Final Revised Copy of Thesis

A Comparative Study of Male and Female Allowance
Budgeting On Selected Students of Centro
Escolar University- Makati in Relation
With Financial Behavior

Abstract
Financial literacy is a contemporary personal financial issue that concerns how
the persons understand and behave with money, income, and personal finance. There
are four common financial literacy dimensions, i.e. financial knowledge, skill, attitude
and behavior, however financial well-being is an ultimate destination of the financial
understanding and behavior (Chaulagain, 2015). Financial literacy is not same for all.
It is different for male and female, rich and poor, educated, and uneducated, different
age group, employed and unemployed, rural urban people and country to country.
The objective of this study is to find evidence to a comparative study of male and
female allowance budgeting on selected students at Centro Escolar University- Makati in
relation with financial behavior. Hence, the study made use of structured or close- ended
questionnaires as the research instrument and paired T-test as the statistical treatment to
gather data that are significant in this study. The result of this study showing that there is
a significant difference between male and female in terms of allowance budgeting and
financial behavior gives justification to the Hare- Mustin Theory. Hare-Mustin theory
states that men and women were socialized differently and consistently encountered
radically different environments and social expectations thus, signifies that there will
also be difference on the allowance budgeting and financial behavior of male and female
Table of Content
Title Page
Proposal
Theoretical Framework
Acknowledgements
Table of Contents
CHAPTER 1 THE PROBLEM AND ITS BACKGROUND
1.1 Introduction
1.2 Statement of the Problem
1.3 Scopes and Limitations
1.4 Importance of the Study
1.5 Definition of Terms
CHAPTER 2 REVIEW ON RELATED LITERATURE
2.1 Local Literature
2.2 Foreign Literature
CHAPTER 3 METHOD OF STUDY
3.1 Research Design
3.2 Respondents
3.3 Sampling Method
3.4 Research Instrument
3.5 Statistical Treatment
CHAPTER 4 PRESENTATION, INTERPRETATION AND ANALYSIS OF DATA
CHAPTER 5 SUMMARRY, CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2 Conclusion
5.3 Recommendation
Appendix
Approved Survey Form
Accomplished Survey Forms
Researchers’ Profile
Acknowledgements
The researchers wish to express their utmost gratitude and appreciation to the
following:
Mr. Danilo Carel

Practical Research Teacher
Chapter 1
This chapter includes the background of the study, statement of the problem,
scope and delimitation, significance of the study, theoretical framework, and conceptual
framework and the definition of terms used.
a) Background of the Problem
Financial literacy is a contemporary personal financial issue that concerns how
the persons understand and behave with money, income, and personal finance. There are
four common financial literacy dimensions, i.e. financial knowledge, skill, attitude and
behavior, however financial well-being is an ultimate destination of the financial
understanding and behavior (Chaulagain, 2015). Financial literacy is not same for all. It
is different for male and female, rich and poor, educated, and uneducated, different age
group, employed and unemployed, rural urban people and country to country.
The conceptual understanding on financial literacy in one economy may not the
same with another economy. Lusardi and Mitchell (2014); Hogarth, Beverly and Hilgert
(2003) deny the one-size-fits-all approach of financial education to achieve expected
behavioral change in financial matters, it is because the priority, demand, context, gender,
age, education, background, and socio-economic status of individuals are different.
Similarly, the life-cycle hypothesis provides a direct theoretical relationship between the
aging and saving (Modigliani & Brumberg, 1954). Based on the insight that individuals
and households change their mix of consumption and savings over their expected life
span, the theory implies that older people, who are closer to the end of their lives, and
younger people, who are educating themselves or earning low levels of income, save less
than middle-aged individuals.

Nevertheless, Lord Adair Turner (2009), a financial service authority chairman,
suggested for a wider financial education to empower individuals to deal with their own
finances. Turner (2009) stated that the foundation of every individual’s experience of
coping with money management starts to develop first within their family and followed
by the peers in their school community. He added that young people, most especially
students, must be taught the basic knowledge of financial management. University or
college students are in a distinct period of their lives where they start to manage their
money independently without parental supervision (Selcuk, 2015).
Most of these young people start to deal with monetary challenges such as paying
bills, keeping a budget, or having a credit card to their own names for the first time. The
financial behaviors that college students learn during these years are likely to influence
the decisions they make in the future (Shim, Xiao, Barber, & Lyons, 2009). Previous
studies showed that positive financial behaviors are related to improved financial well-
being (Joo & Grable, 2004), decreased financial stress (Hayhoe, Leach, Turner, Bruin, &
Lawrance, 2000) and higher self-esteem (Lange & Byrd, 1998). Because of these far-
reaching consequences of financial behaviors, it is important to investigate which factors
have a significant impact on them to increase students’ general quality of life in later
years (Gutter & Copur, 2011; Xiao, Tang, & Shim, 2008).
Furthermore, according to Potter (2016), budgeting an allowance is part of
general financial. Teaching young adults how to budget an allowance is a multistage
process and at each point it should feel like a reward. People only do what directly
benefits them so explaining to a child how earning, saving and spending, if done wisely,
can be beneficial since it instills a sense of ownership and independence. Understanding

money is just as important as driving safely and doing well in school. At the time it may
not seem particularly important, but these are life lessons which will determine a person's
health and security far into the future. Hence, the more knowledge young people have
about their financial responsibility and status; the less likely they must develop financial
problems or debts in the future (Norvitilitis, et al., 2006).
On the other hand, teenagers and young adults are exposed to environmental
messaging by the media, and their peers, concerning the roles of males and females
within households. These messages could play a critical role in their development (Witt,
2000). These messages within their own respective households could be influencing their
perception of how the responsibilities within a familial setting should be arranged; and as
to what roles men and women should assume. Societies categorize their members by sex,
and one of the primary manifestations of sex differentiation in activities, is the sexual
division of labor (Reskin & Bielby, 2005).
According to Reskin & Bielby (2005), in the broadest sense, men specialize in
and are primarily responsible for market work, and women specialize in and are primarily
responsible for domestic work. These assumed masculine and feminine roles could very
well be a cause of the differences in the financial literacy levels of college students when
focusing on gender. If fewer women than men received some form of financial
knowledge from their parents, then this may hint at the idea that college students see
financial matters as masculine roles more so than feminine. How students associate
themselves with traditional societal messages about what it means to be masculine or
feminine could predict how they view their responsibilities in a household setting.
Additionally, Chen & Volpe (2002) found that women have been known to
generally have less knowledge about personal finance topics, have less enthusiasm for
being educated about finances, and have lower confidence in gaining financial knowledge
and less willingness to learn topics related to personal finance. These differences between
the two genders may hint at the reason for many females being involved in a higher level
of financial problems due to a lack of instruction and teaching concerning financial skills
and literacy (Falahati & Paim, 2011). Reasons for why these variables are inhibiting
women’s financial literacy may point to the gender roles that are placed on women from
a young age within the society (Adeleke, 2013).
Males and females may be inclined to adhere to certain expectations and pressures
as they go through college. Many factors can form the expectations that students have
about relationships and gender roles. A possible reason why women are not as
knowledgeable as men concerning financial literacy can likely be attributed to how
students grow through this social identity domain. Hence, this study finds the mentioned
articles and studies necessary for the following reasons: (1) to find how both male and
female students budget allowance based on different factors, (2) to know the level of
male and female students’ financial behavior based on different factors, and (3) to find
similarities and differences to both male and female based on their financial behavior.
b) Statement of the Problem
This study aims to find evidence to a comparative study of male and female
allowance budgeting on selected students at Centro Escolar University- Makati in relation
with financial behavior.
More specifically it seeks to find answers to the following questions:

