ST.

PAUL UNIVERSITY DUMAGUETE’S ACCOUNTANCY, BUSINESS, AND

MANAGEMENT (ABM) GRADE 12 STUDENTS: THE ASSOCIATION OF FINANCIAL

LITERACY AND THEIR E-COMMERCE SHOPPING BEHAVIORS

A Paper with the Sections of a Research Study presented to a Faculty Member of St. Paul University

Dumaguete (SPUD)

In Partial Fulfillment of the Requirement in Research in Daily Life 2

By:

Dianne M. Cabugnason

Romelen E. Colongon

Chris Noel G. Delgado

Guessha Camille M. Mamhot

Jose Paolo Mendez

Chauncey Iverson V. Perez

Rojene Andrea Vilan

Research Committee: Mr. Mico Argallon

October 22, 2022

 ST. PAUL UNIVERSITY DUMAGUETE’S ACCOUNTANCY, BUSINESS, AND

MANAGEMENT (ABM) GRADE 12 STUDENTS: THE ASSOCIATION OF FINANCIAL

LITERACY AND THEIR E-COMMERCE SHOPPING BEHAVIORS

I. ABSTRACT

This study is intended to discover the relationship between the Financial Literacy and

Online Shopping Behavior of St. Paul University Dumaguete’s (SPUD) Accountancy, Business,

and Management (ABM) Grade 12 Students. Researchers have developed this topic and has

narrowed the said research topic down through relevant reviews of literatures, both journals and

articles, that has given much information for their study and its procedure. The process of this study

also contains the use of online survey forms, Likert Scales, and Pearson’s Correlation Coefficient

(r) from the formulation and finalization of survey to the data explication of this study which are

revealed on the last sections of this study. The results have shown distinct characteristics and

responses from the said target population. Despite this, there is still a relation present between the

two variables that the researchers are focused on although not strong which indicates a minimal

relationship.

Keywords: Financial Literacy, Online Shopping Behavior, Accountancy, Business, and

Management (ABM) Students, Likert Scale, Pearson’s Correlation Coefficient, Personal Finance,

Business Finance.

II. INTRODUCTION

In July 2015, a request from the Bangko Sentral ng Pilipinas (BSP) was made for the World Bank

to implement the financial capability survey on Filipino citizens. The survey was also implemented for the

reason of having a broader engagement in developing financial consumer protection and education in the
Philippines (openknowledge.worldbank.org). It entails a promising purpose for a survey with a dismaying

result. According to its findings, there are three (3) out of seven (7) financial literacy questions the

respondents answered correctly – sparking pressing matters about the financial literacy and economic

conditions of the Philippines. With the given present issues of most the elder group of Filipinos, researchers

of this study are intrigued whether it is the same case for the growing and developing economic drivers of

the society – the Accountancy, Business, and Management (ABM) Students. The said subgroup of the

society is known for being the learners who aspire to take business-related courses in college and engage

in the business, entrepreneurship, and other careers that has high relation to the economic world (uno-

r.edu.ph). Although the said subgroup is learning economic principles and functions, they are seen to be

quite impulsive in terms of their buying or purchasing power, especially in their online shopping behavior.

Being included in the Generation Zoomers (Gen Z) has generalized them, in regard to their spending habits,

as beings of buying much over their salary or allowances (ncr.com).

Given by that information, the researchers have realized and noticed a tint of the said characteristic

above on the said subgroup of St. Paul University Dumaguete (SPUD). It is on such premise that the

researchers decided to conduct a study in determining the relationship between the Financial Literacy and

Online Shopping Behavior of the Accountancy, Business, and Management (ABM) Grade 12 Students of

the said educational institution. This study was also bound to know whether good and bad budgeting

category of the former variable, and the proper and improper online purchase practices of the latter variable

has any positive relation in terms of strength and direction with the use of the chosen methodology of the

study.

III. STATEMENT OF THE PROBLEM

The study presented was conducted with the intention to determine the relationship between the

Financial Literacy of Accountancy, Business, and Management (ABM) Grade 12 Students of St. Paul

University Dumaguete (SPUD) and their shopping behaviors in E-commerce.

