CHAPTER 1 Introduction

Money plays a vital role in every person's life. It is the medium used for exchange, unit of account and store of value (dictionary.com). It 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, give satisfaction, provide education and even power. Without it, one cannot buy anything he needs and wants. In fact according to Ayn Rand, money is the source of survival. She explains in her book Atlas Shrugged that the source of a person's livelihood is the verdict he pronounces in his life. As prices of commodities become higher, money has gained more value today. Additionally, there are only few materials left that cannot be bought by money. This is why it is very important to spend it wisely. Still, using money doesn't end from spending, it is also very essential to save wealth for future use and plans. 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 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 college, it becomes very challenging for students to manage their money. Tuition, textbooks and transportation are not the only things they need to worry about, there are the housing, food and supplies together with socializing. With their young age and lack of experience, it might be hard for college students to budget their allowance on their own. In fact according to a research of Westwood College in U.S., most college students spend the least

of their allowance in transportation, books and supplies but spends 40% on discretionary activities- entertainment, apparel and services, travel and vacation. Additionally, expenses of college students also depend on their chosen course. Fine Arts students particularly, are expected to spend a lot of money for the expensive materials they use on their subjects. Recognizing this, the study therefore aims to know how Fine Arts students budget their allowance. The researchers decided to survey second year College of Fine Arts and Design students in University of Santo Tomas. The significance in the discovery of how much a student from different faculties of UST's College of Fine Arts and Design spends per week would let us understand what kind of lifestyle majority has and possibly discover whether he or she is enrolled on his/her designed course. upon the information, 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 4 courses/faculties in the Fine Arts Department.

Objectives:

The researchers seek to describe how much allowance are given to CFAD 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 Fine Arts students, parents and the CFAD department upon the information gathered on the end of the study.

Statement of the Problem:

This study is aimed to find out how much the 2nd year College of Fine Arts and Design Students of the University of Santo Tomas spend weekly by conducting a survey specifically to address to the 2nd year CFAD students during the school year 2007-2008.

Especially, the study sought to answer the following questions:

1. Is there any difference of how much a CFAD student spends depending on their course? 2. Is there any significance on knowing how much a CFAD student spend? 3. Is there significance on how the students allocate their budget?

Importance of the study:

The study deals with the everyday allowance of CFAD students. It seeks answers as to how and where the respondents spend their money every day. Considering that money is an essential commodity that helps a person to run his or her life, this study is significant for it will benefit the Fine Arts students, their parents and the CFAD department.

Fine Arts students: This study is beneficial for fine arts 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 in their chosen course.

CFAD department: This study seeks to inform and enlighten the department on how the requirements of the course affect the fine arts students spend their allowance. This can enlighten them to be more considerate and sensitive towards the students' needs and concerns. Furthermore, this study can give the department a deeper understanding on how to respond with these concerns.

Scope and Delimitation

This research study was limited and conducted only at the University of Santo Tomas College of Fine Arts And Design during the second semester of the school year 2011-2012. The respondents of the study are second year CFAD students from 16-19 years of age. The researchers have planned to survey 160 students on all CFAD course namely Advertising, Painting, Industrial Design, and Interior Design. The method the researchers will use in collecting information will be through survey. This is used to evaluate and estimate the amount of money Fine Arts students spend every week and what they spend their money on.

Definition of Terms:

The following terms are defined conceptually/operationally for the better understanding of the study:

1. Allowance- it refers to the money given to Fine Arts students that shall be used for their daily needs and expenses; it is given by their parents or guardian 2. Budget- it refers to the financial plan and list of all planned expenses and revenues made by the Fine arts students in response to their daily and monthly expenses 3. Money- refers to the medium used for exchange, unit of account and store of value 4. CFAD- serves as College of Fine Arts and Design; the chosen target of the study 5. UST- serves as University of Santo Tomas, the Catholic University of the Philippines 6. Fine Arts- field of study that teaches aesthetics and practical application of arts 7. Bachelor in Fine Arts major in Advertising Arts academic program of UST-CFAD that offers an overview and application of advertising principles introducing concepts of advertising, research, artistic, creative, and psychological aspects to advertising and sales promotional activities. 8. Bachelor in Fine Arts major in Industrial Design academic program of USTCFAD that indicates on the students that the fusion of art and technology are essential components in bringing creative ideas into reality

9. Bachelor of Science in Interior Design academic program of UST-CFAD that focuses on studio and academic research in history, theory and methods as they relate to interdisciplinary approach to interior design 10. Bachelor in Fine Arts major in Painting academic program of UST-CFAD that both encourages and challenges students to comprehend past and present examples of painting and to incorporate that understanding into actual practice

CHAPTER 2 Review of Related Literature

Many students are faced with many challenges as they experience a more independent lifestyle in college. One of the major things they have to learn on their own is to budget their daily allowance. Because many of them do not possess the knowledge needed to manage their money, budgeting often becomes a problem. The researchers therefore have taken interest on this subject. The purpose of the study is to determine the use of money management practices of Fine Arts students in University of Santo Tomas. To better understand the study, the researchers have taken account multiple studies that have already been conducted by professional and undergraduate researchers about student budgeting and spending. Moreover, the chapter is divided into two sections namely: Foreign Literature and Local Literature to give background on how college students in different fields and places manages their allowance. A special section Foreign studies is also added to make a comparative and accurate study of the subject through journals and research papers.

