SPENDING BEHAVIOR OF MANAGEMENT STUDENTS

A Research Presented
to the Faculty of the Senior High School
University of Saint Louis
Tuguegarao City, Cagayan

In Partial Fulfillment
of the Requirements for the Course
SENIOR HIGH SCHOOL

By

Christine Faith Nichole B. Abawag

John Rex S. Ancheta
Ivy Joy B. Domingo
Genebib A. Rabina
Aaron Denver N. Saclote
Gale Myka M. Taguinod

April 2019
 ABSTRACT

One of the challenges that college students encounter is the difficulty to control the way
they spend and in the Philippines, very minimal research has been conducted about this.
The level of the perceived problem on the spending is still not absolutely figured
out.Therefore, this study focused in determining the spending behavior of management
students of the University of Saint Louis Tuguegarao using Quantitative survey research
design. Stratified random sampling was used to determine the 234 respondents who are
taking Management Accounting, Financial Management and Marketing Management
course. A researcher made questionnaire was used for data collection. Respondents
were found to spend tightly in terms of personal needs and academic purposes and
loose in terms of food and transportation. Meanwhile, Independent samples test and
Analysis of Variance were used to test the difference on spending behavior when
grouped according to profile variables. It can be concluded that sex, course, year level
and ethnicity are determinants of the difference on spending behavior of management
students while socioeconomic status was found insignificant when comparing the said
behavior.

Keywords: spending behavior, management students

Spending Behavior of Management Students | ii

 TABLE OF CONTENTS
Title Page

Title Page .……………….………………………………………….. i

Abstract ….….…………………………………………………… ii
Table of Contents ….………………………………………………………… iii
List of Figures ….………………………………………………………… iv
List of Tables ….….…………………………………………………… v

INTRODUCTION
Background of the Study …………………..……………………… 1
Research Questions ………………………..………………… 1
Hypothesis ………………………..………………… 2
Significance of the Study ……………………………..…………… 2
Literature Review ………………………………….………. 2
Research Simulacrum ……………………………………..…… 5

METHODS
Research Design ………………………………………….. 6
Locale of the Study ………………………………………….. 6
Respondents of the Study …………..…………………………….… 6
Instrumentation ….….…………………………………… 6
Data Collection Procedure ………………..………………………... 6
Data Analysis ……..………………..………………….. 7
Ethical Considerations …………………..………..…………….. 7

RESULTS …………………..………..…………….. 8
DISCUSSION …………………..………..…………….. 13
CONCLUSION …………………..………..…………….. 14
RECOMMENDATIONS …………………..………..………………. 15
REFERENCES …………………………………………… 16

APPENDICES
A. Literature Matrix ….….……………………………………. 20
B. Variable Matrix ….….…………………………………… 36
C. Questionnaire ….….…………………………………… 39
D. Code Guide ….….…………………………………… 41
E. Research Instrument Table ….….………………………………… 44
F. Letter to the V.P. for Academics ….….……………………………… 45
G. Letter for Validity ….….………………………………… 47
H. Informed Consent …………………………………………. 49
I. Minutes of the Defense ………………………………………… 51

Spending Behavior of Management Students |iii

 LIST OF FIGURES

Figure No. Title of Figure Page

1 Research Simulacrum …………………..………..…………….. 5

Spending Behavior of Management Students |iv

 LIST OF TABLES

Table No. Title of Table Page

1 Profile of the respondents ……..………..…………….. 8

Monthly allowance of the respondents…………..………..… 8

Percentage of the respondents’ expenses

for Personal Needs ………..…………….. 9

Percentage of respondents’ expenses for Food.......................................................9

Percentage of respondents’ expenses

for Academic Purposes ………..…………….. ............. 9

Percentage of respondents’ expenses

for Transportation ………..……………..………..… 9

3 Level of spending behavior of the respondents …………..… 10

4 Test of Significant Difference on the Respondents’

Spending Behavior when Grouped According
to their Sex ………..…….......…..… 10

Test of Significant Difference on the Respondents’

Spending Behavior when Grouped According
to their Courses ………..………..…...........……..………..… 10

Post Hoc test for difference in Spending behavior

when grouped according to Course ………..………..…..... 11

6 Test of Significant Difference on the Respondents’

Spending Behavior when Grouped According
to their Year Level ………..………..… 11

7 Test of Significant Difference on the Respondents’

Spending Behavior when Grouped According
to their Socioeconomic status ………..………..… 11

Test of Significant Difference on the Respondents’

Spending Behavior when grouped according
to Ethnicity ………..………..… 12

Post Hoc test for difference in Spending behavior

when grouped according to Ethnicity ............................. 12

Spending Behavior of Management Students |v

INTRODUCTION

Background of the Study

Majority among students experience financial independence without the
supervision of their parents during their college years (Sabri et al, 2008). On that span
of time, college students deal in a unique situation because of limited incomes and
high expenses (Micomonaco, 2003).

According to Holland (2016) many college students are unused to managing

money. One of the biggest money challenges that they usually encounter is staying on
top of what they are spending, which means that they have a difficulty in controlling
the way they spend.

Overspending is a sort of problem that can be connected to the conclusion of

Holland (2016). It was reported by UNL Parent Newsletter (2012), that countless
freshmen revealed that they have drained their savings accounts within the first month
of college and then have to take utmost three part-time jobs just to pay for basic
expenses.

In the Philippines, very minimal research has been conducted about the
spending behavior of college students. The level of the perceived problems on the
said field is still not absolutely figured out. In this connection, the researchers decided
to conduct a study that will focus on the spending behavior of college students in the
University of Saint Louis Tuguegarao, particularly the management students.

In order to come up with a reliable result, researchers focused on how the

students spend their money in terms of food, personal needs, academic purposes and
transportation. Ample attention was also given to know if there is a significant
difference on the students’ spending behavior when grouped according to sex,
ethnicity, socioeconomic status, course and year level.

Research Questions

Generally, this study aimed to determine the spending behavior of students

taking up Bachelor of Science in Management Accounting(BSMA), Bachelor of
Science in Business Administration Major in Financial Management (BSBA-FM) and
Marketing Management (BSBA-MM).

