GENDER-BASED ASSESSMENT OF FINANCIAL LITERACY

AMONG GRADE 12 SENIOR HIGH SCHOOL STUDENTS

JOHN OSWALD L. TEOPE

DONNAMAE D. TORMIS
PSYCHE S. FAMULAGAN

May, 2021
GENDER-BASED ASSESSMENT OF FINANCIAL LITERACY AMONG

GRADE 12 SENIOR HIGH SCHOOL STUDENTS

A Thesis

Submitted To

The Faculty of Senior High School Department

Notre Dame of Kidapawan College

Kidapawan City

In Full Fulfillment of the Requirements for

Accountancy and Business Management

JOHN OSWALD L. TEOPE

DONNAMAE D. TORMIS
PSYCHE S. FAMULAGAN

May, 2021
 DECLARATION OF ORIGINALITY

We hereby declare that this submission is our own work and that, to the

best of our knowledge and belief, it contains no material previously published or

written by another person nor material which to a substantial extent has been

accepted for the award of any degree or diploma of a university, college, or other

institution of higher education, except where due acknowledgement is made in

the text

We also declare that the intellectual content of this thesis is the product

of our own work, even if we may have received assistance from others on data

analysis and interpretation, style, presentation and language expression.

JOHN OSWALD L. TEOPE DONNAMAE D. TORMIS

Researcher Researcher

PSYCHE S. FAMULAGAN
Researcher
 J.M.J CH.
NOTRE DAME OF KIDAPAWAN COLEGE
Kidapawan City

APPROVAL SHEET

The Integrated Basic Education Department-Senior High School Faculty

of the Notre Dame of Kidapawan College approves and accepts this research

entitled:

GENDER-BASED ASSESSMENT OF FINANCIAL LITERACY AMONG

GRADE 12 SENIOR HIGH SCHOOL STUDENTS

has been prepared and submitted by TORMIS, DONNAMAE D., FAMULAGAN,

PSYCHE S., and TEOPE, JOHN OSWALD L. who are recommended for the

corresponding ORAL EXAMINATION.

DARREL T. DEVILLERES, LPT, MAPM

Inquiries, Investigation, and Immersion Teacher

APPROVED in partial fulfillment of the requirements for PRACTICAL

RESEARCH 2
By the Oral Examination Committee:

MR. NYL DANO, LPT MRS. EVITA LEY MONTEBON, MS

Member Member
MS. AUREA PUYOS, MA
Member
 ACKNOWLEDGMENT

We would like to take this opportunity to express our utmost gratitude to

all who had helped and who had been part of this research study.

To Mr. Darrel T. Devilleres, LPT, MAPM, our research adviser, for his

patience, understanding, advice, encouragement, and his valuable time and

effort that he had shared for the completion of our study.

To Mrs. Evita Ley L. Montebon, MS, for sharing her time and expertise

in helping and correcting our study. Also, for her time as a panelist during our

title and final defense.

To Mr. Nyl Dano, LPT, for being one of our panelists during the final

defense and for rendering his time, effort, and expertise in the field of research.

To Mr. Mark John Dulloso, for his time and effort in helping us in

correcting our study and for being one of our panelists during title defense.

To Ms. Aurea Puyos, MA, for being our statistician and for her

boundless effort in correcting our study and thereby imparting her time,

knowledge, and expertise for us to achieve better results of our study.

To the Reader, thank you for correcting and ensuring the credibility and

validity of our research paper.

Thank you very much for being part of this research endeavor, for without

you this would never be realized.

THE RESEARCHERS
 TABLE OF CONTENTS
PAGE
TITLE PAGE i

DECLARATION OF ORIGINALITY ii

APPROVAL SHEET iii

ACKNOWLEDGEMENT iv

TABLE OF CONTENTS v

LIST OF APPENDICES vii

ABSTRACT viii

CHAPTER

1 THE PROBLEM AND ITS SETTING 1

Statement of the Problem 3

Objectives of the Study 3

Scope and Delimitation of the Study 4

Significance of the Study 5

Definition of Terms 6

2 REVIEW OF RELATED LITERATURE 9

Theoretical Framework 13

Conceptual Framework 14

3 METHODOLOGY 17
 Research Design 17

Research Site 20

Data Gathering Procedure 20

Statistical Treatment 22

4 RESULTS AND DISCUSSION 24

5 SUMMARY, CONCLUSION, AND

RECOMMENDATION 34

Summary 34

Conclusion 35

Recommendation 36

REFERENCES 38

APPENDICES 43

CURRICULUM VITAE 78
 LIST OF APPENDICES

PAGE

APPENDIX

A. Title Justification 43

B. Minutes of Thesis Defense (Proposal

And Final) 46

C. Survey Questionnaire 62

D. Results from Tabulation 69

E. Plagiarism Checker Result 72

 ABSTRACT

It is essential to be financially literate to handle one's finances effectively. This

study, therefore, aimed to assess the level of financial literacy among the

chosen respondents. After the survey, frequency and percentage, weighted

mean, and T-test were the statistical tools employed to attain the underpinning

objectives of this study. Results showed that the level of financial literacy in

saving behavior among male and female students has an interpretation which

is "High." On the other side of the coin, there was an existing difference in the

level of financial literacy in terms of spending behavior among the respondents.

Whereas the spending behavior among female students was interpreted as

"Moderate" while male students' overall mean has a descriptive equivalence

which was "High." However, results further indicate no significant difference in

the level of financial literacy among the participants when grouped according to

sex category, although male Grade 12 students have a more positive behavior

towards spending with their money.

Keywords: Financial Literacy, Sex Category, Frequency and Percentage,

Weighted Mean, T-test.

 1

CHAPTER 1
INTRODUCTION

Gender is a social construct in which there is a dichotomy that occurs in

all cultures and serves as a social dimension influencing consumer behavior.

Gender has been understudied and misunderstood for a long time (Hira, 2000).

Along with this, numerous studies suggest that men and women perceive

financial problems differently.

Financial literacy is the personal ability to handle money that helps an

individual's life, and not everybody knows (Hung, Parker, & Yoong, 2009). It is

the possession of abilities that allow individuals with their money to make wise

choices (Lusardi, 2008). In today's world, financial literacy is more critical than

ever. Students learning to manage their money is a significant process during

their maturing stage (Chen & Volpe, 1998). According to Lindsey-Taliefero,

Kelly, Brent, & Price (2011), understanding money management, income,

saving, and spending will help young people combat fraud and take control of

their finances.

On the other hand, in the world of financial management, he or she must

be exposed as soon as a child can be (Grizzle, 1985). The reason is that the

economic patterns people learn during adolescence persist throughout

adulthood (Freund & Blanchard-Fields, 2014). However, studies show that the

level of financial literacy among students is usually low, but it also shows a
 2

significant and robust gender difference (Bottazzi & Lusardi, 2016). With these

statements mentioned above, inadequate personal finance among students has

undesirable effects on students' decision-making. Financial literacy is a problem

in the Philippines, where 65 percent of Filipinos are cash-strapped. Despite

having a good education and a steady salary, 65 percent of online lending

customers experience personal budget gaps from time to time. Furthermore, it

is a chronic issue for nearly a fifth (21%) of people (Business Diary Journal,

2019). Also, in a global context, Vista & Grantham (2010) found that people who

do not understand basic financial principles or are not well prepared to make

financial management decisions are more likely to face financial crisis than

those who are financially literate and can make educated financial decisions

about saving, spending, borrowing, and more.

Indeed, the accumulation of knowledge and the growth of financial

literacy skills is a lifelong process. However, in our education system, financial

literacy is not stressed, and many students lack the essential awareness and

skills to become financially responsible adults (Mandell & Klein, 2009).

According to Beal & Delpachitra (2003), instilling financial literacy in students is

critical because they begin to form habits at that age, allowing them to establish

good money management habits as working adults in the future. As a result,

personal finance must have the attention it deserves, as students will face the

realities of economic difficulties after graduation. This means that students must

be financially literate to reach any level of financial independence. With these,

 3

this study aimed to assess financial literacy among Grade 12 Senior High

School students at Notre Dame of Kidapawan College- IBED. The

accomplishment of the specific objectives set this study apart from others.

Through this study, it was able to impart new and further knowledge of the said

topic. As such, this study made this undertaking contribution to the institution for

them to advocate financial literacy in the premise of the school.

Statement of the Problem.

The main goal of this study was to measure the level of financial literacy of

Grade 12 Senior High School students in Notre Dame of Kidapawan College-

IBED. Specifically, this study aimed to answer the following questions:

1. What is the level of financial literacy of the female students?

2. What is the level of financial literacy among male students?

3. Is there a significant difference in the level of financial literacy among

Grade 12 students when grouped according to their sex category?

Objectives of the Study. This study aimed to assess the financial

literacy of Grade 12 Senior High School students at Notre Dame of Kidapawan

College-IBED and determine who among them makes better financial decisions

when categorized by gender.

Saving behavior and spending behavior were used as indicators to attain

such objectives of this research. Finally, the findings of this study aimed to help
 4

particular beneficiaries and regulators devise appropriate strategies to increase

the level of financial literacy within the population.

