3 de Guia Et Al

MONEY MANAGEMENT USING CASH-BASED PAYMENTS IN
COMPARISON TO CASHLESS TRANSACTIONS OF SENIOR HIGH SCHOOL

STUDENTS AT TOMAS DEL ROSARIO COLLEGE
A Thesis Proposal Presented to the

Faculty of Senior High School
Tomas del Rosario College
Balanga City, Bataan
In Partial Fulfillment to the

Subject Requirements
In Practical Research II
12 ABM – Carnegie
S.Y. 2022-2023
The Researchers
De Guia, Francine Nicole S.

Pizarro, Sophia Carmela S.
Roxas, Kian Nil Adrienne A.
Tuazon, Jillian Leigh P.
Feliciano, Leah Mary C.
Cortez, Earl Sonny C.
January 4, 2023
i
Republic of the Philippines
Tomas Del Rosario College
Capitol Drive, San Jose, Balanga City, Bataan
RECOMMENDATION
This
X Thesis
Research Project
Feasibility Study
Entitled: MONEY MANAGEMENT USING CASH-BASED PAYMENTS IN
STUDENTS AT TOMAS DEL ROSARIO COLLEGE prepared and submitted by
Francine Nicole S. De Guia, Sophia Carmela S. Pizarro, Kian Nil Adrienne A.
Roxas, Jillian Leigh P. Tuazon, Leah Mary C. Feliciano, and Earl Sonny C. Cortez
in partial fulfillment of the Practical Research II Subject in Grade 12 ABM - Carnegie
A.Y. 2022- 2023 has been examined and found satisfactory and is hereby recommended
for oral examination.
ROSSEL GILLE B. GARCIA, MAEd

Thesis Instructor
January 4, 2023
ii
APPROVAL SHEET
In partial fulfillment of the subject requirement for Practical Research II Subject
in Grade 12 ABM - Carnegie A.Y. 2022-2023, this
thesis entitled: MONEY
MANAGEMENT USING CASH-BASED PAYMENTS IN COMPARISON TO
CASHLESS TRANSACTIONS OF SENIOR HIGH SCHOOL STUDENTS AT
TOMAS DEL ROSARIO COLLEGE has been prepared and submitted by Francine
Nicole S. De Guia, Sophia Carmela S. Pizarro, Kian Nil Adrienne A. Roxas, Jillian
Leigh P. Tuazon, Leah Mary C. Feliciano, and Earl Sonny C. Cortez is hereby
recommended for oral examination.
Approved in partial fulfillment of the subject requirement for Practical Research
II Subject in Grade 12 ABM - Carnegie A.Y. 2022-2023 by the committee on Oral
Examination.
_________________ ___________________
Jessica Carlon Romalyn P. Masamoc
___________________
Johanna Faith P. Oira
_________________________________ ____________________________
MS. ROSSEL GILLE B. GARCIA, MAEd MR. VICENTE B. LINTAG, ED.D.
Research Instructor Secondary Department Principal
January 4, 2023
iii
January 4, 2023
iv
ACKNOWLEDGEMENT
Without the involvement and cooperation of a significant number of people, some
of whose identities may not be listed, this research would not have been able to be
completed. We truly appreciate and gladly acknowledge their contributions. However, the
researchers would like to extend their sincere gratitude to the following people in
particular:
First and foremost, praise and thanks to God, the Almighty, for providing us with
unwavering direction, encouragement, and strength both before we started our study and
now that it has been a success. May this undertaking bring greater glory to your name.
Ms. Rossel Gille B. Garcia, the researchers’ research advisor, for providing the
chance to perform this study, her advice and continuous scrutiny, and the information
needed to finish this endeavor. Her devotion, vision, and kind remarks have greatly
motivated the researchers to put in their best effort in carrying out this study. Working
and studying under her guidance was a real honor and privilege.
For assessing and validating the questionnaires made by the researchers, we
would like to extend our profound gratitude to Mr. Mac Dioren S. Salazar, Ms. Johanna
Faith P. Oira, and Mrs. Carlota D. Liu. Without their knowledge, recommendations, and
helpful criticisms, the study will not be capable of progressing further.
To our respondents, the Senior High School students of Tomas del Rosario
College, the researchers would like to extend their sincere gratitude for the cooperation
shown by
v
them during the conduct of the study in answering the questionnaires. The study will be
worthless, and we would not be able to gather the data we need if not for the time and
hospitality they gave.
Our fellow researchers, thank you for giving your best efforts in cooperating and
making the research process feasible. This has led us to the completion of a successful
research paper. It has been a pleasure and honor to work with all of you.
To our loved ones, especially our families and friends, for being with us when we
needed them the most. Our growth and development as individuals—not just as students
— have been facilitated by their support, motivation, and camaraderie.
Pizarro, Sophia Carmela S.
Roxas, Kian Nil Adrienne A.
Researchers
vi
DEDICATION
Achieving something is impossible without any dedication. This research study is
sincerely dedicated to everyone who had a part in completing this, especially the beloved
teachers who were welcoming in assisting them in producing the final paper. Without
their continuous support, helpful criticism, generosity, and supportive words, this
research study would not have been possible.
Secondly, the researchers would want to thank their families for their unwavering
support throughout the process. They are the ones who have actually seen the struggles
and obstacles we have encountered. Indeed, we dedicate this to their families' love and
devotion, everlasting support, and encouraging words, which served as our main source
of strength and inspiration over the course of conducting this study.
Also, to our fellow senior high school students, the researchers are dedicating this
to their efforts in providing us with their very own knowledge and opinions in order to
acquire a complete analysis of the study. By simply providing some of their free time to
answer the research questionnaire, they helped us gain a full understanding of the
problem addressed by the study.
To our beloved Research Instructor, Ms. Rossel Gille B. Garcia, for her direct
supervision and instructions from the beginning until the end that led to the
accomplishment of this work. Her constant encouragement and support have greatly
contributed to the completion of this humble work.
vi
i
Most importantly, this study is entirely offered to God Almighty, our Creator. He
has been our source of power throughout this process and without his guidance, love,
security, and blessings, this thesis would not have had any purpose. Words cannot
express how grateful we are and how we deeply appreciate you.
With this study, we hope that this can assist future researchers in becoming
providers of fresh information and concepts to build a better future for the public to look
forward to. Additionally, may this research study be helpful to any upcoming researchers
who want to use this study as a guide or reference.
vii
i
THESIS ABSTRACT
During the pandemic, people became afraid of paying cash as it contains bacteria
and viruses (including the COVID-19 virus) making them resort to cashless payments.
However, the reopening of the economy drove the return of traditional payment enabling
both mediums to be simultaneously used. Despite their differences, these transaction
types affect how individuals manage their finances. Given these, the researchers
conducted an investigation to compare cash-based and cashless payments in terms of how
they affect the money management of senior high school students. The study aims to
determine the relationship between money management and the employed payment
approach.
The descriptive research design is suitable for the examination since it compares
two variables namely cash-based payments and cashless transactions and describes the
money management of respondents with respect to the payment method they are using.
Moreover, the senior high school students of Tomas del Rosario College (TRC)
encompass the population because they experience the advantages and disadvantages of
the payment methods. The respondents are selected using the Lottery Method, a type of
Probability Sampling. Furthermore, the researchers formulated close-ended questions
comprised of multiple choice and Likert scale to acquire quantifiable responses and
achieve the goal of the research.
Grounded on the gathered, analyzed, and interpreted data, the researchers arrived
at the following conclusions: (1) The profile of the respondents has an effect on the
ix
money
x
management of senior high school students at TRC. (2) The use of cash-based payments
has an effect on the money management of senior high school students at TRC. (3) The
use of cashless transactions has an effect on the money management of senior high school
students at TRC. (4) There is a significant relationship between cash-based payments and
cashless transactions in terms of how they affect the money management of senior high
school students at TRC.
xi
TABLE OF CONTENTS
TITLE PAGES
I. PRELIMINARIES
Title Page..........................................................................................................................i
Recommendation..............................................................................................................ii
Approval Sheet.................................................................................................................iii
Acknowledgement............................................................................................................iv
Dedication.........................................................................................................................vi
Thesis Abstract.................................................................................................................vii
Table of Contents..............................................................................................................x
List of Tables....................................................................................................................xiii
II. BODY OF THE THESIS PAPER
CHAPTER
I. THE PROBLEM AND ITS BACKGROUND
Introduction..................................................................................................1
Statement of the Problem.............................................................................3
Significance of the Study.............................................................................4
Scope and Delimitation................................................................................6
Notes in Chapter I........................................................................................8
x
ii
II. THEORETICAL FRAMEWORK
Relevant Theories.......................................................................................9
Related Literature......................................................................................12
Related Studies...........................................................................................28
Conceptual Framework..............................................................................34
Hypotheses of the Study............................................................................35
Definition of Terms...................................................................................36
Notes in Chapter II.....................................................................................43
CHAPTER
III. METHODS OF RESEARCH
Methods and Techniques of the Study.......................................................52
Population and Sample of the Study..........................................................53
Research Instrument..................................................................................56
Construction and Validation of Research Instrument................................57
Data Gathering Procedures........................................................................58
Data Processing and Statistical Treatment.................................................60
Notes in Chapter III...................................................................................63
IV. PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA
Frequency Distribution..............................................................................65
Analysis of Gathered Data.........................................................................65
Interpretation of the Gathered Data............................................................66
x
ii
Notes in Chapter IV...................................................................................94
CHAPTER
V. SUMMARY, CONCLUSION, AND RECOMMENDATIONS
Summary of the Findings.........................................................................101
Conclusions..............................................................................................110
Recommendations....................................................................................111
Bibliography............................................................................................113
III. APPENDICES
Appendix A.................................................................................................cxxxiv
Letter to the Validators.....................................................................cxxxv
Appendix B..................................................................................................cxxxviii
Questionnaire....................................................................................cxxviii
Appendix C.................................................................................................cxliv
Researchers in Action.......................................................................cxlv
Curriculum Vitae..............................................................................cli
x
i
LIST OF TABLES
1. Frequency, Percentage, & Rank Distribution of Respondents' Profile In Terms of Age
(pg. 65)
2. Frequency, Percentage, & Rank Distribution of Respondents' Profile In Terms of Sex
(pg. 66)
3. Frequency, Percentage, & Rank Distribution of Respondents' Profile In Terms of
Socioeconomic Status (Question # 1) (pg. 68)
6. Frequency, Percentage, & Rank Distribution of Money Management In Terms of
Budgeting (Question # 1) (pg. 72)
xv
Purchasing (Question # 1) (pg. 76)
Saving (Question # 1) (pg. 81)
15. Weighted Mean Computation Showing Cash-based Payments In Terms of Usage
Frequency (pg. 85)
xvi
16. Weighted Mean Computation Showing Cash-based Payments In Terms of
Convenience (pg. 87)
17. Weighted Mean Computation Showing Cash-based Payments In Terms of Spending
Level (pg. 88)
18. Weighted Mean Computation Showing Cashless Transactions In Terms of Usage
Frequency (90)
19. Weighted Mean Computation Showing Cashless Transactions In Terms of
Convenience (pg. 91)
20. Weighted Mean Computation Showing Cashless Transactions In Terms of Spending
Level (pg. 92)
xv
ii
1
CHAPTER I
THE PROBLEM AND ITS BACKGROUND
Introduction
It is evident how the pandemic impacted the economy, especially in terms of how
consumers purchase their wants and needs. Given that the Covid-19 virus can be
transmitted through paper bills and coins, a lot of individuals shifted from cash-based to
cashless methods. However, as economic development gradually returns to its normal
state, both traditional and modern payment mediums are now simultaneously used in
different industries. Regardless of how they differ in various aspects, these two types of
transactions influence how people manage their finances. Given these, the researchers
intend to compare cash-based and cashless payments in terms of how they affect the
money management of the respondents.
Furthermore, Tomas del Rosario College was chosen as the study's research locale
since it already permits full face-to-face classes where the learners have the responsibility
to handle their own money. Likewise, the students from the said school utilize both cash-
based and cashless transactions in their purchasing events according to the researchers’
initial survey. In addition to that, the location of Tomas del Rosario College is in the
middle of business commerce in the area. Thus, the learners can gather procurement
experiences from the establishments they bought into, which will help them handle their
allowances.
2
As indicated by Kotkowski (2021), the outbreak of the COVID-19 pandemic has
changed an important aspect of everyday life, viz. how people make payments shifting
from cash to cashless payments which suggests financial inclusion issues. Guam Dan
Wolbert, Visa Country Manager for the Philippines, agrees with this: “While cash is still
commonplace in the Philippines, the preference for cashless payments is clearly gaining
momentum.” It involves credit cards, debit cards, and mobile payments that grant various
benefits as well as several drawbacks to buyers (Park, Lee & Thomas, 2021). Even so, the
study of Khan, Belk & Craig-Lees (2015) concludes that consumer perceptions of
payment modes influence their spending behavior.
On the other hand, the researchers accomplished an initial survey of the senior
high school students at Tomas del Rosario College to gather background information
about the payment methods they are using. Of 149 students in the first query, 39.6% use
cash-based methods only, 2% use the cashless method only, and 58.4% use both methods.
In the following question which 50 students answered, 78% use the cash-based method
several times a day while 26% use the cashless method every few weeks. In addition, the
learners also encounter major problems in using the two transaction mediums such as
overspending (76.2%) in cash-based payments and technological issues (62.4%) in
cashless transactions.
Seeking more information on this topic, the research aims to gather data regarding
money management using cash-based payments in comparison to cashless transactions of
senior high school students at Tomas del Rosario College. It intends to conduct an
3
investigation that will explore the relationship between money management and the type
of payment method used by an individual. Consequently, the paper seeks to recognize the
problems and benefits encountered by the respondents in their history of using physical
and online forms of money.
Considering all the aforementioned information, the overall purpose of the study
is to make a comparison between cash-based and cashless methods, in terms of how they
affect the money management of students. In connection, it targets to present
comprehensible information and statistical data about the topic. Besides, it pursues to
serve as a reference that will guide individuals in deciding which payment method is
better to apply in improving their handling of finances. In return, people will develop
additional skills that will lead to effective and efficient money management.
Statement of the Problem
The general problem of the study is: What is the comparison between cash-based
payments and cashless transactions usage in terms of money management of senior high
school students at Tomas del Rosario College?
Specifically, it seeks answers to the following questions:
1.) How can the respondents be described in terms of:

4
1.1 age;
1.2 sex; and
1.3 socio-economic status?
2.) How can money management be described in terms of:
2.1 budgeting;
2.2 purchasing; and
2.3 saving?
3.) How can cashless payments and cashless transactions be described in terms of:
3.1 usage frequency;
3.2 convenience; and
3.3 spending level?
Significance of the Study
The findings of this study will be valuable to the following beneficiaries.
Benefiting the study are the several sectors as follows:
Students. This study can be beneficial to students in providing them with wider
information on what mode of payment should be used or applied whenever purchasing a
product or service. Considering that they are still students, they are more likely to be
5
impulsive buyers. Handling finances for them may come quite tough, especially in
today’s generation where promotion and advertisements are everywhere. Pondering about
their spending and saving will save a lot of stress over a lengthy period.
Parents. Parents still play a big role in the allowances of their children. Thus, the
investigation aids in lessening the weight of the burden they are carrying on the spending
of their children. Saving for children means saving for parents, too. Moreover, this study
will also give them peace of mind. Parents do not want their children struggling
financially in school. Thus, knowing that their children know what mode of payment
should be used or utilized in managing their allowances will put them at ease.
School Faculties. Face-to-face classes equate to face-to-face teaching for
instructors. There are cases where they need to use their own money in purchasing things
needed for their teaching and classrooms. They are also targets of intensive promotions,
which leads them to buy impulsively. This promotes more outflows of money, disabling
them to manage their money properly. Hence, this examination will provide them with a
piece of information on what method of payment is better in a certain transaction for
efficient money management.
Schools. Being aware of what method of payment is better to apply in certain
transactions will enable schools to promote a better way of payment in exchange for
service. Specifically, the transaction between school and students such as receiving
money in exchange for the school’s service, or transaction between school and school
faculties
6
and staff such as giving salaries in exchange for the school’s faculties and staff’s service.
The institution will be known in the sense that they aid in the needs of its students and
faculties. Therefore, more students and instructors will take an interest in the institution
and will open doors for more opportunities.
Other Future Researchers. This study will provide a piece of information to the
future generation of researchers trying to understand the subject of their study. Thus, will
help to further support what they are trying to search for or prove. Moreover, the
researchers may look at what has been proven or disproven by this study and look if they
can be applied elsewhere.
Scope and Delimitation of the Study
The study will be conducted at Tomas del Rosario College (TRC) in Balanga
City, Bataan. The subjects who will be asked to answer the questionnaire are senior high
school students of the said school. The research is mainly focused on comparing cash-
based payments and cashless transactions in terms of how they affect the money
management of the respondents. Additionally, the primary purpose of this paper is to
recommend the best disbursement method in correspondence to the response of the
participants. The covered research time frame is from the first week of September to the
first week of January – from the commencement of the research process until the end.
7
The study will only be done within the bounds of TRC due to the limitations
brought about by the pandemic. Similarly, the school was chosen as the research locale
for it includes students using both payment methods. The study strictly covers the
comparison between cash-based payments and cashless transactions with regard to how
they influence the money management of the selected respondents. The term money
management does not include other factors aside from budgeting, purchasing, and saving.
The terms cash- based payments and cashless transactions will only be measured in
selected aspects such as usage frequency, convenience, and spending level. On top of
that, with regard to the purpose of the study, the researchers will not further focus on
providing effective ways of cash-based and cashless payment utilization. Moreover, the
considerations mentioned above were made due to the limited range of time for the entire
research process.
8
Notes in Chapter I
Khan, J., Belk, R., & Craig-Lees. (2014). Measuring consumer perceptions of payment
mode. Journal of Economic Psychology, 47, 34–49.
Kotkowski, R., & Polasik, M. (2022). COVID-19 pandemic increases the divide between
cash and cashless payment users in Europe. Economics Letters, 209, 110139.
Park, J., Lee, C., & Thomas, M. (2021). Why do cashless payments increase unhealthy
consumption? The decision risk inattention hypothesis. Journal of the Association
for Consumer Research, 6(1), 21–32.
Villanueva, J. (2022, March 29). Digital payments growth seen to remain robust post-
pandemic. Philippine News Agency. https://www.pna.gov.ph/articles/1170948

9
CHAPTER II
THEORETICAL FRAMEWORK
Relevant Theories
Adam Smith’s Rational Choice Theory was derived from his book “An Inquiry
into the Nature and Causes of the Wealth of Nations” in 1776. It states that individuals
use rational calculations to make rational choices and achieve outcomes that are aligned
with their personal objectives. The theory implies that people were provided with the
most benefits resulting from their self-interest and rationality, given the limited options
they have available. With regards to the study, customers pick what kind of disbursement
they utilize to draw several advantages according to their mindset and social influences.
Hence, understanding the differences between cash-based and cashless payment is critical
in deciding the most favorable transaction application.
On the other hand, the Theory of Evolution by Charles Darwin (1859) in his
monumental and well-documented manuscript, “On the Origin of Species by Means of
Natural Selection,” explains how organisms adapt over time to changes in their
environment, which has allowed them to survive and thrive as a species. Looking at the
changing environment the world has today during this pandemic, it is clear that people
need to adapt again for them to continue their lives. One of the consequences of this
environmental adaptation is the shift from cash to cashless transactions or cashless to
cash
10
payment when purchasing for convenience and better financial management. Thus, the
study aims to compare cash-based to cashless payment utilization and see which one is
better to apply throughout a certain transaction. Such an end result will be passed on to
the beneficiaries of the study, which will allow them to cope with the rapidly growing
financial innovation during this pandemic.
Also, based on the Theory of Comparison by Leon Festinger in 1954, individuals
are continually evaluating themselves in order to assess their own standing on a wide
range of characteristics. This theory relates to the researchers' study as it provides an
assumption in relating the two variables, namely cash-based transactions and cashless
payments, by comparing them with the evaluation made by the respondents, choosing the
provided characteristics of both variables. Since the proposition continually provides an
assessment of the two variables that the researchers are comparing, this shows how the
topic of the researchers' study flows and circulates. Therefore, the Theory of Comparison
is connected with the study since it provides evidence that when it comes to comparing
the two different variables, an evaluation is made of characteristics that will be assessed
what is the best method between them.
Furthermore, as stated in the Perceived Risk in Consumer Behavior Theory by
Raymond Bauer (1960), purchasing activities consider various risks on the side of the
customer. As explained by Liu Tian-Que (2012), the theory helps in discovering the
possible reasons why customers do not move from their “desire stage” to the “action
stage” of conducting an actual purchase. Concerning the study, potential buyers can be
stopped
11
from releasing money due to the negative sides of the payment method they are using,
which can directly affect their financial management. Since cash-based payments and
cashless transactions have a variety of quality differences, these can directly affect the
chances of progressing from the desire to action stages. In conclusion, the features of
payment by consumers can either escalate or hinder their budgeting, purchasing, and
saving practices.
Not to mention, Everett Rogers’ Diffusion Innovation Theory (1962) explains
how over time, an idea or product gains momentum and diffuses through a specific
population or social system prompting people as part of a social system to adopt a new
idea, behavior, or product. In other words, a person will have additional options through
the years as they are introduced to the development of a social order based on advanced
technology. With that being said, this theory is inextricably linked to the researchers'
study for the reason that the new normal caused by the pandemic gave way to a more
updated payment method, which is cashless transactions. As a result, people’s attitudes
toward saving, budgeting, and spending can change corresponding to the utilization of
cashless disbursements. Accordingly, cash-based and cashless payments can influence the
money management of customers distinctly generating new ideas and perceptions
between them.
12
Related Literature
Age
The variable age is one of the descriptions under the profile of respondents which
can possibly have an impact on how individuals manage their finances. As stated by Xiao
et al. (2015) in the article entitled “Age Differences in Consumer Financial Capability,”
age is an important factor in financial capability. Four of the five financial capability
variables are positively associated with age: objective financial literacy, subjective
financial literacy, perceived financial capability, and financial capability index.
Specifically, it is presented that older consumers show higher levels of both objective and
subjective financial literacy, perceived financial capability, and overall financial
capability compared to their younger counterparts.
Based on the published report “Old Age and the Decline in Financial Literacy” by
Finke et al. (2016), cognitive aging studies find evidence of a decline in fluid and
crystallized intelligence in old age that may impact the capability in managing money
effectively. It is written that confidence in financial decision-making abilities does not
decline in accordance with age. Furthermore, a separate assessment using measures of
cognitive ability presented that a natural decline in both intelligence during old age plays
a part in the fall of financial literacy scores.

