International Journal of Advanced Research in ISSN: 2278-6236

Management and Social Sciences Impact Factor: 7.624

CASH ASSISTANCE BUDGETING BEHAVIOR OF STUDENTS OF CAGAYAN STATE

UNIVERSITY ANDREWS CAMPUS
CATHERINE JOY V. AQUINO
SHEENA MAE C. ARTATES
RINA FAE A. ASLARONA
ASHLEY R. RAPANUT
JAN MAE A. ROMERO
Student-Researchers-Bachelor of Science in accounting Information System
College of Business, Entrepreneurship and Accountancy
Cagayan State University-Andrews campus
Tuguegarao City, Cagayan, Philippines

ABSTRACT: Student budgeting refers to the management of financial expenses within the
budget given to them. The major challenge that students face is the difficulty to budget their
expenses and save a proportional amount every time for contingent events since most of
students get their monthly allowance from their parents and are responsible for their own
expenditures. This study aimed to assess on the students’ budgeting behavior towards their
cash assistance from Cagayan State University (CSU).This study used the descriptive method
of research. The participants of the study are the students of Cagayan State University -
Andrews Campus who are receiving financial assistance with a total of at least 100
respondents using a survey questionnaire through Google docs, a link is provided to gather
the data needed in the study. The data were tabulated, interpreted and analyzed using the
Statistical Package for the Social Sciences (SPSS) using descriptive statistics such as
frequency, percentages, mean using a Likert Scale. Through this study, it was concluded that
the cash assistance of the students can control the way they spend. They know what to
prioritized which they spent most on like basic needs followed by academic purposes.
Considering in the midst of pandemic, it is evident that they are knowledgeable enough to
budget their cash assistance they received .Considering the findings and conclusions of the
study, the following recommendations are offered that the students need to have their
budgeting plan to organize and manage their financial matters and the students should set
their priorities and learn to differentiate needs from wants to maximize their budget with the
expenses.
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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

Keywords: grantee, spending behavior, budgeting behavior, cash assistance, driven

influences, financial literacy, welfare programs
INTRODUCTION
Student budgeting refers to the management of financial expenses within the budget given
to them. The major challenge that students face is the difficulty to budget their expenses
and save a proportional amount every time for contingent events since most of students get
their monthly allowance from their parents and are responsible for their own expenditures.
Starting to live independently, college students face new responsibilities to manage their
finances, including budgeting, managing income and expenses, and paying bills. Students
specifically need to print notes and reviewers, buy books for their course, pay tuition,
uniforms, rent for the boarding house and any other expenses that may occur. Due to many
expenses, most students face difficulties in budgeting their given allowance. Thus, most
students seek help through applying for cash assistantship or scholarship grants offered by
different institutions. With that scenario, majority of the students experienced financial
independence during their college years and the cash assistantship helps them deal with
their own situation on how they manage their budgeting behavior on their cash assistance
received for their daily expenses.
The term budgeting behavior refers to a desirable financial behavior to indicate consumer
financial capability (Xiao & O’Neill, 2018). Several factors influence the students’ budgeting
behavior. These factors can be technical as well as psychological and controllable or
uncontrollable (Saumya, et al, 2020). In addition, the advanced marketing strategies of the
firms have made the students spend extravagantly not just on needs but also on wants.
However, as the pandemic disrupts the economy, as well as general lifestyle priorities, many
students become more mindful with their expenses. Student-spending priorities have
notably changed during the pandemic, as they spend their money in different areas
compared to where they spend it before the pandemic. Thus, there is a vast difference in
the budgeting behavior of students on their allowances and cash assistance received from
school, before and during the pandemic.
Financial literacy is a basic need in the form of knowledge and ability to manage personal
finances, particularly to make accurate decisions in finance and to avoid financial problems
(Kezar & Yang, 2010). Financial literacy is not intended to complicate or curb people in

