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AN ANALYSIS OF THE FINANCIAL LITERACY OF GRADUATING STUDENTS IN

THE COLLEGE OF BUSINESS BACKGROUND OF THE STUDY

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International Journal of Innovation Scientific Research and Review
Vol. 05, Issue, 06, pp.xxxxx, 2023
Available online at http://www.journalijisr.com
SJIF Impact Factor 2023: 6.599

Research Article ISSN: 2582-6131

AN ANALYSIS OF THE FINANCIAL LITERACY OF GRADUATING STUDENTS IN THE COLLEGE OF

BUSINESS
Nestor Y Cipriano and *Eduardo C. Delgado Jr
Faculty, Bukidnon State University, Province of Bukidnon Philippines.

Received xxxx 2023; Accepted xxxx 2023; Published online xxxx 2023

ABSTRACT
This study analyzed the financial literacy of the graduating students of College of Business. The purpose of the study was to determine the financial literacy level
of the graduating students and if the education system helped them increase their knowledge and financial skills. Due to the outbreak of COVID-19, the research
was conducted entirely online using Google Forms as main medium for safe data gathering. The respondents were the enrolled fourth-year graduating students
of the College of Business. This population consists of three relevant college degree courses namely (1) Bachelor of Science in Accountancy, (2) Bachelor of
Science in Business Administration – Major in Financial Management, and the (3) Bachelor of Science in Hospitality Management. There were 110 respondents
with a 30:40:40 ratio of BSA, BSBA-FM, and BSHM courses respectively. The result showed that the level of personal financial literacy among graduating
students with an average score of 66.90% and classified as medium level of financial literacy. This indicated that the majority of graduating students in the
College of Business were slightly literate.. One reason for the medium level of knowledge instead of high level was the systematic lack of a sound personal
finance education in the college curricula even amidst the presence of financial management subjects or any other related subjects involving finances.
Keywords: financial knowledge, financial literacy, saving and spending behavior.

BACKGROUND OF THE STUDY transportation, and communication. As these economic markets