A. Foreign Literature

The manner in which college students manage their money is based on several factors such as age, personality traits, and knowledge (Norvilitis, et al., 2006). College students are in a unique situation because they have restricted incomes and high expenses; therefore, they manage money differently (Micomonaco, 2003). The more knowledge students have about their financial responsibility and status the less likely they are to be in debt (Norvilitis, et al., 2006). In Borrowing Against the Future: Practices, attitudes and knowledge of financial management among college students, Micomonaco (2003) finds college students tend not to have a budget or calculate credit card bills based on their actual spending. For example, there was a significant amount of students that did not know their SES or how much they would owe in student loans when they graduate (Micomonaco 2003). Also, only 36% of students with credit cards reported paying off their credit cards bills monthly (Norvilitis,
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et al., 2006). Although college students are concerned about their future financial status; 67% of freshmen at four-year colleges or universities have concerns about paying their tuition. This is the highest amount of concern expressed in over a decade (Gordon, 2010). There are many groups of students that accumulate and perceive debt differently, for example, how they used credit cards. Women are more likely to report having a budget then men, but women more frequently accumulate higher amount credit card debt and total debt (Micomonaco, 2003). Also, majority students perceive themselves as more in control of their finances than minority students perceive themselves (Micomonaco 2003). A study conducted by Reasie Henry also showed that women were more likely to have a budget than men, married students with budgets were more likely to follow them, and those aged 36 to 40 were more likely to follow them most of the time. More likely, students become better budgeter and planner as they mature and as they begin to have more responsibilities in their lives (Stollak, 2010). The difficulty in creating and using a money management plan is that many students are not familiar with money management practices (Chen & Volpe, 1998). Chen & Volpe (1998) blames the colleges for not providing financial management courses for students. The Youth and Money Survey (1999), found that even though 65% of the students had an opportunity to schedule a money management course, only 21% of them took the course. Furthermore, the amount of financial information a student has usually impacts their ideas and choices regarding finances (Chen & Volpe, 1998). Kendrick (1999) stated that only 44% of students understand the term `budget'. In fact, only 18% of the general population possesses a basic appreciation of simple money management practices (Elliot, 1997). Another hindrance to students is simply that they are not as capable of coping with actual circumstances involving finances that they will encounter when they are older (Family Values, 1998). One reason is that most of them are in the beginning phase of their "financial life cycle" and a majority of their money is spent rather than invested (Chen & Volpe, 1998, p. 5). What does a good money management plan include? According to Musk & Winter (1998), it will include "regular generation of financial statements; budgeting; control of spending; recording income and expenses: and tax, insurance, investment, retirement and estate planning" (p. 1). Without consistent money management practices, students will find it difficult to reach

financial goals (Bowen & Lago, 1997). It is only important that parents along with colleges provide education on money management to students for their own good in the future.

B. Local Literature

Going to college is an expensive venture, and while tuition costs are clearly printed on schools' websites and in catalogs, the amount of spending money a college student needs is much more difficult to figure out. Pinning down an amount of money needed for college will depend on many factors, including: what one considers spending money, what kinds of activities the student does week to week, and the geographical region where the student attends college. The largest reason behind the difficulty of knowing how much spending money college students need is that different people consider different things as paid for with "spending money"(Frazier, 2004). For example, some people have already factored the costs of textbooks and parking on campus into the cost of attending school; loans are based on this yearly amount of money needed to attend school. However, many parents consider things like books to be something that a student buys during their college career, requiring spending money.

In Philippines, thousands of college students believe that part of their difficulties is how to stretch their daily allowance to be enough on their school expenses. With economic and financial problems in the country, many Filipino college students endure low amount of allowance (ABSCBN). Karen Tan, a fourth year psychology student at the Universidad de Manila, a public university in Manila has to contend with an P80 daily allowance, which more often than not, she doesn't get in full(ABS-CBN). A typical Filipino college student like Karen, has to spend her allowance to transportation fare, food and subject requirements like Xeroxing assignments and Internet to do research work. With low amount of allowance, students like her has no choice but to come up with ways to extend their limited allowance. Karen on the other hand, came up with a part-time job in a fast food chain (ABS-CBN). Another major expense for students is housing. Eight students packed in a room are usually charged a bed space of P1,500 to P3,500 a month. Amor Espinosa, an owner of a boarding house

said the charge is typical of dormitories, and they have to inform residents ahead of time if they plan to raise the rent. Often times, payment of students are delayed. With these major expenses, Filipino students need to learn a good money management practice. According to Milliccent Bartolome, budget allocation is the most important step in stretching a student's allowance. This means setting aside a certain amount of money towards an expense. Allocating budget can be tedious but doing so can help students visualize where their money should go, thus learning how to prioritize things. Also, it is also important to keep track of expenses to teach them how to spend wisely and may help them save from unnecessary spending (Bartolome, 2011). To be able to maximize their allowances, students must learn to start on their own. Initiative is important to learn wise budgeting and spending. Additionally, doing an extra effort in college activities may turn out to be helpful. Taking down notes during lectures, for example, could save hundreds to thousands peso of their money.

C. Foreign Studies

Journal of Behavioral Studies in Business Student Budgeting and Spending Student budgeting and spending behaviors: a comparative study

A comparative study about student budgeting and spending behavior was conducted by Matthew Stollak, Amy Vandenburg, Kevin Steiner and Jessica Richards. In this study, the printing budget put in place by a small Midwestern liberal arts college is examined. Through 2007, students were allowed unlimited printing from campus computers. Beginning in the fall of 2008, students were charged 4 cents per page printed from a campus

computer. Students were also given a printing allowance provided by the school of 14 dollars, the equivalent of 350 pages. For any printing over 350 pages, the student would be charged 4 cents per page. Through a survey e-mailed to students, the changes and behaviors of student printing and budgeting were examined. The printing system changed for the classes of 2010 and 2011 from unlimited printing to having a budget. For the other two classes surveyed, the class
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of 2012 and 2013, the budget was always in effect while attending the college. How the printing budget affected these classes differently as well as the implications of a printing budget, particularly against other spending habits, was examined.

