THE EFFECTS OF FINANCIAL CAPABILITY TO THE ACADEMIC

PERFORMANCE OF INDIGENOUS COLLEGE OF TEACHER

EDUCATION STUDENTS IN OCCIDENTAL MINDORO
STATE COLLEGE OF MAMBURAO CAMPUS
A.Y. 2023-2024

AN UNDERGRADUATE THESIS

Presented to the Faculty of College of Teacher Education

OCCIDENTAL MINDORO STATE COLLEGE
Mamburao Campus

In Partial Fulfilment of the Requirement for the Degree

BACHELOR IN ELEMENTARY EDUCATION

VERCY SON EMMANUEL G. LASTRA

LAVIÑA DE MAY B. MANALO
INGRID ANNE M. MARASIGAN
KYLENE A. MONTEMAYOR
SUNSHINE M. REYES

May 2023
 CHAPTER I

BACKGROUND OF THE STUDY

Introduction

This research topic helps student to become more aware and cautious of the

effects of financial capabilities to their academic performance. The study was about the

financial matters not only experienced by common students but also students in the indigenous

area. The study was focused on the indigenous College of Teacher Education students in order

to seek out any solutions to this problem. Their financial capability will be considered as the

main concern that will prioritized in this study along with the students’ academic performance.

Financial problems are a vital issue for everyone, especially students. Most students

have to struggle to make ends meet as they come from underprivileged families. Thus students

have to make difficult decisions whether to spend money on food or other essential needs; and

others have to go through health issues that took a toll on their financial situations (Perman,

2019).

The researchers chose to study the Effects of Financial Capability to the Academic

Performance of Indigenous CTE Students of OMSC Mamburao Campus because they can all

relate to this problem as students. They can see how hard it is to study without the financial

capability. As students, they are also experiencing financial issues. Sometimes they don’t have

enough money for their school expenses. In this case, it is more difficult for almost every

Indigenous student to perform well in school activities without financial capability. The

researchers of this study has given an interest about the most common issue of indigenous

students of OMSC Mamburao Campus, which hinders them in achieving their best in their

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academic performance. The researchers also aim to acknowledge that everyone has financial

matters, not to be prioritized but to provide the right action for it.

The purpose of studying the effects of financial capability on the academic performance

of indigenous students is to explore how financial resources and financial knowledge impact the

educational outcomes of this particular group of students. Indigenous students may face unique

challenges in accessing financial resources and may have different financial needs compared to

non-indigenous students. Therefore, understanding the relationship between financial capability

and academic performance can help inform policies and programs aimed at improving the

educational outcomes of indigenous students. Additionally, this research can provide insights

into how financial literacy programs can be tailored to better meet the needs of indigenous

students, thereby promoting greater financial inclusion and equity in education.

We conducted this study because we are all related to indigenous College of Teacher

Education third year students in Occidental Mindoro State College - Mamburao Campus how to

still studying with financial capabilities. As several recent studies show, student financial

wellness corresponds with academic performance and graduation rates. Students with fewer

money worries perform better in college and are more likely to graduate, while financially

stressed students have lower grades and are more likely to drop out.

Statement of the Problem

The study dealt with the outcomes of financial capabilities when it comes to the

academic performance of indigenous students in Occidental Mindoro State College A.Y. 2022-

2023. Specifically, the study wants to answer the following questions to determine the effects of

financial capabilities of OMSC indigenous students’ academic performance.

1. What is the economic status of the respondents in terms of;

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 a. Monthly Income?

b. Employment Status?

c. Source of Income?

2. What are the effects of financial capabilities in academic performance in terms of;

a. Performance Based Activities

b. Resource Management

c. Extra-curricular Activities

3. Is there a significant difference in academic performance and economic status of the

respondents?

Objectives

The researchers of this study aims to:

1. To determine the economic status of the respondents in terms of;

a. Monthly income

b. Employment status

c. Source of income

2. To determine the effects of financial capabilities in academic performance in terms

of;

a. Performance Based Activities

b. Resource Management

c. Extra-curricular Activities

3. To find out the significant difference in academic performance and financial

capability of the respondents.

Hypothesis/Hypotheses

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 The researchers formulated a hypothesis to elaborate that;

1. There are no effects in their academic performance with regards to their financial

capabilities.

2. There is no significant difference in the financial capability and academic

performance of the respondents.

Significant of the Study

The researchers has determined the significance of this study in terms of;

Community. IP community will be much aware of their own financial capability

making them realize what is needed to be prioritized in money management

Commission on Higher Education. CHED will prioritize and take into consideration

that the indigenous college students has enough sustaining financial capability when talking

matters about school expenses.

School. The institution will also be aware that indigenous college students has much

more expenses in school than elementary and high school combine giving them priority and

consideration in activities and projects.

School Administration. They are responsible in maintaining integral part of instruction,

as it determines whether or not the goals of education are being met. They also affect decisions

about grades, placement, advancement, instructional needs, curriculum, and, in some cases,

funding.

