Analysis of the Effects of Inflation to the Purchasing Behavior of De La Salle University

- Dasmariñas Students

An Undergraduate Thesis Presented to the

Social Sciences and Humanities

Department De La Salle University -

Dasmariñas

In Partial Fulfillment of the Requirements in

Bachelor of Arts in Political Science

Program

Abad, Jamie Shane F.

Alamada, Bailala M.

Alkuino, John Jumarie M.

Cantimbuhan, Jan Kervi

G. Ricote, Joulo Nico P.

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Ms. Ma. Melinda Santos Delmonte

Research Adviser
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APPROVAL SHEET
This is to certify that this undergraduate research entitled, ANALYSIS ON THE EFFECTS OF
INFLATION TO THE PURCHASING BEHAVIOR OF DE LA SALLE UNIVERSITY-
DASMARIÑAS prepared and submitted by ABAD, JAMIE SHANE F., ALAMADA,
BAILALA M., ALKUINO, JOHN JUMARIE M., CANTIMBUHAN, JAN KERVI G.,
RICOTE, JOULO NICO P. in partial fulfillment for the requirements for the degree in
BACHELOR OF ARTS IN POLITICAL SCIENCE was successfully defended by the
researchers and approved by the Research Review Panel (RRP) on December 14, 2023.

Ma. Melinda Santos Delmonte Mr. Allen Casey Gumiran

Research Adviser Chair, RRP

Dr. Mark Edwin Aspra, PhD Dr. Jose Aims Rocina, PhD
Member, RRP Member, RRP

The Social Sciences and Humanities Department endorses the acceptance of this undergraduate
research as partial fulfillment of the requirements for the degree in Bachelor of Arts in Political
Science.

EDWIN F. LINESES, PhD CHEALYN J. LLENO, MDE

Teacher, Political Research Chair, Social Sciences and Humanities

CONSTANTINO T. BALLENA, PhD

Dean, College of Liberal Arts and Communication
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ABSTRACT
This research delves into the effects of inflation to the purchasing behavior of students at
De La Salle University - Dasmariñas (DLSU-D). The study, conducted through surveys and
interviews, reveals a significant transformation in the decision-making of college students in
terms of their purchases in the midst of economic uncertainties as a result of inflation. It
highlights the awareness about inflation's consequences, leading to shifts in spending priorities
and increased financial stress. The data underscore the importance of proactive financial
management and education in addressing the challenges posed by inflation.

The related literature and studies consistently show that Filipino consumers are negatively
affected by inflation by reason of the decrease of their purchasing power most especially those
coming from the lower income group. Nevertheless, an increased cautiousness and practicality in
spending habits among Filipino consumers is also manifested. Conversely, the responses
obtained from DLSU-D students both from the survey and interviews indicate that they are also
adversely affected by inflation as they have to make certain sacrifices in order to thrive. On a
positive note, the results also illustrate students' strategic approaches, such as prioritizing needs,
careful planning, and seeking information to optimize allowance. The study emphasizes the
necessity of financial education, particularly for college students, to mitigate the adverse effects
of inflation on consumers. Despite challenges, respondents reported feeling financially
empowered indicating a positive shift towards a more viable and adaptive lifestyle. However,
the study acknowledges its imperfections, as it has limited respondents who are fourth year
Political Science students of De La Salle University-Dasmarinas.

Recommendations for DLSU-D students include active participation in financial literacy

seminars and the establishment of a dedicated platform for ongoing financial counseling. Parents
are encouraged to foster an open environment for discussing financial challenges with their
children. For administrators and faculty, the proposal involves integrating financial literacy
courses into the curriculum and collaborating with finance professionals for workshops.
Government institutions are urged to formulate policies addressing challenges faced by Filipino
consumers, especially students, and to collaborate with academic institutions in establishing
national financial literacy initiatives.
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ACKNOWLEDGMENT

We, the researchers, would like to express our deepest gratitude to the following
individuals who took direct part in our research study, and for those who gave us inspiration and
accommodation to accomplish this paper.

First, we would like to thank the Almighty God who guides and gives us the wisdom,
strength, and abilities in order to finish our research paper.

Our heartfelt gratitude to our dear parents, who have continuously supported us
financially, emotionally, and psychologically. Their unending love, guidance, encouragement,
and inspiration have helped us in all our worthwhile endeavors.

We would also like to express our sincerest gratitude to our adviser, Ms. Ma. Melinda
Santos Delmonte, for her continuous support in our research, for her patience, motivation, and
knowledge imparted to us. Her guidance helped us throughout this work.

To our Research Professor, Sir Edwin F. Lineses, thank you for giving us enough
knowledge to do this research paper and guiding us to understand the different aspects of
research. Also, for supporting us to finish our paper.

To our panelists, Dr. Jose Aims Rocina, Mr. Allen Casey Gumiran, and most especially to
Dr. Mark Edwin Aspra, for giving their time and effort to help us improve our paper. Likewise,
we would like to extend our gratitude to our statistician, Mr. Jhunar John Tauy, and of course, to
our validators, Dr. Jan Phillip Mallari, Mr. Dennis Maldo, and Ms. Maria Nena Caspe.

To the respondents who participated and answered the survey and interview, this study
will never be accomplished without them.

Lastly, to our classmates and other researchers, thank you for the support, help, guidance,
and motivation to do the research paper.
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Table of Contents

Title Page…………………………………………………………………………………………………. i
Approval Sheet…………………………………………………………………………………………... ii
Abstract……………………………………………………………………………………………………iii
Acknowledgment…………………………………………………………………………………………iv
List of Table and Figures…………………………………………………………………………………vii

Chapter 1………………………………………………………………………………………………….1
Problem and Its Background……………………………………………………………...1
Introduction...................................................................................................................................1
Background of the Study…………………………………………………………………………………………………...2
Statement of the Problem………………………………………………………………………………………………...5
Significance of the Study…………………………………………………………………………………………………...5
Scope and limitation…………………………………………………………………………………………………………………6

Chapter 2…………………………………………………………………………………………………………………………………….8
Review of Related Literature……………………………………………………………………………………………8
The Effect of Inflation to Filipino……………………………………………………….8
College Students allowance management and coping mechanism in –prevailing inflation…...11
Effect of Inflation on College Students………………………………………………………………………………………..12
Research Synthesis…………………………………………………………………………………………………………………15
Research Gap………………………………………………………………………………………………………………………….17
Conceptual Framework…………………………………………………………………………………………………………..17

Chapter 3……………………………………………………………………………………………………………………………..20
Methodology……………………………………………………………………………………………………………………..20
Research Design……………………………………………………………………………………………………………..…20
Research Setting………………………………………………………………………………………………………………..21
Sampling & Participants……………………………………………………………………………………………….........22
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Instruments…………………………………………………………………………………………………….....................23
Data Gathering Procedure………………………………………………………………………………………………24
Data Analysis…………………………………………………………………………………………………………………26
Ethical Consideration……………………………………………………………………………………………………27

Chapter 4………………………………………………………………………………………………………………………………..28
Results, Analysis, and Interpretation……………………………………………………………………………28
The effects of inflation to the Filipino consumers..............................................................................28
Discussion……………………………………………………………………………………………………..29
The effects of inflation to DLSU-D students.................................................................................................31
Interpretation…………………………………………………………………………………………………..34
Discussion………………………………………………………………………………………………………..34
Effect of inflation to the purchasing behavior of DLSU-D
students?.........................................................................................................................38
Interpretation…………………………………………………………………….40
Discussion……………………………………………………………………….41

Chapter 5………………………………………………………………………………………..46
Summary of the Study, Conclusion, and Recommendation…………………………………………….46
Summary…………………………………………………………………………………………………………………….46
Conclusion…………………………………………………………………………………………………………………..47
Recommendation…………………………………………………………………………………………………………48

References…………………………………………………………………………………...50

Appendix…………………………………………………………………………………....71

Appendices A. Questionnaire and Interview Questions...................................................72

Appendices B. Questionnaire Validators Approval.........................................................76

Appendices C. Questionnaire Validators Approval………………………………………77

Appendices D. Questionnaire Validators Approval…………………………………...….78

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Appendices E. Statistician Certification………………………………………………….79

Appendices F. English Language Editor………………………………………………………….80

LIST OF TABLES

FIGURE 1: Conceptual framework....................................................................................................17

TABLE 1............................................................................................................................................................................... 33
TABLE 2............................................................................................................................................................................... 39
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CHAPTER I
PROBLEM AND ITS BACKGROUND

Introduction

Inflation is a persistent increase in a country's average price level for goods and

services, measured as an annual percentage change. When there is inflation, items cost more

money over time. It means the number of products or services you can get for cash falls as

inflation rises (Venegas, 2018). Inflation has indeed been an economic phenomenon affecting

consumers and the economy.

