Research 4

RELATIONSHIP OF FINANCIAL KNOWLEDGE, FINANCIAL ATTITUDE, AND
FINANCIAL BEHAVIOR TO FINANCIAL LITERACY OF THE CBAA STUDENTS
CHAPTER I
INTRODUCTION
The Problem and Its Background
Individuals around the world face financial decisions every day. With the continuous
development of information technology in this industry 4.0 era, financial information has become
more abundant than ever. Students of Generation Z, or what they called Gen Z, have different
characteristics, including not being mindful when managing their money and being highly
educated about how to spend and save their money correctly. These phenomena mean financial
literacy is essential for them to become capable, wise, and efficient individuals who are future-
oriented in managing their finances.
According to the Bangko Sentral ng Pilipinas, the Philippines is in the bottom 30 out of
144 countries regarding financial literacy according to a global study. At the same time, a BSP
survey showed that only 1 percent of surveyed Filipino adults correctly answered questions on
financial literacy. Gen Zs need greater access to finance to help the Philippines grow. TransUnion
Philippines research from February 2022 shows that although 94% of Gen Z Filipinos believe that
access to credit and lending products is essential to achieving financial goals, only 35% report
having sufficient access. With this data, the government and universities should focus on how
these young people will be financially literate.

Among the youth, especially the higher education level, as they reach their potential to learn
more about financial literacy, the more knowledge they gain and the more chances to have financial
knowledge. It is favorable for individuals because they will know how to manage their finances.
Hence, individuals' incapacity may have consequences that can affect their level of financial
literacy. Nevertheless, a better understanding of financial literacy leads to more favorable financial
knowledge and attitude.
Being financially literate is essential in helping an individual achieve financial goals in an
extended period. However, many factors can affect a person or group of individuals for having a
low level of financial literacy. Most young people with low financial literacy are common and
concerned. Individuals with a high level of financial literacy are likely inclined to manage their
money and finances effectively, and having improved financial literacy may result in more
effective financial decisions (Garg & Singh, 2018).
In order to better assist and equip young adults for making financial decisions, it is critical
to understand where and how people get their fundamental financial resources to promote financial
independence information. They must consider financial literacy, attitudes, knowledge, and how
they develop their financial skills. Financial literacy is understanding and comprehending things
that help people make financial decisions. Financial behavior can also be affected by one's attitude
toward money. Therefore, people who do not treat money promptly and with a sense of urgency
are more likely to have bad financial outcomes (Johan et al., 2021).
Financial literacy is a combination of skills and knowledge of an individual on financial
matters. Financial literacy plays a vital role and is considered an essential life skill. In today's
generation, more than the ability to read and write is needed in preparation for life. Becoming
financially literate empowers individuals to make informed decisions, particularly for the young
generation. Proper training and financial education are some financial resources that could increase
an individual's financial literacy level. Today, most of the young generation could be more
financially literate. Some have a high level of financial literacy, but the majority lack financial
literacy. Individuals with a high level of financial literacy have skills in dealing with financial
decisions even at unpredicted moments.
In contrast, others with a low financial literacy level make poor decisions, which will
burden society. The level of financial literacy for young individuals has become a significant
challenge in society and has received lots of research attention. However, very few research studies
in the Philippines explain and focus on the relationship between financial literacy, financial
knowledge, financial attitude, and financial behavior among College of Business Administration
and Accountancy students. This study attempts to fill this gap in the existing works of literature.
In light of those mentioned above, this study seeks to analyze the relationship of financial
literacy with financial knowledge, financial attitude, and financial behavior among College of
Business Administration and Accountancy students at Baliuag University.
Significance of the Study
The result of this study will benefit the following:
Students. This study will help the students to determine their level of financial literacy.
This will help them to make better financial decision making and to avoid wrong decisions that
may hinder the level of student's financial knowledge, financial attitude, and financial behavior.
This will be a guide to have a better understanding of the future of the student's financial literacy.
Parents. This study aims to help parents give guidance to their children to become more
responsible in handling their money. This also helps them to support their kids to have a deeper
understanding to have a good relationship with their finances and achieve their financial goals as
a family and as individuals.

Teachers. Teachers need to be aware of their students' financial literacy level. It is their
responsibility to make sure that students are financially literate enough. This study will teach the
teachers to ensure the students have the necessary expertise. They will be aware of how their future
students will be prepared and the approach they will use to teach them about being financially
literate.
School. It is a place where students can learn exciting concepts and gain knowledge.
Students are taught about values and responsibilities here. This study will show the school how
financially literate the students are. It may also inspire school organizations to encourage their
students to conduct more seminars, webinars, and extracurricular activities connected to how to be
financially literate individuals.
Future Researchers. The benefits of this study would help future researchers to be aware
and knowledgeable in financial literacy. It would help them to be a better analyst, and it can be
helpful as a future reference for more studies in the future.
Review of Related Literature and Studies
In this chapter, various essential local and foreign research works are presented, which
aim to analyze the relationship of financial literacy with financial knowledge, financial behavior,
and financial attitude of CBAA students. The insights and findings from these studies and literature
can offer guidance and direction, particularly in the areas of mutual interest.
Financial Knowledge. The study focuses on measuring the financial capability of
Indonesian undergraduate students. It examines the impact of a personal finance education course
on financial knowledge, attitudes, and behavior. The study also explores the influence of
sociodemographic factors, such as gender, income, year of study, and field of study, on financial
capability. The research aims to determine whether the personal finance course and financial
socialization impact financial capability. The findings suggest that the private finance course
increases financial knowledge, but less impacts financial attitudes and behavior. Other factors,
such as informal learning through socialization and experience, also contribute to financial
capability. The study highlights the need for financial education policies that support individuals
with low incomes or experiencing poverty. The study revealed that students who attended a
personal finance course had significantly higher financial knowledge scores. However, the two
groups had no significant differences in financial attitudes. Despite these differences, the students
who participated in the study showed a higher propensity to partake in constructive financial
practices, such as early budgeting and saving (Johan, I. 2021).
The study focuses on assessing the level of financial knowledge among students in the
College of Business Management and Accountancy. It aims to determine the extent of
understanding of financial concepts and the factors contributing to financial knowledge and
decision-making skills. The study also seeks to identify the relationship between factors such as
academic ability, parental guidance, and degree programs on the level of financial behavior. It
focuses on factors that contribute to financial knowledge and decision-making skills and the
relationship between these factors and students' financial behavior. The study also aims to identify
the strengths and weaknesses of students' financial management skills and provide
recommendations for improving financial education. The study's findings reveal that a
considerable number of respondents have inadequate financial literacy knowledge, and both
academic ability and parental guidance have a strong influence on students' financial literacy. The
study recommends conducting financial literacy seminars and providing training for faculty
members to enhance their knowledge and competence in finance and investment (Lalosa, A. A.
2020).
The objective of the study is to examine the relationship between learning motivation and
financial literacy among students in Vietnam. The study aims to understand how different
components of encouragement, such as self-efficacy and learning value, influence students'
financial literacy. Additionally, the study explores the impact of student characteristics, such as
gender and study major, on the motivation-financial literacy link. The research also highlights the
need for future studies to consider the interaction between motivation and extra study opportunities
to improve academic performance and the quality of financial literacy (Phung et al., 2023).
The study focuses on the gender gap in financial literacy and its impact on financial wealth.
The study addresses the endogeneity issues that previous studies have faced using a novel
identification procedure based on heteroscedasticity-generated instruments. The researchers also
investigate the moderating effects of gender and educational level on the relationship between
financial knowledge and wealth. The study aims to provide insights into the impact of financial
literacy and confidence on wealth accumulation, considering relevant moderators such as gender
and education (Bannier et al.; M., 2018).
The study's objective was to examine financial education's effects on financial knowledge
(both objective and subjective) and financial self-efficacy. The study aimed to understand the
impact of financial education on these outcomes and explore any differences based on age and
gender. The study found that participants who had received financial education courses in the past
five years had higher scores in subjective knowledge, objective knowledge, and financial self-
efficacy than non-participants. These differences were statistically significant. The study also
observed that financial education had a more significant impact on subjective ability than objective
knowledge. However, the study cautioned against making global statements about the effect of
financial education on financial literacy. It recommended further exploration of the differing
impacts on subjective and objective dimensions of financial knowledge and financial self-efficacy
(Rothwell et al.; S., 2019).
The study examines the relationships between financial knowledge, confidence, learning
capacity, education, and other sociodemographic information and financial behavior among
Canadian university students. The study aims to understand the factors linked to poor financial
behavior and to provide insights for improving financial education and developing strategies to
achieve specific financial goals. Overall, the study highlighted the importance of financial
confidence in influencing financial behavior and the role of learning capacity and financial
knowledge in shaping financial confidence (Morris et al.; V., 2022).
This study investigated the correlation between financial literacy and financial decision-
making among individuals belonging to the Millennial generation. The study aimed to determine
the impact of objective financial knowledge, perceived financial knowledge, and financial
education on short-term and long-term financial behaviors. The researchers also explored the
potential for reverse causality in the relationship between financial knowledge and financial
behaviors (Kim et al., 2018).
The study focuses on the effects of financial education programs on the credit behaviors of
young adults. It emphasizes the importance of understanding policy heterogeneity when estimating
the impact of education programs on observational outcomes. This research endeavors to expand
upon the discoveries of other studies and offers valuable perspectives on the efficacy of financial
education and the determinants that contribute to the success of such programs (Urban et al., A.
2020).
Financial Attitude. Financial attitude holds a vital role in one's financial success or
downfall. The use of financial principles to apply resources wisely and make decisions to develop
and retain value is called attitude finance. There is a correlation between attitude and the
seriousness of financial difficulties. As a result, an individual's attitude about money also
influences how they manage it, including their choices when selecting investment goods. The
person's attitude will influence their financial attitudes and behavior, including managing their
finances, creating budgets, and making individual decisions (Sorongan, 2022).
A person's state of mind, opinion, and decision regarding finances define financial attitude.
Applying a good and correct financial mindset may help launch good and right financial
management behavior. Although a person truly understands every aspect of financial matters,
financial attitudes become the primary controller. Therefore, monitoring the security and the
growth of the family's finances in order to achieve financial fulfillment requires having an
excellent financial attitude. The financial attitude and financial management behavior in this study
are the internal events that influence perceptions and behavior (Pathak & Nathani, 2020).
Financial confidence can also be seen in one's attitude. Financial literacy, culture, and
experience can influence individuals' financial attitudes. This study used a quantitative approach
to gather and collect information. As a result, financial literacy is useless as it cannot generate
good changes in financial attitudes. Therefore, financial literacy is useless, considering it cannot
improve people's attitudes about money. Similarly, it is also unimportant to have a financial
mindset that cannot support responsible financial behavior (Chaulagain, 2021).
Financial attitude refers to liking and disliking things related to feelings, trust, and
behavior. These results trigger borrowing behaviors and investing choices. The combined effects
of a person's socio-economic background, personality traits, and financial mindset might help them
succeed financially. A study conducted among youth revealed that financial attitude links the
relationship between financial behavior and financial literacy (Shah & Patel, 2020).
Personal financial attitudes include a person's values and viewpoint on a variety of issues,
such as whether they believe that saving money is vital. If people have negative attitudes toward
saving money for the future, for instance, they will not be interested in learning about financial
literacy. Therefore, a person's financial attitude is a crucial component that can improve their
intention to save money and their ability to make long-term financial decisions (Mustafa et al.,
2023)
Their financial attitude dramatically influences the way they manage their money. Their
previous research used structural equation modeling to analyze information conducted in Odisha,
India. This study's objective is to examine how financial literacy, financial knowledge, financial
attitude, and financial behavior are related. As a result, financial knowledge and financial attitude
have a positive effect on financial literacy. A person's money management behavior improves in
direct proportion to how positive their financial attitude is. Therefore, one way to describe financial
attitude is a person's mental state when dealing with financial issues (Banthia & Dey, 2022).
Examining one's attitude toward budgeting, investing, or planning might help determine
whether one has a favorable financial mindset. In this study, the survey method was used in a
cross-sectional design. A person's attitude toward monitoring money, investing, or preparation can
be determined if they have a positive financial outlook. People with good financial attitudes are
more cautious with their spending, which is accomplished through strict budgeting and preparation
for future financial needs (Khalisharani et al., 2022).

