THE IMPACT OF ALLOWANCE PROFILE ON THE BUDGETING PRACTICES OF THE GRADE 12 ACCOUNTANCY, BUSINESS, AND MANAGEMENT
Keywords:
allowance profile, budgeting practices, financial literacy, spending habits, money management, student expenses, financial planning, budgeting skills, academic finance, personal financeAbstract
A budget is a financial plan that outlines income and planned expenses, helping individuals manage their money effectively. It reflects how much is earned each month and how funds are allocated for various needs. This study aimed to examine the impact of allowance profile on the budgeting practices of Grade 12 Accountancy, Business, and Management (ABM) students at Immaculada Concepcion College. It specifically explored the extent to which financial literacy influences students' budgeting habits and how it may contribute to improving their allowance management.
The study employed a simple random sampling technique and a descriptive research design. A total of 165 students participated, with 23 to 24 respondents per section, excluding the researchers' section. Data was collected through an online survey questionnaire.
The findings of this study may serve as a foundation for students to enhance their financial management skills, enabling them to make more informed budgeting decisions and improve their overall financial well-being. To assess the effectiveness of budgeting schemes, this study employs a descriptive research method. Quantitative research involves the systematic collection and analysis of numerical data, allowing researchers to identify patterns, averages, causal relationships, and test hypotheses (Bhandari, 2020). Additionally, quantitative methods and statistical analysis play a crucial role in interpreting numerical results, providing a structured approach to analyzing complex data and uncovering significant findings and trends (Singh, 2023). The findings indicate a positive relationship between a learner’s allowance profile and their budgeting practices. Students with a higher allowance profile tend to allocate more of their funds toward discretionary spending, whereas those with moderate to low allowance profiles are more cautious with their expenditures.
The study results showed an overall mean of 2.99, which was verbally interpreted as "Agree." This indicates that the respondents generally concurred with the statements in the survey questionnaire. Findings reveal that most students adjust their spending based on the amount of money they have. Additionally, regardless of their allowance profile, all students strongly agree that they should prioritize essential or urgent expenses before discretionary spending.