13
Conforming to Yang et al. (2021) in “Cashless Transactions: A Study on Intention
and Adoption of e-Wallets,” age is an internal aspect of an individual that explains
consumer behavior in terms of technology usage. However, it has no moderating effect
on the perceived usefulness, perceived ease of use, social influence, facilitating condition,
lifestyle compatibility, and perceived trust in adopting an E-wallet. These authors
reported that age emerged as one of the crucial factors in use, including a reduction in
menu complexity, better resolution, and a larger screen. Thus, understanding the
differences in terms of age, together with gender and education, is indicated as a
technique to market products and satisfy consumer needs.
The stated pieces of literature above indicate how the variable age can be related
to the financial management of individuals. The first literature shows the association of
age to the given five financial capabilities, which serves as a foundation for finding the
relationship between age and the money-handling abilities of consumers. Moreover, the
second one states that aging can affect money management capabilities, which also adds
a basis to the possible connection between age and monetary practices. Lastly, the third
literature presents that age is a factor in consumer behavior in terms of technological
aspect, which is a medium affiliated with online cashless transactions.
Sex
The implications of sex and gender for the interpretation of study results should
be elaborated, including the extent to which the findings can be generalized to all sexes
and
14
genders in a population. If no sex and gender-based analyses have been performed,
authors should indicate the reasons for the lack of such analyses when discussing the
limitations of the study and discuss whether such analyses could have affected the results
(Heidari et al., 2016). Moreover, this explains why the data provided in congruence with
the outcome of the conducted survey should be disaggregated as it implies the differences
and similarities between males and females. Likewise, determining the sex of the
respondents will help to find out who mostly used the two payment methods in terms of
managing their money.
In most cases, the choice of overarching study design, whether experimental or
observational, is little affected by considerations of sex and gender (Rich-Edwards et al.,
2018). Likewise, the inclusion of both sexes is more nuanced than deciding that the
sample should be equally divided by sex as they stated in their research study. That is
why having the sex affiliation with the researchers' respondents is very important as it
determines the different points of view of males and females. Moreover, this related
literature includes sex differences, which is an important consideration in subject
selection. Thus, describing the respondents includes the sex to determine who mostly
answered among the males and females the given objective answer.
However, according to Kennedy et al. (2022), the effort spent thinking through
the coding of sex and gender can be useful when considering other survey responses that
involve complex measurements. It will be possible to provide more information about the
differences between the sexes of the respondents in this manner. Having an option of sex
will give the respondents more information as it will state their point of view. Likewise, it
15
will provide limitations as it defines their sex as either male or female. As a result, using
sex to describe respondents is more specific because it shows the distinction between
males and females in terms of what they preferred more in the given choices.
In that case, identifying the respondents in terms of their sex is important and
highly considerable since it shows the disparity between them. The researchers will be
helped to distinguish the different points of view of their respondents since their
consideration is affected in conducting the study. Likewise, the information of the
respondents should be elaborated upon to know the specification of the result in the
conducted survey as it determines who answered the most. Therefore, describing the
respondents by their sex is more distinguishable and identifiable, for it demonstrates the
information that will be in the result of the study.
Socio-economic Status
Socio-economic status has become a major issue worldwide and has significantly
developed in recent years. The hierarchy of positions and social class membership tends
to set the general pattern of behavior in deciding what mode of payment they will choose
in the instance of purchasing (Abington, 2014). There has been an increase in the
production of a diverse range of products in digital and actual payment by the financial
market. Amidst the rapidly growing financial innovation, the diverse choices of modes of
payment require consumers to be careful about choosing what should be applied. Thus,
people who belong to a certain social class will determine their behavior towards money
management as how
16
they are socially and economically secured given their source of allowances for clothing
and other expenses.
Additionally, lower socioeconomic status (SES) households lack stock
investments, which is detrimental to wealth accumulation because it limits their ability to
save and invest due to a lack of income sources. They, thus, do not have the capability to
choose what payment method they should use in the purchase of something in exchange
for money or cash. Socioeconomic adversity has a significant influence on how people
make economic choices, in particular by changing the way they purchase through the
utilization of such payment instruments (Kuhnen and Miu, 2017). Moreover, chronic
poverty and bad economic shocks affecting social status have been shown to be
detrimental to the decision-making of people in general. Hence, individuals coming from
environments with more economic adversity, who are characterized by a lower
socioeconomic status (SES), have fewer choices about financial management and
payments.
In a way that agrees with Dewi (2019), financial management is closely related to
the family background, specifically their position in the stratum of society. Given the
various payment innovations today, people adapt their money management by observing
their family’s financial behavior, such as their focus of emphasis when they save and
invest using a certain payment method. Furthermore, not only through observation but
also through family members' direct participation, can methods of financial management
be suggested. Hence, a family’s socioeconomic status can be an agent of socialization in
the learning process of people regarding money and the unintentional process of
developing
17
financial management behaviors through direct observation or participation in the family.
Inclusion in a specific stratum in society, therefore, is connected with the optimal
dynamic cash management and the choice of payment instruments of an individual.
From the aforementioned statements above, it can be derived that people of a
specific socioeconomic standing will choose their financial management responses based
on how both socially and economically stable they are, considering their source of
allowances for clothes and other costs. Moreover, people adjust their personal finances by
monitoring the emphasis of their family’s financial conduct. Hence, financial control is
intimately tied to one's familial status, specifically socioeconomic status. Inclusion in a
given social stratum is thus linked to good or bad dynamic financial management and
more or less choice about financial payments.
Budgeting
Budgeting is something that is done everywhere in the world (Cardos, 2014).
Budgets are the most effective tool for management control, serving as both the primary
motivators of managerial performance and the primary evaluators of that performance.
Researchers believe that traditional budgeting should be considered a relic of the past
because it is unable to keep up with the changes and requirements of the modern business
world. As a response to this problem, various alternative budgeting concepts were
conceived and developed, such as activity-based budgeting, beyond budgeting, and
forecasting.
18
In reference to Chun & Johnson (2021), those who are marginalized in society are
more likely to have a preference for high-risk financial products than those with a lower
level of risk. It is essential to gain an understanding of how personal experiences of social
exclusion influence the making of financial decisions. In connection, consumers
experiencing social exclusion are more likely to make high-risk investments. It also stated
that this effect is moderated by consumers' level of mental budgeting such that at high
degrees of mental budgeting, the effect of social exclusion on investment choice is
lessened.
According to Xin, Liu, & Hong (2022), to keep their spending in check, many
people use a mental budgeting technique. The mental budgets of individuals are affected
by their cognitive abilities and emotions, suggesting that different ways of thinking may
have different effects on this process. It was discovered that, first, the scores of lay
rationalism, which indicate calculation-based thinking, were positively correlated with
the mental budgeting levels of college students and newcomers in the workplace. Second,
the activation of calculation-based thinking (vs. feeling-based thinking) decreased
participants' consumption willingness, and third, the calculation-based thinking exhibited
a stronger binding effect in participants who co-reported higher levels of self. Hence,
different types of products and the lay rationalism way of thinking affect people's ability
to mentally budget, which has various implications for both consumers and businesses.
These three studies have one thing in common: they all point to the fact that
people have a difficult time keeping track of their financial situation in the modern era,
regardless
19
of whether or not they use cash or electronic means of payment. This is the thread that
connects all three studies. When it comes to the management of their finances, we are
curious as to whether a budget that is based on cash transactions or one that uses cashless
payment methods would be more beneficial for them.
Purchasing
Buying is a normal activity in life that involves obtaining products in exchange
for cash or of similar values. However, Labito (2017) found evidence that Compulsive
Buying Behavior (CBB) seemed to be increasing, especially among college students. One
of the possible reasons that drive CBB is the prevailing existence of e-commerce which
usher to financial harm in the long run. Nevertheless, people with good self-control have
fewer problems with an allowance towards CBB. Also, some alternative methods for
overcoming compulsive buying behavior include bringing little amounts of money,
saving money in the bank, and spending less time going out with friends.
Likewise, sources of expenditure range across the procurement of goods and
services which varies from business to business or person to person depending on their
nature, needs, and wants (Parekh, 2019). Hence, spend management is an activity that
every entity must carry out uniquely. Spend management influences and directs various
activities across the procurement cycle including requisition processing, budgeting,
planning, supplier management, contract management, inventory management, sourcing,

20
and product development. Moreover, it enables the customers, be they individuals or whole
organizations, to devise an organized guideline for acquiring products.
Correspondingly, people nowadays tend to exhaust their assets uncontrollably,
letting abrupt sentiments or external pressure affect their buying behavior. As indicated
by Munster (2020), personal finances are loaded with emotional baggage that often leads
to poor purchasing choices. Therefore, arranging bills and expenses in order of
importance enables one to meet basic needs, protect their credit, and lower their financial
stress. Besides, prioritizing money outflow not only creates a plan for a person to pay
their bills in a rational way, but it also offers them a step-by-step process to ensure both
their short- and long-term financial stability and success.
Overall, the compulsive buying of the mass was brought forth by the rise of e-
commerce making them incapable of foreseeing the limit of their outlay habit creating
risks to their financial capacity. As a result, people must know the concept of spend
management to incorporate the right process in procuring products according to their
necessities. Additionally, expenditure prioritization is a great help in shrewdly managing
one’s allowance without being swayed by his or her emotional purchase inclination.
Saving
Previous studies highlighted that the financial literacy and behavior of people
with regard to how they manage their finances hardly affected the way they save.
Initially, a
21
study called “Psychological predictors of savings behavior: Contrasting the impact of
optimism and burnout on self-control, achievement motivation and savings behavior” by
Esenvalde (2012) found that there is increasing evidence that personality-related factors
also play an important role in savings behavior. As stated, self-control, achievement,
motivation, optimism, and burnout all have an impact on the saving aspect of an
individual, positively and negatively. Hence, the ability to save money and make
investments, organize bills in a timely manner and refrain from impulse purchases and
extensive spending thus represent a set of very interesting and important human
behaviors.
Additionally, in reference to the examination entitled “The Effects of Social
Influence and Financial Literacy on Savings Behavior: A Study on Students of Higher
Learning Institutions in Kota Kinabalu, Sabah” by Jamal et al. (2015), in terms of savings
behavior, the needs for savings are different amongst individuals due to different mindset,
behavior, knowledge, and social environment. In addition, students are said to have a
more favorable financial attitude when they are financially literate. Thus, savings have
fundamental importance and influence to ensure the financial sufficiency of an
individual.
Likewise, based on the study of Ariffin et al. (2017), each student needs to learn
more knowledge in dealing with personal financial management and effective strategies
to increase positive attitude toward saving behavior. Moreover, the financial ideas of
students when they reach adulthood have directly influenced money management
aptitudes and positive enduring impacts on saving conduct. Appropriately, saving
behavior has a positive association with financial literacy, and students with higher levels
of financial literacy are

22
more likely to save or invest. Meanwhile, having low financial education about how to
deal with saving results in poor financial management.
To summarize all the pertinent literature, financial literacy and personality play an
important role in shaping an individual’s good financial management, which is heavily
integrated into their savings behavior. As a consequence, individuals, especially students,
need time to build their real understanding of financial knowledge to learn how to
manage their financial activities effectively. In addition to that, it is vital for individuals
to keep up a compelling saving behavior as financial literacy will empower an individual
to deal with their finances successfully.
Usage Frequency
The two payment methods can be described in terms of how frequently they are
utilized by consumers. Carboni (2019) in the article “Counting More than Accounts:
What Can Frequency of Transactions Tell Us About Financial Inclusion?” stated that
after comparing people’s online and offline transaction behavior, it was revealed that
most people still use cash for regular expenses, even if they own bank accounts. The
article also presented both banked and unbanked people’s cash usage for regular expenses
such as rent and bills, and daily expenses such as groceries and transport. It also
presented that cash is frequently utilized, regardless of gender, socio-economic segment,
and account ownership.

23
According to Brown et al. (2020) in “Financial Innovation, Payment Choice and
Cash Demand – Causal Evidence from the Staggered Introduction of Contactless Debit
Cards,” cash remains a relevant part of payment transactions in most advanced
economies. However, it is a broadly held assumption that the current innovations of
contactless, mobile, and instant payment mediums will promote the transition to a
cashless society. In connection, they included that contactless cards lessen the frequency
of cash share of purchases, but only by 0.6 percentage points each year. The influence on
the cash share of payments is comparatively low as the degree of debit card payments is
initially low and most additional debit card payments are of small value. Additionally,
contactless cards have no significant effect on cash demand as determined by the
frequency and average size of cash withdrawals.
In the article entitled “Will the Widespread Use of Cashless Payments Reduce the
Frequency of the Use of Cash Payments?” by Fujiki (2021), the reduced chances of cash-
based payments frequency as a consequence of the widespread use of cashless payments
was evaluated. Using microdata from Japan, he examined how much cash use frequency
for those who use both cash and noncash payments arise from those who exclusively use
cash. Based on the data, the cash usage frequency of cashless payment users is about once
in 2.3 days and that of exclusively cash-based users is about once in two days, giving a
slight difference. Moreover, there is a small effect on the frequency of cash usage in
terms of the possible factors that could increase cashless methods, the decrease in the
consumers’ satisfaction with cash, and the rise in the costs of ATM usage. Furthermore,
the benefits of cashless payment growth to minimize cash use are probably
overvalued because the

24
frequency of cash-based payments is unlikely to decline despite the existence of cashless
transactions.
In the aforementioned articles, cashless and cash-based transactions were
evaluated and compared in terms of their usage frequencies. In the first article, it is stated
that most consumers still use cash for their regular expenses despite having access to
cashless methods, which reveals that cash-based is utilized more frequently than noncash.
In the second part, it is said that contactless payment does not have a serious effect on the
reduction of cash transactions, which indicates that there is no huge difference between
the frequency usage of the two transaction types. Moreover, the third literature presented
that there is a low probability that cash payments will decline even with the existence of
noncash mediums.
Convenience
Providing proper financial education at the undergraduate level could instill good
financial habits such as cash management, saving management, and more knowledge in
investments in financial markets. Wherein this study shows that connectivity in using the
two different payment methods can be experienced, the convenience depends on the
situation. Furthermore, it stated that for students, financially balancing day-to-day
activities could be done primarily through personal financial management. Financial
literacy can serve as a basis for positive engagement in economic events and as a guide
for improving investments, making the right shopping choices, opting for sound
expenditures,
25
and managing assets and loans. Moreover, it can help students evaluate their financial
status wisely, responsibly recognize their economic conditions, be concerned about
financial matters, and eventually feel less anxious about it (Waranyasathid and Htin,
2020).
On the other hand, the revelation that hard currency could spread the virus has led
to some panic as people, especially in the beginning, were not sure how they would
transact, especially for basic amenities and items that only require small valued
currencies. Some reprieve was, and still is, in those countries with established digital
transaction practices, such as the use of mobile money, use of card swipes, card taps, or
even through mobile phones (Allam, 2020). That is why there are people who use
cashless payments for their own safety. Allam stated as well that while this paradigm
shift in payment behavior is playing a critical role in the fight against COVID-19, the
question that remains is whether post-pandemic, the financial institutions, in particular,
banks, will revert back to the traditional way of doing business and traditional payment
options. Thus, there is a time that the two payment methods can be convenient to use
depending on the situation.
According to Fulford and Schuh (2020), "Our methodology sheds light on some
important questions about how revolvers and convenience users differ. Available credit
appears to be the driving factor of debt for revolvers in both the short and long term." In
that case, it reflects that there is a convenience in usage, yet there is also dissatisfaction as
they pinpointed in their research study. Since a credit card is one of the cashless payment
methods, if the students are using it, it has more disadvantages to cash-based payment if
they tried to compare it. Likewise, suppose sufficiently wealthy consumers who do not
revolve on credit cards can perfectly smooth consumption up to shocks in the desire to
26
spend, such as whether a consumer takes a vacation or buys a durable good in a given
month.
In connection with the study of the researchers, cash-based payments and cashless
transactions can be considered convenient to their users. It is because in every situation
that the users may encounter, they will select the payment method based on what is the
best method to use. Likewise, the convenience of using the payment methods will
somehow see how they can conserve their money in terms of managing it. Furthermore,
the comparison of the two will show that using cash-based and cashless payments is more
significant for various reasons.
Spending Level
Oyelami (2020) presented the determinants of electronic payment adoption and its
effects on Nigerian consumers' purchase decisions and spending growth. Educational
attainment, financial inclusion, income level, internet service availability, and other
financial infrastructures like point-of-sale machines and mobile banking services affect
Nigerian consumers’ E-payment adoption. Electronic payment influences the purchase
decisions of consumers and increases their spending level. It is also suggested that the
Nigerian government can use the electronic payment to promote consumer spending,
aggregate demand, investment, and economic growth.

