IMPACT OF SCHOOL-BASED FINANCIAL LITERACY ON THE SPENDING HABITS AS PERCEIVED BY SELECTED GRADE 12 ABM STUDENTS OF GENERAL DE JESUS COLLEGE DURING THE ACADEMIC YEAR 2023-2024

Abstract

Effective money management is critical, particularly as students prepare to enter the workforce. Financial education at a young age is essential, as it helps develop long-term financial habits. Educational institutions play an important role in equipping students with necessary skills by providing financial education. Despite global efforts, the Philippines continues to have relatively low financial literacy rates. This study aimed to investigate the impact of school-based financial literacy education on spending habits as perceived by selected Grade 12 ABM students at General de Jesus College. The study utilized a descriptive research design and employed qualitative methods, specifically semi-structured interviews, to gather data from selected Grade 12 ABM students. Quota sampling was used to select participants from diverse perspectives. The semi-structured interviews explored participants’ views on financial education and recent spending decisions. Systematic data collection focused on perceptions of financial literacy and its influence on spending behavior, while adherence to ethical guidelines ensured the integrity of the findings. The analysis showed that specific subjects significantly influenced students’ spending habits, particularly Fundamentals of Accountancy and Business Management (FABM) and Business Finance. Positive impacts included improved budgeting and investing skills and more prudent handling of financial resources. Participants also perceived that financial literacy programs helped them improve decision-making, reduce impulsive spending behavior, strengthen saving habits, and prioritize needs over wants, leading to wiser financial choices. The findings indicate that particular subjects within the school’s financial education program were effective in influencing students’ spending habits. The results further suggest that school-based financial literacy programs play a significant role in shaping the spending behaviors of students at the senior high school level.