Chapter 1-4 Group 10

ICCT Colleges Foundation Inc
College of Business and Accountancy
FINANCIAL LITERACY AND ITS IMPACT ON STUDENT LOAN DEBT

MANAGEMENT AMONG BSA STUDENTS AT ICCT COLLEGES
A Research
Presented to the
Faculty of College of Business and Accountancy
V.V. Soliven Avenue II Cainta Rizal
In Partial Fulfillment of the

Requirements for the Degree of
Bachelor of Science in Accountancy
by:
GWYN R. ATON
DIANALYN B. DAYNOS
SHAIRA H. IBNOL
AKISAH D. OMAR
TRIXIE P. TAMON
2024
Abstract
This study investigates the relationship between financial literacy and student loan
debt management among Bachelor of Science in Accountancy (BSA) students at ICCT
Colleges. Financial literacy, defined as the knowledge and skills needed to make informed
and effective financial decisions, plays a critical role in how individuals handle debt,
particularly student loans. The research aims to assess the level of financial literacy among
BSA students and how it influences their ability to manage student loan obligations.
This study employs a quantitative research design, utilizing a survey-based method to
gather numerical data on the financial literacy levels and student loan management practices
of Bachelor of Science in Accountancy (BSA) students. A structured questionnaire will be
developed to address key aspects of financial literacy, including budgeting, saving, and
investing, in addition to student loan management behaviors. To ensure clarity and relevance,
the questionnaire will first undergo a pilot test with a small sample of students before being
fully administered. The data gathered will be strictly for academic purposes and will remain
confidential. Participation in the study will be completely voluntary, and participants will
have the right to withdraw at any point without facing any repercussions.
Preliminary findings suggest that students with higher levels of financial literacy are
more likely to adopt effective strategies for budgeting, saving, and loan repayment, leading to
better financial outcomes. Conversely, students with lower financial literacy levels exhibit
higher anxiety and difficulty in managing their debt, often resulting in poor financial
decisions. The study concludes by recommending the integration of financial literacy
programs into the curriculum to equip students with essential financial management skills,
thereby improving their ability to navigate student loan repayment post-graduation.

Table of Contents
1. Introduction
1.1 Background of the Study

1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Significance of the Study
1.5 Scope and Limitations of the Study
1.6 Definition of Terms
2. Review of Related Literature and Studies
2.1 Review of Related Literature (RRL)
2.2 Review of Related Studies (RRS)
2.3 Summary of RRL and RRS
3. Methods
3.1 Research Design
3.2 Participants/Sampling
3.3 Research Instruments
3.4 Data Collection Procedure
3.5 Data Analysis Procedure
4. Results
4.1 Presentation of Findings
4.2 Tables, Figures, and Charts
5. Discussion
5.1 Interpretation of Findings
5.2 Comparison with Related Literature and Studies

5.3 Implications of the Findings
5.4 Limitations of the Study
6. Conclusion
o Summary of Key Findings
o Recommendations for Future Research
7. References
8. Appendices
o Research Instrument (e.g., survey or interview questions)
o Others
INTRODUCTION
Understanding financial literacy is crucial for managing personal finances, especially
for students dealing with student loan debt. For BSA students at ICCT Colleges, grasping
financial concepts is vital for both their studies and their financial health.
Student loan debt is a major issue for many students, often leading to long-term
financial difficulties. Effective debt management is strongly linked to financial literacy.
Students who understand financial principles are better equipped to make smart decisions
about borrowing, budgeting, and repaying loans. This knowledge can help reduce the stress of
managing student loans and lead to greater financial stability.
This study focuses on the impact of financial literacy on student loan debt
management among BSA students at ICCT Colleges. It aims to explore how financial
knowledge influences debt management practices and to identify ways to improve financial
literacy to help students achieve better financial outcomes.
STATEMENT OF THE PROBLEM
This study examines the correlation between financial literacy and the effectiveness of
student loan debt management among Bachelor of Science in Accountancy (BSA) students at
ICCT Colleges. Given the increasing prevalence of student loan debt and its potential long-
term financial implications, understanding how financial knowledge influences debt
management strategies is essential. Despite their academic background, BSA students may
still encounter difficulties in navigating the complexities of student loans due to varying
levels of financial literacy.
The primary objective of this research is to investigate the impact of financial literacy on
students' ability to manage their student loan debt effectively. Specific research questions
include:
1. How does knowing about debt management help students handle their student loan debt?
2. Is having great financial literacy can reduce stress to BSA students in managing their
student loan debt?
3. What affects students' confidence in understanding loan terms and how does this
confidence help them set and reach financial goals?
By exploring these questions, this study aims to provide valuable insights into the relationship
between financial literacy and student loan debt management. These findings can inform the
development of targeted financial education programs and support strategies for improving
student outcomes.
OBJECTIVES OF THE STUDY
This study primarily aims to identify the flow, connection, and effects of financial
literacy on managing a student loan debt of BSA student’s at ICCT Colleges in the sense of
how they budgeting their payments, on understanding the terms and conditions, managing
their student loans, and how does it affect their financial stability. Our research seeks to
measure the relationship between applying financial literacy to their student loan debt, with
focusing on variables their payment habits, saving patterns, investment decisions and overall
financial literacy. In addition, this study will spot the specific factors in financial literacy that
students applying on managing their loan debt. Lastly, we purposely do this research to
provide insights that can help on promoting a better financial practice among BSA students at
ICCT Colleges.
SIGNIFICANCE OF THE STUDY
This research holds significance as it explores the vital connection between financial
literacy and the effective management of student loan debt among BSA students at ICCT
Colleges. The study aims to empower students to make informed decisions about borrowing
and repayment by improving their comprehension of financial concepts. Enhanced financial
literacy can result in more responsible financial behaviors, reducing the likelihood of
accumulating unmanageable debt. Furthermore, the results could guide the development of
curricula by emphasizing the necessity for tailored financial education programs that address
the specific challenges encountered by these students. Increased awareness of accessible
financial resources, such as scholarships and counseling services, can further bolster effective
debt management. Ultimately, this research contributes to the broader conversation about the
significance of financial education in fostering long-term financial stability and success for
students.
SCOPE AND LIMITATIONS OF THE STUDY