Scope and Limitations of the Study. This study is a gender-based

assessment that focused on the level of financial literacy of Grade 12 Senior

High School students to evaluate and improve money management accurately

and also be able to recognize who among the respondents possess better

financial management.

The participants were from the different strands of the Senior High

School department, specifically Humanities and Social Sciences (HUMSS),

Science Technology Engineering Mathematics (STEM), and Accountancy and

Business Management (ABM) of the institution. Therefore, this study was limited

to Senior High School students, mainly Grade 12 students from Notre Dame of

Kidapawan College-IBED. Its population is large enough to be significant but

small enough to allow careful treatment. It does not involve anyone from the

elementary department, junior high school students, and the college department

of the said school.

There are drawbacks to any research project, and this one was not an

exception. A limitation of this study was that the student researchers could not

guarantee that the participants have responded to the survey with 100%

honesty, although it was being encouraged. Another limitation of this study was

that the survey was not conducted in actuality because of the continuous

spreading of the Covid-19 virus that has been declared by the World Health
 5

Organization (WHO) as a pandemic. However, as the survey was performed

online, the researchers can ensure that the said situation does not affect the

outcome of the data obtained.

The gathering of relevant studies referenced and used as support for this

study was taken from books, journals, magazines, and websites, in other words,

taken online. Also, the study results and conclusions were drawn based on the

analysis of the information collected by the researchers through survey

questionnaires and communication.

Significance of the Study. The result of this study would greatly benefit

the following:

Future researchers. They will gain a better understanding of the subject and

broaden their expertise in the area. They will also be able to ask better questions

and interact more effectively with other participants. They will gain trust in their

answers and achieve better outcomes as a result. Finally, they may aid in the

comprehension of the factors that influence students' spending and saving

habits.

Students. They will be more informed about the allocation of their allowances

as the study's key participants. To better plan their budgets, they can also

manage to cut costs in daily life. Also, this can raise their awareness of the way
 6

they handle their money. Finally, this research also offers financial expertise,

thus promoting learning.

Parents. They are a student's primary source of financial assistance for school

and personal expenses. This study will determine whether or not young people

of a specific age group have adequate budgeting skills. The research may also

help parents figure out where their children spend the most money, how they

spend it, and when they spend it.

Teachers. It is best if teachers know how school works affect regular budgeting

and expenditures of a student. By offering projects that cost less, teachers can

support their students not just academically but also financially.

School administration. The school administration may adjust the curriculum

and insert money management subjects based on the outcome of the study.

This type, of course, will further help a child be more equipped for the future,

thereby increasing the potential of having successful graduates. Moreover, the

study would also be advocating the importance of financial literacy.

Definition of Key Terms.

Financial Literacy. Conceptually, financial literacy by ANZ Bank (2008), drawn

from Schagen (2007), is the ability to make well-informed choices and make

good decisions about money use and management. Operationally, that was

what this research was evaluated as a whole.

 7

Gender. It is focused on commonly held assumptions and norms regarding

male and female attributes and abilities within a society or community. Within

and between cultures, similarities and differences will vary, and they will change

over time. It is possible to clarify the relationship between these concepts and

provide context for their reasonable use, particularly in measuring financial

literacy about the said variable, by combining them into a single norm. In this

study, gender was used to determine which among the participants possess

better financial autonomy.

Saving behavior. Conceptually, savings are what a person has left over after

the expense of his or her consumption spending is subtracted from the amount

of disposable income earned in a given period, according to Keynesian

economics (Kagan, 2018 as cited in Drew, 2010). Therefore, saving behavior

patterns are acquired by frequent repetition. In conclusion, these are the

repeated behavior pattern of a person on how he or she approaches finances

at the end of the given time that he or she may have disposable income.

Operationally, it refers to an individual's ability to save and budget their funds.

Thus, it was also one of the factors that measured the level of financial literacy

among the participants of this study.

Spending Behavior. In general terms, it is how a person uses his or her money

without the use of control to fulfill their wants and needs. This also emphasizes

the idea that one should not neglect to allocate money for future needs.

However, studies have also shown that students nowadays are demanding
 8

luxury, and they do not see the problem with their spending (Singh, Gupta, Jain,

Kabra, Gupta, 2020). In other words, some students think about how they can

use their money wisely before they spend on something, and if they do not, it is

likely somewhat a waste of money. With these statements, as mentioned above,

this factor was used to measure the level of financial literacy among the selected

students of this study.

 9

CHAPTER 2
REVIEW OF LITERATURE AND THEORETICAL FRAMEWORK

The related literature and studies, the theoretical and conceptual

framework for which the study was anchored are discussed in this chapter. The

purpose of this is to identify the connections between this research and what

has already been studied and identify the gaps in the current body of literature,

thereby enhancing the relevance of this study. The study's hypothesis and

findings are also explored in the final section of this chapter.

Related Literature and Studies. In this review, the concept of financial

literacy is defined, and the different factors affecting students' financial

management, explicitly saving behavior and spending behavior, are also

discussed. Moreover, the importance of financial literacy among students during

their stage is also herein presented.

Financial Literacy. In financial decision-making, financial literacy

matters a great deal. It is the ability to effectively manage financial resources by

applying expertise and skills for financial well-being. This includes any program

that discusses an individual's understanding, attitudes, and actions towards

financial subjects and concepts (Remund, 2010). Financial literacy offers

transparent and straightforward information to individuals to help them make the

right choice to meet financial needs, or in other words, it summarizes

"budgeting" in one word (Mason & Wilson, 2000).

 10

In both society and the economy, financial illiteracy is an increasing concern.

The principal subjects of unwise use of funds are senior high school students,

with the sum of money entrusted to them. Young adults are both fascinated and

intimidated by money management, which is seen as a part of growing up,

according to a 2017 study by The Money Advice Service, where one in five

young adults (22 percent) says they are not confident managing their money. It

emphasizes that there is insufficient personal finance among students and

harms their financial choices and behavior. Therefore, students leave school

without the essential ability to handle their personal financial affairs, placing

them at high risk of not preparing for their financial future responsibly. These

students' ability to cope with financial problems depends on the financial

experience before entering college. (Burdman, 2005).

In conclusion, before getting a college degree, financial literacy is both

an important life skill and a vital intellectual skill and an integral component

(Hossler & Vesper, 1999). To be financially literate, it is not compulsory to be a

professional, but one must be an individual who can optimize present money to

achieve financial stability. Logically speaking, as they are supposed to gain at a

later stage in their lives, students need to learn how to manage their finances.

Gender Differences in Financial Knowledge. In terms of gender

differences in financial knowledge and financial literacy, Webster and Ellis

(1996) found that women had lower self-confidence in financial analytical

matters than men on average. Similar findings were reported by other

 11

researchers (Lytton & Grable, 1997; Prince, 1993). As for objective financial

information, gender disparities in financial decision-making have been

established by Lusardi and Mitchell (2011), which stated that women are usually

less financially literate than men. Likewise, Goldsmith and Goldsmith (1997)

also have the same conclusion. As support, Hayhoe, Leach, Turner, Bruin, &

Lawrence (2005) suggest that gender disparities exist in financial attitudes,

financial habits, and financial performance. Furthermore, Chen and Volpe

(2002) conducted a study of university students and found a gender disparity in

financial literacy, even when controlling for other related variables.

In conclusion, in financial awareness, attitudes, behaviors, and actions,

gender differences do exist.

Saving Behavior. According to Mendes (2013), it can be inferred that

financial literacy is more than just a basic information assessment, representing

a collection of behavior and skills. With this, Robb, Babiarz, and Woodyard

(2012) stated that the behavior taken by each person, apart from the impact of

external factors, represents individual financial well-being. That is why the

apprehension of the link between information and personal financial issues is

considered to be necessary. However, there is no significant link between

financial knowledge and successful financial action, as Bordon, Lee, Serido,

and Collins (2008) reported. Other studies have also shown that if a person
 12

learns to pick up consumer habits during their old age, it can have a powerful

effect on the individual in the nearest future (Lusardi & Mitchell, 2014).

A positive attitude in an individual saving activity is demonstrated by

individuals who save more often, as opposed to those who do not save,

according to Mahdzan and Tabiani (2013) as cited in Hinga (2012). The

possibility of getting a good saving attitude is strongly linked to the regularity of

saving. The act of setting aside a portion of the income as a saving, for example,

would most likely lead to a greater likelihood of maintaining a positive saving

attitude. In sum, the relationship between financial literacy and behavior in

students has been explored in several previous studies. As support, according

to Greene (2014) and Baker, Bettinger, Jacob, and Marinescu (2018), the

relationship between financial literacy and financial acts is influenced by an

increase in financial awareness.

Spending Behavior. According to D'Silva (2008), spending behavior is

a behavior that affects how an individual uses their money without using control

to satisfy their wants and needs. He stated that today's student spending

behavior is not quite the same as before, arguing that students are consistently

becoming more consumerist. Studies also have shown various factors that can

influence people's spending behavior, including socioeconomic factors

(Levenson, 2014), age, and sex (Villanueva, 2017).

