Financial practices and financial challenges of UM Peñaplata college students

Abstract

This study aimed to investigate the relationship of the two variables, the financial practices and financial challenges of the students from the first to the fourth year. Descriptive correlation was used as a research design. Using the Raosoft calculator, the two-hundred-fifty sample size of students was determined. Mean and Pearson-r were used as statistical tools. Researchers adopted the questionnaires and scales with a 4-point Likert Scale of twenty-four items. Results revealed that students had moderate financial challenges and moderately practiced in money matters. This means that even though students had experienced financial challenges financially, somehow they were good at holding money. Moreover, a significant relationship existed between the two variables, financial practices, and financial challenges. This implied that students facing financial difficulties had to adopt specific financial practices to address these challenges effectively. The study suggested that the school implement or offer a series of seminars and workshops for students that could help, benefit, and gain learnings on improving their financial practices and emphasize the significance of financial literacy to students at UM Peñaplata.