Birung Group Research Chapter 1 3 2

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Birung Group Research Chapter 1 3 2
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Assessment of Financial Literacy of the Student of

University of Cagayan Valley: Basis for a Proposed Plan
of Action
_______________
A Research Proposal Presented to the Faculty of the

School of Business Administration and Governance
University of Cagayan Valley Tuguegarao City
_______________
By
BIRUNG, MARJORIE C.
BARCENA, ANA VICTORIA R.
BAHIAN, RICHMOND BENNET B.
MATIAS, MARINETH A.
STA. MONICA, HANAH CLAIRE S.
VENTURA, ROCHELLE D.
October 2021

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UNIVERSITY OF CAGAYAN VALLEY
SCHOOL OF BUSINESS ADMINISTRATION AND GOVERNANCE
Approval Sheet
In partial fulfillment of the requirements for the Degree
of Bachelor of Science Business Administration major in
Financial Management. This study titled ASSESSMENT OF
FINANCIAL LITERACY OF THE STUDENTS OF CAGAYAN VALLEY:
BASIS OF PROPOSED PLAN OF ACTION has been prepared and
submitted by BARCENA, ANA VICTORIA R., BAHIAN, RICHMOND
BENNET B., BIRUNG, MARJORIE C., MATIAS, MARINETH A., STA.
MONICA, HANAH CLAIRE S. and VENTURA, ROCHELLE D. of the
Third Year Financial Management Students of University of
Cagayan Valley, has been examined and recommended for
oral examination.
JENNIFER F. SUYU, MBA

Adviser
Accepted and approved by the Panel on Oral
Examination.
RANDY R. PERALTA, MBA

Chairman
ENG. MYKE ALBERT TEJADA WENDY MAE LAPUZ

Member Member
DR. GLEN CAGURANGAN RYAN FONTANILLA

Member Member

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Acknowledgement
The researchers wish to express their sincerest thanks
and profound gratitude and appreciation to those who
selflessly gave their assistance in preparation and
realization of this study.
Our Professor, Mrs. Jennifer F. Suyu for the
knowledge she had imparted to us. For her patience and
understanding are big help in the completion of this
research.
We would like to thank to our Research Director, Dr.
Glen Cagurangan, for his most support and encouragement.
He kindly read our paper and offered invaluable detailed
advice on grammar, organization, and the theme of the
paper.
Served as our inspiration in making this piece of work
and for supporting us morally and financially for the
completion of this study.
Above all, to Almighty God for the wisdom, good
health, blessings and protection.

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Dedication
We dedicate our dissertation work to our loving Parents,
brothers and sisters, friends, to our professors, to
Almighty God. This work is having not been published
without the inspiration we gain from our dearest parents
who never stop supporting us until we step up in this
well-known institution, University of Cagayan valley.
After all, this dissertation work is dedicated to all the
parents and students who provide fees and payments and
who solemnly chose the course and the institution on
their will of choice and on behalf of their financial
status.
The Researchers

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TABLE OF CONTENTS
Page
TITLE PAGE . . . . . . . . . . . . . . . . . . . . . . .i
APPROVAL SHEET . . . . . . . . . . . . . . . . . . . .
ii
ACKNOWLEDGEMENT . . . . . . . . . . . . . . . . . . . .
iii
DEDICATION . . . . . . . . . . . . . . . . . . . . . .
iv
TABLE OF CONTENTS . . . . . . . . . . . . . . . . . . v
LIST OF TABLES . . . . . . . . . . . . . . . . . . . .
vii
LIST OF FIGURE . . . . .. . . . . . . . . . . . . . . . x
Chapter 1 THE PROBLEM AND ITS BACKGROUND
Introduction . . . . . . . . . . . . . . . . . .
Theoretical Framework . . . . . . . . . . . . .

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Statement of the Problem . . . . . . . . . . . .
10
Hypothesis . . . . . . . . . . . . . . . . . . . .
11
Significance of the Study . . . . . . . . . . . .
11
Scope and Delimitation . . . . . . . . . . . . . .
12
Definition of Terms. . . . . . . . . . . . . . . .
13
Chapter 2 REVIEW OF RELATED LITERATURES AND STUDIES
Related Literature . . . . . . . . . . . . . . . .15
Related Studies . . . . . . . . . . . . . . . . . 28
Synthesis . . . . . . . . . . . . . . . . . . . . 34
Chapter 3 METHODS AND PROCEDURES
Research Design . . . . . . . . . . . . . . . . . 36
Respondents of the Study . . . . . . . . . . . .36
Data Gathering Tool . . . . . . . . . . . . . . . 38
Data Gathering Procedure . . . . . . . . . . . .39

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Statistical Tool . . . . . . . . . . . . . . . . 39
APPENDICES
Bibliography . . . . . . . . . . . . . . . . . . 61
Questionnaire . . . . . . . . . . . . . . . . . . 63
Letter of Intent . . . . . . . . . . . . . . . . 67
Curriculum Vitae . . . . . . . . . . . . . . . . 69

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Chapter 1
THE PROBLEM AND ITS BACKGROUND
Introduction
People nowadays suffer from a great deal of
financial anxiety. They do not stop in seeking for the
answers on how to properly manage their financial
resources, how money can work for them, and how their
financial decisions affect their long-term financial
security. Financial literacy appears to be extremely
important in everyday life, particularly in the lives of
families and consumers. Many people make financial
decisions such as investing, saving, and borrowing.
Financial literacy is becoming increasingly important for
people who work in today's complicated economic
environment. People choose whether to put their money
into short-term or long-term investments. People
nowadays, especially in games, make any kind of
investment without knowing if it will last or not.
Spending their money all at once in a variety of short-
term investments without checking to see whether the
market price increases or decreases. Students are more
likely to be good at spending than saving, and they are
better at borrowing than investing. Most of us believe
that accumulating large sums of money will easily solve
our problems. Although this may be true for some, but

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others may find themselves in a more difficult situation
if they lack the necessary knowledge. The word literacy
has perhaps evolved beyond its conventional meaning in
contemporary times. It is not just understood as one’s
ability to read and write, but perhaps a measure of one’s
learning or mastery of a thing, an art, or a discipline.
Financial literacy is the ability to understand finance.
More specifically, it refers to the set of skills and
knowledge that allows an individual to make informed and
effective decisions through their understanding of
finances. Financial literacy has gained significant
attention among many countries around the world. Financial
literacy has become a significant issue in society,
particularly among young people, particularly in
colleges. Individual action, awareness, and influence on
others are all aspects of financial literacy. Financial
literacy encompasses not only decision-making and
spending habits, but also the ability to recognize
financial concepts and interpret data. The importance of
the financial literacy has become even more important
with the rapid development and sophistication of the
financial structure, financial regulations and financial
products and services available in the evolving financial
market. Proportionately the decision on the financial
activities has become more complex. They must also decide

