Financial Literacy of 12th Grade Science High School Students

Abstract

Financial literacy plays a pivotal role in shaping an individual’s financial security and overall success. Moreover, acquiring financial literacy is crucial for young people, as it equips them with the skills needed to autonomously and effectively manage financial matters in their future. Therefore, the primary objective of this study is to evaluate the extent of financial literacy among 70 Grade 12 students during the School Year 2021-2022 at the Philippine Science High School-Ilocos Region Campus. To achieve this, a mixed methods research approach was employed, incorporating both qualitative and quantitative analyses. To collect data, an online survey, consisting of a financial literacy questionnaire, was administered through Messenger and Google Forms. The data obtained were subjected to various analytical methods, including content analysis, mean and percentage calculations, Likert scales, and Multivariate Analysis of Variance (MANOVA) with the Wilks’ test. The results unveiled that the students possess a satisfactory level of knowledge and confidence when it comes to financial matters and transactions. Furthermore, the outcomes of the MANOVA analysis indicated that there is no significant overall correlation between the students’ gender and their scholarship categorization concerning their financial literacy levels. It is recommended that future studies consider increasing the sample size and adjusting the sampling methodology to enhance the precision of the results, particularly in investigating the potential links between scholarship categorization, gender, and students’ financial literacy levels. Additionally, incorporating interviews as a research method could provide further insights beyond the scope of survey responses.