An Analysis on The Financial Awareness and Literacy Among The Students of Cagayan State University Andrews Campus

This research was conducted to determine the financial literacy of the students of Cagayan State University-Andrews Campus. The 385 respondents of this research were computed using the Slovin's Formula and it was allocated to the four colleges of the university. There were 110respondents from the College of Business Entrepreneurship and Accountancy (CBEA), 46 from the College of Allied Health and Sciences (CAHS), 117 respondents from the College of Teachers Education (CTE), and 112 respondents from the College of Hospitality and Industrial Management (CHIM). The qualitative-quantitative research design was used in the study. The data were obtained from the respondents through the use of questionnaires which were accompanied by personal interviews. The study revealed that the identified factors (financial subjects, learnings in investing, budgeting, taxes, credit, loans, interest rates and insurance, financial interest, background in financial literacy, preparation for the future and financial test) of the researchers had significant impact on students’ financial literacy. The chosen college of students had something to do with their financial literacy; the business major students from CBEA are more financially literate than students from the other colleges. Students’ who have more financial subjects and learnings answered the financial test better than those who have less financial knowledge. There is a positive relationship of students’ level of financial literacy to their corresponding year level and age. The higher the year level and the older the student is, the higher the financial literacy he has. Based on ethnicity, students who are Ilocanos are more prepared for their future compared to students who are Ibanag, Itawes and Tagalog. This revealed also that females are more interested in increasing their financial literacy and are more prepared for their future compared to males. The parents’ income also of the students greatly affects their savings. The students who have higher number of family members are thriftier than students who are the only child in the family. The study also revealed that the students are influenced by their parents, sisters/brothers, friends, relatives, grandparents, and classmates in their financial decisions. The overall result showed that the financial literacy of CSU-Andrews students is only moderate having a total percentage of 61.73%. This revealed that many of the students are still financially illiterate.