 Specifically, the researchers of this study aimed to answer the following questions:

1. What are the descriptions of the Accountancy, Business, and Management (ABM) Grade 12

Students of St. Paul University Dumaguete based on the following:

1.1 Age

1.2 Sex

1.3 Average Monthly Allowance

1.4 Average Cost of Expenses

1.5 Frequency of Buying Products Online

1.6 Frequency of Receiving Funds/Allowance

2. Are the Grade 12 Students of St. Paul University Dumaguete familiar with and are

sensible to Financial Literacy and their Online Shopping Behavior respectively?

3. Does St. Paul University Dumaguete’s students of the said academic strand

practice effective budgeting and online shopping habits?

4. Does the financial literacy of the Accountancy, Business, and Management (ABM)

Grade 12 Students of St. Paul University Dumaguete reflect their online shopping

behaviors?

5. Is there any relationship between the said students’ Financial Literacy and their

online shopping behavior?

IV. REVIEW OF RELATED LITERATURE

 This section presents previous written materials that has relevance and significance to this

research study that researchers are undertaking.

To start, the researchers of this study saw the relevance of an article that presents various

research studies with proven E-commerce habits of Generation Zoomers (Gen Z), which are born

from the year 1997 to 2021 that aged 25 and 10 respectively. The article, 70+ Statistics on Gen Z

Spending Habits for 2022, with compiled research conclusions assembled by Grozdanov, A. gave

insights to researchers of choosing the subject of their research study. Which led the said

researchers of this study to evaluate St. Paul University Dumaguete’s Accountancy, Business, and

Management (ABM) Students’ Online Shopping Behavior in relation to their Financial Literacy.

The article includes the severity of their online shopping behaviors and the frequency of their

purchase in E-commerce which further deepen the interest of the researchers to know its relation

to the target population’s Financial Literacy. The same goes for the literary works by Fromm,

J. entitled “How Much Financial Influence Does Gen Z Have?” which presented information that

provides another retrospect to Generation Zoomers (Gen Z) as individuals that have traits of the

following: strong-willed, smart, practical, and hardworking. The article also states that the

developed traits are mostly rooted in growing up in an environment of economic volatility and

social change, as well as the rapid digital transformation.

Furthermore, the article entitled “Generation Z Retail Shopping Behaviours” articulated

by Hudson, M. provided information - specifically, the characteristics of Generation Zoomer

Shoppers. The information explicitly shows the opposite of the previous article presented as it

articulates how demanding the generation subject of the literary work. It is stated that the said

generation, which is also the generation that are respondents of this study the researchers has

conducted, has no patience when the expectations of their products are not met. Additionally, the

Generation Zoomers (Gen Z) not only influence their own purchasing decisions but also influence

those of their family.

 Aside from the previous articles, a report by the TIAA Institute and the Global Financial

Literacy Excellence Center (GFLEC) published in the year 2021 articulates that Generation Zoomers

(Gen Z) has the lowest Financial Literacy among the other 4 generations: the Silent Generation, Baby

Boomers, Gen X, and Y. Although Gen Z has the lowest Financial Literation, 28% of Gen X respondents

answered that they are having the difficulty of making ends meet in an average month. During the

isolation years due to COVID-19 Pandemic, 39% of survey respondents say they are now motivated to

focus on their financial literacy, and the younger generation respondents reported that they are now

feeling the most focused on their Financial Literation. This article has provided the researchers of this

study a valuable perception in regard to their target population, in the sense of its possible

characteristics.

V. REVIEW OF RELATED STUDIES

In this section, previous written research studies discovered from journals that are

potentially relevant and significant to this study conducted by the researchers. The following

research studies are stated below:

In a study entitled ‘The Effect of Financial Literation on Online Shopping Interest in

Millenials’ conducted by Astuti, R., Tanjung, H., et. al. implies an objective of analyzing the

financial literacy of Millenials on their online shopping demand. To reach this objective,

researchers have included tests to validate their data. In due course, this study has proven significant

information on financial literacy on the online buying interest of Millenials that the better the level

of financial literacy, the more the Millenials are interested in online shopping. However, the study

did not demonstrate a simple relationship structure of the said variables in regard to Generation

Zoomers (Gen Z). Which is the aim of the researchers of this study to discover the relationship

between the Financial Literacy of Accountancy, Business, and Management (ABM) Grade 12

