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    CHAPTER 2 Tvl-He

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    Nicolette Dayrit Dela Pena
    This chapter reviews related literature and studies on the topic of family and school financial obligations and how financial problems influence student allowance budgeting strategies. Several studies found that many students experience financial difficulties in college due to limited budgets, with budgeting being one of the most common challenges. Wealthier students reported less financial stress than lower-income students with limited allowances. Financial education programs were shown to improve student financial literacy and budgeting skills. Local studies also examined the difficulties students face in budgeting allowances and the importance of self-control, self-discipline, family support, and avoiding compulsive spending.

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    © All Rights Reserved
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    CHAPTER 2 Tvl-He

    Uploaded by

    Nicolette Dayrit Dela Pena
    578 views3 pages
    This chapter reviews related literature and studies on the topic of family and school financial obligations and how financial problems influence student allowance budgeting strategies. Several studies found that many students experience financial difficulties in college due to limited budgets, with budgeting being one of the most common challenges. Wealthier students reported less financial stress than lower-income students with limited allowances. Financial education programs were shown to improve student financial literacy and budgeting skills. Local studies also examined the difficulties students face in budgeting allowances and the importance of self-control, self-discipline, family support, and avoiding compulsive spending.

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    This chapter reviews related literature and studies on the topic of family and school financial obligations and how financial problems influence student allowance budgeting strategies. Several studies found that many students experience financial difficulties in college due to limited budgets, with budgeting being one of the most common challenges. Wealthier students reported less financial stress than lower-income students with limited allowances. Financial education programs were shown to improve student financial literacy and budgeting skills. Local studies also examined the difficulties students face in budgeting allowances and the importance of self-control, self-discipline, family support, and avoiding compulsive spending.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    578 views3 pages

    CHAPTER 2 Tvl-He

    Uploaded by

    Nicolette Dayrit Dela Pena
    This chapter reviews related literature and studies on the topic of family and school financial obligations and how financial problems influence student allowance budgeting strategies. Several studies found that many students experience financial difficulties in college due to limited budgets, with budgeting being one of the most common challenges. Wealthier students reported less financial stress than lower-income students with limited allowances. Financial education programs were shown to improve student financial literacy and budgeting skills. Local studies also examined the difficulties students face in budgeting allowances and the importance of self-control, self-discipline, family support, and avoiding compulsive spending.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Family’s Financial and School Financial Obligations: The Influence of

    Financial Problems on the Budgeting Strategy of Student’s Allowance

    CHAPTER 2

    REVIEW OF RELATED LITERATURE AND STUDIES


    This chapter presents the related literature and studies after the thorough and
    in-depth search done by the researchers.

    Foreign Related Literature and Studies

    A study found that 68% of students reported experiencing financial difficulties while studying.
    The most common difficulty was budgeting, with 43% of students struggling to make ends meet
    on their limited allowance. A survey of undergraduate students at a large public university in the
    United States found that students with lower incomes and limited allowances reported more
    financial stress and difficulty budgeting than their wealthier peers. College students and financial
    distress: Exploring debt, financial satisfaction, and financial anxiety. Another study in the United
    States found that financial education programs can be effective in improving students' financial
    literacy and budgeting skills. The study involved a group of college students with limited
    allowances who participated in a financial education program, and found that the program
    increased their knowledge of personal finance and improved their ability to manage their
    finances(Labito,2017).

    Local Related Literature and Studies

    This is related to our topic because it states what should and should not be done by a student
    budgeting an allowance. In this research, it is also contained how the students have difficulties
    in budgeting the allowance. According to this research it is more effective to learn good self
    control,self discipline and personal budgeting. family support is also needed for someone to
    guide what should be done with the allowance and also in this research, a student cannot really
    avoid become a compulsive buyer, which causes the student's allowance to be budgeted, believe
    that although financial literacy is a somewhat new, policy initiatives in financial literacy is not.
    In 1950s, the United States began recommending policies to improve the quality of personal
    financial decision making through financial education thru the “inclusion of personal finance,
    economics, and other consumer education topics” to children enrolled in the K-12 educational
    curriculum. Financial education should be the best tool to effectively come up with better
    financial outcomes. Previous studies have shown that lower levels of financial literacy is
    associated with lower rates for planning for retirement, lower rates of asset accumulation, using
    higher-cost financials services, lower participation in the stock market, and higher levels of
    debt
    Saving to imperative to improve individual and societal welfare. At the personal level, savings
    help households achieve smooth consumption patterns. Savings also help finance productive
    investments in human and business capital. At the macroeconomic level, savings rates are
    strongly predictive of future economic growth However, access to financial education does not
    guarantee that poor financial practices are provided with solutions. In saving, learners should be
    taught the best way to save and safeguard their money. Although saving is now taught in
    schools and various conferences, policymakers need to look into teaching people the possibility
    of saving more by paying down existing debt. In the Philippines, the current administration has
    been taking small steps to pin down the problem on debts and encourage saving more by
    offering lower loan rates to micro and small business enterprises (Business Mirror, 2022d).

    References:

    BusinessMirror. (2022, September 11). Empowering Filipinos Through Financial Literacy |


    BusinessMirror. https://businessmirror.com.ph/2022/09/12/financial-literacy-
    philippines/

    Labito, A. M., & S. (2017). Can Allowance, Personal Budgeting and Self Control as Mediating
    Role Manage Compulsive Buying Behavior Among College Students? International
    Journal of Social Sciences & Educational Studies. https://doi.org/10.23918/ijsses.v4i3p1

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