S.Y.

2022 - 2023

PERCEPTION OF SELECTED SENIOR HIGH SCHOOL STUDENTS AND

PARENTS TOWARDS FINANCIAL LITERACY AND BEHAVIOR
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(049

A Research Presented to the Faculty of Senior High

School Department of Palo Alto Integrated School
Calamba City, Laguna

In Partial Fulfillment of the Requirements for

Practical Research 1 of ABM

Bengco, Rihanna Angela M.

Estiaga, Joffer
Fernandez, Jannah Niña V.
Gelilio, Cedrick Paul
Lucentales, Raven
Lumasag, Marianne M.
Miranda, Julianne
Nuno, Bryan

February 2024

CHAPTER I
 S.Y. 2022 - 2023

THE PROBLEM AND ITS BACKGROUND

Introduction
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(049
Financial Education is vital in developing a financially literate citizenry,

empowering them to make wise financial decisions, take advantage of economic

opportunities, and achieve financial health. Financial literate citizens can contribute

more productively to inclusive growth and be more effective agents of nation building.

Swiecka’s (2020) research indicates that financial literacy is critical to the long-term

growth of both individuals and society. It is the knowledge to manage finances in

financial decision making. It is also the ability to handle money when making financial

decisions. Financial literacy is a basic need for every individual to avoid financial

problems.

(Saurabh, K.; Nandan, T. empirical data from India, South) explained that

"financial behavior relates to the management of one's income and financial condition,

namely the orientation Individuals' attitudes toward everyday financial matters. Financial

behavior is the ability of individuals to Manage their finances to achieve success in life.

This study aims to explore the perception in financial literacy and behavior of senior

high school students, their ability to make informed financial decisions navigate money

management challenges, and provide evidence on the importance of parental financial

heads in the family in promoting students' financial literacy levels and budgeting habits.
 S.Y. 2022 - 2023

By comprehending their experiences, students can make informed choices in

budgeting, saving, and spending, nurturing financial literacy and responsibility during a
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vital stage of their growth. (049

Parents play a crucial role in shaping their children’s financial behavior by

modeling responsible financial practices and supporting financial education. By actively

engaging in discussions about budgeting, saving, and investing, parents reinforce the

importance of financial literacy at home. Additionally, their understanding of financial aid,

scholarships, and student loans is vital in guiding students through the complexities of

funding higher education. Schools, community organizations, and digital tools also

contribute to financial education by offering courses, workshops, and interactive

resources. As financial decisions become increasingly complex in modern life,

equipping students and parents with financial knowledge empowers them to make

informed choices, ultimately securing a stable financial future.

The objective of financial literacy and behavior is to examines the level of

knowledge towards financial literacy and behavior among the Senior High School

students and parents. Financial literacy is knowledge and skills related to managing

personal finances, and it is important for individual well-being especially to students and

parents. This explores the students and parents financial literacy, along with their

capacities to manage money and make wise financial decisions. The researchers also

evaluates the students and parents financial behavior, knowledge, and the usual

problems they experience. (Paul John Valiente Gabay, 2024).

 S.Y. 2022 - 2023

Knowledge about financial literacy can affect the experience of this students and

parents in handling money. Both students and parents awareness of finances can have
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a big impact to their monetary decisions and behavior.

(049According to (CFI, 2024) A

person who is financially literate is better equipped to handle certain financial obstacles,

which lowers the likelihood of experiencing personal financial difficulties. Due to

commonplace aspects of life like student loans, mortgages, and health insurance,

obtaining financial literacy is essential in today's society.

This study examines how parents and students differ in their financial literacy and

ability to make informed decisions. Observations point to a number of misconceptions

and challenges with budgeting, investing, saving, managing debt, and comprehending

financial matters. This unawareness affects parents' capacity to successfully manage

home finances and promote their children's financial well-being, leads to bad financial

decisions, and makes it more difficult for students to make plans for their future financial

security and higher education. The study intends to evaluate how parents and students

now perceive financial literacy in order to identify the specific knowledge gaps and

misunderstandings, which will ultimately guide the creation of focused and successful

financial capability. In the end, providing parents and children with the knowledge and

skills necessary to make prudent financial decisions can enhance their overall financial

well-being. The main objective of this study is to identify the different perception of

parents and students towards financial literacy and behavior, it aims the thoughts and

problems about financial including the lack of education about their personal finances

and decisions.
 S.Y. 2022 - 2023

Background of the Study

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Financial literacy is a growing concern among students in recent years. Not all
(049
Filipinos are financially literate. The government is doubling its efforts to educate people

especially now that the Philippines is one of the fastest- growing economies. According

to NEDA (2018), financial literacy, financial knowledge, and financial education are used

interchangeably in formal literature and popular media. Various sources provide various

definitions to financial literacy, but there is one thing in common, it revolves around

money, knowledge, and use.

The importance of financial literacy for senior high school students in the

Philippines is growing as the economy expands and changes. For these students to

successfully move into adulthood and navigate the myriad financial obstacles that await

them, it is crucial that they develop sound financial habits and make wise choices early

on. They gain the knowledge and skills needed to handle their own finances

successfully through financial education, which enables them to make wise financial

decisions for the rest of their life (Dela Cruz 2019).

According to figures from the Department of Education and the National

Statistical Coordination Board in the Philippines, 1 in 6 Filipino kids will not attend

school. Further, only 7 out of 10 kids will complete elementary school. Of those 7

kids, only 4 will complete high school, and of those 4, 1 will proceed onto university.

The main reason is Poverty. This means that financial literacy is critical in wealth

building but it remains a challenge for poor and middle-class families. The lack of
 S.Y. 2022 - 2023

comprehensive financial education in schools and communities leaves many adults

ill-prepared to make informed decisions about budgeting, saving, investing and

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managing debt. (049

Senior high school students, who will be future consumers and earners, have

a special need for the necessary knowledge, abilities, and attitudes to make wise

financial decisions (Datuon, 2018).