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on short-term savings and borrowing for a vacation,
education, emergency, a house, a car loan, and other
items. Additionally, they must manage their own medical
and life insurance needs. A financial literate is
therefore not necessarily a graduate or a teacher of
finance, but one who is able to make the best use out of
money. A Financial literacy as ones’ “knowledge of facts,
concepts, principles, and technological tools that are
fundamental to being smart about money”. Mason and Wilson
(2000) also defined financial literacy as a “meaning-
making process” in which individuals use a combination of
skills, resources, and contextual knowledge to process
information and make decisions with knowledge of the
financial consequences of that decision. Financial
literacy was defined in the UK by Noctor, Stoney and
Stradling (1992, p.4) as ‘the ability to make informed
judgments and to take effective decisions regarding the
use and management of money’. This definition was
operationalized by Schagen and Lines (1996) proposing
that a financially literate person would enjoy a range of
abilities and attitudes comprising: an understanding of
the key concepts central to money management, a working
knowledge of financial institutions, systems and
services, a range of “analytical and synthetically”
skills, both general and specific, and attitudes which

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allow effective and responsible management of financial
affairs. Regardless of this definition of, and the skills
required for, financial literacy, financial analysts in
many countries have emphasized that there is insufficient
personal financial literacy in the world. The importance
of financial literacy has been on the rising with the
deregulation of the financial markets and the easier
access to credit as financial institutions compete
strongly with each other for market share, the rapid
growth in development and marketing of financial
products, and the government’s encouragement for people
to take more responsibility for their retirement incomes
(Beal and Delpachitra, 2003; Abraham and Marcolin, 2006).
In addition, financial literacy can prevent the
university students from engaging in unprofitable
ventures.
In UNIVERSITY OF CAGAYAN VALEY which located in
Tuguegarao City most of the students are lack of
financial knowledge that limits the ability of making a
good financial decision and invites host of personal
problems in the family. However, there is evidence that
many individuals are not well-equipped to make sound
financial decisions. They fail to make correct decisions
because they have not received a sound personal finance
education. Financial literacy is more than a measure of

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knowledge, it also reflects competency in actively
managing one’s own money from the point of accumulation
to the point of consumption. Financial education can
benefit consumers of all ages and income levels. For
young adults or College Students who are just starting
their working lives, it can provide basic tools for
budgeting and saving so that expenses and debt can be
kept under control. If financial are responsive to the
needs of the College students in University of Cagayan
valley who experiencing financial stress because of the
lack of financial knowledge that limits the ability of
making a good financial decision, it is important to
assess: 1) the financial literacy of all College student
of university of Cagayan valley to provide insights on
how such a program could be customized to the unique
needs of its student body.
The purpose of this study is to Assess the Financial
Literacy of the students whether Financial Literacy
affect their knowledge if it is grouped accordingly to
the variables. This study also, determine how the
respondents assess their Financial. The giving results of
the study will help to propose a plan of action to the
students who experiencing lack of financial knowledge.
Theoretical Framework

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Financial literacy can be generally defined as a
person’s ability to understand, manage, analyze, and
communicate personal financial matters (Rosacker et al.,
2009). Therefore, financial literacy refers to the
knowledge and skills necessary to handle financial
challenges and decisions in everyday life. A person with
a better financial literacy rate will not only be more
effective in doing simple financial calculations for
their household budget, considering their ability to pay
interest on loans, using credit or debit cards wisely,
but also when considering using or buying more
sophisticated financial products or services, such as
mortgages, pension or investment funds, insurance,
shares, bonds or even other financial derivatives and
private equity investments. Financial literacy provides
benefits not only when someone has to make a decision
about investing their money, given the numerous
alternatives available for investment (such as stocks,
bonds, or mutual funds), but also when making simple
daily financial judgments such as developing their
household budget (planning the monthly income and budget
for paying electricity, gas, water, telephone, food
etc.), or considering buying new luxuries along with
assessing the ability to pay the interest on bank loans
or credit cards. Financial literacy can be generally

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defined as a person’s ability to understand, manage,
analyze, and communicate personal financial matters
(Rosacker et al., 20
09).
The framework stipulates the interrelationship of various
variables that will be utilized in the study.
INPUT PROCESS OUTPUT

1. Profile of the 1. Assessing the profile of the
respondents in terms subjects in terms of:
of: 1.1. Age
1.1.
Age 1.2. Sex
1.2.
Sex
1.3. Course
1.3.
Course
1.4.
Year Level 1.4. Year Level
1.5.
Family Net 1.5. Family Net Income
Income 1.6. Number of Family
1.6. Number of Member
ASSESSMENT OF
Family 1.7. Average amount of
Members
FINANCIAL LITERACY
money spends in one
1.7. Average OF THE STUDENTS AT
month
amount of 2. Assessing how the UNIVERSITY OF
money respondents assess
spends in CAGAYAN VALLEY: A
their Financial
one month Literacy in term of the
BASIS OF THE
2. Financial following dimensions: PROPOSED PLAN OF
literacy in 2.1. Budgeting ACTION
terms of the 2.2. Earnings
following 2.3. Investment
dimensions: 2.4. Savings
2.1. Budgeting 3. Assessing difference on
2.2. Earnings the financial literacy
2.3. Investment of the respondents when
2.4. Savings grouped according to
their profile
variables?
4. Assessing the problem
encounter by the
respondents.
5. Assessing what plan of
action can be proposed
based on the gathered
data.

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F E E D B A C K
Figure 1. Paradigm of the Study
The input shows the profile of the respondents in terms
of age, sex, course, year level, Family Net Income,
Number of Family Members, Average amount of money spend
in one month and determine the financial literacy in
terms of the following dimensions.
The process demonstrates the process to be done to answer
the specific problems of the study. This includes
Assessing the profile of the respondents, assessing how
the respondents assess their Financial Literacy in term
of the following dimensions, assessing difference on the
financial literacy of the respondents when grouped
according to their profile variables, assessing the
problem encounter by the respondents. Assessing what plan
of action can be proposed based on the gathered data.
The output shows the expected outcome from the study.
These outputs will be the Assessing the financial
Literacy of the students of University of Cagayan Valley.

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Statement of the Problem
This study will assess the financial literacy of the
students of University of Cagayan Valley.
Specifically, it seeks to answer the following
questions:
1. What is the profile of the respondents in terms of:
1.1. Age
1.2. Sex
1.3. Course
1.4. Year Level
1.5. Family Net Income
1.6. Number of Family Members
1.7. Average amount of money spends in one month
2. How do the respondents assess their financial
literacy In terms of the following dimensions:
2.1. Budgeting
2.2. Earnings
2.3. Investment

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2.4. Saving
3. Is there a significant difference on the financial
literacy of the respondents when grouped according
to their profile variables?
4. What are the problems encountered by the
respondents?
5. What plan of action can be proposed based on the
gathered data?
Hypotheses
This study was guided by the following hypotheses
which states that:
There is no significant difference on the financial
Literacy on the respondents when grouped according to
their profile variables.
Significance of the Study
This study would be beneficial to the following:
Parents. This study has a great benefit to the
parents who will give money and allowances to their
children.