This study focuses on assessing the relationship between financial literacy and student
loan debt management among Bachelor of Science in Accountancy (BSA) students at ICCT
Colleges. Specifically, the research examines how financial knowledge influences students'
ability to navigate the complexities of student loans, including repayment strategies,
budgeting, and financial decision-making.
The scope of this study includes:
Participants: BSA students currently enrolled at ICCT Colleges
Geographical Location: The study will be conducted at ICCT Colleges, in the MAIN Campus
Financial Literacy: Understanding of budgeting, interest rates, loan terms, and financial
planning.
Debt Management Practices: Repayment behaviors, financial planning for debt repayment,
and use of financial tools or advice.
Limitations
Despite its comprehensive approach, this study has several limitations:
Limited Generalizability: The findings may not be applicable to students in other fields or
institutions due to the specific focus on BSA students at ICCT Colleges.
Self-Reported Data: The reliance on self-reported data may introduce bias due to over- or
under-reporting of financial behaviors or knowledge.
Limited Scope of Financial Literacy: The study primarily focuses on student loan-related
financial literacy, excluding broader financial topics like investing or retirement planning.
External Factors: The research does not consider all external factors that may influence
student loan debt management, such as family financial background or economic conditions.
Cross-Sectional Design: The study's snapshot nature may not capture changes in financial
literacy or debt management behaviors over time.
Data Availability: Privacy concerns may limit participants' willingness to disclose their
financial information, potentially affecting the accuracy of the findings.
These limitations should be carefully considered when interpreting the results. Future
research could address these constraints by expanding the sample, incorporating a wider
range of financial literacy topics, or employing longitudinal research methods.

DEFINITION AND TERMS
For the purpose of clarity, the terms used in the study are given their respective conceptual
meaning:
Cainta, Rizal – A municipality in the Philippines known for its mix of urban and suburban
areas, with a growing number of small businesses, serving as the context for this
study.
Convenience Sampling – A non-probability sampling technique where respondents are
selected based on their availability and accessibility rather than random selection.
Customer Satisfaction – The degree to which customers feel their expectations have been
met by a business’s products, services, or payment options, which can impact repeat
business and loyalty.
E-Wallet – A digital application or platform that allows users to store money electronically
and conduct transactions using their smartphones or other devices, often linked to
bank accounts or credit cards.
Financial Performance – The measure of a business's financial health, typically evaluated
through metrics such as revenue, profit, and cost management.
Small Business Owners – Entrepreneurs or individuals who manage or operate small-scale
enterprises, often characterized by limited resources, fewer employees, and localized
operations.
Transaction Efficiency – The speed, ease, and cost-effectiveness of processing financial
transactions, particularly in comparison to traditional cash or card payments.

REVIEW OF RELATED LITERATURE AND STUDIES
This section reviews research on financial literacy and student loan management
among college students. It focuses on studies that assess students' financial literacy levels
and their strategies for handling student loans. By analyzing these studies, this review
identifies trends and gaps in the literature, emphasizing the need for effective financial
education programs. This overview highlights the importance of improving financial
literacy to help students make informed financial decisions.
REVIEW OF RELATED LITERATURE
LOCAL LITERATURE
Financial Literacy and Its Impact on Filipino College Students
Cadiz (2020) conducted a study on financial literacy’s impact on Filipino college students’
ability to manage debt. This research, conducted at a Philippine university, indicated that students
who received formal financial education showed improved budgeting skills and a greater awareness
of the consequences of borrowing. The study emphasized that financial literacy programs targeting
young adults could significantly reduce their reliance on high-interest loans by fostering responsible
credit behaviors and a stronger understanding of financial products.
Financial Education and Debt Management Skills among Filipino University Students
Tacbas and Dela Cruz (2019) explored the influence of financial education on debt
management skills among university students. Their study revealed that students exposed to
personal finance courses exhibited more cautious borrowing behaviors and prioritized debt
repayment. The authors argue for curriculum enhancements that integrate practical financial
management lessons, which could further equip students to handle personal debt effectively,
especially in a rapidly growing credit market.
The Role of Financial Education in Reducing Debt Among Filipino College Students
Salazar (2020) examined the effects of financial education on debt levels among college
students at a state university in the Philippines. The study found that students with access to
financial literacy programs were more likely to avoid high-interest loans and managed their finances
with greater discipline. Salazar's findings underscore the need for targeted financial education
programs in higher education institutions, focusing on personal budgeting, debt management, and
responsible borrowing.
Financial literacy and financial behaviors of university students in the Philippines.
Cruz and Santos (2020) conducted a study on the financial behaviors of university
students in the Philippines. Their findings showed that students with a higher degree of
financial literacy were more likely to practice effective budgeting and savings habits, as well
as make informed decisions when considering loans or credit. This study underscored the
positive impact of financial education programs on students' confidence and ability to manage
personal finances.
Financial Literacy and Student Loan Debt in the Philippines
This study examines the level of financial literacy among Filipino
students and its impact on managing student loan debt and associated
anxiety.
The Effects of Financial Education on Student Loan Management Among Filipino
Students
This research evaluates how financial education impacts students'
ability to manage their loans and reduce anxiety related to repayment.
Understanding the Psychological Impact of Student Loans in the Philippines
This research explores the mental health implications of student
loans on Filipino students, specifically focusing on anxiety and coping
strategies.
Financial Anxiety Among College Students in the Philippines: A Review of Literature
This review synthesizes existing research on financial anxiety among
college students in the Philippines, focusing on the role of student loans.
Determinants of financial literacy in the MIMAROPA Region
Maintaining financial stability and bolstering the economy of people, families, and
nations depend heavily on financial literacy. It affects budgeting management, debt, and
investment capital, all of which might result in bankruptcy or success. The financial market
and economic growth are positively impacted by increased financial literacy, particularly
among young people. With an emphasis on rural communities, this study investigates
financial literacy in the MIMAROPA region. The findings indicate that financial literacy is
related to systems of borrowing, saving, and investing and is at risk, especially for women
and those with lower levels of education. The study examines the characteristics of the
population using a quantitative research methodology.
Analyzing the relationship between financial literacy and financial inclusion by
microfinance banks in developing countries: social network theoretical approach
The findings demonstrated that the connection between financial literacy and the
financial inclusion of the poor by microfinance banks in emerging nations is considerably and
favorably mediated by social networks. Furthermore, financial inclusion is directly and
favorably impacted by financial literacy. Overall, the results indicate that the impact of
financial literacy on the financial inclusion of the poor by microfinance banks in developing
nations is totally mediated by the existence of social networks.
Effects of financial literacy and financial behavior on the financial well being of teachers
in higher education institutions in region 1, Philippines
The influence of financial behavior and literacy on the financial well-being of 360
academic staff members in Region 1, Philippines, was investigated in this study. The findings
indicated that there was no discernible effect of financial literacy, decent financial conduct,
and modest financial security. Instead of teaching students financial principles, the research
suggests a financial wellness program that focuses on behavior-changing coaching.
Financial literacy and budgeting habits among college students in the Philippines.
In the Philippines, several studies have highlighted the positive effects of budgeting
on financial behaviors across various demographics. According to Villanueva and Custodio
(2020) who conducted a research on college students and found that those who practiced
budgeting were less likely to overspend or accumulate unnecessary debt. This finding
underscores the importance of budgeting as a crucial tool for young adults managing limited
resources while pursuing their education.
Budgeting practices and financial independence among young professionals in Metro
Manila.
Similar to this, Gonzales and Reyes (2021) looked at young professionals and show
those who followed budgeting procedures were less dependent on credit and more financially
independent. Their study shows how good budgeting enables people to take charge of their
money, make wise spending decisions, and build a more stable financial future.
Family budgeting practices and debt management among urban Filipino households.
In another study, Santos and De La Cruz (2019) examined urban Filipino families and
determined that budgeting helped them better regulate their spending habits, which in turn led
to decreased levels of household debt. This study emphasizes how important budgeting is for
encouraging wise money management in families, allowing them to prioritize necessary
spending to avoid certain financial risks.
Budgeting for educational expenses: Financial strategies among Filipino students.