Students of St. Paul University of Dumaguete (SPUD) and their Online Shopping Behavior, as well

as to acknowledge their possible practices the said target population may have.
 To continue with the other studies discovered by the researchers, a study titled ‘Financial

Literacy among BSAIS Students on Online Purchasing Choice’ conducted by Canceran, S., et. al.,

has findings that revealed that the majority of the students has a medium level of knowledge and

skills on personal finances, including borrowing and saving. Which counters the statement from

the website of the Consumer Financial Protection Bureau (consumerfinance.gov), a United States

government, of having a developed and form financial knowledge and decision-making skills that

greatly provide assistance to people in weighing their options and make informed financial

decisions. This includes in deciding whether it is best to spend the money or deposit it in your

personal savings account or piggy bank, comparing expenses before purchasing expensive product,

and budgeting. Similar to that, their study found no relationship between financial literacy levels

and factors including age, gender, language, race, and income level. In contrast to the study’s

conclusion, it was found that the reading, analyzing, managing, and communication abilities of the

male and female respondents varied significantly. However, they were unable to find a statistically

significant difference in the respondents’ financial literacy.

Aside from the other studies above, a study entitled “Financial Literacy Index for College

Students” conducted by D. Ambarkhane et. al. considers three aspects of financial literacy in analyzing

the said variable of the students from the secondary education to college students which are name:

knowledge, attitude, and behavior. The formulated questionnaire tested the knowledge of the said

respondents’ financial literacy that has emphasized the four areas: General Personal Finance

Knowledge, Savings and Borrowing, Insurance, and Investment. The result of this study demonstrated

that financial literacy, in worldwide perspective, is observed to be low – including India where the study

took place. The results also demonstrated the need for basic level financial education in the curriculum

depending on their level of financial literacy. It should also address the attitude and behavioral aspects

of financial literacy in addition to knowledge. This study may have provided utilitarian information in

regard to financial literacy; however, it did not answer its relation to purchasing practices.
VI. METHODOLOGY

This section covers the research design and the procedures the researchers undertake. This

includes the sampling, population, the process of data collection and analysis in consideration of

the process common in other research studies.

a. Research Design

The research design included the utilization of qualitative research methods in addressing

the research study’s hypotheses. The methodology involved the examination of the relation of

Financial Literacy and Online Shopping Behaviors of St. Paul University Dumaguete’s (SPUD)

Accountancy, Business, and Management (ABM) Grade 12 Student who has undertaken their

Business Math specialized subject which compromises lessons of budgeting and proper financial

decisions. A quantitative approach was appropriate to be applied in this study as it explores the

relationship between the said variables in a numerical approach to simplify its possible results. This

study was designed to obtain an understanding of the said variables which increase our

comprehension of the target population which are Generation Zoomers (Gen Z) in their economic

practices.

b. Research Participants

In this study, Accountancy, Business, and Management (ABM) Grade 12 Students, who

ages from 16 to 18 which fits to the generation scale of Generation Zoomers (Gen Z), are the target

population and are surveyed. The lower grade level of this strand, the Grade 11 Students, are also

potential individuals needed by the researchers as they are also taking business-related specialized

subjects; however, the said grade level did not meet their requirement – which is undertaking the

specialized subject ‘Business Finance’ that instills budgeting and proper financial considerations

and decisions for learners. Despite the small number of respondents, the researchers continued to

actively recruit the aforementioned students as the researchers see an advantage in their
involvement in regard to utilizing this population as they have directly witnessed and learned

budgeting and other financial knowledge needed for economic activities. In essence, these potential

respondents can give directly valid and relevant data to the study.

Graph No.1: Composition of Respondents

Graph No.2: Ages of the Respondents

Age of the Respondets

16
14
12
10
Age

8
6
4
2
0
16 17 18

c. Research Instruments
 The researchers of this study conducted a survey with the respondents via Google

Forms. Particularly, closed-ended item types of survey questionnaire in an online survey, e.g.,

Likert Scale. This type of survey questionnaire is appropriate as it formulates well-defined

construction of the respondents’ level of agreement, awareness, and likeness with the statement

present in the survey. This common instrument is also relatively fast and simple for respondents

to complete as there are a set of response options from which respondents must choose and are

simple for researchers to analyze as the data are converted to numbers displayed on a

spreadsheet. With regard to the statement presented in the survey, the researchers of the study

make use of the publicized document from the Economic Survey of Lithuania 2022 of the

Organization for Economic Cooperation and Development (oecd.org) which contains

guidelines and questionnaires that are proven to measure an individual’s Financial Literacy.

