CHAPTER I

THE PROBLEM AND ITS BACKGROUND

INTRODUCTION

Understanding a person's finances, You have likely heard the well-worn

wisdom that creating a budget is crucial to being financially independent. We

frequently hear that we will never be able to get our finances in order if we

don't carefully manage our monthly allowances, and expenses (Paul, 2024).

Financial difficulties can cause you a great deal of stress. Fortunately, a lot of

these financial issues are preventable, or at the very least, their effects may be

lessened with the right actions and thoughtful financial planning (Cupler,

2021).

A study from Shange(2018), illustrates that financial difficulties faced by

students transitioning from their underprivileged upbringing into a demanding

and multicultural educational setting can be tough for students from

impoverished families. These students suffer severe financial difficulties as a

result of their underprivileged upbringing, which negatively affects their

academic achievement. As a result, they require strong support systems to

enable them to adjust to the demands of higher education. And understanding

the differences between students' financial status and their savings requires

improvement. Less than half of students keep extremely thorough financial

records, and the majority of students do not have savings. The majority of

students report experiencing financial difficulties before receiving their next

stipend. They consequently borrow money even with interest from friends,

family, and acquaintances. The results substantiate the necessity of educating

students about personal financial awareness, particularly in areas where they

lack knowledge (Labbutan & Carbonel, 2022).

Background of the study

The study’s objective is to compile information on students’ financial

circumstances, including how they handle their money and what happens to

them when they can’t afford the costs of their education. Getting all the

materials and tools they require might be difficult for many students, especially

when they need to be creative.

In this study, the researchers outline the procedure, the goal, and the

steps to take to manage the students’ allowance. The study also aims to

ascertain the typical costs incurred by students in their day-to-day activities

and recognizing the importance of addressing these challenges, this study

aims to delve deeper into the budgeting struggles and weekly allowance

management of ABM students. By understanding the financial behaviors and

decision-making processes of these students, valuable insights can be gained

into the factors influencing their financial well-being and academic

performance.

Therefore, this study endeavors to fill a crucial gap in the literature by

investigating the budgeting struggles and weekly allowance management of

ABM students. By understanding the unique financial circumstances and

needs of these students, valuable insights can be gained to inform targeted

interventions and support mechanisms aimed at promoting financial literacy

and well-being within the school community.

STATEMENT OF THE PROBLEM

This study aims to study the challenges and the weekly budgeting of

the grade 11 ABM students at MCA Montessori School. Specifically, this study

will answer the following questions:

1.) What are the most common things that ABM students spend on a

weekly basis?

2.) What challenges do ABM students encounter while budgeting their

allowance?

3.) What tracking do ABM students employ to budget their weekly

allowance?
SCOPE AND DELIMITATION

This study will only focus on the experience of selected Grade 11

Accountancy and Business Management (ABM) strands.

The respondents are limited to only thirty (30) out of sixty-five (65)

Grade 11 Accountancy and Business Management (ABM) students in MCA

Montessori School, using convenience sampling. In this method, the

respondents choose to participate in the research. Because the researcher is

only examining the prevalence of a trait or a viewpoint among the kind of

people who have the freedom to engage in a survey. This study will not

include students from other strands and levels in MCA Montessori School.
SIGNIFICANCE OF THE STUDY

The researcher expects this study, not only to be useful to them but

also beneficial to the following groups of people:

Students. This study can uncover common financial pitfalls and suggest

strategies to overcome them, empowering students with effective budgeting

and money management techniques

Parents. They can gain a deeper understanding of their children’s financial

habits and challenges, allowing them to provide targeted guidance and

support in managing their finances.

Teachers. They can gain valuable insights into the financial challenges faced

by ABM students, allowing them to better understand their student’s needs

and potential barriers to academic success.

Future Researchers. The findings of this study can serve as a foundational

understanding of budgeting struggles and allowance management among

ABM students. Future researchers can build upon this knowledge to explore

related topics more deeply.

DEFINITION OF TERMS

To facilitate the understanding of this study, different terms are defined

herein:

ABM Students. Refers to a student who has a problem with financial needs.

Adequate. Indicates something sufficient, satisfactory, or acceptable in quality

or quantity.