Rivera and Bautista (2020) emphasized the advantages of budgeting among Filipino
students, noting that those who engaged in budgeting were better at managing their
educational expenses. By doing so, they lessened their dependency on loans, which might
result in long-term financial difficulties. This result supports the idea that budgeting promotes
long-term financial well-being in addition to helping with current financial management.
FREIGN LITERATURE
Causal effects of financial education intervention aimed at university students on financial
knowledge and financial self-efficacy
This study investigates the outcomes of a financial education intervention for
university students, focusing on its effects on financial knowledge and self-efficacy regarding
financial decisions. The findings suggest that structured financial education significantly
enhances students' understanding of financial concepts and improves their confidence in
managing their finances and debt.

The role of financial literacy in managing debt: Evidence from college students. Journal of
Financial Counseling and Planning.
This study investigates the long-term effects of financial literacy education on college
students' debt management practices. The findings suggest that students who participated in
financial education programs reported lower levels of debt and exhibited better money
management skills than those who did not.
Financial literacy and debt management: Evidence from the U.S. and abroad. The Journal
of Consumer Affairs
This paper analyzes data from various countries to assess how financial literacy
affects debt management strategies. The authors find that enhanced financial literacy
significantly reduces reliance on high-cost credit options and improves overall financial
stability among students.
The influence of financial literacy on student loan debt among university students: A
systematic review
This systematic review highlights the critical role that financial literacy plays in
shaping students' attitudes towards debt. The authors conclude that students equipped with
financial knowledge tend to approach borrowing more cautiously, leading to more sustainable
debt levels.
Student Loan Debt and Financial Anxiety: The Role of Financial Literacy
This study reviews the correlation between student loan debt and financial anxiety,
highlighting the importance of financial literacy.
The Impact of Student Loan Debt on Mental Health Among Young Adults
This article explores how student loan debt influences mental health, focusing on
anxiety and stress levels.
Financial Anxiety and Its Effects on College Students’ Decision-Making
This article discusses how financial anxiety stemming from student loans affects
decision-making processes among college students.
Understanding Financial Stress Among College Students
A comprehensive review of the literature regarding financial stress and anxiety in
college students due to various financial obligations, including student loans.
The effects of financial literacy and subjective norms on saving behavior

This study examines how financial literacy affects saving habits, with particularly
focusing on 469 young employees at DKI Jakarta in 2019. The findings indicate that saving
behavior is directly impacted by financial literacy through the mediation of saving intention
and attitude. By influencing attitudes toward frugal factors, subjective standards have an
indirect impact on frugal behavior. According to the study, by storing behavior, planned
behavior theory can explain the connection between subjective standards and financial
literacy.
Financial Literacy and its variables: The evidence from Indonesia

This study focus on how financial literacy and its variables does affect the academic
community in Indonesia. The research data is using a quantitative survey and analyzed by
using SEM, its survey is used to measure the relationship between financial literacy and its
variables such as financial awareness, financial behavior, financial experience, financial
skills, subjective financial knowledge, financial capability, financial goals, and financial
decisions.
Financial Literacy: A systematic review and bibliometric analysis

Presenting quantitative and qualitative information on financial literacy is the goal of
this systematic review and bibliometric analysis of 502 peer-reviewed publications published
between 2000 and 2019. Three main topics emerged from the study: the influence of financial
education, the influence of financial literacy levels, and the influence of financial literacy on
financial planning and behavior. Financial inclusion, gender disparity, tax and insurance
literacy, digital financial education, and financial capacity are emerging issues. The goal of
the study is to better understand financial literacy and pinpoint pertinent topics for future
research for regulators, policymakers, and academic scholars.
Financial literacy among the millennial generation: relationships between knowledge,
skills, attitude, and behavior
This study focuses on assessing financial literacy among millennials, specifically
looking at the links between their financial knowledge, attitudes, skills, and behaviors.
Financial knowledge was measured through multiple-choice questions, with responses
categorized as low, moderate, or high. Similarly, financial attitude, skills, and behavior were
classified into three levels—poor, fair, and good—using a quartile-based method. A chi-
squared analysis tested the hypotheses, while correspondence analysis illustrated generational
characteristics.
Acting for financial well-being: Budgeting, saving, and debt management.
Also a research by Xiao, Tang, and Shim (2020) focused on young adults in South
Korea and found that those who budgeted regularly experienced less financial stress,
particularly in managing student loans. Furthermore, Hofmann, Hoelzl, and Kirchler (2019)
showed that Austrian households following a budget were in better financial shape,
emphasizing the value of budgeting during tough economic times.