Comprehensive financial education program improved students’ financial

knowledge, saving behavior, financial planning, and even had positive effects on

parents’ financial knowledge and behavior (Bruhn2019).

Parents are the primary caregivers for their children, they should be seen as

financial socialization agents for their children, especially because parents often end

up paying for – literally – their children’s lack of financial independence and

competence (LeBaron, 2018).

Researchers have found that families who follow high conversation and low

conformity orientation tend to discuss financial issues in the family and have greater

influence on children’s financial behaviors. Children who remember their parents

arguing frequently about money are more likely to accumulate credit card debt later

in life (Britt, 2019).

Cultural and societal norms also shape financial literacy and behaviors.

Families' approaches to money management can be influenced by cultural values

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and community practices. For example, Silinskas, Ahonen, and Wilska (2023)

highlighted that in Finnish families, both school and family environments play
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significant roles in promoting adolescents' financial(049

confidence and literacy

skills (Silinskas et al., 2023).

As parents strengthen relationships, children’s behavior will change to fit the

model created for them. When it comes down to it, there are many reasons why

parents who develop a secure relationship with their children will have a greater

impact on financial independence. The more we talk about finances, teach our

children how to manage finances, and model healthy financial practices, the more

financially independent, capable, and confident our children will be as they

transition into independent adulthood.

Theoretical Framework

The theories mentioned here are in relation to knowledge about financial literacy

and behavior among the students and parents of ABM.

A family's suitable and responsible financial management is aided by the budgeting

issue. By observing how they handle their budget, parents can educate their children

how to handle money. In order to take advantage of these windows of opportunity by

designing purposeful learning experience. According to PISA (2017), "financial literacy

is knowledge and understanding offinancial concepts and risk, and the skills, motivation,

and confidence to apply such knowledge and understanding in order to make effective

decisions across a range of financial contexts, to improve the financial well-being of

 S.Y. 2022 - 2023

individual and society, and to enable participation in economic life." It emphasizes the

significance of decision-making—applying knowledge and skills to a real-life process—

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and indicates that the impact should improve one's financial

(049 wellbeing (Atkinson and

Messy, 2012).

Danes contended that parents must recognize when their children are prepared

to participate in different financial decisions. Financial literacy can be influenced from

an early age through adolescence by effective parenting techniques such clearly

explaining and modeling financial ideas (Clarke et al., 2005). Financial literacy can have

an impact on someone who is unfamiliar with budgeting, causing them to make

mistakes while using money. This technique can be passed down to offspring. Parents

should teach their children to avoid making the same mistakes when it comes to

budgeting.

Family resource management and social learning theory were used to consider

the perceived influence parents have on shaping the financial knowledge, attitudes, and

behaviors of young adults. Deacon and Firebaugh (1981) developed the family resource

management theory as a management process with a systems orientation where

management is “the process of using resources to achieve goals” (Goldsmith, 2005, p.)

Financial behavior is influenced by demands and available resources (i.e.,

knowledge, attitudes, and personal characteristics). Everyone has their own knowledge

on how to handle their financial wisely. Some are intended to be spender and some are

born with great idea on how to manage it. It is great if everyone is being educated to
 S.Y. 2022 - 2023

save, budget and manage their financial early as their lives so that it may help them

once their grew up and face the real challenges of the world. And specially parents may
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have their own understanding on it and let their child learn from them.
(049

In some research, From earlier age, they go to malls and shops approximately

two to three times a week, exceeding this way the standard time dedicated to reading,

religion, social and family interaction and outdoors activities (Suiter & Meszaros, 2005).

This experience transforms them into mere consumers of other people's incomes,

without having to exercise any judgment upon managing this income, which is however

limited. Students' low performance on "personal finances managements" tests suggests

that introducing students to the concepts of money management as late as high school

is very much delayed. Therefore the financial education should start earlier in life

(McCormick, 2009).

Parents are the main contributors to the financial behaviors and habits of

their children (Jorgansen & Savla, 2010). Shim and others (2010) determined that

parental influence plays a greater role in children's financial behavior than work

experience and/or education. The same conclusion was reached by researchers

Supinah et al. (2016). In developed countries, families do face challenges due to lack of

experience with different financial products or services or due to previous, bad

experiences (Kunovskaya et al., 2013). This is reflected on children's lack of confidence

with managing money.

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Young adults (18-25 years) go through a special phase (Petterson & Leffert,

1995) having to manage their own finances independently for the first time in their life
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(049
(Sabri et al, 2010). As such, many of them start working to sustain themselves. There

are two different behaviors that may be encountered in the relationship between

employment status and money management. First, students become more aware and

more positive towards maintaining a budget due to their personal efforts to make

money. Or students feel less positive about maintaining a budget due to the increased

level of income (Kidwell et al., 2003).

Conceptual Framework

This qualitative study used the IPO (INPUT, PROCESS, OUTPUT) conceptual

framework in testing the perception of selected students and parents of ABM students

Palo Alto Integrated School towards Financial Literacy and Behavior.

INPUT PROCESS OUTPUT

a) -Analyze interview or -Determined the effect of

Input
-Students perception of focus group responses practical budgeting practices
financial independence to find common themes -Developed new ideas for
-Past experiences with in students' views on wiser financial spending
money management, financial behavior -Proposed strategies to
saving habits, spending b) -Interview questions improve saving and
behavior spending habits
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The study examines the perceptions of financial independence, past experiences

with money management, saving habits, and spending behavior as key factors
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influencing the financial behavior of Grade 11 Senior High School Students at Palo Alto
(049

Integrated School. In the process phase, data will be obtained via interviews or

questionnaires to investigate their budgeting methods and financial decision-making,

with responses analyzed for common patterns. The study aims to assess budgeting

practices, propose smarter spending strategies, and improve saving habits to enhance

students' financial literacy and decision-making.

Statement of the Problem

This study aims to identify the perception of selected students and parents of

ABM students Palo Alto Integrated School towards Financial Literacy and Behavior.

Specifically, this study aims to answer the following specific questions.