Allowance. Refers to a fixed amount of money regularly given to someone.

Clustered. Indicates the grouping or gathering together of similar themes,

concepts, or data points.

Criterion. Refers to a principle, standard, or guideline used for evaluation or

judgment. Hindering. describes factors, conditions, or influences within

qualitative research that act as obstacles or barriers.

Daunting. Describes challenges, tasks, or situations within qualitative

research that appear intimidating, overwhelming, or discouraging.

Deficit. This term is used to identify gaps or insufficiencies in financial

knowledge.

Depicts. This refers to the presence of a phenomenon, situation, or visual

means that aim to provide.

Emphatically. This refers to the critical importance of integrating financial

literacy education.

Endeavors. This term refers to attempts or activities undertaken to achieve an

outcome.

Financial Challenges. This section will discuss the difficulties or obstacles

that students have.

Financial Literacy. describes the understanding of students about budgeting

and saving their money.

Financial Management. refers to how students budget their weekly

allowance.
Impact. this term is a result of something, particularly a new concept, affecting

circumstances or somebody.

Imperative. Something crucially important or a necessity.

Impoverished. It describes the type of family that needs some help when it

comes to finances.

Inadequate. Something that is insufficient or lacking in quality, quantity, or

effectiveness.

Irrational. Describes thoughts, behaviors, or decisions that are not based on

logic or reason.

Lessened. This phrase in the study indicates that the issue will become better

over time. Expected to make progress on the problem.

Navigating. This term refers to finding a way to solve something or to better

understand it.

Ponder. This term is used to encourage contemplation and reflection on the

implications of the research findings for educational policy.

Rigorous. Refers to the thoroughness, precision, or meticulousness of the

research process.

Viable. This identifies feasible and practical solutions and interventions to

address the financial challenges faced by students.

 CHAPTER 2

REVIEW OF RELATED LITERATURE AND STUDY

This chapter provides an overview of previous research that will support

this study. It introduces the studies related to this research that comprises the

main focus of the research entitled "Navigating Financial Challenges: A Study

on the weekly budgeting of the Grade 11 ABM Students at MCA Montessori

School" and it includes the following studies below.

Foreign Literature

(Dickens, 2023) defines the importance of budgeting for students who

deal with ongoing expenses and financial challenges. Many different expenses

come with being a student, such as living expenses, transportation, food,

tuition, and keeping up a social life. Budgeting well can help people prioritize

their spending, and manage their money wisely. Creating a budget has the

benefit of giving a clear insight into the expenses. By tracking, people will be

able to see where their money goes and make any adjustments to their

spending habits. This can help prevent overspending and reduce the risk of

short money.

University students must learn about finance and budgeting throughout

their adolescence phase, as this is their best chance of success in later life.
However, building a proper budgeting knowledge base is insufficient.

Consistent success necessitates a healthy and positive attitude and supportive

parents who encourage a responsible financial attitude. The purpose of this

study is to investigate how the school budgeting process factors into the

financial stability of a district, which ultimately impacts academic achievement.

Best practices as defined by methods that allow for greater transparency,

cost-effectiveness, and overall success in the passing of school budgets.

Funding is an important factor regarding how resources are ultimately

provided within the classroom and indirectly may have a major impact on

student learning. A literature review has provided a background on the

successful implementation of school-based budgeting and factors that lead to

budget development (Jack R Mitchell, 2022).

This study explores the unique financial circumstances of parenting

students, a population that makes up nearly a quarter of all postsecondary

[Link] study finds that parenting students are more likely to report

experiencing financial struggles, use public assistance more often, and rely

more on credit cards. At the same time, parenting students are more likely to

have additional caregiving responsibilities beyond their children, putting them

at greater risk for financial and personal burnout, which may impact their ability

to stay enrolled. (Niznik, Aaron; Fletcher 2022)

 According to (Mcgilvray, 2021), college students come from a variety of

financial backgrounds and have different levels of stressors in their lives,

meaning there is no one-size-fits-all solution to how students should budget

their finances. As students push toward beginning their careers and becoming

independent, financial issues and the need to learn financial literacy arise.