REVIEW OF RELATED STUDIES
LOCAL STUDIES
Financial education and debt management among university students in the Philippines:
Implications for policy and practice
This research examines the correlation between financial education and debt management
among university students. The findings indicate that students who participated in financial literacy
programs showed improved debt management skills and were less likely to rely on high-interest
loans. The study emphasizes the need for integrating financial education into university curricula
Understanding the financial literacy of Filipino college students
This study investigates the financial literacy levels among college students in the Philippines.
It reveals that a significant portion of students lack basic financial knowledge, which affects their
ability to manage debt effectively. The authors suggest implementing comprehensive financial
education programs to enhance financial literacy and debt management skills among students.
Financial literacy as a determinant of debt management among college students in the
Philippines.
This study highlights the relationship between financial literacy and debt management
among college students. It reveals that students with higher financial literacy levels are more
adept at managing their debts, making informed decisions regarding borrowing and
repayment.
The impact of financial literacy on personal debt management among students in
Philippine universities
This study explores the correlation between financial literacy and personal debt
management among students in various Philippine universities. It concludes that enhanced financial
education significantly aids students in making informed financial choices, reducing their risk of
accumulating debt.
Financial literacy and financial behavior of selected college students in Manila. Journal of
Economics and Finance
Ferrer, A. L. (2019). Examines Filipino college students' self-reported financial
behavior, focusing on budgeting and spending habits. Results show that students with
financial literacy training exhibit more cautious financial decision-making.
Financial literacy and financial behaviors among university students in the Philippines.
Manlangit, J. (2020) Investigates the link between financial knowledge and spending
behavior among university students. Findings suggest that students with better financial
knowledge are more likely to save and avoid debt.
Financial attitudes and behaviors among Filipino college students.
Reyes, M. D. (2019). Analyzes financial attitudes of Filipino youth and their impact
on spending and saving behaviors. Results show a strong association between positive
financial attitudes and responsible financial behavior.
Impulse buying and financial literacy among public elementary and high school teachers
in the Philippines
The study reveals that financial literacy is linked to impulse buying, with individuals
with high financial literacy using financial information and record-keeping being less likely
to engage in such purchases. However, possession of financial instruments did not
significantly impact impulse buying. The study suggests that teaching financial literacy
should include practical aspects such as planning, budgeting, and using financial records for
sound decision-making. It suggests that higher order thinking skills should be used in
financial literacy and planning, including analyzing financial instruments and their associated
risks, reviewing credit reports, and evaluating options aligned with financial goals.
The moderating role of financial literacy on the effects of subjective norms, product
involvement, and perceived behavioral control on invest-ment intention of young investors
from a mobile wallet app in the Philippines
Investment has become a diverse industry, with mobile wallet apps making it
accessible to young people. A study in the Philippines found that subjective norms, perceived
behavioral control, and product involvement significantly affect investment intention among
young insurers aged 18-30. Financial literacy amplifies these effects. The research suggests
that educating people to be financially literate will likely lead to more young people investing
early for their future.
Financial management capabilities among personnel in State University in the Philippines

This research evaluates the financial management of employees at the Calinog
Campus of West Visayas State University in Iloilo, Philippines. Employees are practical
spenders, have average financial awareness, and mostly utilize bank accounts for their kids'
schooling, according to the study. Some make commercial and cattle investments. According
to the study, by emphasizing budgeting, spending, and saving strategies to attain financial
literacy, financial management programs might enhance economic and financial stability.
Big five personality traits and financial literacy: Effect on risk tolerance of Filipino
investors from higher education institutions in Metro Manila
This study investigates how risk tolerance among Filipino investors is influenced by
financial knowledge and the Big Five Personality Traits. The study, which polled 320
students and teachers, discovered that risk tolerance is strongly influenced by extraversion,
neuroticism, and openness to experience in addition to financial knowledge. This study adds
to the body of knowledge on behavioral finance.
Impact of financial stress on academic performance of college students in the Philippines
Bautista, L. M., and De Guzman, A. (2020) This study assessed the relationship
between financial literacy and Philippine college students' academic achievement. According
to the findings, students who were more financially literate experienced less financial anxiety,
which improved their academic performance and sustained their motivation. The authors
came to the conclusion that institutions could significantly enhance students' capacity to
handle their student loan debt by providing financial aid and literacy initiatives. Their study
emphasizes how essential financial education is to help Filipino students succeed
academically.
Financial stress and academic performance: Evidence from students in Metro Manila.
Reyes, C., and Gonzales, M. R. (2020) The researchers examined the relationship
between student's academic performances in Metro Manila and financial literacy. According
to their findings, students who were more financially literate performed better academically
because they were better at handling their money and student loan obligations. In order to
help the manage financial stress and enhance their academic performance, the study
suggested developing comprehensive financial literacy programs. This emphasizes how
crucial it is to support students who are struggling financially through intended financial
education initiatives.
Family budgeting practices and debt management among urban Filipino households.
Villanueva, A., & Santos, R. (2019): In this study, Villanueva and Santos focused on
the connection between academic achievement and financial literacy among university
students in the Philippines. According to the findings, students who were more financially
literate performed better academically and were less likely to drop out. In order to give them
the tools they need to properly manage their student loan debt and other financial obligations,
the authors emphasized the importance of incorporating financial education into the
curriculum. Their results demonstrate how financial literacy can help students stay in school
and achieve academic success.
Effects of financial stress on academic performance of students at a local university.

Rivera, J. E., & Cruz, S. (2021): This research investigated the effects of financial
literacy on the academic performance of students at a local university in the Philippines. The
findings revealed that students with strong financial literacy skills reported less financial
anxiety, which positively impacted their grades and overall academic engagement. The
authors recommended that universities provide better financial literacy resources and support
systems to help students manage their financial burdens, particularly related to student loans.
FOREIGN STUDIES
This study explores the effects of financial education interventions on final-year
undergraduate students. The findings indicate that such programs significantly enhance students'
financial knowledge and self-efficacy, particularly regarding decisions about debt-financed education.
The results emphasize the importance of financial education in fostering responsible borrowing
practices.
A study on the impact of digital financial literacy on debt management
This study investigates how digital financial literacy affects debt management among
individuals. It suggests that increased financial literacy leads to better financial decision-
making, which in turn enhances debt management capabilities. The findings support the
inclusion of digital financial literacy in educational programs to improve financial outcomes
for students.
Financial literacy and its impact on financial behaviors of university students
This study focuses on Malaysian students and investigates how financial literacy affects their
financial behaviors, particularly regarding debt management. It finds that financial self-efficacy
mediates the relationship between financial literacy and responsible financial practices, suggesting
that enhancing financial education can lead to better debt management outcomes.
The impact of financial literacy on the financial behavior of Malaysian students
This research focuses on Malaysian students and investigates how financial literacy
affects their financial behaviors, particularly regarding debt management. It finds that
financial self-efficacy mediates the relationship between financial literacy and responsible
financial practices, suggesting that enhancing financial education can lead to better debt
management outcomes.
Financial literacy and financial well being among generation z university students:
Evidence from Greece
This study evaluates the relationship between financial literacy, financial fragility, and
financial well-being among 456 university students in Greece. Results show that male
students, those with expense records, and those with educated parents are more financially
literate. Financial literacy is also linked to better financial well-being, suggesting that
financial literacy can be a key driver of financial well-being among Greek university students.
Policy prescriptions should consider behavioral aspects and technological developments.
Financial literacy and student debt