Specifically, this opted to answer the following questions:

1. What is the profile of the respondents in terms of:

a. Sex
b. Course
c. Year level
d. Socioeconomic Status
e. Ethnicity

2. What percentage of the respondents’ allowance is spent for:

Spending Behavior of Management Students | 1

 a. Personal needs
b. Academic purposes
c. Food
d. Transportation

3. What is the respondents’ level of spending in terms of:

a. Personal needs
b. Academic purposes
c. Food
d. Transportation

4. Is there a significant difference in spending behavior when grouped according

to profile variables?

Hypothesis

There is no significant difference in spending behavior when grouped according

to profile variables.

Significance of the Study

The spending behavior of students provide an insight as to how young adults

utilize their allowance. As more focus is being drawn towards studying the spending
behavior of young adults, there is increasing desire to understand the issue and the
main driving forces that lie behind the development of spending behavior.
Very minimal research has been conducted in this topic and doing so could
shed light whether or not there is a perceived problem on the spending behavior of
students in the locality.
The researchers may use the results of this study to extend frontier of
knowledge regarding the factors that are associated with the spending behavior of
students. This will also serve as their platform in applying their knowledge and skills
in conducting research.
Moreover, the results of this study may be used as reference data in
conducting new researches or in testing the validity of other related findings.
Meanwhile, on the side of students, this study could bring awareness about
their current condition with regards to spending.

Literature Review

Underpinning Theory

This study is anchored on the Social Cognitive Theory by Albert Bandura

(1977) which proposes that people are driven not by inner forces, but by external
factors. This model suggests that human functioning can be explained by a triadic
interaction of behavior, personal and environmental factors.
This theory is beneficial in analyzing and interpreting the difference of the
profile variables (sex, course, year level, socioeconomic status, and ethnicity) of the
respondents and their spending behavior.

Spending Behavior of Management Students | 2

Spending Behavior
D’Silva (2008) defined spending behavior as a conduct influencing the
manner in which a man utilize their money to fulfill their needs and needs with no
utilization of control.
He elaborated that the spending behavior of students today is fairly not quite
the same as before, he claimed that students are getting more into consumerism
consistently.
Studies have shown different factors that can affect the spending behavior of
individuals, and these include demographic factors (Levenson, 2014), age,sex,
ethnicity (Villanueva, 2017),qualities and learning or education (Norvilitis, et. Al,
2006).

Sex and Spending Behavior

A great deal is put into the issue whether females spend their money more
compared to males and vise versa.
In a study conducted by Hayhoe et. al (2000 as cited in Villanueva, 2017),
results show that there is a strong influence of sex in spending behavior. Females
tend to spend on appearance goods like clothing while males spend for electronics,
entertainment and food. Females were also found to exhibit more financial practices
like keeping a written budget, planning spending and saving regularly.
This result was somehow contradicted by Roberts (2000 as cited by
Villanueva, 2017), who claimed that females are more likely to exhibit spending
behaviors, particularly compulsive buying compared to men.
It was supported by De Guzman (2011) who found out that female students
tend to spend huge amount of money on food and art materials while male students
have different kind of priorities. Male students also spend more on recreation and
females spent more on books and school supplies outspending males by 15%
(Bailey, 2009).

Socioeconomic Status and Spending Behavior

According to Tew (2016), the spending behavior of students in modern times
has emerged as an essential concern in our society. He concluded that
socioeconomic status issue influences the spending behavior of the students.

Koc and Ceylan (2012), stated that consumers in lower status groups spend
the biggest portion of their income on food products. He added that the highest status
consumers always check the price labels of the food products with a high percentage
(66.67 percent) before purchasing. A total of 77 percent of study respondents stated
that they were open to spend in trying new food products. Meanwhile, consumers
within the top socioeconomic groups consider food ingredients carefully before
purchasing.

Ethnicity and Spending Behavior

Ethnicity is an acquired and inheritable characteristic from a typical group.

Seen along these lines, ethnicity is viewed as a steady characteristic that has the
capacity to influence one’s behavior.
Studies provide strong evidence for ethnic differences in spending behavior.
In the study of Villanueva (2017), it was proven that White Americans and Asians
spend significantly more than Black or African Americans and other ethnicities. It was

Spending Behavior of Management Students | 3

also found out that the ethnic identities had another difference at purchasing amounts
of goods, especially on consumption goods.
Some research studies also support the argument that culture based
spending behaviour is heavily influenced by ethnic identity and ethnicity (Intharacks
2017).

Year Level and Spending Behavior

According to a research of Westwood College in US (2009) most of the
seniors and college students budget the least of their allowance for transportation,
books and supplies but 40% on optional activities entertainment, apparel and
services, travel and vacation.
Stollak (2010) stated that freshmen were much more likely to spend all their
dollars quickly than juniors and seniors. This could be due to lack of awareness of
their budget or not planning appropriately. Contrary to this, Bailey. et. al(2009) said
that juniors and seniors spent significantly more than freshmen and sophomores on
recreation, food, general merchandise and miscellaneous items.
Meanwhile, Villanueva (2017) claimed in his study that, freshmen and senior
students exhibit higher spending behaviors while sophomores and juniors exhibit less
spending.

Course and Spending Behavior

It has been made issue of whether financial education correlates with

behavior change as per previous studies. Several researchers have agreed that
financial education have brought upon a favorable outcome based on a conducted
study from distinct target population like that of employees, students and financial
counselling clients. To mention, long-term financial behavior had been ascertained to
have influenced by education (Cole, Paulson & Shastry 2012; Willis, 2009). It was
also found that there is a connection between education and financial behavior
(Nguyen, 2016). Moreover, financial seminars brought up a positive difference in
behavior (Borden et al., 2008).
However, some authors are crucial of the impacts of management education
to that of behavior (Hensley, 2015). According to Farinella et al., (2017), students’
financial literacy has not improved after taking a management course. This was
elaborated by Mandell and Klein (2009) disagreeing that those who took
management course assesses themselves that there is no great impact on their
financial behavior rather, they didn’t appear as more financial literate than those who
did not took such course.
Financial Education impacts on behavior change have been charged of such
issues due to a restricted evaluation measurements that have been used. Some
surveys use data from a single source such as a pre-test or post-test, which is
inadequate in data comparison in pre or post intervention (Lyons et al., 2009).
These debate do not reject the link between financial education and behavior
change, but they do imply that a more improved theory and evaluation design work is
claimed (Collins and Holden, 2014).

Research Simulacrum
Spending Behavior of Management Students | 4
Figure 1. An illustration of the factors related to the spending behavior of the
respondents.

