DEPARTMENT of
BUSINESS, HOSPITALITY,
and TOURISM MANAGEMENT
Business Administration, Accountancy
Information Technology, Hospitality Management
and Tourism Management Programs
FINANCIAL LITERACY OF COLLEGE STUDENTS OF ST. PAUL COLLEGE OF
ILOCOS SUR RESIDING IN A DORMITORY: BASIS OF
FINANCIAL LITERACY PROGRAM
Proponents:
Jendie M. Ramirez
Maria Beatrice A. Garcia
Irish Erika T. Garabiles
General Objective of the Study:
The general objective of the research titled “Financial Literacy of College Students of Saint Paul
College of Ilocos Sur residing in a Dormitory: Basis of Financial Literacy Program” is to asses the level of
financial literacy among college students residing in dormitories at Saint Paul College of Ilocos Sur, with the
aim of using the findings to develop a tailored financial literacy program that addresses their specific needs and
challenges in managing personal finances.
Statement of the Problems:
The purpose of the study is to determine the financial literacy level of college students in SPCIS who
live in dormitories and their strategies to budget as a basis for creating a financial literacy program based on
their specific needs and challenges.
This study, specifically sought to answer the following questions:
1. What is the demographic profile of the respondents in terms of:
a. Program (course)
-BSN
-BSIT
-BSED
-BEED
-BSHM
-BSTM
b. Parents Monthly Income
-more than 50,001
-50,000 – 30,001
-10,001 – 30,000
-Less than 10,000
c. Monthly Allowance
-below 1,000
-1,001-5,000
-5001-15,000
-above 15,000
d. Gender
2. What is the financial literacy level of college students in SPCIS who live in dormitories in
terms of:
a. Knowledge
b. Attitude
c. Behavior
3. Is there any significant relationship of the respondents’ demographic profile to their level of
financial literacy who live in dormitories in terms of knowledge, behavior, and attitude?
4. What program can be made based on the inputs to improve financial literacy of Paulinian
students?
Research Tool:
Data Gathering Tool
The instrument used in this study will be the researchers-made and validated survey
questionnaire. The survey questionnaire guide will provide reliable and relevant information quickly
and effectively. The researchers decided to pursue the survey questionnaire as the tool for the study
because it allows for simple, straightforward, and cost-effective data collection. Researchers will be
able to collect quantitative data, which produces results that are more comprehensive.
The survey questionnaire will be split into three sections. The first section comprises four
questions regarding the participant's demographic information, consisting of the following: course,
source of income, monthly allowances and gender. Adapted from the Journal of Accounting &
Finance/Muhasebe ve Finansman Dergisi, (64).
The second section consists of estimated student expenditure and questions on their
knowledge a comprehensive questionnaire that addressed financial understanding was created with
reference to Jorgensen (2007) about personal financial planning, how important personal financial
planning.
The third section of the survey instrument has been adapted from the study by Gatti, M.T.
(2022), which examined the financial attitudes and behaviors. This section utilizes a four-point Likert
scale to effectively measure the respondents' financial attitudes and behaviors.
The researchers used the Multiple-choice question and Four-point Likert scale to get a certain
answer from the respondents. This method is the basis of the researchers to monitor the interpretation
of the answers from the respondents.
QUESTIONNAIRE
PART I: RESPONDENT INFORMATION SHEET
Direction: Kindly respond to the questions with the utmost clarity and honesty. For certain
questions, the required information is written on the corresponding blank, while for other questions,
checks must be placed.
a. Name (optional):
b. Program (course): BSN BSIT BSED
BEED BSHM ___BSTM
c. Parent’s Monthly Income:
more than Php 50,001 ___Php 50,000 – 30,001
Php 10,001 – Php 30,000___ Less than Php 10,000
d. Student’s Monthly Allowance:
more than Php 15,001 _____ Php 15,000 – 5,001
Php 1,001 – 5,000 ________ Php Less than Php 1,000
e. Gender: Male Female
PART II: FINANCIAL KNOWLEDGE
Direction: Encircle only one answer for the following question.
1. Suppose you had 1000 pesos in a savings account and the interest rate was 2% per year.
After 5 years, how much do you think you would have in the account if you left the money
to grow?
a. More than1020 pesos c. Less than 1020 pesos
b. Exactly 1020 pesos d. Do not know
2. Suppose you had 1000 pesos in a savings account and the interest rate is 20% per year and
you never withdraw money or interest payments. After 5 years, how much would you have
on this account in total?
a. More than 2000 pesos c. Less than 2000 pesos
b. Exactly 2000 pesos d. Do not know
3. Imagine that the interest rate on your savings account was 1% per year and inflation was 2%
per year. After 1 year, how much would you be able to buy with the money in this account?
a. More than today c. Exactly the same
b. Less than today d. Do not know
4. Assume a friend inherits 10,000 pesos today and his sibling inherits 10,000 pesos 3 years
from now. Who is richer because of the inheritance?
a. My friend c. His sibling
b. They are equally rich d. Do not know
5. Suppose that in the year 2014, your income has doubled and prices of all goods have
doubled too. In 2014, how much will you be able to buy with your income?
a. More than today c. The same
b. Less than today d. Do not know
6. Net worth is:
a. The difference between expenditures and income
b. The difference between outsiders’ liabilities and assets
c. The difference between cash inflow and outflow
d. None of the above
7. A company issues shares in the:
a. Secondary markets c. Primary markets
b. Stock exchange d. Derivative markets
8. The main reason to purchase insurance is to
a. Protect you from a loss recently incurred
b. Provide you with excellent investment returns
c. Protect you from sustaining a severe loss
d. Protect you from small incidental losses e. Improve your standard of living by
filing fraudulent claims
9. What is the general corporate tax rate in Philippines?
a. 15% c. 20%
b. 25% d. 30%
10. What do you think deserves primary attention when one has to compare between the banks
to choose the one where to take a loan from?
a. Bank’s reputation (fame) and its reliability
b. View of the bank office and qualifications of its personnel
c. Interest rate and the other costs
d. Gifts and advertising campaigns
PART III: FINANCAL ATTITUDE & FINANCIAL BEHAVIOR
This tool is intended to assist you in making well-informed judgments on the financial
literacy level of Paulinian students living in a dormitory.
Direction: Put a checkmark (✓) to indicate whether you agree or disagree with the following
statements.
4 = strongly disagree, 3 = disagree, 2 = agree, 1 = strongly agree
A FINANCIAL ATTITUDE 4 3 2 1
Budgeting and Financial Planning
1. Utilizing a monthly budget is important to me
2. Setting financial goals is important for my future
3. It is important to start saving money at a young age
Saving and Emergency Preparedness
4. It is important to have savings set aside for emergencies
5. I feel confident that I could independently sign up for insurance
6. It is important to have both a checking account and a savings account
Financial Advice & Comfort
7. I feel comfortable asking financial professionals for financial advice
8. I am stressed by the amount of student loans I have
Credit and Debt Management
9. I am stressed by the amount of student loans I have
10. The amount of debt I have is overwhelming
B FINANCIAL BEHAVIOR 4 3 2 1
Budgeting/Financial planning
1. I follow a weekly or monthly budget
2. I set financial goals
3. I am saving and investing money for my future
Credit and Debt Management
4. I can calculate how compound interest is affecting my savings
account
5. I keep track of how much money I owe on my debts
6. I pay my credit cards and/or loans on time each month
Banking and Account Management
7. I have both a checking and a savings account
8. I seek help from trusted financial professionals when necessary
Financial Independence
9. I have adequate insurance for myself and my personal property
10. I complete my taxes myself
