Financial Literacy of Junior High School Students in Selected Public Secondary Schools in Manila: Basis for The Development of a Financial Literacy Handbook

This study analyzed the level of financial literacy of junior high school students in selected public secondary schools in district II, Manila in terms of their financial attitude, financial behavior, and financial knowledge as well as the challenges they experienced on the practice of financial literacy in different financial contexts. A descriptive research design was used in the study. The survey questionnaire was modified to suit to the Philippine context and was validated by the experts. In selecting the sample size, Slovin's formula was utilized and a total of 391 junior high school students from grade 7 to grade 10 level from six (6) public secondary schools during the school year 2020-2021 served as the respondents of the study. The data from survey questionnaire were analyzed through statistical means which include the mean, ranking, frequency and percentage. In gathering the data, the Web-based questionnaire using google forms was utilized to practice safe and healthy protocols due to Covid 19 pandemic. The study revealed that the level of junior high school students’ financial literacy in terms of financial attitude, financial behavior, and financial knowledge was average and that the junior high students need guidance in improving their skills and knowledge towards financial literacy. The junior high school students were very familiar on the financial concepts such as budget, savings, spending, and the likes, yet; was found out to have difficulty in the application of these financial concepts in their lives. The challenges faced by the junior high school students in the application of financial literacy were the tendency to buy things out of impulse without thinking whether it is necessary especially if they see an attractive product, they see their favorite food, and when there were sales and promos online such as free shipping and among others. Further, money shortage, difficulty on saving, struggle on budgeting, and difficulty in tracking their expenses were also stated as their encountered problems in the practice of financial literacy. Findings of the study served as basis in developing a financial literacy handbook that may be used as a guide in enhancing students’ understanding and skill towards financial literacy. As a matter of recommendation, there is a need for the junior high school students to strengthen their financial literacy level through a handbook as a guide for them in coping up with the difficulties they encounter in the practice of financial literacy. The developed handbook in this study should undergo validation for future use. Also, the integration of financial literacy across learning areas should be intensified by providing not only the financial concepts but also a skill- based hands-on activities for students to practice the application of financial literacy. The teachers should also be equipped with seminars and trainings towards financial literacy. Lastly, further research should be conducted to improve and enhance the developed financial literacy handbook for junior high school students.