1. How does female students budget their school allowance based on?
a) transportation
b) food
c) Requirements?
2. How does male students budget their school allowance based on:
a) transportation
b) food
c) requirements?
3. What is the level of financial behavior of female students based on:
a) transportation
b) food
c) requirements?
4. What is the level of financial behavior of male students based on:
a) transportation
b) food
c) requirements?
5. How do male and female students allowance budgeting similar and difference?
6. Is there any significant difference on allowance budgeting between male and
female?
c) Scope and Delimitation
This study is limited only to college students at Centro Escolar University- Makati.
This study will primarily deal with the comparison of selected male and female students
on allowance budgeting in relation to financial behavior. This study aims determine the
level of financial behavior based on food, transportation, and school requirements.
d) Significance of the Study
Students. This group may use this study as this will provide them information about
the factors that influence the expenditures of the people involved in this study thus,
providing them useful information on how to budget their money and could help them
increase their savings.
Parents. This will also be beneficial for parents as it will provide them information
about the factors that influence their child's expenditures thus, making them have a
conversation with their child to effectively budget their money because when students do
not budget their money the parents are often required to compensate for their child's
mistake.
Teachers and Administrators. The results of this study will also be beneficial for the
teachers and the administrators as this will provide them information on how to address
students’ budgeting behaviors through programs and activities. If no such programs and
activities exist, the results may help to implement it.

Future Researchers. The findings of this study are expected to be helpful to future
researchers who would want to further research on similar area of study as this will serve
as a good source of information that would help them broaden their knowledge and also
help improve their research.
e) Conceptual Framework
The following are the concepts gathered to support this study:
According to (Noctor, Stoney, and Stradling; 1992), financial literacy is the ability
to make sound decisions regarding the use and management of money. Thus, effective
decisions taken in relation to the use and control of money (Schagen and Lines 1996).
Defining the concept in this context suggests that the definition is narrowed as emphasis
is placed on management of money. 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. 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.
Thus, the ability to manage individuals‟ finances efficiently to make prudent
financial decisions to achieve financial well-being (American Institute of Certified Public
Accountants, 2003). The definitions given by the institutions reiterate that financial
literacy makes individuals focused and directs them towards the attainment of financial
autonomy. Garman and Forgue (2000) defined financial literacy as significant
information and terminology required in managing individuals‟ personal finances
successfully. Thus, the basic information that citizens need to live in modern society
(Kim, 2001).
Additionally, Bernheim, Garrett, and Maki (1997) explored the effectiveness of
high school mandates using savings as the outcome measure. Budgeting is seen as
another important behavior that, while not often included in evaluation, has been an
established learning objective in many financial education programs, including those in
high schools. Credit behaviors, especially those affecting the FICO score such as late
payments, credit utilization, and carrying a balance are commonly studied behavior.
The conceptual framework of this study provides the connections of variables
stated in each box. The first variable above is all is the school allowance budget in which
under it are the participants, the levels of financial behavior in terms of saving and
spending and the basis of the measurement of financial behavior level. These three are all
under the term financial literacy which is relevant in determining the level of financial
behavior as well as the similarities and differences of male and female students.
The framework explains the purpose of this study in which it aims to find evidence
the similarities and differences of both male and female students at the university in their
spending and saving (financial behaviors). To explore how both genders, differ in ways,
the study uses these bases such as food, transportation, and school requirements to
successfully determine their financial behavior level as well as in determining the gender
that is most financial literate.
SCHOOL ALLOWANCE BUDGET
FOOD,
TRANSPOR FINANCIAL
BEHAVIOR
TATION COLLEGE
(SPENDING
AND PARTICIPANTS
AND
REQUIRE SAVING)
MENTS
FINANCIAL LITERACY
Figure 1
A COMPARATIVE STUDY OF MALE AND FEMALE ALLOWANCE
BUDGETING ON SELECTED STUDENTS OF CENTRO
ESCOLAR UNIVERSITY- MAKATI IN RELATION
WITH FINANCIAL BEHAVIOR

f) Hypotheses
The following assumptions are hoped to be proven in this study:
H1: Male and female students budget their allowances based on their basic needs
such as transportation, food and requirements and depend on the amount of
money given by their parents taken from their income.
H2: In Bocales (2007), research shows that students which are staying in
boarding houses received higher allowances on a monthly basis compared to the
students staying at home with their parents.
H3: The transportation is one of the factors of students’ expenses. Students who
live far from their school tend to spend more than students who live nearer.
H4: In terms of the students budgeting for food, the researchers assume that male
and female have different reasons of consuming food but will come up to the
same result of amount of money they spend for food.
H5: Researchers assume that in terms of budgeting allowance based on
requirements male and female are equal in budgeting.
H6: Individual’s buying choices or expenditures are also influenced by four
physiological factors; motivation, perception, learning and attitudes. A need
becomes a motive when it is aroused to a sufficient level of intensity. A motive is
a need hat is sufficiently pressing to direct the person to seek satisfaction of the
need (Kotler, 2000).
g) Definition of terms
Allowance. The amount of something that is permitted, especially within a set of
regulations or for a specified purpose.

