Philippine E-Journals

Assessment of Financial Literacy and Proficiency of Students of the School of Business and Management

Heidi Mae Navarro | Kelsie Vianca Bernardo | Rosyl Jane Sicad

Discipline: Education

 

Abstract:

The study aimed to assess the level of financial literacy and proficiency of students from the SBM department of UZ in terms of savings, budgeting, debt management, and determine if there is a significant difference when respondents are grouped according to their profile, and the relationship between the two skills. This study employed a comparative quantitative design with the use of test and survey questionnaires. The results revealed that the level of financial literacy of the students was fairly satisfactory for savings, and was satisfactory for both budgeting and debt management. In terms of financial proficiency level, high ratings were observed across the three variables; however, savings consistently received the lowest score. The study revealed that there was no significant difference when respondents were grouped according to sex and year level, but a significant difference was found when they were grouped by program. Ultimately, there is a moderate positive correlation between the level of financial literacy and proficiency skills, where high literacy correlates with high proficiency. Students should not only become financially literate but also apply their knowledge in real-life situations to enhance their overall financial proficiency skills. Future researchers are encouraged to adopt improved methodologies in their studies.