Senior High School Students of Malate Catholic School
Spending Habits is the most common issue to students nowadays. As people grow older they learn and discover new things in life especially when it comes to money. It is needed for each students to be aware about their spending habits especially at a young age. Humans work to earn an income that would enable them to bring food to the table, clothe themselves as well as indulge in pleasures that can be obtained only through money.
Spending a lot of money causes a lot of people suffer financially especially when it comes to students.
According to the Beans Group (2018), where they focused on students savings, the main source of their income are their parents. It is believed that students are having the habit of spending too much of money because of their wants especially their parents are the source of their income. Being aware of the students spending habits may help to lessen the expenses they made everyday. And at an early age, students are more knowledgeable in saving their money than spending it.
Globally, students now and then are having struggles when it comes to saving their money because they keep on fulfilling their wants rather than fulfilling their needs. But, according to the article about how to create better spending habits (2017), when you spend smarter, your money goes further. Students around the world do not monitor their expenses that is why at the end of the month when they already spend their money for their wants they always go back to their source of their savings which is their parents and this will bring their family allowance into bankruptcy.
People in the Philippines is experiencing poverty. The poverty that every Filipinos experience is due to lack of their awareness about their spending habits. “Borrowing money to pay another debt is a common story here in Philippines” (Louren, 2018). It is evident to every Filipinos the act of borrowing of money. As a year pass by every family are suffering financially due to lack of monitoring their expenses. Not only Filipinos experience poverty but including our country. Our country suffers financially because the government does not monitor the country's expenses well.
In Malate Catholic School, senior high school students are allowed to go out of school to eat during their lunch time. Some students go to malls rather than eating somewhere near the school. According to a study, when a person is hungry then they would go out and eat, they tend to buy more food that they want rather than what they need. When a person is stressed out and would want to "distress" they spend more money than usual.
That is why students spend too much when they are hungry or stressed. This study will surely help the senior high school students of Malate Catholic School to be aware about their spending habits and it will give them more knowledge on how they are going to handle their money on daily basis if they will not be aware about their spending habits, there are some instances that they will continue their bad habits which is spending a lot of money just for the sake of their wants.
The researchers decided to choose the topic about spending habits to expand their knowledge regarding to the student’s ways in spending their allowance. The study focuses on the spending habits of the students, specifically the Selected Senior High School students of Malate Catholic School. The respondents in this research can be applicable to both upper and lower class students thus, this will help to identify the difference of their spending habits. This will also help the other students to be aware of their expenses as a student and also, this is needed for students especially they are growing up.
This study about spending habits can help a lot of students to be aware to save more money and to have a greater income especially for the Senior High School students because they are stepping on their next chapter of their life which is becoming independent and not relying on their parents. The coverage that the researchers chose is only the Senior High School community because they are more matured enough to think compared to the Junior High School students perspective about spending habits. By the help of the Selected Senior High School students of Malate Catholic School, it will only take a month to finish this research
Significance of the Study
Spending habits of students are not a talked about topic that much but, it is important to mention that it is not always easy for a student to save money. Many of the students get caught up with the trend of living beyond what they can afford. The importance of this study is to teach students and parents to budget and save their money and for both of them to be aware of what they should do to budget their money. Parenthood has a way of jolting us out of our follies.
Being broke while facing a family emergency could be any parent’s worst nightmare. Saving money make you feel secure knowing that despite present financial difficulties, you still have something to turn to when things get worse especially when they have kids. It is helpful for the students' parent that his or her children are learning to save money. They will know how much they should give their children for them to balance their expenses and still have savings for other important expenses.
This study will benefit every student to give them more knowledge on how they are going to manage their expenses. Being aware of their expenses may also help them to become financially independent. For the researchers, while doing this research they can be aware of how they should spend their money. Since they are the ones who are indulging in this topic and it will be a firsthand knowledge, they should be the one who will be putting their results to the test so that they would know if it is effective or not.
This chapter is consist of two parts, the Review of Related Literature and Review of Related Studies wherein in the Related Literature part, the researchers focused on o ideas about the Management of students allowance. The Related Studies on the other hand consists of researches and studies about the said topic.
