FACTORS INFLUENCING ACCOUNTANCY, BUSINESS,

AND MANAGEMENT STUDENTS'

SAVING INTENTION

By
ALCANTARA, ANGEL MAE
AÑONUEVO, DIAN
BAGA, LOVELY GRACE
BALIBAT, REYVIELYN
BONDOC, GLAIZA MAE

ABM 12 - ST. ANNE

A
Quantitative Research
Submitted in Partial Fulfillment
Of the Requirement for the Practical Research of
Accountancy, Business, and Management

June 2023
 ABSTRACT

Savings are essential to our economy as they foster long-term economic growth.
It occurs when a person is able to set aside some of their earnings rather than
overspending their money. The literature on savings intentions remains less abundant.
In order to address the stated gaps and further expand the field, this study will
evaluate the factors influencing the saving intentions of the students of Accountancy,
Business, and Management students in a Diocesan school presented in the study by
Dharmarathna and Kumari (2021) entitled "Factors Affecting Young Customers’
Saving Intention: An Integrative Review in Sri Lankan Context". The researchers
made use of a survey questionnaire to gather data, including their: (1) Personal
profile; and (2) Saving Intention - Financial Benefits, Peer Influence, and Self-Control.
The study utilized a quantitative research design, specifically descriptive. The
participants of the study are limited to fifty (50) Accountancy, Business, and
Management students from Columban College Inc. - Asinan Campus. Upon analyzing
the data gathered from the participants, the researchers, therefore, conclude that
financial benefits have a significant link with saving intention. Also, peer influence has
a big impact on how much a student can save. Peers with similar preferences who
belong to the same group have a significant impact on the saving decisions made by
the students. Furthermore, students who exercise more self-control are more likely to
succeed in saving. Therefore, the researchers strongly encourage students to make a
financial goal chart that records their progress toward financial goals. It is also
recommended that they surround themselves with a group of peers that can encourage
them to take their financial management seriously. They need to be sharp and wise in
responding to the expanding consumer culture. This means they must be able to
control their emotions and conduct to solve the situation. The study could serve as
baseline data to improve programs that deal with the financial literacy of students.
This will aid in determining the strengths and weaknesses of the students and where
they can focus and further enhance based on their responses.

Keywords: saving intention, accountancy, business, and management students,

quantitative-descriptive study, financial benefits, peer influence, self-control,
Columban College

1
 TABLE OF CONTENTS
TITLE PAGE ……………………………………………………………………………………… 0
ABSTRACT ……………………………………………………………………………………….. 1
TABLE OF CONTENTS ……………………………………………………………………….. 2
CHAPTER 1: THE PROBLEM AND ITS BACKGROUND
Introduction ……………………………………………….………………….………………. 3
Framework of the Study ………………………………………………………………….. 6
Statement of the Problem ………………………………………………………………... 7
Scope and Delimitation …………………………………………………………………… 8
Significance of the Study …………………………………………………………………. 8
CHAPTER 2: METHODOLOGY
Research Design …………………………………………………………………………….. 10
Setting and Participants ………………………………………………………………….. 10
Instrumentation …………………………………………………………………………….. 11
Ethical Consideration …………………………………………………………………….. 11
Data Gathering Procedure ………………………………………………………………. 12
Data Analysis Technique ………………………………………………………………… 13
CHAPTER 3: RESULTS AND DISCUSSION
Demographic Profile ……………………………………………………..……………….. 14
Factors Influencing Participants’ Saving Intention ……..…………………….. 17
CHAPTER 4: CONCLUSION AND RECOMMENDATION
Conclusion ……………………………………………………………..…………………….. 20
Recommendation ………………………………………………………………………….. 21