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Students. This study will be a great important to
the students because it will give some knowledge about
Financial Literacy, and it will help them know their
strength and weakness in terms of money matter.
Teachers. It is best if teachers know how school
works affect daily budgeting and expenses of a student.
Teachers can support their students not just academically
but also financially by giving projects that cost less.
The University. The result of the study will help the
university to assess the financial literacy of the students
and it will also assist them to provide seminars and other
activities that will improve the financial knowledge of
the students.
Researchers. The result of this study is of great
benefit to the researchers not just because they will
partially fulfil the requirements of the subject but also
to satisfy their curiosity regarding the topic of
interest.
Future Researchers. The result of this study is of
great benefit to the future researchers who will conduct
their research related to this study. This will serve as
a basis to their study.

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Scope and Delimitation
This study focuses on the ASSESSMENT OF FINANCIAL
LITERACY OF THE STUDENTS AT UNIVERSITY OF CAGAYAN VALLEY:
A BASIS OF THE PROPOSED PLAN OF ACTION. The data
collection will be conducted to four (4) courses in all
levels in University of Cagayan Valley (2021-2022).
(BSSOC, BSHRM, BSN, BSE). Each of the respondents are
given questionnaire to answer.
The researcher will use purposive sampling method in
selecting respondents. The purpose of the study is to
know on how the respondents assess their Financial
Literacy on how the respondents’ making decisions in
their finances.
A limitation of this study is the fact that the
student researchers can in no way assure that the
participants have responded in the survey with100%
honesty despite it being encouraged.
Definition of Terms
To ensure the clarity of discussion and to facilitate
better understanding of the variables in the study, the
following terms are operationally and conceptually
defined.

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Financial Literacy. Financial literacy is the
education and understanding about financial including
topic related to managing finance, money and investing.
Financial Literacy is what being measure in the study.
Financial knowledge. It is the knowledge a
participant has regarding financial matters. It is also
one of the areas that can measure the level of financial
literacy
Assessment. It is the process of identifying the
financial Literacy of the respondents.
Program. A plan or schedule to be proposed when the
study is to be done.
Investment. It refers to the ability of the
participants to invest their money. It is also one of the
areas that can measure the level of financial literacy.
Saving/earnings. It refers to the ability of the
participants to save and budget their money. It is also
one of the areas that can measure the level of financial
literacy.
Budgeting. It refers to the ability of the
participants to budget their money. It is also one of the
areas that can measure the level of financial literacy.

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UCV. The student of BS in Social Work, BS in
NURSING, BS in Hotel and Restaurant Management, BS in
Engineering The respondents of this study of University
of Cagayan Valley.
Chapter 2
REVIEW OF RELATED LITERATURE AND STUDIES
This chapter presents the review of related
literature and studies which will help the researchers to
ascertain the similarities and the differences of the
present study with other studies.
Related Literature
Financial literacy
According to (Mahdzan & Tabiani,2013) Financial
literacy is the ability to make sound judgments and make
effective decisions regarding the use and management of
money. The actual definition of financial literacy is in

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fact not clear and has never been universally agreed.
Financial literacy means the way individuals manage money
can be seen in terms of terms of insurance, investment,
savings and in terms of budget preparation.
According to (OECD, 2012; Atkinson & Messy, 2012,
financial literacy focuses on three dimensions or three
aspects: financial knowledge, financial attitude, and
financial behavior. Indeed, many factors affect the level
of financial literacy among individuals. In today’s
challenging financial landscape, individual and household
needs are increasing, and certainly stimulate demand for
different types of financial products. Financial literacy
is a combination of knowledge, attitudes, behaviors,
awareness, and capabilities required to make financial
decisions and for individuals achieving wealth (OECD,
2012). In the literature, the term financial literacy is
frequently used to refer to financial education and
financial knowledge.
According to Potrich et al (2016), stressed that
financial literacy is conceptually has a deeper meaning.
Financial literacy has been defined as the level of
financial knowledge and the capability to use the
knowledge to increase financial position.

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According to Huhmann and McQuitty (2009) have
developed a conceptual model of financial literacy, which
includes three components: capacity, prior knowledge, and
proficiency. Based on this model, financial education
contributes to financial literacy through enhancing
consumers’ ability to learn, obtain, and apply financial
knowledge. Some authors defined financial literacy as
financial capability, which refers to the ability to use
financial knowledge and perform desirable financial
behaviors to achieve financial wellbeing (Xiao, Chen &
Chen, 2014).
According to Anjali (2016) posit that financial
literacy level of an individual depends on one’s
financial needs and behavior Potrich et al. (2016)
suggests that financial literacy is a combination of
three components i.e., financial knowledge, financial
attitude, and financial behavior. They developed three
models of financial literacy and make comparisons of the
models for assessing financial literacy of students in
Brazil. Their best model demonstrated that financial
attitude and financial knowledge influenced financial
behavior of the students.
Financial Knowledge

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(Chen and Volpe, 2002; Lusardi and Mitchell, 2007), A
person can obtain the financial knowledge through their
parents, peers, school, and media. A person who studied
economics or business courses are more likely to be
financial knowledgeable.
Falahati etal. (2011) also stated that a student who
attend finance education program have more knowledge in
managing his/her fund.
Ansong and Gyensare (2012), there is a difference
between the financial literacy of business and non-
business students. The research stated that business
students can display higher financial literacy level
than the non-business students. This indicates that
students who have business background are more
financially sound than non-business major students.
Wagland and Taylor (2009) stated that business
students does not necessary score better than non-
business students. Some of the science course students
are performing much better than both business students
and the students who’s studying the areas of compound
interest knowledge. Although the findings showed that
business students have more financial knowledge but only
34.5 percent of business students answered correctly to
financial test

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Spending Habits and Saving Habits
Managing personal costs is shown to be a growing
issue especially among students today. Current literature
explores the factors that influence both financial habits
and financial literacy of students. This research will
focus mainly on the expenditures and spending habits
among senior high school students to shed light in a
different population as most research in this field is
conducted with college students as their participants.
(Villanueva, 2017). There have been many articles,
studies, and research about the said topic among students
all over the world, an example would be Atie Nadome’s
research about the “Spending Habits among Malaysian
University Students.” In this study, Atie Nadome (2014)
explained that spending behavior has never been stable,
especially among university students because many of them
are experiencing independence for the first time.
Although in the Philippines most children are likely to
still live with their parents during senior high school
and college years, their needs have drastically increased
compared to before. As of today, laptops, cellphones,
internet connection, and even personal vehicles have
become essentials to students in attending and finishing
their studies. Thus, the spending habits of students

