Assessing the Level of Financial Literacy of Expanded Tertiary Education Equivalency and Accreditation Program (ETEEAP) Students of University Nueva Caceres (UNC)
Abstract
This study aimed to assess the financial literacy of ETEEAP students at UNC, examining their demographic profile, including gender, age, educational attainment, salary range, job position, and work status. It sought to identify factors affecting their financial skills and knowledge based on four pillars: spending, saving, asset protection, and borrowing. Additionally, the study aimed to recommend strategies to enhance their financial literacy.
A descriptive method was used, with 37 ETEEAP students from the 2023-2024 school year completing a questionnaire survey via Google Forms. Data analysis techniques included Frequency and Percentage, Likert Scale, Weighted Mean, Standard Deviation, Skewness, Chi-Square Test, and Spearman’s Rank Correlation. The results revealed a significant correlation between the financial literacy levels of ETEEAP students and various demographic factors. Financial skills and knowledge were influenced not only by cognitive ability but also by social interactions and cultural background. The study identified areas for improvement in financial awareness and proposed interventions to enhance financial decision-making skills.
Downloads
References
Andreev, A. (2020). Cognitive learning theory: Understanding how people learn. Positive Psychology. Retrieved from https://positivepsychology.com/cognitive-learning-theory/
Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2021). Financial literacy among college students: A study from India. Journal of Risk and Financial Management, 14(2), 57. https://doi.org/10.3390/jrfm14020057
Becker, G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5), 9–49. https://doi.org/10.1086/258724
Bongini, P., Cucinelli, D., Koliesnikova, O., & Trivellato, B. (2021). Financial literacy and preferences for risk and uncertainty among university students: Evidence from a field experiment in Italy. Empirical Economics, 61(6), 3153–3178. https://doi.org/10.1007/s00181-020-01954-4
Gumangan, E. A., & Singian, E. M. (2019). Factors influencing the financial literacy of Grade 11 students. DLSU Research Congress, 6, 1–8. https://doi.org/10.56498/31202154
Halog, E. L., Acuña, D. L., & Gomez, R. T. (2019). Financial literacy and its influence on the financial decision of college students in the Philippines. Asia Pacific Journal of Multidisciplinary Research, 7(3), 65–72. Retrieved from https://www.researchgate.net/publication/335604440
Kalewski, F., & Fritzsche, D. (2018). Financial literacy among German students: Determinants and consequences. International Journal of Consumer Studies. https://doi.org/10.1111/ijcs.12447
Loke, Y. J., Downe, A. G., Sambasivan, M., & Khalid, K. (2020). Predictors of financial literacy among university students in Malaysia. Journal of Economic Education. https://doi.org/10.1080/00220485.2020.1788789
Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. Swiss Journal of Economics and Statistics. https://doi.org/10.1186/s41937-019-0027-5
Mandigma, M. S. (2019). Financial literacy among local government employees: A case in the Philippines. Journal of NELTA. https://doi.org/10.3126/nelta.v24i1-2.28072
Maramis, C. B., Tirtosuharto, D., & Caturian, D. (2021). The influence of financial literacy, financial behavior, and demographic factors on personal financial management among young adults in Indonesia. The Journal of Asian Finance, Economics and Business. https://doi.org/10.13106/jafeb.2021.vol8.no5.0537
Mina, J. V., & Balase, E. A. (2022). Determinants of financial literacy among college students. Asian Journal of Business and Accounting. https://doi.org/10.22452/ajba.vol15no1.6
OECD International Network on Financial Education. (n.d.). 2022 OECD/INFE survey of adult financial literacy. Retrieved from https://www.oecd.org/financial/education/2022-OECD-INFE-survey-of-adult-financial-literacy.pdf
Pangan, D. S., Lising, P. J., & Solis, R. J. (2020). Financial literacy and financial behavior of college students in the Philippines. Jurnal Ekonomi dan Bisnis. https://doi.org/10.24914/jeb.v23i2.3232
Putra, N. D., Sukma, A. A., & Maulina, V. (2021). The influence of financial literacy, income, and education on financial knowledge. Jurnal Minds: Manajemen Ide dan Inspirasi. https://doi.org/10.24252/minds.v8i1.22232
Riitsalu, L., & Põder, K. (2019). Financial literacy determinants among university students. Studia Ekonomiczne, 348, 195–216. Retrieved from https://ekonomia.ug.edu.pl/web/download.php?OpenElement&volumeIdPdf=2621
Rosen, S. (1976). A theory of life earnings. Journal of Political Economy. https://doi.org/10.1086/260533
Sabado, J. D. (2020). The impact of financial literacy on the saving behavior of Filipino millennials. Philippine Management Review, 27, 1–18. Retrieved from https://www.bio-conferences.org/articles/bioconf/pdf/2024/12/bioconf_ff2024_05010.pdf
Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness. https://doi.org/10.3386/w14808
Ullah, I. (2020). Financial socialization theory: Understanding the role of family, peers, and media in developing financial attitudes and behaviors. Journal of Behavioral Finance, 21(2), 204–217. https://doi.org/10.1080/15427560.2019.1653217
Halog, E. L., Acuña, D. L., & Gomez, R. T. (2019). Financial literacy and its influence on the financial decisions of college students in the Philippines. Asia Pacific Journal of Multidisciplinary Research, 7(3), 65–72. Retrieved from https://www.researchgate.net/publication/335604440
Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. Swiss Journal of Economics and Statistics. https://doi.org/10.1186/s41937-019-0027-5
Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness. Working Paper. https://doi.org/10.3386/w14808
Mandigma, M. S. (2019). Financial literacy among local government employees: A case in the Philippines. Journal of NELTA. https://doi.org/10.3126/nelta.v24i1-2.28072
Maramis, C. B., Tirtosuharto, D., & Caturian, D. (2021). The influence of financial literacy, financial behavior, and demographic factors on personal financial management among young adults in Indonesia. The Journal of Asian Finance, Economics and Business. https://doi.org/10.13106/jafeb.2021.vol8.no5.0537
Kalewski, F., & Fritzsche, D. (2018). Financial literacy among German students: Determinants and consequences. International Journal of Consumer Studies. https://doi.org/10.1111/ijcs.12447
Pangan, D. S., Lising, P. J., & Solis, R. J. (2020). Financial literacy and financial behavior of college students in the Philippines. Jurnal Ekonomi dan Bisnis. https://doi.org/10.24914/jeb.v23i2.3232
Putra, N. D., Sukma, A. A., & Maulina, V. (2021). The influence of financial literacy, income, and education on financial knowledge. Jurnal Minds: Manajemen Ide dan Inspirasi. https://doi.org/10.24252/minds.v8i1.22232
Loke, Y. J., Downe, A. G., Sambasivan, M., & Khalid, K. (2020). Predictors of financial literacy among university students in Malaysia. Journal of Economic Education. https://doi.org/10.1080/00220485.2020.1788789
The authors and co-authors warrant that the article is their original work, does not infringe any copyright, and has not been published elsewhere. By submitting the article to GPH-International Journal of Business Management, the authors agree that the journal has the right to retract or remove the article in case of proven ethical misconduct.