This part explains the Management of students allowance, on how does student manage their everyday allowance, what are their perspective when it comes to money, their financial freedom and how do they control their habits in buying things that are not needed. This review will also answer the central questions of the research paper. It includes the opinions, details and ideas of the people who has a lot of experiences when in comes to saving their allowance. This part will help the readers to have knowledge on how they are going to save their daily allowance at a young age especially for senior high school students.
The article “Amount of Spending Money a College Needs” talks about how do students spend their daily allowance wherein, Frazier (2018) stated that, “ A student with poor budget awareness may run out of money necessary to buy books and other school needs. Likewise, many students may be working with credit or debit cards for the first time in their lives, and without proper guidance, they may exhibit poor spending control and tracking”. Other people witnessed this kind of situation especially to students nowadays they tend to over spend on something that is not needed. Also, one main reason students suffer is bankruptcy. According to the book of Bankruptcy (2007), students are suffering from bankruptcy that is why they tend to rely on their parents.
Another is an article in the Philippines about the financial literacy of students especially the Generation - Z or also known as the “millennials”, it provides opinions of the parents about what they think about their children's financial matters. According to Garcia (2018), in the article “Save, Not Spend : Parents want ‘Gen Z’ kids to be Smart” that more kids will be able to save money if they are financial literate. Parents do observe it since they are the student's source of income at a young age, and it is evident even before because it is stated that “Majority limit their expenditures within their income granted by their parents” (Manju, 2008).
It may help a lot of students if they are going to monitor their expenses. As they grow older, children learns how to be independent in some ways and tracking their everyday expense can help them to be more knowledgeable when it comes to money. The book entitled “Tracking Expenditures” (2006), explains that the best way to know where your allowance go is through listing down all your expenses everyday.
Knowing your everyday expenses will definitely help the students to lessen their expenditures. Also, using bank can help them in tracking their savings with the use of receipt. On the other hand, without knowing your expenses according to LendEDU (2017), students, either graduate and undergraduate are spending their moneys just for fun. It turns out that they are not educated when it comes to financing. That is why tracking everyday expenses turns out to be great for the future of every student.
They can't manage their allowance if they tend to abuse their freedom when in comes to money. According to the article of “Understand Spending Habits” there is a statement that says, “Financial freedom is not just about saving—spending money on goods and services you value has the ability to enhance your life” (no author, 2017). Financial freedom gives the choices to students which is “to save” and “not to save” wherein it is also proved in the article “Factors Affecting Spending Habits”, that one factor that affects every student's savings are due also to their behavior, like for example they will save their money for their needs if they want to or they will spend their allowance for their wants if they want to.
Managing everyday allowance comes with controlling the expenses of every students everyday. One way to control your savings is through budget plan, according to “Effective Budget” (2007), a budget plan can help each one of us to limit their spending habits. Also, according to the “Goal Setting Tips” (2007), one way to control one’s allowances is to set their goals so that they will be having the mindset of saving their allowance.
However, a statement from the article “ Learn to Control your Spending using Tips and Tricks”, supported those articles which is way more easier to understand, wherein it is said that “How to control spending? Some easy steps that you need to follow. First, take only cash you need, know your spending triggers, visualize the prize, leave and come back, shop with a list, know your weaknesses and avoid them, tell your family and friends, inventory what you own and lastly, budget in the ‘fun money’” (Hagerman, 2018).
The Review of Related Studies will focus on the topic that the researchers came up. It includes some information, studies and reviews which supports the studies about spending habits, the percentage people who spends their money over they wants, the average savings of students, different expenses, different source of income and what will happen if they are going to save money at a young age. These articles that will be included in this part will also help the readers to know what are the good outcome of being aware about their spending habits.
As of 2018, millennials are 22-37 years old already. Most of them are now professionals and have a different source of income rather than expecting their parents to give them their allowance. According to Garcia (2017) "millennials usually spend their money on food, drinks, snacks and clothes because of the influence by their family, friends and especially in social media." Millennials aren't the only ones who spend their money on based on wants and influences, everyone spends their money based on their wants and the trends today.
Consumers are easily persuaded if a large group of people would be giving a good review about a product. As McNaughton (2007) said "shopping for your wants and not prioritizing your needs is one of the main reason people don't have enough money. Also, Olech (2017) said that "students nowadays are spending lots of money compared to their parents because of fulfilling their wants." Since students do not pay bills yet or any other expenses, they would tend to spend their allowances more on the things they want rather than what they need. This is the time where people would forget to save their money on more important things but if they would have a budget with their needs and wants, any person would not have a problem with shortage on income.