27
The variable spending level intends to measure the degree of purchasing behavior
of consumers using the two payment methods. The information provided by Liu &
Dewitte (2021) presents the connection between different methods of payment and
spending patterns, which has been the subject of a significant amount of research
attention. To be specific, there is a substantial body of evidence indicating that the use of
credit cards leads to an increase in spending behavior (Feinberg, 1986; McCall et al.,
2004; McCall and Belmont, 1996; Prelec and Simester, 2001; Raghubir and Srivastava,
2008; Soman, 2001). Credit card effect has become weaker through the years and there is
no evidence that the credit card effect extends to mobile payments. Moreover, even if the
pain of payment tended to be lower and the payment convenience tended to be higher for
mobile payments, these effects did not translate into more spending behaviors.
As presented by Padmavathi et al. (2021), spending levels have increased because
they are being done on a cashless basis. In connection, the spending behavior of the
respondents has been influenced by the modes of payments. Among the product
categories, spending behavior on clothing and accessories has been greatly influenced by
the type of payment used. Consequently, entertainment and communication, travel, food,
and home decor products are also affected. However, there is no significant difference in
spending behavior in terms of age, gender, education, occupation, and monthly income.
Generally, electronic payment is a key factor affecting the purchasing and
spending behavior of consumers. Paying through credit cards in particular is evidenced to
increase the expanding disposition of people's money outflows. Furthermore, the pattern
is observed
28
in buying clothing, accessories, entertainment and communication, travel, food, and home
decor products.
Related Studies
The study entitled “A Study of the Use of Cashless Payments in Relation to
Income, Financial Behavior, and Almsgiving Behavior in Sumatera, Indonesia” by
Khaira Amalia Fachrudin (2014) investigated whether gender, income, herding behavior
in shopping, debt behavior, and almsgiving behavior affect the opportunities for using
cashless payments in Sumatra, Indonesia. The sample consists of 500 people who came
from five major cities in Sumatra, including Medan, Batam, Palembang, Padang, and
Lampung. The results of the study revealed that at alpha five percent, income and herding
behavior in shopping had an effect on the use of cashless payments. The implication is
that the use of cashless payments can be promoted by increasing the community income
so that it can increase economic growth and efficiency at the same time. However,
herding behavior should not be excessively exercised even if it can increase the use of
non-cash transactions.
Comparably, people’s perception of monetary value is changing due to advanced
innovativeness, perceived technological security, social influence, hedonic motivation,
facilities, and performance expectancy. However, Thirupathi, Vinayagamoorthi, and
Mathiraj (2019) in their research, “Effects of Cashless Payment Methods in India,"
indicated that although cashless payment systems are developing at a very fast pace, they
29
also create uncertainties and risks. Consumers may face uncertainty in using cashless
payment systems as the risk they perceive may be overwhelming compared to traditional
methods of payment. Moreover, less cash will lead to fewer crimes such as burglary, but
cashless transactions may lead to cybercrime, electronic fraud, and digital crime or
hacking. Hence, cashless payments may be perceived as a complex technology and have
major disadvantages as compared to traditional methods of payment.
On the other hand, the COVID-19 pandemic saw abrupt changes in the
environment as well as the transition of payment methods. A study conducted in
Malaysia entitled “Consumer Adoption of Cashless Payment in Malaysia” by Mahfuzur,
Izlin, and Shamsul (2020), claimed that adopting cashless payments has numerous
advantages for consumers, mainly offering convenience, speed, and safety, unlike
traditional cash transactions that encourage overspending, robbery, and other cash-related
crimes as people hold more physical cash when they shop. This insinuates that cashless
payment systems are the new mode of technological innovation. Thus, innovativeness can
reflect consumers' adoption of cashless payment systems in their financial transactions.
The aforementioned researches provide a stronger foundation for this research
because they collectively indicate that its rationale has relationships with international
studies. The first study deals with how variables such as gender, income, herding
behavior in shopping, debt behavior, and almsgiving behavior affect the adoption of
noncash transactions. The second study compared the modern and traditional payment
methods by specifying the negative sides of cashless payments. Contrarily, the third
study gave
30
emphasis on the positive aspects of non-cash transactions. Above all, these three
international studies will serve as a basis in gathering more information regarding the two
payment methods, specifically their usage status in the country.
An investigation called “A Research Study on the Effects of Cashless
Transactions on People’s Spending Behavior” by Cristobal et al. (2018) from Malate,
Manila determined the effects of cashless systems on the behavior and lifestyle of people,
specifically in their spending habits. The researchers presented the characteristics,
attitudes, and behaviors that cashless transaction users possess compared to pure cash
users. Online promotions and discounts give potential customers encouragement to try or
buy a certain product or service, but the use of physical cash is also applied for the
prevention of identity theft. This research concluded most of the respondents in the Taft
campus of De La Salle-College of Saint Benilde, are using cashless systems but are not
much convinced and motivated to transact fully using this method.
Moreover, the report of Raon et al. (2021) from Manila entitled “Adoption of E-
Payment Systems in the Philippines” mentioned that despite the flourishing industry of
electronic-payment (e-payment) systems in recent years, cash transactions continue to
dominate the Philippines. Digital platforms for payments will find it challenging to be
widely used in transactions as Filipinos still have low populations even in terms of
owning bank accounts since most still prefer the tangibility of physical money. One factor
affecting this diminutive growth rate is the Country’s low bank population.
Correspondingly, as shown in the study, the respondents, who are the Marketing
Department employees of a
31
company in Bonifacio Global City, Taguig, are holding back from embracing the newer
platforms as they experienced problems while using these systems mainly due to delays
in processing and user-friendliness.
Lastly, according to the analysis of Moncada et al. (2022) entitled “Adaptation of
E-Payment and its Influence on Consumption Value among the Consumers in Butuan
City, Philippines,” the degree of consumption value by the consumer is high when E-
payment is used in the transaction. The examination was conducted on a total population
of two hundred random consumers who are using electronic transactions as their mode of
payment. Out of the five indicators of consumption value level, functional, conditional,
and epistemic values have high levels with a verbal description of "Strongly Agree,"
followed by the emotional value with a verbal description of “Agree,” and social value as
the fifth with a verbal description of “Neutral.” Overall, this study showed that there is a
significant relationship between E-payment systems and the consumption value of buyers
in the said place.
To summarize the related studies found in the Philippines, there is a clear
distinction in terms of how individuals perceive cashless and cash-based ways of paying.
Consumers in Butuan City, Philippines, stated that the level of consumption value is
higher when the cashless method is used, while People in De La Salle-College of Saint
Benilde are not yet convinced with it. Moreover, among the employees of a company in
Bonifacio Global City, Taguig, they continued using cash-based payment and tried
avoiding the modern platforms because of encountered problems. Nevertheless, despite
the variety of
32
differences between the two methods, the three locally related studies proved that they
both have the power to influence how individuals manage their finances. As a result, the
studies presented above are connected to the researchers’ study since it revolves around
the comparison of cashless transactions and cash-based payments, and analyzes how it
performs in various aspects of money management.
Mejia (2014) mentioned in her study, “Point of Sale with Inventory Management
System for TRC Bookstore” which is located in Balanga, Bataan that with the use of
modern or improved technology, people can make things easier in a sense that it saves
time and effort consumed in everyday activities. Hence, by developing the manual system
of TRC Bookstore into a computerized system, the current situation can be improved.
The customers can be satisfied, the staff can be more productive and effective as the
system reduces the energy expended in doing their work, and the inventory can be easily
managed. Therefore, the researchers can infer from this paper that users of technological-
centered payment (which is the cashless method) can reap more benefits than manually
fixed payment (which is the cash-based method).
Moreover, the analysis of Fajardo et al., (2022) entitled, “Add to Cart: The
Influence of Online Shopping on the Buying Behavior Among Senior High School
Students of Saint Peter of Veronica Academy” conducted at Hermosa Bataan, shows that
SHS students increasingly use online shopping due to its convenience. Many websites are
ascertained to give consumers comfort in purchasing and make their buying process
easier. Likewise, utilizing online shopping platforms such as Shopee and Lazada
provides more
33
advantages (e.g., freebies, vouchers, and discounts) to the side of the respondents as
compared to traditional shopping. Fajardo et al. emphasized that convenience online is
the most important factor influencing consumer purchases which the researchers will also
take into account for measuring the helpful effect of cash-based and cashless transactions
in the money management of the participants.
Furthermore, the inquiry entitled "Ayuda Time: Examining the Level of Financial
Knowledge in Relation to Managing Pandemic Financial Support Among Hermoseños"
by David et al., (2022) from Saint Peter of Verona Academy, Hermosa, Bataan is focused
on examining the level of financial awareness of Hermoseños during the coronavirus
outbreak. Respectively, it can be concluded that most of the respondents are
knowledgeable in terms of budgeting. In that case, this paper indicates financial
awareness where they use budgeting skills in consuming money for their needs and
expenses. Similarly, the participants are considerate and thoughtful before engaging in
the purchase or spending process, in which they are financially aware of their duties and
spending habits. Thus, the researchers are also expecting to have this kind of result
wherein their respondents will show the comparison of cash-based and cashless payments
in terms of managing their money, which they can use efficiently.
Comprehensively, the findings mentioned above are directly related to this
research, given the proximity of their research locations in Balanga City, Bataan and
Hermosa, Bataan. The first study focused on cashless transactions and the use of
improved technology to make things easier and save time and effort. The second study
discusses the
34
increasing usage of online shopping, whereas the buyers are either using cash-based or
cashless payments. On the other hand, the third study is about managing their financial
support, similar to money management, in which the respondents should be financially
aware and use their budgeting skills to buy and pay for anything they need and want.
Therefore, the above-mentioned analyses support the idea of the researchers' examination
to prove and determine the existing problem in their research study.
Conceptual Framework
IV DV
1.) Profile of the Respondents

1.1 age;
1.2 sex; and MONEY MANAGEMENT
1.3 socio-economic USING CASH-BASED
status 2.) Money Management PAYMENTS IN
2.1 budgeting; COMPARISON TO
2.2 purchasing; and CASHLESS
2.3 saving TRANSACTIONS OF
3.) Cash-based Payments and SENIOR HIGH SCHOOL
Cashless Transactions STUDENTS AT TOMAS DEL
3.1 usage frequency; ROSARIO COLLEGE
3.2 convenience; and
3.3 spending level
Figure 1
Conceptual Paradigm
35
The conceptual framework of the study is shown in Figure 1. The IV-DV model
was utilized in the study, which consists of two frames that indicate the contents of
independent and independent variables. The first frame shows the independent variables
of the study. In the frame of the independent variable, it includes the first section in
which age, sex, and socio-economic status are the variables of respondents. The second
section is for variable money management, which involves budgeting, purchasing, and
saving. Additionally, usage frequency, convenience, and spending level are all the
variables of cashless payments and cashless transactions.
The dependent variable of the study is shown in the second frame located on the
right side of Figure 1. Moreover, the said dependent variable will be the title of the study.
Given that, the dependent variable is "Money Management Using Cash-based Payments
and Cashless Transactions of Senior High School Students at Tomas del Rosario
College."
Lastly, the arrow that connects the independent and dependent variables
represents the relationship between the two. It implies that as the researchers move
forward through the study, the independent variables would be used in order to gather the
dependent variable.
Hypotheses of the Study
H = The profile of the respondents has no effect on the money management of

O
senior high school students at Tomas del Rosario College.

36
H = The use of cash-based payments has no effect on the money

O
management of senior high school students at Tomas del Rosario
College.
H = The use of cashless transactions has no effect on the money management

O
of senior high school students at Tomas del Rosario College.
H = There is no significant relationship between cash-based payments and

O
cashless transactions in terms of how they affect the money
management of senior high school students at Tomas del Rosario
College.
Definition of Terms
Age. It is one of the variables that will be used to describe the respondents. In this
research, the age of the students will be gathered and analyzed to determine if it affects
how the subjects manage their finances.
Application. It refers to the online mediums brought by the advancements of
today’s technology. It refers to the online wallets used for cashless transactions such as
GCash, Paymaya, and Paypal, among others.

37
Budgeting. It is a sub-category of money management where individuals divide
and distribute their money. It includes not only the list of expenses but any other financial
transaction made by consumers.
Buyers. These are the individuals who purchase goods or services from
entrepreneurs. They use cash–based payments, cashless transactions, or both two
methods in their transactions.
Cash. It is the physical money used in exchange for products from different
industries. It is usually involved in the traditional way of payment, which is the cash-
based method.
Cash-based Payments. It deals with the use of bills and coins in purchasing
goods and services. It requires physical money in order to acquire products. This payment
method is the common type used in businesses.
Cashless Transactions. The researchers defined cashless transactions as digital
methods for exchanging financial transactions, like with the use of online applications
such as GCash, Paymaya, Paypal, and any other online payment medium.
Connection Issues. This refers to the issues experienced by the respondents
whenever they use cashless payments. Likewise, this includes the low connection of the
38
internet that resulted in negative feedback from using an application that requires a data
or Wi-Fi connection.
Consumers. They are the ones who purchase products and acquire services made
by entrepreneurs. Moreover, as they purchase their needs and wants, they may use cash-
based and cashless payments.
Convenience. This term is defined by the researchers as having both
effectiveness and efficiency in terms of the usage of the two payment methods. There is
suitability and ease in using it.
Credit Card. This is one of the cashless payment methods. Wherein, this is a
card that authorizes you to purchase on credit.
Debit Card. This is also one of the cashless payment methods. The funds for the
amount of your purchase are taken from your checking account from which its money
may be withdrawn or the cost of purchases paid directly from the holder's bank account
without the payment of interest.
Economy. It refers to the financial circumstances of an organization, community,
or nation that are linked to the extraction of resources.

39
Expenses. This refers to the activity for which people should be paid.
Furthermore, this includes the financial burden of how they need to spend their money.
Google Forms. It is a survey administration software included as part of the free,
web-based Google Docs Editors suite offered by Google. This is a free online tool from
Google, which allows users to create forms, surveys, and quizzes as well as to
collaboratively edit and share the forms with other people.
Method. This refers to a means or manner of procedure, especially a regular and
systematic way of accomplishing something. It is a careful or organized plan that controls
the way something is done.
Money. Any object that is generally accepted as payment for goods and services
and as repayment of debts in a given country or socio-economic context. It is the medium
in which prices and values are expressed; as currency, it circulates anonymously from
person to person and country to country, thus facilitating trade, and is the principal
measure of wealth.
Money Management. It refers to the process of tracking and planning an
individual or group’s use of capital. In personal and corporate finance, it usually includes
budgeting, spending, saving, and investing.

40
Needs. These are the things necessary for human survival. It needs to be fulfilled
for an individual to have a satisfactory life.
Online. It means linked to or ready to send or receive data across a computer
network. This refers to a type of payment medium brought by technological
advancements.
Operator. This is defined as someone who is shrewd or manages difficulties
easily. They are those individuals who are skilled at dealing with people and getting what
they want out of a situation.
Payment. This is the way customers use money in exchange for products in the
market. It is classified into two categories: cash-based and cashless.
Products. These are the tangible assets namely goods and services readily
accessible to the consumers for purchase or avail in the shops.
Purchasing. It is the act of acquiring commodities with the use of money in order
to satisfy the needs and wants of the buyers. It can be done in physical or online stores.
Saving. It is the process of putting aside a portion of income or allowance for
future purposes. The funds can be kept in a bank or in separate storage at home.
41
Sellers. They are the ones who trade products in return for payment. A seller can
be an individual, corporation, government, or any other entity.
Services. These are intangible assets that can be acquired by people in the form of
activities. Examples include work done by barbers, doctors, lawyers, mechanics, banks,
insurance companies, and so on.
Sex. When someone is male, female, or intersex, there are physical disparities
between them. Usually, a person's sex is determined at birth based on physiological
markers.
Society. It is a group of individuals engaged in ongoing social interaction, or a
large social group occupying the same social or physical region, who are typically subject
to the same governmental authority and prevailing cultural norms.
Socio-economic Status. This relates to a combination of an individual’s income,
occupation, and social background that affects money management.
Spending. It encompasses all expenses involved by an individual for acquiring
different consumables, such as goods and services.
Technology. This refers to methods, systems, and devices that are the outcome of
the actual application of scientific knowledge.

42
Transaction. A transaction is a commercial occurrence that results in a monetary
impact on a company's financial statements and is noted as an entry in the accounting
records of that firm.
Usage Frequency. This is the at-a-glance metric that helps determine the rate of
use by the individual as documented by the number of times per day, week, or month,
using cash or cashless methods of payment.
Wants. Wants are things that are nice to have but are not necessary for living. It
has the potential to improve your quality of life.

43
Notes in Chapter II
Abington, F. S. (2014). Money Management Experiences in Relation to Subculture, Sex,
Social Status, and Age. Retrieved from
https://www.proquest.com/openview/8dfb4d23e9b3dc3d0a97e58242f0058d/1?pq
-origsite=gscholar&cbl=18750&diss=y
Allam, Z. (2020). The forceful reevaluation of cash-based transactions by COVID-19 and
its opportunities to transition to cashless systems in digital urban networks.
Retrieved October 11, 2022, from
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7378511/
Ariffin, M., Sulong, Z., & Abdullah, A. (2017). Students’ Perception Towards Financial
Literacy and Saving Behaviour. Retrieved from researchgate:
https://www.researchgate.net/profile/Zunaidah-
Sulong/publication/323870234_Students%27_Perception_Towards_Financial_Lit
eracy_and_Saving_Behaviour/links/5ab0e9dba6fdcc1bc0bed005/Students-
Perception-Towards-Financial-Literacy-and-Saving-Behaviour.pdf
Brown, M., Hentschel, N., Mettler, H., & Stix, H. (2020, April 20). Financial innovation,
payment choice and cash demand – Causal evidence from the staggered
introduction of contactless debit cards. IDEAS RePEc (Research Papers in
Economics). Retrieved from https://ideas.repec.org/p/onb/oenbwp/230.html

44
Carboni, I. (2019, August 20). Counting more than accounts: What can frequency of
transactions tell us about financial inclusion? Retrieved from
https://www.centerforfinancialinclusion.org/counting-more-than-accounts-what-
can-frequency-of-transactions-tell-us-about-financial-inclusion
Cardos, I. R. (2014). New trends in budgeting- literature review. Retrieved from
https://seaopenresearch.eu/Journals/articles/SPAS_4_56.pdf
Chun, S., & Johnson, D. S. (2021, May 05). The effects of mental budgeting and pain of
payment on the financial decision making of socially excluded people. Retrieved
from https://www.emerald.com/insight/content/doi/10.1108/IJBM-09-2020-
0499/full/html?skipTracking=true
Cristobal, M. A., Malayang, J. C., Sampan, M. Q., & Solina, M. A. (2018). A research
study on the effects of cashless transactions on people’s spending behavior. De La
Salle-College of Saint Benilde. Retrieved from
https://www.studocu.com/ph/document/de-la-salle-university/introduction-to-
computing/a-research-study-on-the-effects-of-cashless-society/23540067
David, J., Gentica, S., Favorito, M., Bulan, J., Galang, J., Bugay, A., & Tolentino, J.
(2022). Ayuda Time: Examining the Level of Financial Knowledge in Relation to
Managing Pandemic Financial Support Among Hermoseños [Document].
Hermosa, Bataan.
45
Dewi, L. (2019, November). Impact of Family’s Socio-Economic Context on Financial
Literacy of Young Entrepreneurs. Retrieved from
https://business.expertjournals.com/23446781-715/
Esenvalde, I. (2012). Psychological predictors of savings behavior: Contrasting the
impact of optimism and burnout on self-control, achievement motivation and
savings behavior. Retrieved from proquest:
https://www.proquest.com/openview/5240611313b5779647fb355fd499c5ce/1?pq
-origsite=gscholar&cbl=18750
Fachrudin, K., & Silalahi, A. (2014). A study of the use of cashless payments in relation
to income, financial behavior, and almsgiving behavior in Sumatera, Indonesia.
Retrieved from https://www.atlantis-press.com/proceedings/icoposdev-
21/125970395
Fajardo, R., Jorge, D. V., Laus, A., Puno, J., Rivera, E. M., Sanoria, K., & Waje, A.
(2022). Add to Cart: The Influence of Online Shopping on the Buying Behavior
Among Senior High School Students of Saint Peter of Veronica Academy.
Hermosa, Bataan: Saint Peter of Veronica Academy.
Finke, M. S., Howe, J. S., & Huston, S. J. (2016, January 21). Old age and the decline in
financial literacy. Retrieved from
https://pubsonline.informs.org/doi/10.1287/mnsc.2015.2293
46
Fujiki, H. (2021, September 13). Will the widespread use of cashless payments reduce the
frequency of the use of cash payments? Retrieved from
https://www.researchgate.net/publication/355198901_Will_the_Widespread_Use
_of_Cashless_Payments_Reduce_the_Frequency_of_the_Use_of_Cash_Payments
Fulford, S. L., & Schuh, S. (2020, October). Revolving versus convenience use of credit
cards: Evidence from U.S. credit bureau data. Retrieved from
https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=1050&context=ec
on_working-papers
Ganti, A. (2022, May 24). Rational choice theory: What it is in economics, with
examples. Retrieved from Investopedia:
https://www.investopedia.com/terms/r/rational- choice-theory.asp
Halliwell, E. (2012). Theory comparison. Retrieved from
https://www.sciencedirect.com/topics/social-sciences/theory-comparison
Heidari, S., Babor, T. F., De Castro, P., Tort, S., & Curno, M. (2016, May 03). Sex and
gender equity in research: Rationale for the sager guidelines and recommended
use - research integrity and peer review. Retrieved from
https://researchintegrityjournal.biomedcentral.com/articles/10.1186/s41073-016-
0007-6
47
Jamal, A., Ramlan, W., Karim, M., Mohidin, R., & Osman, Z. (2015, November). The
Effects of Social Influence and Financial Literacy on Savings Behavior: A Study
on Students of Higher Learning Institutions in Kota Kinabalu, Sabah. Retrieved
from researchgate: https://www.researchgate.net/profile/Amer-Azlan-Abdul-
Jamal/publication/297877861_The_Effects_of_Social_Influence_and_Financial_
Literacy_on_Savings_Behavior_A_Study_on_Students_of_Higher_Learning_Inst
itutions_in_Kota_Kinabalu_Sabah/links/56e3f4e108aedb4cc8
Kennedy, L., Khanna, K., Simpson, D., Jia, Y., & Teitlerk, J. (2022, March 23). He, she,
they: Using sex and gender in survey adjustment. Retrieved from
http://www.stat.columbia.edu/~gelman/research/unpublished/Using_gender_in_su
rveys.pdf
Kuhnen, C. M., & Miu, A. C. (2017). Socioeconomic Status and Learning from Financial
Information. Retrieved from http://public.kenan-
flagler.unc.edu/faculty/kuhnenc/RESEARCH/kuhnen_miu_JFE_published_versio
n.pdf
Labito, A. (2017). Can allowance, personal budgeting and self control as mediating role
manage compulsive buying behavior among college students? International
Journal of Social Sciences & Educational Studies, 4(3), 1.

