Financial literacy and family involvement among students

Abstract

Parents are one of the significant influences in every person’s life, and making financial decisions are not exempt from it. This study examines the relationship between financial literacy and family involvement among business administration students at the University of Mindanao. Data for this study was collected through a modified, adapted questionnaire and was distributed to 100 business administration students in UM through the convenience sampling method. Pearson correlation coefficient analysis, weighted mean, and ANOVA were used to determine the interrelation between financial literacy and family involvement. Results show that family involvements significantly affect students' financial literacy. It states that the more the parents are involved in their children’s financial decisions, the higher their children’s financial literacy is. The findings have shown that the parents are highly involved in saving money decisions of the students than in budgeting and spending money decisions. Moreover, the student’s financial literacy has shown the lowest mean in financial knowledge, indicating that not all business administration students are confident and completely knowledgeable regarding budgeting and financial decisions. Therefore, efforts must be exerted to strengthen the government's involvement in programs promoting financial literacy, educators in students' financial knowledge, and parents in their children's financial decisions to increase the student’s financial literacy