Central Question:

1. How does the level of parents' financial self-control correlate with their

children's financial self-control scores?

Corollary Questions:

1.What specific strategies or methods do parents employ to manage their own

financial self-control?
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2. How do students' financial behaviors and self-control levels predict their future

financial well-being (e.g., ability to manage debt, achieve financial goals)?

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(049
Significance of the Study

The purpose of this study is to gain knowledge about financial literacy and how

students and parents understand financial literacy. This study benefits students in

having a deeper understanding of financial literacy. This understanding will make them

better at money management, helping them to save and spend responsibly and to

maximize their resources. Also, adapting it to growing up to be independent in financial

decision-making.

Parents can benefit by improving their financial planning to invest wisely and

build an emergency fund to secure their family's future. Knowing financial literacy will

create good financial habits that they can pass it to their children, preparing them to be

financially independent. In this way, children can have a better future because parents

being financially educated can save for their children's education and give a better

future for success.

Financially literate students make important contributions to better, more secure

households. Their awareness of personal finance encourages open discussion about

money, resulting in more collaborative and less stressful family interactions. Students

can assist ease financial difficulties and participate to shared decision-making about

family finances by applying their understanding of budgeting, saving, and appropriate

 S.Y. 2022 - 2023

spending, such as long-term retirement or education planning. This active participation

encourages a sense of duty and shared ownership. Furthermore, financially educated

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kids are more likely to manage their own funds properly,

(049relieving financial stress on

their families and even providing assistance in times of need. They can be positive role

models for younger family members, encouraging appropriate financial practices across

generations.

Students who understand finance greatly improve the educational landscape by

influencing not just their academic achievement but also the larger educational setting.

Financial literacy helps students manage their money better, which lowers financial

stress and improves academic achievement by enabling them to concentrate better on

their studies. Making educated choices regarding future costs,and educational courses

further supports this improved focus. Students are more engaged and participate in

school activities when they feel more confident and self-assured, which creates a more

positive and encouraging learning atmosphere.

Quality of education can benefit in this study by improving their understanding

about financial literacy. Knowledge gained will help to investing their money to fit them

in appropriate financial planning. The need for financial literacy in education increasing

from the need to promote financial knowledge to benefit the public. Additionally,

students are calling for greater financial education. Students need to be prepared to

handle their finances as they grow up and begin making financial decisions. However,

financial literacy education is not a standard part of most school curricular, as only

seven states require high school students to take a personal finance course. Lack of
 S.Y. 2022 - 2023

financial literacy can result in poor financial choices that can be harmful to both

individuals and communities. Society can benefit in this study enabling and empowering
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people, decreasing poverty, and stimulating economic growth. Financial education

(049

enables individuals to take proper measures and not fall prey to financial crimes,

thereby leading to economic stability. It strengthens families and encourages good

citizenship while fostering social inclusiveness and prosperity. Communities promoting

financial education can attain added value in terms of sustainable well-being, financially,

for many years to come.

Scope and Limitation of the Study

The researchers conducted this study on the selected parents and Grade 11

students of Palo Alto Integrated School. The respondents will be limited to only 5 Grade

11 students and 5 parents. Every five (5) students from Grade 11 Asset will be the

participants of this research. The five (5) parents that will be participating in this

research is from the Grade 11 Asset homeroom parents-teachers association (PTAS).

This research will not extend and will only focus on selected 5 students and 5 parents of

Grade 11 ABM Asset, but it may not account for the complicated circumstances of these

relationships or the differing levels of perception among families.

Definition of Terms
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To provide an in-depth understanding of the vocabulary and concepts that will be

covered in this research, the following list of terms are defined based on its intended
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usage. Throughout the course of study, several terms listed

(049below will be used.

Behavior. The way a person acts or conducts themselves, including their habits,

attitudes, and actions. In our research, it refers to the specific ways individuals manage

their income, make financial decisions, and interact with financial institutions and

products. For example, financial behavior encompasses things like creating and

adhering to a budget, saving for the future, managing debt responsibly, and making

informed decisions about investments.

Budgeting Habits. Regular patterns of spending and saving. In our study it

refers to the established practices and routines individuals have developed for

managing their income and expenses.

Citizenry. The people of a country, considered as a whole. Within our research,

citizenry represents the collective population whose financial literacy and decision-

making impact their personal financial well-being and contribute to national economic

growth.

Cognitive factors. refers to all of the different mental events involved in

thinking, learning, and comprehending. For this research it helps to make decision for

your money.

Community Organizations. Groups that work together to benefit a particular

community. In our study, community organizations refer to non-profits and local groups
 S.Y. 2022 - 2023

that promote financial literacy by offering education, resources, and support to help

individuals and families make informed financial choices.

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Crucial. Extremely important. In our research, crucial

(049 highlights the essential role

of financial education, emphasizing its impact on responsible financial habits, decision-

making, and long-term financial well-being.

Debt Management. Money you owe a person or a business. For this research

Debt Management helps you to balance your financial.

Empirical Data. Information gathered through observation and experimentation,

rather than theoretical reasoning. Within our study, empirical data refers to real-world

observations, surveys, and experiments used to analyze financial behaviors and

measure the effectiveness of financial literacy programs.

Empowering. Giving someone the power or confidence to do something. In our

research, empowering refers to equipping individuals with the financial knowledge and

skills needed to make informed decisions, manage their money effectively, and take

control of their financial future.

Engage. To take part in something. Within our study, engage refers to the active

participation of individuals, parents, and educators in financial discussions, training, and

activities that enhance financial literacy.

Evidence. Proof or facts that support a claim. In our research, evidence refers to

data and documented financial behaviors that support the importance of financial

literacy in improving financial decision-making and stability.

 S.Y. 2022 - 2023

Financial Decision-Making. The process of choosing how to use your money. In

our study, financial decision-making refers to the process of making informed choices
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about spending, saving, investing, and managing debt,(049

based on financial knowledge

and skills.