48
LaMorte, W. W. (2019, September 9). Diffusion of Innovation Theory. Retrieved from
sphweb.bumc.bu.edu: https://sphweb.bumc.bu.edu/otlt/MPH-
Modules/SB/BehavioralChangeTheories/BehavioralChangeTheories4.html
Liu, Y., & Dewitte, S. (2021, February 03). A replication study of the credit card effect
on spending behavior and an extension to mobile payments. Retrieved October
18, 2022, from
https://www.sciencedirect.com/science/article/abs/pii/S0969698921000382
Mahfuzur, R., Izlin, I., & Shamshul, B. (2020, September). Consumer Adoption of
Cashless Payment in Malaysia. Retrieved from
https://www.sciencedirect.com/science/article/pii/S266695442100003X
Mejia, J. (2014). Point of Sale with Inventory Management System for TRC Bookstore.
City of Balanga: Tomas del Rosario College.
Moncada, J. B., Montañez, C. O., Castro, E., & Romano, N. P. (2022, September).
Adaptation of e-payment and its influence on consumption value among the
consumers in Butuan City, Philippines. Retrieved from
https://www.researchgate.net/publication/363893994_Adaptation_of_e-
payment_and_its_influence_on_consumption_value_among_the_consumers_in_
Butuan_City_Philippines
49
Munster, R. (2020). Helping your finances survive a pandemic or disaster. Retrieved
from MoneyFit: https://moneyfit.org/blog/surviving-financially-during-pandemic
Olivar, J. &. (2016). Exploring life through science series. Evolution: A Unifying Theme,
218-221.
Oyelami, L. O., Adebiyi, S. O., & Adekunle, B. S. (2020, March 18). Electronic payment
adoption and consumers' spending growth: Empirical evidence from nigeria -
future business journal. Retrieved from
https://fbj.springeropen.com/articles/10.1186/s43093-020-00022-z
Padmavathi, D., Matanjini, M., & Aryashree, B. (2021, September). Influence of cashless
payments on spending behaviour. Retrieved from
https://ijsdr.org/papers/IJSDR2109005.pdf
Parekh, D. (2019, February 14). 7 steps to effective spend management. Retrieved from
https://www.zycus.com/blog/spend-analysis/7-steps-to-effective-spend-
management.html
Raon, C., De Leon, M., & Dui, R. (2021, June 14). Adoption of E-Payment Systems in the
Philippines. Retrieved from ojs.uajy.ac.id:
https://ojs.uajy.ac.id/index.php/jik/article/view/3197
50
Rich-Edwards, J. W., Kaiser, U. B., Chen, G. L., Manson, J. E., & Goldstein, J. M. (2018,
April 12). Sex and Gender Differences Research Design for Basic, Clinical, and
Population Studies: Essentials for Investigators. Retrieved from
https://academic.oup.com/edrv/article/39/4/424/4967741
Thirupathi, M., Vinayagamoorthi, D., & Mathiraj, D. (2019, August). Effects of Cashless
Payment Methods in India. Retrieved from https://www.ijstr.org/final-
print/aug2019/Effect-Of-Cashless-Payment-Methods-A-Case-Study-Perspective-
Analysis.pdf
Tian-Que, L. (2012). Perceived risk in marketing strategy. Business, Economics,
Financial Sciences, and Management. Advances in Intelligent and Soft
Computing, vol 143. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-
642-27966-9_25
Waranyasathid, R., & Htin, K. (2020, March 30). Financial Literacy and Money
Management among the Young. Retrieved from
https://repository.au.edu/handle/6623004553/24159
Xiao, J., Chen, C., & Sun, L. (2015). Age differences in consumer financial capability.
Retrieved from
https://digitalcommons.uri.edu/cgi/viewcontent.cgi?article=1021&context=hdf_fa
cpubs
51
Xin, Z., Liu, G., & Zong, Z. (2022, September 23). Feeling and calculation: The impact
of lay rationalism thinking mode on mental budgeting. Retrieved October 18,
2022, from https://pubmed.ncbi.nlm.nih.gov/36187902/
Yang, M., Mamun, A., Mohiuddin, M., Nawi, N., & Zainol, N. (2021, January 15).
Cashless transactions: A study on intention and adoption of e-wallets. Retrieved
from https://www.mdpi.com/2071-1050/13/2/831/html
52
CHAPTER III
METHODS OF RESEARCH
This chapter discusses the methods of research that were applied in the collection,
analysis, and interpretation of data related to the study. Specifically, it includes methods
and techniques of the study, population and sample, research instrument, construction and
validation of research instrument, data gathering procedures, and data processing and
statistical treatment.
Methods and Techniques of the Study
The descriptive method will be utilized in order to compare cash-based payments
and cashless transactions in terms of how they affect the money management of senior
high school students at Tomas del Rosario College. As defined by Manjunatha (2019),
descriptive research is a statement of affairs because the researchers have no control over
the variables. It is a type of quantitative research method that attempts to collect and
describe quantifiable information to be used for statistical analysis of the chosen sample.
In connection, Siedlecki (2020) presented that it focuses on the characteristics of a
population, identifies the issues present in a unit, or searches for variations in multiple
aspects between groups. Moreover, McCambes (2022) stated that descriptive research is
flexible because it uses a variety of research methods to accurately and systematically
characterize one or more variables through observation and measurement.

53
For this study, it is appropriate to utilize a descriptive research design because it
intends to compare two variables such as cash-based payments and cashless transactions.
It also seeks to describe the money management of respondents with respect to the
payment method they are using in their financial transactions. Moreover, this design
helps in discovering their monetary practices and in determining which payment medium
better helps in the handling of finances. Therefore, the descriptive research design is the
most suitable design for this study.
Population and Sample of the Study
The population of this study is the senior high school department of Tomas del
Rosario College. The said respondents were selected because they belong to the
generation that has full awareness and great knowledge when it comes to online mediums.
In addition, based on the initial survey, the majority of them frequently use both cash-
based and cashless methods in their daily financial activities. Given that it is the first
face-to-face academic year after two years of distance learning, it is relevant to discover
how students manage their money as they transact without the physical presence of their
guardians. In connection, the following table presents the population and sample size for
each section of the entire senior high school department.

54
Table 1
Tabular Presentation of Population and Sample
Respondents Population Sample
Grade 11 STEM - St. Gabriel 33 6
Grade 11 STEM - St. Francis 31 5
Grade 11 STEM - St. Thomas 31 5
Grade 11 STEM - St. Dominic 31 5
Grade 11 STEM - St. James 31 5
Grade 11 STEM - St. John 31 5
Grade 11 STEM - St. Joseph 31 5
Grade 11 ABM - St. Mary 34 7
Grade 11 HUMSS - St. Matthew 35 8
Grade 12 STEM - Capricorn 31 7
Grade 12 STEM - Aquarius 28 6
Grade 12 STEM - Taurus 29 5
Grade 12 STEM - Pisces 28 5

55
Grade 12 STEM - Sagittarius 28 5
Grade 12 STEM - Gemini 30 6
Grade 12 STEM - Virgo 27 4
Grade 12 ABM - Carnegie 17 2
Grade 12 ABM - Vanderbilt 24 3
Grade 12 HUMSS - Amorsolo 30 6
Total 560 100
The table presents the respondents of the study in the first column which are the
grade 11 and grade 12 students of Tomas del Rosario College. The total population of
senior high school students (560 students) from the aforementioned institution can be
seen in the second column. Whereas, the third column shows the chosen samples (100
students) from the population of the students by section. The samples are computed using
the percentage formula through dividing the sample per category (i.e., grade level and
section) by the total population and multiplying the result by 100. It can be noted that the
sample for each section was adjusted based on the ratio of students per class in order to
meet the required population for the two grade levels.

56
Research Instrument
To collect quantifiable data from the respondents, the researchers utilized a
questionnaire in the English language as the research instrument. It includes close-ended
questions that will provide answers to the variables of this study which are divided into
two parts: multiple choice and Likert scale or rating scale choice. In the upper part, the
title of the study is introduced to give the respondents an initial idea of the topic. Below
the title, a text box was used for the objectives of the study and the description of the
research instrument. Overall, this is done for the purpose of acquiring quantifiable
responses coming from the selected respondents and achieving the final goal of the paper.
After the background information, the respondents were tasked to write their
profile such as their name, age, and sex. Furthermore, the 30-item questionnaire is mainly
divided into two parts, containing also two types of questions such as multiple-choice and
Likert- scale. In the multiple-choice type, the 12 questions revolve around their
socioeconomic status and money management in terms of budgeting, purchasing, and
saving. On the other hand, the Likert-scale table having 18 items includes statements
about cash-based payments and cashless transactions in terms of usage frequency,
convenience, and spending level. Consequently, the gathered answers from this survey
will be processed and used by the researchers as pieces of evidence to prove the
credibility of the analysis.
In addition, every query or statement in the questionnaire will be measured with a
scale. The multiple-choice type is composed of dichotomous questions followed by their

57
reasoning, and each choice has its designated interpretation. Choices a, b, c, and d were
taken into account as 1, 2, 3, and 4 respectively. While for the Likert scale, the following
table reveals its numerical and descriptive equivalents:
Table 2
Scale Descriptive Interpretation
5 Strongly Agree
4 Agree
3 Neutral
2 Disagree
1 Strongly Disagree
Construction and Validation of Research Instrument
The investigators were tasked to create questions that will be used to examine the
respondents with concurrence to the given topic. To do so, they gathered information
from various sources like articles, books, and published theses among other relevant
documents. Aside from that, group discussions and observations have been undertaken to
accurately construct the questionnaire making sure that all the contents were properly
reviewed before
58
distributing the research instrument. In more detail, the researchers constructed the
queries utilizing the three main variables such as the profile of the respondents, money
management, and the payment methods namely cash-based and cashless.
To validate the questionnaires, validators from three different fields were selected
because they have both the authority and technical expertise to evaluate and give
feedback about the content of the questionnaire. Mr. Mac Dioren Salazar, a Research
teacher, was asked to assess if the questions and statements are suitable for the study. Ms.
Johanna Faith Oira, an English teacher, was assigned to check the content in terms of
grammar and mechanics. Mrs. Carlota D. Liu, a Certified Public Accountant (CPA), was
tasked to evaluate the accuracy of terms used in each sentence. Above all, these
validators served significant roles by proofreading the original questionnaire, which aided
the researchers in constructing the revised version of the research instrument.
Data Gathering Procedure
The researchers followed a series of steps in order to systematically collect the
needed data for this study. They properly conducted these procedures for the purpose of
ensuring honest and accurate data collection. The detailed steps accomplished in the
gathering of data are presented in the succeeding paragraphs.

59
In order to gather sufficient data for the study, the researchers constructed a
questionnaire that was based on the statement of the problem. After finishing the content,
they asked their research adviser Ms. Rossel Gille B. Garcia to assess it. A letter was then
made, requesting the selected validators to evaluate the research instrument. When the
release of letters and questionnaires was permitted by the adviser, the researchers directly
distributed them to the respective professionals.
When the summary of feedback was received, the questions were revised and
some parts were edited. Specifically, a text box containing the definition of the terms
cash-based payments and cashless transactions were added to enlighten the respondents.
After these revisions, the final version of the questionnaire was printed and sent back to
the validators for their signatures. The validated copies of the research instrument were
then submitted to the research adviser.
Since there was already a finalized copy of the questionnaire, the researchers
started determining their respondents. They started to look for information about the
senior high school department including their total number per section and as a whole.
After getting these values, the researchers calculated each section's intended number of
samples. The master list of students was also collected from their teachers.
Given that the number of students exceeds the required quantity of respondents,
Probability Sampling was utilized. Specifically, the Lottery Method was used in the
selection of respondents. In conducting this method, the researchers printed a hard copy
of
60
the student list, cut all the names per section into smaller strips, and inserted the folded
strips in their designated boxes. Successively, all members took turns in pulling out a
specified number of paper strips from their assigned sections and then inserted each name
into the table of respondents.
After completing the list of respondents, the researchers started to distribute the
research instrument. Right after collecting the answered questionnaires, the responses of
the respondents were tabulated. All answers were recorded in a tally sheet based on their
numerical conversions. The values in the tally sheet are intended to be used as the basis
for answering the research questions and testing the hypothesis, which will be further
discussed in the next chapters of this paper.
Data Processing and Statistical Treatment
Through the investigation and compilation of data, the gathered data from the
respondents will be evaluated and will be summarized in tabular form. It will also be
statistically treated with appropriate statistical tools. This process will allow the
researchers to organize the presentation of data and employ accurate analysis.
Further analysis of data will be done to identify the comparison between cash-
based payments and cashless transactions usage in terms of money management of senior
high school students. With the response of the sample being tallied, scored,
systemized, and
61
arranged in a tabular form, the outcome of the research study will be unlocked through
the use of statistical processes. Moreover, the data gathered and tabulated may be
accurately described using statistical tools such as the following:
Pearson R Correlation. As defined by Goodwin (2016), it is the test statistics that
measures the statistical relationship, or association, between two continuous variables. It
is a correlation coefficient commonly used in linear regression. In the researchers’ study,
this statistical tool is applicable to determine the degree of correlation between the two
types of payment.
T-test. According to Bevans (2020), it is a statistical test that is used to compare
the means of two groups. It is often used in hypothesis testing to determine whether a
process or treatment actually has an effect on the population of interest, or whether two
groups are different from one another. This was used by the researchers to quantify how
significant the difference is between the means of two groups while taking their variance
or distribution into account.
Mean. Conforming to what has been stated by Fan (2013), the mean is a
parameter that measures the central location of the distribution of a random variable. It is
an important statistic that is widely reported in scientific literature. This was used to
interpret or summarize the given data from the respondents to derive relevant information
about the population represented by the data.

62
Frequency. It is a measure of the number of occurrences of a particular score in a
given set of data Mihaescu (2013). It allows the researchers to have a glance at the entire
data conveniently. This was used by the researchers to organize the data.
Percentage Distribution. In accordance with Lavrakas (2012), it is a display of
data that specifies the percentage of observations that exist for each data point or
grouping of data points. It allows the researchers to visualize or illustrate the data
collected in a sample. It was used to express the relative frequency of survey responses.
63
Notes in Chapter III
Bevans, R. (2020, January 31). An Introduction to t Tests | Definitions, Formula and
Examples. Scribbr.
https://www.scribbr.com/statistics/t[1]test/#:~:text=A%20t%20test%20is%20a,ar e
%20different%20from%20one%20another.
Fan, S. (2013). Mean. Sagepub. https://methods.sagepub.com/reference/encyc-of-
research-design/n236.xml
Goodwin, L., & Leech, N. (2017). https://www.jstor.org/stable/20157427. The Journal of
Experimental Education, 74(3), 251–266. http://www.jstor.org/stable/20157427
Lavrakas, P. (2012). Percentage Frequency Distribution. Sagepub.
https://sk.sagepub.com/reference/survey/n372.xml
Manjunatha, N. (2019). Descriptive research. Journal of Emerging Technologies and
Innovative Research (JETIR), 6(6), 1-2.
doi:https://www.jetir.org/papers/JETIR1908597.pdf
McCombes, S. (2022, October 10). Descriptive research: Definition, types, methods &
examples. Scribbr. Retrieved November from
https://www.scribbr.com/methodology/descriptive-research/
64
Mihaescu, O. (2013). Frequency Table. Sagepub.
https://methods.sagepub.com/reference/encyc-of-research-design/n159.xml
Siedlecki, S. L. (2020). Understanding descriptive research designs and methods. Clinical
Nurse Specialist, 34(1), 8-12. doi:10.1097/NUR.0000000000000493

65
CHAPTER IV
PRESENTATION, ANALYSIS & INTERPRETATION
This chapter deals mainly with the presentation, analysis, and interpretation of
data according to the specific questions in the study. The data gathered by the researchers
were presented in tabular form. After presenting the information, it is then analyzed so
that the researchers can determine the findings derived from the statistics. Lastly, the
collected data were interpreted so that every reader could understand the figures
presented in the tables.
Table 1
Frequency, Percentage, & Rank Distribution of Respondents'
Profile In Terms of Age
Age F % Rank
15 2 2% 4
16 38 38% 2
17 46 46% 1
18 14 14% 3
Total 100 100%
In accordance with the tabulated characters in table 1, 46 or 46% of the total
respondents answered that they are 17 years old which determined its place in 1st rank. It
is followed by age 16 being responded to by 38 participants or 38% of the overall sample
which obtains the 2nd rank. On the other hand, getting its position in the 3rd rank is 18
66
years of age students consisting of 14 individuals comprising 14% of the collected
surveys. Next in line is the age 15 having 2 or 2% of the whole senior high school
selected population choosing it which gains the 4th rank.
In consonance with the investigation of Xiao, Chen, & Sun (2015) entitled “Age
Differences in Consumer Financial Capability,” financial capability is expected to
increase with age. Based on the results, the age group of young adults (18-24 years old)
had the lowest scores on objective financial literacy, subjective financial literacy,
perceived financial capability, and the financial capability index. Additionally, the report
of Rookes (2013) entitled “The Financial Capability of 15-17 year olds” reveals that
young people show positive attitudes toward money management. Moreover, some
financial behaviors appear to be established by the age of 15. However, 17-year-olds and
young adults aged 18 to 24 are less comfortable with their finances than younger
teenagers, reflecting the challenges of greater financial independence.
Table 2
Frequency, Percentage, & Rank Distribution of Respondents'
Profile In Terms of Sex
Sex F % Rank
Female 61 61% 1
Male 39 39% 2
Total 100 100%
67
The table demonstrates above that 61 (61%) of the population of female
respondents ranked first while 39 (39%) of the population of male respondents ranked
second, with a total population of one hundred (100) senior high school students. As a
result of this evaluation, the majority of student respondents are comparing cash-based
payments and cashless transactions, particularly in terms of money management.
Similarly, when distinguishing the different sexes of the respondents, one can determine
their variety of points of view among the expected answers from the given choices of the
provided questionnaires.
As stated by the study of Ansar et al. (2019), entitled "The Impacts of Future
Orientation and Financial Literacy on Personal Financial Management Practices among
Generation Y in Malaysia: The Moderating Role of Gender," there is a difference
between male and female when it comes to handling financial matters. The researchers
have determined the association between socio-demographic variables and financial
matters, which led to the different sets of beliefs held and practices executed regarding
money by both males and females. As a result of their study, men had more knowledge
and were interested in learning about financial matters when compared to women, who
are more knowledgeable in financial matters, which led them to become more worried
about their financial futures and perform better financial management. Thus, this study
supports that, in terms of determining the perspectives of the respondents, there is an
effect when it comes to knowing their sexes since there are differences between males
and females.
68
Table 3
Frequency, Percentage, & Rank Distribution of Respondents' Profile In Terms of
Socioeconomic Status (Question # 1)
The estimated total of my monthly family income. F % Rank

The estimated total of my monthly family income is 27 27% 2
less than PHP 30,000.
The estimated total of my monthly family income is 47 47% 1
PHP 30,000 - PHP 50,000.
The estimated total of my monthly family income is PHP 50,001 16 16% 3
- PHP 100,000.
The estimated total of my monthly family income is more than 10 10% 4
PHP 100,000.
Total 100 100%
The table above presents the respondents' socioeconomic status profile based on
their total monthly family income. According to the data, 47 (47%) of the respondents
have a total monthly family income of PHP 30,000 - PHP 50,000, which positioned them
first in the ranking. For the second rank, 27 (27%) of the students have a monthly family
income that is less than PHP 30,000. Next, for the third position, 16 (16%) of the
respondents answered that they have a family income of PHP 50,001 - PHP 100,000 per
month. Lastly, for the fourth rank, 10 (10%) of the students responded that their total
family income per month is more than PHP 100,000.
As presented in the research entitled "The Impact of Family Income on Students'
Financial Attitude" by Llukani et al. (2015), students with a low family income are more
likely to have a better financial attitude in comparison with students with other parental
69
incomes. By not knowing the value of working for money and having almost financed
their living and education students are not fostered to prioritize, track expenses, and
follow a monthly budget. In contrast, students with low parental income may have been
faced with difficulties early in life and have learned that money matters.
Table 4
My weekly school allowance. F % Rank

My weekly school allowance is less than PHP 500. 18 18% 2
My weekly school allowance is PHP 500 - PHP 1,500. 72 72% 1
My weekly school allowance is PHP 1,501 - PHP 2,500. 6 6% 3
My weekly school allowance is more than PHP 2,500. 4 4% 4
Total 100 100%
Table 4 shows the respondents' socioeconomic status profile based on their
weekly school allowance. It presents that 72 respondents chose statement number 2 (My
weekly school allowance is PHP 500 - PHP 1,500.), which is ranked first after being
selected by 72% of the total population. In connection, 18 students answered statement
number 1 (My weekly school allowance is less than PHP 500.), which is ranked second
by gaining 18% of the answers. Next, for the third rank, 6 respondents chose statement
number 3 (My weekly school allowance is PHP 1,501 - PHP 2,500.), which is 6% of the
overall responses. For the fourth rank, 4 of them picked statement number 4 (My weekly
school allowance is more than PHP 2,500.), which is 4% of all the collected answers.
70
The allowance given to the respondents per week is one of the socioeconomic
factors that can affect how they manage their finances. The study conducted by Legaspi
& Recalde (2014) entitled "Relationship between Weekly Allowance and Consumption
Expenditures of BS ABE Students: A Multi-Variable Regression Analysis" revealed that
as the students’ allowance increases, their amount of consumption also increases. Given
that, their study concluded that the relationship between allowance and consumption
expenditure is directly proportional. Moreover, as stated by Jeff Kreisler (2020), a
behavioral economist, having a weekly allowance makes it more challenging for
individuals to carry out financial decisions, which aids them in having fewer expenses.
They will only be subjected to use those available funds on a weekly basis, instead of
pulling from a monthly pool of money.
Table 5
My usual weekly school expense. F % Rank

My usual weekly school expense is less than PHP 500. 37 37% 2
My usual weekly school expense is PHP 500 - 56 56% 1

PHP 1,500.
My usual weekly school expense is PHP 1,501 - 6 6% 3
PHP 2,500.
My usual weekly school expense is more than PHP 2,500. 1 1% 4
Total 100 100%
71
Table 5 shows the respondents' socioeconomic status profile based on their
weekly school expenses. Based on the table above, 56 students answered statement
number 2 (My usual weekly school expense is PHP 500 - PHP 1,500.), which is ranked
first after being chosen by 56% of the respondents. For the second rank, 37 respondents
chose statement number 1 (My usual weekly school expense is less than PHP 500.),
which is 37% of the overall responses. Following these, 6 respondents chose statement
number 3 (My usual weekly school expense is PHP 1,501 - PHP 2,500.), which is ranked
third after getting 6% of the responses. Lastly, for the fourth rank, 1 student selected
statement number 4 (My usual weekly school expense is more than PHP 2,500.), which is
1% of the gathered responses.
The total school expense of the respondents per week is one of the socioeconomic
factors that can describe their financial management. Based on the study conducted by
Singh et al. (2020) entitled “Student Budgeting and Behaviour,” the activities that
students spend the most on are entertainment, books, lifestyle, traveling, and dine-out.
They observed that most students spend on their lifestyle that includes shopping and other
related activities, which is followed by entertainment that involves movies, dramas, and
stand-up comedy shows. Moreover, a significant part of their allowance is spent on
traveling which consists of fare and vehicle fuel charges. Furthermore, according to the
article from 1st Financial Bank USA (2022) entitled “ Habits in High School vs. in
College,” typical categories that high school students may spend their money on are food,
clothes, electronics, school supplies, extracurricular fees, transportation, special
occasions, and savings.