This framework encompasses the essential variables used in conducting this

study. The independent variables are the profile variables such as sex, year level,
course, socioeconomic status and ethnicity.
The dependent variable is the spending behavior which will be assessed
based on how the students spend their money in terms of personal needs, academic
purposes, food and transportation.

METHODS

Spending Behavior of Management Students | 5

 This chapter discusses the methods that were used in this study which
includes research design, locale, respondents, instrumentation, data gathering
procedure, data analysis and ethical consideration.

Research Design

This study adopted Quantitative Survey Research Design. This design

includes procedures in which researchers administer a survey to a sample or group of
respondents in order to describe the perceptions, attitudes, behaviors or
characteristics of the population.
This particular approach guided the researchers in assessing the spending
behavior of students.

Locale of the Study

The researchers conducted the study in the School of Accountancy, Business

and Hospitality (SABH) Department, specifically in the N building of the University of
Saint Louis Tuguegarao.

Respondents of the Study

The total respondents of this study is 234 management students and is

specifically composed of 62 Management Accounting, 48 Marketing Management and
124 Financial Management students. The slovin’s formula was used to determine the
sample size while the formula nn  (Nn/ N) * n was used to get the sample size per
course. Moreover, Stratified random sampling technique was utilized in selecting the
respondents.

Instrumentation

A researcher-made survey questionnaire was used to gather the data needed

in the study. The questionnaire is divided into three parts. The first part was designed
to determine the respondent’s personal data and information such as name, sex,
course, year level, socioeconomic status and ethnicity. The second part was used to
know the respondent's monthly allowance and what percentage of it is spent for food,
personal needs, transportation and academic purposes. The last part is about the
spending behavior of the respondents, they were asked to indicate to what extent do
they agree or disagree with the statements about personal needs, food, academic
purposes and transportation.
Meanwhile,the questionnaire was validated by experts in Accountancy,
Business and Management.

Data Gathering Procedure

The researchers addressed a letter to conduct a research to the Vice President

for Academics of USLT. Upon receiving the approval of the said authorities, the study
was urgently conducted.
The researchers asked permission from the adviser of the class where the
questionnaires were be floated. Permission from the willing respondents was also asked

Spending Behavior of Management Students | 6

before the researchers conducted a brief orientation regarding the scope of the study. To
secure that the questionnaires were properly filled out, the researchers personally
monitored the respondents while they are answering.
The researchers consumed three weeks in gathering data due to the conflicting
class schedule of the respondents.

Data Analysis

The researchers used Statistical Package for the Social Sciences (SPSS) in
analyzing the data. Specifically, descriptive statistics like frequency was used to
determine the number of respondents who belong in each category of the profile
variables, also this was used in knowing the common range of their monthly allowance
and what percentage is spent for food, transportation, academic purposes and
personal needs. Meanwhile, comparison between mean and median was used to
determine the level of spending among the respondents and the criteria include, if
mean is greater than or equal to the median, the level of spending is ‘loose’ while if
the mean is less than the median, the spending level is ‘tight’.
Furthermore, Independent Samples Test was utilized to find out if there is a
significant difference on spending behavior when grouped according to sex and year
level while One way Analysis of Variance was used for the variables such as course,
socioeconomic status and ethnicity. Post hoc was further used for the variables,
course and ethnicity to know on what particular category does the difference come
from.

Ethical Consideration

Prior to the conduct of this study, the researchers seek permission from the
SABH dean to legally convey the study to the target respondents. The respondents were
then asked for consent and only those who agreed to participate were given informed
consent and questionnaires. Strict confidentiality of the data gathered and the
respondents’ identity was assured by assigning numeric code for each respondent and
by compiling the questionnaires in a secured place.

Spending Behavior of Management Students | 7

RESULTS

The following tables summarize the relevant data taken from the survey
conducted by the researchers which dealt on the spending behavior of management
students.

Table 1. Profile of the respondents

Category Frequency Percentage

Sex
Female 158 67.5
Male 76 32.5
Total 234 100
Course
Financial Management 124 53.0
Management Accounting 62 26.5
Marketing Management 48 20.5
Total 234 100
Year Level
First year 129 55.1
Fourth year 105 44.9
Total 234 100
Socioeconomic status
Low 24 10.3
Middle 198 84.6
High 12 5.1
Total 234 100
Ethnicity
Ilocano 97 41.5
Itawes 16 6.8
Tagalog 85 36.3
Ybanag 33 14.1
Others 3 1.3
Total 234 100
Table 1 shows that most of the respondents are female, first year students,
taking up financial management course, who belong to middle class and are part of
Ilocano group.
Table 2.1. Monthly allowance of the respondents
Category Frequency Percentage
Monthly Allowance
1-1000 47 20.1
1001-2000 38 16.2
2001-3000 66 28.2
3001-Above 83 35.5
Total 234 100

Spending Behavior of Management Students | 8

 Table 2.1 reveals that majority of the respondents have monthly allowance
ranging to P3001-Above.

Table 2.2. Percentage of the respondents’ expenses for Personal Needs

Category Frequency Percentage
5-21 123 52.6
22-38 77 32.9
39-55 33 14.1
56-72 0 0
73-89 1 0.4
Total 234 100

Table 2.2 shows that most of the respondents use 5-21% of their monthly
allowance to finance their personal needs such as clothes and foot wears, toiletries and
rent for apartment.

Table 2.3. Percentage of the respondents’ expenses for Food

Category Frequency Percentage
5-21 19 8.1
22-38 72 30.8
39-55 129 55.1
56-72 10 4.3
73-89 3 1.3
90-100 1 0.4
Total 234 100

Table 2.3 displays that approximately half of the respondents’ monthly allowance
is commonly allotted for food.

Table 2.4. Percentage of the respondents’ expenses for Academic Purposes

Category Frequency Percentage
12-23 89 38
24-35 66 28.2
36-47 14 6.0
48-59 5 2.1
60-71 1 0.4
Total 234 100

Table 2.4 shows that majority of the respondents spend 12-23% of their monthly
allowance for academic purposes which include school supplies, review materials and
other expenses in making school requirements.

Table 2.5. Percentage of the respondents’ expenses for Transportation

Category Frequency Percentage
0-10 111 47.4
11-21 77 32.9
22-32 39 16.7
33-43 4 1.7

Spending Behavior of Management Students | 9

 44-54 3 1.3
Total 234 100

Table 2.5 shows that about 10% of the majority of the respondents’ monthly
allowance is spent for fare or gas consumption.