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

enjoying life and using the money they have, but rather with financial literacy, individuals or
families can enjoy life by using their financial resources appropriately to achieve their
personal financial goals (Stolper & Walter, 2017). According to Shahrabani (2012), financial
literacy has a significant positive effect on financial management behavior. The higher the
level of financial literacy, the behavior of personal financial management will also be better.
Conversely, if the lower level of student financial literacy, then the level of personal financial
management is also getting worse.
Budgeting is characterized as a tool that encourages students to plan and manage their cash
assistance they received. Having lack of experience might be hard for college students to
budget their allowance on their own. Signh et al. (2020), assert that student budgeting
primarily refers to management of financial expenses within their assigned budget. Several
factors make the behavior of students’ dynamic and different from each other. These
factors can be technical as well as psychological and controllable or uncontrollable.
Brown (2019), the scholarship money which does not have to be repaid, are a great way to
help students afford college. They are funds awarded that can relieve some of the financial
burden on students and their families while attending college. But what can you use
scholarship money for? From books and lab fees to room, board, tuition and more,
scholarships can cover many of the typical costs associated with higher education. If you
find yourself needing to fill the gap between your federal aid and any scholarships or grants
you win, private student loans can help you bridge that gap. While money from most large
scholarships is sent directly to your college, some scholarship money may be paid directly
to you. It’s also possible that you will receive a refund check from your college for unused
scholarship funds. If you receive scholarship funds directly, be sure to follow all rules about
how you can – and can’t – use that money. No matter the amount of scholarship money
you are awarded, each scholarship will designate exactly what the money can be used for.
It is your responsibility to understand those regulations. Read your scholarship award
details carefully. Even if a scholarship covers living expenses, there will be language
indicating the types of personal expenses allowed (such as travel or food). Scholarships
come with strings attached, like requirements to keep a certain grade point average, take
specific types of classes, or pay for specific items as mentioned above to ensure you will
use the scholarship towards your education. If you spend scholarship money on things the

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

scholarship rules prohibit, or don’t follow other requirements, you may be responsible for
paying the money back, possibly with interest according to the U.S. Department of
Education. College education is expensive. Scholarships are a sensible way to bridge the
gap between the increasing cost of tuition and your budget. Fortune favors the prepared –
research college scholarship opportunities and make a plan to apply. And when you do,
make sure you avoid mistakes in order to enhance your chances of securing scholarship
funds.
Holand (2016) states that many college students are unused to managing money. One of
the biggest money challenges for them is staying on top of what they are spending.
They may be trying to keep up with new, well-off friends or living in a high-cost area,
and many are unused to managing money. Which means students spend too more than
what they can afford. They need to handle tuition, textbooks, transportation, their housing,
food and supplies together with socializing and expending in their luxuries that are most
likely a factor in their cost, like going out to eat with friends, gifts for loved ones, or investing in
high-quality professional clothes or any product that is a trend. Specially at a time of COVID 19
pandemic things are quite different, new norms are being adopt which change every sector of
people lives.
Manju (2016), express that having a little hold on your cash expenses and controlling your
spending amount is not only a good habit but also contributes to financial success which is
very important in future. Since youth plays a lot more important role in our country, it is
therefore important to monitor their behavior towards financial aspects. Money
management is a long process of budgeting, saving, investing, spending and seeing the
overall usage of cash. As far as students concerned, how they see spending is a matter of
social freedom and they always are updated about the latest fashion in trend. For students
buying good clothes, travelling to faraway places, going to famous fast food places all this is
a daily expense for a college student on average and their parents give them a monthly
allowance on that basis only.
The rationale of this study is to give students advice about how to best use their cash aid or
scholarship grants, particularly during a pandemic. Because of the great responsibility of
being solely responsible for one’s finances, it is important for students to be motivated by
their budgeting conduct. This study will act as a mirror for students and parents, allowing

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

them to see their desires and driving forces or factors that affect them, as well as raise
awareness about their financial situation and budgeting habits. Since there has been a little
research on the budgeting habits of the students in the Philippines, the findings of this study
can be used as a reference data and summary.
In light of this, the researchers decided to conduct a case study on the budgeting habits of
Cagayan State University students who receive cash assistance, especially during pandemic.
As a result, this study demonstrates how encouraging students to cultivate good saving
habits can be a powerful tool for encouraging the younger generation to live in a financially
healthy manner. Students who have a better understanding of their financial responsibilities
and status are less likely they are to be in debt.