It is still a great deal about who is more financially literate between men

and women. There is an apparent influence of the sex category on spending

 13

behavior, according to the results of a study conducted by Hayhoe (2000) and

cited by Villanueva (2017). At the same time, women prefer to spend on beauty

items such as clothes while men spend on electronics, entertainment, and food.

Females have also found more financial habits, such as having a written budget,

regularly planning to spend, and saving compared to men. However, Roberts

(2000), as cited by Villanueva (2017), believed that women are more likely than

men to exhibit spending behaviors, especially compulsive purchasing, which

somehow contradicted this outcome. It was then said by De Guzman (2011),

who discovered that female students prefer to spend large sums of money on

food and art supplies, whereas male students have different priorities.

Theory Base. This study was based on the theory of Fernando (2020),

which notes that financial literacy must be effectively navigated to achieve

financial stability. Thuydong (2020), on the other hand, describes financial

literacy by taking into account the spending and saving behavior. In addition,

financial literacy is considered helpful because it equips individuals to help make

real-world financial decisions through an understanding of basic financial

principles. One will better control their finances, make sound choices, and

sustain healthy spending and budgeting practices with this information in hand,

which over time leads to the growth of someone's financial well-being.

The theory of Fernando and Thuydong in terms of financial literacy was

then supported by Hira and Mogenda (2000) regarding the gender differences

of individuals in terms of financial attitudes, behaviors, and satisfaction.

 14

Research has shown that women are more likely to demonstrate compulsive

shopping behavior than men (Christensen, 1992; O'Quinn & Faber, 1989).

Similarly, Wilhelm and Varcoe (1991) show that the determinants of the

perceived financial situation and the perceptions of the financial state for males

and females are substantially different. Cottle (1976) also found that in their

perception of time, women and men vary, which influences feelings about

current and future financial circumstances. However, in making unplanned

purchases, Kollat and Willett (1967) found no difference between males and

females when the number of purchases was kept constant. Fitzsimmons and

Wakita (1993) supported this, which stated that in perceptions of future financial

circumstances, there were no gender gaps.

In conclusion, in their opinions of their financial situation and how they

manage money, men and women differ.

Conceptual Framework. The conceptual framework of this research

was based on the thoughts put forward by Remund (2010), Mason and Wilson

(2000), Thuydong (2020), and Hira and Mogenda (2000).

Financial literacy is the ability to use information and skills for financial

well-being to manage financial resources effectively, as stated by Remund

(2010). This involves every program addressing the awareness and behaviors

of a person towards financial subjects and concepts.

 15

As support, Mason and Wilson (2000) claimed that financial literacy

provides individuals with clear and transparent data to help them make the right

decision to meet financial needs or, in other words, summarize "budgeting" in

one phrase.

Meanwhile, by considering the various aspects of spending and saving

behaviors, Thuydong (2020) explains financial literacy. He stated that financial

literacy is helpful because awareness of basic financial concepts equips people

to help make real-world financial decisions.

Hira and Mogenda (2000) then supported the above claims concerning

the gender disparities of individuals in terms of financial attitudes, behaviors,

and satisfaction. Men and women vary in their perceptions of their financial

position and how they handle money.

With all these statements, the authors highlighted the variable that

significantly affects financial literacy to build a context based on the literature

review. The proposed structure that is shown in Figure 1 is consists of one

significant variable, specifically the sex category that based on a literature

review metrics that affect the level of one's financial literacy.

Figure 1. Conceptual Framework

Sex Category Financial Literacy

 16

In this study, the researchers put focus on the primary variable, which is

financial literacy. Along with this, sex categories were used to assess and

measure the level of financial literacy.

Hypothesis. The researchers hypothesized a significant difference in the

level of financial literacy based on personal socio-demographic characteristics,

particularly in terms of sex category, which significantly reflects someone's

overall financial well-being.

 17

CHAPTER 3
METHODOLOGY

This chapter discusses the overview of the research methodology of how

research is conducted. The approach used to achieve the research objectives

includes descriptions of the method used, sources of data, the data gathering

instruments, sampling technique, procedure of the study, and statistical

treatment.

Method Used. This study used a survey approach in conducting the

research. Specifically, it utilized a comparative approach. To meet the

objectives of this study, the most appropriate research strategy using a

quantitative approach was chosen. According to Lakshman, Sinha, Biswas,

Charles, & Arora (2000), quantitative methods have been widely used because

things that can be measured or counted gain scientific credibility over the

immeasurable. Quantitative research requires collecting data to provide

information that can be quantified and subjected to statistical treatment to

endorse or refute "alternate intelligence statements." Aside from that, according

to Bhatti, Hoe, and Sundram (2012), survey research is the most common

method of data collection in the quantitative approach, and many researchers

use it because it allows for more truthful and unequivocal responses or feedback

than other research methodologies.

 18

Bloemraad (2013) considers that comparative research design is an

innovative analytical creation technique by comparing and contrasting a small

number of instances into meaningful, complex structures and event

configurations. Also, it is an abstract style of research design that focuses on

cases that are not specific types of data. Moreover, this aims to conclude single

cases to describe their differences and similarities between objects of analysis

and relations between objects against the backdrop of their contextual

conditions. Furthermore, the main issue of this research design is the need to

validly obtain data that is also equivalent across different contexts and eliminate

biases in calculation, instruments, and sampling while ensuring equivalence

(Esser & Vliegenthart, 2017). In this study, it was used to determine and point

out who has better financial perspectives among the participants when clustered

according to their socio-demographic profile in terms of sex category.

Sources of Data. Both primary and secondary sources were considered

essential to provide the information related to this research. Hence, this

research sought data from secondary sources like journals, works of literature,

and articles. In several ways, it added value to the credibility of the research. It

offers an analysis of existing literature in light of updated advances in the field

as it helps assess the accuracy of existing materials' information and relevance.

The primary sources were also used to ensure the research project has enough

information and data to support using the adopted survey questionnaire. By

definition, primary data is the source of new directions and freshly collected or
 19

gathered by the researchers. In other words, it is the data that is newly derived

and is the original research study by the researchers (Roos, Nicol, & Cageorge,

1987). It was expedited by sending the adopted survey questionnaire about

students' financial literacy through a software system, specifically Google

Forms.

The data were evaluated through the overall response that illustrates

financial literacy. This assessed the level of financial literacy among the

respondents and determine if there was a significant difference in the level of

financial literacy among the participants when group according to sex category.

Data Gathering Instrument. A data-gathering instrument is a tool that

is used to gather specific information. This contains the information needed to

be addressed by the respondents to obtain a result of the study. Thus, the

research instrument is essential since it provides the primary source of

information in a particular study.

As far as the data gathering instrument is concerned, the researchers

utilized an adopted survey questionnaire comprised of a Likert-type scale that

was authored by Furnham (1999). A questionnaire refers to data collection

instruction in which respondents are allowed to answer the same set of

questions (Ong, 2012). To measure students' financial literacy, the scale was

used, and it was responded as follows: 5-Strongly Agree, 4-Agree, 3-Neutral, 2-

Disagree, and 1-Strongly Disagree.

 20

The survey questionnaire contained 23 questions related to financial

literacy as well as demographic questions. The survey was administered to the

Grade 12 Senior High School students in Notre Dame of Kidapawan College-

IBED through Google forms.

Population and Sampling Technique. Population refers to the total

number of people, events, or things that the researchers want to examine the

common characteristic required by the researchers (Krejcie & Morgan, 1970).

This study aimed to measure the level of financial literacy among male and

female students and wished to determine if there was a significant difference in

the level of financial literacy among the respondents when group according to

the sex category. This study employed non-probability sampling, specifically

quota sampling, to congruently compare the level of financial literacy among the

selected participants of the study. In this case, the population of interest of this

research was the Grade 12 Senior High School students of Notre Dame of

Kidapawan College- IBED. Furthermore, the sample size of this study was

composed of 90 males and 90 females, with a total of 180.

Procedure of the Study. The first step the researchers took was to look

for suitable questionnaires for the study. Fortunately, we have been able to

come across the standard questionnaires that have been mentioned in the

research instrument. The researchers, together with the subject teacher, then

brainstormed the appropriateness of the questionnaire and decided that some

 21

modifications would be made. Finally, the questionnaire was finalized and

validated.

In order to conduct the study, we sought a higher authority by sending a letter

of approval which the principal signed. The letter sets out information about the

study that was conducted. The purpose of this letter is to have transparent

evidence of giving the researchers the authority to conduct the study. We asked

for approval from the principal, taking into account that an institute's

administration should always approve research to know the whereabouts of the

researchers (Dovey, Hall, Makeham, Rosser, Kuzel, Van Weel & Phillips, 2011).

Once the letter has been approved, we then proceeded to the conduct of

the survey. We utilized our adopted survey questionnaire as our research

instrument in which was then be purposely sent through a software system

called Google forms to the respondents, specifically the Grade 12 Senior High

School students of Notre Dame of Kidapawan College-IBED.

To come up with the the data, the process of statistical treatment was

done. This was to provide factual information about the study regarding how

gender and other identified factors influence or affect the overall financial well-

being of an individual. In this study, three (3) statistical tools were explicitly

utilized Frequency and Percentage, Weighted Mean, and T-test to attain valid

and reliable data.

