Financial literacy and financial behavior among working students

Abstract

Nowadays, financial literacy is becoming a concern in a society particularly, among working students. This study aims to evaluate the financial behavior level among working students based on their attitude, behavior, and financial knowledge. At the same time investigating whether financial literacy, investment, savings, and budgeting have a significant influence on the financial behavior of working students in University of Mindanao. The study’s primary purpose was to determine if there is a significant difference in financial literacy and financial behavior among working students when grouped according to the respondents profile. The research method in the study was quantitative. There was a total of one-hundred (100) respondents surveyed. The survey was conducted via google forms and found the answers about the financial literacy and financial behavior of working students. In analyzing the data, the treatment used by the statistician was the Frequency and Percentage, Mean, and Spearman’s rho Test. It was determined that there is no significant difference in financial literacy and financial behavior when respondents are grouped according to their profile. However, the significant association between financial literacy and financial behavior of working students has been rejected since financial literacy is directly as well as indirectly related to financial behavior. A rise in financial literacy brings an increase in financial socialization which contributes to improving the financial behavior. The findings and the results would benefit working students whether it is part-time or full-time, students, and future researchers.