It was first examined whether there were significant differences between males and females on whether they had a monthly budget for expenses. Females were found to be more likely than males to create a monthly budget (t = -2.25, p = .025). In a similar vein, it was examined whether there were significant gender differences in dining out. Males were significantly more likely than females to go out to eat (t = 3.83, p = .000). Given that women were more likely to have a budget than men, this outcome was not too surprising. Finally, it was examined whether males and females differed in having a daily planner. Females were much more likely to have a planner (t = -4.88, p = .000). Previous unpublished research performed by Quinn and Steiner (St. Norbert College, 2009) also found that women reacted better to a budget imposition, further emphasizing that women are more likely to follow a budget as well. The difference between males and females regarding use of meal plan dollars was also examined as a comparison. First, was there a significant difference in the number of meal dollars placed into their account? No significant difference was found (t = -.05, p=.962). Second, was there a significant difference in spending all their meal dollars? Once again, there was no significant difference (t = .85, p = .399). Finally, was there a significant difference in when there meal dollars ran out? There was once again no significant difference based on gender(t= -.66, p = .512).

Lastly, print usage and perspectives based on gender was explored. First, females were found to be more likely to spend their entire print budget than males (t = -2.92, p = .004). However, no significant difference was found between males and females on when the print budget ran out (t=.17, p=.868) or how much they had remaining (, if any (t=1.08, p=.281). Just as the difference between males and females was examined, differences in budgeting and spending based on class standing was also explored. Of primary concern was the implementation of a print budget two years ago. Perspectives on a print budget may differ for juniors and seniors, then freshman and sophomores who have also had a print budget imposed on them.
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Budgeting, spending, and planning were first examined. First, it was found that there was a significant difference in monthly budgeting based on class standing (F = 11.40, p=.000). Seniors were most likely to have a budget, followed by juniors, sophomores, and freshman, in respective order. Similarly, a significant difference was found in eating out based on class standing (F = 2.74, p=.043). Seniors and sophomores were most likely to eat out. However, there was no significant difference in use of a daily planner based on class standing (F=1.47, p=.221).

Spending habits were then examined by first looking at how students used their meal dollars. First, a significant difference was found in the use of meal dollars (F = 63.90, p=.000).

Given that juniors and seniors often move away from residence halls to fend for themselves, it is not surprising that they were much less likely to have meal dollars than sophomores and freshman. Second, there was a significant difference in the amount of meal dollars placed in student accounts (F=16.84, p = .000). Seniors had the most dollars, followed by juniors, sophomores, and freshman, respectively. This could be due to simple experience over the years regarding how much they might really need to spend on meals over a semester. Finally, no significant difference was found on spending all their meal dollars (F = 2.30, p=.077) or the time when meal dollars ran out (F = .59, p=.625).

A similar approach was taken in examining the use of a print budget.

First, no

significant difference was found based on awareness of the colleges imposed print budget (F=.62, p=.599). However, significant differences were found based on spending the imposed print budget (F=21.67, p=.000). Juniors and seniors were much more likely than sophomores or freshmen to spend all the dollars in their print budget. This could be due to the greater research requirements placed on upperclassmen. Another explanation, however, might be when the print budget was imposed. For both seniors and juniors, printing was free when they were sophomores and freshmen, respectively. By the next year, however, the college implemented the printing budget for all students. The printing habits learned by juniors and seniors in their first few years may have been a factor in printing behaviors even after the budget was enacted.
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In addition to the survey, a few emails were sent by students (only juniors and seniors) expressing additional opinions and concerns about printing at the college. These emails entailed additional critiques of the printing budget mainly placing blame on certain professors or majors; however these questions have already been refuted in previous unpublished research done about printing behaviors by Quinn and Steiner (St. Norbert College, 2009). Their research from the same institution including some of the same students found no statistical link between professors, classes, or majors and student printing. Furthermore, the study found environmental and cost reducing benefits as a result of the program. This result was not completely instilled in the student body, as evidenced by responses that the budget was not necessary for environmental protection or cost-reduction by the college.

There were also significant differences on when the print dollars when out. 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. Nearly 20% (19.11) of the students responding to the survey selected the wrong amount for the imposed print budget. Finally, significant differences existed based on remaining balance amounts (F=2.71, p=.046).

Clearly, a limitation of the study is that it focused on a relatively homogenous population at one school. Would students at larger, more diverse campuses have similar outcomes? As the study demonstrates, women were much better planners and budgeters than males. Similarly, students became better budgeters and planners as they matured. As a result, the college should start examining how they can better inculcate the younger male population.

College Student Journal Publisher: Project Innovation (Alabama) Subject: Education Copyright: COPYRIGHT 2001 Project Innovation (Alabama)

The sample was drawn from randomly selected Education courses, offered at the University of Louisiana at Lafayette, which were being taught, at each academic level, in the Spring 2000
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semester. The instrument used was a 13-item questionnaire. It was constructed by the researchers, because our study only required a limited amount of data and some of the other questionnaires either included unnecessary items or contained items inappropriate to our population (education majors). Items contained in the questionnaire included demographic data, such as gender, race, marital status, classification, major, citizenship, and age. The second section dealt with employment status (full- or part-time), number of jobs, and total gross yearly income estimate. The final section required students to describe their budgeting practices, such as whether they had a written budget, how often they followed it, if they had one, and estimate their total debt.

The data were collected over a one week period from both undergraduate and graduate education majors registered in randomly selected education classes. Students were administered the questionnaire at the beginning of class and steps were taken to ensure that no one completed more than one questionnaire. All were informed that participation in the study was voluntary and all responses were anonymous.

