ST.

VINCENT
College of Science and Technology
Leganes, Iloilo

FINANCIAL CHALLENGES AND ITS CORRELATION WITH ACADEMIC

PERFORMANCE: A QUANTITATIVE INVESTIGATION AMONG THE THIRD YEAR BS
ACCOUNTANCY STUDENTS OF ST. VINCENT COLLEGE LEGANES

A Research Paper
Presented to the Faculty of
St. Vincent College of Science and Technology
Cagamutan Norte, Leganes, Iloilo

In partial fulfillment
for the Requirements of the Course
Accounting Research

By:

Aquino, Charllote B.

Arellano, Joseph B.

Deaño, Lyka A.

Despabiladeras, Kyla T.

Dillo, Jennilou C.

Gome, Syrah A.

Maestral, Rhosevy G.

Patron, Regine A.

Peñaflorida, Keif Audreen A.

Rosauro, Novee Grace A.

Sabino, Febby Grace V.

 Table of Contents

Chapter 1: Introduction

Background of the Study 1

General and Specific Objectives of the Study 2

Significance of the Study

Scope and Limitation of the Study 4

Chapter 2: Review of Related Literature

Theoretical Background 5

Related Studies and Literatures

Local Literature 5

Foreign Literature 9

Chapter 3: Research Methodology

Research Design 13

Respondents of the Study 13

Research Instrument 14

Data Gathering Procedure 15

Time Frame 16

Chapter 4: Results

Form of Analytics/Statistics 17

Tabular/Tables 18

Descriptive Analysis 21

Scales for Interpretation of Results 24

Chapter 5: Conclusion
Significant Outcomes 29
Recommendation 30

Appendices

A. Letter to the Operations Manager 32

B. Questionnaire 33

References 36
 CHAPTER I
INTRODUCTION
This chapter is divided in four parts: (1) Background and Rationale of the Study,
(2) General and Specific Objectives, (3) Significance of the Study, and (4) Scope and
Delimitation of the Study.

1.1 BACKGROUND AND RATIONALE OF THE STUDY

In recent years, the cost of higher education has risen significantly, placing a
substantial financial burden on students and their families. This regularity is particularly
pronounced in private institutions and specialized programs like the Bachelor of Science
in Accountancy, which often involve considerable expenses for tuition, textbooks, and
other academic needs. Financial Stress can have far-reaching effects on students,
potentially impacting their academic performance. (Vieira et al., 2020).

Early academic experiences are vital as they set the foundation for the future.
However, many students may face financial challenges that could hinder their academic
progress, such as difficulties in covering educational expenses, managing study-related
costs, or balancing part-time work with academic responsibilities. (Castleman & Meyer,
2019)

Despite the growing recognition of the impact of financial challenges on the

students’ academic performance evident by the number of studies tackling this topic, this
study specifically addresses how these issues correlate with academic performance in
the context of Third-Year Bachelor of Science in Accountancy Students. Understanding
this relationship is crucial for developing effective support mechanisms that can address
the unique financial pressures faced by students in education.

At St. Vincent College of Business and Accountancy (Leganes Branch), an

institution focused on the study of Accountancy and Business Administration, the Third-
Year Bachelor of Science in Accountancy students are navigating a curriculum that
demands not only intellectual commitment but also financial stability. This study aims to
fill this gap by quantitatively investigating the correlation between financial challenges

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and academic performance among Third-Year Bachelor of Science in Accountancy
students at St. Vincent College Leganes.

By Analyzing financial stressors and their effects on academic performance, this

research seeks to provide a comprehensive understanding of how financial difficulties
influence academic achievement.

1.2 GENERAL AND SPECIFIC OBJECTIVES

Generally, this study aims to provide a comprehensive understanding of how

financial difficulties influence academic achievements of the Third Year Bachelor of
Science in Accountancy Students of St. Vincent College (Leganes Branch).

Specifically this study aims to:

A. Determine how many Bachelor of Science in Accountancy Third Year students

inside the institution, are experiencing financial challenges.

B. To identify the financial resources and support systems that Third Year Bachelor of
Science in Accountancy students at St. Vincent College Leganes utilize to compensate
for their Educational Expenses.

C. To know how the Third year Bachelor of Science in Accountancy students of St.
Vincent Leganes deal with their academic performance whilst facing financial
challenges.

D. To identify the significant role of financial stability in the academic performance of the
students.

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1.3 SIGNIFICANCE OF THE STUDY

This study, titled “Financial Challenges and Its Correlation with Academic
Performance: A Quantitative Investigation among the 3rd Year BS Accountancy
Students of St. Vincent College Leganes” aims to explore the impact of financial
challenges on student performance and to identify effective support systems.

The study's significance lies in its potential to enhance student support systems,
inform policy makers, and contribute to the conversation on the impact of financial stress
on academic performance.

This study holds significance for several people:

Students. By identifying the specific financial challenges impacting their

academic performance, the study can help in developing support systems, such as
financial aid, or emergency funds, which can improve their overall academic
performance and success.