This is intended for researchers to be able to measure financial literacy and its description to

compare the levels of financial literacy of every country in a sense for economic growth (INFE,

O 2011).

Furthermore, the study conducted inculcates the Pearson’s Correlation Coefficient as

the study’s method in data analysis after the data gathering objective is achieved. This

descriptive statistic method, formulated by Karl Pearson in relation to Francis Galton’s idea

(Pathak, R 2020), is also incorporated in this study as suggested by the researchers’ research

committee in order to present a summarized and simple results as it presents the strength and

direction of the linear relationship between two variables (scribbr.com); the Financial Literacy

and Online Shopping Behavior, that the researchers have focused on.

d. Research Procedure

This study utilized the researchers’ own formulated framework to investigate the

relationship between Financial Literacy and Online Shopping Behavior of St. Paul University

Dumaguete’s (SPUD) Accountancy, Business, and Management (ABM) Grade 12 Students. The
statements from the Economic Survey of Lithuania 2022 (oecd.org) were incorporated in

conjunction with the said purpose of the study. Considering that the study’s design is quantitative,

the researchers utilized Likert Scale as their closed-ended item type of survey. These were

undertaken to develop and provide a definite relation of the said variables as gathering data are

displayed numerically in a spreadsheet – from raw data to simplified data.

Graph No. 3: Procedures

To give enlightenment, the researchers classified the two variables into two categories; (1)

the good budgeting and proper online shopping practices, and (2) the bad budgeting and improper

online shopping practices, which is done in order for researchers to discern the distinct relationship

between the said variables. As a succeeding course of action, the gathered data are summarized in

the form of getting its average per response of the category. In reliance to Microsoft Excel features,

the Pearson’s Correlation Coefficient (1880) is calculated through typing the formula =PEARSON

(array 1, array 2). The possible results of this formula from the said spreadsheet are expounded in

accordance with the Pearson’s Correlation Coefficient (1880) linear interpretation.

i. Conceptual Framework
 In this section, a diagram is constructed to oversee the possible relationship of

the variables that are present in the study that researchers are conducting.

Graph No. 4: Conceptual Framework

Above are the variables; Financial Literacy - an independent variable that

causes an effect on other variable which contains both good and bad budgeting

perceptions that may relate to the other variable: Online Shopping Behavior - a

dependent variable that may demonstrates changes depending on the influencing

variable.

e. Data Explication

In this study, the data gathered from the respondents through survey have undergone

analysis. The extracted raw data are tabulate as the researchers wanted to ensure that the content of

the data is complete and prevent confusion from a bulk data. As the procedure of getting the average

and using of Pearson’s Correlation Coefficient formula mentioned in the previous subsection of

this paper is incorporates to the raw data, the variables’ data may be interpreted in accordance with

the learning material the research committee has provided (Lesson 7 - Pearson's Correlation.pptx):
 1. A Perfect Positive Correlation indicates that there is a present relationship of the

variables and an increase in one variable predicts also an increase of the other

variable.

2. A Strong Positive Correlation indicates a strong relationship between the variables

and the direction of the said variables move together in the same direction.

3. A Weak Positive Correlation indicates that a relationship of the variables is not

very strong although both variables tend to go up in response to one variable to

another.

4. A Weak Negative Correlation indicates that a relationship of the variables is not

very strong, and one variable goes to the opposite direction the other variable goes

to.

5. A Strong Negative Correlation indicates a strong relationship between the

variables; however, one variable goes up whenever the other variable goes down

– having the variables taking the opposite direction.

6. A Perfect Negative Correlation indicates that there is a present relationship of the

variables, however, an increase in one variable predicts that the decrease of the

other variable.

