Money Management and Difficulties among Laboratory High School Students

Abstract

This study assessed the level of personal financial literacy of Kalinga State University Laboratory High School students and aimed to determine student's finance opinions, decisions, practices, and financial challenges. Researchers used statistical tools like frequency count and simple mean to analyze the obtained data through a structured questionnaire distributed to 298 respondents. The study revealed a need for students to improve their finance knowledge for the better. Areas that need improvement include knowledge on the inflation rate, the distinction between depository accounts, saving and borrowing options that give the lowest and highest interest rates. More than most students do not have savings accounts, and less than half of them maintain very detailed financial records. Almost the majority of the students experience running out of money before the next allowance arrives. As a result, they borrow from relatives, friends, and acquaintances and borrow cash even with interest. The findings support the need for personal financial literacy education, significantly extending help on areas where students are less knowledgeable. The recommendation includes the development of Information, Education, and Communication (IEC) material distributed to improve students' financial literacy and strengthen more good economic behavior. Also, the Student Affairs and Placement Services office of the University should link with institutions that offers part-time jobs. Likewise, it should provide student organizations financial assistance to implement income-generating projects, thereby running out of money before the next allowance arrives would be addressed. Lastly, a laboratory cooperative with BIBAK Multi-Purpose Cooperative as the mother cooperative needs to be organized to solve students' problems on saving and borrowing money