Educational Institutions. The results can assist St. Vincent College Leganes in
understanding the financial struggles faced by its students and implementing policies or
programs designed to mitigate these challenges. This could potentially improve student
retention and performance.

Policymakers. The research can provide valuable data for policymakers in

higher education, offering insights into how financial stress affects academic
performances. This can guide the development of more effective financial aid policies.

Future Researchers. The study contributes to the academic literature by

exploring the specific context of BS Accountancy students. This can serve as a
foundation for future research on financial challenges and academic performance in
other programs or institutions.

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1.4 SCOPE AND LIMITATION OF THE STUDY

The study targets the third-year Bachelor of Science in Accountancy students at

St. Vincent College Leganes during the academic year 2024-2025. It aims to capture the
experiences and challenges faced by this specific group within the institution. It
investigates the financial challenges experienced by these students, such as tuition fees,
textbook costs, and living expenses. The study will analyze how these financial
pressures correlate with academic performance.

A quantitative approach will be used, involving surveys or questionnaires to

collect data on students' financial situations and academic performance. Statistical
methods will be applied to examine correlations and identify patterns. The research is
conducted within the specific context of St. Vincent College Leganes, focusing on a
particular educational environment to provide detailed insights into how financial
challenges affect academic performance.

The study is restricted to students of St. Vincent College Leganes and does not
include students from other institutions or regions. This limits the ability to generalize
findings beyond this particular college. The research is confined to Third-year Bachelor
of Science in Accountancy students, excluding students from other years, disciplines, or
institutions. This may affect the applicability of the results to students in different
academic stages or fields of study. The study will examine specific performance
indicators like the range of their GPA and grades. It also considers other factors that
could influence academic success, such as personal motivation, study habits, or
extracurricular activities.

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 Chapter II
REVIEW OF RELATED LITERATURE

2.1 THEORETICAL BACKGROUND

This chapter reviews recent literature from 2019 to 2024 on the relationship
between financial challenges and academic performance. The objective is to establish a
theoretical framework that will support the quantitative investigation among the 3rd Year
BS Accountancy students of St. Vincent College Leganes.

The investigation will be grounded in the Stress-Performance Theory, which posits that
various stressors, including financial challenges, can adversely affect performance
outcomes, such as academic achievement. This theory suggests that when students
encounter financial stress, their cognitive resources become strained, leading to
decreased concentration, motivation, and ultimately lower academic performance
(Yerkes & Dodson, 1908).

Additionally, Maslow's Hierarchy of Needs can be utilized to contextualize the impact

of financial challenges on academic performance. According to Maslow (1943), basic
needs such as financial stability must be met before individuals can focus on higher-level
needs, such as academic achievement. When students experience financial strain, their
ability to engage in and succeed academically may be hindered, as they are
preoccupied with meeting their basic needs.

2.2 RELATED STUDIES AND LITERATURES

LOCAL LITERATURES

In recent years, the financial landscape for students in the Philippines has
become increasingly complex, marked by rising tuition fees, escalating living costs, and
a competitive job market. As young adults transition from high school to higher
education, they encounter significant financial pressures that can profoundly impact their
academic performance and overall well-being. Financial literacy, defined as the ability to
understand and effectively manage financial resources, has emerged as a critical skill for
students navigating these challenges. Despite the recognition of its importance, many

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students report feeling ill-equipped to handle their financial responsibilities, leading to
heightened levels of financial stress.

The Importance of Financial Literacy

The intricate relationship between financial literacy and financial stress is

underscored by a growing body of research. Financial literacy is not merely an academic
requirement but a vital life skill that enables students to make informed decisions
regarding their finances. Research shows that individuals with higher levels of financial
literacy are better equipped to plan for the future, save for emergencies, and manage
debt effectively. Unfortunately, many students in the Philippines lack access to
comprehensive financial education, leading to gaps in knowledge that can exacerbate
stress levels.

For instance, Panganiban et al. (2024) assessed the financial behaviors and
stress levels of senior high school students transitioning to college. Their findings
indicated that many students were unprepared for the financial realities of college,
leading to increased anxiety. The authors emphasized the need for high schools to
incorporate financial literacy into their curricula, thereby better equipping students for
future challenges. They proposed that early education in financial management can
serve as a preventive measure against the financial stress commonly faced by students,
ultimately contributing to better academic outcomes.

Dela Pene et al. (2024) conducted a study in the Davao Region, revealing that
while students often perceive themselves as financially knowledgeable, they frequently
struggle with practical saving and spending habits. This paradox highlights a critical gap
in effective financial education. Many students feel confident in their theoretical
understanding of financial concepts but falter when applying these principles in real-life
scenarios. The authors advocate for a balanced approach to financial management and
recommend workshops that focus on practical skills, such as budgeting and debt
management, to alleviate financial stress. By integrating hands-on experiences with
theoretical knowledge, educational institutions can foster a more comprehensive
understanding of financial literacy.