Table 3. Level of spending behavior of the respondents

Category Mean Median Qualitative Description
Personal Needs 2.3258 2.4637 Tight spending
Food 2.9295 2.9295 Loose spending
Academic Purposes 2.9692 3.0684 Tight spending
Transportation 2.7425 2.6496 Loose spending

Table 3 manifests that respondents have tight spending behavior in terms of

Personal needs and Academic Purposes as most of them do not prefer to buy high end
personal items such as clothes, shoes and bags and they do not also opt to buy school
supplies from popular bookstores.
Furthermore, the table displays that respondents are loose in spending when it
comes to food and transportation as respondents prefer eating meals in carinderia or
fast food chains rather than preparing their own food in their apartments and they prefer
riding on a tricycle or kalesa and pay regular fare when going out because it is more
convenient than walking.

Table 4.Test of Significant Difference on the Respondents’ Spending Behavior when

Grouped According to their Sex
Category t-value p-value Decision
Male
2.865 .005 Reject Ho
Female

Table 4 shows that the spending behavior of the male respondents is significantly
different from females. Male respondents spend more loosely compared to females.

Table 5.1. Test of Significant Difference on the Respondents’ Spending Behavior when
Grouped According to their Courses

Category F-value p-value Decision

Management
Accounting
Marketing
Management 6.121 .003 Reject Ho
Financial
Management

Table 5.1 reveals that there is a significant difference on the respondents’

spending behavior when grouped according to course.

Spending Behavior of Management Students | 10

Table 5.2. Post Hoc test of difference in Spending behavior when grouped according to
Course

Management Marketing Financial

Accounting Management Management
Management
Accounting 1 4.39382* 1.37903
Marketing
Management -4.39382* 1 -3.01478*
Financial
Management -1.37903 3.01478* 1

It can be gleaned in Table 5.2 that between Management Accounting and

Marketing Management; Marketing Management shows higher significant difference in
spending behavior. Furthermore, the table shows that Marketing Management also has
higher significant difference when compared to Financial Management.
On the other hand, the difference on spending behavior between Management
Accounting and Financial Management is not significant but the latter is higher than the
first.
Overall, Marketing Management has the highest significant difference in
spending behavior when compared to the other courses, followed by Financial
Management and Management Accounting, respectively.

Table 6. Test of Significant Difference on the Respondents’ Spending Behavior when

Grouped According to their Year Level

Category t-value p-value Decision

First Year
-2.648 .009 Reject Ho
Fourth Year

Table 6 proves that year level is one of the factors that makes the spending
behavior of the respondents different when compared to each other. Senior college
students spend their allowance more loosely compared to freshmen.

Table 7. Test of Significant Difference on the Respondents’ Spending Behavior when

Grouped according to their Socioeconomic status

Category F-value p-value Decision

Low
Middle .199 .819 Accept Ho
High

Table 7 shows that the spending behavior of the respondents who belong to
different socioeconomic class are not significantly different from each other.

Spending Behavior of Management Students | 11

Table 8.1. Test of Significant Difference on the Respondents’ Spending Behavior when
when grouped according to Ethnicity
Category F-value p-value Decision
Ilocano
Tagalog
Ybanag 2.430 .048 Reject Ho
Itawes
Others

Table 8.1 shows that there is a significant difference on the spending behavior of
the respondents when grouped according to ethnicity. This implies that students who
belong to different ethnicity, do not have the same way of spending.

Table 8.2. Post Hoc test of difference in Spending behavior when grouped according to
Ethnicity
Ilocano Tagalog Ybanag Itawes Others
Ilocano 1 1.05252 1.13558 .02384 -10.62199
Tagalog -1.05252 1 .08307 -1.02868 -11.67451
Ybanag -1.13558 -.08307 1 -1.11174 -11.75758
Itawes -.02384 1.02868 1.11174 1 -10.64583
Others 10.62199 11.67451 11.75758 10.64583 1

Table 8.2 shows difference of spending behavior of respondents who have

different ethnicity. Between Ilocano and Others, IIocano has higher difference in
spending behavior; while Tagalog has higher difference when compared to
Ilocano,Itawes and Others. Moreover, Itawes has higher difference compared to Ilocano
and Others. On the other hand, Ybanag has higher difference when compared to all the
other ethnic groups.
If the ethnic groups are arranged from highest to least difference, it would be
Ybanag, Tagalog, Itawes, Ilocano and Others, respectively.

DISCUSSION

Spending Behavior of Management Students | 12

 Majority of the respondents in this study are female, and are commonly taking up
Bachelor of Science in Business Administration, Major in Financial Management. The
said course has the largest sample size among the three strata.
First year students dominated the sample due to the evident increase of the
number of enrollees for the school year 2018-2019. This result can be derived on the
fact that the senior high school pioneer graduates under the K-12 curriculum have
entered tertiary level of education. Moreover most of the respondents belong to Ilocano
group.This can be due to the location of the study which is in Tuguegarao City,part of the
province of Cagayan where Ilocano ethnic group is most prominent (Philippine Statistics
Authority [PSA], 2002) .It was also discovered that most of the respondents belong to
the middle level of socioeconomic status,this fits in to the perceived range of monthly
allowance of the respondents which is Php 3001-Above.
As to the expenses of respondents, 5-21% of their monthly allowance was used
to finance their personal needs,similar result was discussed on the survey conducted by
Leiser and Ganin (1996 , as cited in Otto,2012),it says that the extent of spending in
terms of clothing and accessories for Surigao del Sur State University(SDSSU) is less
extent.
It was also revealed that majority of the respondents spend 39-55 % of their
monthly allowance to finance their food.Parallel result was pointed out on the survey
conducted by Global Youth Panel (2008) which revealed that in Singapore and South
Korea, youth spends 45% and 30% respectively for their food allowance.
With regards to the expenses on academic purposes, Bona (2017) concluded
that most of the college students spend more money on their projects and
assignments, this conclusion supports the results of this study which revealed that 12-
23% of monthly allowance is allotted for school supplies and review materials, making
thee expenses for academic purposes as the second priority of the respondents.
Meanwhile, as transportation is essential in students, 10% of the respondents’
monthly allowance is spent for fare and gas consumption showing that the respondents
are willing to spend such for transportation.
On the other hand, with respect to the spending level of the respondents,
results revealed that respondents spend loosely in terms of food . Respondents prefer
eating on fast food or carinderia rather than preparing their own food. According to
JinJin (2017)students allot money most likely on food because students need a lot of
food for survival in Academics and in life as a whole.
In terms of transportation,it was discovered that respondents spending
behavior is also loose.Spending a large amount for public transportation everyday is
the primary consideration of students.It is evident that the respondents prefer
commuting when going to school for their convenience. As expected,transportation
cost were higher for commuters.(Bona,2017)
Tight spending was perceived with regards to the utilization of allowance to
finance academic purposes and personal needs. This contradicts the confirmation of
Bona (2017) that most of the time, students spend money for projects or assignments
in order to comply with the school requirement. Most of the time, students prefer
higher end items like latest fashions on clothes, shoes, bags and other accessories
that express personality.