A study of over 1000 students from a Massachusetts public university found low
financial literacy levels among students, particularly female, minority, and first-generation.
Low financial literacy leads to underestimated future student loan payments, with 38.2% of
low-literacy students overestimating payments. Additionally, low financial literacy students
face a wage gap, making them vulnerable to unexpected shocks on their payment-to-income
ratios.
Financial literacy level on college students: A comparative descriptive analysis between
Mexico and Colombia
This study measures financial literacy in college students from Mexico and Colombia
using a questionnaire. Results show a low level of understanding in retirement planning,
inflation, credit usage, savings, investment, and risk diversification. The study suggests a
questionnaire for replicating in other populations. College students are crucial for financial
literacy, as they are entering the workforce and can use financial instruments effectively. This
knowledge can help achieve financial goals and contribute to future wellbeing and society.
The influence of financial literacy, financial attitudes, and lifestyle on financial behavior
The study reveals that financial literacy is linked to impulse buying, with individuals
with high financial literacy using financial information and record-keeping being less likely
to engage in such purchases. However, possession of financial instruments did not
significantly impact impulse buying. The study suggests that teaching financial literacy
should include practical aspects such as planning, budgeting, and using financial records for
sound decision-making. It suggests that higher order thinking skills should be used in
financial literacy and planning, including analyzing financial instruments and their associated
risks, reviewing credit reports, and evaluating options aligned with financial goals.
Salas-Velasco, M. (2022). This study evaluates a financial education intervention
targeting university students' financial literacy and self-efficacy. The intervention positively
influenced students' financial knowledge and confidence, enhancing their financial behaviors
and decision-making.
The economic importance of financial literacy: Theory and evidence. Journal of Economic
Literature
Lusardi, A., & Mitchell, O. S. (2014). This study assesses financial literacy among
young adults and links it to financial behaviors like budgeting and debt management. The
research reveals that higher financial literacy correlates with more prudent financial choices.
The impact of financial literacy education on subsequent financial behavior. Journal of
Financial Counseling and Planning
Mandell, L., & Klein, L. S. (2019). This study shows that while financial literacy
courses positively influence students' financial awareness, only motivated students benefit
significantly. The research emphasizes the role of personal interest in financial education
outcomes.
Financial stress and academic performance: The role of financial anxiety among
university students
Baker, C., & McClung, M. (2019): This study determined the relationship between
financial stress and academic performance among university students in the United States. the
study shows that students experiencing high levels of financial anxiety reported lower
academic performance, as financial worries often led to lack of concentration and engagement
in academic activities. This signifies the critical role of financial literacy in mitigating
financial stress and improving students' academic outcomes, particularly in the context of
managing student loan debt. The study suggests that enhancing financial literacy could be an
effective strategy for universities to help students navigate their financial challenges.
Student financial wellness: The role of financial stress and financial literacy
Joo, S. H., & Grable, J. E. (2016): This research looked at how financial literacy
affects college students' academic performance and overall well-being. It found that students
with higher levels of financial literacy experienced less financial stress. This decrease in
stress had a positive impact.
Financial stress and academic performance in college students

Roberts, J. A., & Jones, E. (2020): This study shows at how financial literacy affects
students' academic performance in the UK and found a strong link between financial anxiety
and poor academic results. The authors pointed out that financial literacy programs can
provide students with the necessary skills to manage their money effectively, which can help
reduce worries about student loans. Their findings suggest that universities should make
financial education a key part of student support services, highlighting how important these
programs are for improving academic performance.
The impact of financial stress on academic performance across countries.
Perkins, R., & Neumayer, E. (2019):This study explored how financial literacy and
stress affect academic performance in different countries. It found that students with lower
financial literacy struggled more with financial issues. Consequently, these students tended to
have lower grades and a higher chance of dropping out. This highlights the need for support
from schools and financial education. The authors stressed that thorough financial literacy
programs are crucial for reducing financial stress, which can lead to better student retention
and success in educational settings.

SUMMARY OF RRL AND RRS
The literature and studies reviewed highlight the importance of financial literacy in
helping students and young adults make responsible financial decisions. Financial literacy,
especially in budgeting, saving, and debt management, helps people manage their money
better and avoid high-interest debt. Local studies in the Philippines show that students with
financial knowledge are more likely to follow good budgeting practices and manage debt
effectively, although many still lack basic financial skills. International research supports this,
showing that financial literacy leads to better debt management, lower financial stress, and
greater independence.
Overall, these studies stress the need for financial education programs that not only
teach financial concepts but also promote positive financial behaviors, providing young
people with tools for long-term financial stability.