Financial Future. Someone's financial situation in the years to come. Within our

research, financial future pertains to an individual’s long-term financial outlook, which is

shaped by their financial literacy, habits, and planning strategies, such as saving for

retirement or managing debt.

Financial Literacy. The knowledge and skills necessary to manage personal

finances effectively. In our study, financial literacy refers to the understanding of

financial concepts such as budgeting, saving, investing, and debt management, which

enables individuals to make informed financial decisions and achieve financial goals.

Financial Well-Being. A state of financial security and stability, where individuals

have the resources to meet their current and future needs, manage their expenses

effectively, and achieve their financial goals. Within our research, financial well-being

refers to an individual's overall financial health, which is influenced by their financial

literacy, saving habits, and ability to manage financial risks effectively.

Importance. The quality of being important or significant. In our study,

importance emphasizes the value of financial literacy in shaping responsible financial

behavior, securing financial stability, and contributing to economic well-being.

Informed Choices. Decisions that are made after considering all relevant

information. Within our research, informed choices refer to the ability to make sound
 S.Y. 2022 - 2023

financial decisions based on accurate information, an understanding of financial risks,

and careful evaluation of available options.

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Interactive Resources. Learning materials (049

that allow users to actively

participate, like online simulations or games. In our study, interactive resources refer to

digital tools, simulations, and educational platforms that engage individuals in learning

financial literacy through hands-on, practical experiences.

Investing. Putting money into assets to grow wealth. Within this research, it

pertains to allocating funds to assets like stocks, bonds, or real estate with the goal of

generating returns over time.

Levels. Amounts or degrees. As discussed in financial literacy, this refers to

different stages of financial knowledge, from basic budgeting to advanced investment

strategies.

Manage. To control or handle something. In this context, it signifies the ability to

plan, organize, and monitor financial resources effectively, including budgeting, saving,

and investing.

Mental Budgeting. Cognitive process that people use to organize evaluate and

keep track of financial activities. For this research mental budgeting helps individuals to

manage their finances better and make informed financial decisions.

Navigate. To find one’s way through difficulties. When applied to finance, it

describes an individual’s ability to handle financial challenges, make informed decisions,

and understand financial systems.

 S.Y. 2022 - 2023

Parental. Relating to parents. In financial literacy, this highlights the role of

parents in shaping their children’s financial attitudes and behaviors.

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Responsibility. The duty to do something. Within

(049 this study, it refers to an

individual's obligation to make informed financial decisions and remain accountable for

their financial choices.

Self-Efficacy. A person’s belief in their ability to succeed. In relation to financial

literacy, it represents an individual’s confidence in their ability to manage finances and

make sound financial decisions.

Vital. Extremely important. In this research, it underscores the essential role of

financial knowledge and skills in achieving financial stability and success.

References

(1) AUTHOR:

Datuon(2018)

Bruhn(2019)

Britt, (2019)

Dela Cruz (2019)

(2) AUTHORS:

(3) Saurabh, K.; Nandan, T. empirical data from India, South

 S.Y. 2022 - 2023

 Fighting the Cycle of Poverty https://finex.org.ph/2024/08/16/fighting-the-

cycle-of-poverty/#:~:text=Financial%20literacy%20is%20critical
|

%20in,saving%2C%20investing%20and%20managing%20debt.
(049

 https://finex.org.ph/2024/08/16/fighting-the-cycle-of-poverty/

#:~:text=Financial%20literacy%20is%20critical%20in,saving%2C

%20investing%20and%20managing%20debt.

 LeBaron, A. B., Runyan, S. D., Jorgensen, B. L., Marks, L. D., Li, X., Hill,

E. J. et al. (2019). Practice makes perfect: Experiential learning as a

method for financial socialization. Journal of Family Issues, 40(4), 435-

463. https://doi. org/10.1177%2F0192513X18812917 The Financial Life of

Filipinos: Insights into Wealth Distribution and Financial Literacy in the

Philippines

 https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0294466

 https://www.neliti.com/publications/433732/the-role-of-financial-literacy-on-

financial-behavior

 https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0294466

https://www.neliti.com/publications/433732/the-role-of-financial-literacy-on-

financial-behavior https://www.elibrary.ru/item.asp?id=47639555
 S.Y. 2022 - 2023

CHAPTER 2
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REVIEW OF RELATED LITERATURE

(049

This chapter explores both local and international literature, including past and

present studies. It covers conclusions, findings, methodologies, and other relevant

insights drawn from these works. Moreover, this section provides a synthesis of the

reviewed literature and studies, enhancing the comprehensiveness of the paper. The

researchers believe that the information presented here will support and strengthen the

study.

Financial Literacy

Financial literacy is the knowledge, comprehension, and assessment of

accounting data. It has been regarded as a critical skill for anyone operating in an

increasingly complex financial sector. People that are financially literate can make more

proactive and effective decisions in their everyday financial transactions (Sudeshna,

2021). People with financial literacy can understand and apply many financial skills,

such as personal financial management, planning, and contributing. Meanwhile,

financial education establishes a relationship with money and is far from a profound

learning experience (Lusardi 2019).

According to Mändmaa 2019 financial literacy has become an essential skill for

both life and work. Factors such as gender, rational thinking, age, and field of study

significantly influence students' financial literacy levels. Nevertheless, the extent of

 S.Y. 2022 - 2023

education that students attain, their job experience, and their parents' educational

backgrounds appear to have minimal impact on their financial

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literacy. The key findings

of the study indicate that students' financial literacy is generally

(049 low, and their interest in

long-term financial planning is also lacking. Only 3.4 percent of participants manage

their finances with a multi-year perspective, while 55.9% have given thought to pension

savings.

Money management is a skill that students should be taught at a young age

since the knowledge they get will most likely stay with them for the rest of their lives.

According to Barr and McClellan (2018), living in higher education institutions is

extremely demanding, as are current financial needs. As the economy deteriorated, the

number of students seeking financial aid increased. As a result, it is critical that students

manage their money prudently. Furthermore, Ummi Raida et al. (2020) found that a lack

of discipline and financial management contributes to a variety of youth financial issues.