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 The financial challenges faced by college students extend beyond mere tuition
fees. Reyes et al. (2023) conducted a study in Mindanao that explored the financial
burdens students encounter, which often include living expenses, transportation costs,
and unexpected financial emergencies. Their research found that many students
experienced heightened anxiety related to these financial pressures, impacting their
overall academic performance and mental health. The study suggested that universities
should offer more robust financial aid options and promote workshops focusing on
budgeting, financial planning, and stress management techniques. This holistic
approach to financial support can empower students to manage their finances more
effectively and reduce the associated stress.

Cruz et al. (2023) investigated the impact of financial literacy programs in various
universities in the Visayas region. Their findings indicated that students who participated
in financial literacy workshops showed improved financial behaviors, such as better
budgeting practices and reduced impulsive spending. These students reported lower
levels of financial stress and higher academic satisfaction. The authors recommended
that institutions expand access to such programs to foster a financially savvy student
body. The positive correlation between financial literacy education and improved
financial behaviors underscores the need for universities to prioritize these initiatives as
part of their academic offerings.

Moore et al. (2021) focused specifically on the impacts of financial stress on

students from low-income families. Their research revealed that financial challenges
significantly restricted these students' access to essential resources and study materials,
exacerbating the negative effects of financial pressure on academic performance. The
authors advocated for targeted support systems, such as scholarship programs and
access to financial counseling, to address the unique challenges faced by low-income
students. The need for equitable financial support mechanisms is crucial, as these
students often grapple with multiple stressors that can hinder their academic success.

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 Zamora et al. (2022) explored the challenges faced by students regarding
financial stress and its repercussions on academic performance. Their study highlighted
concerning behaviors, such as students skipping meals to save money, which ultimately
harmed their academic outcomes. The research found a significant correlation between
financial stress and academic achievement, indicating that financial pressures could
hinder students' ability to meet their educational goals. The authors called for increased
awareness and proposed interventions aimed at improving students’ financial literacy,
including mentoring programs that connect students with financial advisors. By
addressing these challenges, institutions can help mitigate the negative effects of
financial stress on academic performance.

Igrad (2022) emphasized the broader implications of financial stress on students’

academic experiences. Their findings indicated that students experiencing financial
strain often faced lower grades, struggled to complete assignments, and were at a
greater risk of dropping out of school. This highlights the pervasive nature of financial
stress and its detrimental effects on student outcomes. The report urged educational
institutions to implement financial wellness programs aimed at assisting students in
managing financial pressures effectively and improving overall student retention. A
comprehensive approach that considers both financial and academic support can
enhance student success.

Baltisoto et al. (2019) raised awareness about the increasing concern of financial
stress among students, noting its significant impact on academic performance and
motivation. Their study illustrated that financial pressure is a major challenge for many
students, with a lack of funds often cited as one of the most common issues. The
authors emphasized the importance of financial literacy programs and support systems
to help students navigate these challenges effectively, arguing that enhancing financial
literacy is crucial for improving overall student well-being and academic success.

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FOREIGN LITERATURES

Financial Burden and Academic Performance

Financial challenges for students can include tuition fees, living expenses, and
unexpected costs, impacting their academic success. As education costs continue to
rise, students often face increasing financial pressures that can lead to poorer academic
outcomes (Gonzalez & Huerta, 2021).

The escalating costs of tuition have become a significant barrier to academic

success. According to a report by the Student Finance Association (2023), a growing
number of students are accumulating substantial debt, which correlates with increased
levels of anxiety and reduced academic performance. Research by Wang and Cheng
(2022) indicates that students who report higher financial stress often struggle to
maintain their academic standing.

Living expenses remain a significant concern for college students. A study by

Luyt et al. (2020) found that financial stress related to daily living costs, such as housing
and food, directly correlates with lower GPA among students. This highlights the
importance of understanding how financial pressures affect students' academic lives.

Academic Performance Metrics

Academic performance is commonly measured by metrics such as Grade Point

Average (GPA), retention rates, and graduation rates. This study will focus on GPA as
the primary indicator of academic success. A recent study by Anderson et al. (2022)
emphasized that students' financial well-being significantly influences their GPA and
overall academic performance.

GPA remains a critical measure of academic success. Research by Thomas and

Ely (2021) shows that students’ ability to manage financial burdens plays a crucial role in
their academic performance. Those facing financial challenges are often distracted from
their studies, leading to lower GPAs.

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 Recent studies have consistently shown a significant correlation between
financial challenges and academic performance. A study by Montalvo et al. (2023) found
that financial stress negatively impacts GPA and increases the likelihood of academic
probation among college students. Similarly, another study by Zhang et al. (2024)
highlighted that financial difficulties contribute to higher dropout rates.

Students often encounter multiple financial challenges, including tuition fees,

living expenses, and the cost of educational materials. A study by Goldrick-Rab et al.
(2016) indicated that nearly 70% of college students experience some form of financial
hardship, significantly impacting their academic journey. In the context of St. Vincent
College Leganes, understanding the specific financial obstacles faced by third-year BS
Accountancy students is crucial for this research.