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today are bound to be significantly different from the
spending habits of students in the past.
Rekta Attri (2012) namely Spending, and Saving
Habits of Youth in the City of Indore addressed the
question of why, where, and how the youth spend. The
youths referred to here are of the age group fourteen to
thirty (14-30) years old. Despite being financially
dependent on the parents until the age of 25-26 years
old, there is a big difference observed in the spending
behavior of the youth in India. The study concludes that
there is a massive influence of peer group in the youth
below nineteen years while making purchase decisions.
With the maturity of the participants, this influence of
friends and family decreases and he or she relies more on
evaluating product or service's features and
characteristics and hence makes an independent decision.
A difference in the purchase behavior and their saving
habits is also observed gender-wise. To summarize, this
study showed that the spending and saving habits of the
youth in India are much affected by age and sex and the
influential factors as to why there are differences.
Saravanan and Devakinandini (2014) namely ‘A study
on Perception of College Students about Spending of
Pocket Money with Reference to Students Studying in Arts

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and Science Colleges in Coimbatore’ examines how the
socio-economic status can influence the expenditure of
pocket money. Most of the young people get attracted by
the society, and they are spending their valuable money
in the wrong means. They should know the value of money
and the right way of handling it. According to Crystal
Paine in her book “The Money Saving Mom’s Budget” (2012),
young adults should be taught on how to save and
prioritize what is essential. The
book shows that people should learn how to say ‘no' when
it is not crucial. To be able to save efficiently, one
must learn how to weigh what is essential versus what is
irrelevant or not needed. AS the youth set out for
college, many of these students are trusted money, and
one of the challenges they face is budgeting as they are
on their own for the first time. When it comes to
students, money management is very unfamiliar. Financial
independence would be difficult to achieve and maintain
for youths and others in society (Ajide, 2015).
Factors Affecting Financial Behavior and Financial
Literacy
Financial behavior of individuals is essential but
difficult to understand, define admeasure. There are many
ways the spending habits of students may vary. It can

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vary due to personal demographics and school environment.
Even in today’s web-driven shopping environment, the old
norm that women love shopping more than men still applies
(Karr, 2012). Spending habits may also differ in terms of
an individual’s family and personal income. Low-income
Americans spend a significantly more significant
proportion of their money on housing, whereas high-income
Americans spend a much higher portion on insurance and
retirement expenses (Morrell & Kiersz, 2017).A similar
research by Samantha Villanueva (2017) namely An Analysis
of the Factors Affecting the Spending and Saving Habits
of College Students Takes into account the variables of
class year, gender and ethnicity in one model, the
Permanent Income Hypothesis and Hyperbolic Discounting in
a separate model, to examine the spending and saving
behaviors among college students. Although it states that
the previously mentioned variables have primarily
influenced financial behavior, there has been little to
no action done to examine the role of the different
theories stated. A study was done last 2017 namely,
Effect of Demographic Factors on Consumer Behavior: Age,
sex, Income and Education by Abhijeet Pratap concludes
that the factors sex, age, income, and education directly
affects the consumer behavior of an individual. It states
that while preferences change with age and level of

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education, sex and income also affect product choice sand
decision-making patterns.
A study conducted in Malaysia by Muhammad Albeerdy
and Behrooz Gharleghi (2015) concluded that the factors
education, financial socialization agents and money
attitude have a direct influence on financial literacy
rates among Malaysian students. Furthermore, based on
their results it was education that proved to be the most
influential factor among the three. Spending Habits and
Saving Habits Managing personal costs is shown to be a
growing issue especially among students today. Current
literature explores the factors that influence both
financial habits and financial literacy of students. This
research will focus mainly on the expenditures and
spending habits among senior high school students to shed
light in a different population as most researcher in
this field is conducted with college students as their
participants. (Villanueva, 2017). There have been many
articles, studies, and research about the said topic
among students all over the world, an example would be
Atie Nadome’s research about the “Spending Habits among
Malaysian University Students.” In this study, Atie
Nadome (2014) explained that spending behavior has never
been stable, especially among university students because

lOMoARcPSD|28476817
23
many of them are experiencing independence for the first
time. Although in the Philippines most children are
likely to still live with their parents during senior
high school and college years, their needs have
drastically increased compared to before. As of today,
laptops, cellphones, internet connection, and even
personal vehicles have become essentials to students in
attending and finishing their studies. Thus, the spending
habits of students today are bound to be significantly
different from the spending habits of students in the
past. A study by Dr. Rekta Attri last 2012 namely
Spending and Saving Habits of Youth in the City of Indore
Addressed the question of why, where, and how the youth
spend. The youths referred to here are of the age group
fourteen to thirty (14-30) years old. Despite being
financially dependent on the parents until the age of 25-
26 years old, there is a big difference observed in the
spending behavior of the youth in India.
The study concludes that there is a massive
influence of peer group in the youth below nineteen years
while making purchase decisions. With the maturity of the
participants, this influence of friends and family
decreases and he or she relies more on evaluating product
or service’s features and characteristics and hence makes

lOMoARcPSD|28476817
24
an independent decision. A difference in the purchase
behavior and their saving habits is also observed gender-
wise. To summarize, this study showed that the spending
and saving habits of the youth in India are much affected
by age and sex and the influential factors as to why
there are differences. A study made by Dr. Saravanan and
Devakinandini (2014) namely ‘A study on Perception of
College Students about Spending of Pocket Money with
Reference to Students Studying in Arts and Science
Colleges in Coimbatore ’Examines how the socio-economic
status can influence the expenditure of pocket money.
Most of the young people get attracted by the society,
and they are spending their valuable money in the wrong
means. They should know the value of money and the right
way of handling it. According to Crystal Paine in her
book “The Money Saving Mom’s Budget “(2012), young
adults should be taught on how to save and prioritize
what is essential. The book shows that people should
learn how to say ‘no' when it is not crucial. To be able
to save efficiently, one must learn how to weigh what is
essential versus what is irrelevant or not needed. AS the
youth set out for college, many of these students are
trusted money, and one of the challenges they face is
budgeting as they are on their own for the first time.
When it comes to students, money management is very

lOMoARcPSD|28476817
25
unfamiliar. Financial independence would be difficult to
achieve and maintain for youths and others in society
(Ajide, 2015). Financial Literacy the Wisconsin
Hope Lab recently released a report last 2018 that looked
at 43,000 students from 66 colleges, universities, and
community colleges from 20 states and the District of
Columbia. The survey found that 36 percent of university
students don't have enough money for enough food – and
42 percent of community college students are hungry or
not getting a balanced diet (Goldrick-Rab, Richardson,
Schneider, Hernandez, & Clare, 2018). Learning financial
literacy is a promising way to improve financial capacity
for today’s young people (Duquette, 2018). Students tend
not to know what to value first, and they tend to spend
it on things that are not important. That is why, it
becomes inevitable for people to overspend when they buy
things because they do not know how to prioritize the
significant ones (Paine, 2012). Not knowing what to
prioritize is the time when financial planning comes in.
Based on the book " Financial Management” by Ferdinand L.
Timbang (2015), financial planning is useful for both
short -range and long-range plans. Financial planning
serves as a basis of the operations or the allocation of
funds the person must undergo. Financial planning