In addition, Peeters (2018) states that financial experience and fundamental financial

abilities are essential to developing financial management behavior or financial literacy.

Pagem of Education explores the influence of economics academic performance,

parental income, and students' backgrounds on financial literacy in Indonesian high

school students in 2022. Utilizing random sampling, the study consisted of 206 student

participants. Data were gathered through tests administered to the students and through

documentation methods. The data were examined using multiple linear regression that

included a dummy variable to account for students' backgrounds. The results reveal that
 S.Y. 2022 - 2023

both economics academic performance and parental income positively affect financial

literacy. Conversely, students' backgrounds do not appear

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to influence their financial

literacy in Indonesia. The implications of these results highlight

(049 the significant impact of

quality economics education in schools. Increased knowledge in economics acquired by

students will enhance their financial literacy skills, thereby promoting improved financial

behaviors.

Money related education has been recognized as a key ability for people who are

inserted in an progressively complex money related situation. It makes a difference,

people make more self-assured and productive choices within the financial setting of

their lives. The comes about of the inquire about appear that people have a sensible

level of monetary education. On dissecting money related conduct of people it was

found most of them displayed decently positive financial behaviour. It is additionally

watched that financial literacy can improve people's abilities and capacities to create

more educated choices and eventually lead to a positive monetary conduct. In this way

one can conclude that expanding the level of money related instruction fortifies shrewd

financial conduct (Thavva, 2021).

Antony and Joseph demonstrated financial literacy in 2021 to enhance

individuals' abilities to make improved decisions, which ultimately leads to more positive

financial behaviors. It is crucial for promoting financial inclusion since it empowers

individuals to access financial services and make educated choices regarding their

finances. Education focused on managing finances can certainly increase competency

levels, enabling each person to effectively navigate the constantly evolving economic
 S.Y. 2022 - 2023

environment of their community and the nation as a whole. Increasing financial inclusion

can be achieved by establishing a effective delivery system that includes suitable

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financial products and advice. (049

The findings from the PISA 2022 financial literacy assessment indicate that a

significant number of 15-year-olds need to be better equipped for their financial futures,

as they struggle to apply their financial knowledge in real-life scenarios. In every country

and economy that participated, students from disadvantaged socio-economic

backgrounds exhibited considerably lower performance compared to their more

privileged peers. PISA data further reveal that students who engage in discussions

about financial matters with their parents, and those who have the independence to

decide how to spend their own money, attain higher levels of financial literacy. This PISA

in Focus looks at the percentage of students who do not reach the minimum standard of

financial literacy and investigates the connections between socio-economic status,

parental engagement, and financial literacy outcomes.

Financial Behavior

The financial behavior of individuals, which tends to be overly consumptive in the

age of globalization, has led to various negative financial practices, including a decline

in community engagement in saving, investing, and planning budgets for the future

(Ameliawati and Setiyani 2018). Financial satisfaction, as defined by Andani & Nidya

Delvi (2018), refers to an individual's contentment with their financial situation, with

factors influencing this satisfaction including the extent to which individual financial
 S.Y. 2022 - 2023

needs and desires are met to fulfill daily requirements. Effective skills in money

management ensure safe and responsible financial |behavior and careful financial

decisionmaking, which in turn contributes to financial (049

satisfaction and financial well-

being (Bapat, 2019). Mastering the ability to manage finances effectively is important for

individuals, considering that financial resources and financial conditions have a

significant impact on their quality of life and social relationships (Bamforth et al., 2018).

The positive correlation between financial literacy and good financial decision making

can come from reverse causality, where financial literacy improves financial behavior or

involvement in certain financial activities actually increases financial literacy (Kisdayanti

& Pertiwi, 2021).

Increasing self-control increases the intention to resist spending, particularly

among individuals who believe that self-control is a source of satisfaction later in life.

According to the research, restraint is the ability to adjust or overcome prevailing

reaction patterns and manage an individual's behavior, thoughts, and emotions (de

Ridder, Kroese, & Gillebaart, 2018). However, young people are frequently more

energetic and do not shy away from exploring their environment. Enjoyable financial

learning using smartphone apps can be an attempt to capitalize on their natural interest

about the outside world to learn money.

Financial attitudes play a key role in shaping financial literacy (Yogasnumurti et

al., 2019), especially among the younger generation, students’ positive attitudes

towards finance can significantly influence their behavior and encourage increased
 S.Y. 2022 - 2023

financial knowledge (Rai et al., 2019). Financial attitudes include thought patterns that

regulate a two components: the use of knowledge in personal financial management

|

and understanding through financial education (Hussain(049

et al., 2018). It includes not

only knowledge but also managerial capacity and cognitive abilities to achieve financial

goals (Potrich et al., 2018). Low financial literacy is associated with expensive

borrowing and debt management problems, as well as inefficient financial planning

(Lusardi, 2019).

Ingale, K.K. and Paluri, R.A. (2022) Numerous exploratory, conceptual and

empirical enquiries on financial behaviour and literacy have been done in the domains

of economics, finance, business and management. However, no attempt was made to

present a complete science mapping of the area thus yet. Therefore, the study aims to

synthesize knowledge structures in order to extract the trend in the research field. Over

time, financial behavior has developed into an interdisciplinary field. Researchers first

concentrated on socioeconomic and demographic factors, but throughout time, the

study expanded to include behavioral and psychological factors that affect financial

behavior. This study displays the domain's intellectual and social structure in addition to

its conceptual structure. This study offers valuable information on topics that require

more research.This research investigated how financial literacy and financial behavior

impact the financial well-being of 360 academic staff members from Higher Education

Institutions (HEIs) in Region 1, Philippines. Information was collected from August 2020

to March 2021 employing a self-administered survey questionnaire tool. This was

employed to evaluate the respondents' financial health, knowledge, and financial

 S.Y. 2022 - 2023

practices, with Pearson’s r applied to examine the relationships between the variables.