STATEMENT OF THE PROBLEM

This study aimed to assess on the students’ budgeting behavior towards their cash
assistance from Cagayan State University (CSU).Specifically, it sought to answer the
following questions:
1. What is the profile of the respondents in terms of:
1.1 Sex
1.2 Course and year level
1.3 Name of cash assistance or scholarship
1.4 Mother’s occupation
1.5 Father’s occupation
1.6 Parents’ highest educational attainment
1.7 Parents’ monthly income
2. Where do the students spend the cash assistance?
3. Is there a significant difference on the spending of the students on their cash
assistance when grouped according to profile variables?

HYPOTHESIS
There is no significant difference on the spending of the students on their cash assistance
when grouped according to profile variables.

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

RESEARCH METHODOLOGY AND STATISTICAL TOOLS

This study used the descriptive method of research. The descriptive method of research is
widely accepted and it is a fast-finding that involves an adequate and accurate
interpretation of the findings of the research. Descriptive research involves gathering data
that describe events and then organizes, tabulates, depicts, and describes the data
collection (Glass and Hopkins, 1984). It often uses visual aids such as graphs and charts to
aid the reader in understanding the data distribution. Because the human mind cannot
extract the full import of a large mass of raw data, descriptive statistics is very important in
reducing the data to manageable form. When in-depth, narrative descriptions of small
number cases are involving, the research will be using description as a tool to organize data
into patterns that emerge during analysis. These patterns aid the mind in comprehending a
qualitative study and its implications.
The participants of the study are the students of Cagayan State University - Andrews Campus
who are receiving financial assistance with a total of at least 100 respondents using a survey
questionnaire through Google docs, a link is provided to gather the data needed in the study.
The data were tabulated, interpreted and analyzed using the Statistical Package for the
Social Sciences (SPSS) using descriptive statistics such as frequency, percentages, mean using
a Likert Scale.

RESULTS AND DISCUSSIONS

Figure 1. Frequency and Percentage Distribution of Respondents by Sex

[VALUE]

Female
Male
[VALUE]

Figure 1 shows that the frequency and percentage distribution of respondents by sex. The
figure reveals that out of 100 respondents 80% are female while 20% are male. This shows

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

that most of the respondents in this study belong to the female group. This implies that
female group are mostly in need of cash assistance and have the eagerness to seek help
financially.

Figure 2. Distribution of Respondents by Program Enrolled 33

BSA 17
11
BSHM 7
7
BEED 6
6
BSRT 5
5
BSMLS 3

0 5 10 15 20 25 30 35

Based on figure 2, most of the respondents were enrolled in the BS in Accounting

Information System followed by BS in Accountancy and BS in Secondary Education.
Moreover, less than 10 respondents were enrolled in each program such as BS in Hospitality
Management, BSBA programs, BS in Entrepreneurship, and Allied Health programs.

4TH YEAR
Figure 3. Distribution of Respondents by Year Level 58

3RD YEAR 27

2ND YEAR 15

0 10 20 30 40 50 60 70

Based on Figure 3, majority of the respondents belongs to the 4 th year level. Only 27 and 15
students were in their 3rd year and 2nd year respectively.

Figure 4. Distribution of Respondents by Name of Scholarship/Assistance

24
AGKAYKAYSA 21
20
LGU 19
9
ACADEMIC SCHOLARSHIP PROGRAM 4
3
DSWD 2
0 5 10 15 20 25 30

Figure 4 illustrates the distribution of respondents by the name of the scholarship or

financial assistance. The figure shows that the top scholarships of the students are CHED
Tulong Dunong Program followed by Agkaykaysa and Private Scholarships. Also, there were

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

19 of them availed Local Government Unit (LGU) Scholarship Assistance based on their
Locality. Some students were also accepted in Provincial Financial Assistance, Academic
Scholarship Program, DOST, and DSWD.
The CHED-Tulong Dunong Scholarship is intended for the high school graduates whose
GWA is at least a passing grade and for graduating high school students whose GWA is at
least a passing grade in the third year and in the three grading periods of the fourth year
and who will enroll in identified priority courses in duly authorized public or private HEIs.
Hence, before entering college, students may apply the said scholarship.
(www.ched.gov.ph)The findings imply that CHED-Tulong DunongScholarship is the most
accessible and easy to apply because there is no high standards in maintaining grade.