Results

Data analysis was performed for the entire population and also various subcategories. Both frequency distributions and Pearson Chi-Square were computed. Crosstabulations were also performed. There were 106 females, which corresponded to 84% of the sample and only 20 males. A majority of the students were Caucasian (76%), 84% were 30 years old or younger, and 98% were U.S. citizens. The two largest classifications represented were freshman at 26% and graduate students at 21%. Fifty-three percent were elementary education majors, 29% were secondary education majors, and the remaining 12% were comprised of either music, special or vocational education majors. Sixty-nine percent of the students were never married. The results showed that the average student income was almost $16,000, while the average student debt was approximately $13,000. Based on reported yearly income, 44% of the students had more than 31% debt. The researchers wanted to determine if students actually had a written budget and whether they followed it. Of the 42% reported having a budget, 38% did not follow it all the time, and only 4% of them never followed their budget. Also of interest, was whether
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undergraduates had more debt than graduate students. It was found that only 40% of undergraduates had debt as opposed to 96% of the graduate students. Gender was related to having a budget with women (35%) more likely to have a budget than men (10%) (see Table 1). Age was significantly related to how often students follow their budget, with those students in the 36 to 40-age group (100%) more likely to have a budget and follow it most of the time (see Table 2). Married students with a budget were more likely to follow them, although they followed them only 52% of the time (see Table 3). Fifty-two percent of the graduate students had a budget and followed it (see Table 4). No significance was found between major and total debt, number of jobs and having a budget, classification and total debt, gender and debt, and age and debt.

Discussion

Those participants who followed their budgets fairly often were 32% of the sample, while those interviewed in the Youth and Money Survey (1999) were 30%. Though our sample was limited to a specific population and was not as large as the above-mentioned study, our findings were similar to theirs. The statistics seems to imply that students are either not knowledgeable of money management practices or they are not willing to spend the time to manage their money. Even though our students asked students to estimate debt and income, some gave both household and individual estimates of debt and income. Due to this problem, a debt-to-income ratio was not able to give an accurate picture of the students debt. More research should be performed concerning college students and money management practices. Budgeting was only one aspect of money management, but savings, retirement planning, and investments should also be studied. An accurate picture of their debt-to-income ratio would be something they might want to see and may provide motivation to manage their money better.

Conclusion

The data showed that a majority of the students do not have a written budget, that women were more likely to have a budget than men, married students with budgets were more likely to follow
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their budgets, and those aged 36 to 40 were more likely to follow their budgets most of the time. Based on the findings, it appears that University students are vulnerable to financial crisis.

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CHAPTER 3 Methodology

The purpose of the study is to determine the allowance and the use of money management practices of Fine Arts students in University of Santo Tomas. The objectives of this chapter is to (1) describe the research methodology of this study. (2) explain the sample selection and (3) describe the procedure used in designing the instrument and collecting data.

I. Research Design A. Research Method In order to gather the necessary data, the researchers used descriptive method. It includes techniques that are used to summarize and describe numerical data for the purpose of easier interpretation (Kazmier, 2004).

A survey was administered to 200 randomly selected students from the University of Santo Tomas College of Fine Arts and Design. A survey is a non experimental, descriptive research method (University of Texas). It is an important tool for collecting and analyzing information from selected individuals. It is widely accepted as a key tool for conducting and applying basic social science research methodology (Babbie, 1997). Thus, it can be useful when a researcher wants to collect data on a phenomenon that cannot be directly observed.

B. Research Instrument The researchers designed a questionnaire survey instrument to assess the money management practices of UST-CFAD students. According to Paul Kenyon (2000), there are distinct advantages in using a survey-questionnaire. Compared to other methods, questionnaires yield a broader range of information. It is usually faster and cheaper than interviews and direct observations. It is also important to note that questionnaires provide reliable data that are simpler to administer, analyze, quote and interrelate. The researchers, therefore, opted to use this kind of

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instrument considering the desire to obtain first hand data from the respondents so as to formulate rational and sound conclusions and recommendations for the study. The group have provided a series of question corresponding to the research and to determine each individuals lifestyle according to their expenditures.

II. Sampling Design and Respondents A. Sampling Design The researchers designed a survey-questionnaire aimed to know the management practices of UST-CFAD students. It was designed to know how much the allowance of the respondents is in general, how and where they spend it to and how they budget it. These questions will then illustrate the attributes of the students towards financial matters and point out the differences of students respective to their chosen course and financial knowledge and practices. Below is the sample questionnaire: Allowance and Budget of College of Fine Arts and Design Students Instructions: Check your respective answers in each question. Gender: _F_M Course Program: __ Advertising __ Painting

__Interior Design __ Industrial Design

1. How much is your daily allowance? __ 100-200 __ 200-300 __ 300-500 __500 above 2. Do you have a part time job/sideline? __Yes __No If yes, do you get your allowance in your salary? __Yes 3. Do you live in a dorm/apartment? __Yes __No

__No

4. If no, how much money do you spend for your transportation every day? __ PHP 10.00 to PHP 50.00 __ PHP 50.00 to PHP 90.00
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__ PHP 90.00 to PHP 150.00 __PHP 150 to PHP 200 5. How much money do you spend for your food every day? __PHP40-60 __PHP60-100 __PHP100-150 __ PHP 150-200 6. Do you bring packed Lunch in school? __Yes __No If yes, how much money can you usually save? php____ 7. How much money do you usually spend on your projects/plates? __50-150 __150-200 __200-350 __350-500 8. What do you usually do on long hours of break time? __computer __hang outs __sports __food trip __go home/ dorm 9. How much money do you spend for your leisure time? __none __50-100 __100-150 __150-200 __200 and more 10. Where do you think does most of your allowance go to? __food __art materials (paint, papers, boards, etc.) __ printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, gala, etc.) 11. Rank your priority when it comes to spending in the following: (*1 as the highest and 5 as lowest) __ food __ art materials (paint, papers, boards, etc.) __printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, gala, etc.) 12. Do you make/ write a budget plan? __Yes: __Always __Often __Sometimes __No, Never 13. If so, do you follow it (budget plan)? __Yes: __Always
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__Often __Sometimes __No, Never 14. Do you always try to save money? __Always __Often __Sometimes __ Never 15. If so, how much can you usually save? __PHP 10.00 - PHP 50.00 __ PHP 50.00 - PHP 100.00 __PHP 100.00 - PHP 200.00 __PHP 200 Above