The main purpose of this study was to determine the spending behavior of
college students who are taking management courses.
The researchers hypothesized that there is no significant difference on the
spending behavior of the students when grouped according to sex, year level, course,
socioeconomic status and ethnicity.
Spending Behavior of Management Students | 13
 Findings of this study revealed that there is a significant difference on the
spending behavior of male and female respondents as male respondents spend more
loosely compared to females. This pattern can be traced on the findings of Stollak,
Vandenberg, Steiner and Richards (2010). One of the factors that influences males to
spend loosely is the fact that they were more likely to go out to eat than females. They
also elaborated that, females were found to be fond of creating a monthly budget than
males which lead them to spend tightly or more efficiently. This is parallel with the
conclusion of Hayhoe et. al (2000 as cited in Villanueva, 2017), that females were found
to exhibit more financial practices like keeping a written budget, planning spending and
saving regularly.
In has also been statistically proven that there is a significant difference on
spending behavior of the respondents when grouped according to course. Using Post
Hoc test of difference, it was found out that Marketing Management has the highest
significant difference when compared to the other courses, followed by Financial
Management and Management Accounting, respectively. This means that MM students
spend more open or loosely compared to the other management students.
Another significant difference was perceived when the spending behavior was
compared based on the year level of the respondents. According to Stollak et.al
(2010),freshmen were much likely to spend all their dollars faster than juniors and
seniors and this is because of the possible lack of awareness of their budget, or not
planning appropriately. This was contradicted by the result of this study when senior
management students were found to spend their allowance more loosely compared to
freshmen.
On the other hand, several studies offer strong evidence for ethnic differences in
spending behavior. In the study of Villanueva (2017), it was proven that White Americans
and Asians spend significantly more than Black or African Americans and other
ethnicities. It was also found out that the ethnic identities had another difference at
purchasing amounts of goods, especially on consumption goods. This evidence supports
the findings of this study which revealed that there is a significant difference on spending
behavior when grouped according to ethnicity. If the ethnic groups are arranged from
highest to least difference, it would be Ybanag, Tagalog, Itawes, Ilocano and Others,
respectively. This means that Ybanag students tend to spend loosely compared to all the
given ethnicities, while Others which include Kalinga and Kankana-ey are considered as
tight spenders.
Among the profile variables, comparison of spending behavior based on
Socioeconomic status was the only one that resulted not significant. Management
students who belong to different socioeconomic class do not necessarily differ in
spending behavior. This opposes the conclusion of Tew (2016) which suggests that
socioeconomic status influences the spending behavior of the students.

CONCLUSION

It can be concluded in this study that the monthly allowance of the respondents is
spent mostly on food, followed by academic purposes and personal needs, and the least
is for transportation purposes.
Respondents are tight in spending when it comes to personal needs and academic
purposes, this implies that amidst the evident increasing demand for the said aspects in
today’s situation, they can still control the way they spend. On the other hand, the
respondents are loose in spending on food and transportation because food is a basic
need and transportation is a necessity considering the locale of the study which is a city.
But this loose level of spending in terms of food and transportation can trigger spending
Spending Behavior of Management Students | 14
problems among the respondents if it will not be properly monitored and moderated.

Spending Behavior of Management Students | 15

 Moreover, sex, course, year level and ethnicity are determinants of the
difference on spending behavior of the respondents while socioeconomic status do not
define the variations of group of individual’s spending behavior.

RECOMMENDATION

Since this study focused mainly on management course, it is highly suggested

that future researchers will dwell on other field of specialization such as engineering
and health to further expand and test the results of this study.
To dig deeper understanding on a group of individual’s spending behavior, the
relationship among variables must also be investigated using simple correlation or
regression. Aside from Food, Personal needs, Academic Purposes and
Transportation, other specific categories can also be included in order to determine on
what specific aspect do the respondents spend tightly or loosely.
Furthermore, the researchers would like to recommend the future researchers
to also conduct the study among the Senior High School students, specifically the
different strands, ABM, STEM-Health, STEM-Non Health and HUMMS.
Moreover, the study can also be carried out for those students who have part-
time jobs because the spending behavior may be drastically different for a student
who earns money. It can be further studied that whether spending behavior changes
after getting a job or employment or not.
Spending and saving habit of graduate students is also an entrancing area for
a study. Graduate students’ spending behavior may be significantly different from
those of the students who are still studying.

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Spending Behavior of Management Students | 16

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Spending Behavior of Management Students | 19

Spending Behavior of Management Students | 20
APPENDIX B

VARIABLE MATRIX
Variable or Type of Operational How is the Behavior of the
Conceptual Variable Definition variable Variable
Tags measured
in the
study
Sex Independent Sex is the identity Measured Sex can affect
Nominal of the respondents, through the spending
Qualitative whether female or survey behavior of the
Dichotomou male. questionnair respondents. The
s e. On the means where
first part of they spend their
the money usually
questionnair depend on their
e, the sexual identity.
respondents
were asked
to check
their
correspondi
ng sex.
Course Independent Course is Measured
Nominal the field where through
Qualitative the respondents survey
Multinomial are currently questionnair
enrolled in such e. On the
as Bachelor of first part of
Science in the
Management questionnair
Accounting(BSM e, the
A), Bachelor of respondents
Science in were asked
Business to indicate
Administration the course
Major in that they are
Financial taking up.
Management
(BSBA-FM) and
Marketing
Management
(BSBA-MM).

