Professional Documents
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Read and Writing RRL
Read and Writing RRL
Presented to:
Abegail D. Labiao
Faculty Member
Presented By:
Group 2 11 ABM-Musk
2023
Review of related literature
In this section, we will provide a brief introduction to the literature review, setting the
In this study we intend to carry out an incisive evaluation of available research and
relevant material concerning the teaching of financial knowledge. The investigation will be
focused especially on its incorporation into the Accountancy, Business & Management
(ABM) course offered at senior high school level. Given that this program concentrates
However, some reservations have been expressed over how fully incorporated they currently
are- any deficit might leave students less-than adequately prepared for real-world monetary
situations. Educators face numerous challenges integrating financial literacy into the ABM
curriculum. This literature review examines those difficulties as well as effective strategies
and recommendations to enhance such education among senior high schools. To achieve our
aims, we have analyzed extensive research regarding these topics with a view to identifying
gaps or inconsistencies that require exploring further. We believe that this analysis will
SHS students mitigating future uncertainties associated with finances in life. This literature
review serves as the foundation for our study by giving us an all-encompassing understanding
literacy into ABM education. This underscores why providing financial literacy education is
crucial while emphatically emphasizing that exploring its integration in ABM tracks is much
needed.
Measuring Financial Literacy. A study was done last 2011 namely; Financial Literacy
Around the World: An Overview by Lusardi, A., & Mitchell, O. S. (2011), concludes that
type. It states that market changes have not significantly improved financial knowledge,
indicating limitations in learning from personal financial experiences, and gender and age
differences are observed, with women generally having less financial knowledge than men.
According to Lusardi and Mitchell (2014), financial literacy is low among the young. In a
study conducted by the US National Financial Capability Study in 2015, only 13% of the
respondents between: the age of 18-24 correctly answered all the Big Three Questions, as
(Finan
c ial
literacy across age in the USA. This figure shows the percentage of respondents who
answered correctly all Big Three questions by age group.) (National Financial Capability
Study, 2015)
1) Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5
years, how much do you think you would have in the account if you left the money to grow?
2) Imagine that the interest rate on your savings account was 1% per year and inflation was
2% per year. After 1 year, how much would you be able to buy with the money in this
account?
3) Please tell me whether this statement is true or false. “Buying a single company’s stock
In another study which was conducted by Opoku, A. (2016), assesses the level of financial
literacy of Senior High School students in the Kumasi Metropolis in Ghana. Findings from
his study revealed that students need to improve their personal finance knowledge. The
results show that 320 students answered about 48.7% of the questions correctly. The
results also reveal that many of the students are seen to be familiar with issues relating
to simple interest, compounding and loan guarantee. In contrast, the students are less
budgeting and overdraft. The incompetency exhibited by the senior high school
students therefore limits their ability to make sound financial decisions and hence
more likely to have financial related issues in the real world. The low level of
financial literacy could also make small financial issues become overwhelming which
could turn into financial stress and consequently affects the other aspects of live such
and its consequences then shows the need for stakeholders in educational system to
put policies in place to ensure that the level of financial literacy among senior high
students in Ghana is improved since financial literacy has essential implication for
elaborated in the academic curriculum of senior high schools. Also, the national
challenge faced by educators, community leaders and policy makers is to bring financial
literacy and consumer education effectively to their constituencies. While most would agree
that improved financial literacy is needed, identifying what attributes make an education
program most beneficial to consumers is less certain. For example, would seminars be a more
effective way to share information or would informational brochures and materials suffice?
Should financial literacy programs be targeted to all consumers or should they be primarily
different programs be created for each consumer group targeted? Or does one program fit all?
Who should provide or offer these programs? Finally, what resources are available to help
finance or implement these financial literacy programs? (Toussaint-Comeau & Rhine, 2000).
In a recent study conducted in 2022 in the Philippines titled 'Integrating Financial Literacy
into the K-12 Curriculum: Teachers' and School Leaders' Experience' by Barrot et al. (2022)
the examination of financial literacy education (FLE) implementation at the school and
classroom levels was explored. The study concluded that (1) teachers' implementation in the
classroom was influenced by various learner, learning, and contextual factors, and (2) school
(2017), which suggests the need to educate teachers to reflect upon the knowledge, skills, and
capabilities required to make informed financial decisions, identify and interpret the
possibilities for financial literacy teaching, and enact sophisticated pedagogical practices.