Figure 5. Distribution of Respondents by Father's Occupation

FARMER 51
SELF-EMPLOYED 23
PRIVATE EMPLOYEE 18
GOVERNMENT EMPLOYEE 4

Majority of the respondent’s father’s occupation is engaged in farming activities. Likewise,

there 23 that are self-employed while 18 are working in the private sector and only 4 are
working in the government. Most of the self-employed were engaged in putting up their
own business and some are in online business jobs. Online Business is any kind of business
or commercial transaction that includes sharing information using the internet. Online
business may include buying and selling products and services online. This is now the most
trending job especially this pandemic. On the other hand, farming is the most common job
among Filipinos due to the terrain and tropical climate condition of the country, farming and
fisheries have been the largest agricultural sub-sectors in the country. (source: Statistical
Research Department, 2021)

Figure 6. Distribution of Respondents by Mother's Occupation

59
SELF-EMPLOYED 17
8
GOVERNMENT EMPLOYEE 7
3
PRIVATE EMPLOYEE 3
0 10 20 30 40 50 60 70

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

Figure 6 displays the distribution of respondents according to their mother’s occupation. It

can be concluded from the table that most mothers’ occupation is housewife followed by
self-employed and OFW. The rest of the groups are working in the government, some
mothers are also engaged in farming activities and the rest are working as private
employees. Likewise, a housewife is a woman whose work is inside the home, doing the
cleaning, cooking, doing laundry, taking care of and transporting children, outdoor work,
taking careof fellow family members. Housewifery is the toughest but most important job in
a family.

Figure 7. Distribution of Respondents by Mother's Highest Educational

Attainment

27
19
15 16
12 11

ELEM UNDERGRAD ELEM GRADUATE HS UNDERGRAD HS GRADUATE COLLEGE UNDERGRAD COLLEGE GRADUATE

Figure 7 shows that 27 or the majority of the respondent's mother’s highest educational
attainment is High School Graduate. Also, there were 19 who did not finish college while 16
finished colleges. This infers that their parents recognized the importance of education in
their lives. Education determines the quality of an individual's life. It improves one's
knowledge, skills and develops the personality and attitude. Most noteworthy, education
affects the chances of employment for people. A highly educated individual is probably very
likely to get a good job. (https://www.toppr.com)

Figure 8. Distribution of Respondents by Father's Educational

Attainment

31
20 21
4 13 11

ELEM UNDERGRAD ELEM GRADUATE HS UNDERGRAD HS GRADUATE COLLEGE UNDERGRAD COLLEGE GRADUATE

Likewise, in terms of their father’s highest educational attainment, findings indicate that
majority of their father had finished High School while there were 21 who finished college

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

and 20 who did not finish their career path. Education helps people to become better
citizens, get a better-paid job, andable to shape a better society to live in.

Figure 9. Distribution of Respondents by Family Monthly Income

49

28
10 5 8

5000 AND BELOW 5001-10,000 10,001-15,000 15,001-20000 20001 AND ABOVE

Figure 9 shows the distribution of respondents by average family income. It can be observed
from the figure that almost half of their parents have an average income of 5000 pesos and
below. The average monthly income of their parents is P6,167.34. This can be inferred that
the majority of their parents are low-income learners. That’s why these students need
financial assistance and scholarships just to have support in their studies. According to the
data from the Philippine Institute for Development Studies (PIDS), the income classes for an
average household of five for low income between P9,000 to P21, 000 pesos. An average
monthly income of less than P10,000 is classified as poor according to PIDS. (Padillo, 2021).
According to a study by Choy (2000), students from low-income families typically need
substantial financial assistance to be able to attend college. The study revealed that the
majority of independent students are from low-income families.

Figure 10. Student's Expenditure in their Cash Assistance

4.58
ACADEMICS REQUIREMENT 4.46
4.13
3.61
FAMILY BILLS 3.56
3.32
3.29
SELF-SATISFACTION 3.05
2.81
Figure 10 showsDINE-OUT
that the top student’s expenditure is their
2.37
2.62 cash assistance is their basic
needs followed by their expenses
0 0.5 in their
1 academic
1.5 2 requirements
2.5 3 and
3.5 load.4 The 4.5
basic 5

expenditures of students in their allowances include food, shelter, and health. Also, some
students’ practices paid their family bills such as water and electric bills, farming inputs, and
the like upon getting their cash assistance. According to a study by Gennetian et al (2021),
nearly 75% of expenditures for families living in or near poverty go to food, transportation,
rent, utilities, and cellphone service.

