Financial Knowledge, Saving Habits and Spending Habits among Fourth Year Students in the University of Eastern Philippines College of Education

Abstract

This study aimed to examine the financial literacy and spending habits of fourth-year students from the College of Education at the University of Eastern Philippines – Main Campus, and to determine the correlation between the two variables. A descriptive-correlational research design was utilized, employing a standardized 21-item questionnaire divided into three sections: Spending Habits, Saving Habits, and Financial Knowledge. The study surveyed 359 students selected through simple random sampling from a total population of 423. Data were collected through both printed and online questionnaires and analyzed using descriptive statistics and correlational analysis with Excel’s Data Analysis Toolpak. Findings revealed that students exhibited moderate financial literacy and a combination of prudent and impulsive spending behaviors. While most respondents practiced basic budgeting and saving, few engaged in structured financial planning. A significant negative correlation (r = -0.12, p = 0.03) was found between financial literacy and spending habits, indicating that higher financial literacy is linked to more responsible spending. Among the demographic factors examined, only sex showed a significant relationship with financial literacy. The study concludes that while students demonstrate a general awareness of financial management, there remains a need to strengthen structured budgeting practices and deepen their understanding of financial tools to further improve financial literacy and decision-making.