Financial stress can adversely affect students' mental health, leading to issues
such as anxiety and depression. A study by Vargas and Rojas (2022) indicated that
students experiencing high levels of financial stress often report lower levels of
academic engagement, which can further hinder their academic success. The mental
health impacts of financial stress necessitate the implementation of support systems
within educational institutions (Baker & Faulkner, 2023).

In the Philippines, the financial challenges faced by students are compounded by

socio-economic factors. A report from the Commission on Higher Education (CHED,
2023) highlights that many students depend on scholarships and financial aid, yet these
resources often fail to cover total educational expenses. This section will explore how
these financial pressures specifically affect BS Accountancy students at St. Vincent
College Leganes.

Empirical Studies on Financial Challenges and Academic Performance

Previous Research Findings

A plethora of studies have examined the link between financial challenges and
academic performance. For instance, a study by Chen (2019) found that students
experiencing financial stress had lower GPAs and were more likely to drop out of their
programs. Similarly, a longitudinal study by Joo et al. (2020) revealed that financial
difficulties could lead to decreased motivation and engagement in academic activities.

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 A study by Mupedziswa et al. (2021) explored the relationship between financial
literacy and academic performance, concluding that students with higher financial
literacy levels managed their resources more effectively, leading to better academic
outcomes. Another research by Davis (2021) indicated that students balancing work and
study faced significant time constraints, adversely affecting their academic performance.

Financial aid, scholarships, and part-time employment are common resources

students utilize to mitigate financial challenges. Research by Perkins (2020) highlighted
that students who successfully manage these resources often experience better
academic outcomes. Investigating the availability and impact of these financial supports
at St. Vincent College can provide valuable insights into their relationship with academic
performance.

In the research study entitled “The Financial Problems and Academic

Performance Among Public University Students in Malaysia” by Yusuf (2020), the author
investigates the impact of financial difficulties on the academic success of students
enrolled in Malaysian public universities. The study identifies various financial
challenges, such as tuition fees, living expenses, and unexpected costs, that hinder
students' educational progress. Yusuf's findings reveal a significant correlation between
financial distress and lower academic performance, indicating that students experiencing
financial difficulties often exhibit increased levels of stress and decreased motivation.
(Misra & McKean, 2000).

This study is particularly relevant to our research on "Financial Challenges and

Its Correlation with Academic Performance: A Quantitative Investigation among the 3rd
Year BS Accountancy Students of St. Vincent College Leganes." Both studies explore
the relationship between financial challenges and academic performance, focusing on
quantitative measures to evaluate the impact of financial stress on students’ Grades and
overall academic success.

Furthermore, Yusuf emphasizes the role of financial literacy and effective

financial management as important factors that can enhance academic performance
among financially challenged students. This finding resonates with our objectives, which

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include investigating the role of financial stability in enhancing/worsening the academic
performance of accountancy students.

By examining these parallels, our study aims to contribute to the broader

understanding of how financial factors influence academic performance within a different
cultural and institutional context. Specifically, it will extend Yusuf’s findings by exploring
how these dynamics play out among third-year BS Accountancy students in the
Philippines, providing insights that can inform support programs tailored to their unique
financial situations.

To sum it all up, While numerous studies have explored the relationship between
financial challenges and academic performance, few have focused specifically on
accountancy students within a Filipino context. This gap highlights the need for targeted
research that considers cultural and institutional factors affecting students at St. Vincent
College Leganes.

This literature review has shed light on the significant correlation between
financial challenges and academic performance, drawing on recent studies ranging from
2019-2024 to provide a comprehensive understanding of the issue. The theoretical
framework grounded in Stress-Performance Theory and Maslow's Hierarchy of Needs
sets the stage for the quantitative investigation, emphasizing the need to consider the
specific context of the third year BS Accountancy students at St. Vincent College
Leganes and how broader trends manifest in their academic experiences.

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 Chapter III

Methodology

3.1 RESEARCH DESIGN

This study employs a quantitative correlational research design, which is a type

of research methodology that seeks to examine the relationship between two or more
variables without manipulating them. The goal is to determine whether a statistical
association or correlation exists between these variables and, if so, to measure the
strength and direction of that relationship. This design is commonly used when
researchers aim to understand how variables are related in a natural setting rather than
through controlled experimentation, making it the appropriate research design to be
used in order to investigate the relationship between financial challenges and academic
performance among third-year BS Accountancy students at St. Vincent College
Leganes. The design allows for the systematic collection and analysis of numerical data,
enabling the identification of correlations between variables.

