FACTORS AFFECTING THE BUDGETING SKILLS OF GRADE 12 STUDENTS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT STRAND OF IMMACULADA CONCEPCION COLLEGE

Abstract

The study, titled Factors Affecting the Budgeting Skills of Grade 12 Students of Accountancy, Business, and Management Strand of Immaculada Concepcion College, investigates the influence of friends and family on students' ability to manage their finances. The primary goal of the study is to explore how the support and behaviors of friends and family impact Grade 12 students' budgeting skills. Additionally, the study aims to provide valuable insights and guidance to the school administration, friends, family, and students themselves, highlighting potential interventions that can help improve and strengthen their budgeting abilities. The study utilizes a quantitative research method and convenience quota sampling to examine the factors influencing the budgeting skills of 133 Grade 12 Accountancy, Business, and Management (ABM) students at Immaculada Concepcion College. It follows a descriptive correlational design, aiming to understand the relationships between various factors affecting students' budgeting abilities. Data analysis will involve descriptive statistics to summarize the data, as well as correlational analysis to identify significant factors that influence the students' budgeting skills. The study found that Grade 12 ABM students at Immaculada Concepcion College demonstrate strong saving habits, with a consensus of 3.17 on the importance of saving part of their allowance. However, fewer students engage in creating detailed monthly budgets, scoring 2.44, which indicates an area that requires improvement. Family plays a significant role in teaching budgeting skills, with a score of 3.13, but has less influence on students' spending decisions, scoring 2.98. Friends were found to exert minimal pressure to overspend (2.94), and money discussions among friends are not common, with a score of 2.77. Overall, the study reveals a significant relationship between students' budgeting skills and the factors that influence them, such as family and friends. This study explored the influence of family and friends on the budgeting skills of Grade 12 ABM students at Immaculada Concepcion College. The findings indicate that both family and friends play a significant role in shaping students' budgeting skills. Specifically, parents who engage in financial discussions and friends who model good financial behaviors have a positive impact on students' ability to manage their finances. Based on these findings, the researchers recommend a seminar titled "Financial Literacy Workshop for Grade 12 ABM Students," aimed at equipping students with essential knowledge and skills in budgeting, financial management, and decision-making. Additionally, the study calls for further research to gain a deeper understanding of the combined influence of family and friends on students' financial habits.