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APPROVAL SHEET This Thesis entitled, LEVEL OF AWARENESS ON FINANCIAL LITERACY AMONG BSED SOCIAL STUDIES MAJOR STUDENTS IN LEYTE NORMAL UNIVERSITY FOR ACADEMIC YEAR 2013-2014prepared and submitted by KAY BATHALA H. SANTOS, JIEGER A. ROYO, GESELLE T. ANTILLON, JESSICA A. BELLO, SHEILA B. MERCADO, PAMELA C. MORON, JOEL B. ORALE, APRIL ROSE G. SUBIAGA, CHRISTIAN YANGZON, in partial fulfilment of the requirements for the degree of Bachelor of Secondary Education major in Social Studies has been recommended for acceptance and approval for Oral Examination. GENEROSO N. MAZO, Ph.D. Adviser - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - APPROVED BY THE COMMITTEE on ORAL EXAMINATION PAUL CIPRES IBARRA MAXIMINO VILLARINO, D. M. Member Member RAMIL PUROG, M.A. Econ. Chairperson - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ACCEPTED in partial fulfilment of the requirements for the degree BACHELOR OF SECONDARY EDUCATION, MAJOR IN SOCIAL STUDIES . JOSE N. LIANZA, M.M. CLEOFE L. LAJARA, D. A. Chair, Social Science Unit Dean, College of Arts and Sciences

Abstract of study related to financial literacy

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Page 1: Abstract of study related to financial literacy

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APPROVAL SHEET

This Thesis entitled, “LEVEL OF AWARENESS ON FINANCIAL

LITERACY AMONG BSED SOCIAL STUDIES MAJOR STUDENTS IN LEYTE

NORMAL UNIVERSITY FOR ACADEMIC YEAR 2013-2014” prepared and

submitted by KAY BATHALA H. SANTOS, JIEGER A. ROYO, GESELLE T.

ANTILLON, JESSICA A. BELLO, SHEILA B. MERCADO, PAMELA C. MORON,

JOEL B. ORALE, APRIL ROSE G. SUBIAGA, CHRISTIAN YANGZON, in partial

fulfilment of the requirements for the degree of Bachelor of Secondary Education major

in Social Studies has been recommended for acceptance and approval for Oral

Examination.

GENEROSO N. MAZO, Ph.D.

Adviser

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

APPROVED BY

THE COMMITTEE on ORAL EXAMINATION

PAUL CIPRES IBARRA MAXIMINO VILLARINO, D. M.

Member Member

RAMIL PUROG, M.A. Econ.

Chairperson - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

ACCEPTED in partial fulfilment of the requirements for the degree

BACHELOR OF SECONDARY EDUCATION, MAJOR IN SOCIAL STUDIES.

JOSE N. LIANZA, M.M. CLEOFE L. LAJARA, D. A.

Chair, Social Science Unit Dean, College of Arts and Sciences

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ACKNOWLEDGEMENT

We whole-heartedly wish to acknowledge the following who helped us make this

study possible.

First to Almighty God who gave us the strength and courage to face all the

problems and obstacles we encountered as we went along the way in conducting this

study. Without Him, all the efforts, the sacrifices we have made to finish this study will

be useless. Thank you Dear God for granting all our prayers.

To our Research Professor and Adviser, Dr. Generoso N. Mazo, who gave us his

full support, encouraged and motivated us to make this writing process successful. We

thank him for being approachable and accommodating during consultations, and for

giving us suggestions and constructive comments to improve this study.

To our panel of Examiners: Mr. Ramil A. Purog, the chairman of the panel, and

Mr. Paul Cipres and Dr. Ibarra Maximino Villarino, members of the panel of examiners

for their suggestions, corrections, and constructive comments that helped on the writing

process.

To the respondents of this study the BSED 2nd year to 4th year Social Studies

major students of Leyte Normal University who are enrolled in the 2nd semester on the

academic year 2013-2014, for their time and effort in answering the questionnaire;

without them we would have not been able to find the answers to our research problems.

To each researchers’ family, who served as our inspiration, for their financial

support, understanding, love and care.

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ABSTRACT

Financial literacy simply defined as a combination of awareness, knowledge,

skills, attitude and behavior necessary to make an individual be financially well-off.

International research works show that among the third world countries like Philippines,

the rate in financial literacy is still relatively low.

The primary purpose of conducting this study was to gauge if the Social Studies

majors are financially literate since they have the background on economics-related

courses, and to find out who influences them in financial management.

Using the quantitative-survey research, the researchers made use of purposive

sampling among eighty-five (85) respondents of BSED Social Studies major students of

Leyte Normal University.

Based on the findings of the study, it was found out that respondents’ profile-

such as age, gender, civil status, place, of residence and housing arrangements has

nothing to do with the financial literacy except for the class standing. Those respondents

who are in the lower level acquire lower financial knowledge.

Furthermore, for the influences, the respondents acknowledged their parents as

their primary influencers.