become modernized, reckless decisions of financially illiterate people
A growing number of organizations have been paying attention to have substantial negative impacts on their domestic society, as well
teenage financial management strategies in recent years. The youth as having the capacity to ripple through more universal networks
are growing up in a debt culture fueled by high-cost of living and compared to before.
accessible loans. Young adults, on the other hand, frequently enter
In the Philippines, financial literacy is still low, with only 2% of young
college without ever having been completely responsible for their
individuals able to correctly answer questions on the subject. The
personal finances. It was also mentioned that the younger generation
study also revealed that Filipinos need particular knowledge to make
rarely used fundamental financial skills like budgeting, creating a
educated financial decisions, according to the central bank, which
regular savings plan, or planning for long-term needs (Birari and Patil,
emphasized the importance of financial education in line with the
2018). According to the survey, the majority of allowances were
country's poor financial literacy levels. Only 25% of Filipinos are
spent on apparel, cosmetics, movie tickets, and dining in posh
financially literate", according to Standard & Poor's (S&P), with over
restaurants to demonstrate how well-off young adults were. This issue
75 million unaware of insurance, inflation, or even the concept of
demonstrates that the young lack the ability to budget and prepare for
savings accounts. In today's challenging financial world, people must
their expenses in order to meet their day-to-day financial obligations.
confront complex financial decisions at a young age, and financial
These poor financial habits will have a significant, negative impact on
mistakes committed early in life can be costly. In this context, it's
their personal and professional lives. The term "financial literacy" is
necessary to ascertain how financially informed people are and how
defined by the President’s Advisory Council on Financial Literacy as,
much their financial knowledge influences their financial decisions.
“the ability to use knowledge and skills to manage financial resources
Many policymakers argue that mandated financial education can
effectively for a lifetime of financial well-being” (PACFL, 2018).
mitigate the negative consequences of poor decision-making due to the
Individuals that are financially literate become self-sufficient, allowing
absence of financial knowledge. Previous studies have specifically
them to achieve financial stability. Financial literacy is concerned with
been administered to determine personal finance practices of
the capacity to efficiently manage one's personal finances, which
teenagers as well as adults (Jumpstart Coalition for Personal
necessitates prior expertise with personal financial decisions such as
Financial Literacy, 2019). Few studies to researchers’ knowledge
savings, insurance, real estate, college payments, budgeting, and tax
have been completed to compare high school and college student’s
preparation. In a nutshell, financial literacy is required for making
financial literacy. Other studies focus on the students of the whole
smart financial decisions and achieving economic security.
university based on their learning's on the old curriculum. To establish
Individually, the advantages of enhanced financial literacy are
that gap, the researchers decided to focus on the currently enrolled
obvious. The importance of higher financial literacy rates on a societal
4rth year graduating students in the College of Business to determine
level is also increasingly great today. The financial and economic
the effectivity of their learning's from the new curriculum since they
markets of the world are also becoming more interrelated as the
were the first batch of K-12 program. Also, the researchers want to
world becomes more associated with fast advances in technology,
test if business major students in the new curriculum have high or low
level of financial literacy.
*Corresponding Author: Eduardo C. Delgado Jr,
Faculty, Bukidnon State University, Province of Bukidnon Philippines.
The researchers are interested to study the financial literacy of 110 respondents with a 30:40:40 ratio of BSA, BSBA-FM, and BSHM
graduating students of the College of Business such as the Bachelor courses respectively. This quota is more than 10% of the total
of Science in Accountancy, Bachelor of Science in Business population of 803 fourth year students in the college of business
Administration-Major in Financial Management, and Bachelor of presuming all the students are candidates for graduation.
Science in Hospitality Management in order to know their readiness to Furthermore, the ratio was structured so that 90% - 100% of the BSA
financial independence after graduation and to see the effectivity of students are taken into consideration due to their small number and
their learning's in terms of practical application. It is important to test the the rest of the respondents required to reach the quota would come
financial literacy levels of the students and use the results to know if 50% from BS-HM and 50% from BSBA-FM. The participants for each
personal financial education is needed and should be given more course were randomly selected since the survey's objective is to
attention, since in our educational institution, topics on personal determine whether the graduating students are financially literate and
finance are still considered minimal. This study will be used to ready as they soon become future professionals and financially
determine if there is a need to emphasize personal finance education independent individuals. The study employed the stratified sampling
at Bukidnon State University particularly in the College of Business. method and the population is the whole fourth year College of
Business students totaling 803 individuals. The questionnaire is semi-
Statement of the Problem structured and comprises mostly multiple-choice questions and Likert
response scale questions. The researchers compute the percentage
1. What is the level of financial literacy of the enrolled 4th year of students who answered each question correctly.
graduating students of the College of Business?
2. What are the saving and spending behavior of the graduating Table 1: Scoring procedure for level of financial literacy
students of the College of Business?
3. What is the major learning contributor of financial knowledge on
Range Qualitative Qualifying Statement
the graduating students of the College of Business? Description
Above 80% (84 students and Literate High level of financial
The Hypothesis of the Study above were correct) Literacy

