Chapter 1

INTRODUCTION

Financial problems or financial pressure is a situation where money worries are

causing you stress. Many people are facing hard financial times and the impact on
mental health can be significant. These problems can seem impossible to overcome,
but you can get help and take steps to improve your situation. Poor financial
management is the main cause students are facing financial problem. For majority
students, it is the first time they have experienced financial independence without
parent’s supervision. They fail to do the management and flow of their money. They do
not have the skill to manage their own money. They do not ensuring that the money will
spent and misused. This problems are common among students attempting to balance
small budget with living expenses. Some students are not mature enough to handle
finances and they overspend. Poor financial management also happened when
students do not have discipline in their budgeting and spending money. Some students
like to buy things witout considered about the prices. Which mean do not make the best
buy that can help student spend less money. Besides, although students have tights
budget but they tend for living financially. For example, students like to go bars, partying
and even go to pubs. They do not really planning the future use of the money.

In Tasmania, the financial problem in this report refers to the difficulties faced by
international students to maintain their basic expenditure (books, accommodation,
transportation, food, etc.) due to insufficient financial resources. This may be caused by
their poor money management, lack of money and support as well as inappropriate
spending habits. According to Falahati and Laily (2012, p.311-326), ‘financial problem is
thefailure to manage expenses’. Furthermore, Kerkmann et al. (2000) states that
financial problem occurs when the financial resources cannot meet the demand. For
instance, the incapability to fulfil responsibilities and to buy essential living needs.
 In the Philippines, he mentions poverty of spirit, poor sense of nationalism and
loss of ethical moorings as some of the reasons. Hebelieve that the lack of financial
literacy is also one of the major cause why Pinoys are struggling with money. He says
that as a student, all heremember ever learning about personal finance in elementary
and high school were the importance of saving, thrift values and how the love of money
is the root of all evil. He believe that these are not enough and other financial habits
such as expense tracking, wise spending and the concept of budget planning should
also be taught to children as early as possible. As for him, if it were not for any parents
and some personal initiative to improve the finances, he would not have made effort to
study and learn about these things (Villafuerte, 2007).

The data gathered shall be used as parameters for guiding financial problem, a
response to Enhanced Basic Education (K to 12) for the late afternoon program. The
main goal is to help the senior high school students to manage their finances wisely.

Purpose of the Study

The purpose of this phenomenological study is to investigate the financial

management of Senior High School (SHS) students of Davao City National High School
(DCNHS). At this stage in research, the financial management will be generally defined
as the lacking of financial allowance to provide their studies despite of working so hard
to earn money but it does not really fit for their needs.
Research Questions

This study will investigate the financial management of Senior High School
(SHS) students of Davao City National High School (DCNHS). Specifically, study sought
to answer the following questions:

1.What are the insights of Senior High Schools (SHS) students about having a financial
management?

1.1 Does financial management really affect Senior High School (SHS) students

in their studies?

1.2. What is the reason why students experiencing it?

1.3. Why did you experiencing it?

2.What are the challenges of student who suffer financial problem?

2.1 What personal experience have you encountered as students who have

financial management issues?

2.2. How can you say that you experienced financial problem?

2.3.Did you do something to solve your financial problem. If yes, why? If no,

why?

3.Why Senior High School (SHS) students struggling of financial problem?

3.1.Why financial management really a problem to Senior High School (SHS)

students?

3.2.Is Senior High School (SHS) students has many projects that involves

money?

3.3.Did you do something to avoid or prevent from getting into this kind of
problem?
SIGNIFICANCE OF THE STUDY

Parents. The results of this study would provide help to the parents of the
students to reduce their finances as well as their rental houses, utility bill, and others
payments in daily lives. At the same time in this study parents will surely open their
minds and help them know on how to manage their financial problem.

Teachers.The findings of this study would provide our teacher some helpful
methods in how to train students in solving financial problem. It is also a very important
information in educating students on how to spend their money wisely so that they won’t
suffer from financial management issues.

Students. The results of this research would direct future researchers to learn
more in how to solve and handle financial management so that in times of needs they
won’t complicate the situation. With this topic also students will be guided in how to
present a good researcher in the future that is related to financial management matter.

Definition of Terms

The following terms are conceptually and operationally defined for the purpose of
justification and clarification:

Financial Management. This refers to strategic financial management

(Varghese, 2015). In this study, strategic financial management refers to both, financial
implications or aspects of various business strategies, and strategic management of
finance.
 Phenomenological Study.This refers to phenomenological research.
Phenomenology is an approach to qualitative research that focuses on the comnality of
a lived experience within a particular group (Creswell 2013). In this study, the
fundamental goal of the approach is to arrive at a description of the nature of the
particular phenomenon.

Scope and Limitation of the Study

The focus of this study is to investigate the financial management of Senior High
School (SHS) students in Davao City National High School so that they can learn how
to handle financial needs in terms of money in their daily lives. By conducting this study
we are educating students to have full knowledge in how to spend their allowance
wisely. We are also investigating this topic so that many students like us will be able to
know how to be thrifty and save their money for necessary needs.