Inflation and its effects have remained to be a much-talked-about issue in the political

and economic realm. In the Philippines, various data suggest that the impact of inflation

continues to worsen every year. Last January, according to Venzon (2023), the country saw

the highest inflation rate in 14 years. With its 8.7% rate, inflation exceeded the central bank’s

forecasts and drove expenditure and prices to an all-time high. In general, such phenomena

affect the purchasing power of the public, and their financial capacity to buy products and

services is restricted. On the other hand, the government will have to allocate billions of pesos

from their budget to subsidize vulnerable sectors and support them during these economic

uncertainties (Romero & Flores, 2023) caused by the high inflation rate, among others.

Likewise, on a smaller scale, families are compelled to spend more on their household

expenditures, such as housing, food, and utilities, while their allotment for savings decreases.

This study, however, concentrated on how inflation affects the buying behavior of DLSU- D

students, specifically the graduating batch of the Political Science program and how they are

managing their budget. Aside from the fact that the researchers themselves are students of the
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said University, which will make it easier for them to obtain respondents and to relate to their

experiences, it must be noted that no studies have been conducted yet with regard to how

DLSU- D students are affected by the prevailing inflation. The researchers believed this

study was timely as they would be able to find out how their fellow students are coping with

inflation and how they are managing their allowance amidst these challenging times. To

attain the said purpose, the researchers should gather pertinent information and data from

various sources, including the conduct of surveys and interviews from the respondents

At this juncture, the researchers would like to point out that as Political Science

students, it is vital for them to understand the things happening in the economy have an

impact on the political realm. For instance, according to a study done by economists at the

University of California, Berkeley in 2021, economic conditions, including inflation, often

play a pivotal role in shaping public sentiment and political outcomes. When inflation rates

are high, or when different segments of the population are adversely affected by inflation, this

can significantly influence political events, actors, and public opinion. More importantly,

citizens may hold governments accountable for the economic challenges they face, including

those related to inflation, ultimately impacting political dynamics.

Background of the Study

Allowing the economy to operate with nominal government intervention is in line

with Adam Smith’s principle of market stability (Namini, 2015). On the other hand, the

emergence of neoliberalism which supports continuous economic growth with likewise less

interference from the government, has been influencing economic factors like inflation

through changes in rules and how money is spent (Smith, N. 2023). Advocates of

neoliberalism posit that policies fostering a free-market environment can stimulate

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economic growth, enhance efficiency, and foster innovation, ultimately contributing to

the long-term control of inflation. They contend that diminishing government intervention

in markets facilitates superior resource allocation and price discovery, thereby reducing undue

inflationary pressures. (Leys, 2001)

In connection with inflation, neoliberal policies have traditionally emphasized

controlling inflation through strict monetary policies such as maintaining low and stable

inflation rates. Monetary policy refers to the actions taken by a central bank to manage the

money supply, interest rates, and credit conditions in an economy. Controlling inflation is one

of the primary objectives of monetary policy (Kristol and Irving., 1983). Neoliberal

economists argue that by controlling inflation, economic stability and growth can be

achieved. They advocate for independent central banks with a focus on price stability and

believe that market forces should determine prices and wages. The connection between

neoliberalism and inflation lies in the emphasis on controlling inflation through market

mechanisms and monetary policies (Thorsen & Lie,2020).

It cannot be denied that inflation has been affecting various actors in the economy,

especially the individual consumers. However, according to Garcia (2019), inflation affects

individuals differently, depending on their income level, spending habits, and access to

resources. For instance, low-income households may be more vulnerable to inflation because

they spend more of their income on necessities, such as food and housing. On the other hand,

high-income households may have more flexibility in adjusting their spending habits in

response to inflation.

Furthermore, understanding how inflation affects consumers' purchasing power and

spending patterns may help individuals rethink and formulate plans that can ease the impact
 4

of inflation on them. On the other hand, since the said phenomenon affects both individuals

and the economy, the government may exert more efforts in developing better policies that

can lessen its adverse effects.

It is a known fact that many university students have started managing their

allowances (Gutter & Copur, 2011). They are the ones to decide what and how much to

purchase. The behavior of college students when it comes to budgeting their money is based

on several factors like school necessities, personal needs, food, and transportation, among

others. Incidentally, they have higher expenses than those at other school levels. They have

research, events, handouts, and other school materials (Moneva, J & Raman, M., 2020).

Likewise, apart from the expenses, they have to allot a part of their allowance for leisure as

they also have to spend time relaxing and have a break from the things that they must

accomplish to comply with countless academic requirements. Furthermore, savings are vital

as unexpected events may happen in the future that would necessitate allocation of budget.

Consequently, the growing expense of education and how to pay for it, not only for

tuition but also for other necessities like textbooks, housing, food, and transportation, are

some of the most significant issues (Anthony et al.; O., 2019) confronting college students.

Conversely, it is crucial to understand the buying behavior of the young population

because according to (Naz, F., Olah, J., Vasile, D., and Magda, R., 2020), they are present as

well as future customers. They also pointed out that consumer buying behavior involves

people's needs, motivations, and thoughts. It is the process of choosing one product over

another and the patterns of purchasing different goods and even services.

Indeed, purchasing behavior of consumers involves how people decide to spend their

available resources (time, money, and effort) on items related to consumption, including what
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they buy, why they buy it, when they buy it, where they buy it, how often they use it, how

they evaluate it after buying the same, and how those evaluations affect their decision-making

for subsequent purchases (Singh et al., 2014). Parenthetically, there are five stages for

consumer decision-making: the process of problem/need recognition; information search;

evaluation of alternatives; purchase decision made; and post-purchase evaluation; Meaning,

there are several factors to be considered in purchasing goods and services (Blackwell et al.,

2006).

As college students themselves, the researchers are experiencing the effects of the

prevailing inflation. By examining the relationship between inflation and the purchasing

behavior of DLSU-D students, the study aims to provide substantial information regarding

students' challenges in managing their budget, and be able to provide viable recommendations

to, at least, alleviate the difficulties that college students might be confronted with brought

about by the high prices of goods and services.

Statement of the Problem

This study aimed to determine how inflation affected the purchasing behavior of De

La Salle University - Dasmariñas students, focusing on fourth year Political Science students,

enrolled during the first semester of academic year 2023-2024, with the intent to further find

out how the said students were able to withstand the challenges brought about by inflation.

To achieve the afore-cited objective, this study sought to answer to the following research

questions:

1. What are the effects of inflation to the Filipino consumers?

2. What are the effects of inflation to DLSU-D students?

1. How does inflation affect the purchasing behavior of DLSU-D students?

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Significance of the study

DLSU-D students - This study will provide relevant information to the DLSU-D students on

how to properly manage their allowance amidst the rising costs of goods and services they

avail.

Parents- This research will benefit the parents of DLSU-D students as they will be

informed regarding the purchasing behavior of the said students, which in turn can shed light

to them (parents) on how they can continually help their children become more

financially responsible. Also, the parents may realize whether the amount they are giving to

their children is sufficient to thrive every day in the University.

DLSU-D Administrators and Faculty- As this study will delve into how students can cope

with the prevailing inflation in the country, the said information may result in formulating

policies or promoting an educational environment that helps students alleviate their financial

burdens. Take for instance, incorporating the importance of financial literacy in the curricula.

Concerned Government Institutions- This paper intends to provide information directly

coming from students themselves on how the high costs of goods and services in the country

at present are negatively affecting them. These institutions may be encouraged to create

relevant policies and take necessary actions to alleviate the undesirable effects of inflation on

students and the Filipino people as a whole.

Scope and Limitations

This study was focused on the effects of inflation on the purchasing behavior of the

selected De La Salle University - Dasmariñas students, particularly from the Political Science

Program, by determining how they allocate their financial resources to cope with the country's

undeniably high prices of goods and services. The periods covered in this study are the second
 7

semester of the academic year 2022-2023 and the first semester of the academic year 2023-

2024.

The respondents are the current graduating batch of the Political Science Program.

Both surveys and interviews were conducted to determine the impact of inflation on

respondents’ purchasing behavior.

Conversely, the researchers would like to underscore that there are few studies on

inflation in relation to the purchasing behavior of students in a university setting, and some of

them are not freely available on the internet as there are fees that have to be paid before they

can be accessed
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CHAPTER II

REVIEW OF RELATED LITERATURE

This chapter presented a review of the relevant literature related to how inflation

affects Filipinos in general and college students in particular. Studies about college students'

allowance management and coping mechanisms in the context of the prevailing inflation are

likewise included. Consequently, it aimed to explore the existing body of knowledge, identify

key findings, and highlight the research gaps that this study seeks to address. By conducting a

thorough literature review and identifying the research gaps, this chapter set the stage for the

subsequent research methodology and data analysis. It provided a foundation for

understanding the current state of knowledge in the field of this study and justifies the need

for further investigation into how inflation affects the everyday life of college students.

