping, more
specifically their behavioral beliefs, were found to have a significant effect on their shopping
behaviour.
Conceptual Framework
Financial Literacy
Financial awareness;
Financial Capability; Online Shopping Decision
Financial Planning
IV DV
Figure 1. Conceptual Framework
Figure 1 presents the conceptual framework of the study. It shows the relationship of the two
variables presented, financial literacy as the independent variable and online shopping decision as
dependent variable.
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Financial Literacy is the independent variable in figure 1. Financial literacy is the capacity
to handle money wisely both on a day-to-day basis and during significant life events. It empowers
individuals to make the most of their financial opportunities and improve their quality of life.
Being financially capable requires the fortitude to handle difficult financial circumstances, such as
not having enough money to pay for the pupils' tuition.
Another variable of the study is Online Shopping Decisions. Online purchasing also gives
customers with excellent customer service, which is also available online. Many people all around
the world choose to shop online and acquire things from various brands and firms that they cannot
locate or are not available to buy in their native country.
The one headed arrow on the figure above represents the effect or the relationship of one
variable to another.
Statement of the Problem

This study aims to determine the online shopping behaviors and its effect on financial
management of Business, Hospitality and Tourism Management students of Divine Word College
of Calapan.
Specifically, this study aims to answer the following questions:
1. What is the level of financial literacy of Business, Hospitality and Tourism Management
students of Divine Word College of Calapan in terms of :
a. Financial awareness;
b. Financial Capability;
c. Financial Planning
2. What is the level of online shopping decision of Business, Hospitality and Tourism
Management students of Divine Word College of Calapan?
3. Is there a significant relationship between financial literacy and online shopping decision
of Business, Hospitality and Tourism Management students of Divine Word College of
Calapan?
Hypothesis
Ho: There is no significant relationship between financial literacy and online shopping decision of
Business, Hospitality and Tourism Management students of Divine Word College of Calapan.
Scope and Limitations of the Study

This study focuses on the determining whether financial literacy affects or has a
relationship to the online shopping decision of Business, Hospitality and Tourism Management
students of Divine Word College of Calapan.
This study will be conducted at Divine Word College of Calapan. The respondents of the
study are the Business, Hospitality and Tourism Management (BHTM) students of Divine Word
College of Calapan. These respondents will be chosen prior to the conduct of the actual study
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through a pre-survey. In addition, these respondents were assured that they are actively engaged in
online shopping.
RESEARCH GAP
Financial capability/ management is a very new concept that has already been around for a
decade. Financial capability, according to Sen's capability theory (1993), refers to people's ability
to manage their finances by knowing the correct understanding, skills, attitude, habits, and
motivation, as well as their ability to access basic financial products and services. Financial
capability, according to Taylor (2011), refers to people's knowledge of how to handle and govern
their finances.
There are also published researches relevant to the given topic like the study of Geronimo
2019, Identifying Relationships between Online Buying Attitudes and Financial Literacy, this
research focused on proving relationships to both variables but it was focused on other factors.
This research will answer the same questions however, this one is in a wider scope of knowledge.
In addition, researchers have turned their attention to technology and digital usage in order
to research the topic of online purchasing (Hubert, Blut, Brock, Backhaus, & Eberhardt, 2017;
Pucci, Casprini, Nosi, & Zanni, 2019). However, little is known about the relationship and the
effects of online shopping behavior to the financial managent. This gap in the literature is also
filled by the current investigation. This study helps to a better understanding of the online buying
problem by bridging the abovementioned views.
Ethical Issue
The respondents' involvement in this study was entirely voluntary. The participants'
personal information will be kept in strict confidence and will remain anonymous. Interactions
with the researcher will take place by online appointment and with the consent of the respondents.
Questions will not be pushed upon participants, and they will always be given their complete
consent. Authors will be acknowledged and studies studied will be listed in the bibliography using
the APA format. And lastly, citing the names of the authors of each articles used in the review of
related literature as a respect and credit for their works to avoid issues like plagiarism.
METHODOLOGY
Research Design
The study is anchored on the grounds of the descriptive-correlational design of quantitative
research. The reason for this is that the nature of the inquiry, regarding the relationship between
online shopping risk and financial capability, demands numerical data and statistical tools.
The quantitative method is classified under the positivist paradigm which sets out
interpretations and conclusions from freshly gathered numerical data within samples from a
population, undermining their emotional, behavioral, and environmental context (Rahi, 2017).
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This study requires numerical figures and scales to measure both variables individually and to
determine the level of correlation that may or may not exist in between.
Descriptive statistics employs a summary or organized pool of responses from a certain
number of samples where variables can be linked with one another, and is used in the first step of
analyzing quantitative data in research studies (Kaur et al., 2018). Moreover, this data
management technique and measurement caters to central tendency, frequency, statistical
comparison, and correlation. Correlations are most commonly used in variable-based statistical
procedures including data analysis to quantify the closeness of twos (Samithambe &
Senthilnathan, 2019). In this study, predictions and inferences are based on the use of pairs of
measures or scores to illustrate the strengths of relationships between financial literacy and online
shopping decision of the students in Divine Word College of Calapan
Subject and Sampling