Attention. Various factors increase or decrease the amount of attention paid. Includes
distinctiveness, affective valence, prevalence, complexity, functional value. One’s
characteristics (e.g., sensory capacities, arousal level, and perceptual set, past
reinforcement) affect attention.
Budget. An estimation of revenue and expenses over a specified future period of time; it is
compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a
family, a group of people, a business, a government, a country, a multinational
organization or just about anything else that makes and spends money.
Budgeting. Provide (a sum of money) for a particular purpose from a budget.
Culture. The customary beliefs, social forms, and material traits of a racial, religious, or
social group; also: the characteristic features of everyday existence (such as diversions
or a way of life) shared by people in a place or time.
Expenditures. The action of spending funds.
Gender Roles. The role or behavior learned by a person as appropriate to their gender,
determined by the prevailing cultural norms.
Motivation. Having a good reason to imitate. Includes motives such as past (i.e.
traditional behaviorism), promised (imagined incentives) and vicarious (seeing and
recalling the reinforced model)
Retention. Remembering what you paid attention to. Includes symbolic coding, mental
images, cognitive organization, symbolic rehearsal, motor rehearsal
Reproduction. Reproducing the image. Including physical capabilities, and self-
observation of reproduction.
Chapter 2
Review On Related Literature
This chapter presents an overview of previous work on related literature and
studies done by the researchers that provide the necessary background for the purpose of
this research. It includes the local journal, foreign journal, local literature, foreign
literature, local studies, foreign studies, and synthesis.
Money Advice Service (n.d) states that youth have an important role in
developing the nation's future and so does every parents play an important role in shaping
their child's financial behavior and attitudes towards money- for such reasons that parents
teach their children in dealing with their financials by giving them higher allowances as
they reach their high year levels in education. As Master Card Index of Financial
Literacy (2013) asserts that Filipino youth are among the top three most financially
literate in the Asia Pacific region. However, according to Gil Corday (2013), young
people are not fully equipped to manage their finances when they reach adulthood.
One of the few articles that supports the statement of Corday (2013) is stated in
the Determinants of Planned and Impulse Buying: The Case of the Philippines written by
Ben Gutierrez (2004) that younger people are found to be susceptible for making
impulsive purchases that is why the product retailers and manufacturers to target their
marketing efforts to younger people whereas a study conducted by Visa (2012) has
shown that 89% of the Filipino youth relied most on parental advice of financial matter.
Since the Filipino youth rely much on their parents’ financial education, this impacts their
dependency level on financial knowledge thus affecting their financial literacy level.
Nonetheless, the journal of the Global Economics entitled Financial Literacy of

Professional and Pre-Service Teachers in the Philippines showed relevant findings
towards the study of Visa (2012).
The journal states that financial illiteracy is common among educators which
reflect their students’ financial literacy skills. To point out that teachers are not the only
educators of young people but also their parents (Money Advice Service, n.d). The data
of the journal was gathered using descriptive survey design to examine the level of
financial literacy of public and private pre-service teachers and professional teachers in
the Philippines. Around 1,924 teachers from public and private schools of Luzon,
Visayas and Mindanao of the Philippines took the Basic and Sophisticated Financial
Literacy Survey. There were 1,001 professional teachers and 923 pre-service teachers in
which 599 of them are males and 1,325 of them are females. The results show that if both
parents and the educators are not well aware on financial decision making then it can
greatly impact the young Filipino people and the economy as financial literacy have a
great impact to the nation’s economy as also stated by Theodore Vail (1919).
"Our nation's future depends upon making every individual young and old, fully
realize the obligations and responsibilities belonging to citizenship. That being
said, habits are formed in youth and we have the responsibility to teach the
growing generations to realize that thrift and economy, coupled with industry,
are necessary."
Tedesco (n.d) stated that being a financial literate person is by knowing how to
"make good decisions about spending, to save for the future, to practice good financial
habits that will last a lifetime, and to become financially responsible adults". To be
financially literate is to know how to manage your money. This means learning how to
pay your bills, how to borrow and save money responsibly, and how and why to invest
and plan for retirement. Furthermore, personal financial literacy is more than just being
able to balance a checkbook, compare prices or get a job. It also includes skills like long-
term vision and planning for the future, and the discipline to use those skills every day.
In Lusardi and Mitchell’s (2010) journal entitled How Ordinary Consumers make
Complex Economic Decisions: Financial Literacy and Retirement Readiness states that
ordinary consumers must make extraordinarily complex financial decisions on a daily
basis, yet there is growing evidence that households are rather poorly informed when they
make many consequential economic choices. Financial literacy is also lacking among the
young, less than one third of young adults understand interest compounding, inflation,
and risk diversification. It is particularly important in view of the fact that workers are
increasingly being given responsibility to save, manage their pension investments, and
draw down their retirement assets in the defined contribution pension environment.
Accordingly, what is critically needed is new information permitting analysts to
investigate the links between financial literacy and economic decision making more over
as mentioned in Sandra Huston (2010) journal about Measuring Financial Literacy, states
that individuals must demonstrate knowledge and skills needed to make choices within a
financial marketplace that all consumers face regardless of their characteristics. This may
appear to be a one-size-fits-all approach to financial literacy measurement but reflects the
reality that all individuals make choices between standard financial products and services.
In the journal Financial Literacy Education which aimed to improve a person’s level of
knowledge and ability can and should be tailored to suit different demographics, life
stages and learning styles certainly not as a one-size-fits-all approach.