72
Table 6
Frequency, Percentage, & Rank Distribution of Money Management In Terms of
Budgeting (Question # 1)
I prefer using cash-based payments in budgeting my F % Rank

money.
Yes, because I find it easier to manage my money if I have 72 72% 1
physical cash that can be utilized for my purchases.
Yes, because I can avoid accumulating debt when I have 12 12% 3
physical cash at my disposal.
No, because I tend to impulsively buy products when I see 13 13% 2
that I have money in my wallet.
No, because I am more inclined to prioritize my wants over 3 3% 4
my needs when I apply the cash-based method.
Total 100 100%
Table 6 shows the responses to the first question regarding the money
management of the respondents in terms of budgeting. It presents that statement number
1 (Yes, because I find it easier to manage my money if I have physical cash that can be
utilized for my purchases.) is ranked first with 72 responses, which is 72% of the total
population. In connection, statement number 3 (No, because I tend to impulsively buy
products when I see that I have money in my wallet.) is ranked second with 13 responses,
which is 13% of all the answers. Next, for the third rank, statement number 2 (Yes,
because I can avoid accumulating debt when I have physical cash at my disposal.) got 12
responses, which is 12% of the selected students. Furthermore, statement number 4 (No,
because I am more
73
inclined to prioritize my wants over my needs when I apply the cash-based method.) is in
the fourth rank with 3 responses, which is 3% of the total number of subjects.
Most of the respondents find it easier to manage physical cash in terms of
budgeting. Based on the study entitled "Transaction Factors’ Influence on the Choice of
Payment by Polish Consumers" by Świecka et al. (2021), almost one-third of the total
respondents always use cash given that it is already available in their wallets. In
connection, more than half of their samples answered that they utilize more cash
transactions than other payment types, which proves that the demand for cash remains
unchanged due to its convenience. In addition, the article “3 Reasons Why Using Cash is
Better than Credit” from PrimeWay Federal Credit Union (2022) stated that cash makes it
easier to budget and stick to it. With the help of cash usage, it is easier to track exactly
how individuals spend their money.
Table 7
I prefer using cashless payments in budgeting my money. F % Rank

Yes, because I can track the inflows and outflows of money in 19 19% 3
my account.
Yes, because I can better allocate my funds since I can oversee 20 20% 2
my history.
No, because I tend to excessively borrow money from lending 17 17% 4
bodies (e.g., credit cards and G-credit).
74
No, because the outflow of my money is faster when I use 44 44% 1

Total 100 100%
Table 7 presents the answers of the respondents to the second question, which is
about their money management when it comes to budgeting. It shows that statement
number 4 (No, because the outflow of my money is faster when I use cashless
transactions.) is ranked first with 44 responses, which is 44% of the overall population.
For the second rank, statement number 2 (Yes, because I can better allocate my funds
since I can oversee my history.) got 20 responses, which is 20% of the answers.
Furthermore, statement number 1 (Yes, because I can track the inflows and outflows of
money in my account.) is in the third rank with 19 responses, which is 19% of the total
number of subjects. Moreover, for the fourth rank, statement number 3 (No, because I
tend to excessively borrow money from lending bodies (e.g., credit cards and G-credit).)
gained 17 answers, which is 17% of the total responses.
Most of the students answered that they do not prefer using cashless payments in
budgeting their finances because the outflow of money is faster when this method is used.
As presented in the research of Yakean (2020) entitled “Advantages and Disadvantages
of a Cashless System in Thailand during the COVID-19 Pandemic,” the flow of money in
e- payments is faster because it can be done through online mediums at home without
carrying physical money or need for pen, paper, and a physical appearance anywhere.
However, based on the study entitled “Influence of Cashless Payments on Behaviour”
that was conducted by Padmavathi et al. (2021), expenditures in all five categories
namely clothing,
75
entertainment, food, travel, and home products have increased after being made on a
cashless basis. This study reveals that due to the faster outflow of money in cashless
payments, it will be hard for users to budget their finances as they tend to spend more
while using this method.
Table 8
I prefer to use both cash-based payments and cashless F % Rank

transactions in budgeting my money.
Yes, because I can explore the different types of payment 28 28% 1.5
methods.
Yes, because I can easily choose the best method I want to 28 28% 1.5
use when I observe that it fits the situation.
No, because I still have to choose between them so that I can 13 13% 4
further improve my budgeting skills.
No, because I only want to use solely cash-based payments so 21 21% 3
that I can avoid the problems I encountered before in cashless
transactions or vice versa.
Total 100 100%
The numerical characters indicated in Table 8 are the answers of the respondents
to the third question about money management in terms of budgeting. Both the first
statement (Yes, because I can explore the different types of payment methods.) and
second statement (Yes, because I can easily choose the best method I want to use when I
observe that it fits the situation.) got ranked as 1.5 having the same number of
participants who chose them which is 28 or 28% of the overall sample. Moreover, the
fourth statement (No, because I

76
only want to use solely cash-based payments so that I can avoid the problems I
encountered before in cashless transactions or vice versa.) placed in the third rank with
21 respondents or 21% from the gathered responses selecting it. In addition, the third
statement (No, because I still have to choose between them so that I can further improve
my budgeting skills.) is positioned on the fourth rank with a total of 13 participants or
13% of the surveyed individuals picking this option.
Conforming to the article published by Debt. com (2022) entitled “Which
Payment Type Can Help You Stick to a Budget?” is the account that sticking to a budget
can be tough but thankfully, modern-day payments are helping people stay out of debt
and truly save. On the other hand, traditional payment strategies still stand (i.e, all-cash
system) as an option. Nonetheless, the most important thing with all budgeting is that one
knows where every centavo is going. Agreeing with this is the report of Christensen
(2022) in his article, “Different Payment Methods” which asserts that there is no payment
method that works for everyone in every situation. Thus, different modes of payment are
appropriate to use depending on different circumstances which the customers can choose
to apply accordingly.
Table 9
Purchasing (Question # 1)
I usually purchase the products I need and want F % Rank

using cash-based payments.
77
Yes, because it is the most prevalent and accepted mode of 62 62% 1

payment in any store.
Yes, because this is the payment method I grew up using. 32 32% 2
No, because there is still a pandemic, meaning it is not yet safe 2 2% 4
to practice it as my payment process.
No, because I acquire more benefits when performing cashless 4 4% 3
transactions.
Total 100 100%
Based on the tabulated data of table 9, 62 (62%) out of the total population reveal
that they use cash-based payments because it is the most prevalent and accepted mode of
payment in any store making it rank first among other choices. Moving on, 32
participants (32%) stated that they apply the cash-based method since it is the payment
method they grew up using, securing its position on the second rank. On the other hand, 4
(4%) responded that they do not utilize cash payments as there is still a pandemic,
meaning it is not yet safe to practice it as their payment process which establishes its rank
in the third place. Lastly, 2 (2%) of the collected answers show that they do not employ
cash basis for the reason that they can acquire more benefits when performing cashless
transactions which placed them in the fourth rank.
It is supported by the study of Caya, Hernandez, & Noroña (2021) entitled
“Application of a Multiple Carrier Cashless Payment System for Public Transportation in
Metro Manila: A New Normal Perspective” which affirms that there is almost a 50-50
percent of hesitancy in adapting to cashless payment according to 131 respondents. On
top of that, the article “The Philippines Top Four Payment Methods” by Stiltner
(2021)
78
insinuates that despite the rise of a range of alternative payment methods, cash prevails in
the Philippines. Hence, although cashless methods are widely practiced around the world,
many still choose cash as means to purchase their necessities.
Table 10
I usually purchase the products I need and want using F % Rank

cashless payment.
Yes, because it is more convenient and less hassle to use than 26 26% 2
the cash-based payment.
Yes, it is safer to use since there is still a pandemic ongoing. 20 20% 4
No, because I am having a hard time using this kind of 30 30% 1
payment method.
No, because I encounter various challenges while utilizing it 24 24% 3
such as technological issues.
Total 100 100%
Figures from the table exhibit that statement number 3 (No, because I am having a
hard time using this kind of payment method.) was answered by 30 respondents which
are 30% of the actual population attaining the first rank. Following this is the second-
ranked statement, statement number 1 (Yes, because it is more convenient and less hassle
to use than the cash-based payment.) having 26 participants, or 26% of gathered
responses pick this option. Subsequently, statement number 4 (No, because I encounter
various challenges while utilizing it such as technological issues.) placed third in the
hierarchy with 24 individuals (24% of overall answers) selecting it. Positioning in fourth
place was statement

79
number 2 (Yes, it is safer to use since there is still a pandemic ongoing.) having 20 (20%
of the whole sample) people agreeing to its point.
Similarly, the analysis of Ramya, Sivasakthi & Nandhini (2017) entitled
“Cashless transaction: Modes, advantages and disadvantages” mentioned that the digital
medium may prove a challenge for tech-unfriendly people, who will need more time to
adapt or the availability of other options to conduct transactions. This examination was
backed-up by the investigation entitled “Cashless Economy” led by Kailas (2020) which
acknowledges some people are not educated about the digital mode of payments. Thus,
the transition toward a cashless economy will require more time. In view of the fact that
buying through the cashless method proves to be difficult as many still are not familiar
with its ways, individuals revert to cash-based payment after deliberately failing in using
this method as a consequence.
Table 11
I think the usage of only one payment approach in F % Rank

purchasing products is highly beneficial.
Yes, because it is easier for me to manage my allowance when 48 48% 1
I consistently engage in one payment option.
Yes, because I do not have to mind several accounts or storage 26 26% 2
of my money and avoid confusion when I stick to only one
mode of payment.
No, because I cannot maneuver my funds freely if I do not 11 11% 4
have other choices.
80
No, because I find it hard to pick only one method of payment 15 15% 3
in my transactions.
Total 100 100%
According to the statistics displayed in table 11, the first statement (Yes, because
it is easier for me to manage my allowance when I consistently engage in one payment
option.) has ranked first due to 48 respondents or 48% of the collected answers choosing
this option. Succeeding it is the second statement (Yes, because I do not have to mind
several accounts or storage of my money and avoid confusion when I stick to only one
mode of payment.) which ranked second in the table consisting of 26 (26%) responses
from the participants. Furthermore, the fourth statement (No, because I find it hard to
pick only one method of payment in my transactions.) ended up in the third position
being selected by 15 respondents or 15% of the total sample. Consequently, garnering the
fourth rank is the third statement (No, because I cannot maneuver my funds freely if I do
not have other choices.) which was chosen by 11 individuals or 11% of the population.
The majority of the respondents answered that they find it uncomplicated if they
are using only one payment method in handling their finances. Based on the article “A
guide to types of payment methods” published by Stripe in 2022, certain payment
methods may or may not be relevant relying on the nature of transactions and where
customers are located. Shoppers prefer the right payment system which not only offers
payment flexibility and convenience to maximize conversion but also reduces fraud and
increases transaction speed. For instance, cards, wallets, bank redirects, or cash may be
most suitable for the purchases of clients in e-commerce and marketplaces.
Correspondingly, the
81
evaluation of O'Brien (2014) entitled “Consumer Preferences and the Use of Cash:
Evidence from the Diary of Consumer Payments Choice” concluded that once consumers
sort themselves into their respective approaches, they tend to use their preferred payment
instrument most of the time.
Table 12
Saving (Question # 1)
I consider saving some of my allowances. F % Rank

Yes, I am into making savings which I will use for 51 51% 1
future requirements.
Yes, because I have lots of wants to buy. 38 38% 2
No, because I usually consume all of my allowance which 8 8% 3
results in zero savings.
No, because I do not mind if I save some money or not. 3 3% 4
Total 100 100%
Table 12 presents the responses to the first question regarding the money
management of students in terms of savings. According to the table, statement 1 (Yes, I
am into making savings which I will use for future purposes.) was answered by 51
respondents, which is 51% of the study’s total sample, making it first on the rankings.
Meanwhile, second on the rankings was statement 2 (Yes, because I have lots of wants to
buy.), which was answered by 38 respondents, or 38% of the overall responses. On the
other hand, statement 3 (No, because I usually consume all of my allowance which
results in zero savings), was third on the rankings as it got 8 responses, which is 8%
of the gathered
82
answers. Lastly, fourth on the rankings was statement 4 (No, because I do not mind if I
save some money or not.), garnering 3 responses, or 3% of the collected answers.
Based on the results, students are fond of making savings to be used for future
purposes. This is supported by the study of Kassim et. al (2020) entitled “Students’
Saving Behaviour: Do Demographic Profile, Parents’ Background and Financial Literacy
Matter? An Empirical Study in Private Universities in Selangor” which states that saving
behavior refers to the way people put aside their money for future use. Moreover, as
shown by the study by Lep et. al (2021) entitled “Saving of Freshmen and Their Parents
in Slovenia: Saving Motives and Links to Parental Financial Socialization,” a relatively
large percentage of students stated that they were saving money. The underlying variety
of motives for saving formed the same categories of motives (most notably buying
expensive goods, investment, financial security, and self-gratification). Therefore, this
demonstrates that saving has become part of the everyday life of students.
Table 13
I save more money using cash-based payments than F % Rank

Yes, because it will be easier for me to handle my money since 46 46% 1
I am the one who is physically holding it.
83
Yes, because I can save whenever I want without minding the 30 30% 2
possible technical difficulties in using cashless transactions.
No, because I get tempted to spend my savings since I can 20 20% 3
simply get it inside my piggy bank or wallet.
No, because I am having a hard time-saving money in 4 4% 4
the traditional way.
Total 100 100%
The table above shows the gathered responses to the second question about the
money management of students when it comes to saving. It reveals that statement number
1 (Yes, because it will be easier for me to handle my money since I am the one who is
physically holding it.) got the first rank with 46 responses, which is 46% of the whole
sample. Then, the second rank is statement number 2 (Yes, because I can save whenever I
want without minding the possible technical difficulties in using cashless transactions.)
consisting of 30 responses or 30% of the gathered answers. For the third rank, 20
respondents answered statement number 3 (No, because I get tempted to spend my
savings since I can simply get it inside my piggy bank or wallet.), which is 20% of the
total sample. Moreover, statement number 4 (No, because I am having a hard time-saving
money in the traditional way.) got the fourth rank as it gathered 4 responses or 4% of the
total number of subjects.
The findings above can be supported by the study of Fabris (2018), entitled
“Cashless Society – The Future of Money or a Utopia?” as it states that paying with cash
is still the traditional means of payment. The knowledge of the use of digital money is
limited today and the question is how the majority of people would adapt and save in a
84
cashless society. With regards to savings, the pain of parting with money is felt more if
you use physical cash instead of a card, and thus affects savings positively. Therefore,
holding physical cash instead of cards or mobile wallets acts as a protector for people
who find it difficult to control their finances, making them save more money.
Table 14
I get more savings when using cashless transactions F % Rank

than cash-based payments.
Yes, because I can better control my money flow in cashless 28 28% 1.5
transactions.
Yes, because it is easier for me to transfer my money online 22 22% 3.5
than to go personally to the bank.
No, because I usually tend to overspend when using cashless 22 22% 3.5
transactions.
No, because I find it hard to save when I use online payments. 28 28% 1.5
Total 100 100%
Table 14 displays the answers to the third question concerning the money
management of students in terms of savings. It shows that both statement 1 (Yes, because
I can better control my money flow in cashless transactions.) and statement 4 (No,
because I find it hard to save when I use online payments.) are ranked 1.5 as they
garnered the same amount of responses which is 28, or 28% of all the answers. In the
same manner, statement 2 (Yes, because it is easier for me to transfer my money online
than to go personally to the

85
bank.) and statement 3 (No, because I usually tend to overspend when using cashless
transactions.) had 22 responses or 22% of the total sample, making them both ranked 3.5.
It is supported in the article entitled “Know The Pros And Cons Of Cashless
Payments” by eCompareMo (2020), as it states the advantages and disadvantages of
cashless payments. By using contactless payment, one can create an account that gets
updated in real-time. These digital platforms have features for viewing the transaction
history, checking statements, and notifications for any activity made in the account,
which cannot be done in cash-based payments. However, cashless transactions do not
eliminate impulsive buying. With electronic payments, it is easy to swipe, tap, or click
without noticing how much a person spends, resulting in over. Hence, all these factors
contribute to why the respondents have a mixed perception (50-50) about having more
savings using cashless transactions than cash-based payments.
Table 15
Weighted Mean Computation Showing Cash-based
Payments In Terms of Usage Frequency
Statements Weighted Verbal Rank

Mean Description
I regularly utilize physical cash in face-to- 4.08 Agree 2
face transactions even though I can use
online payments.
I prefer using physical cash whenever I buy 4.13 Agree 1
something online (e.g., cash on delivery).
86
I practice cash-based payments because I 3.91 Agree 3

trust them more than cashless
transactions.
Table 15 exhibits the weighted mean computation showing the gathered
information from the respondents that aims to assess their usage frequency in terms of
cash- based payments. It reveals that the second statement [I prefer using physical cash
whenever I buy something online (e.g., cash on delivery)] ranked first having a
weighted mean of
4.13 and a verbal description of “Agree.” While the statement number 1 (I regularly
utilize physical cash in face-to-face transactions even though I can use online payments.)
was shown to be on second rank with a weighted mean of 4.08 and a verbal description of
‘Agree.” Last in the rank is statement number 3 (I practice cash-based payments because
I trust them more than cashless transactions.) revealing a weighted mean of 3.91 and a
verbal description of “Agree.”
Based on the table above, the respondents of the study prefer using physical cash
whenever they buy something online and other transactions. Supporting the first
statement, Carboni (2019) in the article “Counting More than Accounts: What Can
Frequency of Transactions Tell Us About Financial Inclusion?” claimed that, despite
having access to media application payments, most consumers continue to utilize cash for
routine expenses after evaluating people's online and physical transaction activity.
Additionally, the report explored how both banked and unbanked individuals used their
cash for monthly expenses like rent and bills as well as everyday needs like groceries and
transportation. Moreover, the study of Fujiki (2021), entitled “Will the Widespread Use
of Cashless Payments Reduce the Frequency of the Use of Cash Payments?” found that
despite having access to cashless

87
ways, the majority of patrons still use cash for their daily expenses, indicating that cash is
used more frequently than noncash.
Table 16
Payments In Terms of Convenience

Mean Description
It is easier to purchase products using 4.07 Agree 1
cash-based payments.
I am satisfied with my purchases using 3.98 Agree 2
cash-based payment.
I encounter purchases where cash is not 2.83 Neutral 3
accepted.
On the other hand, table 16 presents the weighted mean computation showing the
collected data from the study’s respondents that seeks to determine the convenience of
using cash-based payments when purchasing products or availing services. First in the
rank is statement number 1 (It is easier to purchase products using cash-based payments.)
with a weighted mean of 4.07 and a verbal description of “Agree.” Meanwhile, placing
on the second rank, the second statement (I am satisfied with my purchases using cash-
based payment.) was shown to have a weighted mean of 3.98 and a verbal description of
“Agree.” Differently, the statement number 3 (I encounter purchases where cash is not
accepted.) was indicated as the last in the ranking having a weighted mean of 2.83 and a
verbal description of “Neutral.”

88
Grounding on table 16, it was shown that the study’s respondents find it easier to
purchase products using cash-based payments. According to Tetkowskwa et al. (2014), in
the study entitled “Time Efficiency of Point-of-Sale Payment Methods: Empirical Results
for Cash, Cards and Mobile Payments,” cash payment displays more convenience in
transactions made by consumers since it can be easily used and does not consume a
significant amount of time during exchange. It was also revealed in the study that when
comparing cash payment with slower transactions by cashless payments with PIN code, a
first important observation is the long duration of: terminal activation, entering the PIN
code, the authorization and printing the slip. Due to the fact that those stages are
performed one after another by the salesperson and the client, and with the use of a
payment terminal, it is impossible to run them parallel, which extends the whole
transaction, making cash payments a more convenient mode of payment.
Table 17
Payments In Terms of Spending Level

Mean Description
Paying in cash helps me in saving money. 3.58 Agree 3
Cash-based payment helps me to spend what I 3.89 Agree 1
only have in my pockets.
I am confident that my allowance (in paper 3.85 Agree 2
bills and coins) is enough to pay for my daily
expenses.
89
Shown on the table above is the weighted mean computation that shows the level
of the respondents, which are the Senior High School students of Tomas del Rosario
College, when using cash-based payments. Statement number 2 (Cash-based payment
helps me to spend what I only have in my pockets.), bearing a weighted mean of 3.89 and
a verbal description of “Agree,” was indicated to be on the first rank. Second to the first
is the third statement (Paying in cash helps me in saving money.) that was revealed to
have a weighted mean of 3.85 and a verbal description of “Agree.” Placed third in the
ranking is the first statement [I am confident that my allowance (in paper bills and coins)
is enough to pay for my daily expenses.] presenting a weighted mean of 3.58 and a verbal
description of “Agree.”
It can be seen on table 17 that cash-based payment helps respondents to spend
what they only have in their pockets. The study of Spantig (2021), entitled “Cash in Hand
and Savings Decisions,” suggests that cash payments lower the level of consumers than
payments with other means of transactions, and thus promote better saving behavior. It
was then also found that cash payments enable people to control their, for instance by
preventing them from over since they can have a closer look at what is left of them. In
connection, Agarwal et al. (2019), in a study entitled “Digital Payments Induce Over-:
Evidence from the 2016 Demonetization in India,” revealed that replacing cash with
digital payments may encourage over, as keeping the budget becomes less salient for
consumers when cash does not change hands in transactions. Hence, cash payments
induce better money savings.

