A PHENOMENOLOGICAL STUDY OF THE LIVED EXPERIENCES OF SHS STUDENTS REGARDING FINANCIAL KNOWLEDGE AND SPENDING BEHAVIOR

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A PHENOMENOLOGICAL STUDY OF THE LIVED EXPERIENCES OF SHS STUDENTS REGARDING FINANCIAL KNOWLEDGE AND SPENDING BEHAVIOR

Abstract

This qualitative study aimed to explore the lived experiences of Senior High School students regarding their financial knowledge and spending behavior at St. Anthony's Academy Of Carmen Inc. The research utilized semi-structured interviews with ten participants who actively manage their own money, such as their allowances. Participants were selected through purposive sampling to ensure they could provide meaningful insights into their financial habits. The study aimed to understand how students make spending decisions, apply financial knowledge in daily life, and face challenges in managing money. Thematic analysis was used to identify patterns and common experiences among the participants by examining their interview responses, organizing similar ideas, and developing themes that reflect their shared experiences in managing money. Ethical considerations were followed, including informed consent, confidentiality, and ensuring the interview questions were clear and respectful. This highlight the factors such as basic financial awareness, spending decision-making, influence of allowances and resources, role of habits and self discipline, external influences, and gaps in financial preparedness. The study emphasizes the importance of providing practical financial education, guidance, and support to help students develop responsible spending habits and prepare for future financial challenges.

Introduction

As Senior High School institutions continue to provide quality education, developing students' financial knowledge and promoting responsible spending habits have become essential parts of holistic learning. Moreover, financial knowledge equips students with the skills to manage money effectively, including budgeting, saving, and making informed spending decisions. In the Philippines, studies show that many young people have limited financial knowledge, which can affect their daily lives, including how they spend on school needs, leisure, or emergencies. This highlights the importance of strengthening financial knowledge among Senior High School students.

Managing money is an important skill for Senior High School students, especially since they are starting to handle their own allowance and personal funds. Many students struggle to save, budget, or spend wisely, which can lead to overspending, poor financial decisions, or relying on others for financial guidance. According to financial experts, financial knowledge is strongly connected to responsible financial behavior and long-term financial stability. Learning to manage money early helps students prepare for real-life responsibilities and builds independence, self-discipline, and confidence in handling finances.

Furthermore, students' financial behaviors are shaped by many factors, such as family guidance, peer influence, school lessons, personal habits, and exposure to social media. According to the Theory of Planned Behavior, a person's behavior is influenced by their attitude, social pressure, and perceived control. This means students may decide to save or spend money depending on their beliefs, peer influence, and confidence in managing finances. In addition, Social Learning Theory explains that students learn financial habits by observing their parents, friends, and even social media influencers.

Behavioral Economics Theory also suggests that emotions and impulses can affect spending decisions, especially among young people. Peer pressure, limited allowances, and school-related expenses further affect spending habits, highlighting the complex environment in which financial skills develop. Some students learn from their parents, while others develop financial habits based on personal experiences or online resources. Similarly, the Bangko Sentral ng Pilipinas found that while students understand the importance of saving, many struggle with consistent budgeting and spending control.

Therefore, schools play an important role in teaching students practical money skills. Lessons, workshops, and guidance programs allow students to apply financial concepts in real-life situations, like budgeting, saving, and making smart spending choices. In the Philippines, financial education is supported by Republic Act Number Ten Thousand Five Hundred Thirty-Three or the Enhanced Basic Education Act of Twenty Thirteen, which promotes life skills education under the K-Twelve curriculum. The National Strategy for Financial Inclusion and programs of the Bangko Sentral ng Pilipinas also aim to improve financial knowledge among Filipino youth. These policies show that financial knowledge is recognized as an important part of education.

Even with these supports, students may still face challenges due to distractions, inconsistent habits, peer influence, and limited resources. This shows the need to explore students' real experiences in managing money. For this reason, this study uses a phenomenological research design to describe the lived experiences of Senior High School students regarding financial knowledge and spending behavior.

The purpose of this study is to understand how Senior High School students experience managing their money, what influences their spending decisions, and what challenges they encounter. Through in-depth interviews, this study aims to identify common themes and patterns in students' financial behavior. By exploring their lived experiences, this research hopes to provide insights for teachers, parents, and schools in improving financial knowledge programs.

Ultimately, this study emphasizes the importance of giving Senior High School students practical financial skills. These skills can help them become more independent, responsible, and confident with money. By strengthening both knowledge and real-life application, schools can help students develop lifelong money management skills and prepare them for future financial responsibilities.

Methods

Design

Participants

Data Collection

Ethical Considerations

Results and Discussions

Conclusion

Recommendations

Overview

A qualitative phenomenological research examining how Senior High School students perceive and manage their financial knowledge and spending habits. The findings aim to inform better financial education practices and support for students in developing responsible spending behavior.

Key Points

1The study highlights the importance of financial education among Senior High School students
2Participants reported challenges in managing their money due to peer pressure and limited resources
3Thematic analysis revealed key influences on spending decisions such as family guidance and social media
4Many students possess basic financial skills but struggle with comprehensive financial planning
5In-depth interviews provided valuable insights into students’ real-life financial experiences.

Details

Category: Education

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