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Financial Fluency

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Zoe Kin
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33 views4 pages

Financial Fluency

Uploaded by

Zoe Kin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Financial Fluency: Unveiling the Budgeting, Saving, and Investing Practices of

Students

Abstract

The study aims to explore and understand how students budget, save, and
professionally invest their money. Specifically, it focuses on their knowledge,
attitudes, behaviors, and challenges related to managing personal finances. To
accomplish this, the study uses a qualitative phenomenological research approach and
conducts in-depth interviews with students. The participants are intentionally selected
to represent a range of demographics, including age, gender, academic major, and
socio-economic status. This ensures a comprehensive understanding of students'
financial behaviors. Additionally, the participants discuss their savings goals,
aspirations, and challenges, highlighting the importance of financial planning and
discipline for long-term financial stability. By uncovering the diverse perspectives
and experiences of students, the study aims to provide valuable insights for targeted
interventions and educational initiatives that promote financial empowerment and
well-being among young adults.

Brief Description

Since time immemorial, financial literacy has held significant importance.


However, its prevalence on a global level, particularly among Filipinos, remains low.
The proficiency of students in effectively managing their finances is directly
correlated with their level of financial literacy. Insufficient knowledge in investments
and insurance greatly hampers their ability to make informed financial decisions. Due
to their limited understanding, individuals are more prone to making irrational choices
in managing their funds, savings, and debt. Thus, it is imperative to introduce a
diverse range of budgeting, saving, and investing strategies.
Financial literacy has a profound effect on saving habits, as evidenced by the
findings of Widyastuti's (2016) study. The research revealed that financial literacy not
only impacts saving behavior but also significantly influences it. Students who lack
financial literacy knowledge in savings may experience negative outcomes, such as
making unwise spending decisions that can lead to unfavorable credit conditions. On
the other hand, students who have a strong grasp of financial literacy in savings are
more likely to develop improved mindsets and acquire skills that will empower them
to make better choices (Jurkseviciote, et al., 2023).

The objective of this study is to investigate the budgeting, saving, and


investing practices of students, as well as their knowledge, attitudes, behaviors, and
challenges in relation to personal finance management. The aim is to comprehend the
level of financial literacy among students and how they apply strategies for budgeting,
saving, and investing. This study will not only focus on students' knowledge, but also
their attitudes, behaviors, and the obstacles they face when managing their personal
finances. It will also uncover the factors that influence students' financial decision-
making, providing a comprehensive understanding of their financial practices. The
study holds significance in contributing to the development of customized financial
literacy programs, empowering students to make informed financial decisions, and
promoting long-term financial stability among the student population. The findings of
this study have the potential to inform educational institutions, policymakers, and
financial institutions in promoting responsible financial practices and fostering a
financially literate society.

Research Questions
The study will be guided by the following questions:
1. How do students perceive and define financial literacy, and what is their current
level of financial knowledge and understanding?
2. What are the budgeting strategies and practices employed by students? How do
they allocate their income and expenses, and what factors influence their budgeting
decisions?
3. How do students make decisions about saving money, and what factors influence
their saving behaviors?
4. How do students approach investing? What are their attitudes towards investing,
and what factors influence their investment decisions?
5. What are the sources of financial information and guidance that students rely on?
How do they evaluate the credibility and usefulness of these sources?
6. What financial behaviors and practices have students learned from their families,
peers, and educational institutions? How do these influences shape their attitudes and
actions when it comes to budgeting, saving, and investing?
7. How do students navigate financial challenges and unexpected expenses? What
coping strategies do they employ, and how do these strategies impact their financial
stability?

Methodology
Research Design
The study will use a phenomenological research approach to investigate and
understand the experiences and perspectives of students when it comes to budgeting,
saving, and investing. This approach will allow for a thorough examination of
students' personal experiences, attitudes, behaviors, and challenges related to financial
literacy. The goal is to uncover the deeper meanings and motivations behind students'
financial practices and decision-making.

Context and Participants


Participants will be selected through a thorough process that considers specific
criteria, including their enrollment in educational institutions, diverse socioeconomic
backgrounds, and varying levels of financial literacy. The goal is to have a diverse
range of experiences and perspectives, which will provide a comprehensive
understanding of students' financial practices.

Instrument
The study will consist of conducting semi-structured in-depth interviews with
selected participants. The aim is to thoroughly examine their budgeting, saving, and
investing practices. These interviews will be conducted in a comfortable and private
setting, allowing participants to freely share their experiences.

Data Gathering
Individual, semi-structured, in-depth interviews will be conducted with
students to gather comprehensive and detailed insights into their budgeting, saving,
and investing practices. These interviews will provide participants with a platform to
openly discuss their personal experiences, beliefs, values, and challenges related to
financial literacy. Probing questions will be used to explore specific themes and topics
in depth, allowing participants to reflect and provide detailed descriptions of their
experiences.
Data Analysis
The interview transcripts collected will be analyzed thematically. Through a
systematic process of coding and categorization, themes, patterns, and categories will
be identified. This analysis will help examine similarities, differences, and underlying
factors that influence students' budgeting, saving, and investing behaviors.

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