The target population of this study is contained of the Business, Hospitality and Tourism
Management (BHTM) students of Divine Word College of Calapan for the school year of 2021-
2022. The data that will be collected is all about the effects of Financial Literacy to Online
Shopping Decisions of the BHTM students. The population is 864 BHTM college students. To
determine the particular sample, the researchers used the Slovin’s Formula year 2021-2022.
The researchers used the Slovin’s Formula to determine the exact samples as their
respondents in this study.
Wherein: n = number of samples

N = population
e = margin of error
N
Therefore: n=
1+ N e 2❑
864
n= 2❑
1+(864)(.05)
864
n=
1+(864)(.0025)❑❑
864
n= ❑❑
1+(864)(.0025)
864
n=
3.16
n=273.41∨273
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Using the formula , the researchers get 273 as the total samples coming from the
total population of 864 with 5% margin of error.
Data Gathering Procedures and Instrumentation
For this study, the researchers used a adapted questionnaire from V.I.Dewi, E.Febrian,
N.Effendi, M.Anwar, S.R.Nidar with the title of Financial Literacy And Its Variables: The Evidence
From Indonesia and Lingling Gao, B.A. Computer Science (SCNU), M.I.B (UTAS) with the title
Understanding Consumer Online Shopping Behaviour from the Perspective of Transaction Costs to
collect the required data that are needed for the study, this will serve as the primary data which will
later be supported by secondary data includes the related studies, articles, and journals.
To achieve the main purpose of this research and to assure that the results won’t be
compromised, this study will target the right sample who can give precise and accurate data
needed by the researchers. Therefore, the researchers used purposive sampling method of
gathering data. The respondents used in the study are the students with the online shopping
experience and who actively engage in it.
The designed research questionnaire is composed of two main parts which are the level of
online shopping behavior and financial management. The use of adapted questionnaires is done to
collect the necessary data. The adapted questionnaire with short questions was prepared and
respondents were asked to choose an answer from a given list of responses. The survey will be
conducted through Google's online survey form, which is then distributed via social media, such
as Facebook and an actual interaction to the students inside the campus. After getting the data
needed, the researchers will analyze and interpret all the information from the respondents to make
up the findings, conclusions, and recommendations.
The researchers included the following scale in their survey questionnaire:
Table 1. Likert Scale for the Perception of Business, Hospitality and Tourism Management
students with regards to their Financial Literacy.
Numerical Scale Standard Value Verbal Scale
5 4.50-5.00 Strongly Agree
4 3.50-4.49 Agree
3 2.50-3.49 Neutral
2 1.50-2.49 Disagree
1 1.00-1.49 Strongly Disagree
Table 2. Level of Online Shopping Decision of Business, Hospitality and Tourism Management
students
Numerical Scale Standard Value Verbal Scale
5 4.50-5.00 Outstading
4 3.50-4.49 Very Good
3 2.50-3.49 Good
2 1.50-2.49 Poor
13
1 1.00-1.49 Fair
RESULTS AND FINDINGS
Table 1.1 Computed mean for the level of Financial Management of Business, Hospitality and
Tourism Management students of Divine Word College of Calapan in terms of financial
awareness.
Item Indicators Computed Rank Verbal
Mean Interpretation
1 I evaluate spending regularly during online shopping 3.97 1 Very Good
2 I make a list before doing online shopping. 3.66 6 Very Good
3 I compare some financial products before making a online 3.79 5 Very Good
shopiing decision.
4 I document bills online 3.80 4 Very Good
5 I gather information related to online shopping issues. 3.84 3 Very Good
6 I am willing to discuss online shopping issues. 3.94 2 Very Good
OVERALL MEAN 3.83 Very Good
Table 1.1 shows the computed mean for the level of Financial Management of Business,
Hospitality and Tourism Management students of Divine Word College of Calapan in terms of
financial awareness. The table revealed that item number 1, “I evaluate spending regularly.” ranked
first and obtained the highest mean of 3.97 described as very good. Moreover, item number 2, “I
make a list before shopping” ranked last and garnered a mean of 3.66 described as very good. The
overall mean is 3.83 described as Very Good.
The table above showed that the respondents have a very good financial management in
terms of financial awareness. This further means that all the respondents are financially aware on
how they spend and on how they practice online purchasing. These results support the core principle
of a long-standing body of research that links increased financial literacy to better financial
management practices. The current research also reveals that effective financial management should
not be thought of as just the result of knowledge and confidence in using it, but rather as the result of
the combined influence of cognitive factors and social factors that have an impact on individuals.
14
Table 1.2 Computed mean the level of Financial Management of Business, Hospitality and
Tourism Management students of Divine Word College of Calapan in terms of financial skills/
Capability
Mean Interpretation
1 I make decisions without planning when I buy 3.98 1 Very Good
online.
2 I buy something online after easily persuaded. 3.67 6 Very Good
3 I buy something online without consideration. 3.74 4 Very Good
4 I am impulsive buyer online. 3.79 2 Very Good
5 I buy onlide something after pressure from others. 3.75 3 Very Good
6 I buy something online out of needs. 3.73 5 Very Good
Table 1.2 shows the mean on the responses on the level of Financial Management of
Business, Hospitality and Tourism Management students of Divine Word College of Calapan in
terms of financial skills/ Capability.
Looking at the table, the indicator “I Pay bills on time” obtained the highest mean score of
3.97 described as very good Meanwhile, the indicator “I Buy things when need to be bought”
obtained the lowest mean score of 3.68 described as very good. The overall mean as reflected on the
table is 3.82 described labeled as very good.