Taking on large amounts of coursework and extracurricular activities can be a

lot for a young adult to handle. One of the biggest issues college students face

in budgeting is time and resource management, Jennifer Wilson, a personal

financial planning professor in the College of Human Sciences, said. Most

students have so much on their plate that budgeting is not even on their radar

right now.

In their study on Student Budgeting and Spending Behavior, Singh et

al. (2020) provide a clear picture: more than half of the students in 138

universities in Delhi and Mumbai, India, live on a relatively small budget in

order to support their frequently careless lifestyle and pay their bills. The

majority of these students' income is spent on lifestyle and entertainment,

which influences how they allocate their allowance. The study's findings

indicate that students consider eating out to be more inevitable than viewing

movies. However, an intriguing finding was also made: when faced with a

budget deficit, more students reduced their daily spending than those who
asked their parents for help. Students would also prefer to lay aside a portion

of their allowance each month.

As stated by (Lusardi, 2019), financial literacy is considered a very

useful tool for seeing how people deal with financial problems. If people have

confidence in financial literacy, they can better manage financial problems.

Governments pay attention to the financial literacy of their people to formulate

policies and solve the financial problems of society. Having good budgeting

skills as a senior high school student is an important life skill that can help you

manage your finances effectively and prepare you for the future. By learning to

budget, you can avoid overspending, save money for important expenses, and

develop a sense of financial responsibility.

The examination of student spending patterns and budgets was

validated by another study by Jeevitha and Kanya (2019). Their study

examined how, where, what, and why Indian students budget their money in

light of the country's Westernization and mall expansion. Jeevitha and Kanya

also looked into the several ways that students in the city of Coimbatore

manage their finances when they have little allowances and excessive

expenses. The researchers discovered that, in contrast to how they are

portrayed in the West, Indian students are not emotionally or financially free.
 A relatively new sector of the financial industry called fintech uses

technology to enhance financial operations. Furthermore, fintech is defined as

“any innovative ideas that improve financial service processes by proposing

technology solutions according to different business situations” (Leong and

Sung 2018).

According to (Bona, 2018) Study found that students choose to buy

products that will meet their interests relative to product and price. In addition,

parents have a significant influence on how children see money management

as well as the overall life attitudes of their children. To develop better financial

practices, students need to invest some time in making tangible steps to assist

them in monitoring their spending. They should first make their budget and

continue to look for methods to make it better.

The study (Vhalery, et al., 2018) classifies factors that become

components that influence allowance management. First-year college students

of Indraprastha University (UNINDRA) PGRI Jakarta make up the study's

population. The study's samples, 282 participants, were chosen at random

using the sampling random technique. The data-gathering method used is a

questionnaire that has already completed expert validation and field testing.

The survey is offered in two formats: a hard copy that is physically given by

hand and an online version that can be accessed using a Google form. The
result shows that the 10 elements that influence allowance

management—financial knowledge, financial drive and desire, wisdom,

sociocultural background, individual position, and others—are divided into.

Local Literature

According to (Bantilan, et al., 2023), Financial resources have been to

achieve quality education through the prudent use of financial resources.

Nonetheless, financial management challenges experienced by school

administrators at their particular school sizes motivated them to apply financial

management techniques. Therefore, the purpose of this study was to

investigate the strategies and problems associated with financial management

in small, medium, large, and mega schools. The report used a

phenomenological multiple-case study and was directed by six research

topics. Stratified convenience sampling was used to draw a sample size of 12

school leaders in Davao City, Philippines, with three leaders per case. In

addition to gathering the School Monitoring, Evaluation, and Adjustment

(SMEA) document, the researchers performed a single, in-depth interview.

The researchers conducted a study using Colaizzi's approach and cross-case

analysis.
 Students at Cagayan State University - Andrews Campus face

challenges in budgeting their financial expenses, as they receive monthly

allowances from parents and are responsible for their expenses. A study

assessed students' budgeting behavior toward cash assistance using a

descriptive method. The results showed that students can control their

spending by prioritizing basic needs and academic purposes. Despite the

pandemic, students are knowledgeable enough to budget their cash

assistance. Recommendations include having a budgeting plan, setting

priorities, and learning to differentiate needs from wants to maximize their

budget. (Aquino, el al., 2022)

According to (Valero, 2021), the level of development of education and

science has an important role in the economic development of the country.