It was discovered that the majority of teachers typically

|
enjoy moderate financial

security instead of financial anxiety. (049

They received high ratings for their financial literacy, and the majority displayed

commendable financial habits. It was found that their financial habits influenced their

financial health. Conversely, their financial literacy had little impact on their financial

well-being. Therefore, this study suggests that a financial wellness program designed

for the participants should emphasize behavioral-changing financial coaching instead of

learning financial concepts.

Financial Management

Financial management refers to the method by which an individual organizes and

manages the sources of power they use to fulfill their needs, achieve their financial

goals, and manage risk. Among students, financial management plays an important role

in shaping habits and patterns of behavior; finances will have long-term impacts on their

lives. Knowledge about financial management behavior among students is still very

minimal Students often lack basic financial concepts such as money management, debt,

investment, and financial planning. Long-term decisions and unwise financial practices

can lead to economic difficulties (Iman, Sukmana, et al., 2022). Students tend to

experience stress in finance because of a lack of knowledge and skills in managing their

money. Stress These finances can influence their mental and academic well-being,
 S.Y. 2022 - 2023

highlighting the importance of good financial management behavior among students

(Wardhana, 2021). |

Budgeting, whether it be done by students or professionals,

(049 is an integral part of

financial management. The International Monetary Fund (n.d.) emphasizes the

importance of having a proper budget structure for its successful execution. According

to Singh et al. (2020), student budgeting refers to the management of expenses with

limited allowance. A budget is a plan that helps individuals to properly manage their

money and make smart financial decisions to avoid financial problems like excessivse

spending, debt, or being short on funds (Khan Academy, n.d.).

Individuals engage in spending almost every day, and it has become an integral

part of their lives. According to Sandrasegaran and Rambeli (2023), spending is the

most crucial activity that most individuals tend to do regularly. While spending habits

vary from one person to another, it is essential to understand one’s spending habits as

this can affect their future. Furthermore, this can help create solutions to resolve

financial problems. Students find it very challenging to manage their finances and

regulate their spending, which often leads to difficulties in terms of money (Tuliao, 2019;

Singh et al., 2020; Podaca & Rey, 2020). Today, the youth has been too reckless in

spending their money, especially when entering into tertiary institutions as this signifies

independence from their parents’ supervision (Sandrasegaran & Rambeli, 2023).

Parents are considered one of the significant factors on students’ spending habits.

According to an article from BDO Debt Solutions (2022), people’s spending habits
 S.Y. 2022 - 2023

develop from the influence of their role models, one of these is their parents, and from

their unique personality |

According to Singh et al. (2020), financial management

(049 is one of the most

challenging problems of students. The findings of the study also stated that students

spend tightly when it is for shopping, traveling and academic purposes but loosely when

it is for entertainment and lifestyle. Students are on a limited budget to pay their

expenses and maintain their standard of living. Most students struggle with budgeting

their allowances, some can manage their allowances, but some cannot (Deloso et al.,

2019). Singh et al. (2020) said that the difficulty college students have in managing their

finances is a challenge that affects them. As future professionals in the corporate world,

having good financial management skills can be an asset for business majors.

According to Mollah et al. (2020), budgeting is vital in an organizational firm’s success

and survival because choosing the right investment decision ultimately means good

financial income. Moreover, the International Monetary Fund (n.d.) states that a budget

plan must be feasible and desirable in terms of how it is used.

Financial Planning

Financial literacy and financial planning is important in managing debt. According

to Edy Jumady1, (2024) Financial literacy develops as a core feature, improving

participants' able to manage debt successfully.Their study reveals high financial self-

efficacy is impacted by literacy and drives Proactive financial behaviours leading to

greater financial well-being. The study discovered that low self-control and
 S.Y. 2022 - 2023

procrastination were highlighted as major challenges to efficient debt management.

Their study reveals the need for comprehensive financial education that focuses not
|

only on the cognitive aspects of financial decision but also on the psychological factors
(049

influencing financial This suggests that focusing on financial education to each person's

requirements and circumstances is essential for improving motivation, self-efficacy, and

financial literacy, which will ultimately result in better financial well-being and debt

control.

Higher financial awareness among educators and parents is seen to

demonstrate improved money management techniques, such as saving, budgeting,

and handling debt. On the other hand, low financial literacy frequently correlates with

to less-than-ideal financial practices, like insufficient savings and dependence on loans

for regular costs.Workshops and programs promoting financial literacy can be put in

place to enhance their financial management expertise. By encouraging financial

literacy, people may make wise financial decisions. choices, lessen monetary strain,

and enhance their general wellbeing. HAZEL G. BUNGABONG, MICHAELA D.

ROSALEJOS (2025).

Financial Decision-Making

Financial decision-making is critical for individuals to manage their finances

and address financial challenges. According to De Meza et al. (2021), financial

literacy increases people's confidence in making financial decisions. Their findings

revealed that those with high financial literacy had more confidence in their budgeting,
 S.Y. 2022 - 2023

saving, and investing abilities. It found that students who are highly concerned about

their financial situation have less trust in their ability

|
to make sound financial

decisions. Their findings revealed that addressing financial concerns through

(049

specialized financial education could significantly increase students' confidence and

decision-making skills. This suggests that overcoming emotional barriers in financial

education is just as important as giving financial facts, as it allows students to connect

with financial concepts more readily and effectively.

Numerous research have shown that decision-making is critical in making

educated financial decisions. Individuals with higher levels of financial knowledge are

more likely to make sound financial choices and achieve better investment outcomes,

according to research (Hikmah et al., 2020). The decision-making process for

investments is influenced by cognitive, psychological, social, and behavioral factors,

emphasizing the importance of financial literacy in guiding investment decisions

(Kristanto and Gusaptono, 2020; Baihaqqy et al., 2020). Furthermore, several studies

have found that financial literacy is connected with good debt management, making

educated investment decisions, and improved financial results.