7. No Correlation indicates that there is no relationship between the variables.

f. Definition of Terms

Each term presented below that has been referred in this study are mostly defined

by the researchers how they are utilized in the study and other studies that became the

foundation of the study conducted. This section is presented to be used in understanding

the terms contained in the study. So as to expand vocabulary and be familiar with the

following terms below;

• Accountancy, Business, and Management (ABM) Grade 12 Student - this refers to

a student that is studying in an Academic strand that focuses on basic concepts of

finance - which includes budgeting and control of the proper flow of cash - and

business management, along with corporate ethics and functions, in preparation

for their career.

• Business Finance – a specialized subject undertaken by the students who are under

the Accountancy, Business, and Management academic strand. This compromises

most of the economic principles, management, and functions that the learners must

comprehend for their preparation in sauntering the world of business.

• Buying (Purchasing) Power – the capacity of an individual to buy or purchase

products; goods or services.

• E-Commerce - this deliberately defines electronic commerce where students buy

products as this medium of selling that displays merchandise and goods with

images, along with the other classifications such as price, measurement, etc.

• Financial Literacy - this refers to the capability of a student to decide on an

effective choice in accordance with the financial resources they possess; can be

seen through good and bad budgeting or the timely estimation and establishing

monetary plan.

• Generation Zoomers (Gen Z) - the entire body of individuals that succeed the

Millennials which is also used to generalize students, the Accountancy, Business,

and Management Grade 12 Students, that serve as respondents of this study.

 • Global Financial Literacy Excellence Center (GFLEC) - this implies a research

institution solely for financial literacy-related studies, along with policies and

solutions, which are sources of background information for the study.

• Organization for Economic Cooperation and Development (OECD) – this implies

an organization that solely became a source of financial literacy-related

methodologies, structures, and guidelines for researchers to follow.

• Pearson’s Correlation Coefficient – a correlation coefficient that summarize the

dataset and highlights relationship between variables by its strength and direction.

VII. RESULTS AND DISCUSSION

In this section, the results from the data collected and interpreted in accordance with the procedures

that the researchers of this study have undertaken are presented in a simplified form and reflected.

Before leading to the discussion of the results of the study regarding the relation of Financial

Literacy and Online Shopping Behavior of St. Paul University Dumaguete’s Accountancy, Business, and

Management Grade 12 Students, the results of the said respondents’ personal descriptions disclose that the

majority of the population subjected to this study are neither unfamiliar with nor familiar with the term

‘Financial Literacy’ with a percentage of 47.

Chart No. 1: Have you encountered and know of the term ‘Financial Literacy’?
 Following this ranking in the ordinal data of the Likert Scale results are 27% of the students who

are familiar with ‘Financial Literacy’ – which may indicate that they have managed their personal finances

effectively. Simultaneously, the students – with the same percentage of the previous results above – disclose

that they are sensible to their online shopping behavior. This elucidated that most of the population

subjected to this study is responsible for their purchasing habits. Yet 10% of the said population lack

acknowledgement and sensitivity of their shopping practices.

Chart No. 2: Are you sensible and aware of your online shopping behavior?

The results above are in consideration of the frequency of receiving their allowance and purchasing

products. As well as their monthly allowance and cost of their expenses, which are presented below:

Chart No. 3:
 The pie graph above indicates that most of the students, who are the respondents and the subject of

this study, has an allowance of more than PHP 900.00 which has the same amount of the cost of their

monthly expenses that may indicate a normal cash flow of their personal finances.

As the data are classified by the researchers into two categories: (1) the good budgeting and proper

online shopping practices, and (2) bad budgeting and improper online shopping practices, the results to

determine the hypotheses of the researchers of this study are separated. In the first category in finding the

relation between the Financial Literacy of St. Paul University Dumaguete’s Accountancy, Business, and

Management (ABM) Grade 12 Students and their Online Shopping Behavior, the results revealed an

indication of a weak positive correlation after getting the average of the data of statements of good

budgeting in the section of the survey of ‘Financial Literacy’ and proper online shopping practices in the

survey section of ‘Online Shopping Behavior.’ The results explicitly shown in the table below:

Table & Graph No. 1: Pearson’s Correlation Coefficient Results of Both Categories
 On the other hand, the results on the second category that counters the previous proper practices

indicates a weak negative correlation after the process of getting the average of the data from bad budgeting

and online shopping practices of the said survey sections. If these results were to compare to the related

study titled ‘The Effect of Financial Literation on Online Shopping Interest in Millennials’ conducted by

Astuti, R., Tanjung, H., et. al., it can be seen that the method of this study is rather simple than the complex

framework and tests that the said research study has undergone. Yet the results of this study also became

simple in terms of comprehending the data as it is classified and simplified with the formulated

categorization and method used by the researchers of this study.