Problem 1: 60% - 79%, (63 – 83 Slightly Literate Medium level of

students were correct) financial literacy
H0: There is a low level of financial literacy of the currently below 60%, (62 students Not Literate Low Level of financial
enrolled 4th year graduating students of the College of Business. and below were correct) literacy
Ha: There is a medium level of financial literacy of the currently
enrolled 4th year graduating students of the College of Business. The above table is the mean percentages of correct scores per item a
grouped, consistent with the existing literature (Chen and Volpe,
Problem 2: 1998):
H0: There is a negative personal financial behavior on the saving
Table 2: Scoring procedure for the General Financial Knowledge
and spending habits of the currently enrolled 4th year graduating
students of the College of Business. Score Likert Interpretation
Ha: There is a positive personal financial behavior on the saving Range Description
and spending habits of the currently enrolled 4th year graduating 1 Nothing Topic is new for them.
students of the College of Business. 2 Little Have little to no idea what it's about.
3 Some Heard of it, and knows at least the basics of the
Research Design topic.
4 A fair amount Learned about it and know what it means.
The researchers made use of the Quantitative descriptive study 5 A lot Learned about it and know what it means
approach. Quantitative method was used to assist researchers in and already experienced/applies it in an actual
analyzing desired data in order to achieve the objective of the study. setting. Individual has greater information about
As Quantitative descriptive research, the study mainly provides a that certain topic.
questionnaire containing a series of questions with a corresponding
score system that assesses the individual’s financial literacy and by Table 2 indicates the degree of financial knowledge with choices (1)
using percentages, frequencies, and mean to interpret the data Nothing, (2), Little, (3) Some, (4) A fair amount and (5) A lot.
gathered.
Table 3: Scoring procedure for the Insurance coverage.
METHODOLOGY Score Likert Interpretation
Range Description
This study was conducted in the College of Business, Bukidnon State 1 Strongly Highly disagrees and will never be taking an
University, Malaybalay City Bukidnon. Due to the outbreak of COVID- Unimportant insurance coverage.
19, the research was conducted entirely online using Google Forms 2 Somewhat Disagrees on having an insurance coverage
for safe data gathering. Additionally, to guarantee everyone's safety, Unimportant but may still change their mind if persuaded.
the researchers carefully adhered to school and local government 3 Not Sure Undecided on having an insurance coverage.
health guidelines as well as complied with virtual confidentiality Might still be unknowledgeable or still doesn’t
policies. The study's population were the enrolled fourth-year see the need of it currently.
graduating students of the College of Business. This population 4 Somewhat Agrees on having an insurance coverage but
consists of three relevant college degree courses namely (1) Bachelor Important does not see it as a necessity.
of Science in Accountancy, (2) Bachelor of Science in Business 5 Very Important Sees the utmost need of having an insurance
Administration – Major in Financial Management, and the (3) Bachelor coverage.
of Science in Hospitality Management. The respondent quota totaled
Table 3 shows the importance of insurance coverage with choices (1) Frequency (fq) Percentage(%)
Strongly Unimportant, (2) Somewhat Unimportant, (3) Not Sure, (4) Gender
Somewhat Important, (5) Very Important. With the scoring Male 20 18.18
interpretations
Female 90 81.82
Table 4: Scoring procedure for the attitudes to saving and spending Total 110 100
Course
Score Likert Interpretation Business Administration 40 36.36
Range Description
Hospitality Management 40 36.36
1 Strongly The respondent personally rejects wholly the
Disagree idea stated without showing any signs of Accountancy 30 27.27
changing their mind. Total 110 100
2 Disagree The respondent rejects the idea but still considers Source of Allowance
the choice of others. May have a chance to Scholarships 15 13.64
change their mind if persuaded. From Family 84 76.36
3 Agree The respondent accepts the idea but still considers Working/Part-time Jobs 11 10
the choice of others. May have a chance to
Total 110 100
change their mind if persuaded.
Possession of financial
4 Strongly The respondent personally believes that the
instrument% = (fq/110)
Agree statement is their truth and wholly accepts the
idea without showing any signs of changing their GCash/E-Wallet 73 66.36
mind. Crypto assets 7 6.63
Savings Account 50 45.45
Table 4 shows the scoring interpretation on the assessment of the Debit Card 28 25.45
saving and spending attitudes of the students where the choices are Credit card 1 0.91
(1) Strongly Disagree, (2) Disagree, (3) Agree, and (4) Strongly Trust fund 1 0.91
agree. The lowest possible saving and spending behavior score was
Checking Account 3 2.73
ten and the highest possible score was forty. Participants could score
Stocks 3 2.73
anywhere from “1” to “4” and the scores were totaled to measure the
savings and spending behavior score of the survey participants. From Bond 1 0.91
the existing literature also of (Chen and Volpe, 1998), the mean None 17 11.82
percentages of correct scores per item are grouped into the following: Total 180