The participants of this study were the senior high school students of Davao City
National High School under the Late Afternoon Program (LAP). In fact, they were
chosen since the participants is personally experiencing financial problem in their daily
 Chapter 2

REVIEW OF RELATED LITERATURE AND STUDIES

In this chapter the review of related literature and studies on Investigating the
Financial Management of Senior High School (SHS) students will be presented or
discuss. Financial literacy, financial education, personal financial management, financial
well -being, and work outcomes.

Finance Literacy Among Senior High School. Although the concept has been
defined in various contexts in the literature, the definitions however differ in relation to
what the definition seeks to achieve. This implies that there is no specific definition for
financial literacy or there is few generally-accepted definitions and conceptual
framework of personal finance. According to (Noctor, Stoney, and Stradling; 1992),
financial literacy is the ability to make sound decisions regarding the use and
management of money. Thus, effective decisions taken in relation to the use and control
of money (Schagen and Lines 1996). Defining the concept in this context suggests that
the definition is narrowed as emphasis is placed on management of money. The
concept can also be looked at from a broader perspective as OECD (2005) defines
financial literacy as “the process by which individuals improve their thought about
financial concepts through communication and instruction to make individuals confident
and aware of financial risks and opportunities so as to achieve financial well-being.
Remund (2010) tries to conceptualize the definition of personal financial literacy into five
categories which include; knowledge of financial concepts, ability to communicate about
financial concepts, aptitude in managing personal finances, and skill in making
appropriate financial decisions, and confidence in planning effectively for future financial
needs. This implies that financial literacy goes beyond the effective use and
management of money and considers other important areas in finance.
 Financial Management Practices of Senior High School in the Techiman
Municipality. In every economic structure, it is very necessary to have individuals or a
group of people who are responsible for the authorization of use and management of
finances throughout the entity. The success or failure of an entity that runs on funds
depends heavily on how strong or weak its financial management tools are. It is for this
reason that Ghana as a nation has established a department in charge of the
management in public finances in the country known as the Controller and Accountant
General department and the passing of financial Administration act 654(2003). In the
same vein, schools and for that matter senior high schools need to adopt proper
financial management practice to be able to run the day to day activities of the
institutions. Manners (1988) defined financial management as the “study of acquisition
of and enhancing values and wealth”. He further explained that the financial
management or corporate finance deals with proper acquisition of cash and the efficient
allocation of that cash within the organization. Unfortunately, various sectors of public
service are battling with generation and management of funds in Ghana.

Financial Literacy.In every economic structure, it is very necessary to have

individuals or a group ofpeople who are responsible for the authorization of use and
management of finances throughout the entity. The success or failure of an entity that
runs on funds depends heavily on how strong or weak its financial management tools
are. It is for this reason that Ghana as a nation has established a department in charge
of the management in public finances in the country known as the Controller and
Accountant General department and the passing of financial Administration act
654(2003). In the same vein, schools and for that matter senior high schools need to
adopt proper financial management practice to be able to run the day to day activities of
the institutions. Manners (1988) defined financial management as the “study of
acquisition of and enhancing values and wealth”. He further explained that the financial
management or corporate finance deals with proper acquisition of cash and the efficient
allocation of that cash within the organization. Unfortunately, various sectors of public
service are battling with generation and management of funds in Ghana.
 Chapter 3

METHODOLOGY

This chapter presents the research design, participants of the study, data
collection, and data analysis used to answer the research questions of this study.

Research Design

This study used the qualitative data analysis in analyzing the financial
management of students. In the analysis, according to Walker (2015), financial
management means planning, organizing, directing and controlling the financial
activities such as procurement and utilization of funds. It means applying general
management principles to financial resources of the enterprise. In this study, the
financial management challenges and financial struggling were investigated.

Participants of the Study

The six (6) senior high school students under the Late Afternoon Program who
are enrolled at Davao City National High School in the School Year 2019-2020 were
asked to participate in this study with their financial management challenges and
financial struggles were investigated. Evidently, they were chosen since the participants
of financial managements rates needed to improve.
Data Collection

The following procedures were followed during the conduct of this study:

Asking permission. The researchers had informed the principal of Davao City
National High School (DCNHS), the Senior High School LAP Coordinator, Research
teacher and the Class Adviser through communication, requesting to allow the
researcher to conduct the study to the students under the Late Afternoon Program
(Appendix A. Appendix B. Appendix C.)

Conducting the research study. After the proposal of the concerned authority,
the participants were informed on the research objectives, which is to investigate
students who are experiencing and suffering from financial problem in the learing
environment.

After the conduct of the study, the gathered information was analyzed and
interpreted. Furthermore, the researchers had transcribed the conversation of the
students with the help of the one invited inter-canters who validated the transcription
and thematic analysis.

Data Analysis

With the help of experts in financial managing, the researchers had analyzed the
transcribed data through coding and thematic analysis on the students’ financial
management during financial struggling days. For planning, organizing, directing and
controlling the financial activities, the researchers had used the idea of Boyatzis (1998)
which states that thematic analysis is a process of encoding qualitative information; with
these ideas researcher develops solution for managing financial needs. In this study,
the thematic analysis was performed to create a method of analyzing qualitative data. It
is usually applied to a set of text such as interview transcripts. The researcher closely
examines the data to established solutions such as familiarization with data generating
initial code, searching for themes among codes reviewing themes, defining the naming
themes , and producing the final report.