Teachers. They will gain much more experience in ways that teaching indigenous

students can also help them achieve change in character, personality development and how they

can entertain students that approach them

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 Parents. They will be more than aware to assess their financial capability determining

the affected factors like school expenses and basic needs expenses that will give them ideas and

concepts on how to further develop their finances.

Students. As this study tackles about the financial capability of IP students, non-IP

students will also have their own generated opinions and ideas about their own financial

capabilities therefore giving them view that this could also means that this study can be related

to them.

Future Researchers. For future researchers, this will represent as a reference for future

studies and to also help them figure out some factors and concepts related in writing new

studies.

Theoretical/Conceptual Framework

The researchers of this study gave meaning to the following as the base of the theoretical

framework.

According to Abraham Maslow, he stated that people are motivated to achieve certain

needs and that some needs take precedence over others. The most basic need is for physical

survival and this will be the first thing that motivates behaviour. Once that level is fulfilled, the

next level up is what motivates one and so on. The first is physiological needs. These are

biological requirements for human survival, e.g. air, food, drink, shelter, clothing, warmth, sex,

sleep. If these needs are not satisfied the human body cannot function optimally. Maslow

considered physiological needs the most important as all the other needs become secondary

until these needs are met. The next one is safety needs. Once an individual’s physiological

needs are satisfied, the needs for security and safety become salient. People want to experience

order, predictability and control in their lives. These needs can be fulfilled by the family and

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society (e.g. police, schools, business and medical care). For example, emotional security,

financial security (e.g. employment, social welfare), law and order, freedom from fear, social

stability, property, health and wellbeing (e.g. safety against accidents and injury.

Fig. 1.

Maslow’s Hierarchy of Needs (1943, 1954)

This theory is anchored based on system’s Theory Input-output Model (1956) by

Ludwig Von Bertalanffy which states that finance is a broad term that describes to related

activities: the study how money is managed and the actual process of acquiring needed funds. It

relates the interaction of individual components of the structure to the functioning of the

structure as a hole. The model in this theory was used as reference for the model that was used

in the study’s conceptual framework.

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Fig. 2. Bertalanffy’s System Theory Input-Output Model (1956)

Conceptual framework
The conceptual framework was used to create the foundation for conducting this study.

The researchers used the Independent and Dependent Variable for conducting this study, which

included the Statement of the Problem as the Independent variable and the outcome of this

study as the Dependent variable which is the academic performance of the students.

Independent Variable Dependent Variable

1. The economic status of the

respondents in terms of;

a. Monthly income

b. Employment status
Academic Performance of Indigenous
c. Source of income
College of Teacher Education Students
2. The effects of financial capabilities in

academic performance in terms of;

a. Performance Based Activities

b. Resource Management

c. Extra-curricular Activities

Fig. 3. Research paradigm of the study

Scope and Limitations

This research focused in the effects of financial capabilities to the academic

performances of indigenous college students. The study focused mainly in the effects of

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financial capability of indigenous College of Teacher Education students. The study was

conducted at Occidental Mindoro State College, Mamburao Campus. Because our respondents

are indigenous students, we included all year levels for a more authentic and accurate result.

Definition of Terms

Important terms such as research variables and sub-variables are defined conceptually

and/or operationally in this part.

Economic status. may be measured in discrete categories—by membership in hierarchically

ordered classes, for example—or continuously, by earnings (wages and salaries), income

(earnings plus income from property and other sources), an occupational prestige index, or

wealth.

Employment status. is the status of a worker in a company on the basis of the contract of work

or duration of work done. A worker may be a full-time employee, part-time employee, or an

employee on a casual basis. S/he could be employed temporarily for a specific project only, or

on a permanent basis.

Source of income. means an employer or successor employer, a labour organization, or another

individual or entity that owes or will owe income to the payer.

General Weighted Average (GWA). per semester as a basis whether or not a particular student

shall be retained at the course or college he or she is enrolled to.

Financial capability. refers not only to the knowledge needed to make sound financial

decisions, but to a combination of financial knowledge, skills, attitudes, and confidence that

leads to positive financial behaviours and money management decisions that fit the

circumstances of one's life.

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Performance Based Activities. any learning activity or assessment that asks students to

perform to demonstrate their knowledge, understanding and proficiency. Performance tasks

yield a tangible product and/or performance that serve as evidence of learning.

Resource Management. In organizational studies, resource management is the efficient and

effective development of an organization's resources when they are needed. Such resources may

include the financial resources, inventory, human skills, production resources, or information

technology and natural resources.

Extra-curricular Activities. A range of activities organized outside of the regular school day,

curriculum or course intended to meet learners' interests. These activities can help learners

become more involved in their school or community and can help them to develop social and

soft skills and to promote wellbeing.

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 CHAPTER II

REVIEW OF RELATED LITERATURE AND STUDIES

These are the review of literature related to the research study.

Source of income

In the study of Dumaran, Zamora, and Heramil (2015), The financial status is very

important to determine first if its suits for the best course, there is still a gap between a regular

government employee and non-government employee because even though both of them can

support a child for hissolemnly chose course, the parent who have a regular work can support

easier what the child necessary needs without worry of the child but also the no-regular too. In

this manner, they are determining the financial status of the students and how it's affected the

academic performance we can base a proposal for a college tuition plan. Planning is very

especial when especially if the financial support is limited. This could be a breakthrough if we

can accurately plot how the financial status affect the academic performance of the student.