REFERENCES …………………………………………………………………………………. 23

2
 CHAPTER 1

The Problem and Its Background

Introduction

Savings are essential to our economy as they foster long-term economic growth.
It occurs when a person is able to set aside some of their earnings rather than
overspending their money. Saving habits are important. Decisions and actions related to
saving are crucial aspects of daily living (Asaad, 2015). According to Nicolas and
Ladwein (2022), instead of the traditional factors that determine saving decisions like
self-efficacy and risk tolerance or aversion, factors such as participation, self-esteem,
financial security, and contentment with prior saving actions have a greater impact on
saving acts and intentions. Also, based on the stated study, the findings are consistent
with the theory that saving behaviors, and especially saving acts, may be examined as
consumer behaviors, providing new perspectives on how to understand savings. As with
other consumer habits, saving behavior is influenced by emotional and hedonic
mechanisms. Self-esteem and pleasure are two consumer behavior-related constructs
that have a direct impact on self-efficacy and savings intentions. In addition, Brannon
(2021) stated that consumers are more motivated to save money to pay for future
purchases of status-enhancing goods and services as a result of maximizing their
inclinations. According to this justification, maximization boosts saving intentions when
the goal of saving is to buy a designer sweater but not when the goal of saving is to
ensure future stability. People have different reasons for saving and spending money;
the factors influencing saving behavior vary from person to person, according to Nyarko,
Kong, Asimah, et al. (2018).

According to the findings of the study conducted by Nizar et al. (2021), students
who have a positive attitude toward saving, strong subjective norms, and high perceived
behavior control are more likely to form the intention to save for their future.

3
Furthermore, financial concerns vary in different countries in Southeast Asia. In
Singapore, people look for ways to make their money work harder. While in Malaysia,
people are more concerned with saving. Moreover, educational programs and family
background influence students' saving behavior (Kassim, 2020). Based on the
Organization for Economic Co-operation and Development (2020), socio-economically
advantaged students outperformed students from low-income families in terms of
financial literacy. Also, exposure to financial education in school and parental
involvement were both associated with greater confidence in using digital financial
services. This confidence results in a stronger financial literacy performance. Thus,
promoting financial literacy and saving among university students will result in better
saving behavior (Looi et al., 2022). However, financial literacy is especially low in
Cambodia and Vietnam. In the five ASEAN countries (Cambodia, Indonesia, Malaysia,
Thailand, and Vietnam), scores in financial knowledge and behavior tend to be
positively correlated with income and education levels, whereas gender differences are
minimal (OECD, 2018).

In a recent survey, Filipinos spend more money than they save. The influence of
financial literacy, saving attitudes, subjective norms, and perceived behavioral control
on saving intentions However, studies show that only attitudes about saving, subjective
norms, and perceived behavior have a significant but modest link with saving intention
(Pandita, 2019). Bona (2018) investigated the factors influencing the spending behavior
of college students in the Philippines and discovered that the students' spending and
saving attitudes are heavily influenced by their family members. According to the study
by Bersales and Mapa (2012), raising overall household savings relies on education. The
life cycle saving pattern, which asserts that people tend to save less when they are
young, save more as they age and earn more, and live off of their earnings as they age,
seems to be validated.

4
 Existing literature has identified several determinants of savings intentions and
behaviors. Research focuses on rational determinants, notably those related to tolerance
for risk, external influence, or those based on knowledge and skills. Studies highlight the
impact of cultural norms that inevitably impact the establishment of spending and
saving behaviors, many of which are appropriate based on differing social norms across
the globe. In studies regarding consumer behavior, a large part of the literature on
money is centered on credit and debt and how people spend their money. A majority of
the literature focuses on demographic factors or socially constructed models of
consumption to explain saving behavior. However, there is very limited knowledge of
the applicability of existing economic theories that explains individuals’ saving
intentions, particularly Accountancy, Business, and Management students within the
setting of Diocesan Senior High School. Furthermore, most studies relating to financial
management, mainly focus on behavior and are limited to the saving intention of an
individual and their demographic profile. The literature on savings intentions remains
less abundant. By focusing on the realization of saving decisions and investigating the
influence of factors on saving intentions, the study aims to provide a better
understanding of why students save.