3.2 RESPONDENTS OF THE STUDY

The target population for this study consists of third-year BS Accountancy

students enrolled at St. Vincent College Leganes during the academic year 2024-2025.
A total population of 330 students and a sample size worth 54.84% or 181 will be
selected through the use of Stratified random sampling. Stratified Random Sampling
means dividing a population into homogeneous subpopulations called strata and every
member of the population studied should be in exactly one stratum. This promotes the
study’s validity and generalizability while preventing research biases like undercover
bias (Thomas, 2023). No specific classification regarding the age, ethnicity, nor religion
was required. The questionnaires were distributed to the respondents online through a
Google form Survey made by the researchers.

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Figure 1. Slovin’s Formula

330 330
n= 2 n= n= 181
1+330 (0.05) 1.825

Where:
n= sample size
N= Total Number of respondents

e= desired margin of error (0.05)

Figure 2. Number of Population and sample size of Third Year BSA College Students

Section Population (N=330) Proportion Sample

Populations/N (n=181xProportions)
A 59 17.87% 32

B 83 25.15% 46

C 58 17.57% 31

D 65 19.69% 36

E 65 19.69% 36

TOTAL 330 100% 181

3.4 Research Instrument

The study used an adapted survey questionnaire for data gathering among the
respondents. The 30-item survey questionnaire was designed to identify the correlation
between financial challenges and academic performance. The instrument is divided into
three parts: (1) the personal information, which consists of the respondent’s name
(optional), Section, Monthly Family Income, and Academic Performance (GPA); (2) 25-
item Likert-scale questionnaire, which consist of subjective statements that identify the

14
correlation of Financial Situation to the overall academic performance of 3rd-year BSA
students at St. Vincent College. The questions have been validated and have proven
their reliability.

The following are the values used to indicate the correlation between the
Financial Challenges of the 3rd-year BSA students of St. Vincent College to their overall
academic performance.

Figure 3. Value of the Correlation of Financial Situation with overall Academic

Performance.

Value Description
1 Strongly Disagree
2 Disagree
3 Neutral
4 Agree
5 Strongly Agree

3.5 Data Gathering Procedure

The data collection for this study followed a systematic approach to ensure
reliability and accuracy. After submitting a letter and obtaining formal approval from St.
Vincent College, the researchers conducted a 30-item online survey at a convenient time
of the 181 randomly selected respondents. The data gathering lasted for a week to
ensure the accuracy and completeness of the survey. Before the survey started,
researchers explained the importance of respondents' participation and requested the
respondents to answer with all honesty. Respondents were also asked for their consent
before answering the survey.

The survey instrument was adapted from secondary online sources and divided
into three sections. The first section gathered personal information, the second included
10-item Likert Scale questions assessing students’ academic performance, and the third
consisted of 15-item Likert-scale questions identifying the students' financial situation.
Responses range from 1 (Strongly Disagree) to 5 (Strongly Agree). Furthermore,
researchers used stratified random sampling to select the study's respondents. In this

15
sampling technique, each member of the strata has an exactly equal chance of being
selected.

The data gathered were tailed and computed for interpretation. The responses
will be classified, tailed, computer-processed analyzed, and interpreted accordingly. All
the collected information will be used only for the study and subject to utmost
confidentiality.

Below is the Gantt chart that outlines the timeline we followed for the research's
activities.

Figure 4. Time Frame

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 CHAPTER 4
RESULTS

This chapter comprises the results and discussions of the study, which aimed to
identify the correlation of the 3rd-year BSA students at St. Vincent College’s financial
situation and their overall academic performance. It includes the presentation, analysis,
and interpretations of the results gathered through an online survey questionnaire and
were analyzed using mean and standard deviation.

Simultaneously included in this chapter, are the results of the data analysis conducted to
explore the relationship between Academic Performance and Financial Difficulties.
Pearson’s correlation coefficient (r) was employed to assess the strength, direction, and
significance of the linear association between these two variables. Pearson’s r is a
widely used statistical measure that quantifies the degree to which two variables are
linearly related, ranging from -1 to +1, where values closer to +1 shown a strong positive
correlation, values closer to -1 show a strong negative correlation, and values near 0
suggest little to no linear relationship.

4.1 FORM OF ANALYTICS/STATICTICS

The collected data were subjected to the following statistical analysis:

Mean. is the average or the most common value in a collection of numbers. In

statistics, it is a measure of central tendency of a probability distribution along median
and mode. It is also referred to as an expected value. In this study, the statistical test
used to get the correlation was through the mean.

Standard deviation. was used to determine the dispersion of the means. In

other words, standard deviation is the average amount of variability in your data set. In
this study, standard deviation tells that the result, on average, how far each score lies
from the mean.

Pie Chart. is used to summarize the set of nominal data or displaying the
different values of a given variable (e.g. percentage distribution). In this study, pie chart
helps to organize and show data as a percentage of a whole.

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 Tabular Form. Tabular Form is a nongraphical representation that efficiently
displays information in rows and columns, and this data positioning makes reading and
understanding that data more feasible.

In this study, to determine the correlation of financial challenges with academic

performance, their responses were determined by the mean. Standard deviation was
used to determine the dispersion of the means.