Employment status

In the study of Guirit, Dumaran, Zamora, and Heramil (2015), locally, in the study

conducted in Cebu entitled "Financial Status and AcademicPerformance: Basis for a Propose

College Tuition Planning" shows that poverty significantly affects the resources available to

students. Due to this lack ofresources, many students struggle to reach the same academic

achievement levelsof students not living in poverty. The factors affecting student achievement

includeincome, source of income, and the mother's education level. Although many

poorstudents score below average on passessment measures, instructional techniquesand

strategies implemented at the classroom, school, district, and government levelscan help close

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the achievement gap by providing students with necessaryassistance in order to achieve high

performance in academics.

Monthly income

In the study of Destin and Svoboda (2018), entitled "Costs on the mind: The influence of

the financial burden of college on academic performance and cognitivefunctioning" shows the

financial burden of college can initiate a psychologicalprocess that has a negative influence on

academic performance for students atselective colleges and universities. Prior studies linking

high college costs andstudent loans to academic outcomes have not been grounded within

relevant socialpsychological theory regarding how and when the financial burden of college

caninfluence dents' psychological and cognitive processes. The salient financial burdenof

college impairs students' cognitive functioning, especially when it creates anidentity conflict or

perceived barrier to reaching a student's desired financiallysuccessful future. While education is

a key to upward mobility, low income studentsare substantially less likely to earn bachelors'

degrees than their more economicallyadvantaged peers. Prior higher education literature

illuminates various factorscontributing to student success, but few studies consider the role of

family support after students enter higher education.

Performance-based Activities

Performance-based activities can be challenging for students to complete. They need to

understand from the beginning exactly what is being asked of them and how they will be

assessed. Examples and models may help, but it is more important to provide detailed criteria

that will be used to assess the performance-based assessment. All criteria should be addressed in

a scoring rubric. Observations are an important component and can be used to provide students

with feedback to improve performance. Teachers and students can both use observations. There

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may be peer to peer student feedback. There could be a checklist or a tally to record student

achievement. The goal of performance-based learning should be to enhance what the students

have learned, not just have them recall facts. The following six types of activities provide good

starting points for assessments in performance-based learning.

Resource Management

What is resource management? Published on18 Jul 2018 Written byKirsten Bird

Resource management is acquiring, allocating and managing the resources, such as individuals

and their skills, finances, technology, materials, machinery and natural resources required for a

project. Resource management ensures that internal and external resources are used effectively

on time and to budget. Resources may be obtained internally from the host organisation or

procured from external sources. The APM Body of Knowledge defines resource management as

'the acquisition and deployment of the internal and external resources required to deliver the

project, programme or portfolio’. The project professional must identify the resources required

to deliver the work, as part of planning, and determine when the resources will be required,

through scheduling. This forms an essential part of the project management plan. What are

resources? According to the APM Body of Knowledge, ‘the resources needed to deliver a

project, programme or portfolio include people, financial resources, machinery, materials,

technology, property and anything else required to deliver the work. Resources may be obtained

internally from the host organisation or procured from external sources’. They can also be

consumable and/or re-usable.

Performance-based Activities

By Melissa Kelly Updated on May 27, 2019 Performance-based activities can be

challenging for students to complete. They need to understand from the beginning exactly what

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is being asked of them and how they will be assessed. Examples and models may help, but it is

more important to provide detailed criteria that will be used to assess the performance-based

assessment. All criteria should be addressed in a scoring rubric. Observations are an important

component and can be used to provide students with feedback to improve performance.

Teachers and students can both use observations. There may be peer to peer student feedback.

There could be a checklist or a tally to record student achievement. The goal of performance-

based learning should be to enhance what the students have learned, not just have them recall

facts. The following six types of activities provide good starting points for assessments in

performance-based learning.

Academic Performance and Financial Capability

There have been several studies conducted on the relationship between academic

performance and financial capability. One study published in the Journal of Education and

Practice by Li and Li (2016) explored the impact of financial capability on academic

performance among Chinese university students. The study found that students who had higher

levels of financial capability tended to have better academic performance. Another study

published in the Journal of Financial Counseling and Planning by Xiao, Chen, and Chen (2019)

investigated the relationship between financial behaviors and academic performance among

college students in the United States. The study found that there was a significant positive

relationship between financial behaviors and academic performance. Similarly, a study by

Cude, Lawrence, and Lyons (2014) examined the relationship between financial management

practices and academic achievement among college students in the United States. The study

found that students who exhibited better financial management practices tended to have higher

academic achievement. Overall, these studies suggest that there is a positive correlation between

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financial capability and academic performance. While it is important to note that correlation

does not equal causation, these findings suggest that developing financial literacy and

management skills may have a positive impact on academic performance.

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 CHAPTER III

RESEARCH METHODOLOY

Research Site

The study is to be conducted at Occidental Mindoro State College in Mamburao Campus

located at Sitio Mabuhay, Barangay Tayamaan, Mamburao, Occidental Mindoro. This is the

location map of the said site.