The capacity to handle money and be able to differentiate between needs and wants is
improved when a person's financial attitude increases. The psychological trait of a person who has
personal financial issues is their financial attitude. A better perspective will be demonstrated as a
result of personal financial attitudes toward saving by sharing financial facts, awareness of
managing funds, avoiding impulsive consumption, and awareness of preparing finances for the
future (Sari & Yuliani, 2021).
Researchers demonstrated that factors affecting financial attitudes and behavior positively
influence financial literacy and financial well-being. On the other hand, those with poor financial
habits, including relying heavily on credit and loans, weaken their financial well-being. A person's
financial well-being can be impacted by their financial attitude as well as their financial behavior.
Therefore, it is crucial to understand how the younger generation's financial knowledge, attitude,
and behavior are related to various financial factors (Sangeeta & Panwar, 2022).
Financial attitude is recognized as a crucial factor in financial literacy and sound money
management. Financial attitude affects financial management behavior. Financial attitude has a
crucial role in exhibiting good financial behavior that results in effective personal financial
management. According to their studies, being optimistic about one's current financial state is
associated with better financial results since individuals will engage in putting in much effort to
resolve the issue and respond to a positive approach towards money (Ndou & Ngwenya, 2022).
Financial Behavior. Financial behavior is defined as conduct related to financial
implementations. Financial knowledge is essential for making healthy financial decisions. A high
level of financial literacy guides you toward making smarter financial decisions. Financial
behavior is the broad area of study that investigates how individuals and households manage their
money, make financial decisions, and interact with the larger financial system. Financially illiterate
people are less likely to engage in financial planning and investment. Lack of financial
understanding and the inability to prepare for the future may lead to people taking out a mortgage.
Budgeting, spending, and purchasing attitudes all impact future financial decisions (Khawar &
Sarwar, 2021).
Financial behavior relates to how people use their money for bill payment, budgeting, and
saving. In short, it is a person's saving and spending habits. Savings are the additional funds left
over after spending from income and investing in an economic environment. Spending behavior,
on the other hand, is a behavior that impacts how a person spends their money without losing
control in order to achieve their wants and demands. When it comes to students, their spending
habits are different from the habits of earlier generations. The students are more likely to consume,
particularly in light of the contemporary E-Commerce business (Wong et al., 2022).
Financial behavior is closely linked to financial performance management because
financial management requires behavior that encourages financial management activities.
Financial behavior can be examined across four dimensions, including conduct in the stock market.
Account ownership, cash flow management, spending planning, and saving and investing are all
aspects to consider. Apart from being visible from personal financial management, it can be
influenced by economic behavior, a person's attitude toward finance, or financial attitude. A
lifestyle is a way of life that involves a collection of habits, perspectives, and patterns of reaction
to life, particularly equipment for living life (Kartawinata et al., 2021).
Individuals with a high level of financial literacy are also more likely to be involved in
better financial behavior while planning their future retirement plans, resulting in increased
economic well-being and savings. On the other hand, individuals with insufficient financial
awareness will make poor decisions that will have a detrimental influence on their financial
situation. Despite multiple researches emphasizing the presence of a correlation between financial
knowledge and saving behavior. Enhancing young people's financial literacy will enable them to
build effective saving habits, manage their own resources, plan for retirement, and attain greater
financial well-being (Alshebami & Aldhyani, 2022).
Students' financial well-being is essential especially today, as it influences their overall life
fulfillment. The reality of student financial well-being can be challenging to achieve since many
factors influence college students' financial well-being, such as financial literacy, financial
socialization, and financial attitude, with financial behavior serving as an intervening variable. The
goal of this study is to examine the financial well-being of college students who are taking courses
in Finance Investment Management, and Budgeting. As well as to investigate the influence of
financial literacy, financial socialization, financial attitude, and financial confidence on financial
well-being through direct or indirect financial behavior. The respondent of this study uses the
students of the Economics Faculty of Semarang State University as the sources of data. A
quantitative approach was used in this study. The findings of this study showed that financial
literacy, financial socialization, financial attitude, financial confidence, and financial behavior
have a direct positive effect on the financial well-being of the students (Setiyani & Solichatun,
2019).
Financial behavior is the study of how individuals act in reaction to financial information
they obtain during the process of making investment choices. Although every human individual
has a unique set of behaviors, the actions made in response to the knowledge gained will also vary.
Childhood consumer experience is financial data obtained secretly through socialization
encounters that entail sensory, emotional, cognitive, and behavioral responses that have occurred
since the beginning of their development. Financial wellness integrates mental, spiritual, and
psychological aspects with money. Financial satisfaction, a desired state of one's financial
condition, attitude, and behavior toward money are all components of a full understanding of
financial well-being. This study aims to determine if financial behavior, childhood consumer
experience, and financial wellness affect the financial well-being of college students. A self-
administered questionnaire was utilized to target the objective of this study. The population of this
study is the students in Merauke City in the area of Indonesia. Based on the findings, it showed
that financial behavior and financial wellness have a positive influence on the financial well-being
of the students and it is expected that all students nurture good financial behavior so their financial
well-being should also be good. While childhood consumer experience does not affect the financial
well-being of the students (Herdjiono et al., 2023).
In daily life, having a basic comprehension of finances and the capability to handle one's
finances are essential. In this challenging financial environment, we are living in, young people,
particularly university students, must make challenging financial decisions that will impact their
financial behavior. The objective of this study is to determine how financial literacy affects
financial behavior among Lebanese university students as well as the relationship between
financial behavior and financial decision-making of the students. A quantitative method was used
in this study. The findings of the study showed a positive impact of financial literacy on financial
behavior and a positive impact of financial behavior on the financial decisions of university
students in Lebanon (Maalouf et al., 2023).
The study's goal is to identify the elements that influence working women's financial
literacy in Delhi, India. The researchers aim to measure the association between financial attitude,
financial behavior, and financial knowledge with the financial literacy level of working women.
The study's findings revealed that financial attitude and financial behavior have a stronger
association with financial literacy among working women than financial knowledge. The study
highlights the importance of financial attitude and behavior in determining working women's
financial literacy level. The findings suggest that efforts should be made to enhance financial
attitudes and behavior among working women to improve their financial literacy (Rai et al., 2019).
The study aimed to assess the financial literacy and financial behavior of public university
undergraduate students in Malaysia for the year 2020. The significance of the study lies in the fact
that previous research on financial literacy in Malaysia focused on different study populations,
such as the younger and working generation, society in general, and university students in general.
However, there needed to be more research explicitly focusing on undergraduate students. The
study found a strong positive relationship between financial literacy and financial behavior,
indicating that improving financial literacy positively influences financial behavior. The findings
highlight the importance of assessing financial literacy and behavior among university students,
especially undergraduates, as they are in a phase of life changes where they manage their finances
independently (Kamel & Sahid, 2021).
The study aims to investigate the key variables influencing graduate students' financial
behavior in Indonesia. For data analysis, the study employed path analysis and descriptive
statistical approaches. According to the survey, financial conduct is significantly influenced by
financial knowledge and financial self-efficacy rather than financial attitude. The study also
recommends improving adolescent habits through education and character development to deal
with economic problems. The study concludes that financial knowledge and self-efficacy
significantly influence financial behavior among graduate students in Indonesia. However,
financial attitude does not have a significant influence. The study suggests that improving
adolescent habits through education, such as character education, can help them develop better
financial management skills. It also recommends passing on good financial habits to friends and
peers to ensure a better future (Renaldo et al., 2021).
Financial Literacy. Financial literacy is an aspect of economic literacy that, in this
context, defines the element of economic literacy that has to do with economic mechanisms. As a
result, an increasing number of people must manage their financial condition. However, the current
state of study indicates that the population's degree of financial literacy could be higher "too low."
Recent and previous studies reveal that there are significant fundamental gaps in financial literacy
understanding. The objective of this study is to determine the various factors (level of education,
gender, income, place of residence, practice-based learning, parent's level of education, and
national background) that influence the financial literacy of high school students, graduates, and
young professionals in Germany. To examine the findings of this study, a simple linear regression
model was established for each hypothesis and then tested for relevance using the T-test. Following
that, a multivariate regression model based on the main influencing factors was developed and
evaluated once more. The findings of the study revealed that related to education, background, and
income were weak, while no influence of the place of residence, parent's educational level, or
practice-related education on financial literacy (Hammer & Zurek, 2022).
Financial literacy is a positive mindset toward making choices based on financial
information that may affect how someone experiences financial pleasure. Financial literacy is a
term used to indicate a sequence of capabilities, information, views, and actions that help
individuals handle their finances well. It assists in the supply of fundamental tools for budgeting
and the growth of saving control, guaranteeing everyone can profit and lead happy lives.
Influencing one's financial management strategies is an attitude that can help one's financial
circumstances (Banthia & Dey, 2022).