The table clearly displays that the responses of the respondents are at a very good level. At
this point, the table clearly indicates that respondents are very good in managing their own finances
since they are at a very good level in paying their respective bills on time.
Table 1.3 Computed mean the level of Financial Management of Business, Hospitality and
Tourism Management students of Divine Word College of Calapan in terms of Financial
Planning .
Mean Interpretation
1 I pay bills on time. 3.97 1 Very Good
2 I buy things when need to be bought 3.68 6 Very Good
3 I gathering information before deciding to buy 3.83 2.5 Very Good
4 I keep bills and receipts where they are easy to 3.83 2.5 Very Good
find
5 I evaluate savings financial statement on a 3.82 4.5 Very Good
regular basis
6 I evaluate debt on a regular basis 3.82 4.5 Very Good
15
Table 1.3 shows the computed mean for the level of Financial Management of Business,
Hospitality and Tourism Management students of Divine Word College of Calapan in terms of
Financial Planning.
Item number 1, “I Buy something based on budget” ranked first and obtained the highest
mean of 4.14 described as very good. Moreover, item number 2, “I Buy something based on how
you need it” ranked last and garnered a computed mean of 3.81 described as very good. The overall
mean is 3.91 described as very good.
Based on the table, all items were described as very good. This further means that the
respondents always plan their budget properly before purchasing any products.
Table 3.1 Summary Table for the computed relationship between online shopping behavior in
Terms of Product Selection and Financial Management of selected Students of Business,
Hospitality and Tourism Management students of Divine Word College of Calapan
Dependent Variable: Product Selection
Level of Significance: 0.05
Independent Variable Computed p value Result Statistical Decision
Financial awareness 0.00000 Significant Reject the Hypothesis
Financial experience 0.00001 Significant Reject the Hypothesis
Financial skills/ Capability 0.00395 Significant Reject the Hypothesis
Financial Decision 0.00000 Significant Reject the Hypothesis
Financial Planning 0.00004 Significant Reject the Hypothesis
Table 3.1 shows the computed relationship between online shopping behavior in Terms of
Product Selection and Financial Management of selected students of Business, Hospitality and
Tourism Management of Divine Word College of Calapan. As can be gleaned on the table, all
computed p value is less than 0.05 level of significance. Thus, all results on the relationship between
relationship between online shopping behavior in Terms of Product Selection and Financial
Management in terms of financial awareness, Financial Experience, Financial Skills/ Capability,
Financial Decision and Financial Planning of selected Students at Divine Word College of Calapan
are all significant. This further implies that there is a significant relationship between the online
16
shopping behavior in Terms of Product Selection and Financial Management of selected Students at
Divine Word College of Calapan.
Table 3.2 Summary Table for the computed relationship between online shopping behavior in
Terms of Product Assessment and Financial Management of selected Business, Hospitality and
Tourism Management students at Divine Word College of Calapan
Dependent Variable: Product Assessment
Level of Significance: 0.05;
Independent Variable Computed p value Result Statistical Decision
Financial awareness 0.00000 Significant Reject the Hypothesis
Financial experience 0.00148 Significant Reject the Hypothesis
Financial skills/ Capability 0.00780 Significant Reject the Hypothesis
Financial Decision 0.00000 Significant Reject the Hypothesis
Financial Planning 0.00066 Significant Reject the Hypothesis
Table 3.2 shows the computed relationship between online shopping behavior in Terms of
Product Assessment and Financial Management of selected Business, Hospitality and Tourism
Management students at Divine Word College of Calapan. As can be gleaned on the table, all
computed p value is less than 0.05 level of significance. Thus, all results on the relationship between
relationship between online shopping behavior in Terms of Product Assessment and Financial
Management in terms of financial awareness, Financial Experience, Financial Skills/ Capability,
Financial Decision and Financial Planning of selected Students at Divine Word College of Calapan
are all significant. This further implies that there is a significant relationship between the online
shopping behavior in Terms of Product Assessment and Financial Management of selected Business,
Hospitality and Tourism Management students at Divine Word College of Calapan.
17
DISCUSSIONS
Based on the results and findings, it shows that online shopping behavior in terms of both
product selection and product assessment has direct relationship with Financial Management in
terms of Financial Awareness, Financial Experience, Financial Skills/Capabilities, Financial
Decision, and Financial Planning, thus the null hypothesis is rejected. The researchers also found
that selected Business, Hospitality and Tourism Management students of Divine Word College of
Calapan has a well rounded financial management skills as reflected on the results and findings
above. This finding is correlated with the study of Sandro, (2019) stating that middle ages people
including college students are more critical in their finances particularly in selecting, purchasing and
patronizing products online.
As for the first statement of the problem in terms of product selection, the data revealed that
most of the respondents do really take time in reviewing the products label and information before
they buy it. This result is parallel to the principle of product selection. The selection of goods is
based on a set of values for the commodities that are bought and sold to the general population.
Businesses should keep an eye on the quality of the goods they receive, and suppliers should value
the quality of the goods they sell. Businesses use the product specifications to determine whether the
products are accurate and meet demand and supply. This is due to the fact that consumers are
continuously looking for effective purchases and they are more vigilant in looking for online