Fig. 4. Location map of Occidental Mindoro State College, Mamburao Campus.

Unit of Analysis/Respondents

This study was focused on indigenous students as the main respondents. The

needed respondents of this study are 40 people and will be selected only in the BEED Course.

The respondents will be given time and consideration to answer the said questionnaire.

Table 1. Respondents of the study.

Respondents Frequency Percentage (%)
Second Year Students 5 12.5
Third Year Students 25 62.5
Fourth Year Students 10 25
Total 40 100

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Research Design and Data Collection

Research design refers to your plan for answering your fundamental research questions.

This study focused on a quantitative research which involved the collection of data so that

information can be quantified and subjected to statistical treatment in order to support or refute

“alternate knowledge claims” (Creswell, 2003, p. 153). Since the study focused on financial

capabilities of indigenous students, the design that was used in this study was quantitative

research design. The quantitative research design was aimed at discovering how many people

think, act or feel in a specific way. Quantitative projects involved large sample sized,

concentrating on the quality of responses.

The researchers first acquired approval from their research instructor and head of the

department for them to start with their survey. They found the right amount of time and day to

begin the survey while also respecting the respondents’ allotted time for answering it. The time

that they want to answer the said questionnaire was also accepted by the researchers.

Research Instrument

The research instrument that was used was survey questionnaire. It consisted in two

parts. Part 1 of the research instrument consisted of the items which gathered the respondents’

economic status such as their monthly income, source of income and employment status. Part 2

of the research instrument consisted of the answer sheet that had 1-15 items with its

corresponding choices where the choice of their answer was inserted. It was a series of

statements and there needed to be an answer for each one and the test required not more than 5

minutes.

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Data Analysis

Data Preparation for Data Analysis of Quantitative Research

Before quantitative data can be analyzed, it must first be prepared using the following

three steps. The first is data validation. It refers to the process of comparing the gathered data

against defined rules to ensure that it is within the required quality parameters, without any bias.

It generally involves checking for the following; fraud, screening, procedure, and completeness.

Second is data editing. It refers to the process of reviewing and adjusting after checking for

missing, invalid, or inconsistent entries within the data records. Lastly, we have data coding. As

the name suggested, data coding involved deriving codes from observed data. It refers to the

process of transforming organizing gathered information into a set of meaningful and cohesive

categories.

Statistical Treatment

Descriptive Statistics is a quantitative method of data analysis is used to describe the

basic features of data in a study and provides simple summaries about the measures and sample.

It helps researchers understand the details of a sample group, and doesn’t aim to make

assumptions or predictions about the entire population. Descriptive analysis generally includes

the first set of statistics that are covered before moving on to inferential statistics.

Some common statistical tests used in descriptive statistics are mean, median, mode,

skewness, and standard deviation.

Inferential Statistics is different from descriptive statistics as it aims to make inferences

about the population, rather than about a specific data set or sample. It, therefore, allows

researchers to make assumptions and predictions about an entire population.

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 There are two main kinds of predictions made using inferential statistics, including

predictions about the differences between groups within a population and predictions about the

relationships between variables relevant to a population.

Some common inferential methods used in quantitative data analysis are regression

analysis, frequency tables, analysis of variance (ANOVA), cross-tabulation, and correlational

research.

The following are the statistical treatment used in order to achieve the objectives of the

study:

1. Inferential statistics was used to know the economic status of the students

2. Descriptive statistics was used to understand the effects of financial capability to a

students’ academic performance. It was also used if there was a significant difference

between their financial capability and academic performance.

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 CHAPTER IV

RESULTS AND DISCUSSION

This chapter presents the data gathered, the results of the statistical analysis done and

interpretation of findings. These are presented in tables following the sequence of the statement

of the problem regarding the effects of financial capability to the academic performance of

indigenous college of teacher education students.

Economic Status

Table 1 shows the overall distribution of respondents according to their economic status.

Based on the table, most of the respondents’ monthly income ranged from Php 1,000 and above

(f = 21, p = 52.5%) while the other one belonged to the bracket of below Php 1,000 (f = 19, p =

47.5%). The said respondents are all Indigenous college students which are vulnerable to be

neglected and needs more support for their academic performance especially with the sudden

shift in the educational system as per Tasso (2022). In terms of employment status, 25% of the

respondents are employed which is equivalent to 10 respondents and 75% are unemployed

which is equivalent to 30 respondents. The unemployed respondents far exceeded the employed

respondents, implying the majority of Indigenous students as respondents from Occidental

Mindoro State College-Mamburao Campus for the first semester in Academic Year 2023-2024.

According to Yanbarisova (2015), Regression analysis of the study showed that only one type

of study and work combination--non-professional fulltime employment--has a negative effect

on academic performance. Other strategies of student employment showed no statistically

significant effect on academic performance. In terms of source of income, majority of the

students (f = 28, p = 70%) rely on their daily allowance, some respondents (f = 8, p = 20%) rely

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on financial assistance and a few (f = 2, p = 5%) rely on salary and savings. According to the

International Journal of Academic Research in Accounting, Finance and Management Sciences

(2016), the impact of family income on academic performance is relevant because it affects

students' access to resources and opportunities that can support their educational success. This

means that majority of Indigenous students still rely on their daily allowance as their source of

income.