Knowledge of financial concepts is what is meant by personal financial literacy. In addition
to that, the definition of financial literacy is the capacity to handle one's finances. Mention that
financial literacy is essential for using money wisely and requires enough knowledge of
information, ideas, values, and the technology underlying it. Moreover, financial literacy is said to
be the most effective asset for enhancing their financial health. Additionally, it is stated that
financial literacy is the best aspect of human resources to improve financial well-being (Pathak &
Nathani, 2020).
Financial literacy emphasizes the significance of using financial information and skills to
make financial decisions. Financial literacy is the capacity to make wise judgments and decisions
on the usage and management of money. According to their findings, students' investing choices
are significantly influenced by financial literacy. Financial literacy may improve knowledge, assist
with money management, and support decisions about investments. Financial literacy, however,
cannot influence one's financial views and conduct concerning investing choices (Sorongan,
2022).
Financial literacy has a significant impact on saving for retirement, including planning for
retirement savings. Furthermore, oversee retirement investment management. Positive savings
habits were linked to knowledge of money matters. Furthermore, the benefits of financial literacy
can be shown in teenagers to save. Understanding vital financial terms and concepts is referred to
as financial literacy, juggling daily tasks. Financial literacy is literacy. An individual's and their
sustainable financial and economic success depend on their financial literacy situation. Financial
literate people are individuals that are having the knowledge and vocabulary required for
successful personal financial management. Financial literacy is considered a skill in reading,
evaluating, managing, and communicating personal monetary circumstances that have an impact
on material well-being. To be financially literate, one must be able to recognize financial
discussion options and financial matters, organize one's future, and be able to deal with life's
challenges and incidents that have an impact on daily financial decisions, including the broader
economy's events (Angela & Pamungkas, 2022).
The primary objective of the research is to examine the correlation between financial
literacy, internal and external locus of control (both internal and external), financial behavior, and
financial well-being among young adults in Malaysia who come from low-income households.
Based on the findings of Pearson correlation analysis, it can be observed that there exists a positive
relationship between the level of financial well-being (FWB) and certain factors among young
adults from low-income backgrounds. Specifically, individuals who exhibit a high internal locus
of control (LOC) and possess a superior understanding of financial matters tend to demonstrate a
higher level of FWB. Research findings indicate a correlation between a more prominent external
locus of control among young adults and lower levels of financial well-being and a tendency to
participate in less favorable financial conduct. Moreover, the study uncovers that the financial
behavior of young adults from low-income backgrounds in Malaysia positively impacts their levels
of financial well-being (Sabri et al., 2023).
The primary objective of this study is to ascertain the many elements that influence the
interest, processing, and application of financial literacy education from the perspective of students
in an urban college setting. It aims to gather insights from students regarding their interest in
receiving financial literacy education and the factors that affect their information processing. The
study also aims to uncover new factors identified by marginalized voices of urban college students,
which can contribute to the body of knowledge for students, educators, and financial policymakers
in the United States. The findings from the study can be used to improve the effectiveness of
financial literacy programs and contribute to stabilizing the financial health and economic well-
being of the students, communities, and the nation (Crawford, S. 2018).
Financial literacy is one of the important parts of promoting effective financial planning
for citizens. To provide a broad scope of financial literacy, this study used five dimensions;
budgeting, saving, investment, debt, and insurance. The study focuses on determining the level
and nature of financial literacy among Saudi citizens. This study also addresses the drivers of
financial literacy with regard to demographics and surveyed characteristics of the sample.
Descriptive analysis, T-test, and ANOVA were used in this study to collect the data. The findings
of the study indicate a high level of financial literacy of the respondents concerning budgeting,
saving, and debt. However, a moderate level of financial literacy was found for insurance and
investment. This study suggests that more public education efforts in early life should continue
and more attention to investment and insurance is needed to ensure that all citizens obtain and
maintain financial literacy throughout their lives (Rahahleh, 2022).
The goal of the study is to quantify and evaluate how income, financial behavior, and
financial literacy affect investing choices. The descriptive method of quantitative research is the
kind of study that is employed. Primary data that the researcher personally obtained and processed
from the object are the types and data sources used. Financial literacy is the fundamental
information required for survival in contemporary society. The intricate concepts of investing,
saving, and spending must be understood to possess this foundational knowledge. Meanwhile,
financial literacy as an individual's understanding of financial instruments, such as their
understanding of investments, insurance, savings, and other financial products. To achieve
prosperity, financial literacy can be defined as having a sense of finances. Based on the preceding
understanding, financial literacy refers to a person's general grasp of finance, which covers debt,
insurance, investments, savings, and other financial tools. The study's findings suggest that while
economic and income behavior have a significant influence on investing decisions, financial
literacy has little bearing on those decisions (Arianti, 2018).
Knowing the worth of money and how to use it to its fullest potential are components of
financial literacy. The definitions of financial literacy offered by various organizations and authors
vary, but they all have similar underlying ideas. The ability to save and invest in complex financial
assets, improve retirement planning, and accumulate wealth through better stock market
investments, savings plans, and retirement planning. Financial literacy, according to the report, is
the capacity to comprehend the effects of interest, inflation, risks, and diversification. The virtue
of measurability that this definition offers allows researchers to link financial literacy to the
socioeconomic and demographic conditions of a nation. Even though financial literacy is a
significant issue influencing family decisions about investments and savings, a nationwide
comprehensive study of the factors influencing financial literacy in Japan has yet to be conducted.
Overall, the study's findings point to the importance of socialization and future orientation in
helping Japanese people become financially literate, which may help them make better investment,
retirement, and savings choices. Given the specialty of financial literacy, policymakers may
consider implementing special programs to promote it. It is noted that school-based finance
education programs must be better run and employ teachers with specialized training. As a result,
financial education in schools needs to receive more attention (Kadoya & Khan, 2019).
Theoretical Framework
This study is underpinned by Kennedy's Theory of Planned Behavior (TPB) in conjunction
with the concept of Financial Literacy (2013). The Theory of Planned Behavior (TPB) posits that
an individual's conduct is shaped by their attitudes toward the particular behavior, subjective
norms, and perceived behavioral control (Azjen, 1991). In accordance with Kennedy's research
theory, TPB was utilized as the foundational structure for constructing a predictive model to assess
credit card debt among college students. It revealed a positive correlation between attitudes
towards credit card usage and the magnitude of credit card debt. At the same time, financial literacy
failed to demonstrate a significant predictive capacity for intention to employ credit cards.
(Kennedy, 2013).
In contrary to the theory by Rai et al., 2019, aligned with the title Association of Financial
Attitude, Financial Behaviour and Financial Knowledge Towards Financial Literacy, it refers to
the statement that students' positive attitude towards finance and money can affect their behavior
to achieve financial literacy and enhance financial knowledge. Financial knowledge and decision-
making skills help people make informed financial decisions through problem-solving, critical
thinking, and understanding key financial facts and concepts.
Therefore, it becomes apparent that attitudes toward financial matters are crucial in shaping
financial behavior and decisions. While financial literacy remains essential, one's disposition
toward financial matters often steers one's actions. This implies that educational efforts should
focus on increasing financial knowledge and nurturing positive financial attitudes to promote
responsible financial behavior and enhance financial literacy.
Conceptual Framework
Profile of the Financial Literacy