Furthermore, the relationship of financial literacy in decision making of how an
individual makes financial decisions possesses about money that is applied to his/her
daily life that may affect your choices. The journals discussed in this study tackled the
significance of knowledge in financial markets- functioning and management are the
abilities useful for awareness of consequences of their actions and the readiness to accept
responsibility for decisions taken that need to make effective and informed money
management decisions gaining the knowledge and developing the skills to become
financially literate.
The first related study to be examined is conducted by Samantha Villanueva
(2017); An Analysis of the Factors Affecting the Spending and Saving Habits of College
which provides an insight into the financial mechanisms that is utilized by young adults.
Ethnic background is a strong determinant of spending money and budgeting allowance
is conclusive evidence on the research. Moreover, demographic factors such as age,
gender and ethnicity seem to be the most common factors or variables that can affect
spending habits of students in college. The study focused on demographic factors that
affect the saving and spending habits of college students and realized that it has a great
factor on students and specifically based on their age, gender, and ethnicity.
On the other hand, a study conducted by Teresita Bocales (2017) entitled
Expenditure Pattern of College Students explores college students’ expenditures coming
from their allowances given by their parents on their basic needs literally foods,
transportation, school supplies and other related expenses. Comparing students in their
expenditure patterns based on their status like staying with their parents and staying in
boarding house and also gender has a great effect on this study. Male and female college
students’ encountered problems with their allowance and their spending were also
identified. In this study, the highest expenditure of the study according to the students
went to food, followed by transportation. It is also stated that male college students have
higher expenditure on clothing, liquor and cigarettes and recreational activities than
female college students, but female college students spend higher amount on cosmetics
than male respondents.
Similarly, a study from the Philippines conducted by Mary Janet Arnado (2010)
examined the financial and economic lives of Philippine indigenous people, specifically
on their gender utilization of new technologies, such as money as a form of exchange, in
ways such as saving, storing, and spending, giving special analytical attention on
indigenous women’s economic dependency from men. Thus, to examine the gender
utilization of new technologies and in the form of mine as a tool will greatly affect on the
male and female indigenous people in terms of budgeting. Gender responsive budget
initiatives have different objectives and different results which depend on context, who is
involved, and a host of other things, a study about realities in gender responsive budget
initiative (Stosky, 2001). It is stated in this study that analyzing the impact of government
expenditure and the revenue on women as compared to men.
Academic stress is one of the reasons why students affect their characters and
behaviors. Examining the perception of academic stress among college students
emphasizing the gender differences (Calaguas, 2011). A statistical analysis showed that
male and female college students differed significantly in their perceptions of subject,
teacher, schedule, classroom, classmates and also the financial related stressors. In this
study, there is no significant difference was found between male and female academic
stressors, but financial stressors greatly affect male and female college students. Gender
differences are variances between males and females that are based on biological
adaptations that are the same for both sexes (Fernandez, & Nandanan, 2017). A Study on
the Gender Differences in the Spending Attitude and Behavior of IT Professionals in
Urban Bangalore is significant to the current study because of its objectives and the
findings which may be one of the factors or tools to have an approach towards the study.
The current study aims to differentiate the male and female allowance budgeting in
relation with financial behavior. Hence, Gender Differences in Perception of Spending
and Financial Risk Aversion aims to determine whether there was gender difference
between individual’s perception of spending or saving and the willingness to take on
financial risk.
The following studies conducted by Fernandez & Nandanan (2017) A Study on
the Gender Differences in the Spending Attitude and Behavior of IT Professionals in
Urban Bangalore and Gender Differences in Perception of Spending and Financial Risk
Aversion indicate that male and female may differ in terms of how they spend on some
factors. Male and female have different perceptions in handling money; women have
important responsibilities since most of the women make the decisions on how money
will be spent. Men think that money is just a game for the social status and power.
Therefore, the financial literacy of male is totally different to female, women understand
how money works and where it comes from and especially how it should be managed
while men may not have enough knowledge on how money works, how someone makes,
manages, and invests it. Financial literacy entails the knowledge and skills of an
individual in certain financial matter.

