Level of financial satisfaction among financial management students

Abstract

While financial literacy can be assessed both objectively and subjectively, financial satisfaction is thereby subjective even in its definition. Financial satisfaction can be considered as satisfaction with one's current financial situation and it is a sub-component of its general well-being. The purpose of this study is to determine the level of financial satisfaction among financial management students. There were 100 respondents of the study and qualify as enrolled under Financial Management program of the University of Mindanao located in the first district of Davao City. The questionnaire used in this study was adapted and modified. The researchers used purposive sampling method in choosing members of population to participate in the study. In the process of distributing questionnaires, collecting, and gathering the data of this study, a descriptive method was utilized. The statistical tools employed in treating the problem were mean, frequency and percentage, Mann-Whitney U and Wilcoxon W. The study revealed that on the level of financial satisfaction among Financial Management students, personal characteristics has the highest mean among other indicators. This means that students believed that having a budget is important, and how they spent their money reflects their values, and that there was significant difference in the level of financial satisfaction among Financial Management students in terms of financial attitude when analyzed according to their year level which leads to reject the hypothesis. However, most of the indicators when analyzed according to the rest of the profile, there was no significant difference in the level of financial satisfaction among Financial Management students which does not reject the hypothesis. Furthermore, the researchers recommend the government that they should improve the financial attitude of students through utilizing a variety of traditional and more innovative approaches. Hence, to deliver and combining the three main approaches, and that financial management association should improve in developing the financial attitude of financial management students, in a way that they should feel in control with their financial situation.