In order to address the stated gaps and further expand the field, this study will
evaluate the factors influencing the saving intentions of the students presented in the
study by Dharmarathna and Kumari (2021) entitled "Factors Affecting Young
Customers’ Saving Intention: An Integrative Review in Sri Lankan Context." This study
paid attention to the influence of factors on the savings intentions of young customers in
the given population to identify which factors have more or fewer effects on each. The
study revealed three (3) factors that influence students' saving intentions. The following
are some of the study's contributing variables: (a) Financial Benefits; (b) Peer Influence;
and (c) Self-Control. Since this research was done from a regional perspective, it was
important to determine whether these factors also apply in the local context.

5
Framework of the Study

The study is in line with the study of Dharmarathna and Kumari (2021) entitled
"Factors Affecting Young Customers’ Saving Intention: An Integrative Review in Sri
Lankan Context." According to the study by Dharmarathna and Kumari (2021), financial
benefits are any direct or indirect advantages that can be attributed to or accrued from
an asset, in any number of terms (or convertible into any number of terms). In other
words, it is a benefit in the form of property, commercial interest, or anything that is
primarily economic gain, but most importantly, money. Moreover, peer influence refers
to the direct influence of peers on others or the effect on a person who is persuaded to
follow peers by having their attitudes, values, or behaviors altered to match those of the
influencing group or person. Both positive and negative effects could have an
influencing effect. Peer influence will have a direct impact on people's savings and
financial choices. Lastly, an essential part of inhibitory control is self-control. It is the
capacity to restrain one's feelings, thoughts, and actions in the face of urges and
temptations. Another definition of self-control is the cognitive ability to control behavior
in order to accomplish predetermined goals.

Figure 1. Paradigm of the Research Process

6
 Figure 1 shows the paradigm of the research process. The paradigm used the
input-process-output model, where the input is the demographic profile of the
participants and the factors influencing their saving intention. Aside from that, on the
process: descriptive research design, survey questionnaire as the procedure, and mean,
frequency, and percentage as statistical tools The last part shows the output of the
research study.

Statement of the Problem

This study mainly focuses on evaluating the factors influencing the saving
intention of Accountancy, Business, and Management students in a Diocesan School.

Specifically, it will seek to answer the following questions:

1. How may the participants be described in terms of:

1.1 Age

1.2 Gender

1.3 Grade Level

1.4 Socioeconomic Status

2. How may the Saving Intentions be described in terms of:

2.1 Financial Benefits

2.2 Peer Influence

2.3 Self-Control

3. What output can be drawn from the study?

7
Scope and Delimitation

The study aims to evaluate the factors influencing the saving intentions of the
students of Accountancy, Business, and Management students in a Diocesan School.
The researchers made use of a survey questionnaire to gather data including their: (1)
Personal Profile and (2) Saving intention; Financial Benefits, Peer Influence, and
Self-control. Furthermore, this study will give sensible and researched advice to every
participant who took part in the study, such as improving their saving intention, after
gathering, evaluating, and concluding the given data gathered from the participants.

The participants of the study are limited to fifty (50) Accountancy, Business, and
Management students from Columban College Inc. - Asinan Campus. The duration of
the study was conducted within the Second Semester of the Academic Year 2022–2023.

Significance of the Study

The main purpose of the study is to evaluate the factors influencing the Saving
Intention of Accountancy, Business, and Management students in a Diocesan School.
Furthermore, it will benefit the following:

Students. The study's findings will offer several recommendations that will aid
in teaching students how to properly save money and what factors influence their
intentions to do so. The study could serve as baseline data to improve programs that
deal with the financial literacy of the students. This will aid in determining the strengths
and weaknesses of the students, where they can focus and further enhance based on the
responses of students.

Parents, Teachers, and School Administrators. This study will instruct

them on how to assist their student in saving money and inform them of the proper
steps to take as students tend to ask for advice from them.

8
 Society. This study will benefit them by enhancing their knowledge of and
comprehension of the variables that influence students' intentions to save money and
their commitment to accomplishing this objective.

Future Researchers. This study will benefit future researchers as this will
serve as their baseline information in conducting future research relating to saving
intention.