lOMoARcPSD|28476817
26
summarizes in one word: ‘budgeting. ‘Financial literacy
is both an important life skill and a critical
intellectual competency' and 'an essential component of a
college degree.' (Kezar, & Yang, 2015). It is not
mandatory to be a 9professional to be a financial
literate, but one needs to be a person who can maximize
present money to gain financial stability. Logically
speaking, it is necessary that students must learn how to
handle money as they are expected to earn at a later
stage in their lives.
In the Philippine economy, prices of the commodities
become higher, and money has gained more value today.
Additionally, there are little to no objects left that
cannot be bought by money. It is why it is essential to
spend it wisely and to do so; one must have sufficient
knowledge about budgeting (De Guzman et al., 2012).A
namely last 2013 namely: The Relation between Financial
Literacy, Financial Wellbeing and Financial Concerns
that was done by a group of researchers concluded that a
positive relationship between the age and variables of
financial wellbeing and financial literacy, marital
status and sex and the financial literacy variable, and
education level and financial well-being variable and
financial literacy. It has also stated that a higher

lOMoARcPSD|28476817
27
level of financial well-being follows financial literacy
(Kalantarie-Taft, Zardeini-Hosein, & Mehrizi, 2013).
Financial illiteracy is a growing concern in both
society and the economy. College students, with the
amount of money entrusted to them, are the main subjects
of unwise use of funds. To satisfy or solve the problem
of financial illiteracy among students, exposure to
sessions, training, and workshops is necessary. They
should be able to gain internet access for it was found
out that the internet is where most students get their
basis, knowledge, and understanding. A study done by The
Money Advice Service in 2017 said that: managing money is
seen to be part of growing up, and young adults are both
excited and daunted by this. One in five young adults
(22%) of the said study say that they are not confident
in managing their money.
Financial knowledge can start at homes. A book
entitles “The Money Smart Family System “Shows how
parents can teach their children how to save money. It
also talks about how each child differs from one to
another. The book states that some children love to spend
freely, but some people would rather watch as their
savings grow. Despite the unique traits of each child,
the book states that it is possible to educate them with

lOMoARcPSD|28476817
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financial knowledge (Economides &Economides, 2012). The
study on financial literacy has continued to gain
attention in the field of education and beyond, today
financial knowledge has become an instrument in ensuring
a financially healthy society (Odek, 2015)
Related Studies
A study by Acheampong, Kyei-Baffour, Hanson-
Cobbinah, & Osei, (2015), about the Assessment of
Financial Literacy among University Students, found out
that almost half of the population surveyed is
financially illiterate. One reason for the low level of
knowledge is the systematic lack of personal finance
education in the college curricula. Given the lack of
financial education, it is not surprising that the
results show that university students have inadequate
knowledge of personal finance. Another research paper by
Mohd Rahim Ariffin and Zunaidah Sulong (2017) studies
specifically about the financial literacy level and
students’ perception towards saving behavior of a
population, showed that saving behavior, parental
socialization and peer influence had a positive
correlation with financial literacy, whereas self-control
showed a negative correlation with financial literacy.

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In the study of Binobo, Salazar, Polidario,
Somcio, and Sosuntong (2019), “LEVEL OF FINANCIAL
LITERACY OF SENIOR HIGH SCHOOLSTUDENTS FROM PRIVATE
SCHOOLS OF BACOLOD CITY has the purpose to determine the
level of financial literacy of senior high school
students from different private schools of Bacolod City.
The researchers made use of the descriptive-analytical
scheme and the comparative-correlational scheme to
determine the objectives of the study. The study dwells
on the areas spending habits, saving habits and financial
knowledge to determine the overall financial knowledge.
It uses the sex, grade level, district, and family
monthly income as variables. The researchers gathered
data through thorough research and survey by form of a
questionnaires. As total of 140 out of 9636 students from
different private schools of Bacolod City were surveyed
for this study. The findings of the study include
concluding of having no significant difference in the
level of financial literacy when participants are grouped
according to grade level, district, and family monthly
income. But there is a significant difference in the
level of financial literacy when grouped according to
sex. Further results show that there are existing
relationships between spending habits, saving habits and
financial knowledge amongst each other. The general

lOMoARcPSD|28476817
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recommendation for this study was to educate regarding
this matter the students may it be at home or in school.
Specifically, schools organize seminars, parents are
suggested to be examples and to teach their kids
financial management at a young age and the local
governments may include financial management as part of
the current education system
According to the study of J.D Jayaraman and
Jambunathan (2018)” Financial literacy among high school
students: Evidence from India” Financial literacy is an
important but oft ignored skill that is vital for young
people. This study measured financial literacy levels
among high school students (N = 608) in India and found low
levels of performance on standard measures of financial
literacy. The percentage correct score on the basic
financial literacy questions was 45% and on the
sophisticated financial literacy questions the score was
44%. Financial literacy levels in India were found to be
lower than those in developed countries. Gender
differences were found, with females outperforming males,
contrary to findings in developed countries. Students who
pursued the commerce/economics stream of education were
found to have higher levels of financial literacy than
students pursuing the science stream. Results showed that

lOMoARcPSD|28476817
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students, despite having high levels of numeracy, were
unable to transfer that knowledge to do financial
computations. Parental involvement was also found to have
a significant influence on financial literacy. Interviews
with students highlighted the fact that understanding of
societal and macroeconomic impacts of financial literacy
was low. These findings lend support for high school
financial education which involves parents and stresses
practical hands-on application, societal and
macroeconomic impact, as a means of improving financial
literacy.
According to the study of Lantara, I Wayan Nuka;
Kartini, Ni Ketut Rai (2015). “FINANCIAL LITERACY AMONG
UNIVERSITY STUDENTS: EMPIRICAL EVIDENCE FROM INDONESIA”.
This study investigates the level of financial literacy
among undergraduate and graduate students. The study also
examines the association between the students’
demographic factors and their financial literacy rate.
Data were collected by distributing 800 questionnaires to
undergraduate and graduate students of Gadjah Mada
University, Indonesia, covering cross educational majors,
ages, gender, education levels, marital status, income,
and work experience. Out of the sample, a total of 348
respondents returned completed questionnaires, which gave

lOMoARcPSD|28476817
32
a response rate of 43.5 percent. The findings show that
on average 45.39 percent of the respondents answered the
questions correctly, which is relatively low compared to
what other studies found in other countries, such as Chen
and Volpe (1998) in the US (52.87 percent), or Beal and
Delpachitra (2003) in Australia (53 percent). It also
seems that male students, students with economics and
business majors, those with higher incomes, and more work
experience have a higher financial literacy rate. Using
probit and tobit regression tests, the study revealed
that education levels and academic disciplines are
positively associated with the financial literacy rate.
According to the study of Nyungen (2010).” High
School Seniors’ Financial Knowledge: The Impact of
Financial Literacy Classes”. Low levels of financial
literacy among high school students are a growing concern
in the United States. High school students lack the
financial knowledge to make important financial
decisions. Financial literacy and money management skills
are important for high school students as they transition
into an ever-changing economy. High school students, who
are financially literate, are likely to develop positive
financial behaviors and make positive financial