Ethical Consideration Table 5 presents the distribution of demographic profile by gender,

course, source of allowance, and possession of financial instruments.
To ensure the quality and reliability of research findings and There are a total of 110 respondents, and most of them were female
considering that the respondents were students, the researchers 90 (81.82%) and the male counted 20 (18.18%) percent. The data
observed the following research protocol shows that there were more female than the male respondents. The
1. The questionnaire content uses paraphrased and modified course profile of the respondents shows that 40 (36.36%) of the total
questions based from the research questionnaires. Consent from respondents came from the Bachelor of Science in Business
the research owners were asked when their full questionnaire Administration graduating students major in Financial Management
credentials are to be used. while 40 (36.6%) respondents came from the Bachelor of
2. The researchers sought their adviser and the Dean’s approval for Science in Hospitality and 30 (27.27%) students came from the
the study and its questionnaire. Bachelor of Science in Accountancy.
3. The researchers also made certain that the questionnaire Furthermore, as shown in table 6, 15 (13.64%) of the graduating
provided online is in line with the online data privacy act and that students responded that their source of allowance was from
the respondents are willing to give their permission to participate scholarships, 84 (76.36%) came from their family, and 11 (10%) from
in the study. working/part-time jobs, no students have availed any student loans. As
4. Paraphrasing of content from other research articles were also a result, the major source of allowance of graduating students came
conducted and thoroughly checked to avoid plagiarism. from their families, followed by financial assistance from scholarships
5. Preparation of pertinent letters such as the letter of content and only a few rely on working/part-time jobs to provide for the
validity, letters of inquiry and letter to conduct the study in the finances for their learning needs Possession of financial instruments
College of Business. were also part of the survey questions where the respondents can
select more than one of the choices depending on what instruments
RESULTS AND DISCUSSION they have our own. As shown in table 6, 73 (66.36%) have
Gcash accounts, a s t h e h i g h e s t . A n d 1 (.91%) owned a Trust
Demographics Fund as the lowest. As seen, the three most selected financial
instruments were Gcash or E-wallets, followed by Savings Accounts
Table 5. Frequency and Percentage Distribution of Demographic and Debit Cards.
Characteristics of the College of Business Graduating Students in
terms of Gender, Course, Source of Allowance, and Possession of Problem Number 1
Financial Instruments.
What is the level of financial literacy of the enrolled 4th year
graduating students of the College of Business?
Ho: There is a low level of financial literacy of the currently borrowing and investments sections indicates a medium level of
enrolled 4th year graduating students of the College of financial literacy. Only the insurance section falls under low category.
Business. The overall mean percentage of correct score for the survey
questions is 66.90% which directs us to the deduction that the over-all
Ha: There is a medium level of financial literacy of the
level of financial literacy of graduating students of the College of
currently enrolled 4th year graduating students of the College
Business is at the medium level. Medium level of financial literacy
of Business.
means that the graduating students in the College of Business are
Table 6: Mean Percentage of the level of financial literacy of the slightly literate.
Graduating students from three different COB Courses. Therefore, the null hypothesis is rejected and alternative hypothesis is
accepted. Danes and Hira (2012) asserted that most of the higher
Low Moderate High
education institutions put little emphasis on student’s personal finance
Below 60%-79% Above
education. Even business schools do not require students to take a
60% 80%
GENERAL FINANCIAL KNOWLEDGE personal finance course. Gitman (2008) argued that even through
(Section A) there is no personal finance course in the college curricula, some
12. Source of Government income 73.61%
business courses have subjects about finance such as financial
management and financial markets.
13. Retirement income paid by a company 89.17%
14. Instrument not typically associated with 91.39% Table 7 Percentage of the level of financial literacy per College
spending
Courses
Mean percentage 84.72%
SAVINGS AND BORROWING (Section B) MAJOR FIELD OF STUDY
Bachelor of Bachelor of Bachelor of
18. Activity that is most likely to help track 86.11% Science in Science in Science in
and manage income and expenses Business Hospitality Accountancy
19. Circumstances would be financially 38.06% Administration Management
beneficial to borrow money to buy something GENERAL FINANCIAL
now and repay it with future income. KNOWLEDGE
Mean percentage 62.09%
12. Source of Government 77.50 % 50% 93.33%
INSURANCE (Section C) income
22. Main reason to purchase insurance 16.94% 13. Retirement income paid 92.50% 85% 90%
by a company
23. Knowledge about health Insurance 87.22%
Mean percentage 52.08% 14. Instrument not typically 95% 82.50% 96.67%
associated with spending
INVESTMENT (Section D) Mean percentage 88.33% 72.50% 93.33%
25. Riskiest Investment 63.61% SAVINGS AND
26. Reason to make investments 52.78% BORROWING
27. Reason to invest your money 89.72% 18. Activity that is most likely 90% 75% 93.33%
Mean percentage 68.70% to help track and manage
income and expenses
Overall mean percentage of correct score 66.90%
19. Circumstances would be 35% 22.50% 56.67%
financially beneficial to
Table 6 shows the overall results for the level of financial literacy among borrow money to buy
graduating students of the College of Business. The interpretation something now and repay it
