--

14(4)2024

Financial literacy and entrepreneurial behavior of Junior high school students: Basis for TLE management plan


Author - Affiliation:
Rogelia Danica Español - Department of Education-Cebu Province, Cebu
Joemar T. Miñoza - Cebu Technological University-Tuburan, Cebu
Leo Zosa - Cebu Technological University-Tuburan, Cebu
Corresponding author: Joemar T. Miñoza - joemarminoza14@gmail.com
Submitted: 16-06-2023
Accepted: 15-08-2023
Published: 19-03-2024

Abstract
This research assesses the Junior High School students’ financial literacy and its impact on their entrepreneurial behavior at Moalboal National High School for the school year 2022 - 2023 based on the TLE Management Plan. The research utilized a descriptive method of research to accurately and systematically describe the profile, financial literacy, and entrepreneurial behavior of the respondents who were chosen randomly using the fishbowl technique. Furthermore, a correlational study is also employed to determine the significant relationship between respondents’ financial literacy and entrepreneurial behavior. This study utilizes a standardized survey questionnaire for financial literacy retrieved from Jorgensen (2007) while for entrepreneurial behavior patterned from Abun, Foronda, Agoot, Belandres, and Magallanez (2018). It was revealed that respondents’ age range from 12 to 17, where there are a greater number of women than men, the majority of them are full-time students, very few are engaged to work, and a majority of their family income is below 20,000.00php; financial knowledge, attitude, and behavior are moderately average, entrepreneurial behavior is high or more than the average but not very high; demographic profile has significant relationship with financial literacy; demographic profile is not significant to their entrepreneurial behavior; financial knowledge and behavior do not have significant relationship with entrepreneurial behavior, but financial literacy does. It can be concluded that financial literacy as to financial attitude is a determinant of entrepreneurial behavior, presumably so as with financial knowledge and behavior if they were only fully developed. It is recommended to integrate financial literacy and entrepreneurial behavior extensively in the curriculum of secondary education.

JEL codes
D14; D31; E21

Keywords
descriptive-correlational; entrepreneurial behavior; financial literacy; moalboal Cebu Philippines; secondary education

Full Text:
PDF

Cite this paper as:

Español, R. D., Miñoza, J. T., & Zosa L. (2024). Financial literacy and entrepreneurial behavior of Junior high school students: Basis for TLE management plan. Ho Chi Minh City Open University Journal of Science – Economics and Business Administration, 14(4), 3-19. doi:10.46223/HCMCOUJS.econ.en.14.4.2808.2024


References

Abdul Halim, M. A. S., Muda, S., Wan Mohd Amin, W. A. A., & Salleh, A. M. M. (2012). The significance difference on entrepreneurial profile toward entrepreneurial personality in micro and small business: Malaysia creative industry. Asian Social Science, 8(3), 236-245. doi:10.5539/ass.v8n3p236


Abdul Rahim, A. W. P., Wan Ismail, W. K., Thurasamy, R., & Abd. Rahman, I. (2018). The relationship of individual creativity with entrepreneurial intention via Individual Entrepreneurial Orientation (IEO). International Journal of Innovation and Business Strategy (IJIBS), 9(1), 41-54.


Abun, D., Foronda, S. L. G., Agoot, F., Belandres, M., & Magallanez, T. (2018).  Measuring entrepreneurial attitude and entrepreneurial intention of ABM grade XII, senior high school students of divine word colleges in region I, Philippines. International Journal of Applied Research, 4(4), 100-114.


Adiputra, I. G., Suprastha, N., & Tania, L. (2021). The influence of financial knowledge, financial attitude dan locus of control on financial behavior of e-wallet users in Jakarta. Journal of Contemporary Issues in Business and Government, 27(1), 3318-3332.


Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.


Ali, M., Ali, I., Badghish, S., & Soomro, Y. A. (2021). Determinants of financial empowerment among women in Saudi Arabia. Frontiers in Psychology, 12(747255), 1-10. doi:10.3389/fpsyg.2021.747255


Alshebami, A. S., & Al Marri, S. H. (2022). The impact of financial literacy on entrepreneurial intention: The mediating role of saving behavior. Frontiers in Psychology, 13(911605), 1-10. doi:10.3389/fpsyg.2022.911605


Atkinson, A. (2017). Financial education for MSMEs and potential entrepreneurs.  OECD Working Papers on Finance, Insurance and Private Pensions OECD Publishing, Paris. doi:10.1787/bb2cd70c-en


Azmi, N. F., Mohammad, S. R., Hasan, H., Deraman, S. N., Abdullah, T., Abdullah, S. S., & Hashim, N. (2020). Analysis of the relation between financial literacy and entrepreneur. International Journal of Engineering Research and Technology, 13(12), 5429-5435.