B. Research Respondents The participants for this study were 200 enrolled second year students in the University of Santo Tomas College of Fine Arts and Design for the second semester of the school year 2011-2012 only. The college is divided into four course namely Advertising Arts, Industrial Design, Interior design and Painting. The researchers have therefore students in each course to conduct the survey unto. randomly chosen 50

III. Research Procedure A. Data Collection The researchers conducted the survey through posting the questionnaire on a survey website and tagging it to 200 second year students of UST-CFAD. Recipients were asked to complete the survey and were reminded of accomplishing the questionnaire from time to time. After collecting the complete sample data, the researchers will then assess, interrelate and analyze the significant differences of data gathered.

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CHAPTER 4 Presentation of Data and Results Interpretation

1. Daily Allowance of CFAD Students

Table 1.1

Amount php
F (n=101)
100-199 200-299 300-399 400-500
32 33 25 11

Course Program Advertising

f x
150 250 350 450

Painting
<cf
32 65 90 101

Industrial Design
f <cf
11 24 26 26

Interior Design
fn=24
5 11 7 1

fx
4800 8250 8750 4950

n=26
11 13 2 0

x
150 250 350 450

fx
1650 3250 700 0

n=12
7 4 1 0

x
150 250 350 450

fx
1050 100 350 0

<cf
7 11 12 12

x
150 250 350 450

fx
750 2750 2450 450

<cf
5 16 23 24

Advertising Arts Mean 264.85 Mode 210.61

Industrial design Mean - 237.5 Mode - 169.5

Painting Mean - 215.38 Mode - 214.88

Interior design Mean 266.67 Mode 259.5

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Graph 1.1

FREQUENCY POLYGON OF ADVERTISING

0 1.5 1 0.5 0 149.5 200 32 33 400 25 349.5 0 449.5 600 40 20 0 15 10 5 0 0

FREQUENCY POLYGON OF PAINTING

12 13

2 100 200 300 400

249.5

0 500

10 5 0 0

FREQUENCY POLYGON OF INDUSTRIAL

15 7 4 1 200 400 0 600 10 5 0 0

FREQUENCY POLYGON OF INTERIOR

11 5 100 200 300 7 1 400 500

Table 1.2 Allowance php

100-199 200-299 300-399 400-500

No. of Students F (n=160)

Percentage %

54 59 35 12

34 37 22 7

The table 1.1 and Graph1.1 shows the amount of Daily allowance of CFAD students respective to their courses. The mean and mode of the data was also taken. The average allowance of Advertising arts students is Php264.85; Painting students is Php215.38; Industrial Design students is 237.5; Interior Design is 266.67. Additionally, it can be observed that majority of Advertising Arts, Painting and Interior Design students have allowance ranging from Php200 to 300 while majority of Industrial design students only have Php100 to 169.

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The table 1.2 on the other hand shows the amount of Daily allowance of all CFAD students that were surveyed. The amount of Php200-299 (37%) gets the majority of students followed closely by Php100-199 (34%). Minority of the students however has Php400-500 (7%) allowance.

2. Transporation Graph 2.1 Percentage of CFAD students who live in dorm vs. who lives home
60% 50% 40% 30% 20% 10% 0% Dorm/Apartment Home 56% 44%

Table 2.1 Amount of Money spent on transportation (Cfad students who go home everyday)

Amount Php 10-50 50-90 90-150 150-200

No. of students F(n=70) 31 18 18 3

Percentage % 44 26 26 4

Graph 2.1 shows the percentage of CFAD students who has a dorm versus students who does not and spends for transportation. More than half of students surveyed (56%) lives in a dorm while the less half(44%) goes home. Table 2.1 on the other hand shows the amount of money spent on transportation by students who goes home every day. Majority (44%) spends Php10-50 while minority spends Php150-200.
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3. Amount of Money Spent in Food

Table3.1

Amount Spent on Food

No. of Students F(n=160) % 20 46 22

PHP 40.00 PHP 60.00 PHP 60.00 PHP 100.00 PHP 100.00 PHP 150.00

32 74 35

PHP 150.00 PHP 200.00

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Graph 3.1
100 80 60 40 20 0 PHP 40.00 -PHP 60.00 PHP 60.00 PHP 100.00 PHP 100.00 PHP 150.00 32 77 35 19 PHP 150.00 PHP 200.00

Table and graph 3.1 shows the amount of money CFAD students spend in their food every day. It can be observed that majority(47%) spends php40-60 in their food. Minority spends php 150200.

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4. Amount of Money Spent on Materials for Projects and Plates

Table 4.1
Amount Php f 50-150 150-250 250-350 350above Total 19 34 33 15 N=101 Adv % 19% 34% 33% 15% 100% f 2 3 6 15 N=26 Course Program Ptg % 8% 12% 23% 58% 100% f 0 3 2 7 N=12 Id % 0% 25% 17% 58% 100% f 5 6 12 1 N=24 Ind % 21% 25% 50% 5% 100% 26 45 53 37 N=160 16% 28% 33% 23% 100% f Overall %

Graph 4.1
500 400 300 200 100 0 26 38 46 53 100 200 400 300

Table 4.1 shows the amount of money CFAD students spend for projects and plates respective to their courses. Majority of Advertising Students spend Php150-250 (34%) and php250-350 (33%). Half of Interior Design students likewise also spend php250-350(50%). However, Painting and Industrial Design students spend php350 above. Graph 4.1 shows the overall amount of money CFAD students for projects and plates. Majority of students(53%) spend php250-350 for their plates while minority spends 50-150.