9
 CHAPTER 2

Methodology

Research Design

This study on the factors that influence the saving intention of Accountancy,
Business, and Management students utilized a quantitative research design, specifically
descriptive. This research design involves gathering numerical data that can be analyzed
using statistical methods to identify patterns and relationships between variables. A
descriptive study's purpose is to identify a phenomenon and its characteristics. This
research used a descriptive survey design with a questionnaire as the primary
instrument. Surveys are used to describe trends, attitudes, and opinions of a population,
or test for associations among variables of a population by studying a sample of that
population (Creswell & Creswell, 2018).

In line with the given definition, quantitative research design, specifically a

survey method, is the most suitable approach as it enables the collection of numerical
data, which is critical in identifying the factors that influence the saving intention of
Accountancy, Business, and Management students.

Setting and Participants

This study was conducted inside the Columban College Inc. — Asinan Campus.
Columban College is located at # 1 First St. New Asinan, Olongapo City near SM
Olongapo City Downtown. Columban College is a Private, Roman Catholic Diocesan
Coeducational Basic and Higher Education Institution. The Naval Reservation Junior
College (NRJC) was established in 1947 by Mr. Pedro Mendoza and Mr. Dionisio
Lindayag. In 1961, the Missionaries Society of St. Columban of the Prelature of Iba
bought the school and in 1962, the following year, it was incorporated and renamed. The

10
Senior High School Department at the school offers two tracks: Academic and
Technical-Vocational-Livelihood Tracks.

This study used the Convenient Sampling Method. The participants selected are
convenient and accessible for the researchers. This is due to their availability at a given
time, their willingness to participate in the research, and simply being the most
accessible way to collect the required data.

The total number of respondents who participated in this study limited only to
Accountancy, Business, and Management Strand under the Senior High School
Department alone, is 50 students. They provide more than enough diversity among the
students’ saving intentions. The age of the participants ranged from sixteen (16) to
eighteen (18) years old, with thirty-three (33) female and seventeen (17) male students
that are in Grade 11 and 12 under the ABM Strand of Columban College.

Instrumentation

Construction and Development.

The key tool that the researcher would use to collect data is a self-made survey
questionnaire that is aligned from the study entitled "Factors Affecting Young
Customers’ Saving Intention: An Integrative Review in Sri Lankan Context" conducted
by Dharmarathna and Kumari (2021). Prior to the distribution, the self-made survey
questionnaire will be checked and approved by the research adviser to ensure its
validity.

Ethical Consideration

Participants in research should not be exposed to any kind of damage. The

integrity of study participants should be a top priority. Prior to the study, the

11
participants' full consent should be obtained (Bryman et al., 2007). During the selection
process, ethical concerns include:

1. Informed consent

2. Voluntary participation

3. Do no harm

4. Confidentiality

5. Anonymity

6. Only assess relevant components

The key goal of informed consent is for the individual to be able to make an
informed decision about whether they want to participate in the study. Participants can
withdraw at any time without affecting their participation in future services or the
current program. It is important that the assessment process does not affect participants
in any way, whether intentionally or unintentionally. Confidentiality also guarantees
that such personal information is not used in any reports or records that are released.
Anonymity is a more stringent type of privacy since the study team is unaware of the
participant's identity. To complete the questionnaire, the researcher will ask the
participants’ permission. The data will be retrieved and analyzed using the required
statistical method. The paper will be submitted for checking and revision after it has
been completed. After considering the feedback, the paper will be updated and sent to
the research adviser for review and approval.

Data Gathering Procedure

An informed consent form that was signed and survey questionnaires that were
disseminated were the tools utilized in the process of gathering data for this study.

12
 The researchers sent their intended participants an informed consent form to be
signed by their parents to ensure that all information would be kept private. This is a
major concern, as it demonstrates that individuals are taking part in the study
voluntarily. After obtaining approval, the researcher used Google Forms to send a
structured interview to the participants through Messenger. Because it is fast and easy
for both researchers and participants to use, this is the most efficient way to collect data
for the study. The interview is made up of both specific statements that the researchers
came up with and statements that have been modified from related studies. Following
the collection of the participants' responses, the information was carefully and privately
handled.