 22

In the analysis of this data, we utilized descriptive and inferential

analysis. Descriptive analysis can summarize the data in a graph (Idris,

Krishnan, & Azmi, 2017). The inferential analysis was used to conclude

variables' associations to decide which factors vary (Byrne, 2007). Therefore,

this part was important in this study to come up with transparent results and

assess if the sex category significantly influences the level of financial literacy

of the chosen respondents concerning individual financial perspectives.

We then presented the final paper to a panel of research experts. This

step allows the researchers to identify mistakes or errors in the study by

submitting the report and considering not committing plagiarism. Presenting the

words or ideas of someone else as if they were your own is among the most

severe violations that a researcher could commit (Maurer, KaApe & Zaka,

2006).

Lastly, the final juncture of this research paper was to publish it. A

research study primarily served its purpose after it has contributed to the

academic community and then published in compliance with the criteria set by

the institution to which the researcher belongs. In the publication, we used the

process of binding. It is composed of the printed sheets folded and joined,

securing them together, the sides of sheets are fixed, and the entire sheet is

covered (Chavarro, Tang, & Rafols, 2017).

Statistical Treatment. This was when the researchers applied some

form of statistical method to a data set to transform it from a group of

 23

meaningless numbers into meaningful output (Bannier & Schwarz, 2018). This

treatment reported the procedure for scoring in which it can be used to interpret

the hypothesis (Kaiser & Menkhoff, 2017).

In this study, the data were analyzed using three (3) different statistical

tools. First is descriptive statistics, mainly frequency and percentage, were

utilized to determine the demographic profile of the chosen respondents.

Moreover, a weighted mean was also utilized to calculate the percentages and

measure the level of financial literacy between and among the respondents

based on their sex category. Additionally, inferential statistics, specifically T-

test, was also performed to compare the means of two groups.

 24

CHAPTER 4
RESULTS AND DISCUSSIONS

To achieve the underlying objectives of this study, this chapter contains

the respondents' demographic profile and the results and discussions based on

the data gathered. This study aims to determine the comparative analysis

among the indicated variables to assess the level of financial literacy of the

Grade 12 Senior High School students in Notre Dame of Kidapawan College-

IBED.

Respondents’ Sex Category

Table 1 summarized the total number of respondents who participated in

the study. 50% of the population are female, and 50% are male, respectively.

The respondents of this study were fairly divided to equally compare the level

of financial literacy when grouped according to sex category.

Table 1. Demographic Profile of the Respondents in terms of Sex Category

Sex Category Frequency Percentage

Total 180 100%

 25

Level of Financial Literacy of the Male and Female Grade 12 students in

terms of Saving Behavior

Table 2 illustrates the level of Saving Behavior among female and male

students in Notre Dame of Kidapawan College- IBED.

The female students' overall mean level of financial literacy is 3.73, while

the male students got 3.78. Both sex categories have an overall descriptive

interpretation of "High" in terms of their saving behavior.

Table 2. Level of Financial Literacy of the Female and Male students in terms
of Saving Behavior

Indicator Mean Interpretation Mean Interpretation

(Female) (Male)
Saving Behavior 3.73 H 3.78 H

Legend:

Response Weight Nominal Scale Interpretation

Strongly Agree 5 4.2-5.0 VH - Very High

Agree 4 3.4-4.19 H - High
Neutral 3 2.6-3.39 M - Moderate
Disagree 2 1.8-2.59 L - Low
Strongly Disagree 1 1.0-1.79 VL - Very Low
 26

The saving behavior of the respondents is marked as "High" because

most of their perceptions and experiences in saving money were high enough

to come up with these results. Moreover, they were also concerned about their

financial status that is why they seem to adequately manage their financial

responsibility, in which they gave particular importance of customarily saving

money. Therefore, this suggests that the respondents were satisfied enough in

terms of their saving behavior.

However, gender-related concerns have recently made much sense,

particularly regarding the overall economy and individual well-being. As a result,

financial activity is a popular research subject. Future attention is likely to shift

to more specific about certain demographic groups where people are perceived

to be either financially illiterate or misbehaving (Marcolin & Abraham, 2006).

Financial literacy differs by gender, with males having a better understanding

and ability to apply financial principles to their financial decisions than females.

Specific studies are conducted which concludes that male possess better

financial autonomy than female.

In specific terms, Falahati, Paim, Ismail, Haron, & Masud (2011) found

gender differences among university students in Malaysia. Male college

students have a higher level of financial awareness than their female

counterparts, which suggests that this affects their saving behavior. Additionally,

as cited in Jamal, Ramlan, Karim, & Osman (2015), Chen and Volpe (2002)

observed similar findings among college students, concluding that women are
 27

less enthusiastic about, have less interest in, and are less likely to gain better

financial perspectives than men. Moreover, compared to female students in the

United States, male students are more financially independent and more

financially confident and secure (Carpenter and Moore, 2008). Male college

students in Malaysia are also found to have a more optimistic financial outlook

than female students (Ibrahim, Harun, & Isa, 2009). Lastly, Lintonen, Wilska,

Koivusilta, & Konu (2006) surveyed young Finns and found consistent results

with Wilska and Haanpää (2005), who stated that young boys have significantly

more savings than young girls.

Level of Financial Literacy of the Male and Female Grade 12 students in

terms of Spending Behavior

Table 3 reports the level of Spending Behavior of the female and male

students of the same institution accordingly.

Generally, the overall mean of the female students in terms of their

spending behavior is 3.39 and verbally interpreted as "Moderate." On the other

hand, the male students' spending behavior has an overall mean of 3.41 and is

interpreted as "High."
 28

Table 3. Level of Financial Literacy of the Female and Male students in terms
of Spending Behavior

Indicator Mean Interpretation Mean Interpretation

(Female) (Male)
Spending Behavior 3.39 M 3.41 H

Legend:

Response Weight Nominal Scale Interpretation

Strongly Agree 5 4.2-5.0 VH - Very High

Agree 4 3.4-4.19 H - High
Neutral 3 2.6-3.39 M - Moderate
Disagree 2 1.8-2.59 L - Low
Strongly Disagree 1 1.0-1.79 VL - Very Low

The spending behavior of the female Senior High School students has

an overall mean of 3.39 with a descriptive equivalence of "Moderate." This

means that they have incoherent observation and application regarding their

spending behavior. With this, we can say that they sometimes keep their

spending behavior within reasonable or proper limits. As much as possible,

avoiding extreme or extensive spending amount of money and sometimes

spending way too much or out of the budget.

On the other hand, male students have a higher degree of interpretation

in terms of spending behavior than female students, which are "High." This
 29

implies that they usually ponder real and practical reasons in terms of spending

their money. Additionally, male students also consider spending cautiously,

wherein they will spend to earn a real return on the amount they spent. With

this, it can be inferred that these factors are reasonable enough to conclude that

the indicated variables are frequently observe based on the experience and

individual perceptions regarding the spending behavior of the male students,

thereby reflecting the level of financial literacy among them.

Gender is often a vital deciding factor in different works of literature. As

stated in the study of Zalega (2020), according to recent studies, 5% of the adult

population in developing countries suffers from compulsive purchasing conduct

(Schofield, 2018). Compulsive buying behavior affects about 6% of the

population in the United States over their lifetime, with women accounting for

80% of compulsive buyers (Heshmat, 2018). It is on the rise, with about 14% of

the human population suffering from a moderate form. Compulsive shopping in

the Philippines has resulted in students having the most up-to-date

smartphones, causing them to fall behind on their tuition payments (Rios, 2017).

Results further indicate that their money is frequently spent on personal

purchases, most of which is consumed by the end of one semester (Sabri &

MacDonald, 2010). On the other hand, compulsive buying describes a

consumer's instinctual actions, which can prompt him or her to make a spur-of-

the-moment decision.
 30

Moreover, a Study on the Gender Differences in the Spending Attitude

and Behavior of IT Professionals in Urban Bangalore (Sareetrakul,

Wongveeravuti, and Likitapiwat, 2013) stated that males had a more positive

attitude towards spending. Carpenter and Moore (2013) found that men were

more self-sufficient and secure in their financial management. As evidence, a

study of Indian student spending habits found that male students spend less

and save more for emergencies, schooling, and other unexpected expenses.

Moreover, research has revealed that Malaysian male students save for

emergencies and spend most of their money on transportation and schooling.

Also, in the study entitled "Teen Financial Knowledge, Self-Efficacy, and

Behavior: A Gendered View," in terms of how female and male students spent

their money, there was a statistically significant difference. Male teenagers

invested and saved more money on average than female teenagers.

Additionally, both in high school and college, male students appeared to have

more financial skills than female students.

Level of financial literacy among Grade 12 students when grouped

according to sex category

Table 4 presents the level of financial literacy of Grade 12 Senior High

School Students in Notre Dame of Kidapawan College when grouped according

to sex category.
 31

The results indicate that the level of financial literacy among the

respondents, when grouped according to sex category, is not statistically

significant. This means that the respondents are less likely to differ in terms of

their saving and spending behavior. Moreover, spending behavior has the

highest values, showing a higher distribution.

