The Awareness of Senior High School Marians on the Benefits and Requirements of Opening a Savings Account

Abstract

Many Filipinos are fond of saving in their piggy banks. However, “77% of Pinoy adults have no bank account”. The purpose of this survey research is to determine the awareness of the Grade 12 Senior High school students from St. Mary’s College Quezon City on the process and benefits of having a savings account. The theory of Cost-Benefit Analysis guided the researcher on analyzing Senior High School Students may decide about having a savings account. This study is quantitative research since the researchers want to know the numerical data, and it uses descriptive analysis as a research design. The instrument that the researchers used was a survey questionnaire to determine the awareness of Senior High School Students regarding the benefits of a Savings Account. In general, half of the respondents don’t have a Savings Account. Chart 1 below shows that fifty-one percent (51%) of the respondents don’t have a Savings Account. From the ninety-six (96) respondents who are fifty-one percent (51%) of the whole population, who don’t have a Savings Account, 75 out of 96 respondents (78%) intends to open one. Chart 2 shows that 75 respondents (78%) want to open a Savings Account. In general, many of the respondents selected Security as the main reason why they have or intend to open a Savings Account. The result shows that twenty-eight percent (28%) of the respondent’s intention was for security purposes. In general, many of the respondents know the benefits of having a Savings Account. Results show that the 88 respondents (46.52%) have said that having a savings account keeps their money safe. In general, many of the respondents know the requirements needed in having a Savings Account. Results show that 68 respondents (35.79%) answered, ‘2 Valid IDs’. After gathering data about our research, almost half of the Senior High School Students have a savings account. Schools should conduct seminars about Financial Literacy to Senior High School Students. Bank Institution should partner with schools to inform and educate students what banks offer, what they do, and why they are significant to the economy.