PR2.docx

CHAPTER ITHE PROBLEM AND ITS BACKGROUNDIntroductionMoney plays a vital role in every person’s life. It is a medium used for exchange, unit of account and store of value. Money is used to buy goods and materials that are necessary in life. It can also prevent the sufferings that come with poverty like cold and hunger. It also gives satisfaction, provide education and even power. Without money, one cannot buy anything he needs and wants. According to Ayn Rand, money is the source of survival. In her book Atlas Shrugged, she explains that the source of a person’s livelihood is the verdict he pronounces in his life.As prices of commodities increases, money has gained more value today. Additionally, there are only few things that cannot be bought by money. This is why it is very important to spend it wisely. Still, using money doesn’t end in spending. It is also very essential to save for future use and purposes. Money is a fundamental and indispensible tool to live in a materialistic world. Only a wise person truly knows the value of it. Businessmen are people who use their money only when it is necessary. However, they also know when to invest a lot of money unto something they know will be useful in the future. In fact, all people in different fields have their own ways to spend and save their money. Students on the other hand, learn to save their allowance as they grow and meet different requirements in school as well as the things they want to buy for their own. Budgeting is one of the practical skills that come in useful for them. It helps them to attain a better understanding of financial matters that would become handful in their future.However, with escalating responsibilities and opportunities as they go towards higher level of education, particularly in Senior High School, it becomes very challenging for students to manage their money. With their young age and lack of experience, it might be hard for senior high students to budget their allowance on their own.According to a research of Westwood College in United States, many students spend the least of their allowance in transportation, books and school supplies but spend 40% in discretionary activities such as entertainment, apparel and services. Additionally, the expenses of students depend on their grade level and they chosen strand. Grade 12 students particularly, are expected to spend a lot of money for different school purposes. Recognizing this, the study therefore aims to know how Senior High school students budget their allowance. The researchers decided to survey Grade 12 students in senior high department of Baliwag Polytechnic College.The significance in the study of how much a student from different strands in Senior High School Department of Baliwag Polytechnic College spends per week would let us understand what kind of lifestyle majority has and the researchers will be able to determine the same qualities or habits that each has and the traits that will create the contrast between the different strand of Senior High School Department. The researchers seek to describe how much allowance are given to Grade 12 students in general, where they spend their allowance and how at the same time they budget it. This will illustrate the attributes of the students towards financial matters. The study also aims to benefit senior high students, parents, senior high school department, and future researchers upon the information gathered on the end of the study.Statement of the ProblemThis study is aimed to find out how much the Grade 12 Senior High School Students of Baliwag Polytechnic College spend weekly by conducting a survey specifically to address to the Grade 12 students during the school year 2018-2019.The study is sought to answer the following questions:Is there any difference of how much Grade 12 students spends depending on their chosen strands?Is there any significance on knowing how much a Grade 12 Senior High School Student spend?Is there significance on how the students allocate their budget?Scope and DelimitationThe study covers the spending behavior and habits of the Grade 12 Senior High School students of Baliwag Polytechnic College during the annual year 2018-2019. The method the researchers will use in collecting information will be through survey. This is used to evaluate and estimate the amount of money Grade 12 students spend every week and what they spend their money on.The researchers limited this study to 299 respondents from the students of Grade 12 Senior High School. Researchers plan to survey the respondents from different strands of Senior High Department of Baliwag Polytechnic College.Significance of the StudyThe study deals with the everyday allowance of Grade 12 Senior High School Students. It seeks to answers as to how and where the respondents spend their money every day. Considering that money is an essential commodity that helps the person to run his/her life, this study is significant for it will benefit the Grade 12 Senior High School Students, their parents, the Senior High School Department, and future researchers.Grade 12 Senior High School Students – This study is beneficial for students to appraise their practice of spending money. First, this will inform them where students like them generally spend their money with. Upon this information, this study can enlighten them on how to use their allowance wisely.Parents – This study can benefit the parents by providing insights and information about the allowance they give to their children and how and where they generally use it. This study can inform them as to how much allowance is accurate for their children to use it for their needs.Senior High School Department – This study seeks to inform and enlighten the department on the requirements affect the students spends their allowance. This can enlighten them to be more considerate and sensitive towards students’ needs and concerns. Furthermore, this study can give the department a deeper understanding on how to respond with these concerns.Future Researchers – This study aims to help the future researchers to be aware and knowledgeable about the spending of students in their generation and conduct a more broad research about this.