The Effects of Inflation to Filipino Consumers

According to the Asian Development Bank (2022), the Philippines has one of the

highest inflation rates in Southeast Asia. Philippine inflation averaged 4% between 2020 and

2022, ranking third among the 11 Southeast Asian countries. When inflation occurs, the cost

of production and distribution increases, leading to higher prices for goods and services. This

can result in reduced purchasing power, as Filipinos and other consumers need to spend more

money to maintain their desired standard of living. The overall impact on the Filipinos

depends on the severity and persistence of inflation.

McKinsey & Company (2017) explained that inflation is a macroeconomic

phenomenon, significantly influences various aspects of individuals' lives, including

consumption patterns and decision-making processes wherein consumers experience a

decrease in their purchasing power as the prices of essential products they purchase, such as
 9

food, services, and transportation, rise.

Furthermore, Fernando (2022) pointed out that inflation is essentially a gradual decline

in the purchasing power of monetary resources. Inflation erodes the purchasing power of

consumers, impacting their spending behavior. As prices rise, consumers may cut back on non-

essential expenses, leading to changes in consumption patterns (Orbeta, 2013). The Filipino

consumer's sensitivity to inflation can influence overall economic stability. It has a major

impact on Filipino consumers, affecting their purchasing power and overall standard of living.

According to the 2023 Rakuten Insights Philippine Inflation Survey, approximately

68% of respondents said they check prices before making purchases due to rising costs. On

the other hand, Alba (2019), rising inflation in the Philippines is associated with a decline in

household consumption expenditure, especially among low-income households. Balisacan and

Pernia (2022) found that a 1% increase in the inflation rate reduces households’ real income.

Inflation has a huge impact on Filipino consumers, affecting their ability to buy what they

need.

Inflation exerts multifaceted impacts on Filipino consumers, influencing their

purchasing power, economic behavior, and overall financial well-being. As the cost of living

rises, Filipino households experience a decline in real income, particularly affecting lower-

income groups (Smith & Garcia, 2019). This income erosion contributes to increased income

inequality within the population (Tan, 2020). Additionally, inflation induces changes in

consumer behavior, with individuals adjusting their spending patterns and preferences to cope

with rising prices (Santos et al., 2021). The effects extend to savings and investments, as

inflation erodes the real value of savings and influences investment decisions (Reyes &

Hernandez, 2018).
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Moreover, according to IBON Foundation (2023), even if the Philippine inflation rate

in July is at 4.7% which shows slower price increases, the cost of rice, vegetables, fish and oil

continues to rise which afflict millions of poor consumers. This situation is seen to carry on

with the oil price, fare and other hikes in the following month. Thus, it stressed that the

government should take more active measures to improve the purchasing power of poor, low

income and middle-class households as it has become difficult for poor, low-income and even

middle-class families to make ends meet. It must be noted that some eight-of-ten (78%) of

families are poor or borderline poor as of June 2023 based on the survey conducted by the

Social Weather Station. While based on the data of the Bangko Sentral ng Pilipinas (BSP)

70% or 19 million of households do not have any savings as of the second quarter of 2023.

Indeed, government policies aimed at inflation control play a crucial role in shaping the

overall economic landscape and mitigating the adverse effects on consumers (Cruz &

Lopez, 2022). Furthermore, global economic factors, such as trade dynamics and commodity

prices, contribute to inflation in the Philippines, adding an external dimension to its impact on

local consumers (Martinez et al., 2023). Understanding the intersection of these factors is vital

for policymakers, businesses, and individuals to navigate the challenges posed by inflation.

Abarcar (2019) explores the impact of inflation on the purchasing power of Filipino

consumers, he assessed the relationship between inflation and consumer purchasing power.

Abarcar evaluates how changes in the inflation rate impacts the affordability of goods and

services for Filipino consumers. On the other hand, according to a study by Canare and

Endriga (2015), the impact of inflation on Filipino consumers underscores the importance of

effective monetary and fiscal policies to control inflation rates and stabilize the economy. It

also highlights the need for social safety nets and support systems to help mitigate the effects
 11

of inflation on vulnerable populations. Overall, it is essential to address the impact of inflation

on Filipino consumers to ensure a more equitable and sustainable economy.

College students’ allowance management and coping mechanism during inflation

Many university students have started managing their allowances (Gutter & Copur,

2011). They are the ones to decide what and how much to purchase. The behavior of college

students when it comes to budgeting their money is based on several factors like school

necessities, personal needs, food, and transportation, among others. Incidentally, they have

higher expenses than those at other school levels. They have research, events, handouts and

other school materials (Moneva, J & Raman, M., 2020).

Based on the study conducted by Mendoza, J.B. (2018), inflation significantly impacts

the everyday lives and financial decisions of De La Salle University’s (Manila) students. It

makes it harder for them to afford basic expenses, leading some to seek additional part-time

work or financial aid. The rising cost of education, including tuition fees and school-related

expenses, adds strain and could increase student loan debt and financial stress.

Financial literacy has been highlighted in different studies as an essential factor in

college students' budgeting decisions (Chen & Volpe, 1998; Shim et al., 2009; Yuh et al.,

2012). Higher financial literacy is associated with better budgeting skills and informed

financial decisions. The influence of parents on college students' budgeting decisions is

widely recognized (Hayhoe et al., 2008; Joo, 2011), with parental financial behaviors, money

discussions, and support significantly impacting students' budgeting choices (Shim et. al.,

2009).

In addition, peers play a significant role in shaping college students' budgeting

behaviors, according to Joo & Grable, 2004; Xiao et al., 2009, as peer pressure and social
 12

norms can affect spending patterns and financial decisions. Students who have friends with

responsible budgeting habits are more likely to adopt similar practices. Furthermore, college

students' available income and financial constraints are crucial factors influencing their

budgeting decisions (Lyons et al., 2006; Robb & Woodyard, 2011). Positive financial

attitudes and higher levels of self-control are associated with effective budgeting behaviors.

A study by Callan and Thomas (2010) examined the motivational aspects of college

students' money management behaviors and identified intrinsic motivation, financial goals,

and self-regulation as essential factors in effective budgeting. Another study indicates that the

students have a low level of financial literacy. This highlights the importance of addressing

this issue and providing support to enhance their financial knowledge and decision-making

skills. The researchers suggest reaching out to all students in Indonesia, particularly those

from remote areas, to help them grasp the concept of financial literacy and make informed

choices as consumers and investors (Wulandari, D., & Narmaditya, B. S. 2022).

Effects of inflation on college students

The increasing cost of living makes it challenging for students to afford necessary

commodities and cover their educational expenses. Studies have shown that inflation

considerably impacts individuals' cost of living (Ranyard et al., 2008; Haque et al., 2018).

Higher prices resulting from inflation reduce the purchasing power of students, making it

more difficult for them to afford essential items and maintain a comfortable lifestyle (Bushra,

2022). As inflation increases, education-related expenditures such as tuition fees, textbooks,

and housing, among others also go up. This would unfortunately lead to education be less

affordable, which can potentially limit access to higher education and thereby affecting

students' ability to pursue their academic goals (Henderson, 2022). Similarly, Atienza
 13

(2019) pointed out that inflation has an impact on the cost of education, including tuition

fees, school supplies, and other educational expenses. This can create an extra financial strain

on students and their families, making it challenging to afford a quality education.

Furthermore, the impact of inflation on student loans and debts is an area of concern.

As inflation erodes the purchasing power of money, it can increase the burden of loan

repayments for students. A study by Scott-Clayton et al. (2015) investigated the relationship

between inflation and student loan default rates. The results showed that higher inflation rates

were associated with an increased likelihood of student loan defaults, indicating the financial

strain inflation can impose on students. In addition to the direct effects on purchasing power

and loan repayments, inflation can influence students' career choices and labor market

outcomes.

Meanwhile, for Alauddin et al. (2016), it is vital to devise a financial assistance

program that consider the direct effect of inflation on students' ability to afford essential

goods and education-related expenses. The said policy measures can aid in

addressing the financial challenges students are confronted with which in turn can guarantee

that inflation would not be a deterrence in accessing higher education.

Likewise, a study conducted by Lusardi et al. (2014) examined the relationship

between inflation and financial planning behavior among young adults. The findings indicated

that inflation negatively affects individuals' financial planning, leading to lower savings rates

and decreased investment activities. This suggests that the rising prices associated with

inflation can hinder students' ability to save and build financial security for the future.