METHODOLOGY
This chapter outlines the research methodology employed in the study. It details the
research design, sampling methods, data collection tools, and analysis techniques used to
investigate financial literacy and its impact on student loan management. This approach
ensures a comprehensive and systematic examination of the topic, allowing for reliable data
and meaningful insights. Each section in this chapter provides a clear explanation of the steps
taken to conduct the research, ensuring accuracy and consistency in the study’s findings.
RESEARCH DESIGN
The researcher will use a quantitative approach to measure the level of confidence
students have in managing their student loan debt based on their financial literacy. This
approach will involve structured surveys with scaled questions to quantify students’
confidence levels, allowing for statistical analysis of how financial literacy correlates with
their confidence in debt management. This data will help identify whether higher financial
literacy corresponds to greater confidence in handling student loans and may inform targeted
educational interventions.
PARTICIPANT/ SAMPLING
The participants for this study are 50 college students enrolled in a Bachelor of
Science in Accountancy program at ICCT Colleges. To ensure unbiased data, a simple
random sampling method was used, giving each student an equal opportunity to be selected.
This method was chosen to provide a representative sample that reflects the diverse financial
literacy and loan management experiences of the population. The survey was conducted
online to encourage broader participation and allow students to respond conveniently. This
sampling approach supports a reliable analysis of financial literacy's impact on student loan
management among college students.
RESEARCH INSTRUMENTS
The research instrument consists of an online survey designed to assess financial
literacy and student loan management among Bachelor of Science in Accountancy (BSA)
students. It includes demographic questions about age, year level and gender. Participants rate
their confidence in managing finances and their budgeting habits using a Likert-type scale.
The survey also asks about their knowledge of financial concepts like interest rates and credit
scores, as well as their understanding of student loan terms. Additionally, participants can
identify strategies for managing loans after graduation and provide insights on financial
resources they use and suggestions for improving financial literacy among students.
DATA COLLECTION PROCEDURE
This study will collect quantitative data using an online survey to evaluate students'
financial literacy and its impact on managing student loan debt. The survey will include
Likert scale questions to assess participants' financial knowledge, attitudes, and behaviors.
The survey link will be shared on social media for easy access and efficient data collection.
All responses will be securely stored for analysis to identify important patterns related to
financial literacy and student loan management.
DATA ANALYSIS PROCEDURE
The analysis will begin with descriptive statistics to summarize the data by calculating
the averages and percentages of the Likert scale responses about financial literacy and
confidence in managing finances. The results will be presented using charts and graphs to
clearly show important trends. This visual representation will help explain the insights gained
from the survey, giving a better understanding of BSA students' financial literacy levels and
their attitudes toward managing student loans. Ultimately, these findings will support the
development of targeted financial education programs to improve financial literacy among
BSA students.
RESULTS
PRESENTATION OF FINDINGS
This section presents the results from the gathered data analysis regarding financial
literacy and confidence among Bachelor of Science in Accountancy (BSA) students.
Descriptive statistics will reveal average scores and percentage distributions of responses
from the Likert scale, highlighting areas where students feel confident and those where they
may lack understanding. Charts and graphs will visually represent these findings, making it
easier to identify significant patterns in financial knowledge and attitudes toward student loan
management. These insights will be discussed in the context of their implications for
developing targeted financial education programs aimed at enhancing the financial literacy of
BSA students, ultimately supporting them in making informed financial decisions.
TABLES, FIGURES, AND CHARTS
DEMOGRPHIC PROFILE
AGE
RESPONSES 50
40
30 Figure 1.0
20
AGE DISTRIBUTION
10
0 18-20 18-20
years old: 12 respondents
21-23
(24%) 24-30
21-23 years old: 35 respondents (70%)
24-30 years old: 3 respondents (6%)
GENDER
50
RESPONSES
40
30
20
10
0
FEMALE MALE
Figure 1.1
FEMALE 28 (56%)
MALE 22 (44%)
YEAR LEVEL:
RESPONSES Figure 1.3
50
1st Year 4 (8% )
40
2nd Year
30 10 (20%)
3rd Year
20 6 (12%)
10
4th Year 30 (60%)
0
1st 2nd 3rd 4th
Weighted Mean Analysis and Verbal Interpretation of Debt Management Knowledge

WEIGHTED VERBAL
MEAN INTERPRETATION
1.) My knowledge of debt management helps me feel 4.80 Extremely Confident

more prepared to handle my student loan debt.
2.) I understand the different repayment strategies 4.74 Extremely Confident

available to manage my student loan debt effectively.
3.) I am aware of how loan interest rates impact the 4.84 Extremely Confident
total amount I owe.
4.) I know the consequences of missing a loan payment 4.56 Extremely Confident
on my future financial stability.
5.) I am knowledgeable about options for refinancing 4.41 Very Confident

or consolidating my student loans if needed.
Grand Weighted Mean 4.67 Extremely Confident
TABLE 2.1
Table 2.1 shows that the obtained grand weighted mean is 4.67, indicating that students
generally feel “ Extremely Confident” in their knowledge and ability to manage student
loans effectively.
Weighted Mean Analysis and Verbal Interpretation of the Impact of Financial Literacy
on Stress Reduction
WEIGHTED VERBAL
MEAN INTERPRETATION
1.) Having a good understanding of personal finance 4.28 Extremely

helps reduce my stress related to student loan debt. Confident
2.) My financial literacy education has helped me feel 4.28 Extremely

more in control of my student loan payments. Confident
3.) I feel less anxious about student debt because I 3.86 Very Confident
know how to budget and manage my expenses.
4.) My understanding of financial concepts like 3.94

interest and repayment terms has lowered my Very Confident
worries about student debt.
5.) Financial literacy makes it easier for me to plan 4.16 Very Confident
ahead, which reduces my stress about debt.
Grand Weighted Mean 4.10 Very Confident
Table 2.2
The table indicates that students generally “Very Confident” that financial literacy helps
reduce their stress about student loan debt with an overall grand weighted mean of 4.10
Evaluation of Weighted Mean and Descriptive Interpretation of Confidence in

Understanding Loan Terms and Financial Goal-Setting
WEIGHTED VERBAL
MEAN INTERPRETATION
1.) My confidence in understanding loan terms helps 3.90 Very Confident

me set clear financial goals for the future.
2.) I feel capable of making informed financial decisions 4.38 Extremely

regarding my student loans. Confident
Extremely
3.) My understanding of loan terms motivates me to make 4.64 Confident

regular payments to reach my financial goals.
Extremely
4.) I feel more confident about my financial future due 4.46 Confident
to my knowledge of loan repayment options.
Extremely
5.) My confidence in understanding loan terms has a 4.40 Confident
positive impact on my ability to set and reach financial goals.
Extremely
Grand Weighted Mean 4.34 Confident
Table 2.3
Table 2.3 shows that students feel very confident, with a grand weighted average of
4.34, that understanding loan terms helps them make good financial choices, stay
motivated with payments, and reach their goals.
DISCUSSION
1.) Demographic Information