lOMoARcPSD|28476817
33
decisions. Previous studies show that financial literacy
classes can increase financial knowledge.
According to the findings of Chen and Volpe
(1998), students with less financial knowledge tend to
give wrong opinions or even make wrong decisions in
general knowledge such as savings, borrowings,
and investments. Furthermore, the researchers also
found that students who have limited knowledge in
personal finance are unable to make the correct
decisions. At the same time, Bianco and Bosco (2001) also
researched in America and they found that the persons who
lack of personal finance education are facing difficulty
to manage their fund. In addition, general financial
knowledge has been noted as significant to the personal
financial literacy. The findings of Mandell and
Klein (2009) pointed out that financial education also
plays an important role in Personal Financial Literacy of
Tertiary Level Students. For example, the researchers had
provided evidence on the long-term behavioral effects of
high school financial education by showing that the
financial education is significantly increases with the
saving rates at the household level. On the other side,
parents also play an important role in financial literacy
by influencing their children’s’ financial skills and

lOMoARcPSD|28476817
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financial futures through modelling, reinforcement, and
management (Lusardi and Mitchell, 2009). The existing
literature suggests that most of the children gain the
knowledge of money management from their parents than
many other sources (Ibrahim, Harun, and Isa, 2009). For
example, most of the parents like to discuss sound money
management practices with their children at a young age
or even some of the parents teach their children
regarding financial knowledge since they are young.
The findings in this study suggest that financial
literacy classes increased students’ financial knowledge
through financial socialization and effective
experiential teaching techniques. Future research should
further explore the universal effectiveness of financial
literacy classes and the importance of students’
developmental assets. Implications of the findings for
evaluating theory development, policy practice, and
direct practice are also discussed.
Synthesis

lOMoARcPSD|28476817
35
It can be said that reviewed studies provide the
necessary information in carrying the objectives of this
study. All the foregoing studies have similarities and
impact in the current study at hand. Similar and related
studies presented herein are greatly helpful in the
preparation of paradigm.
The review of related studies both show and offer
pieces of information about the financial literacy.
In sum, the studies presented in this study focused
on the financial literacy. All the studies are like this
study in terms of their focus.
On the other hand, the differences that is obvious
is the research context, sample population or
respondents, the tool for gathering data and the
statistical treatment used by the researchers.
Chapter 3

lOMoARcPSD|28476817
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METHODS AND PROCEDURES
This chapter presents the research design,
respondents of the study, data gathering tools, data
gathering procedure and statistical tools that would be
used on the study.
Research Design
The researchers used a quantitative descriptive
design to assess the Financial Literacy of the student of
University of Cagayan Valley S.Y(2021-2022). Descriptive
research is devoted to the gathering of information about
prevailing conditions or situations for description and
interpretation. This type of research method used does
not simply amass and tabulate facts but includes proper
analysis, interpretation, comparison, and identification
of trends and relationships. Dr. Y.P. Aggarwal (2008),
Respondents of the Study
This study was designed for the ASSESSMENT OF
FINANCIAL LITERACY OF THE STUDENTS AT UNIVERSITY OF
CAGAYAN VALLEY: A BASIS OF THE PROPOSED PLAN OF ACTION.
The respondents were allocated among the four (4)
(BSSOC,BSHRM,BSN,BSE) courses in University of Cagayan in
all levels. S.Y(2021-2022). The purposive sampling
technique will be used by the researchers in obtaining
the respondents in the study.

lOMoARcPSD|28476817
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Table 1
Distribution of Respondents of the Study
Respondents Number of Population
Respondents
BSNURSING 1st yr. 98 207
2nd yr. 59 125
3rd yr. 31 66
4th yr. 23 23
Total 211 421
BSSOCIAL WORK 1st yr. 33 49
2nd yr. 20 30
3rd yr. 33 48
4th yr. 33 48
Total 119 175
Hospitality 1st yr. 57 153
management 2nd yr. 59 158

3rd yr. 59 159
4th yr. 74 199
Total 249 669
BSENGINEERING 1st yr. 70 223
2nd yr. 50 159
3rd yr. 48 153
4th yr. 55 176
Total 223 711
Total
Data Gathering Tool

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The researchers utilized a questionnaire that was a
checklist type to gather the data of this study. The
questionnaire involved the use of principal tools in
gathering information with regards to assessing the
financial literacy of the students of University of
Cagayan Valley. It is adopted questionnaire from the
study of Binobo K., Salazar L., El.at titled “financial
literacy of senior high school students from private
school of Bacolod city”.
Furthermore, the questionnaire consisted of two
parts: Part I consisted of the profile variables of the
respondents, and Part II was the checklist type
questionnaire on the assessing their financial literacy
was determined by using the modified numerical scale.
Section A asking the participants budgeting
behavior. Section B asking the participant savings
behavior. Section C asking the participant Investing
behavior and lastly Section D asking the participants
earning behavior. To conduct the study researchers used
online platform to float the questionnaire.
Data Gathering Procedure
To successfully gather the data for this study, the
researcher will undertake the following procedures.

lOMoARcPSD|28476817
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A written permission will be secured to the
President through VP for academic’s ad noted to the Dean
of University of Cagayan Valley. When the permission was
granted, data of the research will be gathered online by
the used of questionnaires administered directly to the
chosen samples for the study to elicit further reliable
data and additional information. The collected data from
the respondents will be analysed. The researchers will
use statistical treatment to assess the financial
literacy of the students of University of Cagayan Valley.
Statistical Tools
The following statistical formulas were used to process
the data to get the answers to the research questions.
Frequency and Percentage Distribution This tool was use
in statistically assess the profile variables of the
respondents.
� = �/ � � 100
Whereas:
P= percentage
F= number of respondents answers
N= Total number of respondents
Weighted Mean will be used to the second part of the