Assessment in terms of:
respondents
• Budgeting
• Financial
• Gender • Investment
Knowledge
• Academic • Debt
• Financial Attitude
Program • Saving
• Financial Behavior
• Year Level
Figure 2. Paradigm of the Study
Illustrated above is Figure 1, adopted from the study of Banthia and Dey (2022). Figure 1
reflects the model for examining the relationship of financial knowledge (FK), financial attitude
(FA), and financial behavior (FB) with the financial literacy (FL) level of the CBAA students.
Statement of the Problem
This study aims to analyze the relationship of financial literacy with financial knowledge,
financial attitude, and financial behavior of the College of Business Administration and
Accountancy students at Baliuag University during the School Year 2023-2024.

Specifically, the study intends to answer the following questions:
1. What is the demographic profile of the respondents in terms of:
1.1 Gender,
1.2 Academic Program, and
1.3 Year level?
2. How do the respondents assess their financial knowledge, financial attitude, and financial
behavior?
3. How do the respondents assess their level of financial literacy in terms of:
3.1 Budgeting,
3.2 Investment,
3.3 Debt, and
3.4 Saving?
4. Is there a significant relationship between the financial literacy of the respondents and their
financial knowledge, financial attitude, and financial behavior?
5. Is there a significant difference in the respondents' financial knowledge, financial attitude,
and financial behavior when they are grouped according to their profile?
6. Is there a significant difference in the respondents’ level of financial literacy when they are
grouped according to their profile?

Hypotheses of the Study
H01: There is no significant relationship between the financial literacy of the respondents
and their financial knowledge, financial attitude, and financial behavior.
H02: There is no significant difference in the respondents’ financial knowledge, financial
attitude, and financial behavior when they are grouped according to their profile.
H03: There is no significant difference in the respondents’ financial literacy when they are
grouped according to their profile.
Definition of Terms
The significant terms discussed in this research are operationally defined as the following
for further understanding:
Budgeting. It is the process by which a person controls their spending and savings to reach
a target date and allots a specific sum of money in a budget to cover various costs.
Debt. It refers to something owed, such as money, goods, or services, that must be repaid
within a specified time frame. Debt is an obligation that arises when one party borrows from
another with the promise to repay.
Financial Attitude. It signifies the mental or psychological judgment of an individual in
financial matters. An individual's attitude towards money will affect one's financial literacy level.
Financial Behavior. It refers to how individuals behave concerning their finances, how
they manage their money, make financial decisions, and deal with financial issues and activities
in response to the financial information they obtain.

Financial Knowledge. It combines financial information, attitudes, and behaviors,
essential for addressing financial difficulties and making well-informed judgments.
Financial Literacy. This term refers to having the knowledge, skills, and confidence to
manage personal and enterprise finances. Financial literacy is knowledge of financial concepts and
making informed financial decisions.
Investment. It is the practice of allocating a specific sum of money to a number of assets
with the potential to yield rewards in the years to come.
Saving. It refers to setting aside a portion of one’s income or resources for future use or
emergencies. It involves putting money into a separate account or investment vehicle to preserve
and accumulate funds over time.
Scope and Limitation
This study focused on the relationship of financial knowledge, financial attitude, and
financial behavior on students' financial literacy. The primary source of the data of this study are
the college students of Baliuag University, specifically from the Department of College of
Business Administration and Accountancy enrolled in the Academic Year 2023-2024. The study
is designed to have a careful and complete knowledge of the relationship between financial
knowledge, financial attitude, and financial behavior on the student's financial literacy.
CHAPTER II
METHOD
This chapter presents the research design, the sample and population of the study, the locale
of the study, the research instrument, the validation and reliability testing, the ethical
considerations, the data-gathering procedure, and the statistical treatment used in this study.
Research Design
This study used a quantitative design method. Quantitative research design is more
efficient, can be applied in less time than qualitative methods, and is simple to compare results.
The quantitative research method is a formal, objective, systematic procedure that uses numerical
data to gather information about variables. It is used to explain and investigate relationships
between variables. Quantitative research design is a process of inquiry examining and identifying
problems based on testing theory measured by numbers and analyzed with statistical techniques.
A descriptive research design has been adopted for the present study. Gay (1987) asserts
that a descriptive survey is an effort to gather information from population members who are
relevant to different variables, and Babble (1990) recommends the descriptive design to
extrapolate from a sample to the population to conclude the traits, qualities, or behavior of the
people.
The researchers decided to use a correlational research design for the study to determine if
there is a significant relationship between financial knowledge, financial attitude, financial
behavior, and financial literacy. The correlational design aims to determine if there are relationship
in the attribute of a population depending on which topic have been displayed to an event of interest
in the research. The researcher defines a set of variables that includes a result of interest and then
examines for theorized relations among these variables. The result is known as the dependent
variable, and the variables being examined for relation are the independent variables.
Research Locale
The study was conducted at the College of Business Administration and Accountancy of
Baliuag University located in Baliwag City, Bulacan. Baliuag University was the first school that
was granted full autonomy in Central Luzon by the Commission on Higher Education.
Furthermore, the researchers chose Baliuag University under the CBAA Department as the
research locale because the department is comprised of students who are applicable and suited to
be the respondents of this study.
Respondents of the Study and Sampling Procedure
Academic Program & Total No. of Total No. of