Another key outcome of inflation is it affects college students’ mental health. In a

 14

survey conducted by studocu, it was revealed that 55% of U.S. students in higher education

expressed their mental health got worse because of inflation. They were also asked about

what feelings they experience most, it was shown that 74% experienced stress, 66% suffered

anxiety, and 49% of them are frustrated. As the prices increase, students’ financial

responsibilities go up as well especially for those who have to juggle school and work. These

young people beset by financial stress, anxiety, and frustration, could lead to them

questioning their ability to continue their education. In turn, they could become less

motivated and would find it difficult to concentrate which could adversely affect their

academic performance

A study by Oreopoulos and Petronijevic (2013) explored the effect of inflation on the

decision to pursue higher education and the subsequent labor market outcomes of college

graduates. The findings revealed that higher inflation rates were associated with a lower

likelihood of enrolling in college and lower earnings for college graduates. This suggests that

inflation can have long-term implications for student's career prospects and economic

mobility.

Various strategies and interventions have been proposed to mitigate inflation's effects

on college students. Financial education programs focusing on budgeting, saving, and

investment strategies can effectively equip students with the necessary knowledge and skills

to navigate inflationary conditions (Chen & Volpe, 1998; Shim et al., 2009). Additionally,

policy measures such as implementing inflation-indexed student loans or providing financial

assistance programs specifically designed to address the effects of inflation on students'

purchasing power can help alleviate their financial burden (Lange et al., 2010; Alauddin et al.,

2016).
 15

The current economic situation's inflation has significantly impacted education. Upon

schools reopening, middle-class parents face the challenge of meeting higher expenses for

their children due to escalating costs. With a 12% average increase in overall expenses this

year, surpassing last year's costs, parents observe substantial price hikes, including a 12-13%

rise in textbook prices, over 10% increase in notebook costs, and varying school uniform

expenses of Rs 50 to Rs 100. Additionally, the rising demand for coaching classes adds to

financial stress, as their fees have also risen. The surge in petrol prices further elevates

transport costs, intensifying the financial strain on families Bhattacharjee (2017).

Research Synthesis

Inflation has indeed caused detrimental effects on Filipino consumers specifically on

their purchasing power which has significantly affected their everyday life. Since inflation is a

key factor leading to a decline in their ability to buy goods and services, it would thereby

impact the overall standard of living of the people. Moreover, the rising inflation in the

Philippines leads to a decrease in household consumption expenditure, particularly among

low-income households. As claimed by Balisacan and Pernia (2022) even a 1% increase in the

inflation rate can result in a reduction of households' real income. Consequently, inflation

emerges as a significant factor influencing the ability of Filipino consumers to afford essential

goods and services.

Students, particularly those in the tertiary level were not exempted from the effects of

inflation. The rising prices and the cost of living can make it challenging for students to

afford necessary commodities and school costs. Inflation affected the cost of education,

including tuition fees and other educational expenses, which can increase the financial burden

on students and limit their access to quality education. Unfortunately, inflation also affects
 16

the mental health of students and this claim has been supported by the result of the survey

conducted by Studocu among university students in the US.

Several factors including financial literacy, parental influence, peer pressure, available

income, financial constraints, and personal financial knowledge influence the budgeting

decisions of college students. Students with higher financial literacy tend to exhibit better

budgeting skills and make better financial decisions. The influence of parents on students'

budgeting decisions is widely recognized, with parental financial behaviors, discussions about

money, and financial support significantly impacting students' budgeting choices. Peers also

play a role, as peer pressure and social norms can affect students' spending patterns and

financial decisions.

In line with the foregoing, the government must take viable actions in order to truly

alleviate the impact of inflation. Likewise educational institutions must consider inflationary

trends and their consequences on students' financial wellbeing to mitigate the impact of

inflation and rising costs on students' budgeting decisions. This is possible through, financial

literacy education, parental support, and interventions focusing on budgeting skills can help

students make informed financial decisions and adapt to inflationary conditions.

 17

Research Gap

A scrutiny of the literature presented revealed that there is a scarcity of studies directly

pertaining to how inflation affected the purchasing behavior of college students and if they do

exist, they were primarily studies conducted in different countries, making it difficult to

instantaneously apply their findings to the specific context of De La Salle University -

Dasmariñas students. Regrettably, there was none found discussing how the purchasing

behavior of college students here in the Philippines, particularly in the chosen research locale,

are impacted by the indubitably high prices of goods and services. Thus, this study was able

to contribute to the body of literature about how inflation shaped the purchasing behavior of

students, specifically in the Philippine setting.

Conceptual framework
Figure 1

The Conceptual Framework of the Effect of Inflation

 18

Figure 1 sought that this study will demonstrate the effects of inflation first to the Filipino

consumers. Then, it investigated how inflation affected DLSU-D students and ultimately how

the said phenomenon affected their buying behavior. This aimed to raise awareness about the

influence of inflation on economic decision-making at various levels, particularly within the

context of DLSU-D students' experiences. Inflation is a fundamental concept in economics,

and understanding its effects on the economy, consumers, purchasing behavior, and students is

crucial.

Inflation refers to the general increase in the price level of goods and services over

time. It reduces the purchasing power of money, meaning that individuals can buy fewer

goods and services with the same amount of currency. Inflation is influenced by various

factors, such as changes in demand, production costs, and monetary policies according to

Silver, C. et al. (2023).

Effects of inflation to DLSU-D students.

Inflation has specific ramifications for students, particularly in relation to education

costs. As inflation increases, the expenses associated with education, such as tuition fees,

textbooks, and housing, also rise. This can make education less affordable, potentially limiting

access to higher education and affecting students' ability to pursue their academic goals

(Henderson, 2022). Inflation can further impact students' financial aid options. As inflation

rate increases, financial aid may not be able to keep pace with the rising educational expenses.

Consequently, students may face challenges in funding their education or need to rely more

heavily on loans, potentially resulting in increased student debt burdens (Brausch, 2018). This

study investigated how inflation was affecting DLSU-D students particularly the graduating

batch of Political Science.

 19

Effects of inflation to the purchasing behavior of DLSU-D students.

Inflation directly influences consumer purchasing behavior. As the cost of goods and services

rises, consumers adapt their buying patterns to mitigate the impact on their budgets. They tend to

prioritize essential items such as food, housing, and healthcare while cutting back on discretionary

expenses (Gatpolintan and Avila, 2019). This paper, on the other hand, dug into how the purchasing

behavior of DLSU-D has been affected by inflation.

The interrelation among these factors affected the said variables by the erosion of

purchasing power and creating uncertainties. This, in turn, influences consumer behavior, as

individuals have to adjust their spending habits to adapt to rising prices. Students, as a specific

consumer group, were affected by inflation. In view thereof, it was worth exploring how

DLSU- D students were able to muddle through the challenges that may be brought by the

increase of prices of goods and services

 20

CHAPTER III
METHODOLOGY

The methodology section outlined the procedures employed by the researchers in the

gathering, selecting, processing, and analyzing the data for the study. It encompassed several

key components, including the research design, locale, sampling and participants, instruments,

procedure, data analysis, and ethical considerations.

Research Design

The purpose of this study was to analyze the influence of inflation on the purchasing

behavior of De La Salle University-Dasmariñas (DLSU-D) students using a mixed-

methodologies approach that combines qualitative and quantitative data collection and

analysis methods. As stated by Timans et al. (2019 and Shorten & Smith (2017), mixed

methods are justified by the complementary nature of two different types of data in capturing

a comprehensive understanding of the research topic and are commonly used in behavioral,

health, and social sciences, particularly in complex and collaborative settings. Using

qualitative as well as quantitative techniques and statistically assessing the study could result

in significant findings.

The researchers have gathered data through surveys, interviews, and observations. The

survey provided quantitative data, allowing for statistical analysis and identifying trends and

patterns in students' purchasing behavior. Interviews, on the other hand, provided qualitative

insights, enabling a deeper understanding of how inflation and probably other factors

influence students' purchasing decisions. Observations was conducted to supplement the

survey and interview data by capturing real-time behaviors and contextual information.
 21

The acquired data were examined and arranged descriptively, following qualitative

and quantitative data analysis techniques (Creswell, 2013; Creswell & Poth, 2017). The

qualitative data were subjected to narrative analysis. Narrative analysis is a qualitative

research method that focuses on understanding the meaning and structure of stories or

narratives. It can reveal hidden patterns and themes in stories and help scholars comprehend

the social, cultural, and historical contexts in which they are placed. Narrative analysis might

be a useful method for examining the relationship between people's tale identities and their

attitudes and behavior. (Rashid, M. H. A.(2023). The quantitative data were analyzed using

appropriate statistical methods to identify correlations, trends, and statistical significance in

the relationship between inflation and students' purchasing behavior. By combining

qualitative and quantitative data, this study aims to provide a comprehensive understanding of

the effects of inflation on the purchasing behavior of DLSU-D students, thus contributing to

the existing knowledge in this field.