Data Analysis Technique

When the participants' responses were retrieved, the data were carefully and
confidentially handled. Afterward, in order to summarize each individual variable and
identify patterns, a descriptive analysis was used to find absolute numbers.

Descriptive data comprises diagrams of frequency distributions as well as basic

calculations of central tendency (mean, median, and mode) and spread (quartile ranges,
standard deviation, and variance) (Gelston, 2023). The researchers will compile the data
by calculating the frequency of the participants’ responses and their percentages. The
researchers' next step will be to compute the means for each factor. By doing this, they
will be able to determine the descriptive rating for each computed mean, which falls into
one of four categories: strongly agree, agree, disagree, and strongly disagree.

13
 CHAPTER 2

Results and Discussion

I. Demographic Profile
The demographic profile of the respondents contains their age, gender, grade
level, and socioeconomic status that will be explained in a tabulation of the given data.

Table 1 shows the responses on the demographic profile questions in terms of the
age of the participants. The participants of the study are fifty (50) students from the
Accountancy, Business, and Management strand, ranging in age from 15 to 20 years old
and above. Moreover, the demographic analysis indicates that seven (7) participants
which is fourteen percent (14%) were 16 years old, twenty-eight (28) which is fifty-six
percent (56%) were 17 years old, and fifteen (15) which is thirty percent (30%) were 18
years old. However, no participants were aged 15, 19, or 20 years and above.

Table 1
Demographic Profile Responses in terms of Age

Age Frequency Percentage

15 years old 0 0%

16 years old 7 14%

17 years old 28 56%

18 years old 15 30%

19 years old 0 0%

20 years old and above 0 0%

TOTAL 50 100%

Table 2 shows the responses to the demographic profile questions in terms of the
participants' gender. It indicates that the majority of the fifty (50) Accountancy,

14
Business, and Management students who participated in the study were female, with a
frequency of 33 and a percentage of sixty-six (66%), while male participants had a
frequency of 17 and a percentage of thirty-four (34%).

Table 2
Demographic Profile Responses in terms of Gender

Gender Frequency Percentage

Female 33 66%

Male 17 34%

TOTAL 50 100%

Table 3 shows the responses to the demographic profile in terms of the

participant's grade level. It indicates that the majority of the fifty (50) Accountancy,
Business, and Management students who participated in the study were in Grade 12,
with a frequency of 34 and a percentage of sixty-eight (68%), while Grade 11 participants
had a frequency of 16 and a percentage of thirty-two (32%).
Table 3
Demographic Profile Responses in terms of Grade Level

Grade Level Frequency Percentage

Grade 11 16 32%

Grade 12 34 68%

TOTAL 50 100%

Table 4 shows the demographic profile responses in terms of the participant's

socioeconomic status. The study included fifty (50) Accountancy, Business, and
Management students as participants of the study. Fifteen (15) of the participants have
less than ₱12,082.00 which equates to thirty percent (30%). Twelve (12) of them have a

15
socioeconomic status between ₱12,082.00 and ₱24,164.00, having twenty-four (24%) of
the total percentage. Six (6) have a socioeconomic status between ₱24,164.00 and
₱48,328.00 and ₱84,574.00 and ₱144,984.00, which both have a percentage of twelve
(12%). Ten (10) have a socioeconomic status ranging from ₱48,328.00 to ₱84,574.00
having a percentage of twenty (20%). And only one (1) has a socioeconomic status above
₱241,640.00. However, none of the participants have a socioeconomic status between
₱144,984.00 and ₱241,640.00.
Table 4
Demographic Profile Responses in terms of Socioeconomic Status