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questionnaire to know how the respondents assess their
financial literacy.
X= ∑ �/N
Wherein:
∑X = sum of the quantitative variables
N = total sample size
ANOVA or the one-way analysis of variance was use
for the inferential question to test the difference
between the variables.
To assess the Financial Literacy of the respondents
of University of Cagayan Valley, (4) Likert scale was
used.
Point Scale Range Interpretation
4 4.00-3.00 Strongly agree
3 2.99- 2.00 Agree
2 -1.00 Disagree
1 1.00 -0.99 Strongly
disagree
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lOMoARcPSD|28476817
41
Ajide, F., 2015. The Spending Pattern among the Youth in
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Ariffin, M., 2017. Students’ Perception towards Financial
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McMahon, W., 2018. How One Educator Found Work-Life
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Adele Atkinsoni and Flore-Anne Messyi iOECD
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Potrich A. Vieira K. Et al (2016). Development of a
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Grate, A., & Gamboa, J.(2017). Determinants of the
Financial Literacy Among Government Employees in Davao
City, Philippines.
Dewi (2017) The Influence of Financial Attitude,
Financial Socialization, and financial experience to
Financial Management behavior with Financial Literacy
as Mediation Variable
D. (2018). Why It’s Important to Teach Your Students
Financial Literacy and Three Ways to Do It. Why It’s
Important to Teach Your Students Financial Literacy and
Three Ways to Do It. Retrieved from EdSurge:
Gerardi et al (2010) Financial Literacy and Subprime
Mortgage Delinquency: Evidence from a Survey matched to
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44
Moore (2003) Survey of financial literacy in Washington
State: knowledge, behavior, attitudes, and experiences.
Chen and Volpe (1998) An analysis of personal financial
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Volpe Published 1998 Psychology Financial Services
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investment/measuring-financial-literacy_5k9csfs90fr4-en
https://www.researchgate.net/publication/275056695_The_Impact_
of_Financial_Literacy_on_Individual_Saving_An_Exploratory_Stud
y_in_the_Malaysian_Context
https://hrmars.com/papers_submitted/6205/The_Effect_of_Financi
al_Knowledge_and_Financial_Attitudes_on_Financial_Behavior_amo
ng_University_Students.pdf
https://www.researchgate.net/publication/327889348_Relationshi
p_between_Financial_Knowledge_and_Spending_Habits_among_Facult
y_of_Management%27s_Staff
https://www.researchgate.net/publication/265728242_Survey_of_F
inancial_Literacy_in_Washington_State_Knowledge_behavior_Attit
udes_and_Experiences

lOMoARcPSD|28476817
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https://www.edsurge.com/news/2018-04-16-how-one-educator-
found-work-life-balance-by-teaching-online-from-her-living-
room
https://econpapers.repec.org/paper/fipfedawp/2010-10.htm
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8_3ai_3a2_3ap_3a107-128.htm
https://www.academia.edu/39729084/Financial_Literacy_of_Senior
_High_School_Students_in_Bacolod_City
http://www.sci-int.com/pdf/636367905598414204.pdf
https://pdfs.semanticscholar.org/6c39/21e8d607171085d7b177e060
38fc63ccc9c5.pdfBona,
https://www.researchgate.net/publication/323870234_Students
%27_Perception_Towards_Financial_Literacy_and_Saving_Behaviour
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f_Youth_in_the_City_of_IndoreBinti
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pment_of_a_financial_literacy_model_for_university_studen
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lOMoARcPSD|28476817
46
https://www.researchgate.net/profile/Folorunsho_Ajide/pub
lication/319652771_The_Spending_Pattern_among_the_Youth_i
n_Lagos_Nigeria/links/59b81a4aaca2724161884f0f/The-
Spending-Pattern-among-the-Youth-in-Lagos-Nigeria.pdf
https://www.researchgate.net/publication/323870234_Studen
ts’_Perception_Towards_Financial_Literacy_and_Saving_Beha
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onship_between_Financial_Knowledge_and_Spending_Habits_am
ong_Faculty_of_Management’s_StaffBirari,
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7e06038fc63ccc9c5.pdfBona,
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three-ways-to-do-itEconomides,
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https://www.researchgate.net/publication/265728242_Survey
_of_Financial_Literacy_in_Washington_State_Knowledge_beha
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ending_Pattern_among_the_Youth_in_Lagos_Nigeria

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QUESTIONNAIRE
Instruction: Please check and/or provide the answer to
each of the needed information below.
Part I. Profile of the respondents
Name (optional): ________________________________
Age
 20-23
 24-27
 28-31
 32-35
Year level
 1st year
 2nd year
 3rd yea
 4th year
Course
 BS Hotel and Restaurant Management
 BS SOCIAL WORK
 BS NURSING
 BS ENGINEERING

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Family Net-income:
 5,000-10,000
 10,000-15,000
 15,000-20,000 above
 Others: _______
Number of family members: ________
Average amount of money spends in one (1) month:
3,000-5,000
5,000-10,000
10,000-15,000
15,000-20,000 above
Others: _______

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Part II. Financial Literacy of the Respondents
Strongly Agree Disagree Strongly
disagree Disagree
(4) (3) (2) (1)

I can determine
what should be
prioritized
before and during
buying an item.
I Prepare a
budget every
month.
I can allocate my
budget too much
with my spending.
I do a written
and electronic
budget planning
and preparation.
I always have
money available
in the event of
emergency.
A. BUDGETING
B. SAVINGS

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Strongly Agree Disagre Strongl
disagree e y
(4) (3) Disagre
(2) e
(1)
I feel confidence
in my knowledge
and ability to
manage my own
finances
I see to it that
I would always
have weekly or
monthly savings.
I put money aside
on a regular
basis for the
future.
I use my personal
money for my
wants and needs.

To save, I
consider whether
the real
necessity before
I make a
purchase.

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C. INVESTING
disagree e y
(4) (3) Disagre
(2) e
(1)
I considered
yourself as
talented people
in investment?
I want to invest
my money
I am not scared
investing my
money in games.
I would enjoy
exploring
investment
opportunity for
my money
I think that a
friend who knows
you well would
describe your
attitude to
taking financial
risks?

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D. EARNINGS
disagree e y
(4) (3) Disagre
(2) e
(1)
I work to earn
money for my need
and wants.
Money matters are
not relevant for
me right now.
I would like to
run my own
business in the
future.
Working outside
school hours
(e.g., a summer
job, part-time
work)
APPROVAL LETTER
February 15, 2023
ESTHER SUSAN N PREZ-MARI, MSc-FM, MD. , PH. D.

President
University of Cagayan Valley

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54
THROUGH: DR. ANTONIO TALAMAYAN

Vice President for Academics
Dear Ma’am:
Warmest Greetings!
The undersigned students of the School of Business Administration and Governance

is presently conducting a study entitled, “Assessment of Financial Literacy of the
students of University of Cagayan Valley: A basis of the proposed plan of action”.
In this connection, may we be allowed to conduct data gathering within/outside the

University. Rest assured that the data gathered will be treated with utmost
confidentiality.
Thank you and God bless!
Respectfully yours,
BIRUNG, MARJORIE A.
MATIAS, MARINETH A.
STA MONICA, HANAH CLAIRE S.
Noted by: Recommending Approval:
MRS. JENNIFER SUYU DR. ANTONIO TALAMAYAN

Adviser VP for Academics
MR. RANDY PERALTA, MBA DR. ESTHER SUSAN N. PEREZ MARI

Dean, SBAG President
Curriculum Vitae
PERSONAL INFORMATION
Name: ANA VICTORIA R. BARCENA

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Date of Birth: DECEMBER 23,2000
Age: 21
Civil Status: SINGLE
Religion: ROMAN CATHOLIC
PARENTS
Father’s Name: LUTHER BARCENA
Occupation: DECEASED
Mother’s Name: ROSALINDA BARCENA
Occupation: NONE
Home address: ZONE07, ALANNAY LASAM CAGAYAN
Educational Attainment
Tertiary: UNIVERSITY OF CAGAYAN VALLEY
Secondary: LASAM ACADEMY INC.
Primary: PULONG STA. CRUZ ELEMENTARY SCHOOL
Name: RITCHMOND BENNET B. BAHIAN
Date of Birth: NOVEMBER 17, 2000

