THE RELATIONSHIP BETWEEN FINANCIAL PLANNING AND SPENDING HABITS OF GRADE 12 STUDENTS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT AT IMMACULADA CONCEPCION COLLEGE
Keywords:
financial planning, spending habits, budgeting, money management, financial discipline, student expenses, pearson correlation, quantitative research, descriptive correlational design, financial responsibility.Abstract
This study explores the relationship between financial planning and spending habits among 313 Grade 12 Accountancy, Business, and Management (ABM) students at Immaculada Concepcion College. Effective financial planning helps students develop discipline and control over their finances, fostering confidence in managing money responsibly. The research aims to provide valuable insights into students' financial practices and spending behaviors, benefiting not only students but also teachers, parents, and future researchers in understanding and improving financial literacy among young individuals. This study employs a quantitative method with a descriptive correlational design to examine the relationship between financial planning and spending habits among students. It outlines the research objectives, detailing the steps, methods, and procedures used for data collection and analysis to ensure a comprehensive understanding of students' financial behaviors. The results of this study revealed that students’ financial planning was evaluated as “Agree,” with an overall mean of 2.96. Regarding spending habits, respondents indicated “Agree” for food expenses, with an overall mean of 2.89. For academic purposes, spending was assessed as “Strongly Agree,” with an overall mean of 3.16. Similarly, spending on personal needs was also rated as “Strongly Agree,” with an overall mean of 3.04. The findings indicated a moderate positive correlation between financial planning and spending habits, with a Pearson r of 0.53. This suggests that as students' financial planning improves, their spending habits also become more responsible. The relationship between the two variables was found to be statistically significant, as the p-value was less than the critical value of 0.05. Consequently, the null hypothesis was rejected, confirming that financial planning has a meaningful impact on students' spending habits.