Age Frequency Percentage

Less than ₱12,082.00 15 30%

Between ₱12,082.00 and

12 24%
₱24,164.00

Between ₱24,164.00 and

6 12%
₱48,328.00

Between ₱48,328.00 and

10 20%
₱84,574.00

Between ₱84,574.00 and

6 12%
₱144,984.00

Between ₱144,984.00 and

0 0%
₱241,640.00

Above ₱241,640.00 1 2%

TOTAL 50 100%

16
II. Factors Influencing Participants’ Saving Intention
Table 5 shows the responses in terms of Financial Benefits. Statements 1, 2, 3,
and 5 received "Strongly Agree" descriptive ratings, with computed means of 3.48, 3.44,
3.34, and 3.36, respectively. While only statement 4 received an "Agree" descriptive
rating with a total mean of 3.04, Overall, the mean under Financial Benefits is 3.332
with a descriptive rating of Strongly Agree.
Table 5
Financial Benefits
Frequency
1
4
Statements 3 2 Strongl Mean Descriptiv
Strong e Rating
Agre Disagr y
ly
e ee Disagre
Agree
e
Saving will allow me to
Strongly
meet my long-term 26 22 2 0 3.48
Agree
financial goals.
I save money to give myself
Strongly
a sense of financial 24 24 2 0 3.44
Agree
security.
I intend to save for Strongly
22 23 5 0 3.34
emergency purposes. Agree
I intend to allocate my
10 32 8 0 3.04 Agree
money to be college ready.
I intend to allocate portion
Strongly
of my allowance for school 22 24 4 0 3.36
Agree
expenses.
Strongly
TOTAL 3.332
Agree

Table 6 shows the responses regarding the influence of peers on their saving
intention. Statements 1, 2, 3, 4, and 5 received "Agree" descriptive ratings, with

17
computed means of 2.84, 2.76, 2.98, 3.04, and 2.82, respectively. As a result, the overall
computed mean under Peer Influence is 2.888 with a descriptive rating of Agree.
Table 6
Peer Influence
Frequency
1
4
Statements 3 2 Strongl Mean Descriptiv
Strong e Rating
Agre Disagr y
ly
e ee Disagre
Agree
e
My friends encourage me
to buy affordable and 8 28 12 2 2.84 Agree
cheaper things.
I always ask my friend’s
opinion before buying 9 23 15 3 2.76 Agree
something.
My friend’s saving habits
greatly influences my 13 24 12 1 2.98 Agree
intention to save.
Seeing how my friends save
money motivates me to 14 25 10 1 3.04 Agree
follow the same path.
I talk with my friends about
8 26 15 1 2.82 Agree
money-saving techniques.
TOTAL 2.888 Agree

Table 7 shows the responses in terms of Self-Control. Statements 1, 4, and 5

received an "Agree" descriptive ratings, with computed means of 3.16, 2.9, and 2.96,
respectively. While statements 2 and 3 received a "Strongly Agree" descriptive ratings
with computed means of 3.42 and 3.46, respectively. Overall, the computed mean under
Self-Control is 3.18 with a descriptive rating of Agree.

18
 Table 7
Self-Control
Frequency
1
4
Statements 3 2 Strongl Mean Descriptiv
Strong e Rating
Agre Disagr y
ly
e ee Disagre
Agree
e
I keep track of my spending
so that I’ll know how much 19 22 7 2 3.16 Agree
I could save.
I avoid buying things that Strongly
28 16 5 1 3.42
is out of my budget. Agree
I choose to buy my needs Strongly
29 16 4 1 3.46
first before my wants. Agree
I avoid places that might
11 25 12 2 2.9 Agree
tempt me to buy products.
I obey the amount that I
am supposed to save based 13 23 13 1 2.96 Agree
on the schedule.
TOTAL 3.18 Agree

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 Chapter 4
CONCLUSION AND RECOMMENDATION
Conclusion
Upon analyzing the data gathered from the participants, the researcher, therefore
concludes the following:

1. Based on the findings, the majority of the participants were from the age group of 17
years old. In accordance with the responses in terms of the participants' gender, the
majority of the students who participated in the study are female. It shows that a large
proportion of Grade 12 students participated in the study. The majority of the
participants have less than ₱12,082.00, as for their socio-economic status.