4.2 TABULAR/TABLES

Figure 1: Sex of the respondents

Figure
1 shows
the

respondents’ sex. Out of 181 samples, 85.1% are female while the remaining 14.9% are
male.

Figure 2: Monthly Family Income

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 Figure 2 The data on the monthly family income of students at St. Vincent
College indicates that a substantial proportion of students come from households with
limited financial resources. Specifically, the majority of respondents report monthly
household incomes below 30,000, with 34.8% earning less
than 10,000 and 49.2% earning between 10,000 and 30,000. This suggests that a
significant number of students may encounter financial challenges in covering the costs
of their education, as well as basic living expenses and other essential needs.

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 Figure 3: A.Y. 2023-2024 Second Semester Average Grade

Figure 3. Figure 3 shows the respondents’ 2nd semester average grade during
A.Y. 2023-2024.The Average grade of 81-84 has the highest frequency of 29.8%
followed by the average grade of 75-76 which comprises 21.5% of the total sample.
This shows that a majority of the current Third Year BSA Students of St. Vincent College
had passable GPA’s during A.Y. 2023-2024.

Descriptive Analysis

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 Descriptive analysis, also known as descriptive analytics or descriptive statistics,
is the process of using statistical techniques to describe or summarize a set of data. As
one of the major types of data analysis, descriptive analysis is popular for its ability to
generate accessible insights from otherwise uninterpreted data (Bush, Thomas 2020).

Figure 4: Academic Performance

Figure 4 shows that majority of the respondents agreed that their academic
performance has not declined due to financial challenges, and have managed to
maintain a neutral standing on whether they receive high scores and Grades, indicating
that they consistently receive only passable remarks.

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Figure 5: Financial Situation

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Figure 5 shows that a majority of the respondents had a neutral standing with regards to
the impact that their financial situation had on their academic performance, but agreed
that it served as a good motivator for them to strive harder in their education.

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25-Item Likert Scale Questionnaire
To interpret the results of the survey, the researchers will utilize the scales mean.

Table 3. Scales for the Interpretation of results

Scale Interpretation
4.21 – 5.00 Strongly Agree
3.41 – 4.20 Agree
2.61 – 3.40 Neutral
1.81 – 2.60 Disagree
1.00 – 1.80 Strongly Disagree

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Scales for the Interpretation of results

Table 1: Academic Performance

Academic Performance
No. Questions Mean SD Description
I attend the class regularly and do
Strongly
A1 4.74 0.91
not miss any quizzes or exams. Agree
I can pass all my subjects and get
A2 3.37 0.98 Neutral
a higher grade
I actively participate in classroom
A3 3.19 0.98 Neutral
discussions and group work
I complete my quizzes and exams Strongly
A4 4.40 0.99
on time and efficiently. Agree
I have never missed classes due to Strongly
A5 4.22 0.87
financial difficulties Agree
I am always prepared before taking
A6 3.62 0.85 Agree
my quizzes and exams.
I frequently receive high scores and
A7 3.13 0.96 Neutral
grades.
My academic performance has not
A8 3.56 0.85 Agree
declined due to financial challenges
I consistently receive high scores
A9 3.07 1.04 Neutral
on quizzes and/or exams
I am satisfied with my overall
A10 3.08 0.96 Neutral
academic performance.
AVERAGE 3.64 0.94 Agree

Table 1 shows the positive state of the students’ academic performance during the A.Y.
2024-2025, it also has an average mean of 3.64, and a standard deviation of 0.94 which
indicates that most students’ academic performance have not declined due to financial
challenges evident by the results falling under the interpretation “Agree”.

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 Table 2: Financial Situation
Financial Situation
No. Questions Mean SD Description
F1 My allowance is sufficient to cover Agree
3.75 1.002
my daily expenses at school
F2 I feel financially secure and do not
3.10 1.03 Neutral
experience financial difficulties
F3 I have never had to skip meals due
3.81 0.86 Agree
to financial constraints.
F4 I rarely feel stressed or anxious
about my financial situation while 3.15 0.85 Neutral
studying.
F5 I have access to resources that
help me manage my financial 3.29 0.91 Neutral
challenges
F6 I am satisfied with the financial
3.75 0.53 Agree
support provided to me.
F7 I feel comfortable approaching
family or friends for financial 3.49 0.63 Neutral
assistance when needed.
F8 I have explored financial assistance
programs or scholarships to ease 3.59 0.78 Agree
my financial burden.
F9 Working part-time would help me
3.12 0.66 Neutral
manage my financial challenges
F10 Applying for loans would help me
3.08 0.91 Neutral
address my financial challenges.
F11 Financial stress affects my
3.46 0.68 Agree
academic performance.
F12 I believe my financial situation does
not affect my academic
performance. 3.06 0.61 Neutral

26
 No. Questions Mean SD Description
F13 My financial situation has impacted
my overall motivation toward 3.95 0.84 Agree
education.
F14 I sometimes think about my
3.51 0.61 Agree
financial situation while studying.
F15 I think my financial situation has an
effect on my overall academic 3.55 0.82 Agree
performance.
AVERAGE 3.44 0.78 Agree

Table 2. Shows the students’ outlook on their financial status and how it affects their
academic performance during the A.Y. 2024-2025, it has an average mean of 3.44, and
a standard deviation of 0.78 falling under the interpretation “Agree” which indicates that
most students’ Financial status affects their academic performance in a positive way as
shown by the statement “My financial situation has impacted my overall motivation
toward education” having a mean score of 3.95 and a standard deviation of 0.84
indicating that majority of the students agree that their financial status serves as
motivator for their education.