Table 4. Significant Difference in Level of Financial Literacy among Grade 12

students when grouped according to their sex category

Source of P- value Remarks

Variation
Saving Behavior 0.489 NS
Spending Behavior 0.812 NS

Legend:
*The level of significance is set at 0.05

According to the study, the comparison of financial literacy levels among

Grade 12 students is marked as not statistically significant because the

difference is greater than 0.05, which is predicted to happen by chance more

than one out of every twenty times. This manifests that saving behavior and

spending behavior does not influence the respondents' financial literacy level

when grouped according to the sex category. This is due to the respondents'
 32

different financial perspectives and outlooks in terms of handling their money.

Therefore it can be concluded that the individualities of a person and the natural

differences still determine circumstances.

However, the results of specific studies and pieces of literature are

entirely in contrast to the interpretation of the differences among males and

females in terms of the level of their financial literacy when group according to

sex category base on this study. As pioneers in this area, Chen and Volpe were

among the first to note significant differences in financial literacy levels among

male and female college students. In their study, the financial literacy trend of

male participants scoring higher than female participants persisted across all

groups and in the overall results, with statistically significant differences (Chen

& Volpe, 2002).

In addition, there is a substantial gap in personal finance awareness

between male and female participants in the study entitled "Assessing the Level

and Impact of Financial Literacy on African Americans." Since these disparities

in scores exist throughout the entire student population, Chen and Volpe (2002)

argue that women's lack of personal financial literacy should be discussed.

Furthermore, based on statistically significant disparities between men and

women, Chen and Volpe (2002) reasoned that women typically have less

passion and are less likely to become involved in personal finance. Surprisingly,

personal finance is all about numbers, which has led some researchers to

believe that the topic is not as appealing to women as men. According to Chen
 33

and Volpe (2002), women have a lower interest in finance, so their financial

literacy may be inadequate.

 34

CHAPTER 5
SUMMARY, CONCLUSIONS, AND RECOMMENDATIONS

This chapter summarizes the findings, the conclusions, and the

recommendations for those who can benefit from this study.

Summary

As the data gathered were analyzed and interpreted in chapter four, the

study's objectives were also achieved. Furthermore, the findings rejected the

hypothesis that there was a substantial difference in financial literacy levels

among the Grade 12 Senior High School Students in Notre Dame of Kidapawan

College- IBED when grouped according to sex category. Also, the pieces of

literature related to the study were able to help in understanding financial literacy

and the factors that affect it. With this, it elaborates explicitly in terms of saving

behavior and spending behavior, which served as the basis for the level of

financial literacy among the indicated respondents.

The study aimed to assess the level of financial literacy of Grade 12

senior high school students of Notre Dame of Kidapawan College-IBED. Also,

the study examined who possess better financial behaviors between males and

females. Furthermore, the study examined if there is a significant difference in

terms of the level of financial literacy among the respondents when group

according to sex category. With the emphasis on personal finance literacy,

including saving behavior and spending behavior, the results are the following:
 35

The saving behavior of the female Grade 12 students in Notre Dame of

Kidapawan College-IBED is interpreted as "High." Moreover, their spending

behavior indicates a "Moderate" level based on the descriptive equivalence. For

the males, their saving behavior is interpreted as "High" and their spending

behavior. This concluded that the respondents differ with the interpretation on

the level of spending behavior and thus differ in terms of the level of their

financial management.

However, in comparing the result of the variables using the T-test, it has

been revealed that there is no significant difference in the level of financial

literacy among the participants when group according to sex category.

Conclusions

From the findings of this study, a conclusion was drawn that the Grade

12 Senior High School students of Notre Dame of Kidapawan College-IBED

have a high level of financial literacy. However, concerning gender differences

in financial literacy, findings were found in this study in which females have a

"moderate" interpretation with regards to their spending behavior compared to

males. On the other hand, both males' and females' saving behavior has the

same level of interpretation, which was "High." From the results' comparisons,

it can be concluded that there were existing gender differences in how men and

women perceive financial decisions. However, as included in the variables, the

 36

results revealed no significant difference in the level of financial literacy among

the respondents when group according to the sex category, although male

Grade 12 students have a more positive behavior towards spending with their

money.

Recommendations

Based on the findings of this study, the following recommendations are

hereby suggested by the researchers:

Financial management is something that students must learn because it

can have a significant impact on their future. They must take charge of this as

individuals. With these, students are recommended to do their utmost in terms

of budgeting and spending control. To practice financial management, the

researchers recommended that students set a target savings goal at the end of

each week or month. They can also keep up with economic news such as

inflation rates, taxes, and laws that could affect their regular budgeting.

Moreover, future researchers could look into the relationship between

financial literacy and factors such as parental socialization, peer influence, and

self-control that could affect the level of financial literacy among individuals.

Lastly, the researchers further recommended that this study be

expanded to include all students at Notre Dame of Kidapawan College-IBED to

assess the level of financial literacy among the participants from various
 37

perspectives. Although this study accurately reflects the degree of financial

literacy among senior high school students, it only focused on Grade 12

students. Any future research on the subject should be done in the institution,

and greater sample size should be used.

 38

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 43

APPENDIX A
(TITLE JUSTIFICATION)
 44

JMJ Ch.
Notre Dame of Kidapawan College
RESEARCH AND PUBLICATIONS OFFICE

Datu Ingkal St., Kidapawan City

RESEARCH TITLE JUSTIFICATION

1 DONNAMAE D. TORMIS 1 ABM

RESEARCHER/S 2 PSYCHE S. FAMULAGAN PROGRAM 2 ABM

3 JOHN OSWALD L. TEOPE 3 ABM

Gender-based Assessment of Financial Literacy among Grade 12 Senior High School Students
RESEARCH TITLE

1. Narrate result of stakeholders' interviews to support the existence of the problems for research.
The results of this study support the existence of the problem of this topic concerning the level of financial literacy among
Grade 12 Senior High School students in Notre Dame of Kidapawan College-IBED focusing on sex category includes the
following: The saving behavior of the female Grade 12 students in Notre Dame of Kidapawan College-IBED was interpreted
as "High". Moreover, their spending behavior indicates a "Moderate" level based on the descriptive equivalence. For the
males, their saving behavior is interpreted as "High" as well as their spending behavior. This concluded that the
respondents differ with the interpretation on the level of spending behavior and thus differ in terms of the level of their
financial management. However, in comparing the result of the variables using the T-test, it has been revealed that there
is no significant difference in the level of financial literacy among the participants when group according to sex category
although male students indicate more positive results with regards to their spending behavior.

2. Briefly cite authors and their statements supporting the problem you identified.
Gender concerns have recently gained a lot of traction, particularly when it comes to the economy and individual well-
being. As a result, financial activity is a hot topic in academic circles. As support, previous studies have shown that women
are less knowledgeable about personal finance than men in general (Volpe, Chen, & Pavlicko (1996); Chen & Volpe,
1998). Moreover, Hira and Mogenda (2000) then backed up their point by citing gender differences in financial attitudes,
habits, and satisfaction, noting that men and women have different views of their financial situation and how they handle
money. We can therefore infer from these comments that men and women have different perspectives on financial
matters. With that, these factors were examined and analyzed and results were attained in this study specifically in terms
of the level of financial literacy among male and female Grade 12 students in Notre Dame of Kidpawan College-IBED.
3. Discuss how the problem can be solved.
Financial Education can be used to resolve and solve the problem of financial literacy. School is the best place to practice
and improve financial literacy since most students learn and spend the majority of their time in a classroom environment.
The importance of financial education as part of a school's curriculum is critical for a good life. Students will develop this
foundational skill at a crucial period in their lives, as financial literacy will be taught in school. This indicates that they will
be interested in and active in learning how to manage money effectively. They will put their newfound skills to good use
in their daily lives, and their money attitudes will follow them for the rest of their lives. These young adults will never let
themselves become overrun by debt if they are equipped with money management skills, and they will still be able to
 45

handle money. The advantages of financial education in classrooms, on the other hand, continue to be lost on public
policymakers. Only a few states now mandate a high school economics course, and far fewer require financial education
topics to be taught. But the Philippines is an exception. In fact, in the House of Representatives, House Bill No. 9058 was
introduced, which calls for the obligatory inclusion of a topic on savings and investment in the Junior High School
curriculum, intending to equip young students with resources for long-term savings and long-term investments before
Senior High School and College.

4. List scientific articles that support your title.

The study entitled “DOES GENDER MATTER IN FINANCIAL LITERACY? A CASE STUDY OF YOUNG PEOPLE IN TIRANA”
stated that gender is a factor that has a substantial impact on an individual's level of financial literacy. Nonetheless,
despite the similarities, research supported the presence of gender gaps in financial decision-making as a result of financial
literacy. Young males showed greater ability to cope with danger, willingness to act, and reading to improve financial
awareness as compared to young females. Furthermore, gender is a significant determinant of observed differences in
financial literacy among individuals. In particular, the exploratory results in the study entitled "Assessing Financial Literacy,
Gender Gap, and Cognitive Differences" provide solid proof that females are slightly more likely than males to have lower overall
levels of financial literacy. Therefore, these underlying scientific articles support this study which focused primarily on terms of
gender in measuring the level of financial literacy among Grade 12 Senior High School students in Notre Dame of Kidapawan
College-IBED where saving and spending behaviors were used as indicators to come up with particular results.