Mindoro has enough potential to achieve economic development through

intellectual and educated human resources. Despite the reforms implemented

in recent years, there are still many shortcomings and challenges left in the

education system that are hindering the creation of well-educated and

competitive human resources. Without strengthening the education system, it

is impossible to participate in a global competition. The increasing financing of

the education system over the years does not mean raising the quality of

education. Developing the correct strategy and tactics for the reform and

adequate and efficient distribution of financial resources is crucial. The paper

aims to study the impact of the existing funding policy on the higher education

system in Mindoro. The structure and dynamics of the funding of higher

education institutions and the nature and importance of the already funded

projects are examined in the study.

According to (Pagaduan, 2020) Being financially literate is a big

challenge among many Filipinos. The Philippines ranked second lowest

among ASEAN countries in a survey on financial literacy (Mendez, 2015).

Thus, this study aims to measure the influence of financial literacy in terms of

students' attitudes and practices in handling their finances. It was conducted

among eighty-three (83) respondents from the College of Business

Administration and Accountancy (CBAA) of Baliuag University. A self-report

questionnaire was administered to measure their knowledge and familiarity

with financial concepts, as well as their attitudes and practices in handling

personal finances. To test the hypothesis stating that financial literacy does not

significantly predict financial attitudes and financial practices, two separate

simple linear regressions were run using financial behaviors under two

categories financial attitudes and financial practices as criterion variables. The

findings of the study indicate moderate levels of measures of financial literacy,

financial attitudes, and financial practices. The predictive impact of financial

literacy on financial attitudes was found to have a significant result. Financial

literacy strongly influences attitudes pertaining to managing one's finances.

 As stated by Barreto, R. B. ., Nalayog, J. P. J. ., Tresreyes, C.-J. S..

(2019). Budgeting has been a part of the everyday lives of individuals. It exists

anytime and anyplace, others have sufficient budgets whereas others do not.

Costs of individuals moreover vary based on their status in life. Understudies,

having their week-by-week stipend, are involved in a few battles in legitimate

budgeting. The reason for this is to evaluate the impacts of inappropriate

budgeting of stipends within the scholastic execution of Grade 12

Accountancy, Commerce, and Administration understudies. Employing a

subjective strategy and expressive inquiry about the plan, this is centered on

how dishonorable budgeting influences the scholastic execution of review

ABM 12 Students. Guardians should screen and direct their students on how

they budget their stipend and screen other expenses of the understudies that

influence their remittance for nourishment and transportation. Instructors can

talk about a few recommendations on legitimate budgeting of remittance

depending on the sum of the budget. At long last, this ponder suggests

encouraging inquiries about the extent of senior tall school remittance to

donate viable rules on how they will budget their stipend appropriately.

This study aims to identify how students manage their finances in a

very effective way. Budgeting allowances is one of most students' problems;

some tend to manage their allowances and others do not. The essence of this
research is to open the minds of the students about the vital role of budgeting

strategies in their daily financial management. This study also helps parents to

assist the students in budgeting the allowances they give. This study was

limited only to Bestlink College of the Philippines during the school year

2018-2019. Schools must conduct a seminar that will help the students know

the significance of Budgeting Strategies in their daily financial

decision-making. Parents should be the first ones to teach their children how

to properly manage their money (Deloso, R. N. S. ., Gales, M. T. A. ., Labasan,

G. M. C. ., Boneo, J. B. ., Laceda, R. J. H. ., & Tamon, C.-J. S. . 2019).

Añonuevo et al. (2019) discuss the Effects of Budget Management on

the Academic Performance of ABM Students in Bestlink College of the

Philippines School Year 2018-2019. Students encounter a lot of challenges,

especially in budgeting for those who have limited allowance. The study found

that students countered a lot of payments and expenses that affect academic

performance in four areas: attendance, food, projects, and extracurricular

activities. Proper management of the budget helps the students attend their

classes regularly because they can separate their transportation allowance,

maintain their healthy body on what they eat, prevent skipping meals when

they're short of money, comply with their project with enough expenses, and

help the students pay in incoming other activities from their allowance.
 According to Rombao, E. P. ., Marcelo, T. K. ., & Tamon, C.-J. S. .