products nowadays. The results reflected above further revealed that the respondents agreed that
there really a need to set certain criteria in selecting products online.
For product assessment, the data clearly showed that all respondents agreed that every online
shoppers should be cautious and attentive when making purchases. Additionally, according to the
respondents, consumers should be taught how to accurately evaluate the goods they purchase online.
This information is consistent with Li's (2019) research, which found that before making a purchase
on an e-commerce site, people typically read and evaluate product evaluations to find out more about
the item's quality and determine how satisfied they are with it.
In terms of financial awareness, the aforementioned data demonstrated that the respondents'
financial management and awareness are quite good. This also implies that everyone who responded
is aware of their financial situation and their spending habits, including their use of internet
shopping. These findings back up the central thesis of a substantial body of prior research which
establishes a correlation between higher financial literacy and better financial management
techniques. The current research also shows that good financial management should be considered as
the combined influence of cognitive aspects and social factors that have an impact on individuals,
rather than only the outcome of knowledge and confidence in applying it.
18
In terms of financial experience, we can fairly conclude from this finding that the
respondents have highly positive financial experiences. The data also showed that the respondents
had all the necessary knowledge and abilities for investing in and saving money for personal use.
The responders also make sure they have a good financial experience. This outcome was related to
the findings of Santos (2021), which showed that middle-aged people, especially college students,
have better financial experiences than younger people. This is because of middle-aged people having
extensive exposure to social media and online platforms. They are more important for preserving
resources than for using them.
As for Financial Capabilities/ Skills, the researcher found out that the respondents' responses
are of an extremely high caliber. At this point, the table makes it abundantly evident that respondents
are very adept at handling their personal finances because they consistently make on-time payments
on their separate bills. Lucas (2018) also concluded that financial capabilities depend of the amount
of money a person earn. The smaller amount they earn, the better capabilities they will have. This is
due to the fact that average earning individuals carry more burden in budgeting, so they tend to have
better skills in saving than spending.
Lastly, for financial decision and financial planning, The results also suggested that most
respondents made wise decisions while making purchases of goods online. This indicates that the
students who responded have solid financial decision-making abilities. All the items were rated as
very good based on the data. This further implies that the respondents always carefully manage their
budget before making any purchases.
CONCLUSIONS
Based on the summary of findings, the following conclusions were derived:
All of the respondents agreed that they should select product wisely before purchasing it,
furthermore, most of the respondents do really take time in reviewing the products label and
information before they buy it. Furthermore, all respondents agreed that every online buyer should
be vigilant and observant in buying items online. The respondents also believe that every consumer
should learn how to properly assess the products that they buy online. To sum it up, the respondents
have a very good financial management in terms of financial awareness and Financial Skills
financial experience.
For the level of Financial Management of students at Divine Word College of Calapan, the
respondents have a very good financial management in terms of financial awareness, financial skills/
capability, financial management, financial decision and financial planning.
Finally, there is a statistically significant relationship between online shopping behavior and
financial management of students at Divine Word College of Calapan.
RECOMMENDATIONS
19
Based on the conclusions derived from the study, the following recommendations were
drawn:
Students should continue to use caution while making any purchases on internet marketplaces.
Before making a purchase decision, they should thoroughly consider all the factors relating to the
product. In order for students—not only those in the BSBA program—to evaluate their spending
plans, habits, and strategies, it will also be advantageous if the school offers yearly financial literacy
seminars and trainings. These should cover themes like product selection and product assessment.
Additionally, the study advises that all students should always draw lessons from their online
experiences and exercise greater caution when making purchases to prevent making poor choices
and losing money on investments or assets. The study goes on to advise students to keep carefully
and correctly preparing their finances. In order to avoid scams and other regrettable online financial
losses, students should also learn how to correctly evaluate things online.
Lastly, the researchers recommend to conduct research on similar topic but in wider and broader
scope to carry out better findings and recommendations for future references.
An Action Plan for Understanding the Online Shopping Behavior and its Effect to
Financial Management of Business, Hospitality and Tourism Management Students at
Divine Word College of Calapan
The online shopping is growing every day and Business, Hospitality and Tourism
Management Students at Divine Word College of Calapan are mostly open for purchasing through
online without the proper understanding of its effect on their financial management. But by
improving their perception about online shopping behavior and financial management will basically
make them aware of their surroundings.
20
APPENDICES
Letter of Request
September 6, 2022
MS. NYMPHA MALABANAN, MBA