5. Mention subjects/topics in your major field where your proposed title belongs.

Educators strive to include a diverse range of subjects in the mandatory curriculum for young adults. These areas have
proven to have a direct impact on a student's ability to make wise financial decisions. Furthermore, students who have
taken some personal finance subjects are much more likely to save money, budget effectively, and spend wisely. Such
subjects/topics include the following: (1) The Basics of Budgeting, (2) Understanding Interest Rates, (3) Prioritizing
Saving, (4) Credit-Debt Cycle Traps, and (5) Identity Theft Issues & Safety.
 46

APPENDIX B
(MINUTES OF THESIS
DEFENSE)
 47

JMJ Ch.
Notre Dame of Kidapawan College
RESEARCH AND PUBLICATIONS OFFICE

Datu Ingkal St., Kidapawan City

MINUTES OF THESIS PROPOSAL DEFENCE

1 Donnamae D. Tormis 1 ABM

RESEARCHER/S 2 Psyche S. Famulagan PROGRAM 2 ABM

3 John Oswald L. Teope 3 ABM

TITLE Gender-based Assessment of Financial Literacy among Grade 12 Senior High School Students

Mr. Jhon Eliaser L. Pacete

Adviser

Advisory
Committee: Name Signature

Chairperson

Member

Member

Member

Venue Date 02/04/2021

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

Ms. Aurea First of all, Good morning researchers.

Poyos, MA
 48

Chapter 1 Sentence case

Research Questions

*since this is gender-based assessment, e change

natin yung research questions niyo para mas
maganda ang result ng study and mas ma compare
talaga yung dalawa.

*so your research questions will now be:

1. What is the level of financial literacy of female Complied (p.6)

students?

2. What is the level of financial literacy of male

students?

3. Is there a significant difference in the level of

financial literacy among Grade 12 Senior High School
students when grouped according to their sex
category?

Chapter 2 Sentence case

Conceptual Framework

*Instead of using the term “gender” gamitin niyo na Complied (p.16)

yung term na “sex category” except for the title.

*remove niyo na itong mga independent and

dependent variables dito pati na din itong box sa
baba.

*so, your conceptual framework will now have only 2

boxes and then use one-headed arrow.

*sa first box dito sa left side would be sex category

then use one-headed arrow and sa box sa right would
be financial literacy.

Review of Related Literature

*e remove niyo na yung parts na di kasali dito as

Provided and
what we have discussed lately
Complied (p.13)
*ang maiwan na lang dito is yung saving behavior
then hanap kayo ng rrl for spending behavior, yan na
lang dalawa

Chapter 3 Sentence case

 49

Population and Sampling Technique

*yung respondents niyo is diba yung Grade 12 lg? *as

what you stated a while ago is 260 for females and
Complied (p.13)
260 for males so 520.

*I think yang 520 population na yan ng buong senior

high school so kasali ang grade 11 but your study is
for Grade 12 students only right? *sige, ganito na
lang. Gawin niyo na ang population niyo na 90
females and 90 males kasi yung ibang sections mas
madami kasi yung girls so have it like that na lang.

Statistical Tools

*for your statistical tools gamit tayo ng tatlo.

Complied (p.22)
*first is the frequency and percentage for the
demographic profile of your respondents like sex
category, age, and strand

*second would be the weighted mean para ma rate

natin by percentage based sa response ng mga
informants ninyo

*third is T-test na yung gamitin natin hindi na yung

ANOVA kasi ang ANOVA is at least three (3) or more
man yung e compare while in your study there is only
two (2) to be compared which is the sex category or
yung male and female

Survey Questionnaire

*for your survey questionnaire, hanap kayo ng

questionnaire na naka focus on saving behavior and Provided and
spending behavior, yan lg dalawa kasi e disregard Complied (p.28-29)
naman natin itong iba na indicators kasi gender-based
assessment naman na tayo di na natin isali yung mga
factors na na mention niyo dito like parental
socialization, peer influence, and self- control

*have at least 10 statements each indicator, so 10 for

saving behavior and 10 din for spending behavior

So I think yan lg man, so far okay lang man din yung

output ninyo. Congratulations.
 50

Mr. Mark Good morning researchers. Wala man masyadong

John need e correct sa paper but I would be suggesting
Dulloso some para mas enhance yung outcome ng study niyo.

Title

*Tanggalin niyo na itong “in Notre Dame of

Kidapawan College-IBED” Complied (p.1)
*so ang inyong title kay “Gender-based Assessment
of Grade 12 Senior High School Students” na siya.

Chapter 3 Sentence case

Survey Questionnaire

*sa inyong survey questionnaire, tanggala na lang

siguro ninyo ning parental socialization since kita man Complied (p.28-29)
jud tanan lahi lahi or parents and lahi lahi sad og
ways and principles sa pag handle sa money kay
mura dili na siya ma relate sa students’ financial
literacy.

*ang kaning peer influence mao jud ni siya

pinakadako na factor *but let us ask the other panels
about this if what would be there suggestions

Mrs. Evita Hello researchers, once again congratulations. So far

Ley it is has only very few changes and corrections in
Montebon, your paper. With that, let me give my general
MS comments about your paper.

Title
*I agree with ma’am Aurea and sir Mark about your
title and the changes as well as the term to be used Complied (p.1)
which is “sex category” instead of “gender”.
*If I may suggest, actually you can have two options
about your study it is either you are going to continue
with “Gender-based Assessment” or you can also
have “Factors Affecting Financial Literacy” in which
you will include the factors that you have mentioned
like parental socialization, peer influence, self-control,
and saving behaviour. But of course, it is up to you.
*What is your decision? Are you just going to
continue about gender-based or the other one?
*Stick na lang po kami for Gender-based ma’am.
*well, okay. Maganda pa din naman talaga siya. And I
think that would be all I can say or comment.
 51

All in all, it is a very good and a very interesting

study. Thank you and Congratulations!

Note: (1) The researchers, adviser, and all members of the advisory committee must have a copy of the minutes of
the proceedings. (2) The research coordinator must also be furnished a copy.
 52

JMJ Ch.
Notre Dame of Kidapawan College
RESEARCH AND PUBLICATIONS OFFICE

Datu Ingkal St., Kidapawan City

MINUTES OF THESIS FINAL DEFENCE

1 Donnamae D. Tormis 1 ABM

RESEARCHER/S 2 Psyche S. Famulagan PROGRAM 2 ABM

3 John Oswald L. Teope 3 ABM

TITLE Gender-based Assessment of Financial Literacy among Grade 12 Senior High School Students

Mr. Darrel T. Devilleres

Adviser

Advisory
Committee: Name Signature

Chairperson

Member

Member

Member

Venue Date 04/20/2021

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

Ms. Evita First of all, I would like to congratulate your group, so

Ley L. far your group is the most complete and the thickest.
And it’s the only research paper so far that has table
 53

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

Montebon, of contents, abstract, and other important parts of the

MS paper of the thesis. So, congrats for that for coming
up with that quality of paper.

Let me give to you my general comments of your

paper and then after me, Ms. Aurea our very good
statistician will give her comments about the results
of your study. Of course after ma’am Aurea, our third
panelist, an expert in research and an English Major
Professor Mr. Nyl Dano will also give his comments.

For my comments, it is nice that you were able to

come up with a very thick paper but there also ways
in improving the presentation of your paper. So, if
you will be able to improve the presentation of your
paper, the number of pages will also be reduced..and
the quality of your paper will also be enhanced.

Tables
Complied (p.24)
*May I suggest that you may have one table for the
demographic profile so that you can reduce the
number of pages in your paper.

*So sex category and other demographic factors

pertaining to your respondents will be included in one
table only so that you do not have many subheadings
below the table.

*Also, may I suggest that for your table do not put

close and open parenthesis of the saving behavior Complied
and the spending behavior because that is one of the (p.26&29)
important components of financial literacy.

*So it may be “Level of Financial Literacy among

Female and Male in terms of Saving Behavior” or
“Level of Financial Literacy among Female and Male in
terms of Spending Behavior”

*So that the reader could understand easily between

the male responses and female responses, you
present the mean values of male and the mean
values of the female in one table only.
 54

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

*This is very important because your main focus is

gender-based assessment and so that the reader can
easily see the difference between the male and the
female responses

*That is another way again of reducing the number of

pages in your paper without reducing of course the
quality of your paper

Summary

*When you write your summary, you also mention Complied (p.35)
“the level of financial literacy in terms of Saving
Behavior” is this while “the level of financial literacy in
terms of Spending Behavior” is this, so e present niyo
agad because these are the indicators used that
would measure financial literacy. So, e include niyo sa
inyong summary and your conclusion

*Don’t forget also to mention the sex category in the

summary as well as in the conclusion because again
your study is focused on gender-based

*For your summary, be sure to have some statements

before you your present your summary that will
answer to your statement of the problem. So,
mention the answers in the statement of the problem
in your summary but do not include the means or the
numerical values anymore

Conclusion

*This is a lengthy one but you can shorten this but

answering the problem directly Complied (p.36)
*So what have you learned from your study? How will
your study answer on the gender-based assessment?