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5. Amount of Money spent in Leisure Time

Table 5.1

Amount Php none 50-100 100-150 150-200 200 above

No. of students F (n=101) 27 66 32 16 21

Percentage % 17% 41% 20% 10% 13%

Graph 5.1
50 40 30 20 10 0 0 50 100 150 200 250 17 20 10 41

Table and graph 5.1 shows the amount of money CFAD students spend on their leisure time. Majority(41%) spend 50-100php while minority (10%) only spend 150-200php.

6. Top Most Priority of CFAD Students When it Comes to Spending Painting

Table 6.1

Needs

Respondents (n=26)

rf

rank

Food Art materials

11 10

0.4231 0.3846

42% 38%

1 2

25

Printing Transportation Entertainment

0 5 0

0 0.1923 0

0 19% 0

4 3 4

Graph 6.1

Topmost Priority in Spending -Female Students

17.65 0 35.29 0 47.06 food art materials transportation

Graph 6.2

Topmost Priority in Spending -Male Students

22.22 44.44 33.33

food art materials transportation

The Table 6.1 shows the topmost priority of CFAD Major in Painting students when it comes to spending. Majority of students (42%) prioritizes food when they spend followed by art materials (38%) and transportation (19%). Entertainment and printing got 0% vote of the population which comprises the least percentage. Graphs 6.1 and 6.2 shows how Female and Male CFAD Major in Painting students prioritize when they spend. Majority of Female students (47%) prioritize food the most when it comes to spending while majority of male students (44%) prefer art materials.

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Advertising
Table 6.2

Needs

respondents (n=101)

rf

rank

Food Art materials Transportation Printing Entertainment

60 21 10 5 5

0.5940 0.2079 0.099 0.0495 0.0495

Graph 6.3

59% 21% 10% 5% 5%

1 2 3 4 4

Topmost Priority in Spending of Female Students

11.11% 22.22% 63.49% 0 Food Art materials Transportation

Graph 6.4 Topmost Priority in Spending of Male Students

7.89% 55.26% Food Art materials Transportation Printing Entertainment

13.16% 7.89%

21.05%

The Table 6.2 shows the topmost priority of CFAD Major in Advertising students when it comes to spending. Majority of students (59%) prioritizes food when they spend followed by art materials (21%) and transportation (10%). Printing got 0% vote of the population which comprises the least percentage.

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Graphs 6.3 and 6.4 shows how Female and Male CFAD Major in Advertising students prioritize when they spend. Majority of both Female students (64%) and male students (53%) prioritize food the most when it comes to spending.

Industrial Design
Table 6.3

Needs

Respondents (n=12)

rf

rank

Food Art materials Transportation Printing Entertainment

5 7 0 0 0

0.4167 0.5833 0 0 0

42% 58% 0 0 0

2 1 3 3 3

Graph 6.5

Topmost Priority in Spending of Female Students

14.29 85.71 food art materials

Graph 6.6

Topmost Priority in Spending of Male Students

20 food 80 art materials

The Table 6.3 shows the topmost priority of CFAD Major in Industrial Design students when it comes to spending. Majority of students (58%) prioritizes art materials when they spend

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followed by food (42%). The rest of categories-printing, transportation and entertainment got 0% vote of the population which comprises the least percentage.

Graphs 6.5 and 6.6 shows how Female and Male CFAD Major in Industrial students prioritize when they spend. Majority of Female students (85%) prioritize art materials the most when it comes to spending while majority of male students (80%) prefer food.

Interior Design Table 6.4

Needs

respondents (n=24)

rf

rank

Food Art materials Transportation Printing Entertainment

12 9 2 1 0
Graph 6.7

0.5 0.375 0.1667 0.0833 0

50% 38% 17% 8% 0%

1 2 3 4 5

Topmost Priority in Spending of Female Students

10% 5% 45% 40% Food Art materials Transportation Printing

Graph 6.8 Topmost Priority in Spending of Male Students

25 75

Food Art materials

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The Table 6.4 shows the topmost priority of CFAD Major in Interior Design students when it comes to spending. Majority of students (50%) prioritizes food when they spend followed by art materials (42%). Entertainment got 0% vote of the population which comprises the least percentage. Graphs 6.7 and 6.8 shows how Female and Male CFAD Major in Interior students prioritize when they spend. Majority of both Female (45%) and male students (75%) prioritize food the most when it comes to spending. 7. Budget Plan
Table 7.1

No. of students Create a Budget Plan Female F(n=109) YES NO 62 47 % 57 43

Graph 7.1

Male F(n=51) 29 22 % 56 44

Overall F(N=160) 91 69 % 57 44

60 50 40 30 20 10 0

57

56 43 44

FEMALE MALE

YES

NO

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Table and graph 7.1 shows the number of respondents that make/write a daily budget plan. Female and male students were counted separately to find a difference. Majority of male (56%) and female(57%) said yes. Overall, majority of CFAD students make a budget plan every day (57%) while minority(44%) does not.
Table 7.2

No. of Students Following Budget Plan Yes No 50 13 Female F(n=63) % 79 21

Graph 7.2
90 80 70 60 50 40 30 20 10 0 yes no 28 21 male female 72 79

Male F(n=29) 21 8 % 72 28 71 21

Overall F(n=92) % 77 23

Table and graph 7.2 shows how many on CFAD students who creates their own budget plan follow it. Male and female were once again separated. Majority of male(72%) and female(79%) said yes. Overall, majority(77%) of the students follow their budget plan while minority(23%) does not.