Research Setting

The research was conducted at De La Salle University-Dasmarinas, which is located in

the province of Cavite, Philippines. The said University is home to seven colleges, namely:

the College of Business Administration and Accountancy; the College of Criminal Justice

Education; the College of Engineering, Architecture, and Technology; the College of Liberal

Arts and Communication; the College of Science and Computer Studies; and the College of

Tourism and Hospitality Management.

The researchers have chosen the said locale because they deemed it more convenient

and practical for them, considering the limited time that they have to finish the study, because
 22

they themselves are students thereat.

Sampling & Participants

The fourth year Political Science students of De La Salle University Dasmariñas

(DLSU- D) students are the study's target population composed of two sections with a total of

56 students. According to Hassan (2020), convenience sampling can be useful in situations

such as exploratory research or pilot studies where initial insights into a topic or phenomenon

are desired. It can also be utilized when time and resources are limited or when the target

population is difficult to attain. Convenience sampling is a non-probability sampling

technique in which participants are selected according to their availability and preference to

participate.

By using convenience sampling, the researchers easily accessed and recruited

participants from within the university campus. It allowed researchers to identify and recruit

readily available and willing participants quickly. This saves time in the participant

recruitment process. The researchers were specifically interested in understanding the

effect of inflation on DLSU-Dstudents. Using convenience sampling allowed them to focus

on individuals directly associated with the university, providing valuable insights into the

experiences and perspectives of this specific student population.

According to Creswell and Creswell (2017), quantitative research is characterized by its

emphasis on numerical data, statistical analysis, and the ability to generalize findings to broader

populations. Given that the two batches of graduating political science students represent a

diverse range of perspectives and experiences, with the total of (56) students, quantitative

method enables researchers to identify patterns and trends that may be reflective of the entire

cohort. Moreover, as this graduating class prepares to enter a field that increasingly demands
 23

evidence-based decision- making, the application of quantitative research skills can provide

them with a solid foundation for policy analysis and political research (Babbie, 2016).

On the other hand, with regard to the qualitative data, the proponents of this study

have interviewed a total of four (4) students equally obtained from the two sections of the

current graduating batch of Political Science. The researchers initially asked who among the

respondents would agree to be interviewed. The said interview will be done face to face at the

convenient time of the participants.

Instruments

The study utilized surveys and interviews as the primary data collection instruments to

determine the inflation on selected DLSU-D students. The researchers designed and

administered the survey to gather quantitative data on students' perceptions, experiences, and

behaviors as regards inflation. In addition, interviews were conducted to obtain qualitative

insights and an in- depth understanding of how inflation generally affects DLSU-D students,

especially their purchasing behavior. By employing both surveys and interviews, the study

aimed to capture a comprehensive picture of the effect of inflation on DLSU-D students and

gain valuable insights into their coping strategies and financial management practices. The

survey questions covered how inflation affects them, its effect on their daily expenses,

spending habits changes, and overall financial well-being. Conducting interviews, either

individual or group-based, can provide more in-depth qualitative insights into the students'

experiences and perspectives (Mat et al., H.G. 2021). The researchers formulated fifteen

(15) closed-ended questions for the survey that are straightforward, concise, and relevant.

Closed-ended questions have predefined response options

(Young, Tony, 2015).

 24

Interviews allow researchers to explore personal narratives, emotions, and specific

instances related to the effect of inflation. Open-ended questions can encourage participants to

share their stories and provide rich qualitative data. The researchers used a prepared interview

guide to ensure that all question areas are covered. Furthermore, the researchers used an audio

recorder to record automatic replies and transcribe the responses for more detailed data

(Elangovan & Sundaravel, E., 2021).

As much as the researchers would like to use open-ended questions in the survey, they

found it tedious and unfeasible because of the number of questions involved. Conversely,

since this study involves mixed methods, the interview questions, which are open-ended, can

supplement the answers provided on the survey questionnaires. Hence, it was still practicable

to utilize closed- ended questions for the survey, while open-ended questions were used in the

interview.

Both instruments were validated by Dr. Jan Phillip Mallari, Mr. Dennis Maldo, and Ms.

Maria Nena Caspe before the same were utilized.

Data Gathering Procedure

Based on the research objectives, the researchers designed a questionnaire that

addressed specific aspects related to the effects of inflation on the purchasing behavior of De

La Salle University-Dasmarinas (DLSU-D) students. The questionnaire contained

straightforward, concise, and relevant questions. The researchers used closed-ended questions

for the surveys. Open-ended questions, on the other hand, were employed in the interviews,

allowing participants to provide detailed responses, according to Young and Tony (2015).

The researchers divided themselves into two groups and proceeded to Julian Felipe

Hall to look for the target respondents who were on break. They clearly explained the purpose
 25

of the survey and provided instructions on how to participate. After completing all the

necessary steps and assuring them that their information and answers will only be utilized

solely for the purpose of this study, the data collection phase commenced, and the survey was

administered to the selected participants. It is essential to ensure that participants have enough

time to complete the survey and consider offering small gifts, if appropriate, to encourage

participation.

With regard to the interviews, following what has been mentioned in the initial phase

above, this time, the researchers asked who among those who answered in the survey were

willing to participate in the interview. There were only be two (2) students from each of the

two sections who would be asked to participate. The interviews were conducted face-to-face

at the convenient time of the said respondents. After explaining to them what the study is all

about, and that the researchers adhere to the Data Privacy Act of 2012, the researchers then

proceeded with the interview with those who had given them permission to do so. Thereafter,

all the data gathered were analyzed accordingly, observing the methods of analysis that must

be applied.
 26

Data Analysis

The researchers used Descriptive Statistics to analyze the data. It is a way of

describing, presenting, summarizing, and organizing data through numerical calculations,

graphs, or tables (Donges, 2018). Descriptive statistics help to simplify large amounts of data

in a sensible way that could be made into a simpler summary (Trochim, 2020). Given the

number of respondents and the collected data that this study needs, the said method helps

interpret through the means of average and standard deviation. Cronbach's alpha was a

measure of internal consistency, that is, how closely related a set of items are as a group. It is

a measure of scale reliability. Scale reliability refered to the extent to which a measurement

scale or instrument consistently and accurately measures a specific construct or concept. It

assesses the internal consistency or degree of agreement among the items or indicators within

a scale. In other words, scale reliability evaluates whether the items on a scale consistently

measure the same underlying construct. (Nunnally, J. C., & Bernstein, I. H. (1994) Reliability

is the degree to which the measure of a construct is consistent or dependable (Pelz, P. B.,

(n.d.).

According to Dudovskiy (2022), the mean is the total of a set of data divided by the

number of points in the data. When comparing different sets of data, the mean may be a

helpful tool; however, this technique can be hindered by the effects of high numbers. The

researchers used simple arithmetic mean, which is a core statistical concept that is used a lot

inside and outside of the school. It is also one of the most common statistical terms that

people hear (Gal, 2007). For this part of the analysis, the researchers sought the assistance of

a Statistician, who is a faculty member of Cavite State University-Indang Campus, to be

 27

assured of valid results.

 28

With respect to the responses in the interviews, the researchers used narrative analysis,

which uses stories to understand social patterns. Its purpose is for the participants to provide

stories about their life experiences. Utilization of interpretation, induction, and discovery as

opposed to deduction and confirmation. Among the approach's benefits is that it maintains the

individual as the center of analysis when studying the meaning of experiences (Josselson &

Hammack, 2022).

Ethical Consideration

The study adheres to the research ethics guidelines provided by the University. The university's

ethical standards will be adhered to with the cooperation of the participants. The following guidelines

are designed to ensure the ethical conduct of this research. The study emphasizes the protection and

integrity of the students, guaranteeing that all collected data will be kept confidential and used

exclusively for the purposes of this research. Additionally, the study aims to avoid the spread of

misinformation and ensure unbiased reporting of the data outcomes.

 29

CHAPTER IV
RESULTS, ANALYSIS, AND DISCUSSION

This chapter presents the results, analysis, and interpretation of data gathered from the

answers obtained from the respondents to the survey and interview questions.

Inflation has been described as a macroeconomic occurrence, substantially impacts

various facets of individuals' lives, altering their consumption habits and decision-making

(McKinsey & Company, 2017) Additionally, according to Santos et al. (2021) inflation

induces shifts in consumer behavior, causing individuals to adjust their spending habits and

preferences amid rising prices.

The Effects of Inflation to the Filipino Consumers

This part is the discussion and result on the Research question One regarding theeffect of inflation

to the Filipino consumers.