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Age: 21 YEARS OLD
Religion: SEVENTH DAY ADVENTIST
PARENTS
Father’s Name: GEORGE Q. BAHIAN
Occupation: FARMER
Mother’s Name: VIOLETA B. BAHIAN
Occupation: OFW
Home address: ZONE 7 SAN ROQUE PEÑABLANCA, CAGAYAN
Secondary: DIPLAHAN NATIONAL HIGH SCHOOL
Primary: DEL MONTE ELEMENTARY SCHOOL
Name: MARJORIE BIRUNG
Date of Birth: AUGUST 17, 2000

lOMoARcPSD|28476817
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Age: 22
PARENTS
Father’s Name: BINGKY BIRUNG
Occupation: TRICYLE DRIVER
Mother’s Name: MARY JANE BIRUNG
Occupation: OFW
Home address: SANTA MARIA, ISABELA
Secondary: UNIVERSITY OF CAGAYAN VALLEY
Primary: NAGANACAN ELEMENTARY SCHOOL
Name: MATIAS, MARINETH A.
Date of Birth: DECEMBER 7, 2000

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Age: 21
PARENTS
Father’s Name: DANILO MATIAS SR.
Occupation: PROVINCIAL GUARD
Mother’s Name: ROSEMARIE MATIAS
Occupation: HOUSE WIFE
Home address: CAPIDDIGAN GATTARAN, CAGAYAN
Secondary: CALAOAGAN DACKEL NATIONAL HIGH SCHOOL
Primary: CAPIDDIGAN GATTARAN CAGAYAN
Name: HANAH CLAIRE S. STA. MONICA
Date of Birth: MAY 26, 2001

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Age: 21
Religion: PENTECOST
PARENTS
Father’s Name: FELIPE STA. MONICA JR.
Occupation: FARMER
Mother’s Name: CAROLINA STA. MONICA
Occupation: HOUSEWIFE
Home address: TANGLAGAN GATTARAN CAGAYAN
Primary: BATUG PALAGAO ELEMENTARY SCHOOL
Name: ROCHELLE D. VENTURA
Date of Birth: APRIL 9, 2000

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Age: 22
PARENTS
Father’s Name: RODRIGO S. VENTURA
Occupation: (DECEASED)
Mother’s Name: GINA ROSA M. VENTURA
Occupation: HOUSE KEEPING
Home address: BARAOIDAN GATTARAN CAGAYAN
Primary: BARAOIDAN ELEMENTARY SCHOOL
February 15, 2023
ESTHER SUSAN N PREZ-MARI, MSc-FM, MD., PH. D.

President
University of Cagayan Valley
Through: MR. ORLANDO C. TURINGAN JR.

Chair, Institutional Review Board

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61
Dear Madam President:
A pleasant Day!
The undersigned students are officially enrolled in the School of Business

Administration and Governance of University of Cagayan Valley (SBAG-UCV) for
S.Y. 2022-2023. They are respectfully requesting for your approval on the study that
they proposed for the completion of their Business Research 1 and 2 entitled,
“Assessment of Financial Literacy of the students of University of Cagayan
Valley: A basis of the proposed plan of action”.
Concerning the above, the group is verry much willing to carry out the processing of
the needed documents for the Institutional Review Board (IRB) as a requirement
before the final oral defense. Your utmost support of this endeavor will mean success
for the researchers with the positive outlook on what they are doing. Attached are the
minute that were taken during the proposal defense.
Anticipating your favorable and immediate response on the matter is requested.
Respectfully yours,
BIRUNG, MARJORIE A.
MATIAS, MARINETH A.
STA MONICA, HANAH CLAIRE S.
Noted by:
JENNIFER F. SUYU
Research Adviser
RANDY R. PERALTA
Dean, School of Business Administration and Governance

Birung Group Research Chapter 1 3 2

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Birung Group Research Chapter 1 3 2

Accountancy (Saint Paul University Philippines)

Studocu is not sponsored or endorsed by any college or university

Assessment of Financial Literacy of the Student of

A Research Proposal Presented to the Faculty of the

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In partial fulfillment of the requirements for the Degree

of Bachelor of Science Business Administration major in

Financial Management. This study titled ASSESSMENT OF

FINANCIAL LITERACY OF THE STUDENTS OF CAGAYAN VALLEY:

BASIS OF PROPOSED PLAN OF ACTION has been prepared and

submitted by BARCENA, ANA VICTORIA R., BAHIAN, RICHMOND

BENNET B., BIRUNG, MARJORIE C., MATIAS, MARINETH A., STA.

MONICA, HANAH CLAIRE S. and VENTURA, ROCHELLE D. of the

Third Year Financial Management Students of University of

Cagayan Valley, has been examined and recommended for

JENNIFER F. SUYU, MBA

Accepted and approved by the Panel on Oral

RANDY R. PERALTA, MBA

ENG. MYKE ALBERT TEJADA WENDY MAE LAPUZ

DR. GLEN CAGURANGAN RYAN FONTANILLA

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The researchers wish to express their sincerest thanks

and profound gratitude and appreciation to those who

selflessly gave their assistance in preparation and

realization of this study.

Our Professor, Mrs. Jennifer F. Suyu for the

knowledge she had imparted to us. For her patience and

understanding are big help in the completion of this

We would like to thank to our Research Director, Dr.

Glen Cagurangan, for his most support and encouragement.

He kindly read our paper and offered invaluable detailed

advice on grammar, organization, and the theme of the

Served as our inspiration in making this piece of work

and for supporting us morally and financially for the

completion of this study.

Above all, to Almighty God for the wisdom, good

health, blessings and protection.

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We dedicate our dissertation work to our loving Parents,

brothers and sisters, friends, to our professors, to

Almighty God. This work is having not been published

without the inspiration we gain from our dearest parents

who never stop supporting us until we step up in this

well-known institution, University of Cagayan valley.

After all, this dissertation work is dedicated to all the

parents and students who provide fees and payments and

who solemnly chose the course and the institution on

their will of choice and on behalf of their financial

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Downloaded by Joy Quitoriano (quitorianojoy898@gmail.com)

Chapter 1 THE PROBLEM AND ITS BACKGROUND

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Statement of the Problem . . . . . . . . . . . .

Significance of the Study . . . . . . . . . . . .

Scope and Delimitation . . . . . . . . . . . . . .

Chapter 2 REVIEW OF RELATED LITERATURES AND STUDIES

Related Literature . . . . . . . . . . . . . . . .15

Chapter 3 METHODS AND PROCEDURES

Respondents of the Study . . . . . . . . . . . .36

Data Gathering Tool . . . . . . . . . . . . . . . 38