Therefore, the study shows that the respondent’s demographic profile didn’t affect

his/her financial literacy. Students were influenced by parents regarding financial matters

at an early age and exposure to economics-related subjects may have increased financial

literacy.

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TABLE OF CONTENTS

CONTENT PAGE

TITLE PAGE - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - i

APPROVAL SHEET - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ii ACKNOWLEDGEMENTS - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - iii ABSTRACT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - iv

TABLE OF CONTENTS - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - v LIST OF TABLES - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - vii

LIST OF FIGURE - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ix LIST OF APPENDICES - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x

CHAPTER

I INTRODUCTION - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1

Background of the Study - - - - - - - - - - - - - - - - - - - - - - - - 1

Statement of the Problem - - - - - - - - - - - - - - - - - - - - - - - - 3

Significance of the Study - - - - - - - - - - - - - - - - - - - - - - - - 4

Scope and Delimitation of the Study - - - - - - - - - - - - - - - - 4

Research Assumptions - - - - - - - - - - - - - - - - - - - - - - - - - - 5

Theoretical Framework - - - - - - - - - - - - - - - - - - - - - - - - - - 5

Conceptual Framework - - - - - - - - - - - - - - - - - - - - - - - - - - 5

Definition of Terms - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7

II REVIEW OF RELATED LITERATURE AND STUDIES - - - - 9

III METHODOLOGY - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14

Research Design - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14

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Research Locale - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14

Research Respondents - - - - - - - - - - - - - - - - - - - - - - - - - 14

Sampling Procedure - - - - - - - - - - - - - - - - - - - - - - - - - - - 15

Research instruments - - - - - - - - - - - - - - - - - - - - - - - - - - 15

Data Collection Technique - - - - - - - - - - - - - - - - - - - - - - - 16

Data Analysis / Statistical Treatment - - - - - - - - - - - - - - - - 17

IV PRESENTATION, ANALYSIS, AND INTERPRETATION

OF DATA - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 21

V SUMMARY, CONCLUSIONS, AND

RECOMMENDATIONS - - - - - - - - - - - - - - - - - - - - - - - - - - - - 40

Summary - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 40

Conclusions - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43

Recommendations - - - - - - - - - - - - - - - - - - - - - - - - - - - - 44

BIBLIOGRAPHY - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 45

APPENDICES - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 48

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LIST OF TABLES

TABLE PAGE

1 Respondents’ Profile - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22

2 Respondents’ Self-Assessment on their Understanding

on Financial Literacy - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 23

3 Distribution of Respondents’ Answer for the Question “Did Anyone Ever Explain How to Manage Your Finances?”- - - - - - - - - 24

4 Distribution of Respondents’ Answer to the Question “Do You Regularly Set a Budget Before Spending? - - - - - - - - - - - - - - - - 25

5 Distribution of the Respondents’ Responses for the

Question “Do You Save?”- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 26

6 Distribution of the Respondents’ Responses for the

Question “Who is Handling Your Savings?”- - - - - - - - - - - - - - - - - - - - - - 26

7 Distribution of the Respondents’ Answer in the Question

How Prepared Are You to Manage Your Own Finances Upon Graduation (On a 4-point Scale)?”- - - - - - - - - - - - - - - - - - - - - - - - - 27

8 Financial Attitude and Behavior of the Respondents- - - - - - - - - - - - - - - - - 27

9 Ratings Given by the Respondents to the Influencers- -- - - - - - - - - - - - - - 29

10 Distribution of the Respondents’ Answer on the Question “How Often Were You Being Influenced by the Following Influencers?”- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 30

11 Distribution of the Respondents’ Answer on the Question

“What Did You Learned About Finances in Your Home While Growing Up?” - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 34

12 Distribution of the Respondents’ Answer on the Question “Where Do You Expect to Increase Your Financial Knowledge?” - - - - - - - 35

13 Distribution of the Respondents’ Answer on the Question “How Will You Describe How Finances Were Handled Your

Family?”- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36

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TABLE PAGE

14 Distribution of Respondents’ Responses for the Question “Compared to Your Parents, You are:”- - - - - - - - - - - - - - - - - - - - - - - - - - 37

15 Scores Obtained by the Respondents from Basic Financial Literacy Quiz - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 38

16 Mean Percentage for Basic Financial Literacy Quiz per

Year Level - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 38

17 Mean Percentage for Basic Financial Literacy Quiz per Item - - - - - - - - - - - 39

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LIST OF FIGURE

FIGURE PAGE

1 Conceptual Framework - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6

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LIST OF APPENDICES

APPENDIX PAGE

A Research Questionnaire - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 49

B Written Responses - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 55

C Quantitative Summary of Responses by Questions - - - - - - - - - - - - - 57

D Basic Financial Literacy Score (By Demographic Profile) - - - - - - - - 67

E Self-Assessment vs. Mean Score on Basic Financial Literacy Quiz - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 71

F Researchers’ Profile - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 72

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