Table 1: Respondents’ economic status in terms of monthly income, employment status, and
source of income.
Economic Status Groupings Frequency (f = 40) Percentage (%)
Monthly Income
Below Php 1,000 19 47.5%
Php 1,000 and Above 21 52.5%
Employment Status
Employed 10 25%
Unemployed 30 75%
Source of Income
Daily Allowance 28 70%
Salary 2 5%
Financial Assistance 8 20%
Savings 2 5%

Performance Based Activities

Table 2 shows the overall result of the respondents’ financial capabilities in their

academic performance in terms of performance based activities. It can be seen in the table that

the respondents’ frequency on the effects of financial capabilities in the respondents’ academic

performance in terms of their performance based activities (M = 3.15, SD = 0.51) which was

interpreted as often. This result was supported by the study of Dang and Bulus (2015) that

stated that education is a high-cost social service therefore insufficient financial support will be

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a problem for students to enhance themselves in academics thus leading to poor academic

performance. This implies that the respondents are often capable of handling their finances in

terms of their performance based activities.

The Indigenous students often have allowance for group performances (M = 3.50, SD =

0.75) which was the highest mean. This implies that the Indigenous students often have the

financial capability for their group activities and was supported by the study of Dare (2020) that

stated a promising path is to provide early education to children to improve their ability to make

effective financial decisions later on in adulthood.

However, despite it being the lowest mean (M = 3, SD = 0.64), the respondents can

often participate in some of the presentations despite lack of financial contribution. This implies

that the respondents can often participate in some of the presentations if the presentation does

not always include financial contributions. This was once again supported by the study of

Council for Economic Education (2016), stated once in college, students must quickly navigate

the responsibilities associated with maintaining a personal budget, obtaining financial aid,

housing, student loans, credit card, insurance, and more. While some students may have been

exposed to a financial literacy course in high school, evidence suggests the majority have not.

Table 2: The effects of financial capabilities in the respondents’ academic performance in terms
of performance based activities.
Indicators Mean Std. Deviation
I have allowance for group performances. 3.50 0.75
I seek alternative yet affordable materials for my 3.12 0.75
performance.
My allowance is enough to make my presentations 3.15 0.69
attractive and beautiful.
I can participate in some of the presentations despite 3 0.64

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lack of financial contribution.
I can buy costume/materials to use in my performance. 3.05 0.74
Composite Mean 3.15 0.51
(Scale: 4.00-3.51 Always; 3.50- 2.51 Often; 2.50- 1.51 Rarely; 1.50- 1.00 Never)

Resource Management
Table 3 shows the overall findings of the respondents’ financial capabilities in their

academic performance in terms of resource management. It can be seen in the table below that

the frequency of the effects of financial capabilities in the respondents’ academic performance

in terms of resource management has the mean of 3.34 with a standard deviation of 0.38 which

was interpreted as often. This implies that the respondents are often capable of handling their

finances in terms of resource management. This result was also supported by the study of Odide

(2021) that stated, in order to achieve desirable outcomes, the management of resources in

institutions of learning plays a central role.

The Indigenous students often take time to budget their daily allowance to buy materials

for their projects (M = 3.42, SD = 0.54) which was the highest mean. This implies that the

Indigenous students often have the financial capability budget their daily allowance and to buy

materials for projects. The study also shows that students prefer to save a part of their monthly

allowance, mostly in cash form or in bank, which shows good budgeting habits. (Lalmuanouia,

2022)

However, despite it being the lowest mean (M = 3.25, SD = 0.63), the respondents often

have allowance to buy materials for their activities. This implies that the respondents often have

the financial capability to buy materials for school activities. According to Lalmuanouia (2022),

major spending of these students is on their lifestyle and entertainment, which varies for every

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student. Students have become extremely brand conscious today, since every brand conveys

something different about their personality.

Table 3: The effects of financial capabilities in the respondents’ academic performance in terms
of resource management.
Indicators Mean Std. Deviation
I use all materials for my projects and activities. 3.37 0.74
I find alternative materials for my activities. 3.32 0.61
I take time to budget my daily allowance to buy 3.42 0.54
materials for my projects.
I have allowance to buy materials for my activities. 3.25 0.63
I determine what resources I need. 3.32 0.57
Composite Mean 3.34 0.38
(Scale: 4.00-3.51 Always; 3.50- 2.51 Often; 2.50- 1.51 Rarely; 1.50- 1.00 Never)

Extracurricular Activities
Table 4 shows the overall result of the respondents’ financial capabilities in the

respondents’ academic performance in terms of Extracurricular Activities. It can be seen in the

table below that the frequency of the effects of financial capabilities in the respondents’

academic performance in terms of extracurricular activities has the mean of 3.50 with a standard

deviation of 0.26 which was interpreted as often. This implies that the respondents are often

capable of handling their finances in terms of extracurricular activities. According to Dieker

(2021) “Once you’ve chosen your college extracurricular activities and developed a plan to help

you manage the expenses, focus on making friends, getting involved and – most importantly –

having fun.” which supported the result of this particular variable.

