WALLET OR MOBILE WALLET: A COMPARATIVE STUDY IN SAVING MONEY BY GRADE 12 ABM STUDENTS IN IMMACULADA CONCEPCION COLLEGE

Abstract

When it comes to saving money, we have a variety of tools. These include mobile wallets such as GCash and PayMaya, as well as physical wallets that hold cash, such as bifold wallets. In light of this, the purpose of this study is to determine which type of wallet students use and which is more effective for them in terms of saving money.

Research indicates that mobile wallets have been steadily gaining traction, particularly during the pandemic when individuals were prohibited from leaving their homes. The convenience of mobile wallets made it easier to conduct transactions without stepping outside. However, there are drawbacks as well. Mobile wallets require data or an internet connection to process transactions, which can be problematic given the unreliable or spotty internet in the Philippines. Additionally, since they function as apps, users may experience technical issues or system crashes that prevent them from accessing their funds.

Due to these drawbacks, many wallet users remain uncertain about mobile wallets and prefer to stick with their traditional wallets. Some individuals find it easier to save money when they can see it in tangible form—that is, in cash. However, physical wallets also come with risks and disadvantages. Because they are visible, they become prime targets for pickpockets and theft. Additionally, physical wallets have limited capacity and cannot store hundreds of bills as mobile wallets can. The researchers employed a quantitative method and a descriptive design, allowing them to collect numerical data for statistical analysis, comparison, and interpretation of the findings. 

Subsequently, they used a simple random sampling technique to gather responses from participants on two sections of the questionnaire: the type of wallet students use and their level of efficiency in saving money, which is categorized into three factors—reliability, convenience, and security.

The validity of the questionnaire was confirmed through validation by the validators. The researchers then collected the data and applied statistical analysis. The findings revealed a notable difference between physical wallets and mobile wallets when statistically analyzed. Most students are wallet users, accounting for seventy-five percent (75%), while twenty-five percent (25%) use mobile wallets. A significant difference is observed, with physical wallets having a higher overall mean in terms of reliability and security, while mobile wallets dominate the convenience category. This demonstrates that, in terms of saving money, physical wallets are more efficient than mobile wallets. Students rely on physical wallets because they do not require an internet connection to conduct transactions and offer greater security by preventing exposure to phishing links that could compromise personal information. On the other hand, mobile wallets provide the convenience that users seek. This study is significant as it explains which type of wallet is most efficient for saving money.