Correlation Analysis

Correlation, also called correlation analysis, is a term used to denote the

association or relationship between two (or more) quantitative variables as stated by
Lindlay(1990), Gogtay & Thatte (2017) and Senthilnathan (2019). Thus, this method is
suitable to be used to determine the correlation between FInancial Challenges and
Academic Performance.

It is said that the correlation coefficient of +1 indicates that the two variables are
perfectly related in a positive linear manner while a correlation coefficient of -1 indicates
that two variables are perfectly related in negative linear manner. If the correlation
coefficient is zero, it indicates that there is no linear relationship between the two
variables that are studied.

Pearson’s r Correlation Coefficient:

27
 The Pearson's correlation coefficient (rrr) between Financial Challenges and
Academic Performance is approximately 0.555.

The Correlation is not weak, but it is not very strong either. There is a noticeable
association. The variables are moderately related, thus it suggests that financial stress
has a moderate impact on academic performance.

CHAPTER 5

28
 Conclusions
This chapter presents the conclusions and recommendations based on the
analysis and interpretation of the data. The findings of this research provide insights into
the relationship between financial difficulties and the academic performance of third-year
Bachelor of Science in Accountancy (BSA) students at St. Vincent College. This chapter
is divided into two parts: (1) significant outcomes and (2) recommendations.

5.1 Significant Outcomes

The focus of this study is to provide a comprehensive understanding of how

financial difficulties influence the academic achievements of third-year Bachelor of
Science in Accountancy students at St. Vincent College (Leganes Branch). The following
are the outcomes based on the study's objectives:

A. Objective 1: Determine how many third-year Bachelor of Science in

Accountancy students at the institution are experiencing financial challenges.

The findings indicate that a significant proportion of students come from

households with limited financial resources. Specifically, the majority of respondents
report monthly household incomes below ₱30,000. Of these, 34.8% earn less than
₱10,000, and 49.2% earn between ₱10,000 and ₱30,000. This suggests that many
students face financial challenges in covering the costs of their education, as well as
meeting basic living expenses and other essential needs.

B. Objective 2: Identify the financial resources and support systems that third-
year Bachelor of Science in Accountancy students at St. Vincent College Leganes
utilize to compensate for their educational expenses.

The data shows that a majority of students have sought financial assistance
programs or scholarships to alleviate their financial burdens. In addition, a significant
number of students work part-time jobs to help cover their expenses. Some students
also rely solely on family support and available resources to meet their financial needs.

C. Objective 3: Understand how third-year Bachelor of Science in Accountancy

students at St. Vincent College Leganes manage their academic performance
while facing financial challenges.

29
 The results reveal that a large percentage of students regularly attend classes,
actively participate in discussions and group work, and are consistently prepared for
quizzes and exams. Despite financial difficulties, many students continue to achieve
passable/high grades, demonstrating that their academic performance is moderately
affected by financial challenges.

D. Objective 4: Identify the significant role of financial stability in the academic

performance of students.

The study highlights that financial stability plays a critical role in maintaining
consistent academic performance. While many students manage to perform well despite
financial difficulties, the results indicate that those with more stable financial resources
tend to experience fewer distractions and stressors, contributing to better overall
academic success.

In conclusion, this study provides valuable insights into the financial struggles
faced by third-year Bachelor of Science in Accountancy students at St. Vincent College
Leganes, as well as the coping mechanisms they employ to manage both their finances
and academic responsibilities. The findings underscore the importance of financial
stability in supporting students' academic achievements.

5.2 Recommendations

Based on the findings and limitations of the study, the following

recommendations are proposed to address the challenges faced by third-year Bachelor
of Science in Accountancy students at St. Vincent College Leganes:

1. To the Students. We recommend that students practice effective budgeting and

money management. Seeking advice from knowledgeable individuals or financial
experts can help students manage their finances more efficiently, ensuring they
can cover both educational and living expenses without undue stress.
2. To the Educational Institution. We suggest that the institution provide
additional financial support to students struggling to afford essential school
materials, such as textbooks and supplies. Financial aid programs, book grants,
or discounts on educational resources could alleviate some of the financial
burdens faced by students.