Registrar
Divine Word College of Calapan
Dear Ma’am Malabanan,
Good Day!
We are students of Business Administration of Divine Word College of Calapan enrolled in

Thesis and currently conducting research entitled “Online Shopping Behavior: Its Effect on
Financial Management of Business, Hospitality and Tourism Management Students at
Divine Word College of Calapan (S.Y. 2021-2022)”.
21
In this regard, we would like to request your good office to please provide us data needed
for our study. We are requesting to you the total population of the students enrolled in Divine
Word College of Calapan of all departments for the school year 2021-2022. Rest assured that all
information gathered will be treated with confidentiality and will only be used solely for the study.
We are hoping for your favorable response. Thank you!
Respectfully yours,
Ramos, Kim Verna P. Carreon, Vincent June Corcega, Zaira Joy

Researcher Researcher Researcher
Gida, Ma Sheena Perpetua Raya, Jubilee Anne

Researcher Researcher
Noted by:
Maria Cristina F. Melo, Ph.D

Research Instructor
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24
Research Title: Online Shopping Behavior: Its effect on Financial Management

Business, Hospitality and Tourism Management students of Divine Word College
of Calapan
Directions: Read each item carefully. Give your honest rating to each item by placing a
check (/) mark on the number that corresponds to your answer. Use the following scale
as reference:
PRE-SURVEY
1. Do you save money?