On the other hand, some millennials nowadays would somehow save their money for some instances and a recent study according to Mansu (2008), it shows that there are more than half of the participants would have the habit of saving and investing, "but the females save more when compared to the male counterparts. Only 58% of males save their money and 3% do not express their opinion about investment."
There comes a time where fare or transportation expense increases, because of this, commuters set aside a budget for this. "Transportation is the second highest expense category for all 3 generations. Millennials tend to spend more than generation x and baby boomer on vehicles, used cars and trucks." (Burgett, 2018). In addition, according to Fallon (2015), millennials spend more than the other generation just to fulfill most of their wants and they also shell their allowance to their transportation which is expensive.
Since most workers are the Millennials already, they are the ones who need to have a budget for transportation. There is an article by Louren (2018) "worst spending habits Filipinos need to break" these are "Mañana habit, many Filipinos know hoy important it is to save money especially for emergency use. But despite this, they seem to ignore saving money and many just procrastinate." The other habits which are self-explanatory are "living life to the fullest, bahala na si Batman, pakikisama and libre, hiya factor, inggit and investing in get rich quick scam." The researchers are talking about how Filipinos budget their money and where they would use it.
In the article that Gavin Lee (2014) written, millennials are on the young end of the generation. They start saving at a young age because of the advices that their parents give them. They look for work that would allow them to use their passions. It’s not just about the money, it’s money with the work-life balance. In relation to what Gavin Lee stated, “Investing money at a young age can help you to be better in the future” said by Morgan (2007). According Financial Literary (2006), Being specific to your needs, being measurable to your wants, to be attainable and realistic when it comes to disciplining yourself from your own expenses and setting your goals by having a time frame will help you to have an income at an early age.
An article written by Suzanne Kearns (2015), explains that people believes that the source of the money-handling habits is the parents or caregivers, and that some researchers are proving that those habits are not based on conditioning and the thing we learned such as money management lessons. Another is according to Fisher (2005), The main source of every student’s saving is through their parents. Without their parents they can’t have their daily allowance and according to the article savings (2016), a person’s income is through their savings.
For students they are having their own income with the help of their parents especially their everyday allowance that their parents giving them. Rios (2017) stated that “Many of today’s students are resourceful enough to find part-time jobs to fill their free-time. The thing is, the jobs and earnings of “working students” are often unable to improve their dire situation. Once they have money hanging around their necks, they seem to feel uncomfortable from the weight, and so they want to spend it away quickly”. To support this statement, student spending report (2016) stated that these students spend their money on fashion items to go along with the trend. Rees (2016) said that “if you can help your son/daughter workout in the back of their mind what they have to spend each week after bills, it’s a great place to start”.
From all the given articles, it helps the researchers to dig in more on their topic. In fact, it answered the central questions that are stated in the Research Paper. The articles and statements gave more information about the spending habits of the students and it also helped the researchers on how they are going to conduct their research of the spending habits of students of Malate Catholic School especially to the senior high school students.
To sum up all the Review of Related Literature and Study, it shows different information about the spending habits of millennials, it gives more information about the expenditures of the millennials, ideas about their personal plans in saving their everyday allowance and it gives background about their financial understandings. Those informations are indicated in the related literature and the information in the related studies are more detailed, to fully understand the problem of every students when it comes to their financial or allowance and expenses. This study will also help the researchers to deeply dig in to their research topic.
Data Gathering Procedures
The researchers asked for permission from the students that would be interviewed and their teachers at Malate Catholic School if they could be interviewed. Then when both agreed with the researchers, they will set a time, day and place for the interview that is appropriate for both the participants and the researchers. To know more about the participants' spending habits. After that they will ask permission from the selected students if they could be interviewed while taking video or audio for a proof and reference to what the interviewees said. And lastly, after the interview, the answers will be written on a paper for an easier analysis of the data.
Senior High School Students of Malate Catholic School. (2019, Nov 23). Retrieved from https://papersowl.com/examples/senior-high-school-students-of-malate-catholic-school/