Spending Behavior of Management Students | 36

Year Level Independent Year level pertains Measured Year level can
Ordinal to the stage where through the affect the
Qualitative the respondents survey spending
Multinomial belong in school. questionnair behavior of the
e. The students. The
respondents scope of the
were asked lessons that they
to indicate have already
on what tackled,
year level do particularly about
they belong. financial matters
can be their basis
on how to spend
their money.

Ethnicity Independent Ethnicity is the Measured Ethnicity of the

Nominal group that the through the respondents can
Qualitative respondents survey affect their
Multinomial identify as to where questionnair spending
they belong to. e, on the behavior. The
first part of customs and
the belief of the
questionnair ethnic group
e, the where they
respondents belong can be
identified their basis on
their how to spend
ethnicity their money.
based on
the given
checklist.
Socioecono Independent Socioeconomic Measured Socioeconomic
mic Status Ordinal status is the through status can affect
Qualitative standing of the survey the spending
Multinomial repondents in the questionnair behavior of the
society which is e, on the respondents.
categorized as low, first part of This can serve as
middle and high. the their limit in
questionnair spending their
e, the money.
respondents
were asked
to check
their
correspondi
ng
socioecono
mic status.

Spending Behavior of Management Students | 37

Spending Dependent Spending behavior Measured Spending
Behavior Nominal pertains to how the through behavior is being
students spend survey affected by profile
their money or questionnair variables such as
allowance. e. sex, year level,
Questions ethnicity and
about how socioeconomic
the students status and the
spend their expenses for
money for food,
food, transportation,
transportatio personal needs
n, personal an academic
needs and purposes.
academic
purposes
were asked
to the
respondents
. They
answered
using the 5
point likert
scale.
Expenses Independent Expense is the Measured Expenses can
Percentage Nominal amount of money through the directly affect the
Quantitative that the survey spending
Continuous respondents spend questionnair behavior of the
for food, personal e. The respondents
needs, academic respondents because these
purposes, and indicated are the means
transportation. what where the money
percentage of the
of their respondents are
allowance is spent.
spent for
food,
personal
needs,
academic
purposes
and
transportatio
n.

Spending Behavior of Management Students | 38

 Monthly Independent Monthly Allowance Measured Monthly
Allowance Ratio is the money that is through the allowance can
Quantitative utilized by the survey directly affect the
Continuous respondents for a questionnair spending
span of one month, e. The behavior of the
respondents respondents
indicated because it is
their where the
monthly maximum limit of
allowance expenses will
by choosing depend.
the range
that can be
found on the
second part
of the
questionnair
e.

APPENDIX C

QUESTIONNAIRE

Direction: Please fill out the following and tick the boxes that correspond to
your answers.
I. PERSONAL DATA AND INFORMATION

Name (optional): Sex: □ Male □ Female

Course: Year Level:
Socioeconomic Status: □ Low □ Middle □ High
Ethnicity:
□ Ilocano
□ Tagalog
□ Ybanag
□ Itawes
□ Others, Please specify
II.
This questionnaire is a series of statements that are related on how you manage your
finances. Read each statement carefully. There are no right or wrong answers. Please
answer the following questions honestly by putting a check mark on the parenthesis that
corresponds to your answer and by filling out the blanks.

1. How much is your monthly allowance?

( ) Php 1 - 1000
( ) Php 1001 - 2000
( ) Php 2001 - 3000
( ) Php 3001 - above

Spending Behavior of Management Students | 39

 2. What percentage of your allowance is spent for:
A. Personal needs
B. Food
C. Academic Purposes
D. Transportation

III. SPENDING BEHAVIOR

Direction: Please indicate to what extent you agree or disagree with each of the following
statements by putting a check mark below the number that corresponds to your answer.
( 5- Strongly Agree, 4-Agree, 3-Neutral, 2-Disagree, 1-Strongly Disagree)

5 4 3 2 1
A. Personal Needs
1. I compare prices when I buy clothes, shoes and
cosmetics.
2. I spend my money on latest fashion design for
clothes, shoes, and bags.
3. I prefer higher end personal items that are more
expensive than the regular ones
4. I spend a portion of my allowance for the rent of
my apartment/boarding house.
B. Food 5 4 3 2 1

1. I compare prices when I spend money for foods.

2. I don’t hesitate to spend my money when it
comes to food.
3. I usually eat on restaurants, carinderia or fast
food chains for my breakfast.
4. I usually eat on restaurants, carinderia or fast
food chains for my lunch.
5. I usually eat on restaurants, carinderia or fast
food chains for my dinner.
6. I prefer eating meals in our house, boarding
house or apartment.
C. Academic Purposes 5 4 3 2 1
1. I compare prices when I spend for school
supplies
2. I don’t hesitate to spend my money when it
comes to academic purposes
3. I prefer to buy school supplies from
known/popular bookstores rather than ordinary
stores
4. I spend large percentage of my money on
review materials such as photocopies / printed
handouts.
5. I spend my money on computer shops when
doing my requirements.

Spending Behavior of Management Students | 40

 D. Transportation 5 4 3 2 1

1. I spend a portion of my money for gas

consumption because I have my own service
vehicle.
2. I prefer walking rather than taking a tricycle or
kalesa when I go to a nearby place.
3. I usually pay twice the regular fare or full
capacity for my transportation.
4. I do not spend a portion of my
money/allowance for transportation because we
have our own means of transportation.

THANK YOU FOR YOUR COOPERATION!

