Level of awareness on savings practices among 3rd year Bachelor of Science in Business Administration students of University of Mindanao

Abstract

The purpose of this research was to identify the level of awareness on savings practices among 3rd year Bachelor of Science in Business Administration students of The University of Mindanao in terms of their age, course, sex and allowance. Researchers used descriptive correlational research method in where it tries to motivate or increase the level of awareness on savings practices of 3rd year Bachelor of Science in Business Administration students. For that, 50 respondents were given survey questionnaire that was divided by majors of Bachelor of Science in Business Administration. The respondents were chosen in an unconstructed pattern. Then, researchers analyzed and interpreted the data based on the statistician’s analysis and recommendation. And found out that respondents both male and female with age raging below 20 years old, usually are the students who are major of financial management and had an allowance of 500 to 999 pesos were aware of both savings practices such as home and bank savings. But then, this study also found out that there is no significant difference between level of awareness on savings practices among 3rd year Bachelor of Science in Business Administration students of The University of Mindanao and the profile of respondents in terms of age, sex, course and allowance. Also, based on the survey provided home savings may be discouraged due to improper distribution of money but it also help for some reasons just like; if you need immediate money you can easily have it. On the other hand, students consider bank savings as good only for rich people maybe because they think that all banks are expensive but actually there are some bank that offers less charges or a bank that serves for most of the people in rural areas that coincide to their depositor’s income. And bank savings also provide the security of both money and the depositor.