Examining the Key Determinants: A Qualitative Analysis of the Factors Affecting the Financial Planning Skills of Students at Noveleta Senior High School

The study was designed to investigate the factors that affected the financial planning skills of students at Noveleta Senior High School. The study defined financial planning as an essential life skill that included budgeting, saving, and wise spending. These skills were essential in preparing students for their future financial obligations while establishing positive financial practices and responsible financial behavior. Despite the significance of financial literacy and financial skills identified by previous studies, only a few researchers examined the financial practices of senior high school students during their final years of senior high school.

The qualitative research design was employed to explore the factors that affected the financial planning skills of students. The study participants consisted of ten (10) selected senior high school students of Noveleta Senior High School. The study employed semi-structured interviews to collect data and to enable the students to share their experiences, thoughts, and challenges in managing their allowances, particularly their financial planning skills such as budgeting, saving, and spending.
The data collected from the interviews were analyzed to identify common patterns or themes based on the students’ responses and shared experiences. The objective of the study was to identify the main factors that affected the students’ financial planning skills. The factors considered in the study were financial literacy, allowance, parental guidance, and personal spending habits.

The results of the study contributed to a deeper understanding of the financial behaviors of senior high school students. In addition, the results of the study were useful for teachers and school administrators in promoting responsible financial decision-making and financial literacy among students.