Spending and Saving Habit PARTIAL
CHAPTER I
INTRODUCTION
College is an important chapter in the life of the students. It is the stage of relative “freedom” to the students. Some decisions usually done by the parents are already delegated to them. One of the key decision-makings is related to finances.
Students, most especially those who came to Cotabato City for college education are given allowances; the least enough for 15 days or a month budget for their daily needs on food, fare, school projects, room rental and others. Being new in handling finances, one may succumb to overspending, thus, sacrificing some most needed things for their education. Resorting to money borrowing then is another arena for financial management. Wise decision must be done in order not to create bigger issue on finances.
The students who are residents of Cotabato City are not spared of this reality. They may have smaller allowances given on a weekly basis but still they are left in some time to decide how much, what to spend and when to spend their allowances.
In line with this students should be aware of the level of their financial literacy in terms of their spending and saving habit. Financial literacy is defined as ones’ “knowledge of facts, concepts, principles, and technological tools that are fundamental to being smart about money” (Garman & Gappinger, 2008). Meanwhile, Mason and Wilson (2000) defined financial literacy as a “meaning-making process” in which individuals use a combination of skills, resources, and contextual knowledge to process information and make decisions with knowledge of the financial consequences of that decision. In addition, A. Atakora 2013 study, Norman (2010) defined financial literacy as having the right set of skills, knowledge and sufficient understanding on the use of money and its importance. Financial literacy is the ability to understand finance. Such skills and knowledge helps an individual to make effective and informed decisions of their finances.
Being financially
INTRODUCTION
College is an important chapter in the life of the students. It is the stage of relative “freedom” to the students. Some decisions usually done by the parents are already delegated to them. One of the key decision-makings is related to finances.
Students, most especially those who came to Cotabato City for college education are given allowances; the least enough for 15 days or a month budget for their daily needs on food, fare, school projects, room rental and others. Being new in handling finances, one may succumb to overspending, thus, sacrificing some most needed things for their education. Resorting to money borrowing then is another arena for financial management. Wise decision must be done in order not to create bigger issue on finances.
The students who are residents of Cotabato City are not spared of this reality. They may have smaller allowances given on a weekly basis but still they are left in some time to decide how much, what to spend and when to spend their allowances.
In line with this students should be aware of the level of their financial literacy in terms of their spending and saving habit. Financial literacy is defined as ones’ “knowledge of facts, concepts, principles, and technological tools that are fundamental to being smart about money” (Garman & Gappinger, 2008). Meanwhile, Mason and Wilson (2000) defined financial literacy as a “meaning-making process” in which individuals use a combination of skills, resources, and contextual knowledge to process information and make decisions with knowledge of the financial consequences of that decision. In addition, A. Atakora 2013 study, Norman (2010) defined financial literacy as having the right set of skills, knowledge and sufficient understanding on the use of money and its importance. Financial literacy is the ability to understand finance. Such skills and knowledge helps an individual to make effective and informed decisions of their finances.
Being financially
References: APPENDIXES