To improve and achieve long-term sustainability, financial decision-makers

must balance the strain between financial information and management (Martel,

2019). According to Neto and Iida (2018), intuition skills are commonly used in

decision-making and are therefore used to deliver better decision-making

recommendations. Experience has demonstrated that when reasoning takes

precedence over intuition, the results are frequently regretted. As a result, intuition
 S.Y. 2022 - 2023

develops and acquires knowledge throughout one's life, providing sound guidance.

Financial managerial decisions must be made in order

|
to sustain the firm not only in

the short term but also in the long run. (049

Financial decision making (FDM) is increasingly growing into a distinct construct

from cognition and financial management strategies (Lichtenberg et al., 2018), and it

may be described as the process of choosing an alternative from a collection of financial

decision options. The FDM process is multifaceted and sophisticated, and it is

influenced by individual variances in decision makers, resulting in diverse cognitive and

neurological mechanisms underlying the decision-making process.

Saving Behavior

According to Yuniningsih (2020), the primary emphasis in researching financial

behavior lies in understanding saving habits, which aid individuals in making sound

financial choices. Saving behavior includes individual activities in managing, utilizing,

and managing their financial resources with the aim of saving (Mardiana & Rochmawati,

2020). Saving behavior involves steps such as setting aside income, planning for future

needs, avoiding unexpected expenses, and making regular savings, which reflects an

increase in individual net worth (Anastasya & Pamungkas, 2023). In the saving behavior

variable, there are six indicators taken by researchers from two sources. Indicators of

monthly financial planning, saving every month, always reviewing financial position, the

importance of investment, and having an emergency fund, refer to research by

 S.Y. 2022 - 2023

(Charista et al., 2022). While in indicator buying only necessary items, referring to the

research of (Sari & Anwar, 2022). |

Self-control is essential in determining the level(049

of financial literacy efforts in

influencing consumer financial behavior (Meneau & Moorthy, 2021). Typically, self-

control is demonstrated by our capacity to break undesirable habits, resist temptations,

and suppress our initial instincts.In other words, self-control is an individual’s ability to

control their feelings, desires, and willingness towards a particular behavior. Self-

discipline exertion characterizes the will and the capacity to delay fulfillment. Thus,

students with low self-control are believed to spend more on their wishes and

preferences, resulting in not saving, and ultimately facing financial difficulties. Self-

control failure aligns with the behavioral life cycle (BLC), which believes that people act

as if there is an ongoing conflict within every person between a “planner,” who thinks

about the long run, and a “doer,” who is more concerned about the current situation.

Furthermore, people’s financial behavior throughout life is determined by their ability to

control impulses and the costs of exercising such self-control (Goyal, Kumar, Xiao, &

Colombage, 2022).

Finding out how materialism and financial knowledge impact Generation Z

students' saving decisions was the aim of this study. Following a number of regression

studies, we can conclude that materialism has a negative impact on saving decisions

while financial literacy has a good impact. We also find that other demographic

variables of financial literacy include age, gender, and academic major.

 S.Y. 2022 - 2023

There is still opportunity for change and development in their financial behaviour,

attitude, and knowledge. We urge legislators to begin making financial education a

|

required component of all school curricula, regardless of(049

level. The nation's

autonomous colleges might also wish to think about offering financial education to their

non-business students. The Financial Services Authority should take advantage of this

chance by allowing younger people to participate in the financial system. Additionally,

as parental spending patterns may have an impact on students' financial literacy and

savings rate, we advise future investigations to consider them.

This study examined people's perceptions of behavioral control, social influence,

and attitudes towards banking and investment practices. The information was taken

from the Philippines' 2014 countrywide Consumer Financial Survey. The study

acknowledges that additional financial behaviors related to banking, such as the

reasons and motives for using bank services and investing in securities, can be

uncovered in subsequent research. To examine social networks and behavioral finance

from a more comprehensive angle, it is also possible to investigate the extent of

influence exerted by various members of the social circle, such as parents, siblings,

close friends, etc. Future surveys can also use cross-sectional or longitudinal analyses

to track which segments have responded well to government programs and which

require more attention to enable financial inclusion. Cross-country analyses can also be

considered, as long as the data and survey instruments have comparative equivalency.

Similarly, information on financial inclusion dimensions, including access, usage, and

quality dimensions in behavioral finance, can be associated with information on these

 S.Y. 2022 - 2023

behavioral and psychological items (Mindra et al., 2017). In this manner, the survey can

examine the behavioral elements that directly pinpoint the main benefits and drawbacks
|

of the aforementioned financial inclusion dimensions. Finally,

(049 an overall perception

research of banking and investments as common consumer concepts might be explored

to corroborate the results. As Antony (2020) states, our everyday economic phenomena

are governed by a number of psychological elements.

Even students at a public/state institution who pay lesser or no tuition fees must

pay money to cover costs of study such as photocopying books, printing outputs,

purchasing school materials, providing snacks and meals, and a variety of other

charges. The researchers also revealed three significant financial concerns that

students face: (1) their spending will always exceed their income; (2) they will use their

personal finances for essential needs; and (3) they are anxious about their financial

resources. In contrast to Daud et al., Azer and Mohammad (2018) discovered that the

most common financial difficulty among students is their inability to raise their income.

Students do not have enough time to focus on growing their wages because they must

devote more time to their academics. Another difficulty with money is that student

frequently skip meals in order to save money. The administration should treat the latter

finding as a red flag because it will harm the student's academic performance as well as

their health. Furthermore, the data shown above suggests that students' financial

problems and issues must be addressed as soon as possible in order to avoid them

from dropping out.