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Table 1. Test of significant difference on the spending of the students in their cash
assistance when grouped according to profile variables
Variables F/T Computed p-value Interpretation
sex 0.36 0.002** Significant
Age 1.01 0.098 Not significant
Program -1.91 0.061 Not significant
Year level 1.23 0.651 Not significant
Name of scholarship 1.571 0.021* Significant
Mother’s occupation 1.4 0.231 Not significant
Fathers occupation 2.23 0.540 Not significant
Mother’s highest educational attainment 0.92 0.752 Not significant
Father’s highest educational attainment 0.78 0.000** Significant
Average Monthly income 1.01 0.000** Significant
**significant at 0.01 level* significant at 0.05 level
Table 1 reveals a test of significant difference in the spending of the students in their cash
assistance when grouped according to profile variables. Statistically, there is a significant
difference in the spending habits of the students when group according to sex, name of
scholarships, father’s highest educational attainment, and average monthly income since
the p-value is less than 0.05 level of significance. On sex, this means that the female group
spends higher on their cash assistance than males, the fact that women have more
expenditures in their studies than males.
According to one study, women buy on average about 7.1 times a year and men only about
5.4 times; they spend more money on the Internet. At the time of purchase, men are more
direct and only buy at the time they need something. They focus on what they want
without making additional purchases. Men are information seekers, research each product
they want in-depth and look at all the features of the product (e-commerce marketing team,
adglow, 2021.
Father’s educational attainment has also a big impact on the student’s expenditures in the
cash assistance. Choy (2000) found out in her study that among dependent students, low-
income status was related to parents’ education. Among independent students, however,
there was no strong relationship between parents’ education and low-income status.

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 International Journal of Advanced Research in ISSN: 2278-6236
Management and Social Sciences Impact Factor: 7.624

This study also revealed that the kind of scholarship or financial aid assistance they have is
also correlated with their daily expenditures. The higher the cash assistance they get from
their scholarship the higher their expenditure is. Also, average monthly income was found
to be associated with their spending habit. This means that the higher the average monthly
income of their parents the higher their expenditures are.
The rest of the independent variables showed no significant differences.
According to John Maynard Keynes in his income-expenditure theory, there is a relationship
between income and expenditure (McConnel et al., 2015). When there is an increase money
or an anticipation of receiving income, more money is spent on expenditure. There is a clear
positive relationship between income and expenditure. If income increases, expenditure will
also increase. This is a common economic principle used to describe spending trends for
national and world economies. The identified determinants that may have influence on
levels of consumption expenditures are changes in levels of wealth, debt, future income and
price and government policy on taxation (Mc Cornell et al., 2015).
CONCLUSIONS
Cash assistantship is truly helpful for many students especially in colleges. Through this
study, it was concluded that the cash assistance of the students can control the way they
spend. They know what to prioritized which they spent most on like basic needs followed
by academic purposes. Considering in the midst of pandemic, it is evident that they are
knowledgeable enough to budget their cash assistance they received.
Therefore, the assistantship given by the government or private institution and individuals
are based on the qualifications that you are academically excellent and have low combined
parents’ income to support your studies. It should also be spent for the student’s studies
welfare to help them complete their degree and graduate. With all the activities consuming
all the assistantship, the student’s assistantship recipients are safe to say that they are
responsible enough to know how to prioritize what they needed and wanted because they
spent their cash assistantship with school related matters like load allowance that is timely
and needed during this pandemic.
To sum it all up, the cash assistantship budgeting behavior of the students from Cagayan
State University-Andrews campus is excellent because they use it meaningfully for their
studies.

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RECOMMENDATIONS
Considering the findings and conclusions of the study, the following recommendations were
made:
1. The students need to have their budgeting plan to organize and manage their
financial matters.
2. The students should set their priorities and learn to differentiate needs from wants
to maximize their budget with the expenses.
3. From the findings of the study, the Future Researcher should look for possible
strategies on how to budget the cash assistantship they receive from any scholarship
program.
4. The parents should also check on the expenses of the students so that they could
guide their sons/daughters on how to spend their money.
5. Private and public scholarship grantors should require their grantees to submit
expenses from the cash assistantship in able to monitor where the money goes

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