Yr. Level Students Respondents
BSA 1 33 20
BSA 2 23 14
BSA 3 67 41
BSA 4 57 35
BSBA-MM 1 11 7
BSBA-MM 2 13 8
BSBA-MM 3 22 13
BSBA-FM 1 2 1
BSBA-FM 2 17 10
BSBA-FM 3 12 7
257 156
Source: CBAA Office
The researchers considered the 156 college students coming from the Department of
College of Business Administration and Accountancy of Baliuag University to be the participants
of the study. The CBAA students are the ideal respondents for this study as they can easily relate
to the conducted study. The researchers decided to use Simple Random Sampling, as the sample
size of College of Business Administration and Accountancy students is needed. Simple random
sampling is used to ensure the reliability of getting the sample size of the population and having
an equal chance to be selected as respondents for the study. The roulette wheel is used as a
technique in selecting random respondents from the participants.
The simple random sampling was achieved with the help of Slovin’s Formula. That
resulted in getting the sample size of 257 CBAA students except for the three researchers. With a
total of 257 students, the sample size that represents the population is 156 students.
Research Instrument
The survey questionnaire utilized the adapted tool to analyze the relationship of financial
literacy with financial knowledge, financial attitude, and financial behavior. These questionnaires
are adapted from the study entitled “Impact of Financial Knowledge, Financial Attitude and
Financial Behaviour on Financial Literacy: Structural Equitation Modeling Approach” (Banthia &
Dey, 2022) and “Financial Literacy Levels among Saudi Citizens across Budgeting, Saving,
Investment, Debt, and Insurance Dimensions” (Rahahleh, 2022). The researchers modified survey
questionnaires for the key to achieving the data needed. The researchers modified the survey
questionnaires with the help and guidance of the validators because some of the statements were
not relevant to the study. The questionnaire is divided into five parts: the respondents' profile,
assessment of financial knowledge, financial attitude, financial behavior, and financial literacy.
The questionnaire is composed of 46-item questions. These are based on the variables in
the study. To determine the relationship of financial literacy with financial knowledge, financial
attitude, and financial behavior of the College of Business Administration and Accountancy
students, they were tasked to analyze and check the question using a Likert scale form in which
the respondents chose among the following: Strongly Agree (SA), Agree (A), Disagree (D), and
Strongly Disagree (DA). The scoring of the Likert Scale is 4 to 1 for the favorable statements: 4
for Strongly Agree, 3 for Agree, 2 for Disagree, and 1 for Strongly Disagree.
Data Gathering Procedure
The researchers prepared a permission letter to be approved by the college dean of the
College of Business Administration and Accountancy Department at Baliuag University, stating
the permission to conduct the research study and use CBAA students as the study participants.
Once granted, the researchers started the distribution of the questionnaires to the chosen
respondents. The researchers made sure that the study's topic and purpose were explained to ensure
that the participants were informed of the background of the research study. The researchers
discussed and explained the questionnaire's content and told the participants that their identity
would be protected and confidential with the persons involved in the study. The researchers also
ensured that the terms used in the questionnaire were clarified and explained to the participants.
Statistical Treatment of Data
After the data gathering procedures, all the raw data were tabulated, computed, and
interpreted using appropriate statistical tools that included the following:
These are the measures that are used to describe the gathered data from the responses of
the College Faculty wherein it statistically analyzes by means of data:
Frequency and Percentage. It is used to answer the statement of problem number 1 of
this study and to present the demographic profile of the respondents according to their gender,
academic program, and year level.

Weighted Mean. It is used to answer the statement of problem number 2 and 3of this study
and to measure the assessment of financial knowledge, financial attitude, and financial behavior
and level of financial literacy.
Below is the scoring of the Likert Scale for the favorable statements:
Level of Values Limit Index Verbal Interpretation
4 3.26 – 4.00 Strongly Agree
3 2.51 – 3.25 Agree
2 1.76 – 2.50 Disagree
1 1.00 – 1.75 Strongly Disagree
Pearson R Correlation. It is used to determine the direction and strength of the linear
relationship between the dependent and independent variables. This is used to determine the
relationship of financial literacy with financial knowledge, financial attitude, and financial
behavior of the respondents. The Pearson correlation coefficient is used to calculate the correlation
between variables.
Where:
r = a correlation coefficient
xi = values of the x-variable in a sample
x̄ = mean of the values of the x-variable
yi = values of the y-variable in a sample
ȳ = mean of the values of the y-variable

Below is the size of the correlation interpretation among financial knowledge, financial
attitude, and financial behavior when respondents are grouped according to profile.
Size of Correlation Interpretation
+ 1 to + 1.00 Perfect positive correlation
+.71 to 99 Strong positive correlation
+.51 to .70 Moderately positive correlation
+.31 to .50 Weak positive correlation
+.01 to .30 Negligible positive correlation
T-test. It is used to answer the statement of problem number 5 and 6 of this study. This
type of statistical technique is used to measure the significant difference between the means of
each group in the demographic profile of the respondents, namely gender, academic program, and
year level. This was utilized to identify whether there was a significant difference in the
respondents' financial knowledge, financial attitude, and financial behavior when they were
grouped according to their profile.
One-way Analysis of Variance (ANOVA). It was utilized to determine whether there was
any significant difference among the mean of three or more independent (unrelated) groups,
including the assumptions of the test and when this test was used.
Chapter III
RESULTS AND DISCUSSION
This chapter focuses on the presentation, analysis, and interpretation of data. The data were
tallied, tabulated, and now presented in a sequence following the statement of the problem. This
chapter is followed by a discussion and interpretation of the results of several statistical tests or
techniques necessary to validate the hypotheses stated in the previous chapter.
Table 1
Frequency and Percentage Distribution of the Respondents in terms of Sex
Gender Frequency Percentage (%)
Male 107 63.7
Female 61 36.3
Total 168 100.0
Table 1 presents the frequency and percentage of the respondents in terms of sex. It shows
that 63.7% of the respondents, or 107 students, are male, while 36.3%, or 61 students, are female.
Table 2
Frequency and Percentage Distribution of the Respondents in terms of Academic Program
Academic Program Frequency Percentage (%)
BSA 115 68.5
BSBA - FM 20 11.9
BSBA - MM 33 19.6
Total 168 100.0

Table 2 shows the frequency and percentage distribution of the respondents in terms of
academic program: Bachelor of Science in Accountancy, Bachelor of Science in Business
Administration in Financial Management, and Bachelor of Science in Business Administration
Major in Marketing Management. It shows that 68.5%, or 115 respondents, have a Bachelor of
Science in Accountancy. In comparison, 19.6% or 33 students have a Bachelor of Science in
Business Administration Major in Financial Management, and 33% or 20 students have a Bachelor
of Science in Business Administration Major in Marketing Management, with 168 or 100% of
total respondents.
Table 3
Frequency and Percentage Distribution of the Respondents in term of Year Level
Year Level Frequency Percentage (%)
1st Year 29 17.3
2nd Year 31 18.5
3rd Year 69 41.1
4th Year 39 23.2
Total 168 100.0
Table 3 shows the frequency and percentage distribution of the respondents in terms of
year level: first year, second year, third year, and fourth year. It shows that 41.1%, or 69, of the
respondents are 3rd year students, 23.2%, or 39, are the 4th year students, 18.5%, or 100%, are
the 2nd year students, and 17.3%, or 29, are the 1st year students.
Table 4
Weighted Mean and Verbal Interpretation of the Respondents towards their Financial
Knowledge
Weighted Verbal
Statement Rank
Mean Interpretation
I am quite confident with basic numerical 2.86 Agree 6

calculations without any mistakes
I am quite sure about the calculation of simple 2.99 Agree 3

interest
I know the calculation of amount in case of 2.79 Agree 7

compound interest
I have the knowledge about the high level of risk 2.90 Agree 5
with high return
I know that high inflation leads to increase the 3.30 Strongly Agree 2
cost of living
I know that the value of money changes with 3.43 Strongly Agree 1
time
I am quite confident of using various electronic 2.96 Agree 4

transactions
Grand Weighted Average 3.03 Agree

Legend: “Strongly Disagree (1.00 – 1.75)”, “Disagree (1.76 – 2.50)”, “Agree (2.51 –3.25)”,
“Strongly Agree (3.26– 4.00)”
As presented in Table 4, two items were rated as “Strongly Agree,” and the highest
weighted mean of 3.43 was “I know that the value of money changes with time.” The one that got
the lowest weighted mean of 2.79 was “I know the calculation of amount in case of compound
interest.” The Financial Knowledge overall rating was 3.03. It means that the assessment of the
respondents Agree when it comes to Financial Knowledge. Furthermore, the results align with
other research Sahid (2021) conducted, reinforcing the effectiveness of formal financial education.
Young people are becoming more financially literate, and financial knowledge has twice as much
an impact on financial literacy as other educational programs that aim to raise student achievement.
This success is attributed to the systematic and organized approach of formal financial education,
which uses objective curricular statistics to raise student financial literacy.
Table 5
Weighted Mean and Verbal Interpretation of the Respondents towards their Financial Attitude
Weighted Verbal
Statement Rank
Mean Interpretation
I always stay informed about financial planning 3.05 Agree 2
I have the knowledge of personal financial 3.09 Agree 1

awareness
I have the knowledge of different financial 2.90 Agree 4

products
I stay informed about different investment avenues 2.70 Agree 6
I always stay informed about stock market 2.54 Agree 7

activities
I am confident about managing my financial 2.98 Agree 3

matters
I clearly understand the role of agents in investing 2.76 Agree 5
Table 5 shows the respondents' weighted mean and verbal interpretation towards their
financial attitude; all items were rated as "Agree," and the highest weighted mean of 3.09 was “I
have the knowledge of personal financial awareness." The one that got the lowest weighted mean of
2.54 was "I always stay informed about stock market activities." The Financial Attitude overall
rating was 2.86. It means that the respondents' assessment Agrees regarding Financial Attitude. In
line with this result, the findings of Wutun et al. (2023) show that financial attitude includes all
individual's financial behaviors and decisions. In contrast, financial attitude relates to an
individual's thoughts, feelings, and attitudes around money. Both factors have various beneficial
effects, and comprehending their current relationship can provide information about a person's
financial state.
Table 6
Weighted Mean and Verbal Interpretation of the Respondents towards their Financial Behavior
Weighted Verbal
Statement Rank
Mean Interpretation
My financial condition can meet all my financial 2.78 Agree 6