(2019). School performance of the students is very imperative to both

instructors and students as this reflects the effectiveness of the

teaching-learning preparation. In any case, viable allowance budgeting which

falls outside the corners of the typical teaching-learning preparation is

regarded as critical for the understudies since this will advantage them not as

it were for maintaining their regular needs in school but moreover for making a

difference them be more arranged within the legitimate dealing with of funds. A

qualitative method was used within the ponder. Employing a clear investigation

plan, it centered on evaluating Review 12 Bookkeeping and Commerce

Administration understudies and the impacts of students' remittance budgeting

on their scholarly execution. There were four factors recognized to be

influenced by remittance budgeting, such as transportation, nourishment,

projects, and savings. Students must learn sufficient almost viable allowance

budgeting since it can emphatically influence their academic performance. A

learner-driven course or workshop and rules must be actualized to prepare the

students to be the most excellent and be connected to success with the

assistance of allowance budgeting.

It is said in this study that Budgeting is important to the student's financial

stability, ensuring the students pay common expenses at school. Smart goals

are specific enough to suggest action, knowing that having excess money is
important to have something in an instant. Budgeting strategies will cover

unusual expenses and changes that may happen while the students are at

school. Budgeting affects the practical spending scheme of student

allowances and other aspects of expenses whether in internal expenses or

external expenses. It should monitor the prices of food in the canteen so

students can afford them. Students must also attend seminars that will help

them know the significance of budgeting their allowances. Parents should

know first the expenses of their children before giving a proper allowance for

them to have an effective budgeting strategy (Dela Peña, C. M. A. ., Boholst,

J. ., Guerero, T. ., Maloloy-on, J. ., Suico, N. ., & Tamon, C.-J. S. . 2019).

According to Salam, M. S., & Salam, N. (2018), finance is considered a

big challenge for organizations and is regarded as the lifeblood of every

institution used for programs and services. The study of finance is the best

way to manage funds in the local government unit of Cotabato in Mindanao,

Southern Philippines. Based on this, the government has many financial

shortcomings in the said local community. Through interviews and document

analysis in the study, using a descriptive approach, it was found that the

finances of the local government are being managed properly. According to

the study, the finances of Cotabato City are being well-managed through the

use of housekeeping. They are encouraged to have more financial training,

and this study provides empirical data for government agency managers.
SYNTHESIS

Research synthesis grew out of the satisfaction with literature reviews,

which are deemed irrational, unscientific, and subjective. Despite the different

labels for research synthesis, experts seem to converge on the point that a

research synthesis is comprehensive in coverage and transparent in reporting,

and its purpose is to reach conclusions based on study findings, which may be

used to guide practice and policy-making. Budgeting is an opportunity for ABM

students to develop vital financial skills that will benefit them in both their

academic journey and future careers. While it can present challenges, these

struggles ultimately shape their resilience and resourcefulness. ABM students

embrace the importance of managing their finances effectively. By creating a

well-structured budget, they gain a deep understanding of their expenses and

learn to prioritize wisely. This skill not only helps them navigate through their

academic journey but also prepares them for the real-world challenges of

budgeting in professional settings. Though the cost of education can seem

daunting, ABM students view it as an investment in their future. They seek out

scholarship opportunities, financial aid, and part-time jobs specific to their field,

not only to ease the financial burden but also to gain valuable experience that

can enhance their employability. ABM students approach daily expenses with

a positive mindset. They find creative and cost-effective ways to meet their

needs without compromising their studies. They embrace resourceful

strategies like meal prepping, utilizing public transportation, and exploring

affordable accommodation options that allow them to live comfortably within

their means. Moreover, ABM students actively engage in building a supportive

community that encourages smart financial choices. They share tips,

resources, and experiences with their peers, forming a network that fosters

financial well-being and success. By focusing on their financial goals and

prioritizing their expenses, ABM students cultivate discipline and

perseverance. They are empowered to make informed financial decisions,

which not only contribute to their academic achievements but also lay a strong

foundation for their future financial stability. In conclusion, ABM students view

budgeting struggles as opportunities for growth and personal development.