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Graph7.3 No. Of Students Who Tries To Save Money From Allowance

180 160 140 120 100 80 60 40 20 0 YES NO 3 No. of students 157

Graph 7.3 shows percentage of students who tries to save money from their allowance every day. Majority of students(97%) said yes. Only 3% of students said no.
Table 7.3 Amount of Savings of CFAD students

Amount php 10-50 50-90 90-130 130 above total

Respondents (F) 60 36 29 32 N=157

Percentage % 38% 23% 18% 21% 100%

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Graph 7.4
60 50 frequency 40 30 20 10 0 10-50php 50-90php 90-130 php 130 above 23 30 56 49

The table 7.3 and Graph 7.4 shows the amount of savings of CFAD students who tries to budget and save from their allowance. Majority of students(38%) can save money ranging from php1050 followed by 23% of students who can save amount ranging from php50-90. Minority of the students saves php90-130 from their allowance.

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CHAPTER 5 Summary of Findings, Conclusions, and Recommendations

This chapter presents the summary of the findings, conclusions from the research, and also recommendations for future researchers of this topic. This study was taken at the University of Santo Tomas particularly with the College of Fine Arts and Design students pertaining to the topic about how do students budget their daily allowance. In this chapter, the following questions will be answered: (both from students who stays in a dorm and ones who go home) In the College of Fine Arts and Design, from what course has the students who are spending a lot? How do students from the College budget their daily expenses? What are their priorities in spending?

Summary of Findings

1. A. The average daily allowance of CFAD Students respective to their courses Advertising arts: Php264.85 Painting: Php215.38 Industrial Design: 237.5 Interior Design is 266.67

Based on their respective courses, the Interior Design students were found to have the highest average of daily allowance. B. Daily Allowance of all CFAD students The Daily allowance of the majority of students has the amount ranging from Php 200299 or a percentage of 37%. 2. The average amount of allowance spent on transportation Based on the research gathered, the researchers found out that out of the total population of the students who took the survey, almost 55% lives in the dormitory and the remaining 45% goes home every single day. In addition to the students
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going home every day, majority of the students answered that they spend Php 10.00-50.00 daily. 3. Amount of Money Spent in Food It was found that the majority of 47% spends php40-60 in their food while minority only spends Php. 150-200. 4. Amount of Money Spent on Materials for Projects and Plates It was found that the majority of the overall amount of money CFAD students spends for their plates and projects ranges from Php 250-350, and the rest only spends 50-150 5. Majority of Amount of Money spent in Leisure Time It was found that a majority of 41% students spends their daily allowance on their leisure time with amount ranging from Php 50-100. 6. Top Most Priority of CFAD Students when it Comes to Spending From the Painting department, female students answered that their priority is food, next are art materials, and lastly, transportation. Same to the male students, they answered as their top priority is art materials, then food, and lastly, transportation. For both, transportation is the least priority from the top 3. The remaining priorities which are entertainment, and printing are seldom their real priority. Same with the Advertising department, the students top priorities are food, entertainment, and transportation. For the female students, their priorities are

arranged starting from food, to art materials, to transportation. On the other hand, the male students said that food is also their top priority, to art materials, to transportation, to printing, and finally, to entertainment. Clearly that Advertising male and female has the same priorities. In the Industrial Design department, both male and females only priorities are only art materials and food. For female, their first are art materials, and second food. The males answer are vice versa to what the females answered. Lastly, from Interior Design department, the females answered that their top priorities are art materials, food, transportation, and printing. The male students answered that their priorities are only food, and art materials. 7.Budget Plan
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Female and male students were intentionally counted separate to observe and to know if there is a difference. But both majority of male and female was found that they make a budget plan every day. The difference was majority 56% of male said yes and a majority of 57% in females. There is only little difference in terms of majority.

Both female and male students follow their budget plan and also there is little difference between the majorities that said yes. Almost all of the students (97%) was found that they save money every day and only very little (3%) said no.

Amount of Savings of CFAD students: Majority of students (38%) was found that they can save money ranging from php10-50. Followed by 23% of students who can save amount ranging from Php50-90. Minority of the students saves php90-130 from their allowance

Conclusions Based on the findings derived from this study, the following conclusions were drawn: 1. Findings showed that based on their respective courses, the Interior Design students were found to have the highest average of daily allowance, second is Advertising Arts, followed by Industrial Design, and Painting as last. 2. The courses correspond on their allowances, since the findings shows the difference on their allowances based on their courses. It can be derived that the Interior Design students has the highest expenditures among all CFAD students. The average amount of all the CFAD students ranges from Php200-299. Most of their allowance go to food, transportation and art materials. 3. More than half of the CFAD students live in a dorm or apartment therefore making a big difference on their transportation expenses. 4. CFAD students who go home everyday spends a lot of money for transportation and majority of 44% spends Php10-50 a day and minority spends Php150-100 a day. The expenses on transportation is quite big. That is probably one of the factors why more than half of the students prefer to live in dorms. 5. Most CFAD students spend Php40-60 on their food and minority spends Php150-200.
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6. Art materials takes up a lot of share in the students' allowances, since findings show that the majority of students spend Php250-350 and the rest Php50-150, if the average allowance ranges from Php200-299, it can be concluded that it is not on a daily basis that they spend this big on art materials. 7. CFAD students prioritizes their school needs and requirements since they recognize food and art materials as their priority instead of entertainment. 8. CFAD students differ in their ranking of priorities based on their course and gender. 9. Almost all CFAD students are responsible enough to try to save money and create a budget plan, and tend to follow it. Both female and male students understand that saving money is important. Generally, After gathering the research, the researchers have concluded students from the College of Fine Arts and Design spends a lot based on the data and on which priority they are following. The researchers also concluded that the Interior Design department is the course with students spending big amount of money on their priorities which is either food or art materials. All in all, female students spend great amount of money on food and art materials while on the other hand, male students has different kind of priorities.