• In our study of 50 respondents, there are 28 females (56%) and 22 males (44%).
• The age distribution shows that most respondents (70%) are aged 21-23, followed
by 24% aged 18-20, and only 6% aged 24-30. This indicates a majority of typical
college-aged students in the sample.
• Among the surveyed students, 60% are in their 4th year (30 students), 20% are in
the 2nd year (10 students), 12% are in the 3rd year (6 students), and 8% are in the
1st year (4 students). This distribution suggests that most respondents hav e more
experience with student loans and financial management, which can provide insights into
financial literacy. Additionally, the lower representation of 1st-year students highlights
the need for targeted financial education programs to support them as they start college.
DESCRIPTIVE RATING
SCALE RANGE DESCRIPTIVE RATING

1 1.0 – 1.80 Not at all Confident
2 1.81 – 2.60 Slightly Confident
3 2.61 – 3.40 Moderately Confident
4 3.41 – 4.20 Very Confident
5 4.20 – 5.00 Extremely Confident
2.) Knowledge of Debt Management
SURVEY 5 4 3 2 1 Total Total Weighted Descriptive

QUESTIO Mean Rating
Extremely Very Moderately Slightly (f)
N NO. 5 - Extremely Confident: Students feel fully preparedNot
andatvery
all (w)
knowledgeable in this area.
Confident Confident Confident confident
Confident
4 - Very Confident: Students feel knowledgeable but with slightly less certainty.
f w f w f w f w f w
3 - Moderately Confident: Students feel somewhat knowledgeable but may need moreExtremely
1 40 20 10 40 0 0 0 0 0 0 50 240 4.80 confident
0
information.
50 confidence Extremely
2 2 -38 19Confident:
Slightly 11 44 1 feel3limited0 knowledge
Students 0 0 and0lack full 237 4.74 confident
0
1 - Not Confident: Students feel little to no knowledge or preparation in this area. Extremely
3 42 21 8 32 0 0 0 0 0 0 50 242 4.84 confident
0
50 Extremely
4 35 17 10 40 3 9 2 4 0 0 228 4.56 confident
5
50 Very
5 12 60 28 11 7 27 3 6 0 0 205 4.10 confident
2
Grand Weighted Mean Extremely
4.67 confident
(GWM)
3.) Impact of Financial Literacy on Stress Reduction

QUESTION Mean Rating
NO. Extremely Very Moderate Slightly Not at all (f) (w)
Confident Confident Confident Confident Confident
f w f w f w f w f w
1 19 95 26 104 5 15 0 0 0 0 50 214 4.28 Extremely

Confident
2 17 85 30 120 3 9 0 0 0 0 50 214 4.28 Extremely

Confident
3 12 60 21 84 15 45 2 4 0 0 50 193 3.86 Very

Confident
4 8 40 31 124 11 33 0 0 0 0 50 197 3.94 Very

Confident
5 15 75 28 112 7 21 0 0 0 0 50 208 4.16 Very

Confident
Grand Weighted Mean Very
4.10
(GWM)
Confident
4.) Confidence in Understanding Loan Terms and Goal-Setting

QUESTION Mean Rating
NO. Extremely Very Moderately Slightly Not at all (f) (w)
Confident Confident Confident confident
Confident
f w f w f w F w f w
50 Very
1 9 45 27 108 14 42 0 0 0 0 195 3.90 confident
50 Extremely
2 21 105 27 108 2 6 0 0 0 0 219 4.38 confident
50 Extremely
3 32 160 18 72 0 0 0 0 0 0 232 4.64
confident
50 Extremely
4 27 135 19 76 4 12 0 0 0 0 223 4.46 confident
50 Extremely
5 15 75 35 140 0 0 0 0 0 0 215 4.30 confident
Grand Weighted Mean Extremely

4.34 confident
(GWM)
COMPARISON WITH RELATD LITERATURE AND STUDIES

This comparison highlights the research on financial literacy and its impact on
managing student loan debt among BSA students at ICCT Colleges, emphasizing its
contributions to existing studies. While many studies have explored financial literacy in
general, this research specifically focuses on accounting students, providing insights into their
unique challenges. The study aims to explore the relationship between financial literacy and
loan management practices among BSA students, concentrating on essential skills such as
budgeting, saving, and debt management. In contrast, previous studies, like "Financial
Literacy, Financial Knowledge, and Student Debt" (Journal of Financial Counseling and
Planning, 2020), adopt a broader approach that does not address the specific needs of
accounting students. The sample consists of BSA students at ICCT Colleges, allowing for a
focused examination of the financial literacy challenges faced by aspiring accountants.
Existing studies, such as "Financial Education and Behavior Change" (Journal of Financial
Education, 2019), often analyze more generalized student populations, which may overlook
the distinct financial circumstances of those in accounting. This research specifically
investigates practical financial literacy skills that significantly affect loan management, such
as budgeting, saving, and debt repayment strategies, whereas earlier studies typically consider
financial literacy in a wider context, potentially missing the specific financial behaviors of
accounting students. The study employs quantitative surveys to assess the financial literacy
levels of BSA students and analyze their loan management behaviors, aligning with studies
like "The Efficacy of Financial Literacy Programs" (Educational Review, 2021) while
focusing on the relationship between financial literacy skills and debt management practices
to establish direct correlations. Ultimately, the research aims to offer practical
recommendations for ICCT Colleges to enhance their financial literacy programs specifically
targeting loan management for BSA students. Earlier studies, such as "Financial Education
and Student Debt Mitigation" (Journal of Behavioral Finance, 2019), highlight the importance
of financial literacy programs in general, while this study seeks to provide targeted strategies
for accounting students. In summary, although current literature offers valuable insights into
the connection between financial literacy and student debt management, this research
specifically targets BSA students at ICCT Colleges. By exploring practical financial skills
and their impact on loan management, this study enhances our understanding of how financial
literacy can be effectively integrated into educational programs to support the financial well-
being of BSA students.
IMPLICATIONS OF THE FINDINGS
This research emphasizes the importance of financial literacy in managing student
loan debt. It suggests that higher financial literacy leads to better debt management, meaning
students who understand financial concepts like interest rates, loan repayment options, and
budgeting are more likely to make informed decisions. Our findings indicate that students feel
"very confident" that financial literacy can help reduce stress related to student loans, which
can be a significant source of anxiety. Therefore, we recommend that financial service
providers improve communication with students by offering clear information and resources.
Additionally, educational institutions should incorporate financial literacy programs into their
curricula, especially in fields like accounting. Policymakers can use this information to
enhance student loan systems by implementing mandatory financial literacy education and
creating accessible resources to help students manage their loans without experiencing mental
health issues.
LIMITATIONS OF THE STUDY
This study has some limitations. First, it includes only 50 BSA students from ICCT
Colleges, which might not represent all students. The results come from self-reported data, so
students might say they know more about finances than they really do. Because the study
focuses on BSA students, the findings may not apply to students in other fields. It also looks
at data from just one point in time, making it hard to see how financial literacy or debt
management changes over time. Other important factors, like spending habits and outside
influences, were not fully considered, and the study didn’t take into account students'
backgrounds. Lastly, students who feel less confident about their financial knowledge may
not have wanted to participate, which could affect the results. These limitations should be
considered when looking at the study's findings.
CONCLUSION
In conclusion, this study shows that financial literacy is very important for managing student
loan debt among BSA students at ICCT Colleges. Our findings reveal a high level of
confidence among students regarding their financial knowledge, indicating that those who
understand budgeting, interest rates, and repayment options are better at handling their loans
and reducing stress. By focusing on accounting students, we highlight their unique financial
challenges and the need for tailored financial education programs. The strong confidence
levels suggest that effective financial literacy initiatives can empower students to make
informed decisions. Therefore, educational institutions, financial service providers, and
policymakers should prioritize developing and implementing comprehensive financial
literacy programs. These efforts will help students manage their student loans more
effectively and support their overall academic success and financial health.
SUMMARY OF KEY FINDINGS