Bhushan, P., & Medury, Y. (2013). Financial literacy and its determinants. International Journal of Engineering, Business and Enterprise Applications, 4(2), 155-160.


Bilal, M. A., Khan, H. H., Ifran, M., Ui Haq, S. M. N., Ali, M., Kakar, A.,… Rauf, A. (2020). Influence of financial literacy and educational skills on entrepreneurial intent: Empirical evidence from young entrepreneurs of Pakistan. Journal of Asian Finance, Economics and Business, 8(1), 697-710.


Bohm, P., Bohmova, G., Gazdikova, J., & Simkova, V. (2023). Determinants of financial literacy: Analysis of the impact of family and socioeconomic variables on undergraduate students in the Slovak Republic. Journal of Risk and Financial Management, 16(4), 1-20. doi:10.3390/jrfm16040252


Bolton, D. L., & Lane, M. D. (2012). Individual entrepreneurial orientation: Development of a measurement instrument. Education and Training, 54(2), 219-233.


Caird, S. (2013). General measure of enterprising tendency test. Retrieved April 16, 2023, from http://www.get2test.net


Cameron, R., Ginsburg, H., Westhoff, M., & Mendez, R. (2012). Ajzen’s theory of planned behavior and social media use by college students. American Journal of Psychological Research, 8(1), 1-20.


Chepkemoi, M., Patrick, E., & Njoroge, C. (2017). The effect of financial literacy training on business profitability in coastal region: A case of kwale county SMEs. Strategic Journal of Business & Change Management, 4(3), 684-703.


Chew, T. C., Tang, Y. K., & Buck, T. (2021). The interactive effect of cultural values and government regulations on firms’ entrepreneurial orientation. Journal of Small Business and Enterprise Development, 29(2), 221-240. doi:10.1108/jsbed-06-2021-0228


Colichi, R. M., Gómez-UrrutiaI, V., Jimenez-FigueroaI, A. E., Carvalho Nunes, H. R., & Lima, S. A. (2020). Profile and entrepreneurial intention of nursing students: A comparison between Brazil and Chile. Revista Brasileira de Enfermagem, 73(6), 1-9. doi:10.1590/0034-7167-2019-0890


Diawati, P., & Juwita, R. (2019). Entrepreneurial behavior in the success of small embroidery industries in the city of Tasikmalaya. Proceeding of the International Conference on Education, Management, Humanity, Social, Politics, Economics, Science and Technology, Law and Health.


Dilanchiev, A. (2014). Relationship between   entrepreneurship and unemployment: The case of Georgia. Journal of Social Sciences, 3(2), 5-9.


Driessen, M. (2023). Need for autonomy; one of the competencies of a business owner. Retrieved April 16, 2023, from https://entrepreneurscan.com/blog/need-for-autonomy


Firli, A. (2017). Factors that influence financial literacy: A conceptual framework. IOP Conference Series: Materials Science and Engineering, 180(012254), 1-8. doi:10.1088/1757-899X/180/1/012254


Gilenko, E., & Chernova, A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, 127(3), 106-122. doi:10.1016/j.childyouth.2021.106122


Gould, S. (2014). Drive, determination and passion: Three keys to success in life and in business. Retrieved April 16, 2023, from https://www.linkedin.com/pulse/20140620185038334219545-drive-determination-and-passion-threekeys-to-success-inbusiness-and-in-life/


Han, S. (2022). To what extent do grade levels and the requirement of an economics course in high school impact the financial literacy levels of students in the United States? Journal of Student Research, 11(3), 1-13.


Herliani, R., Zainal, A., & Thohiri, R. (2018). Factors affecting financial literacy among undergraduate students of accounting education in the Faculty of Economics of Universitas Negeri Medan. Unimed International Conference on Economics Education and Social Science, 120-126.


Iqbal, A., Melhem, Y., & Kokash, H. (2012). Readiness of the university students towards entrepreneurship in Saudi private university: An exploratory study. European Scientific Journal, 8(15), 109-131.


Jayaraman, J., Jambunathan, S., & Counselman, K. (2018). The connection between financial literacy and numeracy: A case study from India. Numeracy, 11(2), 1-19. doi:10.5038/1936-4660.11.2.5


Jorgensen, B. (2007). Financial literacy of college students: Parental and peer influences. Retrieved February 10, 2023, from https://vtechworks.lib.vt.edu/items/4b3c3c63-3d86-430c-b15a-fb36919acd04


Keown, L. A. (2011). The financial knowledge of Canadians. Canadian Social Trends, 11(8), 30-39.


Koellinger, P. (2008). Why are some entrepreneurs more innovative than others? Small Business Economics, 31(1), 21-37.


Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and over indebtedness. Journal of Pension Economics and Finance, 14(4), 332 -368.


Messy, F. A., & Monticone, C. (2016). Financial education policies in Asia and the pacific. OECD Working Papers on Finance, Insurance and Private Pensions, 1-65. doi:10.1787/5jm5b32v5vvc-en


Montalbo, I., Pogoy, A., Av, G., & Pepito, G. (2017). Financial literacy of professional and pre-service teachers in the Philippines. Journal of Global Economics, 5(3), 1-8. doi:10.4172/2375-4389.1000267


Morris, T., & Koffi, V. (2015). The link between and education of Canadian university students. International Journal of Innovation Research Education Science, 2(3), 160-170.


Mudzingiri, C., Muteba Mwamba, J., & Keyser, N. K. (2018). Financial behavior, confidence, risk preferences, and financial literacy of university students. Cogent Economics & Finance, 6(1), 1-25. doi:10.1080/23322039.2018.1512366


Muizzuddin, T., Ghasarma, R., Putri, L., & Adam, M. (2017). Financial literacy; strategies and concepts in understanding the financial planning with self efficacy theory and goal setting theory of motivation approach. International Journal of Economics and Financial Issues, 7(4), 182-188.


Murugesan, R., Manohar, V., Gandreti, V. R., & Sujatha, D. (2023). Determinants of financial literacy by educational level among women in Vizianagaram District. Multidisciplinary Journal of Educational Research, 13(1), 234-247.


Nasip, S., Amirul, S. R., Sondoh, S. L., & Tanakinjal, G. H. (2017). Psychological characteristics and entrepreneurial intention. Education + Training, 59(7), 825-840. doi:10.1108/et-10-2015-0092


Nidar, S. R., & Bestari, S. (2012). Personal literacy among university students (case study at Padjajaran University students, Bandung, Indonesia). World Journal of Social Science, 2(4), 162-171.


Nuringtyas, M. R., & Kartini, K. (2023). The influence of financial literacy and financial technology on student financial behavior in Yogyakarta. International Journal of Social Service and Research, 3(4), 919-925. doi:10.46799/ijssr.v3i4.326


Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2015). Determinantes da alfabetização financeira: Análise da influência de variáveis socioeconômicas e demográficas. Revista Contabilidade & Finanças, 26(69), 362-377. doi:10.1590/1808-057x201501040


Rai, K., Dua, S., & Yadav, M. (2019). Association of financial attitude, financial behaviour and financial knowledge towards financial literacy: A structural equation modeling approach. FIIB Business Review, 8(1), 51-60. doi:10.1177/2319714519826651


Saraih, U., Aris, A., Mutalib, S., Ahmad, T., & Amlus, M. (2018). Examining the relationships between attitude towards behaviour, subjective norms and entrepreneurial intention among engineering students. Malaysia: MUCET 2017 Penang. 


Sarsale, M. (2021). Linking financial literacy and entrepreneurial characteristics. International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(1), 1-12.


Segura, E. A., & Zamar, M. D. (2019). Effects of financial education and financial literacy on creative entrepreneurship: A worldwide research. Education Sciences, 9(238), 2-17.


Silva, T. P., Magro, C. B., Gorla, M. C., & Nakamura, W. T. (2017). Financial education level of high school students and its economic reflections. Revista deAdministração, 52(3), 285-303.


Świecka, B., Grzesiuk, A., Korczak, D., & Kaniewska, O. (2019). Financial literacy and financial education: Theory and survey. Berlin/Boston, Germany: Walter de Gruyter GmbH.


Teshome, T. (2014). Attitudes of private higher education students towards entrepreneurship: A case of distance learners in Wolaita Sodo and Hossana towns. Middle-East Journal of Scientific Research, 19(2), 277-285.


Toth, M., Lancaric, B., & Savov, R. (2015). Impact of education on financial literacy: A case of Slovakia. Retrieved April 16, 2023, from https://dspace5.zcu.cz/bitstream/11025/ 16753/1/Toth.pdf


Tran, Q. N., Phung, T. M. T., Nguyen, N., & Nguyen, H., T. (2023). Financial knowledge matters entrepreneurial decisions: A survey in the Covid-19 pandemic. Journal of the Knowledge Economy. doi:10.1007/s13132-023-01137-8


Usama, K. M., & Usof, W. F. (2019) The impact of financial literacy on business performance. International Journal of Research and Innovation in Social Science, 3(10), 84-91.



DOI: https://doi.org/10.46223/HCMCOUJS.econ.en.14.4.2808.2024
Creative Commons License
© The Author(s) 2024. This is an open access publication under CC BY NC licence.