According to Fernandez and Nandanan (2017), the objectives of A Study on the
Gender Differences in the Spending Attitude and Behavior of IT Professionals in Urban
Bangalore were to provide insights to the existence of gender differences in the spending
pattern of the respondents and to find out the association between the gender and avenues
of spending. The researchers used primary data and secondary data. The researchers also
used a statistical tool like Chi-square for the analysis. A chi square is a measurement of
how expectations compare to results. The respondents were selected using convenient
sampling, 75 males and 75 females.
The study of Fernandez and Nandanan (2017) framed a hypothesis: there is
significant association between gender of the respondents and the choice of spending
avenues through chi-square test, the hypothesis was accepted, therefore, there is
significant association between gender of the respondent and the choice of spending
avenues. The conclusion of the study roughly says that there are a lot of differences in the
financial perceptions, expectations, goals and confidence of men and women in spending.
Thus, the study clearly says that there are differences between men and women in
spending. Spending of women has seen more responsibility since they take important
decisions relating to distribution of household resources and transmitting of financial
habits and skills. Though the researchers found out that there are differences between
men and women in spending, the respondents that they used in the study were not enough
so there are still lacks of information.
A similar study conducted by Nicole Balhorn (2013) Gender Differences in
Perception of Spending and Financial Risk Aversion attempts to determine whether there
was a gender difference between individual’s perception of spending or saving and the
willingness to take on financial risk. The study had participants which are under-graduate
and graduate students from Georgetown University between the ages of eighteen (18) and
twenty-four (24), the participants were all from the academic programs and majors. The
students accessed to an online questionnaire where the survey is located. The survey has
three sections and thirty-six questions. The first section is the participants’ demographic
information. The second and third section is assessing the students’ current financial
behavior and perception and assessing individual’s willingness to take on financial risk,
respectively.
The results for parental effect on individual’s spending habits, individual’s
financial attitude and individual’s financial risk aversion did not find any significance and
correlation based on Analysis of Variance (ANOVA) test. Analysis of Variance
(ANOVA) is an analysis tool used in statistics that splits the aggregate variability found
inside a data set into two parts: systematic factors and random factors. To further discuss
parental effect on individual’s spending habits has no significant relationship between a
subject’s parents’ financial attitude and practices and the subject’s spending behavior.
The individual’s financial attitude has no significance to the perception by gender
interaction. Lastly, individual’s financial risk aversion has no significant difference. In
conclusion, the results of the study indicated that there were no significant relationships.
The study concluded that it is due to the lack of variation within the sample and men and
women tend to spend differently. The studies will indicate whether the apparent gender
differences in perception of spending/saving and risk aversion translate into divergent
financial behaviors.
Additionally, studies may examine whether there is dissimilarity in the parent-
daughter and parent-son relationship regarding economic attitude and behavior, for this
factor could be a possible explanation for the apparent gender differences found in
financial behavior, perception, and attitude. Lastly, studies may want to examine
divergences that occur between societal attitudes toward female versus male consumers
(Balhorn, 2013). On the other hand, an article written by Jeffrey Stoffer (2015), entitled
How Men and Women Handle Money Differently asserts that there can be some gender
differences with real consequences when it comes to how men and women deal with
money and investing, and there are lessons that both sexes can learn from each other. The
article points out that these generalized differences manifest in the ways that men and
women handle financial decisions whereas men tend to view money as a game. Men may
see money to keep score and may also be perceive it as a measure of status and power. To
set an example; an American culture where more is always better, the male perspective
seems to inform the adage “he who dies with the most toys win". While women, in some
cases, may be less interested in simply accumulating money for its own sake but more
because of what it can do for them.
As nurturers and caregivers, women want to know how wealth can serve them and
the needs of those they love. Women may also prioritize passing along values with their
money or using money to make the community better. This article also stated that these
different gender traits can show up in the ways that men and women invest. Men tend to
want the pile to grow (the faster the better) while women often take a longer view. Their
motivation to strengthen community steers them toward socially responsible types of
investments funds. In keeping with their game-based model of money management, more
men may follow the market closely, striving to get the best returns, and they may be more
willing to take chances to score big.
Moreover, Stoffer (2015) also recognized few studies in support of his article.
One is a study from the University of California entitled Boys Will Be Boys: Gender,
Overconfidence, and Common Stock Investment conducted by Brad M. Barber and
Terrance Odean (2001) stated men trade more frequently and generally don’t do as well
as women investors, perhaps because of their desire to try to beat the market. That same
study found that women can be more deliberate and take longer to make investment
decisions. They are more likely than men to stick with their investments for the long
term, be less reactive to short-term changes in the market, and trade less, and
consequently realize better investment performance.
In general, women can be less aggressive than men in various financial arenas —
such as salary negotiation. Equal pay remains a glaring area of gender discrepancy. Men
tend to focus on doing well and expect to be appropriately compensated for their good
performance, both in the financial markets and the workplace. Approaching money more
like a game to be won could benefit women in this instance. Women, on the other hand,
bring their own strengths to money management. Their focus on values and community is
vital and lacking in the male-dominated world of finance. Taking the long view and
evaluating the purpose of money is a healthy and reality-based way to relate to money
and investing.
All the relevant information stated above have mainly discussed the definitions of
financial literacy to different dimensions such as what does financial literacy mean to
young, to adult, and to older people belonging to different cultures and places they were
molded as individuals. Several studies have indicated that financial literacy is different to
every individual, therefore, it follows that there are various levels in which financial
behavior may be affected with such as gender, age, economic status and more.
Furthermore, this chapter provides relevant studies regarding gender differences
whereas men and women have big difference on financial behavior, studies said that
women are more likely active on money management and men are usually typical. Some
of the studies discussed the gender differences on spending which resulted that there are
differences between men and women in spending.
Consequently, there were no supporting studies nor literatures evident in this
chapter that will provide rational explanations of the difference of financial behavior of
both male and female students as this study aims to find evidence to a comparative study
on allowance budgeting in relation with financial behavior of selected accountancy
students.
Chapter 3
Methodology
This chapter presents the information on the methodology of the study- containing
the research design, research instrument, research sampling, sampling population, and
statistical treatment.
a) Research Design
This study uses a non-experimental design in order to compare and contrast the
representative samples from two or more groups of subjects in relation to certain
designated variables that occurs in normal condition whereas, the objective of this study
is to find evidence to a comparative study of male and female allowance budgeting on
selected students of Centro Escolar University- Makati in relation with financial
behavior.
b) Research Instrument
This study will be using questionnaire as an instrument to gather data that will be
significant to this study. This study will be using structured questionnaire or close- ended
questionnaires whereas the researchers will be adapting an existing research
questionnaire that will be used to determine the level of financial behavior of both male
and female students from accountancy program.
c) Research Sampling
This study will be using Universal Sampling Method and Quota Sampling
Method to equally determine the number of male and female students from accountancy
program.
d) Statistical Treatment
The statistical treatments that will be used in this study are T-test and Frequency
Distribution since the respondents exceeded for more than 30.
Chapter 4
Analysis and Interpretation
This chapter presents the analysis, presentation and interpretation of the findings
resulting from this study. The analysis and interpretation of data is carried out in a
comparative study of allowance budgeting in relation to financial behavior to selected
male and female respondents of the study.
Demographic Profile of Male and Female Respondents
Table 4.1
Gender of Respondents
Number Percentage Rank
Female 55 50% .5
Male 55 50% .5
Total 110 100%
Table 4.1 presents the respondents’ gender. The data above shows that both male
and female respondents in this study are equal in number (55) and percentage (50%).
Information on School Allowance of Male and Female Respondents
Table 4.2
Sources of School Allowance of Male Respondents
Parents 55 100% 1
Educational
Loan
Sponsor
ships
Savings
Others
Table 4.2 presents
Total 55
the sources of school
allowance of male respondents. The data above shows that 100% of male respondents
which has a total number of 55 students receive their school allowance from their parents.
Table 4.3
Daily Basis of School
Php 50.00- 8 0. 15% 3
Allowance of Male
150.00
Respondents
Php 150. 00- 30 0.55% 1
250
Php 250.00- 13 0.24% 2
350
Above 4 .07% 4
350.00
Total 55 100%
Table 4.3 presents the amount of school allowance that male respondents receive
daily. The data above shows that the greatest number of male respondents answered that
they receive a daily allowance worth of Php 150.00 – 250.00 with a 0.05%, while the
least number of male respondents answered that their daily allowance is worth above Php
350.00 with a 0.075.
Table 4.4
Weekly Basis of School Allowance of Male Respondents
Below Php 500 7 0.13% 3
Php 500- 600 6 0.11% 4
Php 600- 700 2 0.04% 7
Php 700- 800 3 0.05% 6
Php 800- 900 4 0.07% 5
Php 900- 1000 15 0.27% 2
Above 1, 000 18 0.33% 1
Total 55 100%
Table 4.4 presents the amount of school allowance that male respondents receive
on a weekly basis. The findings above show that the most number of male respondent
answered their weekly allowance is worth above 1,000 with 0.33%, while the least
number of male respondent who answered that their weekly allowance is worth 700-800
with 0.05%.
Table 4.5
Monthly Basis of School Allowance of Male Respondents
Below Php 2, 10 0.18% 3
000.00
Php 2, 000.00- 2, 2 0.04% 6
500
Php 2,500.00- 3, 7 0.13% 5
000
Php 3, 000.00- 8 0.15% 4
3,500
Php 3, 500.00 - 4, 13 0.24% 2
000
Above 4, 000.00 15 0.27% 1
Total 55 100%
Table 4.5 shows the amount of school allowance that male respondents receive
monthly. The data above illustrates that the greatest number of male respondents receive
monthly is worth above Php 4, 000.00 that has a 0.27%, while the least number of male
respondents receive monthly is worth Php 2, 000.00 – 2, 500.00 that has 0.04%.
Table 4.6 Number Percentage Rank
Daily Basis Php 50.00- 16 0.29% 2 of School
Allowance 150.00 of Female
Php 150. 00- 23 0.42% 1 Respondents
250
Php 250.00- 14 0.25% 3
350
Above 2 0.04% 4
350.00
Total 55 100%
Table 4.6 presents the amount of school allowance that female respondents
receive daily. The data above shows that a total number of female respondents who
answered that their daily allowance is amounting to Php 150.00- 250. 00 is 23 with
0.42%, while the total number of female respondents who answered that their daily
allowance is amounting to above Php 350.00 is 2 with 0.04%.
Table 4.7
Weekly Basis of School Allowance of Female Respondents