needs only
I spend money than to save it for the long term 2.52 Agree 7
I believe in paying my bills on time 3.35 Strongly Agree 1
My financial condition restricts me to do some 2.89 Agree 4

important things in my life
I keep a close watch on my financial affairs 3.07 Agree 3
I have the habits of keeping the records of all of 2.88 Agree 5

my financial activities
I have the tendency to analyze my affordability 3.21 Agree 2

before buying

Table 6 presents the respondents' weighted mean and verbal interpretation of their financial
behavior; one item was rated as "Strongly Agree," and the highest weighted mean of 3.35 was "I
believe in paying my bills on time." The one with the lowest weighted mean of 2.52 was "I spend
money than to save it for the long term." The Financial Behavior overall rating was 2.96. It means
that the assessment of the respondents Agree when it comes to Financial Behavior.
This finding is in line with previous studies, such as by Susan (2018), Paskelian et al.
(2019), and Zulaihati, Susanti, & Widyastuti (2020). This is related to a finding that respondents'
financial behavior is strongly influenced by their financial literacy, with those who possess a solid
grasp of financial concepts generally acting more prudently when saving for the future. Positive
financial behaviors are also associated with high financial literacy among the respondents. Some
examples of these behaviors include comparing prices before making a purchase, creating a budget
to reach financial objectives, and setting long- and short-term financial plans.
Table 7
Weighted Mean and Verbal Interpretation of the Respondents’ Financial Literacy Towards their
Budgeting
Weighted Verbal
Statement Rank
Mean Interpretation
An increase in the price of goods will reduce your 3.24 Agree 1

buying power
A balance sheet shows your financial status 3.09 Agree 2
Older people with a fixed pension will suffer the 2.92 Agree 3
most from high inflation
One cannot spend more than 20% of monthly 2.88 Agree 4

income on installments

Table 7 shows the weighted mean and verbal interpretation of the respondents towards
their budgeting, all items were rated as “Agree” and the highest weighted mean of 3.24 which
ranked first was “An increase in the price of goods will reduce your buying power.” The one that
got the lowest weighted mean of 2.88 which ranked last was “One cannot spend more than 20%
of monthly income on installments”. The Budgeting overall rating was 3.03. It means that the
respondents' assessment Agrees when it comes to Budgeting. This finding is in line with previous
studies, such as by Kamel & Sahid (2021) positive financial behavior is also associated with high
financial literacy among respondents; instances involve budgeting to meet financial goals and
comparing prices while making purchase objectives, including immediate and long-term financial
planning.
Table 8
Weighted Mean and Verbal Interpretation of the Respondents’ Financial Literacy towards their
Investment
Weighted Verbal
Statement Rank
Mean Interpretation
Stocks are, in general, riskier than bonds 3.03 Agree 2
By buying a bond from company X, you do not own 2.77 Agree 7

part of company X
The value of money can double after ten years 2.82 Agree 6
By buying a stock from company X, you have not 2.71 Agree 8

lent money to company X
The interest rate on Philippines treasury bonds is 2.86 Agree 4

lower than the interest rate on most savings accounts
If the interest rate rises, bond prices will decrease 2.77 Agree 7
On the 16 of August 2023, Apple was not the 2.68 Agree 9

world’s most valuable company
On the 16 of August 2023, Google was the world’s 2.87 Agree 3

most valuable company
Not all types of investments are profitable 3.23 Agree 1
Investments with high returns are not likely to 2.83 Agree 5

involve a relatively low risk
Grand Weighted Mean 2.86 Agree

Table 8 shows the respondents' weighted mean and verbal interpretation of their
investment; all items were rated as “Agree,” and the highest weighted mean of 3.23 which ranked
first among ten statements was “Not all types of investments are profitable.” The one with the
lowest weighted mean of 2.68 was “On the 16 of August 2023, Apple was not the world’s most
valuable company.” The Investment overall rating was 2.86 It means that the respondents'
assessment Agrees when it comes to Investment. This finding aligns with a previous study by
Nugraha et al. (2022), which concluded that the financial literacy variable significantly influences
investment decisions. This study stated that financial literacy equips people with the knowledge
and abilities needed to confidently achieve long-term financial objectives, manage risks, and make
wise investment decisions.
Table 9
Debt
Statement Weighted Verbal

Rank
Mean Interpretation
The longer a loan is due, the greater the cost of 3.13 Agree 1
financing it
Owning a credit card will increase your 3.01 Agree 2

purchasing power in the short run
Using a credit card to get cash is not free of 2.98 Agree 3

charge
Credit cards are free to acquire 2.58 Agree 6
Online credit card purchases are in principle 2.76 Agree 4

always insured
Buying goods on credit will reduce your 2.70 Agree 5

purchasing power in the future

Table 9 shows the respondents’ weighted mean and verbal interpretation towards their
debt; all items were rated as “Agree,” and the highest weighted mean of 3.13 was “The longer a
loan is due, the greater the cost of financing it.” The one that got the lowest weighted mean of 2.58
was “Credit cards are free to acquire.” The Debt overall rating was 2.86 It means that the
respondents’ assessment Agree when it comes to Debt. This finding aligns with a previous study
by Averstei and Gallo (2021); studies show that lower debt levels and a lower risk of being too
indebted are linked to higher levels of financial literacy. It should be remembered, nonetheless,
that in their study, they performed a self-reported measure of excessive debt, whereas the research
listed above considers objective measures of excessive debt based on either debt-servicing ratios
or arrears indicators.
Table 10
Saving
Weighted Verbal
Statement Rank
Mean Interpretation
Savings are not extra income after deducted 2.87 Agree 5

expenses
It is wise to save a part of your income for 3.54 Strongly Agree 1

emergencies
The value of money will affect the future value 3.29 Strongly Agree 2
of savings
It is wise to invest your savings in stocks or 3.03 Agree 3

bonds
Every savings account in the bank is protected 2.95 Agree 4

Table 10 presents the respondents' weighted mean and verbal interpretation towards their
saving; two items were rated as "Strongly Agree," and the highest weighted mean of 3.54 was "It
is wise to save a part of your income for emergencies." The one that got the lowest weighted mean
of 2.87 was "Savings are not extra income after deducted expenses." The Saving overall rating was
3.14 It means that the respondents' assessment Agrees when it comes to Saving. In a study by
Widjaja et al. (2020), a study on high school pupils demonstrated that financial literacy improves
the intention to save. People with financial literacy—that is, the skills and knowledge necessary to
handle their finances—will be able to better financial use. A portion of the earnings will be set
aside for unforeseen expenses.
Table 11
Pearson R Correlation: Significant Relationship Between the Financial Literacy of the
Respondents and Their Financial Knowledge, Financial Attitude, and Financial Behavior
Financial Literacy Correlation Coefficient p-value Decision Remarks
Financial Knowledge .561 .000 Reject Ho Significant
Financial Attitude .602 .000 Reject Ho Significant
Financial Behavior .599 .000 Reject Ho Significant
Note: “If p-value is less than or equal to the level of significance (0.05) reject Ho, otherwise
failed to reject Ho.”
Table 11 displays the results of the Pearson Correlation Coefficient between the financial
literacy of the respondents and their financial knowledge, financial attitude, and financial behavior.
The measurement of the correlation coefficient of the variables which is financial literacy towards
financial knowledge (0.561), financial attitude (0.601), and financial behavior (0.599) is
interpreted as a moderately positive correlation. The computed p-value is less than the
predetermined significance level of 0.05. Therefore, we reject the null hypothesis (H0) and
conclude that there is a significant relationship between the Financial Literacy of the respondents
and their Financial Knowledge, Financial Attitude, and Financial Behavior. In line with this, a
study by Johan et al. 2021, financial literacy is understanding and comprehending things that help
people make financial decisions. Financial behavior can also be affected by one's attitude toward
money. They must consider financial literacy, attitudes, knowledge, and how they develop their
financial skills.
Table 12
Independent Sample t-Test (Sex)
Indicators t value p-value Decision Remarks
Financial Knowledge -0.791 0.430 Retain Ho Not Significant
Financial Attitude -0.588 0.557 Retain Ho Not Significant
Financial Behavior -1.078 0.282 Retain Ho Not Significant
Table 12 displays the result of the Independent Sample t-test used to compare the financial
knowledge, financial attitude, and financial behavior of the respondents when they are grouped
according to their sex, male and female. Based on the data, with a p-value of (0.430) financial
knowledge, (0.557) financial attitude, and (0.282) financial behavior shows no significant
difference when it comes to male and female respondents. The computed p-value is higher than
the predetermined significance level of 0.05. Therefore, we retained the null hypothesis (H0) and
concluded that there are no significant differences in the respondents’ Financial Knowledge,
Financial Attitude, and Financial Behavior when they are grouped according to their sex.
A study by Bannier et al. M., 2018, aims to provide insights into the impact of financial
literacy and confidence on wealth accumulation, considering relevant moderators such as gender
and education. The study focuses on the gender gap in financial literacy and its impact on financial
wealth. The study addresses the endogeneity issues that previous studies have faced using a novel
identification procedure based on heteroscedasticity-generated instruments.
Table 13
One-Way Analysis of Variance (Academic Program)
Indicators f value p value Decision Remarks
Financial Knowledge 1.218 0.298 Retain Ho Not Significant
Financial Attitude 0.086 0.918 Retain Ho Not Significant
Financial Behavior 2.116 0.124 Retain Ho Not Significant
Table 13 presents the result of the One-Way Analysis of Variance used to compare the
financial knowledge, financial attitude, and financial behavior of the respondents when they are
grouped according to their academic program. Based on the data, with a p-value of (0.298)
financial knowledge, (0.918) financial attitude, and (0.124) financial behavior shows no significant
difference when it comes to the academic programs of the respondents; BSA, BSBA-MM, and
BSBA-FM. The computed p-value is higher than the predetermined significance level of 0.05.
Therefore, we retained the null hypothesis (H0) and concluded that there are no significant
differences in the respondents’ Financial Knowledge, Financial Attitude, and Financial Behavior
when they are grouped according to their academic program.