90
Table 18
Weighted Mean Computation Showing Cashless
Transactions In Terms of Usage Frequency

Mean Description
I often use mobile applications (e.g., GCash, 3.05 Agree 1
Maya, PayPal, etc.) to purchase my needs.
I always utilize mobile applications (e.g., 2.92 Neutral 2
GCash, Maya, Paypal, etc.) to pay for my
wants.
I apply the cashless method of payment more 2.57 Neutral 3
frequently than the cash-based method.
Table 18 shows that the first statement [I often use mobile applications (e.g.,
GCash, Maya, PayPal, etc.) to purchase my needs.] ranked first with a weighted mean of
3.05 and a verbal description of "Agree". The second statement [I always utilize mobile
applications (e.g., GCash, Maya, Paypal, etc.) to pay for my wants.] ranked second with a
weighted mean of 2.92 and a verbal description of "Neutral". However, the third
statement (I apply the cashless method of payment more frequently than the cash-based
method.) ranked third, the last, with a weighted mean of 2.57 and a verbal description of
"Neutral".
In that case, it demonstrated the cashless transaction in terms of frequency of use
from the perspective of students, who frequently used mobile applications to purchase
their needs. The journal produced by the website of A Research Index (2018) in a study
of "Mobile Wallet Platform Users in the City of Manila," measured the degree of users'
satisfaction with mobile wallet platforms as a way of doing transactions using different
91
factors, such as self-efficacy, convenience, safety and security, and mobility. With
regards to the frequency of use, it is determined that users use mobile wallet platforms
monthly; the type of mobile wallet platform that is mostly used is G-Cash, and the
primary usage of mobile wallet platforms is to buy prepaid load and data packages. Thus,
the students agreed with the statement that they would use mobile applications to
purchase their needs based on their own reasons for doing so.
Table 19
Transactions In Terms of Convenience

Mean Description
Cashless payments make buying transactions 3.27 Neutral 2
faster which saves a lot of my time.
Cashless payment is more convenient 3.21 Neutral 3
because I do not have to bring bills and
coins.
I encounter purchases where cashless 3.61 Agree 1
transactions are not available.
Based on table 19, the third statement (I encounter purchases where cashless
transactions are not available.) ranked first with a weighted mean of 3.61 and a verbal
description of "Agree." The first statement (Cashless payments make buying transactions
faster, which saves a lot of my time.) ranked second with a weighted mean of 3.27 and a
verbal description of "Neutral." And the second statement (Cashless payment is more
92
convenient because I do not have to bring bills and coins.) ranked third with a weighted
mean of 3.21 and a verbal description of "Neutral" and "Agree."
Consequently, it has been interpreted that the researchers' respondents agreed that
they encountered purchases where cashless transactions were not available. Similar to the
study of Chaudri (2017), the study "The Critical Analysis of Cashless Transactions"
indicates that cashless transactions have existed in one form or another around the world.
There are some fundamental and routine issues regarding the cashless system. The burden
of cash usage on national economies is substantial, representing as much as 1.5% of
GDP. Therefore, nowadays, cashless transactions can be used, but there are situations
where cashless transactions are not available due to the fact that there are still issues with
using that, and most of the stores, sellers, malls, and other shops can afford to use the
traditional transactions.
Table 20
Transactions In Terms of Spending Level

Mean Description
Utilizing cashless payments helps me in 3.08 Neutral 2
saving money.
I use more money because additional 3.51 Agree 1
charges are required in online transactions.
I spend larger amounts of money when I am 3.05 Neutral 3
paying on a cashless basis.
93
Lastly, table 20 shows that the second statement (I use more money because
additional charges are required in online transactions) ranked first with a weighted mean
of 3.51 and a verbal description of "Agree." The first statement (Utilizing cashless
payments helps me save money) ranked second with a weighted mean of 3.08 and a
verbal description of "Neutral." And the third statement (I spend larger amounts of
money when I am paying on a cashless basis) ranked third with a weighted mean of 3.05
and a verbal description of "Neutral."
As a result, the researchers' respondents were given more money by their
providers because there are cashless transactions that necessitate additional payments.
According to Kumar's (2015) study, "An Analysis of Growth Pattern of Cashless
Transaction System," the monetary rattle between consumption and affordability slams
the household severely every now and then in all spheres of life from one pole to the
other. Furthermore, cashless transaction systems have their own usability and
affordability, which influence consumer preference for their use. Because it demonstrates
a connection with the stated statement, it may have an impact on how the money is spent
in the situation.
94
Notes in Chapter IV
1st Financial Bank USA. (2021, June 11). habits in high school vs. in college. Financial
Bank. Retrieved from https://students.1fbusa.com/college-life/-habits-in-high-
school-vs-in-college
Agarwal, S. (2019). Digital Payments Induce Over-: Evidence from the 2016
Demonetization in India. abfer. Retrieved 2022, from
https://abfer.org/media/abfer- events-2019/annual-conference/economic-
transformation-of- asia/AC19P4028_Digital_Payments_Induce_Excessive
Evidence_from_Demon etization_in_India.pdf
Alava, M. B., Daileg, J. V., Ramos, K. M., & Santos, S. F. (2018). Mobile Wallet
Platform Users in the City of Manila. Retrieved from
https://ojs.aaresearchindex.com/index.php/AAJMRA/article/view/3399?fbclid=Iw
AR1CpkP-p1hYTaPg1KANAiuKZli0s9FQA643C_P_MhhB1F7eK7LiB0N84RY
Ansar, R., Karim, M., Osman, Z., & Fahmi, M. (2019, July 13). The Impacts of Future
Orientation and Financial Literacy on Personal Financial Management Practices
among Generation Y in Malaysia: The Moderating Role of Gender. Retrieved
from https://www.researchgate.net/profile/Rudy-
Ansar/publication/334628075_The_Impacts_of_Future_Orientation_and_Financi
al_Literacy_on_Personal_Financial_Management_Practices_among_Generation_
95
Y_in_Malaysia_The_Moderating_Role_of_Gender/links/61047b8c1ca20f6f86ece
dd0/The-Impacts-of-Future-Orientation-and-Financial-Literacy-on-Personal-
Financial-Management-Practices-among-Generation-Y-in-Malaysia-The-
Moderating-Role-of-Gender.pdf
Caya, R., Hernandez, F., & Noroña, M. (2021). Application of a Multiple Carrier
Cashless Payment System for Public Transportation in Metro Manila: A New
Normal Perspective. Rome, Italy: IEOM Society International.
Chaudhari, T. (2017). The Critical Analysis of Cashless Transaction. Retrieved from
https://www.researchgate.net/profile/Tushar-
Chaudhari/publication/348575350_The_critical_analysis_of_cashless_transaction
/links/6005965892851c13fe1d6128/The-critical-analysis-of-cashless-
transaction.pdf
Christensen, T. (2022, May 19). Different Payment Methods. MoneyFit.
https://www.moneyfit.org/different-payment-methods/
Debt.com. (2022, September 13). Which Payment Type Can Help You Stick to a Budget?
https://www.debt.com/budgeting/which-payment-type-can-help-you-stick-to-a-
budget/
96
ECompareMo. (2020, May 28). Know The Pros And Cons Of Cashless Payments.
Retrieved from ecomparemo.com: https://www.ecomparemo.com/info/pros-and-
cons-of-cashless-payment
Fabris, N. (2019). Cashless Society – The Future of Money or a Utopia? Retrieved from
econstor.eu: https://www.econstor.eu/bitstream/10419/217664/1/jcbtp-2019-
0003.pdf
Hiroshi Fujiki, H. (2021). Will the Widespread Use of Cashless Payments Reduce the
Frequency of the Use of Cash Payments? openjournalsuwaterloo. Retrieved 2022,
from
https://openjournals.uwaterloo.ca/index.php/rofea/article/view/4522#:~:text=The
%20results%20suggest%20that%20the,use%20of%20cashless%20payment%20m
ethods.
Isabelle Carboni, I. (2019). Counting More than Accounts: What Can Frequency of
Transactions Tell Us About Financial Inclusion? centerforfinancialinclusion.
Retrieved 2022, from https://www.centerforfinancialinclusion.org/counting-more-
than-accounts-what-can-frequency-of-transactions-tell-us-about-financial-
inclusion
Kailas, K. (2020). Cashless Economy. A Journal of Composition Theory, 13(1), 383–387.

97
Kassim, A., Tamsir, F., Azim, Z., Mohamed, J., & Nordin, H. (2020). Students’ Saving
Behaviour: Do Demographic Profile, Parents’. Retrieved from researchgate.net:
https://www.researchgate.net/profile/Aza-Azlina-Md-
Kassim/publication/338858599_Students%27_Saving_Behaviour_Do_Demograp
hic_Profile_Parents%27_Background_and_Financial_Literacy_Matter_An_Empir
ical_Study_in_Private_Universities_in_Selangor/links/5ea643d929
Kumar, P. (2015). An Analysis of Growth Pattern of Cashless Transaction System.
International Journal of Research in Business Management, 3(9), 37-44.
Legaspi, L., & Ricalde, R. G. (2016, August 8). Relationship between weekly allowance
and consumption expenditures of BS ABE students: A multi-variable regression
analysis. Academia.edu. Retrieved from
https://www.academia.edu/9735768/Relationship_between_Weekly_Allowance_a
nd_Consumption_Expenditures_of_BS_ABE_Students_A_Multi_Variable_Regre
ssion_Analysis
Lep, Z., Zupancic, M., & Poredos, M. (2021). Saving of Freshmen and Their Parents in
Slovenia: Saving Motives and Links to Parental Financial Socialization.
Retrieved from ncbi.nlm.nih.gov:
Llukani, T., Polo, A., & Nano, D. (2015, December 30). The Impact of Family
Income on
98
Students Financial Attitude. Retrieved from revistia:
https://revistia.com/index.php/ejes/article/view/5246
O’Brien, S. (2014). Consumer preferences and the use of cash: Evidence from the diary
of consumer payments choice. Federal Reserve Bank of San Francisco. Tech.
Rep.
Padmavathi, D., Matanjini, M., & Aryashree, B. (2021). Influence of Cashless Payments
on Behaviour. International Journal of Scientific Development and Research
(IJSDR), 6(9), 8. Retrieved from https://www.ijsdr.org/papers/IJSDR2109005.pdf.
PrimeWay Federal Credit Union. (2022). 3 reasons why using cash is better than credit.
Retrieved from https://www.primewayfcu.com/blog/3-reasons-why-using-cash-is-
better-than-credit
Ramya, N., Sivasakthi, D., & Nandhini, M. (2017). Cashless transaction: Modes,
advantages and disadvantages. International Journal of Applied Research, 3(1),
122–125.
Rookes, C. (2013). The Financial Capability of 15-17 year olds. In Money Advice
Service. Singh, S., Gupta, S., Jain, S., Kabra, S., & Gupta, S. (2020). Student
budgeting and behaviour. International Journal of Creative Research Thoughts
(IJCRT),
8(7). Retrieved from https://ijcrt.org/papers/IJCRT2007222.pdf

99
Smith, K. A. (2022, March 25). Minding your budget: A weekly allowance for adults?
Forbes. Retrieved from https://www.forbes.com/advisor/banking/weekly-
allowance-budget-for-adults/
Spantig, L. (2021). Cash in Hand and Savings Decisions. sciencedirect. Retrieved 2022,
from https://www.sciencedirect.com/science/article/abs/pii/S0167268121002419
Stiltner, M. (2021, March 17). THE PHILIPPINES TOP FOUR PAYMENT METHODS.
Rapyd. https://www.rapyd.net/blog/philippines-payment-methods/
Stripe. (2022). A guide to types of payment methods. https://stripe.com/guides/payment-
methods-guide#for-ecommerce-and-marketplaces
Świecka, B., Terefenko, P., & Paprotny, D. (2020, August 27). Transaction factors'
influence on the choice of payment by Polish consumers. Science Direct.
Retrieved from
https://www.sciencedirect.com/science/article/pii/S0969698920312728
Tetkowska, N. (2014). Time Efficiency of Point-of-Sale Payment Methods: Empirical
Results for Cash, Cards and Mobile Payments. springer. Retrieved 2022, from
https://link.springer.com/chapter/10.1007/978-3-642-40654-6_19
Xiao, J., Chen, C., & Sun, L. (2015). Age Differences in Consumer Financial Capability.
International Journal of Consumer Studies, 39(4), 387–395.

100
Yakean, S. (2020). Advantages and Disadvantages of a Cashless System in Thailand
during the COVID-19 Pandemic. The Journal of Asian Finance, Economics and
Business, 7(12), 385–388.
https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.385
101
CHAPTER V
SUMMARY, CONCLUSIONS & RECOMMENDATIONS
This chapter contains a summary of the key findings derived from the gathered
information. It also includes the discussion of generalizations and conclusions in response
to the general predicament. Ultimately, several recommendations for future research were
constructed.
Summary of the Findings
The results obtained from the gathered data are presented using statistical
procedures. Major findings of the study were summarized as follows:
1. The majority of respondents (46 or 46% of total respondents) stated that they are
17 years old, determining its position on the first rank. It is followed by age 16,
which is answered by 38 participants or 38% of the total sample and ranks
second. On the other side, 18-year-old students comprised of 14 individuals
accounted for 14% of the gathered surveys, placing third. The age 15 is next in
line, with 2 or 2% of the entire senior high school selected population choosing it,
and it ranks fourth.
2. With a total population of one hundred (100) senior high school students, the
result shows that 61 (61%) of the female respondents placed first, while 39 (39%)
of the
102
male respondents ranked second. As a result of this assessment, the majority of
student respondents are comparing cash-based and cashless transactions,
particularly in terms of money management. Similarly, by discriminating between
the sexes of the respondents, one can establish their diversity of points of view
within the predicted replies from the offered questionnaires.
3. In terms of total monthly family income, 47 (47%) of the respondents chose PHP
30,000 - PHP 50,000, placing them at the top of the ranking. 27 (27%) of the
students in the second rank have a monthly family income of less than PHP
30,000. Next, for the third position, 16 (16%) of respondents stated that their
family income ranges from PHP 50,001 to PHP 100,000 per month. Finally, for
the fourth rank, 10 (10%) of the pupils stated that their total monthly family
income is greater than PHP 100,000.
4. In terms of weekly school allowance, 72 respondents chose statement number 2
(My weekly school allowance is PHP 500 - PHP 1,500.), which is ranked first
after being selected by 72% of the total population. In connection, 18 students
answered statement number 1 (My weekly school allowance is less than PHP
500.), which is ranked second by gaining 18% of the answers. Next, for the third
rank, 6 respondents chose statement number 3 (My weekly school allowance is
PHP 1,501
- PHP 2,500.), which is 6% of the overall responses. For the fourth rank, 4 of
them picked statement number 4 (My weekly school allowance is more than PHP
2,500.), which is 4% of all the collected answers.

103
5. Regarding the respondents’ weekly school expenses, 56 of them answered
statement number 2 (My usual weekly school expense is PHP 500 - PHP 1,500.),
which is ranked first after being chosen by 56% of the respondents. For the
second rank, 37 respondents chose statement number 1 (My usual weekly school
expense is less than PHP 500.), which is 37% of the overall responses. Following
these, 6 respondents chose statement number 3 (My usual weekly school expense
is PHP 1,501 - PHP 2,500.), which is ranked third after getting 6% of the
responses. Lastly, for the fourth rank, 1 student selected statement number 4 (My
usual weekly school expense is more than PHP 2,500.), which is 1% of the
gathered responses.
6. The data concerning the respondents’ money management in terms of budgeting
present that statement number 1 (Yes, because I find it easier to manage my
money if I have physical cash that can be utilized for my purchases.) is ranked
first with 72 responses, which is 72% of the total population. In connection,
statement number 3 (No, because I tend to impulsively buy products when I see
that I have money in my wallet.) is ranked second with 13 responses, which is
13% of all the answers. Next, for the third rank, statement number 2 (Yes,
because I can avoid accumulating debt when I have physical cash at my disposal.)
got 12 responses, which is 12% of the selected students. Furthermore, statement
number 4 (No, because I am more inclined to prioritize my wants over my needs
when I apply the cash-based method.) is in the fourth rank with 3 responses,
which is 3% of the total number of subjects.

104
7. In the second question regarding budgeting, statement number 4 (No, because the
outflow of my money is faster when I use cashless transactions.) is ranked first
with
44 responses, which is 44% of the overall population. For the second rank,
statement number 2 (Yes, because I can better allocate my funds since I can
oversee my spending history.) got 20 responses, which is 20% of the answers.
Furthermore, statement number 1 (Yes, because I can track the inflows and
outflows of money in my account.) is in the third rank with 19 responses, which is
19% of the total number of subjects. Moreover, for the fourth rank, statement
number 3 (No, because I tend to excessively borrow money from lending bodies
(e.g., credit cards and G-credit).) gained 17 answers, which is 17% of the total
responses.
8. Conforming to the question about money management in terms of budgeting, both
the first statement (Yes, because I can explore the different types of payment
methods.) and second statement (Yes, because I can easily choose the best method
I want to use when I observe that it fits the situation.) got ranked as 1.5 having the
same number of participants who chose them which is 28 or 28% of the overall
sample. Moreover, the fourth statement (No, because I only want to use solely
cash- based payments so that I can avoid the problems I encountered before in
cashless transactions or vice versa.) placed in the third rank with 21 respondents
or 21% from the gathered responses selecting it. In addition, the third statement
(No, because I still have to choose between them so that I can further
improve my
105
budgeting skills.) is positioned on the fourth rank with a total of 13 participants or
13% of the surveyed individuals picking this option.
9. In line with the answers gathered from a query revolving around purchasing, 62
(62%) out of the total population reveal that they use cash-based payments
because it is the most prevalent and accepted mode of payment in any store
making it rank first among other choices. Moving on, 32 participants (32%) stated
that they apply the cash-based method since it is the payment method they grew
up using, securing its position on the second rank. On the other hand, 4 (4%)
responded that they do not utilize cash payments as there is still a pandemic,
meaning it is not yet safe to practice it as their payment process which establishes
its rank in the third place. Lastly, 2 (2%) of the collected answers show that they
do not employ cash basis for the reason that they can acquire more benefits when
performing cashless transactions which placed them in the fourth rank.
10. Majority of the respondents agreed with statement number 3 (No, because I am
having a hard time using this kind of payment method.) which attain the first rank
with the help of 30 respondents or 30% of the actual population. Following this is
the second-ranked statement, statement number 1 (Yes, because it is more
convenient and less hassle to use than the cash-based payment.) having 26
participants, or 26% of gathered responses pick this option. Subsequently,
statement number 4 (No, because I encounter various challenges while utilizing it
such as technological issues.) placed third in the hierarchy with 24 individuals
(24%
106
of overall answers) selecting it. Positioning in fourth place was statement number
2 (Yes, it is safer to use since there is still a pandemic ongoing.) having 20 (20%
of the whole sample) people agreeing to its point.
11. Most of the research subjects concur to the first statement (Yes, because it is
easier for me to manage my allowance when I consistently engage in one payment
option.) which has ranked first due to 48 respondents or 48% of the collected
answers choosing this option. Succeeding it is the second statement (Yes, because
I do not have to mind several accounts or storage of my money and avoid
confusion when I stick to only one mode of payment.) which ranked second in the
table consisting of 26 (26%) responses from the participants. Furthermore, the
fourth statement (No, because I find it hard to pick only one method of payment
in my transactions.) ended up in the third position being selected by 15
respondents or 15% of the total sample. Consequently, garnering the fourth rank is
the third statement (No, because I cannot maneuver my funds freely if I do not
have other choices.) which was chosen by 11 individuals or 11% of the
population.
12. In response to the question regarding the capacity of students to save, the majority
of the students answered statement 1 (Yes, I am into making savings which I will
use for future purposes) with 51 responses, or 51% of the total sample.
Meanwhile, second on the ranking was statement 2 (Yes, because I have lots of
wants to buy.), which was answered by 38 respondents, or 38% of the overall
responses. On the other hand, statement 3 (No, because I usually consume all of
my allowance which
107
results in zero savings), was third on the rankings as it got 8 responses, which is
8% of the gathered answers. Lastly, fourth on the rankings was statement 4 (No,
because I do not mind if I save some money or not.), garnering 3 responses, or 3%
of the collected answers.
13. Most of the respondents answered statement number 1 (Yes, because it will be
easier for me to handle my money since I am the one who is physically holding
it.), with 46 responses or 46% of the whole sample. Then, the second rank is
statement number 2 (Yes, because I can save whenever I want without minding
the possible technical difficulties in using cashless transactions.) consisting of 30
responses or 30% of the gathered answers. For the third rank, 20 respondents
answered statement number 3 (No, because I get tempted to spend my savings
since I can simply get it inside my piggy bank or wallet.), which is 20% of the
total sample. Moreover, statement number 4 (No, because I am having a hard
time-saving money in the traditional way.) got the fourth rank as it gathered 4
responses or 4% of the total number of subjects.
14. Many of the students agreed with both statement 1 (Yes, because I can better
control my money flow in cashless transactions.) and statement 4 (No, because I
find it hard to save when I use online payments.) as they garnered 28 responses or
28% of all the answers gathered. Meanwhile, statement 2 (Yes, because it is
easier for me to transfer my money online than to go personally to the bank.)
and statement 3
108
(No, because I usually tend to overspend when using cashless transactions.) had 22
responses or 22% of the total sample, making them both ranked 3.5.
15. Majority of the respondents agreed with the statement [I prefer using physical
cash whenever I buy something online (e.g., cash on delivery)] having a weighted
mean of 4.13. While the statement (I regularly utilize physical cash in face-to-face
transactions even though I can use online payments.) was shown to be on the
second rank with a weighted mean of 4.08 and a verbal description of ‘Agree.”
Last in the rank is the statement (I practice cash-based payments because I trust
them more than cashless transactions.) revealing a weighted mean of 3.91 and a
verbal description of “Agree.”
16. The major number of Senior High School students of Tomas del Rosario College
agreed that “It is easier to purchase products using cash-based payments” with a
weighted mean of 4.07. Meanwhile, placing on the second rank, the statement (I
am satisfied with my purchases using cash-based payment.) was shown to have a
weighted mean of 3.98 and a verbal description of “Agree.” Differently, the
statement (I encounter purchases where cash is not accepted.) was indicated as the
last in the ranking having a weighted mean of 2.83 and a verbal description of
“Neutral.”
17. Most of the respondents agreed with the statement (Cash-based payment helps me
to spend what I only have in my pockets.), bearing a weighted mean of 3.89.