Below Php 5 0.09% 4.5
500.00
Php 500.00- 10 0.18% 2.5
600
Php 600.00- 4 0.07% 7
700
Php 700.00- 5 0.09% 4.5
800
Php 800.00- 10 0.18% 2.5
900
Php 900.00- 12 0.22% 1

Table 1000 4.7 presents
the amount of school

Above 1, 9 0.16% 6
allowance that female
000.00
respondents receive on a
Total 55 100%
weekly basis. The data
above indicates most female respondents answered that their weekly allowance is worth
Php 9000.00- 1,000.00 with a percentage of 0.22. The lowest number of female
respondents answered that the amount they receive Php600.00- 700.00 with a percentage
of 0.07.
Table 4.8
Monthly Basis of School Allowance of Female Respondents
Below Php 2, 9 0.16% 3

000.00
Php 2, 7 0.13% 5.5
000.00- 2, 500
Php 2,500.00- 7 0.13% 5.5
3, 000
Php 3, 12 0.22% 2
000.00- 3,500
Php 3, 500.00 14 0.25% 1
- 4, 000
Above 4, 6 0.11% 4
000.00
Total 55 100%
Table 4.8 presents the amount of school allowance that female respondents receive
monthly. The data above indicates the female respondents who answered that that their
monthly allowance is in the amount of Php 3,500- 4,000 with a percentage of 0.25, while
the least number of female respondents answered is in the amount of above Php 4,000
with a percentage of 0.11.
Allowance Budgeting of Male and Female Respondents

1 = Always 3 = Sometimes 2 = Often 4 = Never
Table 4.9
Budgeting Planning/Preparation of Male and Female Through
Either Written or Electronic
Frequency Percentage Rank

Always 29 26.37% 2.5
Often 29 26.37% 2.5
Sometimes 40 36.36% 1
Never 12 10.91 4
Total 110 100%
Table 4.9 shows how often the respondents use written or electronic to plan or
prepare their budget. The results show that (40 or 36.6%) of the respondents sometimes
use written or electronic to plan or prepare their budget and (12 or 10.91%) of the
respondents do not use written or electronic to plan or prepare their budget.
Table 4.10
Planning and Preparing of Money for Specific Purposes of Male and Female
Respondents

Always 32 29.09% 2
Often 41 37.27% 1
Table
4.10 shows
how often the
Never 8 7.27 4
Total 110 100%

respondents plan or prepare some amount of money for specific purposes such as saving
and entertainment. The results indicate that (41 or 37.27%) of the respondents often plan
or prepare some amount of money for specific purposes such as saving and entertainment
and (8 or 7.27%) of the respondents never plan or prepare some amount of money for
specific purposes such as saving and entertainment.
Table 4.11
Male and Female Respondents Committed to Budget Plan

Always 23 20.91% 3
Often 38 34.55% 2
Never 10 9.09% 4
Total 110 100%
Table 4.11 illustrates how often the respondents committed to budget planning. The
results illustrate that (39 or 35.45%) of the respondents are often committed to budget
plan and (10 or 9.09%) of the respondents are not committed to budget plan.
Table 4.12
Male and Female Respondents Price Comparison

Always 37 33.64% 2
Often 44 40% 1
Never 4 3.64% 4
Total 110 100%

Table 4.12 indicates how often the respondents compare prices. The results indicate
that (44 or 40%) of the respondents often compare prices and (4 or 3.64) of the
respondents do not compare prices.
Table 4.13
Male and Female Respondents Receipts and Bills Keeping

Always 25 22.73% 3
Often 27 24.55% 2
Never 22 20% 4
Total 110 100%
Table 4.13 shows how often the respondents keep receipt and bills. The results show
that (36 or 32.73%) of the respondents sometimes keep the receipt and bills while (22 or
20%) of the respondents are not keeping the receipt and bills.
Table 4.14
Recording of Expenses of Male and Female Respondents

Always 25 22.73% 3
Often 27 24.55% 2
Never 22 20% 4
Total 110 100%

Table 4.14 illustrates how often the respondents record their expenses. The results
illustrate that (36 or 32.73%) of the respondents sometimes record expenses and (19 or
17.27) of the respondents often record their expenses.
Table 4.15
Male and Female Respondents Who Are Spending Within Their Budget

Always 38 34.55% 1
Often 36 32.73% 2
Never 12 10.91% 4
Total 110 100%
This table illustrates how often the respondents spend within their budget. The results
show that (38 or 34.55%) of the respondents always spend according to their budget and
only (12 or 10.91) of the respondents do not spend within their budget.
Financial Behavior of Male and Female Respondents

1= Never 3= Sometimes 5= Always 2= Rarely 4= Usually
Table 4.15
Male and Female Respondents’ Track of Expenses on a Regular Basis

Never 11 10.00% 5
Rarely 25 22.73% 2
Usually 16 14.25% 4
Always 17 15.45% 3
Total 110 100%
This table indicates how often the respondents keep track of their expenses on a
regular basis. The result shows that (41 or 37.27%) of the respondents sometimes keep
track of their expenses on a regular basis and only (4 or 3.64) of the respondents keep
track of their expenses on a regular basis.
Table 4.16
Male and Female Respondents Saving for Future Purchases of Emergencies

Never 16 14.25% 4
Rarely 13 11.82% 5
Usually 32 29.09% 1
Always 22 20% 3
Total 110 100%

Table 4.16 illustrates how often the respondent put money aside for future
purchases of emergencies. The result illustrates that (32 or 29.09%) of the respondents
usually put money aside for future purchases of emergencies and only (13 or 11.82%) of
the respondents rarely put money aside for future purchases of emergencies.
Table 4.17
Preparation of Monthly Budget of Male and Female Respondents

Never 19 17.27% 3
Rarely 22 20% 2
Usually 18 16.36% 4
Always 15 13.64% 5
Total 110 100%
This table shows how often the respondent prepare budget every month. The
results show that (36 or 32.73%) of the respondents sometimes prepare a budget every
month and (15 or 13.64) of the respondents always prepare budget every month.
Table 4.18
Goal Making of Spending Money of Male and Female Respondents
Never 32 29.09% 2
Rarely 22 20% 3
Usually 11 10% 4.5
Always 11 10% 4.5
Total 110 100%
Table 4.18 shows how often the respondents make goals about how to spend their
money and discuss it with their family. The results show that (34 or 30.91%) of the
respondents sometimes make goals about how to spend their money and discuss it with
their family and there are equal number of (11 or 10%) of the respondents usually make
goals about how to spend their money and discuss it with their family.
Table 4.19
Comparison of Shopping and Buying Things on Sale of Male and Female
Respondents