Recommendations The following recommendations are offered based on the findings and conclusion of the study: 1. Students should maintain their priorities in spending so that it wont be a problem if they are cut short on their budget. 2. Parents must be aware of the spending habits of their children and where most of their allowance goes to in order to help them prepare for an independent future. 3. Both parents and students should understand the importance of saving and must try to take the means of saving money like settling in a dorm, to save expensive transportation expenses and time. 4. The University especially the college departments should perform studies related to the study conducted to further evaluate student issues and therefore make adjustments for the benefit of all students.

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REFERENCES Chapter 1 Money.(n.d.). Retrieved from http://dictionary.reference.com/browse/money on Dec 2011. Rand A.(2010). Money-The color of money. Retrieved from

http://www.lifepositive.com/mind/money/money-value.asp on Dec. 2011. Student Budget. (2009). Retrieved from http://www.westwood.edu/resources/student-budget/ on Dec 2011. University of Santo TomasFine Arts and Design. (n.d.). Retrieved from

http://en.wikipedia.org/wiki/University_of_Santo_Tomas_College_of_Fine_Arts_and_D esign

Chapter 2 Bartolome, M. (2011). Maximizing your Means. Stretching your weekly/monthly allowance. Retrieved from http://www.edgewise.ph/2011/09/14/003-you-2-0/maximizing-your-

means-stretching-your-weeklymonthly-college-allowance/ Bowen, C. F., & Lago, D. J. (1997). Money management in families: A review of the literature with a racial, ethnic, and limited income perspective. Advancing the Consumer Interest. [Online], 9 (2), p32, 11p. Available: www.ehostvgw8.epnet.com [2000, February 25]. Budgeting tips for college students.(2010) In lending tree.retrieved from

http://www.lendingtree.com/smartborrower/students/managing-your-money/budgetingfor-college-students/ Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review [Online], 7 (2), p107, 22p. Available: www.ehostvgw.8epnet.com [2000, February 10].

How to Save Money as a College Student in the Philippines. (2011) Retrieved from http://businesstips.ph/how-to-save-money-as-a-college-student-in-the-philippines/ Gordon, Larry. 14 July 2010. Financial Anxieties Burden More Freshmen, Study Finds. Los Angeles Times, p. 5. Micomonaco Justin P. 23 April 2003. Borrowing Against the Future: Practices, attitudes and

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knowledge of financial management among college students, Virginia Polytechnic Institute and State University. Norvilitis, J. M., Merwin, M. M., Osberg, T. M., Roehling, P. V., Young, P., & Kamas, M. M. (2006). Personality factors, money attitudes, financial knowledge and credit card debt in college students. Journal of Applied Social Psychology, 36, 1395-1413. Stollak, M., Vandenberg, A., Steiner, K., Richards, J.,(2011)Student budgeting and spending behaviors: a comparative study. retreived from

http://www.aabri.com/manuscripts/10670.pdf Youth and money survey. (1999). American Savings Education Council [Online], 16p. Available: www.asec.org [2000, April 14].

Chapter 3 Babbie, Earl R. Survey Research Methods. Belmont, CA: Wadsworth Pub. Co., 1997. Kazmier, L. (2004). Business Statistics. USA: Mcgraw Hills company. Kenyon, Paul. (2000). How to Put Questionnaires on the Internet: Part 1. Internet WWW page, at URL http://salmon.psy.plym.ac.uk/mscprm/Forms.htm University of Texas Survey. (n.d.) Retrieved fromhttp://www.ischool.utexas.edu/

~palmquis/courses/survey.html on Jan 2012.

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APPENDICES
Allowance and Budget of College of Fine Arts and Design Students Instructions: Check your respective answers in each question. Gender: _F_M Course Program: __ Advertising __ Painting

__Interior Design __ Industrial Design

1. How much is your daily allowance? __ 100-200 __ 200-300 __ 300-500 __500 above 2. Do you have a part time job/sideline? __Yes __No If yes, do you get your allowance in your salary? __Yes 3. Do you live in a dorm/apartment? __Yes __No

__No

4. If no, how much money do you spend for your transportation every day? __ PHP 10.00 to PHP 50.00 __ PHP 50.00 to PHP 90.00 __ PHP 90.00 to PHP 150.00 __PHP 150 to PHP 200 5. How much money do you spend for your food every day? __PHP40-60 __PHP60-100 __PHP100-150 __ PHP 150-200 6. Do you bring packed Lunch in school? __Yes __No If yes, how much money can you usually save? php____ 7. How much money do you usually spend on your projects/plates? __50-150 __150-200 __200-350 __350-500 8. What do you usually do on long hours of break time? __computer __hang outs __sports __food trip __go home/ dorm

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9. How much money do you spend for your leisure time? __none __50-100 __100-150 __150-200 __200 and more 10. Where do you think does most of your allowance go to? __food __art materials (paint, papers, boards, etc.) __ printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, gala, etc.) 11. Rank your priority when it comes to spending in the following: (*1 as the highest and 5 as lowest) __ food __ art materials (paint, papers, boards, etc.) __printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, gala, etc.) 12. Do you make/ write a budget plan? __Yes: __Always __Often __Sometimes __No, Never 13. If so, do you follow it (budget plan)? __Yes: __Always __Often __Sometimes __No, Never 14. Do you always try to save money? __Always __Often __Sometimes __ Never 15. If so, how much can you usually save? __PHP 10.00 - PHP 50.00 __ PHP 50.00 - PHP 100.00 __PHP 100.00 - PHP 200.00 __PHP 200 Above

41