A study by Lalosa, A. A. 2020, the study's findings reveals that a considerable number of
respondents have inadequate financial literacy knowledge, and both academic ability and parental
guidance strongly influence students' financial literacy. Conducting financial literacy seminars and
training for faculty members to enhance their knowledge and competence in finance and
investment.
Table 14
One–Way Analysis of Variance (Year Level)
Indicators f value p-value Decision Remarks
Financial Knowledge 0.580 0.629 Retain Ho Not Significant
Financial Attitude 1.398 0.245 Retain Ho Not Significant
Financial Behavior 1.849 0.140 Retain Ho Not Significant
financial knowledge, financial attitude, and financial behavior of the respondents when they are
grouped according to their year level. Based on the data, with a p-value of (0.629) financial
knowledge, (0.245) financial attitude, and (0.140) financial behavior shows no significant
difference when it comes to the profile of the respondents in terms of year level, 1st year, 2nd year,
3rd year, and 4th year. The computed p-value is higher than the predetermined significance level
of 0.05. Therefore, we retained the null hypothesis (H0) and concluded that there are no significant
differences in the respondents’ Financial Knowledge, Financial Attitude, and Financial Behavior
when they are grouped according to their year level.

In a study by Morris et al. V., 2022. The study aims to understand the factors linked to poor
financial behavior and to provide insights for improving financial education and developing
strategies to achieve specific financial goals. Overall, the study highlighted the importance of
financial confidence in influencing financial behavior and the role of learning capacity and
financial knowledge in shaping financial confidence.
Table 15
Independent Sample t – Test (Sex)
Indicators t value p-value Decision Remarks
Budgeting -0.558 0.577 Retain Ho Not Significant
Investment 0.612 0.541 Retain Ho Not Significant
Debt 1.006 0.316 Retain Ho Not Significant
Saving -1.166 0.245 Retain Ho Not Significant
Table 15 displays the result of the Independent Sample t-test used to compare the
respondents’ level of financial literacy (budgeting, investment, debt, and saving) when they are
grouped according to their sex, male and female. Based on the data, the four pillars of financial
literacy with a p-value of (0.577) budgeting, (0.541) investment, (0.316) debt, and (0.245) saving
show no significant difference when it comes to male and female respondents. The computed p-
value is higher than the predetermined significance level of 0.05. Therefore, we retained the null
hypothesis (H0) and concluded that there are no significant differences in the respondents’ level
of financial literacy (budgeting, investment, debt, and saving) when they are grouped according to
their sex.
A study conducted by Phung et al., 2023 examined the relationship between learning
motivation and financial literacy among students in Vietnam. The study aims to understand how
different components of encouragement, such as self-efficacy and learning value, influence
students' financial literacy. The study explores the impact of student characteristics, such as gender
and study major, on the motivation-financial literacy link. The research also highlights the need
for future studies to consider the interaction between motivation and extra study opportunities to
improve academic performance and the quality of financial literacy.
Table 16
One–Way Analysis of Variance (Academic Program)
Budgeting 0.212 0.809 Retain Ho Not Significant
Saving 0.251 0.778 Retain Ho Not Significant
grouped according to their academic program. Based on the data, the four pillars of financial
literacy with a p-value of (0.809) budgeting, (0.316) investment, (0.817) debt, and (0.778) saving
show no significant difference when it comes to the academic programs of the respondents; BSA,
BSBA-MM, and BSBA-FM. The computed p-value is higher than the predetermined significance
level of 0.05. Therefore, we retained the null hypothesis (H0) and concluded that there are no
significant differences in the respondents’ level of financial literacy (budgeting, investment, debt,
and saving) when they are grouped according to their academic program.
A study by Urban et al. A. 2020 focuses on the effects of financial education programs on
the credit behaviors of young adults. It emphasizes the importance of understanding policy
heterogeneity when estimating the impact of education programs on observational outcomes.
Table 17
One–Way Analysis of Variance (Year Level)
Budgeting 0.031 0.993 Retain Ho Not Significant
Saving 0.429 0.429 Retain Ho Not Significant
grouped according to their year level. Based on the data, the four pillars of financial literacy with
a p-value of (0.993) budgeting, (0.230) investment, (0.125) debt, and (0.429) saving shows no
significant difference when it comes to the profile of the respondents in terms of year level; 1st
year, 2nd year, 3rd year, and 4th year. The computed p-value is higher than the predetermined
significance level of 0.05. Therefore, we retained the null hypothesis (H0) and concluded that there
are no significant differences in the respondents’ level of financial literacy (budgeting, investment,
debt, and saving) when they are grouped according to their year level.
Research conducted by Garg & Singh, 2018 states that being financially literate is essential
in helping an individual achieve financial goals over an extended period. However, many factors
can affect a person or group with a low financial literacy level. Most young people with low
financial literacy are familiar and concerned. Individuals with a high level of financial literacy are
likely inclined to manage their money and finances effectively, and having improved financial
literacy may result in more effective financial decisions.

