“Savings” are generally positioned into the most secure locations, or merchandise, that allow us to be able to attain our money at any time. The latest financial slowdown has modified our financial environment and the manner in which humans think about economic issues. Students face many tough monetary choices and school requirements. Therefore, errors in cash control can affect them greatly after commencement.
Many students manage their money poorly and these mismanagements can clearly purpose harm that lingers for a long time (Xiao et aI., 2007). And for some, they need to determine the way to pay for university, earn some spending money, and at the same time, get an excellent schooling.
Whether in school or not, students may encounter tight budgets. It can be depressing and horrifying to find out that they do not have enough money to last the month. Many students are hard up in finding a way to pay off debt.
College students also have trouble with credit and debt since they have less complicated access to them (Peng et al., 2007). If a software invoice or credit is paid past due, their credit score may additionally suffer. After graduation, a terrible credit score can be the reason why the graduate will have a hard time renting a condo.
This paper is set out to identify and explore the most effective saving practices among grade 11 Accountancy, Business, and Management Senior High School students of Saint Mary’s University. The paper is not just about exploring the saving practices, but it also identifies the main purposes of savings by students. It provides a better understanding for students regarding his or her financial situation. The findings in the study provide excellent opportunity and guidance for students to develop the financial skills that will benefit them for their college education and the rest of their life.
Significance of the study
This study will give a clear understanding on how to save money effectively.
This study is significant to the following:
Students will have less financial problems to deal with. It will equip young people –students and non-students alike, with good skills and practices, knowledge and confidence they need to make a financial decision. Students will know and understand what they must do (the ways to save) and what purpose of their savings.
This study will make their students knowledgeable in finance, therefore, their job in teaching students discipline will be easier and they themselves can also apply the findings of this research in their life.
This will help to improve their thinking that it is very important for them to plan and to save for their children education. It also would help parents to encourage their children to start saving at a young age. Besides that, this research provides parents with easy to understand information about how to save and the benefits of saving for college.
Private and Government scholarship sectors
When students have good saving practices means that they can manage their money wisely and they can make better decision about their daily expenses. Therefore, when students start savings now, they will have a good financial status in the future and thus can repay their loans on time. The numbers students blacklisted as they are not able to repay their loans can be reduced. This will be an advantage for the government because they can generate income from the interest of the loan thus the Philippine government can provide loans and scholarship to more students in the future. As a result, more students can continue their study.
Scope and delimitation
This study mainly focuses among Grade 11 students under Accountancy and Business Management Strand of Saint Marys’ University Senior High School, Bayombong, Nueva Vizcaya. This study will comprise 20 students to answer questionnaires limiting to effective saving practices they use.
Statement of the problem
This study aims to determine the effective saving practices among Grade 11 Accountancy, Business and Management strand of Saint Mary’s University, Bayombong Nueva Vizcaya. Specifically, this study sought to answer the following questions:
A. What saving practices do grade 11 Accountancy, Business, and Management students of Saint Mary’s University Senior High School apply?
1. What percentage of the grade 11 Accountancy, Business, and Management students save money?
2. What percentage of the weekly allowance for grade 11 Senior High School Students of Saint Mary’s University goes to their saving?
3. What are the reasons of grade 11 Accountancy, Business, and Management students in saving money? What is its effect?
B. What saving practice has the highest percent of savings base on the percent of savings when grouped according to the saving practice?
1. What saving practices has the highest percent of savings based on the Respondent’s savings?
2. What are the means of grade 11 Accountancy, Business and Management students in saving money?
Table No. 1
To achieve an output that leads students or individual to have financial knowledge to help with their money. The input involves the percent of the respondent’s savings, weekly allowance, reasons they save and how do they save. In the process, we will determine the effective saving practices from the questionnaires given to them. Finally, achieve the result on the awareness of students on saving money.
Definition of terms
Saving – an amount of money that is set aside or not used and easy to access any time.
Saving practices -these are the techniques and ways of students in saving money.
Allowance- is an amount to be used and given for personal expenses or future expenses.
Bank- an establishment which deals with loans, exchange of money, etc.
Palwagan / Paluwagan- a system wherein a group of friends (at least three) deposit a fixed amount of money on a schedule, then one of the member will receive the accumulated fund for a certain period. This cycle is repeated for each member.
Budgeting- to assign a certain amount of money for a need or want
Saving Behavior- the way a person saves money and how he or she manages his or her savings.