The Indigenous students can always join in any extracurricular activities despite lack of

financial (M = 3.57, SD = 0.54) which was the highest mean. This implies that the Indigenous

students can always join in any extracurricular activities. In one study by the Texas A&M

24
University, According to Anglia (2022), important academic outcomes like reading, math

achievement and course grades were all found to be positively influenced by children who

engage in extracurricular activities.

However, despite it being the lowest mean (M = 3.42, SD = 0.50), the respondents often

spend their allowance for the next month to buy materials for extracurricular activities. This

implies that the respondents often have the financial capability to spend their allowance for the

next month to buy materials for extracurricular activities. This result was supported by a study

of Dare (2020) that stated Students' determination in studies did not affect whether the school

allowance of the students was either high or low

Table 4: The effects of financial capabilities in the respondents’ academic performance in terms
of Extracurricular Activities.
Indicators Mean Std. Deviation
I can join in any extracurricular activities despite lack of 3.57 0.54
financial.
I spend my allowance in joining extracurricular 3.52 0.55
activities.
I can still perform in extracurricular activities despite 3.47 0.64
lack of materials.
I spend my allowance for the next month to buy 3.42 0.50
materials for extracurricular activities.
I can limit the opportunities in joining extracurricular 3.50 0.50
activities because of some financial problems.
Composite Mean 3.50 0.26
(Scale: 4.00-3.51 Always; 3.50- 2.51 Often; 2.50- 1.51 Rarely; 1.50- 1.00 Never)

Summary of The Respondents’ Financial Capabilities in their Academic Performance.

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 Table 5 represents the summary of the respondents’ financial capabilities in their

academic performance in terms of performance based activities, resource management, and

extracurricular activities. It is shown that the academic performance in terms of extracurricular

activities has the highest mean (M = 3.50, SD = 0.26) which was interpreted as high. Beyond

that, extracurricular activities instil key skills and personality traits that can be helpful in other

walks of life. Using the same examples, sports are key to developing teamwork, leadership, and

problem-solving skills. (Anglia, 2022)

Specifically, respondents’ financial capabilities in their academic performance in terms

of performance based activities has the lowest mean (M = 3.15, SD = 0.51) which was also

interpreted as high. This means that the respondents are financially capable regarding their

performance based activities.

Overall, the effect of financial capability of the respondents in their academic

performance (M = 3.33, SD = 0.30) was interpreted as high. Through this, the findings of this

study shows a high effect of financial capability to the respondents’ academic performance

specifically in terms of performance based activities, resource management, and extracurricular

activities. Many studies find that those with a stronger background in financial literacy are more

likely to demonstrate positive behaviors, both financially and in other areas. (Cummingham,

2018)

Table 5: Respondents’ financial capabilities in their academic performance.

Variable Composite Mean Std. Deviation
Performance Based Activities 3.15 0.51
Resource Management 3.34 0.38
Extracurricular Activities 3.50 0.26
Grand Mean 3.33 0.30

26
 (Scale: 4:00-3.51 Very High; 3.50-2.51 High; 2.50-1.51 Low; 1.50-1.00 Very Low)

Difference between respondents’ academic performance when grouped according to their

source of income
Table 6 shows the results of the difference between the economic status in terms of

source of income and academic performance of the respondents. As shown in the table, there is

no significant difference between the economic status in terms of source of income and

academic performance of the respondents (F (40) = 1.61, p = 0.11). Specifically in the

performance based activities (F (40) = 3.82, p = 0.21), resource management (F(40) = 0.61, p =

0.04) and extracurricular activities (F(40) = 2.36, p = 0.16). This means that the respondents’

source of income is not an indicator of how financially capable they are regarding their

academic performance. Using chi-square, it revealed that there was no significant association

between school allowance and students' determination in studies. (Dare et al., 2020)

Table 6: Difference between the economic status in terms of source of income and academic
performance of the respondents.
Source of Daily Salary Financial Savings F η2
income Allowance Assistance
M SD M SD M SD M D
Performance 3.07 0.51 3.31 0.43 3.55 0.25 3.00 0.84 3.82 0.21
Based Activities
Resource 2.70 0.14 3.50 0.14 3.20 0.28 3.10 0.42 0.61 0.04
Management
Extracurricular 3.60 0.21 3.45 0.20 3.47 0.18 3.20 0.28 2.36 0.16
Activities
Overall Mean 3.31 0.34 3.15 0.07 3.51 0.09 3.10 0.28 1.61 0.11
(Scale: If p-value is <0.05, then reject; if p-value is ≥ 0.05, then accept)

27
Difference between respondents’ academic performance when grouped according to their
employment status
Table 7 shows the result of the difference between respondents’ academic performance

when grouped according to their employment status. As the table implies the difference between

the academic performance of employed students (M = 3.33, SD = 0.27) and unemployed

students (M = 3.36, SD = 0.40) was not significant (t (40) = 0.05, p = 0.57). Specifically, there

is no significant difference (t(40) = -1.02, p = 0.55) in the performance based activities of

employed students (M = 3.30, SD = 0.55) and unemployed students (M = 3.10, SD = 0.50), as

well as the (t(40) = 0.75, p = 0.37) resource management of employed students (M = 3.26, SD =

0.34) and unemployed students (M = 3.36, SD = 0.40), and lastly the (t(40) = 1.12, p = 0.64)

extracurricular activities of the employed students (M = 3.42, SD = 0.22) and the unemployed

students (M = 3.52, SD = 0.27). This implies that both employed and unemployed indigenous

students have the same frequency of financial capability towards their academic performance.