*And, again, specify saving behavior and spending

behavior

*And then some of your statements in the conclusion

could have been part in the recommendation already.
 55

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

So, remove those statements and put those

statements in your recommendation

So, those are my general comments and

congratulations once again, as usual Ms. Tormis and
Mr. Oswald are performing very well. Also, congrats
to Ms. Psyche for the very nice presentation.

First of all Good Morning to the researchers. And this

is my general comments.

Chapter 4
Ms. Aurea
Poyos *For you chapter 4, tama yung sinabi ni ma’am with
Complied (p.24)
regards to your table. There are tables that can be
merge para at least pag interpret is dali lang and
hindi siya mahirap.

*For your first part dito, I observed na parang

dugtong lang yung by chapters. So you need to follow Complied (p.24)
the format given by the school kasi mas maganda if
your output is very presentable and hindi siya
masyadong crowded. Kasi sa inyo parang ga sumpay
sumpay siya. From Chapters 1,2,3,4,5 is sumpay siya
and there is no specific distinction kung anong
number na ito siya. Kasi the purpose that you will
present that one is para magaan siya sa mata. Kasi
we are going to get that interest of the audience or
the readers na babasahin nila yung output ninyo.

*So you need to present this one na magaan siya sa

mata in a way na that you are going to consider the
format of the school.

*Try to consider also using past tense verb kasi you

already conducted the study. Kasi I observed that Complied (p.1-38)
most of your statements are in present tense so since
tapos naman na kayo, you need to use past tense na.
*Follow also the sequence where you are going to
 56

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

present the data then interpret and lastly the

supporting statements.

Tables

*For your table number 1, pwede itong e merge

Complied (p.24)
kagaya nang sabi ni ma’am. So, table 1,2 and 3
pwede natin ito siyang e merge para in just one
glance parang Makita na lahat ng mga babasa.

*And then for your interpretation, your presentation

parang pwede lang siyang 1 to 2 paragraph para at
least you can save space and within one glance
Makita na nila lahat kung ano yung guto nilang
tingnan with regards to the problem.

*Also, for your table, kindly follow the APA format. Complied
Kasi parang ito sa inyo ito yung table na mahaba and (p.24,26&29)
dapat naka align siya. At ito din sa inyo ay somobra
sa linya, so with that try to follow indentions para
mas maganda siyang tingnan.

*Level of financial literacy of the female students, ano Complied (p.25)

man ito, sa page 26. After you write a first
introductory, you stated “data revealed that females
believe that it is important to save”. So parang
confusing siya for the reader kasi hanging siya na
statement. So, try to remember na sa Chapter 4,
you’re going to present the data first. Kasi pag sinabi
mong data revealed, magiging interpretation na siya.
So, try to present first your data. so maybe we can
rephrased this one or put it in a lower portion. Kasi ito
“the data revealed”, it is already an interpretation of
the data it’s not a presentation. So you need to
present first the data dito sa “The Level of Financial
Literacy of the Female students”.

*So, you present and after you present, you interpret Complied
and then you analyze. Try to follow this sequence (p.24,28,&32)
 57

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

*Na observe ko tama man yung mga input ninyo,

tama man yung sa mean. Yun lang nga sa
presentation of the data.

*And then, marami siyang linya linya sa tables and it’s

so heavy. Heavy siyang tingnan. So again, try to
follow the correct format.

*Tapos tama din yung sinabi ni ma’am kanina na you

can consider na sa isang table for example the Saving Complied
Behavior pwede na rin siyang makita din yung diba (p.24,28,&32)
male and female para atleast maka save kayo ng
space ba and also you can deepen the interpretation
and analysis of your data kasi may comparison na
nakikita. So, you can have that one also whereas e
merge natin siya in a way na mas madali siyang
Makita. And aside sa madali siyang Makita, and titing
they can already interpret. Sa pagtingin pa lang
makakagawa na sila ng meaning like “what’s the
meaning of this one?”

*Yun lang man so far kasi okay naman siya, it is rich

of citations.

*Dito sa Table 8-page 39, yung legend ninyo is

somewhat confusing kasi meron kayong <0.001- very Complied (p.32)
significant, <0.001-0.01 – very significant. So since
not significant man siya, maybe we can consider
Legend: *the level of significance is set at 0.05 ganon
lang. Kasi maiintidihan naman na niyan ng babasa like
“ah ito pala ang margin of error niya ito lang ang gi a
lot yung sa ano”…

Summary

*You write here “Summary of Findings” sa iba kasi is

Complied (p.35)
Summary lang kasi iba yung Summary of Findings at
Summary lang. But the format that you are going to
follow is summary lang man daw. So, tama man yung
content ninyo. Pero I suggest, try to lessen if possible
and do not include numeric values. For example, may
 58

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

nakikita ako dito na 180 students so you can

disregard that one.

*And aside from that, focus on answering your

statement of the problem. Like what is the answer of
the problem statement number 1, 2, and 3.

Conclusions

*And for your conclusion, you are going to conclude Complied (p.36)
kung ano yung masasabi niyo.

*You can conclude that one based on you title or

what can you say about your study or ano yung na
discover ninyo.

*This would also serve as your generalization

*So dito, there’s no need for citations. I observed that

there are a lot of citation that you have included.
Whereas, this part is already opinionated and this is
pattern based on the results or the findings that you
have discovered in your study.

Recommendation

*For your recommendations, it is so very lengthy. So

give briefly the recommendations. Like, what can you Complied (p.37)
say about the study, what are those suggestions that
you can state that the future researchers could
consider, or ano yung gusto niyong ipapabaon sa
kanila.

*Aside from that, in the recommendation we can also

include how it will benefit those people na inilagay
niyo doon sa significance of the study

*So yun yung dapat niyong e consider with regards to

your recommendation.

Overall, your study is very detailed and

congratulations sa grupo.
 59

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

Mr. Nyl I think Ma’am Aurea has discussed the overall results
Dano, LPT for the statistics of your study..Oh, first of all I’am
very proud of your group because you are very
prepared for this defense, so congratulations for
that…and I am very proud as your former research
teacher, I’m very proud of you.

Abstract

*Please reduce the number of words for your abstract

*Follow the format for abstract that will only include Complied (p.vii)
Intro statement, Purpose statement, Methods
statement, Result statement and the Conclusion or
the Discussion Statement

*Do not indent the abstract as well

*Reduce the content of your Intro statement kay

pwede lang na siya one sentence

Chapter 1

*Why is it that there is a separate content for the

Complied (p.1-3)
introduction and the background of the study? Kindly
check this part if this should be introduction or
background of the study.

*For the results, I think na discuss naman na tanan ni

ma’am Aurea about your results and isa pa you have
prepared a very good paper. So try to follow na lang
the comments of ma’am Aurea because she already
discussed that

Summary

*For the summary of findings, I think this is only Complied (p.35)

Summary instead of Summary of Findings

*So when you speak of the summary, it should

somewhat summarize what you have underwent from
the beginning to the conduct of the data gathering
procedure and up until to the final revisions of your
paper most particularly in preparation for the final
 60

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

defense. Also, what have you learned based on your

study.

Conclusion

*Please try to relate that to the results of your paper

Complied (p.36)
Tables

*I would agree that the tables should be merge so

Complied
that dali na lang makita.
(p.26&29)
*Itapad na lang ninyo ang male of female
*Tapos kung “High” iyang interpretation butang na
lang ninyo og “H” if “Moderate” butangi na lang ninyo
og “M”, kung “Very High” kay “VH”, kung “Very Low”
kay “VL”. So, ana na lang kay para pud dili ra kayo
taas inyohang papel and para pud makita ang
difference between the mean of the male and female
although makita ang difference with the use of the T-
test pero at least lang pud ba makita nato ang
difference sa responses of the respondents based sa
mga existing na mga mean nila.

*For example, Statement 1 *blah blah blah*, so unsa

pud ang mean sa male and unsa pud ang mean sa
females. And unsa ang interpretation or description is
it High? Is it Moderate? Is it Low? So, ana siya.

Results

*Sa results ninyo, ngano naa man moy strand og

Complied (p.24)
age?
*There’s no need to include the age and strand
because it is not found in the SOP

*Your only concern is the sex category, so do not

include the age and strand remove na lang na ninyo
siya.

Recommendations

*And your recommendations, try to focus to your Complied (p.37)

beneficiaries as to who shall benefit from your study
 61

Panel
Action Taken Member’
PANELIST COMMENTS / SUGGESTIONS (with Page s
Number) Signatur
e

*Those are my only comments because they have

already discussed everything thoroughly what needs
to be recommended. So, Congratulations and once
again I am very happy with your paper.