complex and ever-changing financial landscape, the need for individuals to possess strong
financial literacy skills has become paramount. Recognizing the significance of integrating
financial literacy into education, researchers, policymakers, and educators have explored
consequence, better attended. In general, individuals might feel less intimidated when
attending seminars at locations often frequented such as community centers, churches, places
of employment, day-care centers, local K-12 schools, community colleges, recreation centers,
and local business establishments. Presenters who are culturally or ethnically/racially similar
to the audience will be better able to connect with the participants. On the other hand,
However, pamphlets are most effective when given as part of a seminar or a training
program, with readers having an opportunity to have information in the pamphlets elaborated
upon by the financial educator or counselor. It is important that the written educational
materials be attractive, engaging, and easy to follow. In another study by Koh, N.K. (2016), 3
effective approaches to teaching financial literacy in schools are through partnerships with
development and programme implementation that have been informed by the latest research
findings in the field of financial literacy education. These strategies and methods can be
implemented in the senior high school curriculum. These strategies and methods offer
valuable insights for integrating financial literacy into the senior high school curriculum. By
establishing partnerships with educational institutions, schools can leverage the expertise and
Additionally, the development of scalable programs through gamification can make learning
about personal finance engaging, accessible, and adaptable to a larger student population.
learning approaches can provide students with interactive tools, online resources, and real-
time financial simulations to reinforce their financial knowledge and skills. By embracing
educators and policymakers can effectively equip students with the essential financial literacy
specified and properly implemented program in financial education can positively and
significantly influence the financial knowledge of high school students (Walstad, W. B. et al.,
2010). In a study conducted by Jonubi, A., & Abad, S. (2013), results of a probit regression
revealed that the level of financial literacy had a significant, positive impact on individual
saving. Another study by Zulaihati, S., Susanti, S & Widyastuti, U. (2020) support these
statements by concluding that financial literacy had a significant impact on financial behavior
in terms of saving behavior, shopping behavior, short-term planning and long-term planning.
These statements are further supported by Wagner, J. F. (2015) from his research titled; An
analysis of the effects of financial education on financial literacy and financial behaviors
where he concluded that financial education has benefits, particularly for individuals with
low levels of financial literacy, and that it has the strongest positive relationship with
financial literacy and long-term financial behaviors. The study considers seven categories,
including senior high school, where it showed the positive impacts of financial education on
short-term and long-term behaviors. Financial education shows positive effects on short-term
behaviors for individuals with low education and income, suggesting its effectiveness in
teaching fundamental financial skills. On the other hand, financial education appears to have
a positive effect on long-term behaviors, which lack immediate feedback and are less
The present literature highlights that worldwide levels of financial literacy remain low
despite changes in market patterns. Studies indicate underlying gender- and age-based
must overcome various obstacles; such challenges include choosing effective delivery
methods for teaching material while accounting for target audience demographics or
investment within classroom settings to adequate school leadership support may influence
appropriate seminars located nearby paired with attractive educational materials generated via
partnerships between institutions become essential methods for achieving optimal learning
when targeting wider student populations beyond only traditional learners. High school-based
financial literacy programs have shown affirmative effects on students' financial behaviors
literacy within vocational track programs for Accountancy, Business, and Management
(ABM) students still represents an unresolved gap in current research. Therefore, calls for
Barrot, J. S., Gonzales, J. M., Eniego, A. A., Salipande, A. L., & Olegario, M. L. G. (2022).
Integrating financial literacy into the K-12 curriculum: Teachers’ and school leaders’
Binobo et al. (2019, April). Level of Financial Literacy of Senior High School Students from
city-college/accounting/financial-literacy-of-senior-high-school/22271148
https://www.wordhippo.com/what-is/another-word-for/non-integration.html
Department Of Education [DepEd]. (2016 May 6). Senior High School Manual of Operations
content/uploads/2018/10/DM_s2016_076.pdf
Jonubi, A., & Abad, S. (2013). The impact of financial literacy on individual saving: An
Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and
implications. Swiss Journal of Economics and Statistics, 155(1), 1-8. Sawatzki, C., &
51–65. https://search.informit.org/doi/10.3316/informit.8845987542429803
Lusardi, A., & Mitchell, O. S. (2011). Financial Literacy Around the World: An Overview.
https://hr.nih.gov/working-nih/competencies/competencies-dictionary/financial-
acumen#:~:text=Maintains%20and%20applies%20a%20broad,principles%20to
%20direct%20organizational%20actions.
Opoku, A. (2016). Financial literacy among senior high school students evidence from
Walstad, W. B., Rebeck, K., & MacDonald, R. A. (2010). The effects of financial education
Zulaihati, S., Susanti, S & Widyastuti, U. (2020). Teachers’ financial literacy: Does it impact