Some study suggests that, in contrast to the perceptions expressed by students, working

regularly does not appear to have a significant impact on their academic performance. (Simon et

al., 2017)

Table 7: Difference between the economic status in terms of employment status and academic
performance of the respondents
Employment Status Employed Unemployed t P Cohen’s d’
M SD M SD
Performance Based 3.30 0.55 3.10 0.50 -1.02 0.55 0.81
Activities
Resource 3.26 0.34 3.36 0.40 0.75 0.37 0.54
Management
Extracurricular 3.42 0.22 3.52 0.27 1.12 0.64 0.42
Activities
Overall Mean 3.33 0.27 3.36 0.40 0.05 0.57 0.45

28
(Scale: If p-value is <0.05, then reject; if p-value is ≥ 0.05, then accept)

Difference between respondents’ academic performance when grouped according to their

monthly income
Table 8 shows the overall result that there was no significant difference between

respondents’ academic performance when grouped according to their monthly income. As the

table implies the difference between the academic performance of students with below Php

1,000 monthly income (M = 3.32, SD = 0.36) and students with above Php 1,000 monthly

income (M = 3.34, SD = 0.25) was not significant (t (40) = -0.16, p = 0.02). Specifically, there

is no significant difference (t(40) = -0.45, p = 0.94) in the performance based activities of

students with below Php 1,000 monthly income (M = 3.11, SD = 0.57) and students with above

Php 1,000 monthly income (M = 3.19, SD = 0.47), as well as the (t(40) = -0.37, p = 0.86)

resource management of students with below Php 1,000 monthly income (M = 3.31, SD = 0.43)

and students with above Php 1,000 monthly income (M = 3.36, SD = 0.34), and lastly the (t(40)

= 0.60, p = 0.45) extracurricular activities of the students with below Php 1,000 monthly income

(M = 3.52, SD = 0.28) and the students with above Php 1,000 monthly income (M = 3.47, SD =

0.24). This implies that indigenous students with below Php 1,000 and above Php 1,000

monthly income have the same frequency of financial capability towards their academic

performance.

Table 8: Difference between the economic status in terms of monthly income and academic
performance of the respondents
Monthly income Below 1,000 1,000 and above t P Cohen’s d’
M SD M SD
Performance Based 3.11 0.57 3.19 0.47 -0.45 0.94 0.52
Activities
Resource Management 3.31 0.43 3.36 0.34 -0.37 0.86 0.38

29
Extracurricular 3.52 0.28 3.47 0.24 0.60 0.45 0.26
Activities
Overall Mean 3.32 0.36 3.34 0.25 -0.16 0.02 0.31
(Scale: If p-value is <0.05, then reject; if p-value is ≥ 0.05, then accept)

CHAPTER V
30
 CONCLUSIONS AND RECOMMENDATIONS

This chapter presents the summary of the findings, conclusions and recommendations

regarding the effects of financial capability to the academic performance of indigenous college

of teacher education students.

Summary of Findings

Based on the data gathered and the analysis of the results, the following were the

relevant findings of this research paper.

1. The respondents of this study were all grouped according to their economic status in

terms of monthly income ranged from Php 1,000 and above (52.5%) and below Php

1,000 (47.5%). ). In terms of employment status, 25% of the respondents are employed

and 75% are unemployed. In terms of source of income, majority of the students (70%)

rely on their daily allowance, some respondents (20%) rely on financial assistance and a

few (5%) rely on salary and savings.

2. The effect of financial capability of the respondents in their academic performance in

terms of performance based activities (M = 3.15, SD = 0.51), resource management (M

= 3.34, SD = 0.38), and extracurricular activities (M = 3.50, SD = 0.26) was interpreted

as high.

3. There is no significant difference between the economic status in terms of source of

income and academic performance of the respondents (F(40) = 1.61, p = 0.11).

Furthermore, there is no significant difference between respondents’ academic

performance when grouped according to their employment status (t(40) = 0.05, p =

0.57). Moreover, there is no significant difference between the economic status in terms

31
 of monthly income and academic performance of the respondents (t(40) = -0.16, p =

0.02).

Conclusions

Based on the findings of the study, the following conclusions were drawn and asserted.

1. The effect of financial capability of the respondents in their academic performance

was high in terms of performance based activities, resource management, and

extracurricular activities.

2. There is no significant difference between the economic status and academic

performance of the respondents.

Recommendations

1. Community and School. Both the School and the IP community need to spread

awareness about financial capability towards all students.