APPENDIX D

CODE GUIDE

Variable Name Variable Label Variable Value Variable

Location
Name Name N/A Part 1-1
Sex Sex 1 Male Part 1-2
2 Female

Course Course 1 MA Part 1-3

2 MM
3 FM
YL Year Level 1 First year Part 1-4
2 Fourth year
SES Socioeconomic 1 Low Part 1-5
Status 2 Middle
3 High
Ethnicity Ethnicity 1 Ilocano Part 1-6
2 Tagalog
3 Ybanag
4 Itawes
5 Others
MA Monthly 1 Php 1 – 1000 Part 2-1
Allowance 2 Php 1001 – 2000
3 Php 2001 – 3000
4 Php 3001 – Above

EP Expenses As is Part 2-2

Percentage 1 Personal Needs
2 Food
3 Academic Purpose
4 Transportation

Spending Behavior of Management Students | 41

S1PN Statement 1- 1-Strongly Agree Part 3-1
Personal Needs 2-Agree
3- Neutral
4- DisAgree
5- Strongly Disagree
S2PN Statement 2- 1-Strongly Disagree Part 3-2
Personal Needs 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S3PN Statement 3- 1-Strongly Disagree Part 3-3
Personal Needs 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S4PN Statement 4- 1-Strongly Disagree Part 3-4
Personal Needs 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S5F Statement 5- 1-Strongly Agree Part 3-5
Food 2-Agree
3-Neutral
4-Disagree
5-Strongly Disagree
S6F Statement 6- 1-Strongly Disagree Part 3-6
Food 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S7F Statement7- 1-Strongly Disagree Part 3-7
Food 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S8F Statement8- 1-Strongly Disagree Part 3-8
Food 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S9F Statement 9- 1-Strongly Disagree Part 3-9
Food 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree

Spending Behavior of Management Students | 42

 S10F Statement 10- 1-Strongly Disagree Part 3-10
Food 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S11AP Statement 11- 1-Strongly Agree Part 3-11
Academic 2-Agree
Purposes 3-Neutral
4-Diagree
5-Strongly Disagree
S12AP Statement 12- 1-Strongly Disagree Part 3-12
Academic 2- Disagree
Purposes 3-Neutral
4- Agree
5-Strongly Agree
S13AP Statement 13- 1-Strongly Disagree Part 3-13
Academic 2- Disagree
Purposes 3-Neutral
4- Agree
5-Strongly Agree
Stmt14AP Statement 14- 1-Strongly Disagree Part 3-14
Academic 2- Disagree
Purposes 3-Neutral
4- Agree
5-Strongly Agree
S15AP Statement 15- 1-Strongly Disagree Part 3-15
Academic 2- Disagree
Purposes 3-Neutral
4- Agree
5-Strongly Agree
S16T Statement 16- 1-Strongly Disagree Part 3-16
Transportation 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree
S17T Statement 17- 1-Strongly Agree Part 3-17
Transportation 2-Agree
3-Neutral
4-Disagree
5-Strongly Disagree
S18T Statement 18- 1-Strongly Disagree Part 3-18
Transportation 2- Disagree
3-Neutral
4- Agree
5-Strongly Agree

Spending Behavior of Management Students | 43

 S19T Statement19- 1-Strongly Agree Part 3-19
Transportation 2-Agree
3-Neutral
4-Disagree
5-Strongly Disagree

APPENDIX E

RESEARCH INSTRUMENT TABLE

Research Variable Type of Classifi Type of Statistic Portion

Question Name Variable cation Data al Tool of
of Data Accordi to Use Instrume
Accordi ng to nt Used
ng to Measure
Source ment
Scale
Profile of Sex Independ Primary Nominal Descripti Part 1
the Year Level ent Data Ordinal ve Personal
respondent Socioecono Variables Statistics: Data and
s in terms mic Status Frequenc Informati
of: Ethnicity ies on
a. Sex
b. Course
c. Year
Level
d. Socioec
onomic
Status
e. Ethnicity
What Personal Independ Primary Ratio Mode Part 2
percentage needs ent Data
of the Academic Variables
respondent purposes
s’ Food
allowance Transportat
is spent for: ion
a. Personal
needs
b. Academi
c purposes
c. Food
d. Transpor
tation

Spending Behavior of Management Students | 44

3.What is Spending Depende Primary Ordinal Mean Part 3
the Behavior nt Data Median Spendin
respondent Variable g
s’ level of Behavior
spending in
terms of:
a. Personal
needs
b.Academi
c purposes
c. Food
d.Transport
ation
4.Is there a Sex Depende Seconda Nominal Independ
significant Year Level nt ry Data Ordinal ent t-test,
difference Socioecono Variable Ordinal One way
in spending mic Status Nominal ANOVA
behavior of Ethnicity
the Spending
respondent Behavior
s when
grouped
according
to profile
variables?

Spending Behavior of Management Students | 45

APPENDIX F

LETTER TO THE V.P. FOR ACADEMICS

December 17, 2018

EMMANUEL JAMES P. PATTAGUAN, Ph.D

Vice President for Academics
University of Saint Louis Tuguegarao

Dear Sir:

Greetings of Peace!

We, the students from the Accountancy, Business and Management strand, will conduct
a research entitled, “Spending Behavior of Management Students.” The purpose of
this study is to know the spending behavior among college students, taking up
management course such as Management Accounting, Financial Management and
Marketing Management and to determine if there is a significant difference on the said
behavior when grouped according to sex, year level, ethnicity and socioeconomic status.

In line with this, we seek the approval of your good office to allow us to gather the
needed data from the students who are on the said courses. A questionnaire shall be
given to our respondents. Attached in this letter is the said questionnaire.

We hope for your most favorable response regarding this matter.

Respectfully yours,

CHRISTINE FAITH ABAWAG GENEBIB RABINA

JOHN REX ANCHETA AARON DENVER SACLOTE

IVY JOY DOMINGO GALE MYKA TAGUINOD

Researchers

Noted by:

PRECIOUS DIANNE BAGALAYOS

Research Adviser

JENNIFER C. BANGI, MARS

Research Area Head

MARY ANN A. BAQUIRAN, MAEd

High School Principal

Spending Behavior of Management Students | 46

APPENDIX G

LETTER FOR VALIDITY

December 10, 2018

MA CARINA B. CATUAAN
Accountancy, Business and Management Coordinator
Senior High School
University of Saint Louis Tuguegarao

Dear Maam:

Greetings of Peace!

We, the Grade 12 ABM students of this university will be conducting a study entitled
"Spending Behavior of Management Students" as a final requirement for our
subject, Practical Research 2. This quantitative survey research aims to know the
spending behavior among college students, taking up management course such as
Management Accounting, Financial Management and Marketing Management and to
determine if there is a significant difference on the said behavior when grouped
according to sex, year level, course, ethnicity and socioeconomic status.

In this regard, we would like to respectfully ask your expertise in validating our
questionnaire.

For inquiries and clarifications, we can be reached through a mobile number,

(+63)9066475890 or via e-mail at [email protected]. We are very willing to
answer any queries that you may have regarding our research.

Attached herewith is a copy of our research questionnaire as well as the clarity and
validity assessment form.

We anticipate with gratitude your effort in this noble activity. May God bless you and
your family.