 S.Y. 2022 - 2023

On the other side, the findings imply that students had some difficulties in terms

of their inability to stop impulsive shopping in malls and online marketplaces like Lazada
|

and Shopee. Achtziger (2022) asserts that psychological

(049 factors contribute to the

reasons behind excessive spending. Concurring with Burton et al. (2018), Rodrigues et

al. (2021) state that the practice of impulse buying in consumer behaviour has been

contested since 1940, with estimates ranging from 40 to 80 percent of purchases being

impulse purchases. Impulse purchases happen when there is a sudden and powerful

emotional desire that results from a reactive behaviour that is characterised by low

cognitive control. The buyer's immediate enjoyment explains this inclination to buy

without thinking (Pra-dhan et al., 2018)

Financial Socialization

Financial socialization refers to discussions between parents and children about

financial goals and opportunity for children to practice financial principles. It is the

capability to obtain all relevant technical, commercial, behavioral and emotional

information that contribute to one’s financial knowledge and skills. The source of

financial socialization in the most of the cases is the surrounding social environment,

such as family members, parents, relatives, close friends, community organizations and

professional financial bodies

It is vital for understanding young adults’ financial behavior [1]. Financial

socialization suggests that relationships among individuals influence the financial

information the individuals receive which in turn results in financial literacy among them.
 S.Y. 2022 - 2023

This explains why financial information literacy is regarded as a prerequisite for financial

literacy among individuals [2]. It is argued that child-parent financial interactions

|

influence the child’s financial literacy level [3]. This is because,

(049 in a family, parents are

the most influential source of knowledge regarding how personal finances are best

managed [4]. The high financial status of parents was also found to influence their

children’s attainment of greater financial literacy levels [5]. It was reported that students

who follow friends’ financial advice achieve higher financial literacy rates than other

students. Also, parents have an important role in supporting and promoting their

children's saving behavior, and they are the best source for controlling their children's

spending and encouraging them to save (Afsar et al., 2018).

Federal Reserve Chairman Ben Bernanke said early financial education is

important for individual well-being and also for the economic health of the United States.

Based on our findings, parents seem more concerned about the politeness of their

children than their financial fitness,” Ernie Almonte, CPA, vice chair of the AICPA’s

National CPA Financial Literacy Commission, said in a statement. “Dollars and cents

should get the same attention as ‘please’ and ‘thank you’ at home. Parents must make

financial lessons a priority in both conversation and action as early as possible”

(National Trade Union Center Philippines, 2018).

Early exposure to concepts like budgeting, saving, and investing forms a strong

foundation, allowing children to make informed and prudent financial decisions as they

grow. This empowerment instills a sense of confidence, equipping them to navigate

 S.Y. 2022 - 2023

financial challenges and opportunities throughout their lives. As stated by Opperman

(2024) that financial socialization is vital because it equips children with essential
|

financial knowledge and skills that are crucial for their future
(049 success.

Securing financial choices through early socialization allows children to approach

financial opportunities and challenges with confidence. Early financial socialization thus

acts as a safeguard, empowering children to make choices that align with their long-

term financial goals and stability, ultimately leading to a more secure financial future.

According to the findings of Personal Finance (2019) that financial socialization is a

critical component in ensuring that the next generation can make secure and informed

financial choices.

Parents

Parents' financial discipline practices significantly influence their children's saving

and spending habits. A multitude of studies of Manfrè (2019) and Claus (2018),

consistently highlight this relationship. According to them, discussing financial matters,

providing pocket money, and teaching saving lessons not only provide children with

necessary financial skills, but also instill values critical for responsible money

management, such as delayed gratification, distinguishing between needs and wants,

and setting financial goals.

Family financial status is essential to female and male students' academic

achievement. A financially secure family can provide more, primarily educational means,

while parents in lower-income families often rush around for work and expect little from
 S.Y. 2022 - 2023

their children, the study by Jumag and Moneva (2020) stated that students from higher-

income households are more motivated to attend school

|
because they can afford to

acquire supplies and develop creative output. Financially

(049secure students focus better

on their studies than those who do not and may feel more secure about school

expenses and extracurricular activities.

LeBaron et al. (2020) discovered that parents' financial knowledge and attitudes,

as well as their financial holdings and status levels, influence their children's financial

behavior (as evaluated by degrees of obligation). To enhance students' financial

behavior, parents should boost financial teaching and monitoring, model financial

management behaviors, and reinforce financial management (Antoni et al., 2019).

Leiser and Ganin (2020) investigated the impact of parental influence on

children's savings and spending habits. Meanwhile, Cummins et al. (2020) found that a

lack of financial understanding influences financial saving attitudes, which negatively

affects financial well-being. It demonstrates that university students may require

additional preparedness to deal with their financial condition, and young people must

manage their costs.

Parents must set a great example for their children's financial behavior from an

early age (Chatterjee, He, Fan, Wang, Szasz, Yousuf, Pineda, Antic, Mathew, &

Karczmar, 2018; Gerrans & Heaney, 2019). Parents' involvement in their children's

education has a constant and favorable impact on academic achievement and self-

concept. Young people' housing outcomes have altered significantly over time, and they

remain stratified by parental class and tenure in gender-specific ways (Coulter, 2018).
 S.Y. 2022 - 2023

Family financial status is essential to female and male students' academic

achievement. A financially secure family can provide more,

|
primarily educational means,

while parents in lower-income families often rush around for work and expect little from
(049

their children. When parents financially assist their children, they are more motivated to

study. It gives students easy access to the resources they need to excel in their studies

(Jumag & Moneva, 2020).

The study of Khalisharani et al. (2022) concluded that parental financial

socialization and financial literacy significantly influenced the financial behavior of the

students who participated in their study. It was found that parental financial socialization

significantly influenced Malaysian students' financial behavior. Malaysian university

students scored significantly higher in parental financial socialization and financial

behavior than Indonesian students. However, Malaysian students scored lower in

financial literacy than Indonesian students. This result may imply that financial

socialization may not directly affect the financial literacy of individuals, but it may affect

the financial behavior of individuals.

Parents must set a great example for their children's financial behavior from an

early age (Chatterjee, He, Fan, Wang, Szasz, rousuf, Pineda, Antic, Mathew, &

Karczmar, 2018; Gerrans & Heaney, 2019). Parents' involvement in their children's

education has a constant and favorable impact on academic achievement and self-

concept. Young people' housing outcomes have altered significantly over time, and they

remain stratified by parental class and tenure in gender-specific ways (Coulter, 2018).
 S.Y. 2022 - 2023

Synthesis
|

(049

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