Never 17 15.45% 4.5
Rarely 17 15.45% 4.5
Sometimes 33 30% 1
Usually 25 22.73% 2
Always 18 16.36% 3
Total 110 100%

Table 4.19 indicates how often the respondents compare shops or buy things on
sale. The results indicates that (33 or 30 %) of the respondents sometimes compare shops
or buy things on sale and there are equal number of (17 or 15.45%) of the respondents
never compare shops or buy things on sale.
Table 4.20
Earning and Spending of Male and Female Respondents

Never 16 14.55% 4
Rarely 29 26.36% 1.5
Sometimes 29 26.36% 1.5
Usually 23 20.91% 3
Always 13 11.82% 5
Total 110 100%
Table 4.20 illustrates how often the respondents earn more money than they spend or
not in debt The results illustrate that there equal of (29 or 26.36 %) of the respondents
that answered never and rarely earn more money than they spend or not in debt and only
(13 or 11.82%) always earn more money than they spend or not in debt.
Table 4.21
Security in Financial Situation of Male and Female Respondent
Never 16 14.55% 4
Rarely 19 17.27% 3
Usually 28 25.45% 2
Always 13 11.82% 5
Total 110 100% Table
4.20 indicates how often the respondents feel secure in their current financial situation.
The results indicate that (34 or 30.91%) of the respondents sometimes feel secure in their
current financial situation while (10 or 9.09%) always feel secure in their current
financial situation.
Table 4.21
Confidence of Male and Female Respondents of Their Financial Future

Never 16 14.55% 4
Rarely 19 17.27% 3
Usually, 28 25.45% 2
Always 13 11.82% 5
Total 110 100%

Table 4.21 illustrates how often the respondents feel confident about their financial
future. The results illustrate that (34 or 30.91%) of the respondents sometimes feel
confident about their financial future while there are only (13 or 11.82%) of the
respondents who always feel confident about their financial future.

Chapter 5
Summary of Findings, Conclusion and Recommendations
This chapter presents the summary of findings, conclusion and recommendations
offered by the researchers.
a) Summary of Findings
gather data that are significant in this study.
The findings of this research are as follows:
 Male is more likely to give importance in handling their allowance than
female.
 Male has better financial behavior compared to female.
 There is significant difference between male and female in terms of allowance
budgeting.
 There is significant difference between male and female in terms of financial
behavior.
b) Conclusion
The following are the concluded analysis of the researchers based on the
statement of the problem that stated in the first part of this study.
1) The findings of this study show that there is a significant difference between male
and female students at Centro Escolar University Makati in terms of allowance
budgeting and financial behavior.
2) The findings of this study show that male students are more capable in saving
money and more in control of spending their school allowance compared to
female students.
3) The findings of this study show that male students are more in control of their
financial well- being compared to female students.
4) The result of this study showing that there is a significant difference between
male and female in terms of allowance budgeting and financial behavior gives
justification to the Hare- Mustin Theory. Hare-Mustin theory states that men and
women were socialized differently and consistently encountered radically
different environments and social expectations thus, signifies that there will also
be difference on the allowance budgeting and financial behavior of male and
female
c) Recommendations
The researchers would like to give the following suggestions based on foregoing
results. The following recommendations are offered as possible ways to improve this
study.
To Students. Students spend their allowance without hesitating; knowing the
level of importance of every element in spending is essential or significant to the students
for them to balance their allowance respectively. The researchers recommend that
students must know allowance budgeting and the implication of allowance budgeting on
their daily lives. The researchers recommend that students of Centro Escolar University -
Makati in terms in improving or developing their financial behavior is also essential in
their circadian living.
To Educators. Educators are part of students' lives, teaching and guiding is their
responsibility on the students. Educators will help the students to enhance the knowledge
and improve their financial behavior of the students. The researchers recommend to the
educators to use this research as a tool for educating and guiding the students, improving
their knowledge in allowance budgeting, and developing their behavior financially.
To Researchers. This research is helpful to the future researchers that will
conduct research about allowance budgeting and financial behavior. This serves as
secondary source for the future researchers and helps them on their literature. The
researchers recommend to the future researchers use this study as basis and to seek
knowledge about financial behavior and allowance budgeting.

Chapter 5
Summary of Findings, Conclusion and Recommendations
This chapter presents the summary of findings, conclusion and recommendations
offered by the researchers.
d) Summary of Findings
gather data that are significant in this study.
The findings of this research are as follows:
 Male is more likely to give importance in handling their allowance than
female.
 Male has better financial behavior compared to female.
 There is significant difference between male and female in terms of allowance
budgeting.
 There is significant difference between male and female in terms of financial
behavior.
e) Conclusion
The following are the concluded analysis of the researchers based on the
statement of the problem that stated in the first part of this study.
5) The findings of this study show that there is a significant difference between male
and female students at Centro Escolar University Makati in terms of allowance
6) The findings of this study show that male students are more capable in saving
money and more in control of spending their school allowance compared to
female students.
7) The findings of this study show that male students are more in control of their
financial well- being compared to female students.
8) The result of this study showing that there is a significant difference between
male and female in terms of allowance budgeting and financial behavior gives
justification to the Hare- Mustin Theory. Hare-Mustin theory states that men and
women were socialized differently and consistently encountered radically
different environments and social expectations thus, signifies that there will also
be difference on the allowance budgeting and financial behavior of male and
female
f) Recommendations
The researchers would like to give the following suggestions based on foregoing
results. The following recommendations are offered as possible ways to improve this
study.
To Students. Students spend their allowance without hesitating; knowing the
level of importance of every element in spending is essential or significant to the students
for them to balance their allowance respectively. The researchers recommend that
students must know allowance budgeting and the implication of allowance budgeting on
their daily lives. The researchers recommend that students of Centro Escolar University -
Makati in terms in improving or developing their financial behavior is also essential in
their circadian living.
To Educators. Educators are part of students' lives, teaching and guiding is their
responsibility on the students. Educators will help the students to enhance the knowledge
and improve their financial behavior of the students. The researchers recommend to the
educators to use this research as a tool for educating and guiding the students, improving
their knowledge in allowance budgeting, and developing their behavior financially.
To Researchers. This research is helpful to the future researchers that will
conduct research about allowance budgeting and financial behavior. This serves as
secondary source for the future researchers and helps them on their literature. The
researchers recommend to the future researchers use this study as basis and to seek
knowledge about financial behavior and allowance budgeting.

