Financial literacy and saving behavior among students in a local college in Island Garden City of Samal

Abstract

this study examined the relationship between financial literacy and saving behavior among students in a local college in Samal island. A descriptive-correlation survey was done with 179 participants. The study used an average weighted mean, Person's product-moment correlation coefficient, and regression analysis to investigate the association between financial literacy and saving behavior among students pursuing an entrepreneurial degree. It discovered a substantial relationship between financial literacy and saving behavior, underlining the importance of each factor in saving decisions. According to the study, BS in Entrepreneurship students show high financial literacy, including understanding of budgeting, spending, and financial management. This study revealed a strong positive association between financial literacy and saving behavior, meaning that students with higher financial literacy engage in more effective saving strategies. The findings highlight the necessity of enhancing financial literacy among BS in Entrepreneurship students in order to improve their saving habits. The study discovered a positive and statistically significant association between financial saving, use of financial goods (stocks), and overall motivation to save. These findings suggest that financially literate students have better financial habits and a stronger desire to save, highlighting the value of financial education programs in promoting students financial well-being.