CHAPTER IV
SUMMARY OF FINDINGS, CONCLUSION, AND RECOMMENDATIONS
This chapter presents the summary of findings, conclusion, and recommendations
following the statement of the problem posed in this study.
Summary of Findings
The main objective of this study is to determine the relationship of financial literacy with
financial knowledge, financial attitude, and financial behavior among College of Business
Administration and Accountancy students at Baliuag University during the School Year 2023-
2024. This study used a quantitative research design as it is formal, objective, and more efficient
and straightforward to gather information and compare results. Simple random sampling was used
to get the sample size of the College of Business Administration and Accountancy students. The
roulette wheel was used to select random respondents from the participants.
Based on the collected data, the total respondents of this study are 168 College of Business
Administration and Accountancy students, with 107 representing males and 61 females. From the
data presented in the financial knowledge of respondents, it is concluded that the respondents
strongly agree that the value of money changes with time, with a weighted mean of 3.43. On the
other hand, respondents agree that they are quite confident with basic numerical calculations
without any mistakes and know how to calculate the amount in case of compound interest, which
got the lowest weighted mean of 2.86 and 2.79. The data presented in the financial attitude of
respondents showed that with the highest weighted mean of 3.09, the respondents agree that they
have the knowledge of personal financial awareness; however, with the lowest weighted mean of
2.54, the respondents agree that they always stay informed about stock market activities. With the
highest weighted mean of 3.35 in the assessment of the financial behavior of the respondents, the
respondents strongly agree that they believe in paying bills on time; however, with the lowest
weighted mean of 2.52, the respondents agree that they spend money than to save it for long term.
The assessment of the respondents' financial literacy towards their budgeting showed that
respondents agree that an increase in the price of goods will reduce their buying power. This
statement got the highest weighted mean of 3.24 and ranked first, while the statement that got the
lowest weighted mean of 2.88 stated that the respondents agree one cannot spend more than 20%
of monthly income on installments. In addition to this interpretation of the result, the assessment
of the respondents' financial literacy towards their investment presented that the respondents agree
that not all types of investments are profitable; this statement got the highest weighted mean of
3.23 and ranked 1, while the statement that got the lowest rank of 10 and weighted mean of 2.68
indicated that the respondents agree that on the 16 of August 2023, Apple was not the world's most
valuable company. Based on the data collected in the assessment of respondents' financial literacy
towards debt, all items were rated as "Agree." The highest weighted mean of 3.13 indicated that
the respondents agree that the longer a loan is due, the greater the cost of financing it; however,
with the lowest weighted mean of 2.58, the respondents agree that credit cards are free to acquire.
Furthermore, the assessment of the respondents in their financial literacy towards saving
showed two statements that got the highest weighted mean of 3.54 and 3.29. The respondents
strongly agree that it is wise to save a part of their income for emergencies, and they strongly agree
that the value of money will affect the future value of savings. However, the statement that got the
lowest weighted mean of 2.87 indicated that respondents agree that savings are not extra income
after deducted expenses.
It is concluded that respondents agree with the statements given on the assessment of
financial knowledge, financial attitude, and financial behavior, showing a grand weighted average
of (3.03) financial knowledge, (2.86) financial attitude, and (2.96) financial behavior. On the other
hand, findings also showed that respondents agreed with the statements given on the assessment
on their level of financial literacy using the four pillars: budgeting, investment, debt, and savings,
having an overall rating of (3.03) budgeting (2.86) investment and debt, and (3.14) saving which
interpreted as agree.
Moreover, Pearson r correlation was used to determine the between the financial literacy of
the respondents and their financial knowledge, financial attitude, and financial behavior. The result
of the study showed that there is a significant relationship between the respondents' financial
literacy and their financial knowledge, financial attitude, and financial behavior. In addition, a
moderately positive correlation was found to exist between financial literacy, financial knowledge,
financial attitude, and financial behavior. For this evidence, the null hypothesis was rejected.
An independent sample t-test was conducted to compare the financial knowledge, financial
attitude, and financial behavior of males and females. The result showed that there are no
significant differences between males and females. Therefore, the null hypothesis was accepted.
On the other hand, a one-way analysis of variance was used to compare the financial knowledge,
financial attitude, and financial behavior of the respondents when they were grouped according to
their academic program and year level. It was found that there are no significant differences in
their financial knowledge, financial attitude, and financial behavior when it comes to their
academic program and year level. For this result, the null hypothesis was accepted. These findings
showed that students' financial knowledge, financial attitude, and financial behavior are unaffected
by their demographic profiles.
Furthermore, to determine if there are significant differences in the respondents' level of
financial literacy when they are grouped according to their demographic profile, an independent
sample t-test and one-way analysis of variance were used as a statistical treatment for the data
gathered. The result showed that the respondents' demographic profile, in terms of sex, academic
program, and year level, did not affect their level of financial literacy. Based on the findings, the
four pillars of financial literacy, budgeting, investment, debt, and saving, show no significant
differences when the respondents are grouped according to their sex, academic program, and year
level. Therefore, the null hypothesis was accepted.
Conclusion
This study aimed to explore the relationship between financial literacy and financial
knowledge, attitude, and behavior among students in the College of Business Administration and
Accountancy at Baliuag University. This study utilized a quantitative research design; the study
sampled 168 students through simple random sampling. The findings indicate that respondents
generally agree with statements related to financial knowledge, attitude, and behavior, with
varying levels of agreement on specific aspects.
Regarding financial knowledge, respondents strongly agreed that the value of money changes
with time but needed more confidence in their abilities regarding numerical and compound interest
calculations. Regarding financial attitude, respondents felt knowledgeable about personal financial
awareness but were less likely to stay informed about stock market activities. Financial behavior
findings showed a strong inclination towards paying bills on time but a tendency to spend rather
than save for the long term.
Assessing financial literacy across budgeting, investment, debt, and savings, respondents
generally agreed with statements indicating an understanding of the impact of price increases on
buying power, the profitability of investments, and the cost of financing loans over time. However,
some things could be improved, such as believing that credit cards are free to acquire or that a
certain percentage of monthly income cannot be spent on installments.
Furthermore, statistical analyses, including Pearson r correlation, independent sample t-test,
and one-way analysis of variance, were conducted to explore relationships between financial
literacy, demographic profiles, financial knowledge, attitude, and behavior. The study found a
significant relationship between financial literacy and financial knowledge, attitude, and behavior,
with no significant differences based on demographic profiles.
Overall, the study's findings suggest a positive relationship between financial literacy and
financial knowledge, attitude, and behavior among College of Business Administration and
Accountancy students. The Pearson r correlation analysis supports this relationship, highlighting
the importance of financial literacy education in improving financial decision-making among
students. Future research could explore interventions to enhance financial literacy among students
and assess their impact on financial behavior.
In conclusion, this study underscores the importance of financial literacy education among
college students and provides a foundation for future research in this area. By addressing gaps in
knowledge, attitude, and behavior, educators can empower students to make informed financial
decisions and secure their financial futures.
Recommendations
The following recommendations are hereby offered based on the abovementioned findings and
conclusions.
1. A larger sample size or a more diverse population could reveal more variations in financial
literacy.
2. The need to conduct webinars and seminars with topics about basic numerical calculations
and compound interest to give more expansive knowledge to the students. Seminars can
empower business students to take charge of their financial future.
3. To improve CBAA students' financial literacy, integrate financial concepts into existing
business courses in accordance with accounting, financial, marketing, and other business
programs. Thus, real-world projects and guest speakers can enhance learning and promote
practical financial decision-making. This streamlines financial literacy without a dedicated
course.
4. Incorporate financial literacy seminars into the school curriculum from an early stage,
starting as early as middle or high school. This ensures that students are exposed to
fundamental financial concepts and skills at a formative stage in their academic journey,
laying a solid foundation for future financial decision-making.
5. Future research could delve deeper into each area to identify specific knowledge gaps or
behavioral patterns. Qualitative research methods like interviews or focus groups could
provide richer insights into students' financial knowledge, financial attitudes, and financial
behavior.
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RELATIONSHIP OF FINANCIAL KNOWLEDGE, FINANCIAL ATTITUDE, AND

FINANCIAL BEHAVIOR TO FINANCIAL LITERACY OF THE CBAA STUDENTS

The Problem and Its Background

oriented in managing their finances.

these young people will be financially literate.

knowledge and attitude.

Being financially literate is essential in helping an individual achieve financial goals in an

effective financial decisions (Garg & Singh, 2018).

Financial literacy is a combination of skills and knowledge of an individual on financial

decisions even at unpredicted moments.

Business Administration and Accountancy students at Baliuag University.

Significance of the Study

The result of this study will benefit the following:

a family and as individuals.

financially literate individuals.

helpful as a future reference for more studies in the future.

Review of Related Literature and Studies

Financial Knowledge. The study focuses on measuring the financial capability of

practices, such as early budgeting and saving (Johan, I. 2021).

College of Business Management and Accountancy. It aims to determine the extent of

components of encouragement, such as self-efficacy and learning value, influence students'

identification procedure based on heteroscedasticity-generated instruments. The researchers also

and education (Bannier et al.; M., 2018).

financial education on financial literacy. It recommended further exploration of the differing

(Rothwell et al.; S., 2019).

knowledge in shaping financial confidence (Morris et al.; V., 2022).

behaviors (Kim et al., 2018).

seriousness of financial difficulties. As a result, an individual's attitude about money also

finances, creating budgets, and making individual decisions (Sorongan, 2022).

mindset that cannot support responsible financial behavior (Chaulagain, 2021).

for future financial needs (Khalisharani et al., 2022).

future (Sari & Yuliani, 2021).

Financial Behavior. Financial behavior is defined as conduct related to financial

particularly in light of the contemporary E-Commerce business (Wong et al., 2022).

Financial behavior is closely linked to financial performance management because

financial management requires behavior that encourages financial management activities.

influenced by economic behavior, a person's attitude toward finance, or financial attitude. A

to life, particularly equipment for living life (Kartawinata et al., 2021).

financial well-being (Alshebami & Aldhyani, 2022).

in Finance Investment Management, and Budgeting. As well as to investigate the influence of

Childhood consumer experience is financial data obtained secretly through socialization

well-being of the students (Herdjiono et al., 2023).

students in Lebanon (Maalouf et al., 2023).

independently (Kamel & Sahid, 2021).

statistical approaches. According to the survey, financial conduct is significantly influenced by

significantly influence financial behavior among graduate students in Indonesia. However,

peers to ensure a better future (Renaldo et al., 2021).

Financial Literacy. Financial literacy is an aspect of economic literacy that, in this

practice-related education on financial literacy (Hammer & Zurek, 2022).

Financial literacy is a positive mindset toward making choices based on financial

circumstances (Banthia & Dey, 2022).

retirement savings. Furthermore, oversee retirement investment management. Positive savings

successful personal financial management. Financial literacy is considered a skill in reading,

economy's events (Angela & Pamungkas, 2022).

of financial well-being (Sabri et al., 2023).

being of the students, communities, and the nation (Crawford, S. 2018).

maintain financial literacy throughout their lives (Rahahleh, 2022).

financial literacy as an individual's understanding of financial instruments, such as their

understanding of investments, insurance, savings, and other financial products. To achieve

literacy has little bearing on those decisions (Arianti, 2018).