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burdened by more than P25, 000-P50,000 in additional expenses.
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implementation.
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introduction into young people’s learning. National Foundation for
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students’ financial behaviors and attitudes. Journal of Economic
Psychology, 31, 55-63. Elvesier. Amsterdam.
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Kamas, M.M. (2006). Personality factors, money attitudes, financial
knowledge and credit-card debit in college students. Journal of Social
Psychology, 36 (6), 1395-1413. Routlegde. United Kingdom.
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ownership.pdf.
A COMPARATIVE STUDY OF MALE

AND FEMALE ALLOWANCE
BUDGETING ON
SELECTED STUDENTS OF CENTRO
ESCOLAR UNIVERSITY- MAKATI IN
RELATION WITH FINANCIAL
BEHAVIOR
Demographic Profile
1. Name
2. Age
3. Program
Gender Profile
4. Sex
Check all that apply.
Male
Female
Prefer not to say
Check your answers on the box provided
School Allowance Information

5. What is the source of your allowance? *
Parents
Educational loan
Sponsorship
Savings
Other:
6. How much is your daily allowance *

Php 50 - 150
Php 150 - 250
Php 250 - 350
Above 350
Other:
7. How much is your weekly allowance *
Php 500 - 600

Php 700 - 800
Php 800 - 900
Above 900
8. How much is your monthly allowance *
Below Php 2000

Php 2000 - 3000
Php 3000 - 4000
Above 3000
Rate based on your preference and to the best of your knowledge
Allowance Budgeting
9. I do budget planning/ preparation either written or electronic *
Always
Often
Sometimes
Never
10. I planned but did not record ( such as preparing some amount of money for a specific
purposes: saving and entertainment) *
Always
Often
Sometimes
Never
11. Committed to budget plan *
Always
Often
Sometimes
Never
12. Makes price comparison *
Always
Often
Sometimes
Never
13. Keep receipt and bills *
Always
Often
Sometimes
Never
14. Record expenses *

Always
Often
Sometimes
Never
15. I spend within my budget *
Always
Often
Sometimes
Never
Rate based on your preference and to the best of your knowledge
Financial Behavior
16. I keep track of my expenses on a regular basis *
Never
Rarely
Sometimes
Usually
Always
17. I put money aside for future purchases or emergencies *
Never
Rarely
Sometimes
Usually
Always
18. I prepare a budget every month *

Never
Rarely
Sometimes
Usually
Always
19. I make goals about how to spend money and I discuss them with my family *
Never
Rarely
Sometimes
Usually
Always
20. I make comparisons- before shopping or buying things on sale *
Never
Rarely
Sometimes
Usually
Always
21. I am not in debt *
Never
Rarely
Sometimes
Usually
Always
22. I feel secure in my current financial status *

Never
Rarely
Sometimes
Usually
Always
23. I feel confident about my financial future *
Never
Rarely
Sometimes
Usually
Always
Centro Escolar University
Makati
Dear Ms./Mr.,
Greetings!
You are invited to participate in a research study, entitled A Comparative Study
of Male and Female Allowance Budgeting on Selected Students of Centro Escolar
University- Makati in Relation with Financial Behavior. The purpose of this study is to
determine the evidence of similarities and differences of male and female students’
allowance budgeting in relation to their financial behavior. Your participation in this
study will contribute to a better understanding of gender differences in terms of
The researchers would like to ask for your cooperation by honestly and
completely answering the questionnaire. Any information you will provide shall highly
be appreciated and rest assured that all information will be treated with utmost
confidentiality. Thank you.
Respectfully,
Alyssa Marie Racasa

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A Comparative Study of Male and Female Allowance

Budgeting On Selected Students of Centro

Escolar University- Makati in Relation

With Financial Behavior

Mr. Danilo Carel

framework and the definition of terms used.

a) Background of the Problem

Financial literacy is a contemporary personal financial issue that concerns how

behavior, however financial well-being is an ultimate destination of the financial

(2003) deny the one-size-fits-all approach of financial education to achieve expected

age, education, background, and socio-economic status of individuals are different.

than middle-aged individuals.

students, must be taught the basic knowledge of financial management. University or

money independently without parental supervision (Selcuk, 2015).

reaching consequences of financial behaviors, it is important to investigate which factors

Furthermore, according to Potter (2016), budgeting an allowance is part of

general financial. Teaching young adults how to budget an allowance is a multistage

can be beneficial since it instills a sense of ownership and independence. Understanding

problems or debts in the future (Norvitilitis, et al., 2006).

division of labor (Reskin & Bielby, 2005).

themselves with traditional societal messages about what it means to be masculine or

a young age within the society (Adeleke, 2013).

knowledgeable as men concerning financial literacy can likely be attributed to how

b) Statement of the Problem

allowance budgeting on selected students at Centro Escolar University- Makati in relation

with financial behavior.

More specifically it seeks to find answers to the following questions:

3. What is the level of financial behavior of female students based on:

4. What is the level of financial behavior of male students based on:

c) Scope and Delimitation

level of financial behavior based on food, transportation, and school requirements.

d) Significance of the Study

increase their savings.

activities exist, the results may help to implement it.

help improve their research.

The following are the concepts gathered to support this study:

perspective as OECD (2005) defines financial literacy as “the process by which

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

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

achieve a long-lasting financial soundness.

Thus, the ability to manage individuals‟ finances efficiently to make prudent

financial decisions to achieve financial well-being (American Institute of Certified Public

autonomy. Garman and Forgue (2000) defined financial literacy as significant

information and terminology required in managing individuals‟ personal finances

Additionally, Bernheim, Garrett, and Maki (1997) explored the effectiveness of

established learning objective in many financial education programs, including those in

The conceptual framework of this study provides the connections of variables

that is most financial literate.

SCHOOL ALLOWANCE BUDGET

A COMPARATIVE STUDY OF MALE AND FEMALE ALLOWANCE

BUDGETING ON SELECTED STUDENTS OF CENTRO

ESCOLAR UNIVERSITY- MAKATI IN RELATION

WITH FINANCIAL BEHAVIOR

The following assumptions are hoped to be proven in this study:

such as transportation, food and requirements and depend on the amount of

money given by their parents taken from their income.

boarding houses received higher allowances on a monthly basis compared to the

students staying at home with their parents.

same result of amount of money they spend for food.

H5: Researchers assume that in terms of budgeting allowance based on

requirements male and female are equal in budgeting.