Inflation, as a sustained increase in the general price level of goods and services,

significantly affects the economic landscape of the Philippines, particularly affecting its

consumers. The effects of inflation on Filipino consumers are multifaceted, encompassing

both short-term and long-term consequences. In the short term, inflation erodes the purchasing

power of consumers, leading to a decrease in their real income and an increased financial

burden on households. Additionally, inflation tends to disrupt economic planning and

decision-making, as uncertainty about future prices may hamper rational choices. Over the

long term, persistent inflation can detrimentally affect savings, investments, and overall

economic stability, posing challenges to the country's socio-economic development.

Therefore, understanding the clear effects of inflation on Filipino consumers is crucial for

policymakers and individuals alike in crafting effective strategies to mitigate its impact.
 30

Discussion

It has been cited in the earlier part of this paper that the Philippines has one of the

highest inflation rates in Southeast Asia. Philippine inflation averaged 4% between 2020 and

2022, ranking third among the 11 Southeast Asian countries (Asian Development Bank,

2022). That being said, its effects on Filipinos are apparent.

Inflation diminishes the purchasing power of consumers, impacting their spending

behavior. As prices rise, consumers may cut back on non-essential expenses, leading to

changes in consumption patterns (Orbeta, 2013). The Filipino consumer's sensitivity to

inflation can influence overall economic stability. This aligns with the statement of McKinsey

& Company (2017), that inflation decreases the purchasing power of consumers as the prices

of goods, especially of essential products increase.

Smith & Garcia (2019) pointed out that Filipino consumers are affected by inflation in

different ways, including their ability to buy things, how they spend their money, and overall

financial well-being. Filipino families' real income goes down as the cost of living goes up,

and this is especially true for lower-income groups

According to Ranyard, et al. (2008) inflation considerably impacts individuals' cost of

living. A notable consequence of the escalating cost of living is the tangible reduction in real

income experienced by Filipino households, particularly pronounced within lower-income

groups, thereby amplifying income inequality across the population (Smith & Garcia, 2019).

While Balisacan and Pernia (2022), found out that a rise of 1% in the inflation rate leads to a

decline in the real income of households.

 31

Truth be told, inflation’s effects are not only felt by the poor or low-income

households but also by the middle class since they all find it difficult to make their ends meet.

Although, inflation might have slowed down in July of 2023, the said scenario did not ease

the burden of the Filipino consumers since the cost of the basic goods are still high and will

remain considering that prices of oil products continue to increase (IBON Foundation, 2023).

The repercussions extend to the realm of savings and investments, where the erosion

of the real value of savings plays a pivotal role in shaping individuals' investment decisions

(Reyes & Hernandez, 2018). IBON foundation (2023), expressed that based on the BSP’s

data, 70% or 19 million of households do not have any savings as of the second quarter of

2023.

Consequently, inflation induces adaptive changes in consumer behavior, necessitating

individuals to recalibrate their spending patterns and preferences as a coping mechanism

against the rising prices (Santos et al., 2021). It was determined that Filipino consumers

engaged in constructive practice of listing down items, which served as a practical strategy for

effective budgeting. As indicated by Fernando (2022), inflation results in a decrease in the

buying power of money due to an increase in the prices of basic goods. This act of

prioritization empowered them to make informed decisions about their spending habits,

ensuring that essential needs are met first.

An additional layer of influence emerges through government policies directed at

inflation control, exerting a crucial role in shaping the macroeconomic landscape and

ameliorating adverse effects on consumers (Cruz & Lopez, 2022). Going beyond domestic

considerations, the external dimension of inflation is accentuated by global economic factors,

 32

including trade dynamics and commodity prices, contributing significantly to the inflationary

pressures experienced in the Philippines (Martinez et al., 2023).

According to a study by Canare and Endriga (2015), the impact of inflation on

Filipino consumers underscores the importance of effective monetary and fiscal policies to

control inflation rates and stabilize the economy. It also highlights the need for social safety

nets and support systems to help mitigate the effects of inflation on vulnerable populations.

It is evident that Filipino consumers have felt the strain of inflation, but have also

adapted by developing helpful budgeting methods. This demonstrates their resilience in the

face of economic challenges, as they strive to make informed decisions and prioritize their

budgeting to mitigate the impact of inflation on their daily lives. Understanding the

intersection of these factors becomes imperative for policymakers, businesses, and individuals

alike, providing a foundation for navigating the intricate challenges posed by inflation

The Effects of Inflation on DLSU-D Students

This part is the discussion and result of the research question two on the effects of inflation on

DLSU-D students.

The effects of inflation on De La Salle University-Dasmariñas (DLSU-D) students can

be observed across various aspects of their academic and personal lives. Inflation tends to

increase the cost of education, impacting tuition fees, textbooks, and other educational

materials.

This places an additional financial burden on students and their families, potentially affecting

accessibility to quality education. Moreover, rising prices may influence college students'

spending habits, affecting their overall lifestyle and well-being (Lyons et al.,2006; Robb &
 33

Woodyard, 2011). As the cost-of-living increases, students may experience challenges in

managing their budgets for daily expenses, accommodation, and transportation.

 34

At this point, it is essential to present the responses of the selected DLSU-D students that show

their awareness about inflation and its effects on them.

Table 1

Awareness about Inflation and the Effects of Inflation on DLSU-D Students.

Survey Questions Mean Standard Deviation Category

1. I am aware that
inflation is an
increase in prices 1.00 1.04
over a period of time, VERY HIGH
and directly affects
me as a consumer.

2. I am aware that
inflation directly
affects my decision as 1.00 0.99 VERY HIGH
to when to buy.

3. I think that it has

become very
challenging for me as VERY HIGH
a Filipino consumer 1.00 1.03
to allocate my budget
because of the
inflation

4. I believe inflation
influences my
purchases of even 1.00 1.10 VERY HIGH
basic necessities.

5. As a college
student, I
acknowledge the 1.00 1.01 VERY HIGH
huge effect of
inflation on my
spending.
 35

Interpretation

The mean values pertaining to inquiries concerning awareness of inflation (Questions

1 and 2) denote a heightened level of comprehension among survey participants, as evidenced

by a mean score of 1.00. This shows a consensus regarding understanding what inflation is

really all about and that it has a direct effect on them as consumers and the same affect their

purchasing decisions. Students express a strong agreement in comprehending inflation as an

increase in prices over time and acknowledge its direct implications on them as consumers.

This awareness extends to affecting the timing of their purchases and presenting challenges in

the allocation of their budgets.

Questions 3 and 4 garnered a mean score of 1.00, showing the perceived intricacies

associated with budget management due to inflation. There is a consensus on the notion that

inflation renders budget allocation challenging and shapes spending habits and lifestyles.

Respondents generally agree that aside from the fact that they find budgeting to be

challenging due to inflation, their decision to buy, even of essential things, are affected.

Respondents, particularly DLSU-D College Students, openly recognize the substantial

influence of inflation on their expenditures. There is an evident acknowledgment among

respondents that inflation significantly shapes their economic and/or financial decision even

with respect to buying essential commodities (Question 5).

Discussion

At the outset, it is clear that the respondents are aware not only on what inflation is all

about but more importantly how the same affects them in their everyday life. Based on the

data gathered, it was found out the students find it challenging to allocate their budget because

of the increase of prices. Unfortunately, even their basic needs are affected
 36

In a study conducted by Gutter and Copur (2011), it is acknowledged that numerous

university students have taken on the responsibility of budgeting their allowances. These

students are tasked with making decisions about their expenditures, determining both what to

purchase and the quantity of items to procure and according to Moneva, J & Raman, M.,(2020).

College students have to take into account essential school-related expenses, food,

transportation, and other personal needs, among others. The expenditures of college students

tend to be higher compared to individuals at other educational levels.

The findings are also in line with the studies of Ranyard et al., in 2008 and Haque et

al., in 2018 that the rising cost of living makes it challenging for students to afford necessary

commodities and cover their educational expenses.

Consequently, digging further into how DLSU-D students are affected by inflation, the

researchers find it vital to present some of the responses of the interviewees obtained during

the conduct of the face to face interviews, to wit:

Respondent 1 expressed that as a consumer, she really is feeling the eroding

purchasing power and thinks that people are struggling to afford the same goods and services

they used to. In fact, the prices of essential goods are really affected. This, according to her

can also lead to reduction of savings and of course changes in their spending habits.

One of the things noticeable about Respondent 2’s response is when he pointed out

that inflation has a toll on the mental health of college students especially to those who are not

privileged enough as they cannot go out and relax as they have to really manage their budget.

Respondent 3 emphasized that inflation has a negative impact on him. He really finds

it hard to budget his allowance considering the fact that he is renting a room. Like all other

respondents, he also pointed out the importance of prioritizing needs over wants especially
 37

now that even the basic necessities are expensive, and he added that there is no room for

impulsive buying at this point in time. One significant thing that he also mentioned is the fact

that because

of tight budget, he would miss a meal and as consequence, his performance in assessments

like quizzes and recitation will definitely be affected.