2. Commission on Higher Education. CHED needs to prioritize and take into consideration

that the IP students has enough sustaining financial capability when talking about

financial matters and school expenses.

3. Teachers. To build new approaches and strategies towards IP students by creating

activities and performance tasks without the excessive use of finances.

4. Parents. They need to be aware as to how financial capability can highly affect oneself.

5. Students. To be financially responsible when it comes to academic expenses. To be less

competitive but never lessen effort towards academics.

32
6. Future Researchers. Consider making more studies about the concerns of our IP

community. By doing so, it helps our IP community be also aware that their concerns

can be given solution to.

33
References:

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https://www.nordangliaeducation.com/pbis-prague/news/2021/09/21/benefits-of-
extracurricular-activities#:~:text=Broader%20social%20skills&text=This%20is
%20another%20key%20benefit,of%20self%2Desteem%20and%20confidence.
Cummingham, A, (2018) Financial Literacy: Impact on Student Success
https://digitalcommons.bryant.edu/honors_accounting/17/
Community College (2021) College Employment and Student Performance
https://budgetmodel.wharton.upenn.edu/issues/2021/10/4/college-employment-and-
student-performance
Conceptual Framework for Descriptive Design. (2018).
https://www.voxco.com/blog/conceptual-framework/#:~:text=Independent%20Variable
%3A%20The%20variable%20that,value%20of%20the%20independent%20variable.
DepEd Expands Financial Education in K to 12 to Improve Literacy of Filipinos. (2021).
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improve-literacy-of-filipinos/.
Eduardo, J. P., & Gabriel, A. G. (2021). Indigenous Peoples and the Right to Education: The
Dumagat Experience in the Provinces of Nueva Ecija and Aurora, in the Philippines.
SAGE Open, 11(2).
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Lamas, H. (2015) School performance. Propositos y Re repsentanciones, 3(1), 313-386.doi:
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Marquis et al., (2015) “Final Status and Academic Performance”
https://www.academia.edu/1659181/Financial_status_and_Academic_Performance
Mayger, L. (2017, October). Social Capital and Academic Achievement among Middle and
High School Students. New Jersey.
Moneva et al., (2020) School Allowance and Students’ Determination in Studies
https://www.researchgate.net/publication/340206323_School_Allowance_and_Students'_
Determination_in_Studies
Murphy, S.B. (2022).Financial Statements: List of Types and How to Read Them.
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Nickerson, C. (2021, Sept 22). Individualistic cultures and behavior. Simply Psychology.
https://www.simplypsychology.org/what-are-individuuallistic-culture.html
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https://www.creditcards.com/education/financial-guide-to-college-extracurricular-
activities/
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34
Republic Act No. 10687. (2015).
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Swiecka, B. (2019, March). Financial Literacy and Financial Education pp.1-12.
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Tatarstan Higher Education Institutions https://eric.ed.gov/?id=EJ1141348

LIST OF IP’S STUDENTS IN THE CTE DEPARTMENT

AS OF SERPTEMBER 21, 2022

35
SECOND YEAR SECTION
1. BINARBAR, LEA I. B
2. BINARBAR, MARGIE C. B
3. CAYETANO, NELYN M. B
4. CODICO, MARILYN P B
5. CONSTANTINO, MILDRED B
6. PARISAN, REBINSON T. B
7. SAMBUTAN, LEA R. B
8. SINIGMAYON, MARVIN C. B

THIRD YEAR
1. ABOBOTO, ANA D. E
2. BELEN, JESSICA E
3. BERNARDO, ALMERA M. E
4. CABCAAN, ISRAEL C. E
5. CANUYAN, HELEN E
6. COLOT, MARY ANN T. E
7. GADO, MERLY E
8. HINALMAN, MARVIN C
9. ININGKAS, MARIANE E
10. LABUSTRO, RIZELLE ANN E
11. LACHICA, RHONNA ME D
12. LAUSA, ELISABETH E
13. LILIBERTH, SUG UTAN S. D
14. MATINGNAN, RODELIZA C. D
15. NUÑES, FLORENCE C. E
16. PAMPILO, MONINA E
17. PARISAN, JOVELYN E
18. PARISAN, MA. ANGELICA APRIL E
19. PARISAN, MERLYN T. E
20. POOG, GERALDINE B. E
21. RINANGYAN, MARICEL B. D
22. SAMBUTAN, JACKELYN P. D
23. SANUTON, NORIEBEL S. D
24. SINIGMAYON, BRYAN GIL B. E
25. TACARAN, GLORY ANN C. D
26. TAMISAN, RIZA MAE B. E
27. TIVIDAD, BEBETH E

36
FOURTH YEAR
1. CANUYAN, JEREMIAS D
2. DIZON, NENENG D
3. GAYADAN, ROXAN C
4. MASANGKAY, REBECCA D
5. NOIME, CASTILLO P. D
6. PANDAY, MARTIN U. C
7. PAULINO, JONALYN S. D
8. SINIGMAYON, JE AILYN C
9. ULGASAN, MARCO D
10. ZAMONTE, JENELYN R. C
11. ZOLETA, TERESA D

37