with future income.
and the process of calculating the percentage of correct scores was
Mean percentage 62.50% 48.75% 75%
based on the study of Chen and Volpe (1998) on which the mean
INSURANCE
percentage is categorized into three (1) 80% and above showing high
levels of financial literacy, (2) 60% to 79% showing medium levels of 22. Main reason to purchase 7.50% 20% 23.33%
insurance
financial literacy, and below 60% for the low levels of financial literacy.
23. Knowledge about health 90% 85% 86.67%
Chen and Volpe (1998) tested the level of financial literacy of college
Insurance
students on; general financial knowledge, savings, borrowing, Mean percentage 48.75% 52.50% 55%
insurance, and investments. As presented in table 6, the mean
INVESTMENT (Section D)
percentage of the correct scores from section A of the part two of the
survey which is on general financial knowledge amounted to 84.72% 25. Riskiest Investment 67.50% 50% 73.33%
which indicates that graduating students in the College of Business 26. Reason to make 65% 30% 63.33%
have high level of financial literacy in this section. Moreover, under investments
section B on savings and borrowing, the mean percentage of correct 27. Reason to invest your 90% 82.5 96.67%
score amounted to 62.09% indicating that the financial literacy level in money
this section is categorized as medium. The third section, section C Mean percentage 74.17% 54.17% 77.78%
was about Insurances and the mean percentage of correct score Overall mean percentage of 68.40% 56.98% 75.28%
amounted to 52.08% in this part indicating that their level of financial correct score
literacy regarding insurance is low. The last section assessed was on
Table 7 shows the percentage of the level of financial literacy per
investments (Section D) which shows that the mean percentage of
college courses. The mean percentage of correct score under general
the correct score totaled 68.70% which indicates a medium level of
financial knowledge of Bachelor of Science in Business
financial literacy. Over-all, only the general financial knowledge
Administration graduating students major in Financial Management is
section falls under the high category of classification which indicates
88.33% which indicates a high level of financial literacy. Similarly,
a high level of financial literacy of graduating students. The savings &
Bachelor of Science in Accountancy graduating students obtain a
high level of financial literacy in this section which shows a mean less likely to incur debt were those who engaged in positive financial
percentage of correct score of 93.33%. On the other hand, Bachelor behaviors and expressed higher control over their own finances
of Science in Hospitality management under this section mean (Danes, 2012).
percentage score is 72.5 percent which falls under medium level of
financial literacy. Under savings and borrowing section the mean Furthermore, the results of the survey shows that there are 13 (12%)
percentage of correct score of Bachelor of Science in Business individuals who strongly agree and 55 (50%) agreed on putting their
Administration graduating students is 62.50% which indicates a money away in a savings account regularly (Q33). Two (1%)
medium level of financial literacy, Accountancy graduating students is individuals strongly disagreed and 40 (37%) disagreed. On the other
75% which also indicates a medium level of financial literacy, and hand, thirty-one (28%) of the survey participants described
Hospitality Management graduating students is 48.75% which themselves as being “thrifty” and saving money whenever they got
indicates a low level of financial literacy in this section. The next the chance (Q28). Fifty-nine (54%) agreed they would call themselves
section is Insurance, Business Administration, Hospitality thrifty, 19 (17%) disagreed and only one (1%) strongly disagreed.
Management and Accountancy graduating students mean percentage Students were also surveyed about their spending habits. Question
of correct score are 48.75%, 52.5%, and 55% respectively which all number 30 asked if they would classify themselves as a compulsive
indicates a low level of financial literacy. The last section is shopper. Eleven (10%) participants strongly agreed and 31 (28.18%)
concerning investments where Business Administration and agreed they were compulsive shoppers. Fifty (45.45%) disagreed and
Accountancy graduating students mean percentage of correct score 18 (16.37%) strongly disagreed that they were compulsive shoppers.
are 74.17% and 77. 78% respectively which indicates a medium level Another question (Q31) pertaining to spending asked students if they
of financial literacy, while hospitality management graduating practiced comparison shopping to find or buy the best deals. Forty-
students mean percentage is 54.17% indicating a low level of three (39.09%) students strongly agreed and 53 (48.18%) agreed that
financial literacy. The overall mean percentage of correct score of they practiced comparison shopping. Ten (9.09%) disagreed and four
Business Administration and Accountancy graduating students are (3.64%) strongly disagreed. To see the remaining questions and
68.40% and 75.28% respectively which indicates a medium level of responses in the saving and spending behavior section of the survey.
financial literacy, while Hospitality Management graduating students
Problem Number 3
mean percentage is 56.98% which indicates a low level of financial
literacy. What is the major learning contributor of financial knowledge on the
graduating students of the College of Business?
Problem Number 2
What are the saving and spending behavior of the graduating Fig. 2 Learning Contributors
students of the college of business?
H0: There is a negative personal financial behavior on the saving
and spending habits of the currently enrolled 4th year graduating
students of the College of Business.
Ha: There is a positive personal financial behavior on the saving
and spending habits of the currently enrolled 4th year graduating
students of the College of Business.