109
Coming second to it is the statement (Paying in cash helps me in saving money.)
that was revealed to have a weighted mean of 3.85 and a verbal description of
“Agree.” Placed third is the statement [I am confident that my allowance (in paper
bills and coins) is enough to pay for my daily expenses.] presenting a weighted
mean of 3.58 and a verbal description of “Agree.”
18. Some of the respondents answered the verbal description of “Agree” in the first
statement [I often use mobile applications (e.g., GCash, Maya, PayPal, etc.) to
purchase my needs.], placing it to the first rank with a weighted mean of 3.05. The
second statement [I always utilize mobile applications (e.g., GCash, Maya,
Paypal, etc.) to pay for my wants.] ranked second with a weighted mean of 2.92
and a verbal description of "Neutral". However, the third statement (I apply the
cashless method of payment more frequently than the cash-based method.) ranked
third, the last, with a weighted mean of 2.57 and a verbal description of "Neutral".
19. Many of the respondents answered with a verbal description of "Agree" which
resulted to be ranked as first with a weighted mean of 3.61 in the third statement
(I encounter purchases where cashless transactions are not available.). The first
statement (Cashless payments make buying transactions faster, which saves a lot
of my time.) ranked second with a weighted mean of 3.27 and a verbal description
of "Neutral." And the second statement (Cashless payment is more convenient
because I do not have to bring bills and coins.) ranked third with a weighted mean
of 3.21 and a verbal description of "Neutral" and "Agree."

110
20. Most of the respondents from the second statement (I use more money because
additional charges are required in online transactions) answered a verbal
description of “Agree” which resulted to be ranked as second with a weighted
mean of 3.51. The first statement (Utilizing cashless payments helps me save
money) ranked second with a weighted mean of 3.08 and a verbal description of
"Neutral." And the third statement (I spend larger amounts of money when I am
paying on a cashless basis) ranked third with a weighted mean of 3.05 and a
verbal description of "Neutral."
Conclusions
Based on the gathered, analyzed, and interpreted data, the researchers were able to
conclude the following:
1. The profile of the respondents has an effect on the money management of
2. The use of cash-based payments has an effect on the money management of
3. The use of cashless transactions has an effect on the money management of

111
4. There is a significant relationship between cash-based payments and cashless
transactions in terms of how they affect the money management of senior high
school students at Tomas del Rosario College.
Recommendations
In light of the study's limitations and constraints, the researchers propose the
following recommendations:
1. With enough resources and capabilities, future researchers may consider
allocating sufficient time to collect more accurate data and knowledge with regard
to the comparison of cash-based payments and cashless transactions in terms of
money management.
2. The researchers suggest that future researchers further analyze and categorize
questions on the research instruments in the matter of cash-based payments and
cashless transactions comparison in terms of money management to produce more
accurate results.
3. It is advised for the study of future researchers that other factors, aside from
money management must be taken into account when comparing cash-based

112
payments and cashless transactions to achieve better solutions and
recommendations for problems existing in the field of finance.
4. The researchers propose that specific modes of payment should be investigated
(e.g., debit card, credit card, PayPal, GCash, etc.) and not just the broad categories
of cash-based and cashless payments in order to arrive at more precise
conclusions concerning the money management of individuals.
5. Future researchers are recommended to conduct the study in a variety of
additional research locations in order to widen its scope and find new potential
findings and conclusions about the comparison of money management between
the cash-based and cashless modes of payment.
6. The researchers recommend other future researchers to diversify their chosen
respondents so that they can gather more data regarding the different perspectives
on the topic of money management in which they will learn to know the possible
variables and will find another problem that they can also try to conduct a deep
study.
113
Bibliography
1st Financial Bank USA. (2021, June 11). Spending habits in high school vs. in college.
Financial Bank. Retrieved from https://students.1fbusa.com/college-life/spending-
habits-in-high-school-vs-in-college
Abington, F. S. (2014). Money Management Experiences in Relation to Subculture, Sex,
Social Status, and Age. Retrieved from
https://www.proquest.com/openview/8dfb4d23e9b3dc3d0a97e58242f0058d/1?pq
-origsite=gscholar&cbl=18750&diss=y
Agarwal, S. (2019). Digital Payments Induce Over-Spending: Evidence from the 2016
Demonetization in India. Retrieved 2022, from https://abfer.org/media/abfer-
events-2019/annual-conference/economic-transformation-of-
asia/AC19P4028_Digital_Payments_Induce_Excessive_Spending_Evidence_fro
m_Demonetization_in_India.pdf
Alava, M. B., Daileg, J. V., Ramos, K. M., & Santos, S. F. (2018). Mobile Wallet
Platform Users in the City of Manila. Retrieved from
https://ojs.aaresearchindex.com/index.php/AAJMRA/article/view/3399?fbclid=Iw
AR1CpkP-p1hYTaPg1KANAiuKZli0s9FQA643C_P_MhhB1F7eK7LiB0N84RY
114
Allam, Z. (2020). The forceful reevaluation of cash-based transactions by COVID-19 and
its opportunities to transition to cashless systems in digital urban networks.
Retrieved October 11, 2022, from
Ansar, R., Karim, M., Osman, Z., & Fahmi, M. (2019, July 13). The Impacts of Future
Orientation and Financial Literacy on Personal Financial Management Practices
among Generation Y in Malaysia: The Moderating Role of Gender. Retrieved
from
https://www.researchgate.net/publication/334628075_The_Impacts_of_Future_Or
ientation_and_Financial_Literacy_on_Personal_Financial_Management_Practices
_among_Generation_Y_in_Malaysia_The_Moderating_Role_of_Gender
Ariffin, M., Sulong, Z., & Abdullah, A. (2017). Students’ Perception Towards Financial
Literacy and Saving Behaviour. Retrieved from researchgate:
https://www.researchgate.net/profile/Zunaidah-
Sulong/publication/323870234_Students%27_Perception_Towards_Financial_Lit
eracy_and_Saving_Behaviour/links/5ab0e9dba6fdcc1bc0bed005/Students-
Perception-Towards-Financial-Literacy-and-Saving-Behaviour.pdf
Auer, R., Frost, J., Lammer, T., Rice, T., & Wadsworth, A. (2020). Inclusive payments
for the post-pandemic world. SUERF Policy, 193.

115
Bamforth, J., Jebarajakirthy, C., & Geursen, G. (2017, July). Undergraduates’ responses
to factors affecting their money management behaviour: some new insights from a
qualitative study. Retrieved from researchgate:
https://www.researchgate.net/publication/318434689_Undergraduates'_responses
_to_factors_affecting_their_money_management_behaviour_some_new_insights
_from_a_qualitative_study
Bevans, R. (2020, January 31). An Introduction to t Tests | Definitions, Formula and
Examples. Retrieved from
scribbr:https://www.scribbr.com/statistics/ttest/#:~:text=A%20t%20test%20is%20
a,are%20different%20from%20one%20another.
Bhandari, P. (2020, October 9). What Is the Mean? | How to Find It & Examples.
Retrieved from Scribbr:
https://www.scribbr.com/statistics/mean/#:~:text=The%20mean%20(aka%20the
%20arithmetic,to%20as%20the%20%E2%80%9Caverage.%E2%80%9D
Blog, F. (2020, January 23). Descriptive research designs: Types, examples & methods.
Formplus. Retrieved November 27, 2022, from
https://www.formpl.us/blog/descriptive-research
Bounie, D., & Francois, A. (2006, June). Cash, check or bank card? the effects of
transaction characteristics on the use of payment instruments. Retrieved from

116
https://www.bostonfed.org/-/media/Documents/events/payment-
choice/papers/Bounie.pdf
Brown, M., Hentschel, N., Mettler, H., & Stix, H. (2020, April 20). Financial innovation,
payment choice and cash demand – Causal evidence from the staggered
introduction of contactless debit cards. IDEAS RePEc (Research Papers in
Economics). Retrieved from https://ideas.repec.org/p/onb/oenbwp/230.html
Carboni, I. (2019). Counting More than Accounts: What Can Frequency of Transactions
Tell Us About Financial Inclusion? Center for Financial Inclusion. Retrieved
2022, from https://www.centerforfinancialinclusion.org/counting-more-than-
accounts- what-can-frequency-of-transactions-tell-us-about-financial-inclusion
Cardos, I. R. (2014). New trends in budgeting- literature review. Retrieved from
https://seaopenresearch.eu/Journals/articles/SPAS_4_56.pdf
Caya, R., Hernandez, F., & Noroña, M. (2021). Application of a Multiple Carrier
Cashless Payment System for Public Transportation in Metro Manila: A New
Normal Perspective. Rome, Italy: IEOM Society International.
Chaudhari, T. (2017). The Critical Analysis of Cashless Transaction. Retrieved from
https://www.researchgate.net/profile/Tushar-
Chaudhari/publication/348575350_The_critical_analysis_of_cashless_transaction
117
/links/6005965892851c13fe1d6128/The-critical-analysis-of-cashless-
transaction.pdf
Christensen, T. (2022, May 19). Different Payment Methods. MoneyFit.
https://www.moneyfit.org/different-payment-methods/
Chun, S., & Johnson, D. S. (2021, May 05). The effects of mental budgeting and pain of
payment on the financial decision making of socially excluded people. Retrieved
from https://www.emerald.com/insight/content/doi/10.1108/IJBM-09-2020-
0499/full/html?skipTracking=true
Cristobal, M. A., Malayang, J. C., Sampan, M. Q., & Solina, M. A. (2018). A research
study on the effects of cashless transactions on people’s spending behavior. De La
Salle-College of Saint Benilde. Retrieved from
https://www.studocu.com/ph/document/de-la-salle-university/introduction-to-
computing/a-research-study-on-the-effects-of-cashless-society/23540067
Crossman, A. (2020, January 29). Simple Random Sampling. Retrieved from thought.co:
https://www.thoughtco.com/random-sampling-3026729
David, J., Gentica, S., Favorito, M., Bulan, J., Galang, J., Bugay, A., & Tolentino, J.
(2022). Ayuda Time: Examining the Level of Financial Knowledge in Relation to
Managing Pandemic Financial Support Among Hermoseños [Document].
Hermosa, Bataan.
118
Debt.com. (2022, September 13). Which Payment Type Can Help You Stick to a Budget?
https://www.debt.com/budgeting/which-payment-type-can-help-you-stick-to-a-
budget/
Dewi, L. (2019, November). Impact of Family’s Socio-Economic Context on Financial
Literacy of Young Entrepreneurs. Retrieved from
https://business.expertjournals.com/23446781-715/
ECompareMo. (2020, May 28). Know The Pros And Cons Of Cashless Payments.
Retrieved from ecomparemo.com: https://www.ecomparemo.com/info/pros-and-
cons-of-cashless-payment
Esenvalde, I. (2012). Psychological predictors of savings behavior: Contrasting the
impact of optimism and burnout on self-control, achievement motivation and
savings behavior. Retrieved from proquest:
https://www.proquest.com/openview/5240611313b5779647fb355fd499c5ce/1?pq
-origsite=gscholar&cbl=18750
Fabris, N. (2019). Cashless Society – The Future of Money or a Utopia? Retrieved from
econstor.eu: https://www.econstor.eu/bitstream/10419/217664/1/jcbtp-2019-
0003.pdf
119
Fachrudin, K., & Silalahi, A. (2014). A study of the use of cashless payments in relation
to income, financial behavior, and almsgiving behavior in Sumatera, Indonesia.
Retrieved from https://www.atlantis-press.com/proceedings/icoposdev-
21/125970395
Fajardo, R., Jorge, D. V., Laus, A., Puno, J., Rivera, E. M., Sanoria, K., & Waje, A.
(2022). Add to Cart: The Influence of Online Shopping on the Buying Behavior
Among Senior High School Students of Saint Peter of Veronica Academy.
Hermosa, Bataan: Saint Peter of Veronica Academy.
Finke, M. S., Howe, J. S., & Huston, S. J. (2016, January 21). Old age and the decline in
financial literacy. Retrieved from
https://pubsonline.informs.org/doi/10.1287/mnsc.2015.2293
Formus. (2022, January 27). Descriptive Research Designs: Types, Examples & Methods.
Retrieved from Formplus: https://www.formpl.us/blog/descriptive-research
Fujiki, H. (2021). Will the Widespread Use of Cashless Payments Reduce the Frequency
of the Use of Cash Payments? Review of Economic Analysis. Retrieved 2022,
from https://openjournals.uwaterloo.ca/index.php/rofea/article/view/4522
Fulford, S. L., & Schuh, S. (2020, October). Revolving versus convenience use of credit
cards: Evidence from U.S. credit bureau data. Retrieved from

120
https://researchrepository.wvu.edu/cgi/viewcontent.cgi?article=1050&context=ec
on_working-papers
Ganti, A. (2022, May 24). Rational choice theory: What it is in economics, with
examples. Retrieved from Investopedia:
https://www.investopedia.com/terms/r/rational- choice-theory.asp
Goodwin. (2016). Understanding Correlation: Factors That Affect the Size of r.
Retrieved from jstororg: https://www.jstor.org/stable/20157427
Halliwell, E. (2012). Theory comparison. Retrieved from
https://www.sciencedirect.com/topics/social-sciences/theory-comparison
Heidari, S., Babor, T. F., De Castro, P., Tort, S., & Curno, M. (2016, May 03). Sex and
gender equity in research: Rationale for the sager guidelines and recommended
use - research integrity and peer review. Retrieved from
https://researchintegrityjournal.biomedcentral.com/articles/10.1186/s41073-016-
0007-6
Is there a difference between frequency and percentage? (2022). Retrieved from
Homework Study: https://homework.study.com/explanation/is-there-a-difference-
between-frequency-and-percentage.html
121
Jamal, A., Ramlan, W., Karim, M., Mohidin, R., & Osman, Z. (2015, November). The
Effects of Social Influence and Financial Literacy on Savings Behavior: A Study
on Students of Higher Learning Institutions in Kota Kinabalu, Sabah. Retrieved
from researchgate: https://www.researchgate.net/profile/Amer-Azlan-Abdul-
Jamal/publication/297877861_The_Effects_of_Social_Influence_and_Financial_
Literacy_on_Savings_Behavior_A_Study_on_Students_of_Higher_Learning_Inst
itutions_in_Kota_Kinabalu_Sabah/links/56e3f4e108aedb4cc8
Jones, E. (2021, November 22). A Guide To Descriptive Research Design: Definition &
Types. Retrieved from myassignmenthelp:
https://myassignmenthelp.com/blog/descriptive-research/
Kailas, K. (2020). Cashless Economy. A Journal of Composition Theory, 13(1), 383–387.
Kassim, A., Tamsir, F., Azim, Z., Mohamed, J., & Nordin, H. (2020). Students’ Saving
Behaviour: Do Demographic Profile, Parents’. Retrieved from researchgate.net:
https://www.researchgate.net/profile/Aza-Azlina-Md-
Kassim/publication/338858599_Students%27_Saving_Behaviour_Do_Demograp
hic_Profile_Parents%27_Background_and_Financial_Literacy_Matter_An_Empir
ical_Study_in_Private_Universities_in_Selangor/links/5ea643d929
Kennedy, L., Khanna, K., Simpson, D., Jia, Y., & Teitlerk, J. (2022, March 23). He, she,
they: Using sex and gender in survey adjustment. Retrieved from

122
http://www.stat.columbia.edu/~gelman/research/unpublished/Using_gender_in_su
rveys.pdf
Khan, J. (2011). Cash or card: Consumer perceptions of payment modes. Retrieved from
https://core.ac.uk/download/pdf/56363051.pdf
Korb, K. A. (2013). Conducting Educational Research. Retrieved from korbedpsych:
http://korbedpsych.com/R17bDescriptive.html#:~:text=Percentage%20is%20calc
ulated%20by%20taking,participants%20and%20multiplying%20by%20100%25.
Kotkowski. (2021). COVID-19 Pandemic Increases the Divide Between Cash and
Cashless Payment Users in Europe. Retrieved from sciencedirect:
https://www.sciencedirect.com/science/article/pii/epdf/S016517652100416 2061
Kuhnen, C. M., & Miu, A. C. (2017). Socioeconomic Status and Learning from Financial
Information. Retrieved from http://public.kenan-
flagler.unc.edu/faculty/kuhnenc/RESEARCH/kuhnen_miu_JFE_published_versio
n.pdf
Kumar, P. (2015). An Analysis of Growth Pattern of Cashless Transaction System.
International Journal of Research in Business Management, 3(9), 37-44.