This study explored financial literacy and student loan management practices among
respondents. The findings show that many participants are in their later years of college,
indicating they have significant experience with managing student loans. However, the lower
representation of 1st-year students reveals a gap in financial education, highlighting the need
for targeted programs to support them. Overall, the results underscore the importance of
tailored financial literacy initiatives to help students effectively manage their student loan
debt. Key findings include:
Demographics: In our study of 50 respondents, 28 are females (56%) and 22 are males
(44%). Most participants (70%) are aged 21-23, with 24% aged 18-20 and 6% aged 24-30.
Among them, 60% are in their 4th year, 20% in their 2nd year, 12% in the 3rd year, and 8%
in the 1st year. This suggests most have experience with student loans, highlighting the need
for targeted financial education, particularly for 1st-year students.
High Financial Literacy Levels:
The students demonstrated a high level of financial literacy, with
extremely high confidence in debt management, as indicated by a grand
weighted mean of 4.67. Most students are well-versed in budgeting,
interest rates, and loan repayment strategies.
Stress Reduction Through Financial Literacy:
Financial literacy positively impacts stress levels related to debt. A
mean of 4.10 suggests that students feel less stressed when they
understand loan terms and budgeting.

Confidence in Goal-Setting and Financial Planning:
A high confidence level in understanding loan terms enhances
students' ability to set and reach financial goals. With a mean score of
4.34, students reported feeling empowered to make informed financial
decisions.
RECCOMENDATIONS FOR FUTURE RESEARCH
We researchers can propose a several recommendations for future research and
practical application coming with this topic with a help of our research findings. Based on our
findings, our graph shows that students are “extremely confident” with their ability to manage
their loan debt effectively, “very confident” that financial literacy helps to reduce their stress
student loan debt, and “extremely confident” in understanding loan debt which help them set
and achieve their financial goals that clearly shows in general that financial literacy are
helping students to manage their student loan debt, which we researchers are recommending
that the future researchers should have a compassionate to deeply view and understand the
perspective of its respondents. As for practical application, by having a deep knowledge about
the help of financial literacy the institutions should also focus on proposing a free educational
session for students to enhance their financial literacy on handling their financial struggles
and goals. Future research could explore the long-term effects of financial literacy on loan
repayment behavior post-graduation or the impact of specific financial literacy interventions
on students' ability to manage debt.

REFERENCES

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ICCT Colleges Foundation Inc

College of Business and Accountancy

FINANCIAL LITERACY AND ITS IMPACT ON STUDENT LOAN DEBT

In Partial Fulfillment of the

debt management among Bachelor of Science in Accountancy (BSA) students at ICCT

This study employs a quantitative research design, utilizing a survey-based method to

of Bachelor of Science in Accountancy (BSA) students. A structured questionnaire will be

decisions. The study concludes by recommending the integration of financial literacy

thereby improving their ability to navigate student loan repayment post-graduation.

1.1 Background of the Study

1.2 Statement of the Problem

1.3 Objectives of the Study

1.4 Significance of the Study

1.5 Scope and Limitations of the Study

1.6 Definition of Terms

2. Review of Related Literature and Studies

2.1 Review of Related Literature (RRL)

2.2 Review of Related Studies (RRS)

2.3 Summary of RRL and RRS

3.1 Research Design

3.3 Research Instruments

3.4 Data Collection Procedure

3.5 Data Analysis Procedure

4.1 Presentation of Findings

4.2 Tables, Figures, and Charts

5.1 Interpretation of Findings

5.2 Comparison with Related Literature and Studies

5.3 Implications of the Findings

5.4 Limitations of the Study

o Summary of Key Findings

o Recommendations for Future Research

o Research Instrument (e.g., survey or interview questions)

Understanding financial literacy is crucial for managing personal finances, especially

financial difficulties. Effective debt management is strongly linked to financial literacy.

managing student loans and lead to greater financial stability.

literacy to help students achieve better financial outcomes.

STATEMENT OF THE PROBLEM

term financial implications, understanding how financial knowledge influences debt

levels of financial literacy.

student loan debt?

confidence help them set and reach financial goals?

OBJECTIVES OF THE STUDY

SIGNIFICANCE OF THE STUDY

and repayment by improving their comprehension of financial concepts. Enhanced financial

the specific challenges encountered by these students. Increased awareness of accessible

SCOPE AND LIMITATIONS OF THE STUDY

ability to navigate the complexities of student loans, including repayment strategies,

budgeting, and financial decision-making.

The scope of this study includes:

Participants: BSA students currently enrolled at ICCT Colleges

and use of financial tools or advice.

Despite its comprehensive approach, this study has several limitations:

institutions due to the specific focus on BSA students at ICCT Colleges.

under-reporting of financial behaviors or knowledge.

literacy or debt management behaviors over time.

financial information, potentially affecting the accuracy of the findings.

range of financial literacy topics, or employing longitudinal research methods.

DEFINITION AND TERMS

Convenience Sampling – A non-probability sampling technique where respondents are

business and loyalty.