In the case of Respondent 4, he expressed that inflation causes tuition fees to increase

as well. Thus, according to him more students cannot afford to enroll. Another that he

mentioned was the rental rates for dorms and condo units are higher compared before which

would impact those who live far from school.

The results of the qualitative data as represented by some of the significant responses

obtained from the interviews strengthen the results of the survey presented earlier. In both

sets of data, it can be observed that DLSU-D students, like other Filipino consumers, are also

negatively affected by inflation especially so that even essential goods are costly such as food,

transportation, and housing (this includes dormitories). In turn, savings deplete according to

Respondent 1. They have to make substantial adjustments in order to thrive in these tough

times. It is unfortunate to see that it would come to a point wherein a student has to limit his

meals to less than three times a day to be able to budget the money available like in the case

of Respondent 3 who sometimes had to skip a meal just to be able to budget his allowance.

Sadly, he explained that it has adverse effects on his academic performance.

Moreover, it was revealed by Respondent 2 that inflation may have a toll on students’

mental health especially for those who are not privileged enough to have a budget for leisure.

This is supported by the study conducted by studocu where they found out that 55% of U.S.

tertiary level students revealed that their mental health got worse because of inflation,
 38

showing further that 74% experienced stress, 66% suffered anxiety, and 49% frustrated.

Furthermore, the article entitled Skyrocketing Inflation Worsens Student Mental Health Crisis

(2023) explicated that these young people faced with financial stress, anxiety, and frustration,

could steer a feeling of doubt on their ability to continue with their studies. Thus, they could

be less motivated and that would have a negative effect on their academic performance.

Incidentally, the research of Karaderi (2021) emphasizes the importance of leisure in the lives

of university students, serving as a significant avenue for self-development and productivity.

Although the survey and the qualitative results did not reveal anything about the plight

of college students who are working and those that are on loan to support their studies in the

midst of inflation, it is still worth noting that Chapter 2 cited the implications of inflation to

those who are on the said situations. According to Mendoza (2018), aside from the fact that

inflation has led to financial difficulties for students, prompting them to consider their

purchases more carefully, the rising cost of basic expenses has made it harder for students to

afford their daily needs, necessitating the need for additional part- time work or financial aid.

For those who are working students, a study conducted by Wagner (2022) showed that

students have rendered hours of labor in order to afford the increasing expenses of necessities

and to cover living expenses.

Also, a study by Oreopoulos and Petronijevic (2013) inflation can affect the decision

of young people to pursue higher education as the findings of their study showed that higher

inflation rates were associated with a lower likelihood of enrolling in college and lower

earnings for college graduates. It can be deduced that inflation can have long-term

implications for student's career prospects and economic mobility.

Conversely, those students who depend on loan for them to support their studies would
 39

definitely find it difficult to thrive. Scott-Clayton et al. (2015) looked into the relationship

between inflation and student loan default rates. They found out that higher inflation rates are

linked with an increased likelihood of student loan defaults which indicates the financial

strain inflation can inflict upon on students. Aside from the direct effects on purchasing power

and loan repayments, inflation can influence students' career choices and labor market

outcomes. This, and the two preceding paragraphs can be possible areas of further study that

may be conducted in Philippine universities.

Effect of the Inflation on the Purchasing Behavior of DLSU-D Students

This part is the discussion and the result of the research question three on the effect of the inflation

on the purchasing behavior of DLSU-D students.

As shown earlier, inflation has various effects on college students since it decreases

their purchasing power as prices are skyrocketing. Nonetheless, not everything is negative as

positive outcomes have also come out which will be observed in the quantitative and

qualitative data depicted in this part of the paper.

It is worthwhile to present the results of the survey that cover questions 6 to 15 with

the intent to look into how DLSU-D students’ purchasing behavior is affected by inflation.
 40

Table 2

Effects of Inflation on the Purchasing Behavior of DLSU-D Students

Survey Questions Mean Standard Deviation Category

6. In response to
inflation, I have
changed my spending 2.00 0.91 HIGH
habits.

7. As a result of
inflation, I have
become more
cautious in managing 2.00 0.96 HIGH
my daily budget.

8. Due to inflation, I
have lessened my
spending on HIGH
unnecessary items. 2.00 1.00

9. Inflation influences
my decision to adopt
a more practical
lifestyle. 2.00 0.99 HIGH

10. I actively seek out

cost- effective
options for products HIGH
or services. 2.00 1.00

11. I am more likely

to compare prices
from different
sources before 2.00 0.92
making a purchase, HIGH
especially during the
period of high
inflation rate.

12. I am able to save

part of my allowance 2.00 1.02 HIGH
 41

despite the high

p r i c e s o f goods and
services.

13. I am still able to

allocate some of my 2.00 0.97 HIGH
budget for leisure.

14. I have developed

certain strategies that 2.00 0.87 HIGH
help me to cope with
inflation.

15. Inflation helps

me to become a 2.00 1.04 HIGH
wiser consumer.

Interpretation

Based on the survey conducted by the researchers, Questions 6 to 10 garnered a mean

score of 2.00, indicating agreement among survey participants. Question 6 reveals that

inflation prompts individuals to change their spending habits, while Question 7 shows that

they have become more cautious in managing their daily budgets. Question 8 demonstrates

that respondents are reducing spending on unnecessary items due to inflation. Question 9

highlights that inflation influences their decision to adopt a more practical lifestyle. Question

10 indicates that participants actively seek out cost-effective options for products or services.

Overall, these responses reflect a significant impact of inflation on respondents' in terms of

their purchasing decision.

It is also evident that in response to inflation, there is an increased likelihood among

students to compare prices from various sources before making a purchase, particularly during

periods characterized by high inflation (as indicated in Question 11). This observation implies

a growing trend of price-consciousness among students, reflecting their active engagement in

 42

comparative shopping strategies. Equally important to note is the fact that despite inflation,

there are students who, fortunately, are still able to allocate part of their budget for savings

and leisure, as shown in Nos. 12 and 13, which is a positive indication of their ability to

manage their allowance.

Additionally, the data underscores an agreement among respondents regarding the

development of specific strategies to cope with inflation, signifying a proactive stance adopted

by students in addressing economic challenges and navigating the repercussions of escalating

prices (as per Question 14).

Furthermore, the survey participants demonstrate evolving consumer behavior in light

of ongoing inflation. The responses to Question 15 reveal that respondents acknowledge

becoming wiser consumers due to the rise of prices. This acknowledgment suggests that

students perceive inflation as an opportunity to enhance their knowledge and prudence in

consumer decision-making, reflecting a proactive approach towards informed consumption.

Discussion

Inflation significantly influences the economic decision and in turn, the purchasing

behavior of DLSU-D students, as reflected in their responses to the survey questions. The

mean scores consistently indicate answers suggesting adaptive strategies in response to

inflation. DLSU-D students express a heightened tendency to compare prices and

prioritize cost-effectiveness during periods of high inflation, showcasing a conscious effort

to navigate the challenges posed by rising prices. Moreover, their ability to save part of their

allowance and allocate budget for leisure activities despite inflation indicates a strategic

approach to financial management. The respondents' answers about developing coping

strategies and viewing inflation as a factor contributing to becoming a wiser consumer

 43

underscores the resilience and adaptability of DLSU-D students in the face of economic

challenges, shaping their purchasing behavior.

The survey results coincide with the outcome of the qualitative data as shown by some

of the points presented by the interviewees:

Respondent 1 expressed that she became price conscious that she would first check if

the price fits her budget and would consider if she could still allot the remainder for other

needs. She would also take advantage of discounts being offered. Apart from this, she also

mentioned elsewhere during the interview that she would list down the items before she

buys. Respondent 2, on his part, opt to buy only what he needs. He also shared that if his

friends would ask him to join them to eat at a restaurant, he would just go with them if the

restaurant his friends have chosen offers affordable meals.

Respondent 3, on the other hand, emphasized that there are things that he cannot do

anymore because of inflation as he had to budget his allowance. Aside from just purchasing

basic needs, Respondent 4 he became price conscious. He explicated that he opts to canvass

first before deciding which to buy in order to check which stores offer cheaper prices for

their products. Likewise, he said that he would seldom eat at restaurants as compared before.

Even if it has been clearly shown that inflation has adverse effects on DLSU-D

students in general, it cannot be denied that there are positive outcomes as well. The

responses both in the survey and interviews would show that these students are learning to

prioritize their needs over their wants. They now would tend to look for cost-effective

products and services and would adopt a more practical lifestyle. Indeed, there is no room

for impulsive buying as pointed out by Respondent 3.

 44

Lusardi and his co-authors’ work shows that respondents would actively seek out

promotions and discounts, indicating a proactive attitude toward maximizing the value of

their expenditures. It exhibited a strategic and informed approach to managing their

expenses. The responses of the interviewees explain the consequences of these behaviors on

participants' finances and contribute to a broader understanding of consumer decision-

making in the context of constrained budgets.