123
Kumari, N., & Khanna, J. (2017). Cashless payment: A behaviourial change to economic
growth. Qualitative and Quantitative Research Review, 2(2).
Labito, A. (2017). Can allowance, personal budgeting and self control as mediating role
manage compulsive buying behavior among college students? International
Journal of Social Sciences & Educational Studies, 4(3), 1.
LaMorte, W. W. (2019, September 9). Diffusion of Innovation Theory. Retrieved from
sphweb.bumc.bu.edu: https://sphweb.bumc.bu.edu/otlt/MPH-
Modules/SB/BehavioralChangeTheories/BehavioralChangeTheories4.html
Lavrakas, P. J. (2012). Percentage Frequency Distribution. Retrieved from sagepub:
https://sk.sagepub.com/reference/survey/n372.xml
Legaspi, L., & Ricalde, R. G. (2016, August 8). Relationship between weekly allowance
and consumption expenditures of BS ABE students: A multi-variable regression
analysis. Academia.edu. Retrieved from
https://www.academia.edu/9735768/Relationship_between_Weekly_Allowance_a
nd_Consumption_Expenditures_of_BS_ABE_Students_A_Multi_Variable_Regre
ssion_Analysis
Lep, Z., Zupancic, M., & Poredos, M. (2021). Saving of Freshmen and Their Parents in
Slovenia: Saving Motives and Links to Parental Financial Socialization.
Retrieved from ncbi.nlm.nih.gov:
124
Liu, Y., & Dewitte, S. (2021, February 03). A replication study of the credit card effect
on spending behavior and an extension to mobile payments. Retrieved October
18, 2022, from
https://www.sciencedirect.com/science/article/abs/pii/S0969698921000382
Llukani, T., Polo, A., & Nano, D. (2015, December 30). The Impact of Family
Income on
Students Financial Attitude. Retrieved from revistia:
https://revistia.com/index.php/ejes/article/view/5246
Mahfuzur, R., Izlin, I., & Shamshul, B. (2020, September). Consumer Adoption of
Cashless Payment in Malaysia. Retrieved from
https://www.sciencedirect.com/science/article/pii/S266695442100003X
Manjunatha, N. (2019). Descriptive research. Journal of Emerging Technologies and
Innovative Research (JETIR), 6(6), 1-2.
doi:https://www.jetir.org/papers/JETIR1908597.pdf
McCombes, S. (2019, May 15). Descriptive Research | Definition, Types, Methods &
Examples. Scribbr. https://www.scribbr.com/methodology/descriptive-research/

125
McCormick, M. (2013, February 27). The Effectiveness of Youth Financial Education: A
Review of the Literature. Retrieved from ssrn:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2225339&fbclid=IwAR2B9
mxnaEvGndlWI--CSl1usea9QC41akYonKGL0n2OW2Xl5TtMPzH6Dwk
Mejia, J. (2014). Point of Sale with Inventory Management System for TRC Bookstore.
City of Balanga: Tomas del Rosario College.
Mihaescu, O. P. (2013). Encyclopedia of Research Design. Retrieved from sagepub:
Moncada, J. B., Montañez, C. O., Castro, E., & Romano, N. P. (2022, September).
Adaptation of e-payment and its influence on consumption value among the
consumers in Butuan City, Philippines. Retrieved from
https://www.researchgate.net/publication/363893994_Adaptation_of_e-
payment_and_its_influence_on_consumption_value_among_the_consumers_in_
Butuan_City_Philippines
Munster, R. (2020). Helping your finances survive a pandemic or disaster. Retrieved
from MoneyFit: https://moneyfit.org/blog/surviving-financially-during-pandemic
Nettleton, D. (2014). Pearson Correlation. Retrieved from
https://www.sciencedirect.com/topics/computer-science/pearson-correlation
126
Nicole Jonker, C. v. (2022, June 30). Pandemic payment patterns. Retrieved from
sciencedirect.com:
O’Brien, S. (2014). Consumer preferences and the use of cash: Evidence from the diary
of consumer payments choice. Federal Reserve Bank of San Francisco. Tech.
Rep.
Olivar, J. &. (2016). Exploring life through science series. Evolution: A Unifying Theme,
218-221.
Ong, H. (2021). Cashless Payment and Economic Growth. Retrieved from econstor:
https://www.econstor.eu/bitstream/10419/176415/1/10.1186_s40854-016-0023
Optimus, R. (2022). T-Test and Its Significance in Hypothesis. Retrieved from Research
Optimus: https://www.researchoptimus.com/article/what-is-t-test.php
Oyelami, L. O., Adebiyi, S. O., & Adekunle, B. S. (2020, March 18). Electronic payment
adoption and consumers' spending growth: Empirical evidence from nigeria -
future business journal. Retrieved from
https://fbj.springeropen.com/articles/10.1186/s43093-020-00022-z
127
Padmavathi, D., Matanjini, M., & Aryashree, B. (2021). Influence of Cashless Payments
on Spending Behaviour. International Journal of Scientific Development and
Research (IJSDR), 6(9), 8. Retrieved from
https://www.ijsdr.org/papers/IJSDR2109005.pdf.
Parekh, D. (2019, February 14). 7 steps to effective spend management. Retrieved from
https://www.zycus.com/blog/spend-analysis/7-steps-to-effective-spend-
management.html
Park, J., Lee, C., & Thomas, M. (2021). Why do cashless payments increase unhealthy
consumption? The decision risk inattention hypothesis. Journal of the Association
for Consumer Research, 6(1), 21–32.
Pathak, R. (2020, December 17). What is Pearson’s Correlation Coefficient ‘r’ in
Statistics? Retrieved from analyticssteps:
https://www.analyticssteps.com/blogs/pearsons-correlation-coefficient-r-in-
statistics
Pearson’s Correlation Coefficient. (2022). Retrieved from Statistics Solution:
https://www.statisticssolutions.com/free-resources/directory-of-statistical-
analyses/pearsons-correlation-coefficient/
128
PrimeWay Federal Credit Union. (2022). 3 reasons why using cash is better than credit.
Retrieved from https://www.primewayfcu.com/blog/3-reasons-why-using-cash-is-
better-than-credit
Pritchard, J. (2022, April 19). The Pros and Cons of a Cashless Society. Thebalance.
https://www.thebalancemoney.com/pros-and-cons-of-moving-to-a-cashless-
society- 4160702#:~:text=The%20downsides%20of%20going%20cashless,to
%20a%20ful l%20cashless%20society.
Raveendran, B. (2022). Percentage. BJU’S. https://byjus.com/maths/percentage/
Ramya, N., Sivasakthi, D., & Nandhini, M. (2017). Cashless transaction: Modes,
advantages and disadvantages. International Journal of Applied Research, 3(1),
122–125.
Raon, C., De Leon, M., & Dui, R. (2021, June 14). Adoption of E-Payment Systems in the
Philippines. Retrieved from ojs.uajy.ac.id:
https://ojs.uajy.ac.id/index.php/jik/article/view/3197
Rich-Edwards, J. W., Kaiser, U. B., Chen, G. L., Manson, J. E., & Goldstein, J. M. (2018,
April 12). Sex and Gender Differences Research Design for Basic, Clinical, and
129
Population Studies: Essentials for Investigators. Retrieved from
https://academic.oup.com/edrv/article/39/4/424/4967741
Rookes, C. (2013). The Financial Capability of 15-17 year olds. In Money Advice Service.
Salkind, N. (2013). Encyclopedia of Research Design. Retrieved from sagepub:
Siedlecki, S. L. (2020). Understanding descriptive research designs and methods. Clinical
Nurse Specialist, 34(1), 8-12. doi:10.1097/NUR.0000000000000493
Singh, S., Gupta, S., Jain, S., Kabra, S., & Gupta, S. (2020). Student budgeting and
spending behaviour. International Journal of Creative Research Thoughts
(IJCRT), 8(7). Retrieved from https://ijcrt.org/papers/IJCRT2007222.pdf
Smith, K. A. (2022, March 25). Minding your budget: A weekly allowance for adults?
Forbes. Retrieved from https://www.forbes.com/advisor/banking/weekly-
allowance-budget-for-adults/
Spantig, L. (2021). Cash in Hand and Savings Decisions. sciencedirect. Retrieved 2022,
from https://www.sciencedirect.com/science/article/abs/pii/S0167268121002419
130
Stiltner, M. (2021, March 17). The philippines top four payment methods. Rapyd.
https://www.rapyd.net/blog/philippines-payment-methods/
Stripe. (2022). A guide to types of payment methods. https://stripe.com/guides/payment-
methods-guide#for-ecommerce-and-marketplaces
Sundarasen, S. D., & Rahman, M. S. (2017). Attitude Towards Money: Mediation to
Money Management. Retrieved from abacademies.org:
https://www.abacademies.org/articles/attitude-towards-money-mediation-to-
money-management-6564.html?fbclid=IwAR3Qu-
maPpxq8jSS1MidUYEe_7BkvJgKaRBIpQfhGelIeromhMgkJ2T7xOE
Świecka, B., Terefenko, P., & Paprotny, D. (2020, August 27). Transaction factors'
influence on the choice of payment by Polish consumers. Science Direct.
Retrieved from
Team, C. (2022, November 3). Mean. Retrieved from Corporate Finance Institute:
https://corporatefinanceinstitute.com/resources/data-science/mean/
Tetkowska, N. (2014). Time Efficiency of Point-of-Sale Payment Methods: Empirical
Results for Cash, Cards and Mobile Payments. springer. Retrieved 2022, from
https://link.springer.com/chapter/10.1007/978-3-642-40654-6_19
131
Thirupathi, M., Vinayagamoorthi, D., & Mathiraj, D. (2019, August). Effects of Cashless
Payment Methods in India. Retrieved from https://www.ijstr.org/final-
print/aug2019/Effect-Of-Cashless-Payment-Methods-A-Case-Study-Perspective-
Analysis.pdf
Thomas, M., Desai, K. K., & Seenivasan, S. (2011). How credit card payments increase
unhealthy food purchases: Visceral regulation of vices. Journal of Consumer
Research, 38(1), 126–139. https://doi.org/10.1086/657331
Tian-Que, L. (2012). Perceived risk in marketing strategy. Business, Economics,
Financial Sciences, and Management. Advances in Intelligent and Soft
Computing, vol 143. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-
642-27966-9_25
Villanueva, J. (2013, February 15). Types of Descriptive Research. Retrieved from
slideshare.net: https://www.slideshare.net/jeanniferbvillanueva/types-of-
descriptive-research#:~:text=Descriptive-comparative%20This%20is%20a%20d
sign%20where%20the%20researcher,than%20the%20other%20if%20significan
%20difference%20exists.%2013.
Villanueva, J. (2022, March 29). Digital payments growth seen to remain robust post-
pandemic. Philippine News Agency. https://www.pna.gov.ph/articles/1170948

132
Voxco. (2021, August 19). Descriptive Research: Definition, Methods & Examples.
Retrieved from Voxco: https://www.voxco.com/blog/descriptive-research
Waranyasathid, R., & Htin, K. (2020, March 30). Financial Literacy and Money
Management among the Young. Retrieved from
https://repository.au.edu/handle/6623004553/24159
What is Frequency Analysis? (2022). Retrieved from Research Optimus:
https://www.researchoptimus.com/article/frequency-analysis.php
Xiao, J., Chen, C., & Sun, L. (2015). Age Differences in Consumer Financial Capability.
International Journal of Consumer Studies, 39(4), 387–395.
Xin, Z., Liu, G., & Zong, Z. (2022, September 23). Feeling and calculation: The impact
of lay rationalism thinking mode on mental budgeting. Retrieved October 18,
2022, from https://pubmed.ncbi.nlm.nih.gov/36187902/
Yakean, S. (2020). Advantages and Disadvantages of a Cashless System in Thailand
during the COVID-19 Pandemic. The Journal of Asian Finance, Economics and
Business, 7(12), 385–388.
https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.385
133
Yang, M., Mamun, A., Mohiuddin, M., Nawi, N., & Zainol, N. (2021, January 15).
Cashless transactions: A study on intention and adoption of e-wallets. Retrieved
from https://www.mdpi.com/2071-1050/13/2/831/html
APPENDIX A
cxxxiv
November 9, 2022
To Mr. Mac Dioren S. Salazar:
Greetings of peace and goodness!
We, the Grade 12 ABM – Carnegie of Tomas Del Rosario College, are currently
conducting our thesis proposal entitled “MONEY MANAGEMENT USING CASH-
BASED PAYMENTS IN COMPARISON TO CASHLESS TRANSACTIONS OF
SENIOR HIGH SCHOOL STUDENTS AT TOMAS DEL ROSARIO COLLEGE”
as
part of our Practical Research II. The study intends to gather sufficient data that can be
used as a basis for comparing the two types of payment methods in terms of how they
affect the money management of the said respondents.
In this regard, we humbly ask your permission to check the format, grammar, and
content of the questionnaire that will be used to collect the needed data for this study. We
believe that as a professional in your field, you have both the authority and technical
skills to effectively assess our research instrument. Your validation serves a significant
role in our data-gathering procedure, which also affects the fulfillment process of this
research.
Your participation in this academic endeavor is greatly appreciated. Thank you

very much, and we look forward to an affirmative response to this humble request.
Validated by: Respectfully yours,
Research Teacher Roxas, Kian Nil Adrienne A.

Researchers
cxxxv
Mr. Mac Dioren S. Salazar Pizarro, Sophia Carmela S.
Research Teacher Roxas, Kian Nil Adrienne A.

Researchers
cxxxv
November 9, 2022
To Ms. Johanna Faith P. Oira:
as
research.

English Teacher Roxas, Kian Nil Adrienne A.

Researchers
cxxxvi
Ms. Johanna Faith P. Oira Pizarro, Sophia Carmela S.
English Teacher Roxas, Kian Nil Adrienne A.

Researchers
cxxxvi
November 9, 2022
To Mrs. Carlota D. Liu:
as
research.

Certified Public Accountant Roxas, Kian Nil Adrienne A.

Researchers
cxxxvii
Mrs. Carlota D. Liu Pizarro, Sophia Carmela S.
Certified Public Accountant Roxas, Kian Nil Adrienne A.

Researchers
cxxxvii
APPENDIX B
cxxxviii
MONEY MANAGEMENT USING CASH-BASED PAYMENTS IN
STUDENTS AT TOMAS DEL ROSARIO COLLEGE
Objectives of the study:

 To collect data from senior high school students of Tomas del Rosario College
regarding their money management using cash-based payments and cashless
transactions
 To compare the two payment methods in terms of how they affect the money
management of the respondents
 To serve as a guide to the beneficiaries in selecting which type of payment will
help them manage their finances better
Description: The questionnaire contains close-ended questions that will provide the
needed data for the study.
Questionnaire for Student Respondent
Name (Optional):
Age (Required):
Sex (Required):
Definition of Terms:
Cash-based Payment. It deals with the use of bills and coins in purchasing
goods and services. It requires physical money in order to purchase products.
Cashless Transaction. It is the digital method for financial exchanges. It

involves the use of online applications such as GCash, Paymaya, Paypal, and any other
online payment medium.
Direction: Encircle the letter of your answer.
1. What is the estimated total of your monthly family income?

a. less than PHP 30,000
b. PHP 30,000 - PHP 50,000
c. PHP 50,001 - PHP 100,000
d. more than PHP 100,000
2. How much is your weekly school allowance?

a. less than PHP 500
b. PHP 500 - PHP 1,500
c. PHP 1,501 - PHP 2,500
cxxxix
3. How much is your usual weekly school expense?
a. less than PHP 500
b. PHP 500 - PHP 1,500
c. PHP 1,501 - PHP 2,500
4. Do you prefer using cash-based payments in budgeting your money?

a. Yes, because I find it easier to manage my money if I have physical cash
that can be utilized for my purchases.
b. Yes, because I can avoid accumulating debt when I have physical cash at
my disposal.
c. No, because I tend to impulsively buy products when I see that I have
money in my wallet.
d. No, because I am more inclined to prioritize my wants over my needs
when I apply the cash-based method.
5. Do you prefer using cashless payments in budgeting your money?

a. Yes, because I can track the inflows and outflows of money in my account.
b. Yes, because I can better allocate my funds since I can oversee my
spending history.
c. No, because I tend to excessively borrow money from lending bodies
(e.g., credit cards and G-credit).
d. No, because the outflow of my money is faster when I use cashless
transactions.
6. Do you prefer to use both cash-based payments and cashless transactions in

budgeting your money?
a. Yes, because I can explore the different types of payment methods.
b. Yes, because I can easily choose the best method I want to use when I
observe that it fits the situation.
c. No, because I still have to choose between them so that I can further
improve my budgeting skills.
d. No, because I only want to use solely cash-based payments so that I can
avoid the problems I encountered before in cashless transactions or vice
versa.
7. Do you usually purchase the products you need and want using cash-based
payments?
a. Yes, because it is the most prevalent and accepted mode of payment in any
store.
b. Yes, because this is the payment method I grew up using.
c. No, because there is still a pandemic, meaning it is not yet safe to practice
it as my payment process.
d. No, because I acquire more benefits when performing cashless transactions.
cxl
8. Do you usually purchase the products you need and want using cashless
payment?
a. Yes, because it is more convenient and less hassle to use than the cash-
based payment.
b. Yes, it is safer to use since there is still a pandemic ongoing.
c. No, because I am having a hard time using this kind of payment method.
d. No, because I encounter various challenges while utilizing it such as
technological issues.
9. Do you think the usage of only one payment approach in purchasing

products is highly beneficial?
a. Yes, because it is easier for me to manage my allowance when I
consistently engage in one payment option.
b. Yes, because I do not have to mind several accounts or storage of my
money and avoid confusion when I stick to only one mode of payment.
c. No, because I cannot maneuver my funds freely if I do not have other
choices.
d. No, because I find it hard to pick only one method of payment in my
transactions.
10. As a student, do you consider saving some of your allowances when having
your day-to-day transactions?
a. Yes, I am into making savings which I will use for future requirements.
b. Yes, because I have lots of wants to buy.
c. No, because I usually consume all of my allowance which results in zero
savings.
d. No, because I do not mind if I save some money or not.
11. Do you think you can save more money through the use of cash-based
transactions than cashless ones?
a. Yes, because it will be easier for me to handle my money since I am the
one who is physically holding it.
b. Yes, because I can save whenever I want without minding the possible
technical difficulties in using cashless transactions.
c. No, because I get tempted to spend my savings since I can simply get it
inside my piggy bank or wallet.
d. No, because I am having a hard time-saving money in the traditional way.
12. Do you get much more savings when you use cashless transactions than cash-
based payments?
a. Yes, because I can better control my money flow in cashless transactions.
b. Yes, because it is easier for me to transfer my money online than to
go personally to the bank.
c. No, because I usually tend to overspend when using cashless transactions.
d. No, because I find it hard to save when I use online payments.
cxli
Direction: Please put a checkmark (✔) on the box that best describes your answer.
Legend: 5 - Strongly Agree, 4 - Agree, 3 - Neutral, 2 - Disagree, 1 - Strongly Disagree
Statements 5 4 3 2 1
Cash-based Payments (Usage Frequency)
1. I regularly utilize physical cash in face-to-face

transactions even though I can use online
payments.
2. I prefer using physical cash whenever I buy
something online (e.g., cash on delivery).
3. I practice cash-based payments because I trust

them more than cashless transactions.
Cash-based Payments (Convenience)

1. It is easier to purchase products using cash-based
payments.
2. I am satisfied with my purchases using cash-

based payment.
3. I encounter purchases where cash is not

accepted.
Cash-based Payments (Spending Level)
1. Paying in cash helps me in saving money.
2. Cash-based payment helps me to spend what I

only have in my pockets.
3. I am confident that my allowance (in paper

bills and coins) is enough to pay for my daily
expenses.
cxlii
Cashless Transactions (Usage Frequency)
1. I often use mobile applications (e.g., GCash, Maya,

PayPal, etc.) to purchase my needs.
2. I always utilize mobile applications (e.g., GCash,

Maya, Paypal, etc.) to pay for my wants.
3. I apply the cashless method of payment more

frequently than the cash-based method.
Cashless Transactions (Convenience)

1. Cashless payments make buying transactions faster
which saves a lot of my time.
2. Cashless payment is more convenient because I

do not have to bring bills and coins.
3. I encounter purchases where cashless transactions

are not available.
Cashless Transactions (Spending Level)
1. Utilizing cashless payments helps me in saving

money.
2. I use more money because additional charges are
required in online transactions.
3. I spend larger amounts of money when I am
paying on a cashless basis.
cxliii
APPENDIX C
cxliv
RESEARCHERS
IN
ACTION
cxlv
Discussion of the Parts in Research Paper
Finding Thesis Book for the Making of Related Literature
cxlvi
Citation of Related Literature from the Thesis Book
Editing the Details of the Respondents in the Google Documents
cxlvii
Choosing of Respondents through Lottery Method
Distribution of Questionnaires to the Class Mayor
cxlviii
Tallying the Collected Questionnaires
Making of the Conclusions to the Hypotheses
cxlix
Discussion of the Final Chapter
Knowing and Considering the Schedule for the Final Defense
cl
cli
clii
cliii
cliv
clv
clvi
clvii

3 de Guia Et Al

Uploaded by

Copyright:

Available Formats

3 de Guia Et Al

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

3 de Guia Et Al

Uploaded by

Copyright:

Available Formats

MONEY MANAGEMENT USING CASH-BASED PAYMENTS IN

COMPARISON TO CASHLESS TRANSACTIONS OF SENIOR HIGH SCHOOL

A Thesis Proposal Presented to the

In Partial Fulfillment to the

De Guia, Francine Nicole S.

Entitled: MONEY MANAGEMENT USING CASH-BASED PAYMENTS IN

COMPARISON TO CASHLESS TRANSACTIONS OF SENIOR HIGH SCHOOL

STUDENTS AT TOMAS DEL ROSARIO COLLEGE prepared and submitted by

Francine Nicole S. De Guia, Sophia Carmela S. Pizarro, Kian Nil Adrienne A.

in partial fulfillment of the Practical Research II Subject in Grade 12 ABM - Carnegie

for oral examination.

ROSSEL GILLE B. GARCIA, MAEd

In partial fulfillment of the subject requirement for Practical Research II Subject

in Grade 12 ABM - Carnegie A.Y. 2022-2023, this

thesis entitled: MONEY

MANAGEMENT USING CASH-BASED PAYMENTS IN COMPARISON TO

CASHLESS TRANSACTIONS OF SENIOR HIGH SCHOOL STUDENTS AT

recommended for oral examination.

Approved in partial fulfillment of the subject requirement for Practical Research

II Subject in Grade 12 ABM - Carnegie A.Y. 2022-2023 by the committee on Oral

Without the involvement and cooperation of a significant number of people, some

For assessing and validating the questionnaires made by the researchers, we

helpful criticisms, the study will not be capable of progressing further.

hospitality they gave.

— have been facilitated by their support, motivation, and camaraderie.

De Guia, Francine Nicole S.

Pizarro, Sophia Carmela S.

Roxas, Kian Nil Adrienne A.

Tuazon, Jillian Leigh P.

Feliciano, Leah Mary C.

Cortez, Earl Sonny C.

Achieving something is impossible without any dedication. This research study is

research study would not have been possible.

of strength and inspiration over the course of conducting this study.

problem addressed by the study.

contributed to the completion of this humble work.

express how grateful we are and how we deeply appreciate you.

who want to use this study as a guide or reference.

both mediums to be simultaneously used. Despite their differences, these transaction

conducted an investigation to compare cash-based and cashless payments in terms of how

Probability Sampling. Furthermore, the researchers formulated close-ended questions

achieve the goal of the research.

school students at TRC.

II. BODY OF THE THESIS PAPER

I. THE PROBLEM AND ITS BACKGROUND

Statement of the Problem.............................................................................3

Significance of the Study.............................................................................4

Scope and Delimitation................................................................................6

Notes in Chapter I........................................................................................8

Hypotheses of the Study............................................................................35

Notes in Chapter II.....................................................................................43

III. METHODS OF RESEARCH

Methods and Techniques of the Study.......................................................52

Population and Sample of the Study..........................................................53

Construction and Validation of Research Instrument................................57

Data Gathering Procedures........................................................................58

Data Processing and Statistical Treatment.................................................60

Notes in Chapter III...................................................................................63

IV. PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA