Chapter II

REVIEW OF RELATED LITERATURE AND STUDIES

This chapter presents a review of related literature and studies which the

researcher found relevant to their study.

Related Literature

According to (Godfrey, 2013) Allowance is an amount given. It is a need for

teenagers where they can save up for their wants or daily needs. Its history concerns

the development means of carrying out transactions involving a medium of exchange

Money is any clearly identifiable object of value that is generally accepted as payment.

There is a motion that is working on teaching basic personal finances to Senior high

school students before they graduate. A budget is clearly the key to succeeding

financially.

According to (Thompson, 2007) Parents can teach their children money

management where they can set up a personal savings account for their teen.

Depositing clothes and money into an account that a teen can manage while some can

help their child in planning their budget monthly that can help in organizing expenses.

These guardians can explain to teens how managing money is very important as if there

is an unforeseen event.

According to (Youth Employment; Data Bank Indicator, 2017) Finding a job

during summer may help students save up. Finishing the required hours for a day will

be rewarded with weekly or daily salaries. Employment can provide valuable experience

for youth. It teaches responsibility, develops organizational and time management skills,
and can help youth save money for post-secondary education. Jobs can also help youth

form good work habits gain valuable work experiences, and become financially

independent. Youth-especially those who are black Hispanic, or economically

disadvantaged-who have some employment experience while in school are less likely to

drop out than those who do not work during Senior high school.

According to (Villa, 2014) Allowances is a tight budget as a student which means

saving up is a must. When needing supplies for school, old supplies are accepted.

Another idea for saving up is asking for hand-me- down books from older family

members. Before buying an item that has a high price tag students should ask

themselves if it is worth buying for. Cutting out vices is another. These teens can save

up by setting up a meal plan.

According to (Ewing, 2008) Adults know best. Asking help from them about

saving money can be a guide. Teens can use coupons that they see in magazines,

newspapers, etc. that can help save money as well. Knowing how to cook can be a life

saver. Teens can save up so much money when they have their own cooked meal

instead of buying lunch at their school's cafeteria. Even with a small amount of cash,

you can stretch it out with your daily needs.

Submitted by:

GROUP 5
Grade 12- ABM