VIII. CONCLUSION

This research investigated the relationship between Financial Literacy and shopping behaviors in

the E-commerce of Accountancy, Business, and Management (ABM) Grade 12 Students of St. Paul

University Dumaguete (SPUD) who have undertaken their Business Math specialized subject. As

mentioned in the introduction, the purpose of this study is to obtain an understanding and increase our

comprehension of this specific generation through their economic practices through the said variables.
 The conclusions can be drawn from the results and discussions are that there are still a large number

of students who are neither familiar nor aware with the term Financial Literacy. However, there are still a

considerable amount of student who acknowledge the said variable which may indicate that there are still

learners who are capable of effectively managing their personal finances given that they are aware of the

term Financial Literacy. Despite having 10% of lacking sensibilities and awareness of the students’ online

shopping behavior, most students are sensible to their practices in purchasing in the E-commerce which are

highly in consideration of their average allowance and cost which practice budgeting and good cash flow

of their monetary activities. In continuation of giving inferences of the findings above, the relationship

between the category one (1) of good budgeting and proper online purchase practices is not that strong.

There is a presence of correlation, a positive correlation, given that most of the data presented in the findings

above indicates that both variables go up in response to one another, yet this relationship is not firm enough.

This may indicate that the financial literacy does reflect on the students’ shopping behavior as both good

and proper practices of these variables correlate. On the other hand, the second (2) category which states

about the bad and improper practices of the variables being examined by this study reveals a weak negative

correlation. Which deliberately rejects one of the hypotheses of the researchers of having a positive

correlation between the said category of the variables as the findings reveals that the other variable will

decrease or go to the other direction opposite to the increasing variable. Despite this, most of the students

subject to this study has practiced effective budgeting through the data seen by the researchers and presented

to the findings above this section.

Recommendations

Based on the results and discussion, and conclusion, the researchers of this study

formulated recommendations and suggestions that are present in this subsection are the following:
 1. For the learners, the proper practice in terms of shopping in the E-commerce must

be performed by Generation Zoomers (Gen Z) as pressing matters that contradicts

proper management of the purchase power may cause monetary complications.

2. For the learners, the essence of being acquainted much of basic financial

management, including the perceptions and practices of effective financial literate,

must be instilled further to you, students, who are the growing drivers of the

economy, to strive competently in the community.

3. For the academic institution, the catalyst of allowing and motivating the students

from educational lectures that let them learn financial management for their

academic and personal advancement.

4. For next researchers, the use of other rigorous quantitative methods to ensure the

relationship between variables must be considered seeing that the second category

discussed in this study rejects one of the hypotheses of the researchers.

5. For future researchers, the researchers of this study aspires the researchers who

took their study as reference to deepen the research variables, as well as their

relationship, given that a correlation relationship between variables are not

causation as it does not mean that a variable subjects the other variable to change.

Acknowledgements

The researchers of this study would like to proclaim their utmost gratitude to the almighty

God for the guidance given to them in completion of their research paper. Apart from this, the

researchers would also like to commend and express appreciation to their research committee and

educator, Mr. Mico Argallon, a faculty member of St. Paul University Dumaguete (SPUD) for his

direct guidance and support in the research study process of the researchers. Particularly, the

learning materials, suggestions, and genuine responses he has given to his researcher-students to

enhance and make significance of their research paper.

 As well as the respondents, specifically the Accountancy, Business, and Management

(ABM) Grade 12 Students from Our Lady of the Rosary of St. Paul University (SPUD), who took

part of the survey and willingly become the source of data through transparent responses for

researchers to gather, synthesize, and explicate objectively like any other common research process.

The instruments and support that made this research paper reach its completion, it is a great

experience and use in the researchers’ ends as all would not be possible without each component

and aspects present in this research paper.

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