□ yes
□ no
2. How often do you save money?

□ daily
□ weekly
□ monthly
3. Do you buy online?

□ yes
□ no
25
Numerical Scale Verbal Scale

5 Strongly Agree
4 Agree
3 Neutral
2 Disagree
1 Strongly Disagree
I. Level of Online Shopping Behavior
A. Product Selection
Item Indicators 5 4 3 2 1
1 I spent a lot of time and effort searching for product information at this
store.
2 I spent a lot of time and effort getting familiar with the layout of this
site and the organization of its products.
3 I spent a lot of time and effort assessing the credibility of this online
store.
4 I spent a lot of time and effort placing an order with this online store
(including completing information about this product, my personal
contact and delivery).
5 It took time and effort to complete the online payment.
6 I spent a lot of time and effort checking the status of my order.
7 It took time and effort to arrange another time to receive this product
ordered if it was not physically delivered on time as promised.
8 I spent a lot of time on choosing which product to buy.
9. I spent a lot of time and effort in reviewing all comment and ratings
before buying the product.
B. Product Assessment
1 I spent a lot of time and effort in using the product after buying it.
2 I spent a lot of time and effort in assessing its side effects after using.
3 I spent a lot of time and effort in assessing the quality of ingredients
used in the product.
4 I spent a lot of time and effort in writing my reviews on the product.
5 It took time and effort in comparing the product to other similar
products.
6 I spent a lot of time and effort in analyzing the effectivity of the
product.
Numerical Scale Verbal Scale
26
5 Outstading
4 Very Good
3 Good
2 Poor
1 Fair
II. FINANCIAL MANAGEMENT

A. Financial awareness
1 I evaluate spending regularly.
2 I make a list before shopping.
3 I comparing some financial products before making a decision.
4 I documenting bills
5 I gather information related to financial issues.
6 I’m willing to discuss financial issues
B. Financial experience
1 I hold emergency savings
2 I do financial records
3 I have experience in managing personal assets
4 I have investing experience on other assets.
5 I have savings experience in non-bank financial institution
6 I have savings experience in bank financial institution
C. Financial skills/ Capability

1 I pay bills on time.
2 I buy things when need to be bought
3 I gather information before deciding to buy
4 I keep bills and receipts where they are easy to find
5 I evaluate savings financial statement on a regular basis
6 I evaluate debt on a regular basis
D. Financial Decision
1 I make decisions without planning
2 I am sorry for buying something after being easily persuaded
27
3 I am sorry for buying something without consideration
4 I buy on impulse
5 I buy something after pressure from others
6 I buy something out of needs.
E. Financial Planning
1 I buy something based on budget
2 I buy something based on how you need it
3 I plan what to buy and what not to buy
4 I budget income before buying anything online
5 I allocate enough amount for savings before buying anything.
28

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SCHOOL OF BUSINESS, HOSPITALITY AND TOURISM MANAGEMENT

THE IMPACT OF FINANCIAL LITERACY TO ONLINE SHOPPING DECISION OF BHTM

CARREON, VINCENT JUNE CORCEGA, ZAIRA JOY

GIDA, MASHEENA PERPETUA RAYA, JUBILEE ANNE

FINANCIAL MANAGEMENT RESEARCH

Review of Related Literature

ONLINE SHOPPING DECISION

Statement of the Problem

Specifically, this study aims to answer the following questions:

Scope and Limitations of the Study

Subject and Sampling

Wherein: n = number of samples

RESULTS AND FINDINGS

MS. NYMPHA MALABANAN, MBA

Dear Ma’am Malabanan,

We are students of Business Administration of Divine Word College of Calapan enrolled in

We are hoping for your favorable response. Thank you!

Ramos, Kim Verna P. Carreon, Vincent June Corcega, Zaira Joy

Gida, Ma Sheena Perpetua Raya, Jubilee Anne

Maria Cristina F. Melo, Ph.D

Research Title: Online Shopping Behavior: Its effect on Financial Management

1. Do you save money?

2. How often do you save money?

3. Do you buy online?

Numerical Scale Verbal Scale

Numerical Scale Verbal Scale

II. FINANCIAL MANAGEMENT

C. Financial skills/ Capability

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