Fig. 1 Saving and spending scores of the sample surveyed.

The most selected learning contributor shown on the table is “at home
from their family” with 64 (58.18%) responses, of the total responses,
followed by “from experience managing my own funds” with 59
(53.64%) responses, “at school in class” with 46 (41.82%) responses.
On the other hand, the other three learning contributors’ percentage
were less than 50%. Personal research, from talking with my friends,
and from magazines, books, TV, radio with the percentage of 33.64,
25.45, and 20 respectively. The result indicates that students mostly
obtained their personal financial knowledge especially in managing
money at home from family followed by experiences from managing
their own finances, and at school. This was supported by the study of
Bandura (2012), stated that parents serve as the primary role models
The lowest possible saving and spending behavior score is ten (10) in the financial socialization of their children, regardless of any
and the highest possible score is forty (40). Participants could score concerted efforts to teach financial skills or habits. This demonstrate
anywhere from “1” to “4” and the scores are accumulated to measure that a person’s financial behavior and literacy are heavily influenced
the over-all savings and spending behavior of the survey participants. by his or her family, particularly their parents. Moreover, students
The mean score for saving and spending behaviors was 30.75 which is develop attitudes and beliefs about saving and borrowing through this
76.88% of 40. This indicates that graduating students in the college of process of familial socialization, which influence their financial behavior
business have a positive behavior towards saving and spending. and consequences as adults. These attitudes and beliefs serve as the
Therefore, the null hypothesis is rejected while the alternative foundation for good money management skills, which can help adults
hypothesis is accepted. Students’ financial behavior describes what avoid overspending and borrowing (Howell 2017). Moreover, past
they do or how they act based on their own finances. Responsible studies showed that parents’ financial teaching and behavior played a
financial behavior leads to a better life. Those college students with prominent role than other agents such as work and school education
stronger intention, more contented with their financial situation, and (Pinto 2018)
CONCLUSION that future researchers should monitor the progress of the COB
students after a year of implementation of those recommended
The assessment of students' current knowledge in terms of their activities and subject in the first recommendation. By conducting a
awareness and exposure to a variety of financial topics and on how follow-up survey, the future researchers will be able to find out if there
they handle their own money is highly significant, and determining the are any improvement in the College of Business students’ level of
levels of financial literacy is one of the most critical aspects of this financial literacy.
evaluation. The study focuses mostly on graduating students since
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more financial activities the students are exposed to, the higher their week
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