Respectfully yours,

CHRISTINE FAITH ABAWAG GENEBIB RABINA

JOHN REX ANCHETA AARON DENVER SACLOTE

IVY JOY DOMINGO GALE MYKA TAGUINOD

Researchers

Noted by:

PRECIOUS DIANNE BAGALAYOS

Research Adviser

Spending Behavior of Management Students | 47

December 10, 2018

MICHAEL ANGELO M. SURLA

Business Ethics Instructor
Senior High School
University of Saint Louis Tuguegarao

Dear Sir:

Greetings of Peace!

We, the Grade 12 ABM students of this university will be conducting a study entitled
"Spending Behavior of Management Students" as a final requirement for our
subject, Practical Research 2. This quantitative survey research aims to know the
spending behavior among college students, taking up management course such as
Management Accounting, Financial Management and Marketing Management and to
determine if there is a significant difference on the said behavior when grouped
according to sex, year level, course, ethnicity and socioeconomic status.

In this regard, we would like to respectfully ask your expertise in validating our
questionnaire.

For inquiries and clarifications, we can be reached through a mobile number,

(+63)9066475890 or via e-mail at [email protected]. We are very willing to
answer any queries that you may have regarding our research.

Attached herewith is a copy of our research questionnaire as well as the clarity and
validity assessment form.

We anticipate with gratitude your effort in this noble activity. May God bless you and
your family.

Respectfully yours,

CHRISTINE FAITH ABAWAG GENEBIB RABINA

JOHN REX ANCHETA AARON DENVER SACLOTE

IVY JOY DOMINGO GALE MYKA TAGUINOD

Researchers

Noted by:

PRECIOUS DIANNE BAGALAYOS

Research Adviser

Spending Behavior of Management Students | 48

APPENDIX H

INFORMED CONSENT

This informed consent is for the respondents of the research entitled “Spending
Behavior of Management Students”

Name of Researchers: Christine Faith Abawag, John Rex Ancheta, Ivy Joy Domingo,
Genebib Rabina, Aaron Denver Saclote, Gale Myka Taguinod
Name of Organization: Senior High School, University of Saint Louis Tuguegarao City
Objective of the Study: This study aims to know the spending behavior among college
students, taking up management course such as Management Accounting, Financial
Management and Marketing Management and to determine if there is a significant
difference on the said behavior when grouped according to sex, year level, ethnicity and
socioeconomic status.
Significance of the Study: The researchers may use the results of this study to extend
frontier of knowledge regarding the factors that can affect the spending behavior of
students. Moreover, this can be a good way to formulate possible ways to eradicate or at
least prevent spending problems that are commonly encountered by students.

INFORMATION SHEET

We, the undersigned, are Senior High School students of the University of Saint Louis
and currently enrolled as Grade 12 ABM students. We wish to invite you to participate in
this research project that we are undertaking for the completion of our requirement for
the said program. Before you participate in this research, feel free to voice out any
concerns you may have to us. We will be very willing to answer any questions you may
have about the nature of our research.

You are being invited to take part in this research because the study research aims to
determine the spending behavior of college students taking management courses. This
research will be conducted among 234 respondents from the School of Accountancy,
Business and Hospitality using stratified random sampling and we believe that you can
contribute much to this project. Your participation in this research is entirely voluntary.
We can assure you that no physical risks will be incurred unto you while participating in
this study. Whether or not you choose to participate will not have any effect on your
standing as student in the university. Having been able to decide to participate in this
study, you are still free to withdraw your participation the moment that you feel safety
and privacy is at risk.

The research will make use of survey questionnaire as the method of collecting data.
Answering the questionnaire would last for about three to five minutes. If you cannot
understand a particular question asked in the questionnaire, you are free to seek
clarifications from us. Furthermore, we would like to request that you provide us your
name and contact information. Rest assured that the personal information that you
entrust to us will solely be used for research purposes only. All information that will be
obtained during the data collection process will be held confidential.

Spending Behavior of Management Students | 49

If you have any questions or concerns after answering the questionnaire, you may
contact us through our mobile number 0906-647-5890 or e-mail at
[email protected]. This research project was approved by the Senior High
School Research Area of the University of Saint Louis, Tuguegarao City, Cagayan.

Respectfully yours,

CHRISTINE FAITH ABAWAG GENEBIB RABINA

JOHN REX ANCHETA AARON DENVER SACLOTE

IVY JOY DOMINGO GALE MYKA TAGUINOD

Researchers

Noted by:

PRECIOUS DIANNE BAGALAYOS

Research Adviser

CERTIFICATE OF CONSENT

I have read the foregoing information and have had the opportunity to clarify my
concerns. The questions that I have raised were answered satisfactorily. I am, therefore,
giving my voluntary consent to be a participant in this study.

Signature over printed name of Participant

Signature over printed name of guardian or parent (if participant is a minor)

Birthdate of Participant: Date:

Statement by the Researchers:

I have accurately read out the information sheet to the potential participant, and to the
best of my ability made sure that the participant understood the content.

I confirm that the participant was given the opportunity to ask questions, and all the
questions asked by the participant have been answered correctly. I confirm that the
individual has not been coerced into giving consent.

Signature over printed name of Researcher

Date:

Spending Behavior of Management Students | 50

APPENDIX I
MINUTES OF THE DEFENSE
Group 5 St. Juliana of Nicomedia

Title: Impact of Choosing Management Courses on Students’ Spending Behavior

Group Members: Ivy Domingo

Christine Faith Nichole Abawag
Genebib Rabina
Gale Myka Taguinod
Aaron Saclote
John Rex Ancheta

I. Proposal Defense

Time started: 2:15

Time ended: 3:15
Venue: E26

Members of the Panel of Examiners: Ms. Jonalyn Santos

a. Introduction
 Focus on Spending Behavior
 Establish it into the difference between:
- Spending Behavior
- Budgetary Conduct
- Management Practices
- Financial Practices
- Financial Behavior

b. Literature Review
 Remove some themes such as spending patterns
 Consider other factors such as ethnicity

c. Methods
 ABM-HUMMS, STEM H, STEM NH: Cannot be compared due to
Inequality
 Change respondents of the study: Compare 1st and 2nd Year
College

d. Appendices
e. Other areas
 Change title to: Spending Behavior of Management Students

Spending Behavior of Management Students | 51