Note: (1) The researchers, adviser, and all members of the advisory committee must have a copy of the minutes of
the proceedings. (2) The research coordinator must also be furnished a copy.
 62

APPENDIX C
(SURVEY
QUESTIONNAIRE)
 63

Adopted Survey Questionnaire: (Authored by: Furnham, 1999)

SURVEY QUESTIONNAIRE

The purpose of this study is to measure the level of financial literacy of Grade
12 Senior High School Students in Notre Dame of Kidapawan College-IBED.
This survey questionnaire asks your PERSONAL perceptions about financial
literacy that can be determined by Saving Behavior and Spending Behavior.
Consider each question base on your own perceptions of the abovementioned
indicators. Do NOT write your name in this questionnaire. Your responses would
be anonymous and will never be linked to you personally. Your participation is
entirely voluntary. If there are items you are not comfortable answering, you
may skip them. Thank you for your cooperation.

SECTION A: DEMOGRAPHIC PROFILE

Please indicate [/] in the appropriate information of yourself. Each question

should only have one (1) answer. All responses are strictly confidential.

1. Sex

Male Female
2. Age

18 and below
19-20
21 and above

3. Academic Strand

ABM (Accountancy and Business Management)

STEM (Science Technology Engineering Mathematics)

HUMSS (Humanities and Social Sciences)
 64

SECTION B: INDICATORS THAT MEASURE FINANCIAL LITERACY

Please indicate to what extent you agree or disagree with each of the following
statements by putting a check mark below the number that corresponds to your
answer. (5- Strongly Agree, 4-Agree, 3-Neutral, 2-Disagree, 1-Strongly
Disagree)

SAVING BEHAVIOR
No. 5 4 3 2 1
1. It is important to save.
2. I use my savings for investments
3. When I save, it is usually because I want
something special
4. I used to save money for emergency
purposes
5. I have always tried to save
6. I save money only when I want
7. Having a lot of money has never been my
aim for life
8. I do not care if I do not have much money
9. I have a bank account
10. I used to set aside some of my allowance

SPENDING BEHAVIOR
No. 5 4 3 2 1
1. I tend to spend money as soon as I get it.
2. Money is for spending, not for holding on
to.
3. Every once in a while, I like to go on a big
spending spree
4. I never pay for something if I can get credit
5. I spend within my budget
6. If I got a lot of money unexpectedly, I would
probably spend more of it than I save
7. I do not like owing money
8. I am interested in looking at different ways
of spending money
9. I used to buy things that cheers me up
10. I never have enough money
 65

Table 1. Demographic Profile of the Respondents in terms of Sex Category

Sex Category Frequency Percentage

Male 90 50%
Female 90 50%

Total 180 100%

 66

Table 2. Level of Financial Literacy of the Female and Male students in terms
of Saving Behavior

Statements Mean Interpretation Mean Interpretation

(Female) (Male)

1. It is important to save. 4.91 VH 4.72 VH

2. I use my savings for investments. 3.74 H 3.71 H
3. When I save, it is usually because 4.35 VH 4.38 VH
I want something special.
4. I used to save money for 4.26 VH 4.16 H
emergency purposes.
5. I have always tried to save. 4.55 VH 4.31 VH
6. I save money only when I want. 3.23 M 3.47 H
7. Having a lot of money has never 2.40 L 3.07 M
been my aim for life.
8. I do not care if I do not have much 2.47 L 2.96 M
money.
9. I have a bank account. 3.20 M 3.00 M
10. I used to set aside some of my 4.21 VH 3.98 H
allowance.

Over All Mean 3.73 H 3.78 H

Legend:

Response Weight Nominal Scale Interpretation

Strongly Agree 5 4.2-5.0 VH - Very High

Agree 4 3.4-4.19 H - High
Neutral 3 2.6-3.39 M - Moderate
Disagree 2 1.8-2.59 L - Low
Strongly Disagree 1 1.0-1.79 VL - Very Low
 67

Table 3. Level of Financial Literacy among Female and Male Students in

terms of Spending Behavior

Statements Mean Interpretation Mean Interpretation

(Female) (Male)

1. I tend to spend money as soon as 3.11 M 3.13 M

I get it.
2. Money is for spending, not for 3.00 M 2.93 M
holding on to.
3. Every once in a while, I like to go 3.23 M 3.31 M
on a big spending spree.
4. I never pay for something if I can 2.72 M 3.00 M
get credit.
5. I spend within my budget. 4.18 H 4.10 H
6. If I got a lot of money unexpectedly, 2.87 M 3.18 M
I would probably spend more of it
than I save.
7. I do not like owing money. 3.35 M 3.33 M
8. I am interested in looking at different 4.05 H 3.75 H
ways of spending money.
9. I used to buy things that cheers 4.08 H 4.17 H
me up.
10. I never have enough money. 3.30 M 3.21 M

Over All Mean 3.39 M 3.41 H

Legend:
Response Weight Nominal Scale Interpretation
Strongly Agree 5 4.2-5.0 VH - Very High
Agree 4 3.4-4.19 H - High
Neutral 3 2.6-3.39 M - Moderate
Disagree 2 1.8-2.59 L - Low
Strongly Disagree 1 1.0-1.79 VL - Very Low
 68

Table 4. Significant Difference in Level of Financial Literacy among Grade 12

students when grouped according to their sex category

Source of Sum of Df Mean F P- Remarks

Variation Square sum of value
Squares
Saving 34.687 179 0.287 0.480 0.489 NS
Behavior
Spending 62.787 179 0.373 0.057 0.812 NS
Behavior

Legend:
*The level of significance is set at 0.05
 69

APPENDIX D
(RESULTS FROM
TABULATION)
 70

ONEWAY SAVINGBEHAVIOR SPENDINGBEHAVIOR BY SEX

/MISSING ANALYSIS.

Oneway

Notes

Output Created 27-MAR-2021 21:34:43

Comments

Input Active Dataset DataSet0

Filter <none>

Weight <none>

Split File <none>

N of Rows in Working Data

180
File

Missing Value Handling Definition of Missing User-defined missing values are

treated as missing.

Cases Used Statistics for each analysis are based

on cases with no missing data for any
variable in the analysis.

Syntax ONEWAY SAVINGBEHAVIOR

SPENDINGBEHAVIOR BY SEX

/MISSING ANALYSIS.

Resources Processor Time 00:00:00.02

Elapsed Time 00:00:00.02

 71

ANOVA

Sum of
Squares df Mean Square F

SAVINGBEHAVIOR Between Groups .093 1 .093 .480

Within Groups 34.604 178 .194

Total 34.697 179

SPENDINGBEHAVIO Between Groups .020 1 .020 .057

R
Within Groups 62.767 178 .353

Total 62.787 179

ANOVA

Sig.

SAVINGBEHAVIOR Between Groups .489

Within Groups

Total

SPENDINGBEHAVIOR Between Groups .812

Within Groups

Total
 72

APPENDIX E
(PLAGIRISM CHECKER
RESULT)
73
74
 75

CURRICULUM
VITAE
 76

DONNAMAE D. TORMIS

PERSONAL DATA

Age 19
Date of Birth October 10, 2001
Place of Birth Maragusan, Davao de Oro
Civil Status Single
Citizenship Filipino
Religion Roman Catholic
Father Dominador C. Tormis
Mother Richie D. Tormis

EDUCATIONAL BACKGROUND

Elementary Maragusan Central Elementary School

Rizal Street, Maragusan, Davao de Oro

Junior High School Maragusan National High School

Agoho Street, Maragusan, Davao de Oro

Senior High School Notre Dame of Kidapawan College-IBED

Datu Ingkal Street, Kidapawan City

Strand
ACCOUNTANCY AND BUSINESS MANAGEMENT
 77

PSYCHE S. FAMULAGAN

PERSONAL DATA

Age 18
Date of Birth March 8, 2003
Place of Birth Garsika, Makilala, Cotabato
Civil Status Single
Citizenship Filipino
Religion Roman Catholic
Father Efren Rondon Famulagan
Mother Marilyn S. Famulagan

EDUCATIONAL BACKGROUND

Elementary Garsika Elementary School

Garsika, Makilala, Cotabato

Junior High School Notre Dame of Makilala, Inc.

Poblacion, Makilala, Cotabato

Senior High School Notre Dame of Kidapawan College-IBED

Datu Ingkal Street, Kidapawan City

Strand
ACCOUNTANCY AND BUSINESS MANAGEMENT
 78

JOHN OSWALD L. TEOPE

PERSONAL DATA

Age 19
Date of Birth June 11, 2001
Place of Birth Amas, Kidapawan City
Civil Status Single
Citizenship Filipino
Religion Roman Catholic
Father John Ephraim M. Hamdam
Mother Aisa Faith L. Teope

EDUCATIONAL BACKGROUND

Elementary Jireh Alliance School of Kidapawan City

Quezon Boulevard, Kidapawan City

Junior High School Notre Dame of Kidapawan College-IBED

Datu Ingkal Street, Kidapawan City

Senior High School Notre Dame of Kidapawan College-IBED

Datu Ingkal Street, Kidapawan City

Strand
ACCOUNTANCY AND BUSINESS MANAGEMENT
79