Financial management practices and compulsive buying behavior among college students in Davao City

Abstract

Financial management practices are such practices that every individual has depending on their behavior, and the researchers want to determine the significant relationship of such practices with compulsive buying behavior among college students in Davao City. 200 respondents to the study were randomly chosen and qualified as being enrolled in the Financial Management program of the University of Mindanao, located in the first district of Davao City, through a sampling approach. The questionnaire used in this study was adapted and modified, and the descriptive method was used to gather the data. The statistical tools used are the mean, frequency, percentage, and Spearman’s rho. The study revealed that budgeting has the highest mean among other indicators on the level of financial management practices among financial management students, which means that such practices were observed most of the time. On the level of compulsive buying behavior, it revealed that materialism has the highest mean, in which being able to afford more things is a kind of security for college students, where they will never worry about choosing whether to study alone, work, or do both. Overall, the study found no significant relationship between financial management practices and compulsive buying behavior among college students, and the hypothesis is accepted. Furthermore, the researchers recommend that the government, professionals, and school administration improve the financial management practices of every individual and raise awareness of compulsive buying behavior by utilizing various traditional and innovative approaches.