2. The researchers' analysis of the participant data led them to the following
conclusions: (1) In Financial Benefits, the overall computed mean is 3.332 with a
descriptive rating of Strongly Agree. The Consumer Federation of America discovered a
significant link between having spending and saving goals and keeping emergency
money, according to O'Neill (2012). Particularly for those with low incomes, those who
had a spending plan with goals were far more likely to have emergency savings than
those who didn't. Additionally, saving enhances emotions of stability and peace of mind
and offers a financial "backstop" for life's uncertainties. Savings can serve as the "seed
money" for higher-yielding assets like stocks, bonds, and mutual funds if an appropriate
emergency fund has been developed. (2) In terms of Peer Influence, the overall
computed mean under Peer Influence is 2.888 with a descriptive rating of Agree.
According to studies by Jamal et al. (2015), Ariffin et al. (2017), and Dangol & Maharjan
(2018), the influence of peers has a big impact on how much people save. Azlan et al.
(2016) found that peer influence has a significant impact on the saving decisions made
by university employees in the United States and that people with similar preferences
tend to belong to the same group, creating a correlation between the group and

20
individual behavior. According to Henager & Mauldin (2015) and Jamal et al. (2015),
peer influence has a favorable and substantial impact on people's saving behavior. (3)
Lastly, in the terms of Self-Control, it has been revealed that the overall computed mean
is 3.18 which corresponds to the descriptive rating of Agree. In accordance with de
Ridder et al. (2012), those who exercise more self-control are more likely to succeed in a
variety of fields of life and reach their goals. Later empirical studies (Brändstatter and
Güth 2000; Otto 2009; Trzciska and Goszczyska 2015) supported this claim by
demonstrating that both adults and adolescents benefit from having strong self-control
when it comes to saving money.

Recommendation
Based on the drawn conclusions, the researchers suggest the following
recommendations:

1. The researchers strongly encourage students to begin creating sensible behaviors that
will keep them on track. Students can help themselves succeed by making a chart that
records their progress toward financial goals. A financial goal chart will assist them in
becoming more detailed by providing a schedule, tactics, and actionable activities. One
of the primary advantages of having objectives is that it allows them to align their
intentions with their actions. They provide them with direction, focus their efforts, and
provide them with a sense of achievement when they are completed. They assist the
students in becoming forward-thinking. It is critical to set goals that will guide their
actions and create incentives to continue. To keep going forward in the direction of a
greater, more fulfilling life.

2. The researchers highly recommend the students to surround themselves with a set of
peers that encourage money conversations in their relationships and setting financial
goals together. The mere fact that they are surrounded by people who are doing well can

21
be a huge motivation. They serve as healthy ‘competition’ for them and encourage them
to also take their finances seriously. Also, the researchers encourage them to indulge in
peer group discussions that tackle money management. Self-help peer groups may be
particularly effective in areas where a small behavior change can generate a large
impact. This can be in various forms: encouraging them to save money, pushing them to
invest, preventing them from careless spending, and giving them the right money
orientation. There is an incredible value that comes from having the right kind of peers.
If done right, their relationships will not harm their finances but serve as a catalyst for
financial growth.

3. In order to avoid becoming imprisoned in a consumer society, the researchers highly

recommend the students to be sharp and wise in responding to the expanding consumer
culture. This means they must be able to control their emotions and conduct in order to
solve the situation. Students must be able to grasp the priority of their needs, so that the
rampant consumerism among Filipino students might be reduced. Students should
always look for new ways to increase their financial literacy. Reading books, and
literature, or attending financial seminars can provide information. If the young
generation has adequate financial literacy, their capacity to make financial decisions will
be significantly influenced.

22
 REFERENCES
Alshebami, A. S. (2021, November 24). The Antecedents of Saving Behavior and
Entrepreneurial Intention of Saudi Arabia University Students.
https://jestp.com/index.php/estp/article/view/1430
Angela, G., & Pamungkas, A. S. (2022). The Influence of Financial Literacy, Parental
Socialization, Peer Influence and Self-Control on Saving Behavior. Atlantis Press.
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