Through their positive mindset, resourcefulness, and determination, they

navigate these challenges with grace, confidence, and a commitment to

creating a solid financial foundation for their propitious futures

 CHAPTER 3

RESEARCH METHODOLOGY

RESEARCH DESIGN

To thoroughly examine the spending patterns, budgetary difficulties,

and techniques used by ABM (Accountancy, Business, and Management)

Grade 11 students in the setting of financial management, this study used a

case study research design. ABM students' financial decision-making is

complex, and the case study technique offers unique insights into this

complexity by allowing for an in-depth assessment of a particular group or

environment.

In-depth semi-structured [Link] interviews allow for detailed

exploration of participants' financial behaviors and attitudes. The

semi-structured format provides flexibility, allowing participants to elaborate on

their experiences and perspectives.

Thematic Analysis to identify recurring patterns, themes, and categories

in the qualitative data and Helps uncover underlying factors influencing

financial management practices among Grade 11 ABM students.

 The case study design offers a holistic view of the financial behaviors

and challenges faced by ABM students, providing valuable insights that can

inform interventions and support programs aimed at enhancing financial

literacy and management skills among this demographic.

DESCRIPTION OF RESPONDENTS

The student respondent will be respectfully chosen because the

researchers state that this study aims to provide a different understanding of

the financial struggles faced by students in the areas of support and

intervention to enhance their financial well-being. The respondents of the study

are students enrolled in the Accountancy, Business, and Management (ABM)

strand.

DATA GATHERING PROCEDURE

Convenience sampling is the sampling strategy used in this study, in

which participants willingly provide their information. The study's participants

will be the MCA Montessori School's Accounting, Business, and Management

(ABM) students enrolling in the academic year 2023–2024.

The interviews will be designed to explore their spending habits,

budgeting challenges, and strategies. Focus group discussions will be

organized to facilitate open conversations among Grade 11 ABM students

about their financial experiences and budgeting practices. This method will

allow for collective insights and discussions on common challenges and

strategies. The collected qualitative data from interviews and focus group

discussions will undergo thematic analysis. This process involves identifying

patterns, themes, and categories within the data related to spending habits,

budgeting challenges, and strategies employed by ABM students.

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Allowance to the Academic Performance of Grade 12 ABM
Students In Bestlink College Of The Philippines School Year
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Aquino, C. J., Artates, S. M., Aslartona, R. F., Rapanut, A., & Romero, J.
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(2023). Financial Management Challenges and Strategies of Public
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J., & Tresreyes, A. M. (2019). Improper Budgeting of Allowance and
its Effects in the Academic Performance of Grade 12 ABM
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Tamon, C. J. (2019). Budgeting Strategies and Its Impact to the
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 NAVIGATING FINANCIAL CHALLENGES: A STUDY ON THE WEEKLY
BUDGETING OF THE GRADE 11 ABM STUDENTS AT MCA MONTESSORI
SCHOOL

A Research Paper Presented to the

Faculty of Senior High School of
MCA Montessori School

In partial Fulfillment of the Requirements for the Subject

Practical Research 1

by

11-DIAMOND (ABM)

2024
 TABLE OF CONTENTS

TITLE PAGE ………………………………………………………………………… i

TABLE OF CONTENTS …………………………………………………………… ii

CHAPTER I. THE PROBLEM AND ITS BACKGROUND ……………………... 1

Introduction …………………………………………………………………. 1

Background of the study ………………………………………………...… 2

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

Scope and Delimitation ……………………………………………………. 4

Significance of the Study ………………………………………………….. 5

Definition of Terms …………………………………………………………. 6

CHAPTER II. REVIEW OF RELATED …………………………………………. 10

Foreign Literature ………………………………………………………… 10

Local Literature …………………………………………………………….15

Synthesis ………………………………………………………..………… 22

CHAPTER III. RESEARCH METHODOLOGY…………………………………. 24

Research Design …………………………………………………………. 24

Description of Respondents …………………………………………….. 25

Data Gathering Procedure ………………………………………………. 25

Reference …………………………………………………………………………. 27