Likewise, the responses are in line with the studies conducted by Lysons et al, 2006

and Robb & Woodyard, 2011, that positive financial attitudes and self-control are effective

factors in the budgeting behavior of college students. As a matter of fact, when it comes to

making purchases, respondents became more aware of what to buy. They learn how to list

down items that should be prioritized, think carefully, plan whether to purchase or not, and as

a result, they are able to make the most out of their allowance.

Analyzing the results of the data gathered by the researchers, it can be categorically

claim that students have become more mindful of their purchasing decisions, prioritizing their

needs over wants, and making informed choices to make the most of their allowance in the

face of inflation.

The results in this paper also coincide with the study of Wulandari, D., & Narmaditya, B.

S. (2022) asserting the importance of providing support to improve financial knowledge

and decision-making skills of college students in purchasing their necessities.

The works of Reyes, E. A., & Hernandez, C. D. (2018) show how rising prices of

goods and services affect people, particularly in terms of savings. Conversely, the participants

in the present study demonstrate resilience by still being able to allocate a part of their
 45

allowances to savings, demonstrating their ability to deal with and overcome financial

challenges.

Although according to Joo & Grable (2004) peers play an important role in influencing

college students' purchasing behavior and financial decisions, it can be seen from the data

collected how important it is to remain wise especially that prices of goods are soaring. Take

the case of Respondent 2, he explained that whenever his friends would invite him to eat

outside, he would just go with them if the restaurant they would choose offers foods at

cheaper cost. Respondent 4, on the other hand, tends to limit eating outside, which was the

opposite of his ways before.

Further, it is worth mentioning that although it was previously mentioned that

respondents’ savings have depleted by reason of inflation (as claimed by Respondent 2), what

is important is these students are still able to allot money for their savings which is backed up

by the responses to Question 12.. Moreover, it is also important to underscore that the

findings reveal that there are still students who are able to allocate part of the allowance for

leisure as shown in the responses for Question 13. As mentioned in the discussion for research

question no. 2, based on Karaderi (2021) leisure is imperative in the lives of university

students as it serves as a means for self- development and to become productive. This means

that the participants can still afford to budget their money despite the unfavorable

consequences of inflation on them.

It is crucial to point out that in spite the fact that the results show positive changes on

the part of the students in the midst of inflation, and that it has been revealed by both the over-

all result of the quantitative data and qualitative data demonstrate the respondents are able to
 46

make substantial adjustments in their purchasing behavior, the researchers believe that there is

still a need to apply various strategies and interventions to help college students deal with the

effects of inflation. Focusing on budgeting, savings, and investment strategies in financial

education programs can give students the information and skills they need to deal with

inflation as what Chen & Volpe (2014) and Shim et al., (2009) to have emphasized to gain

financial literacy.

Having financial literacy is critical especially during inflation. Financially literate

students grasp how inflation erodes purchasing power, prompting them to make informed

decisions and seek ways to mitigate its effects. They are doing well in budgeting, adjusting

spending habits to accommodate rising costs. It can be therefore be inferred that the DLSU-D

students who have been surveyed and interviewed by the researchers show a significant level

of financial literacy as they are responding to inflation accordingly. This is in contrast to the

result of the data in the study conducted by Wulandari, D., & Narmaditya, B. S. 2022 in

Indonesia wherein it showed that students have a low level of financial literacy. Hence, the

need for support to enhance their financial literacy and decision-making skills.
 47

CHAPTER V

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

The researchers delved into the analysis and interpretation of the data collected in the

course of this study. Building upon the empirical evidence presented in Chapter 4, this section

aims to synthesize the findings, and contribute to the broader understanding of the topic. The

discussion herein is structured to address the research questions, present the conclusion, and

input possible recommendations based on the results presented.

Summary

Inflation has intricate implications for Filipino consumers, impacting their purchasing

power, spending behavior and financial well-being. The rising cost of living reduces real

income, especially for lower-income groups. In the midst of the negative effects on Filipino

consumers, emphasis on prioritizing essential necessities and making informed expenditure

decisions, and the employment of strategic budgeting practices have been brought to light.

College students are no exceptions to the consequences, especially to the negative

effects of inflation more so that not only educational expenses have skyrocketed, but sadly,

even the price of basic needs like food, transportation (fare and gasoline), and rental fees in

dorms. It has been shown that they have to make some sacrifices to be able to withstand the

challenges of a declining purchasing power, influencing their choices and financial planning,

and of course, their savings. Nevertheless, it is not without positive effects as they have now
 48

been adapting changes in their purchasing decisions and behavior that may lead to developing

constructive budgeting practices, such as prioritizing essential needs, looking for a more cost-

effective option. Furthermore, they have become more mindful of their purchases, seeking out

promotions and discounts and developing strategies for effective budgeting. It can then be

said that financial literacy plays a crucial role in equipping individuals with the necessary

knowledge and skills to be able to successfully wrestle with whatever dilemmas inflation

brings in.

In the face of inflation challenges, students demonstrated an increased awareness of

their spending habits, adopting strategic approaches like prioritizing needs, careful planning,

and seeking information to optimize their allowances. Data analysis indicated a noticeable

shift in students' purchasing behavior, showing a trend toward more mindful decision-

making, especially in the context of inflation.

The combination of both quantitative and qualitative data highlights the impact of

inflation on the spending patterns and financial planning of college students, emphasizing the

need for proactive financial management and planning to navigate the challenges posed by

inflation and maintain financial stability.

Conclusion

Although inflation has negative effects on the everyday life of DLSU-D students

since it has resulted to a decrease in their purchasing power, the same has brought to light

positive outcomes more particularly on their purchasing behavior. As the inflation rate

increases, the students become more price-sensitive. The rising cost of living and the erosion

of their purchasing power have necessitated adaptive changes in spending patterns.

 49

Fortunately, the resilient and informed financial decisions made by these college students,

demonstrate the potential for positive budgeting practices to mitigate the impact of inflation

on their financial stability. The observed move towards conscientious purchasing choices

shaped by awareness, and careful planning, among others, indicates a hopeful path for

individuals who experience managing budgeting challenges in uncertain economic times.

Overall, the findings emphasize the crucial role of financial education in equipping

individuals with the necessary knowledge and skills to effectively mitigate the impact of

inflation on their daily lives and maintain financial stability.

Reccomendation/s

DLSU-D Students:

• Participate in seminars or lectures on financial literacy within or even outside the

institution to give them real-world knowledge on how to handle their allowances

wisely in the face of inflation.

Create a specialized platform within the university that would be a venue to learn more about

proper management of financial resources which could also be a center to offer continuing

financial counseling according to the unique requirements and difficulties encountered by

DLSU-D students.

Parents of DLSU-D Students:

• Parents could create an environment at home that would allow their children to share

the challenges they meet amidst inflation. This can also be an avenue for them to be

able to guide and educate their children on how the latter can properly manage their

allowance.
 50

DLSU-D Administrators and Faculty:

• Include courses on financial literacy in university curricula to guarantee that

students learn about economic fundamentals, budgeting, and hands-on financial

management.

• To promote a financially aware and encouraging learning environment in the

classroom, cooperate with professionals or specialists in the field of finance to

organize workshops or seminars for teachers and students.

Concerned Government Institutions:

• Make use of the study's findings to maybe enact policies that would alleviate the

challenges being faced by the Filipino consumers, especially the students, by reason of

the high prices of goods and services.

• Work with academic institutions to establish national financial literacy initiatives,

with the goal of equipping students with the information and abilities required to

successfully manage their finances.

Future Researchers:

 They could dig deeper into how else inflation do affect university students that

would also include more respondents from different courses and socio-economic

background. It is also important to look at the situation of working students and

those who are on loan to support their studies.

 51

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Appendices

Appendix A. Questionnaires and Interview

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74
 75

De La Salle University-Dasmariñas

3. l think that it
has become very
challenging for me as a
Filipino consumer to
allocate my budget
because of the inflation

4. I believe inflation
influences my purchases
even of basic
necessities.

5. As a college student, l
acknowledge the huge
effect of inflation on my
spending.
6.) ln response to
inflation, I have changed
my spending habits

7. As a result of
inflation, 1 have become
more cautious in

budget.
8. Due to inflation, I
have lessened my
spending on
unnecessary items.
9. lnflation influences
my decision to
adopt into a more
practical lifestyle.
10. 1 acti rely seek out
cost effective options
for products or service.
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 77

Appendix B. Questionnaire Validator Approval

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Appendix C. Questionnaire Validator Approval

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Appendix D. Questionnaire Validator Approval

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Appendix E. Statistician Certification

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Appendices F. English Language Editor