Families' socioeconomic status and allowance budgeting practice among college students of UMPC

Abstract

The study entitled "Families' socioeconomic status and allowance budgeting practices among college student of UMPC" was conducted to determine the budgeting practices of the students towards the socioeconomic status of their families. The respondents were the students of UM Peñaplata College. The method used was descriptive correlation method. Results of the study implies that the families' socioeconomic status of the students belong to common/poor this means that all of the socioeconomic status of the parents in UM Peñaplata College only earns PHP 62,000 - PHP 191,000. The budgeting practices of the students in UM Peñaplata College had an overall mean of PHP 14.94 which is interpreted as very low which means that the student has a low practices in budgeting their allowance. Based on the findings and conclusions the following recommendations are offered: that the parent's should look forward to the expenses of their children to give the appropriate allowance that would fit to their daily expenses, and the students were advice to practice budgeting in order to have savings.