30
 3. To Policymakers. We strongly recommend that policymakers consider making
tuition at state colleges and universities free or more affordable. Additionally,
increased focus on providing comprehensive educational support for students,
such as financial counseling, scholarships, and emergency funds, would help
reduce the financial strain on students and allow them to focus more on their
academic success.
4. To Future Researchers. We encourage future researchers to expand the scope
of their studies by increasing the sample size and including a broader range of
students from different courses within St. Vincent College. This would provide a
more comprehensive understanding of the financial challenges faced by a
diverse student body and contribute to a deeper analysis of the factors affecting
academic performance.

By implementing these recommendations, the institution, policymakers, and

students can work together to mitigate financial difficulties and improve the academic
outcomes of students at St. Vincent College Leganes.

October 18, 2024

JENNIFER M. VILLEGAS, CPA

Operations Manager
St. Vincent College of Science and Technology
Cagamutan Norte, Leganes, Iloilo

31
Dear Ma’am,

Greetings!

We, Bachelor of Science in Accountancy – Fourth Year Students of St. Vincent College of Science
and Technology, would like to ask for your permission to allow us to conduct our research study entitled
“Financial Challenges and Their Correlation with Academic Performance: A Quantitative
Investigation Among the Third Year BS Accountancy Students of St. Vincent College Leganes”.

In line with this, we would like to ask permission to distribute our survey among the 3rd year BS
Accountancy students at St. Vincent College. We believe that their insights will provide valuable data for our
research.

Rest assured that the information gathered will be held with utmost confidentiality and will be used
for this study only. Participation in the said activity is entirely voluntary and students coming from the
Bachelor of Science in Accountancy-Third Year Students. The survey will be done face to face during the
vacant time of the students at St. Vincent College of Science and Technology- Leganes Campus.

Attached herewith is the adapted and revised questionnaire to be used for this research. Your
approval and permission for us to conduct this study will be greatly appreciated. Thank you in advance for
your interest and assistance with this research.

Respectfully Yours,

THE RESEARCHERS

Noted by:

CZAIRA JUNICE N. CABARON

Research Adviser

Approved By:

JENNIFER M. VILLEGAS, CPA

Operations Manager
Dear Respondent,
Good day!
This questionnaire aims to gather data for a research study on “Financial
Challenges and Their Correlation with Academic Performance among Third-year
BS Accountancy student at St. Vincent College Leganes”. Your participation is

32
entirely voluntary, and your responses will be kept confidential. Answer all questions
honestly and carefully.

The researchers would like to ask for your consent to participate in this survey. By
selecting “Yes”, you allow the researchers to gather your information. Data gathered will
be used for academic purposes only and protected by RA 10173- Data Privacy Act of
2012.

Do you consent to participate in this study?

Yes No

Part I: Demographic
Instruction: Please tick the most suitable option given. You are allowed to tick only ONE
option for each question.
1. Name:(Optional)_______________________________Year&Section:_________

2.Sex:
Male Female

3.Monthly Family Income:

Below 10,000 10,000 – 30,000 31,000 – 60,000
61,000- 80,000. 81,000-100,000 Above 100,000

4.Academic Performance (GPA) 2023-2024 Second Semester:

97-100 91-93 85-87 79-80 75-76
94-96 88-90 81-84 77-78 74 and below
Part II. Academic Performance
Direction: Put a check (✓) on the box that corresponds to your answer.
Academic Performance 1-Strongly 2 -Disagree 3-Neutral 4-Agree 5-Strongly
Disagree Agree
1. I attend the class regularly and
do not miss any quizzes or

33
 exams.
2. I can pass all my subjects and
get a higher grade.
3. I actively participate in
classroom discussions and
group work.
4. I complete my quizzes and
exams on time and efficiently.
5. I have never missed classes
due to financial difficulties.
6. I am always prepared before
taking my quizzes and exams.
7. I frequently receive high scores
and grades.
8. My academic performance has
not declined due to financial
challenges.
9. I consistently receive high
scores on quizzes and/or
exams.
10. I am satisfied with my overall
academic performance.

Part III. Students’ Financial Situation

Direction: Put a check (✓) on the box that corresponds to your answer.
Students’ Financial Situation 1-Strongly 2 -Disagree 3-Neutral 4-Agree 5-Strongly
Disagree Agree
1. My allowance is sufficient to
cover my daily expenses at
school.
2. I feel financially secure and do
not experience financial
difficulties
3. I have never had to skip meals
due to financial constraints
4. I rarely feel stressed or anxious
about my financial situation
while studying.
5. I have access to resources that
help me manage my financial
challenges.
6. I am satisfied with the financial
support provided to me.
7. I feel comfortable approaching
family or friends for financial
assistance when needed.
8. I have explored financial

34
 assistance programs or
scholarships to ease my
financial burden.
9. Working part-time would help
me manage my financial
challenges.
10. Applying for loans would help
me address my financial
challenges.

11. Financial stress affects my

academic performance.
12. I believe my financial situation
does not affect my academic
performance.
13. My financial situation has
impacted my overall motivation
toward education.
14. I sometimes think about my
financial situation while
studying
15. I think my financial situation
has an effect on my overall
academic performance.

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