Savings Financial Management Practices of Part-Time Business Collegiate Students

Abstract

This study aimed to determine the effectiveness of the financial management practices of part-timer business collegiate students. The respondents were the college part-time working students under Business, Finance and Accounting courses. Frequency and Percent Distributions, Weighted Mean, t-Test and ANOVA were employed as statistical tools. Majority of the respondents aged 18-22 years old; more than half of the respondents were female. Most of the respondents were single, had part-time jobs and were employed for 1-2 years. The respondents assessed their savings financial management practices ‘effective’ in terms of expenditure pattern, objective of savings and saving for investment. The respondents’ assessment on the savings financial management practices in terms of gender or sex differed significantly in all aspects of objective/purpose of saving. In terms of age, civil status and in terms of number of years as working student, the respondents’ assessments were significantly the same. The respondents should consider attending seminars and trainings regarding personal financial management. It is recommended to reconsider a detailed budget plan and separate wants from needs. Students should focus more on managing and keeping track of their incoming and outgoing cash. Business collegiate students should incorporate what is learned and taught. Educators should emphasize the importance of developing good skills. Future researchers may widen the coverage of this study by extending it to different universities and it is suggested to include types of savings as a variable.