Decision Making, Attitudes, and Behaviours on Financial Literacy among Filipino College Students: Factorial and Correlational Analyses


  • Nicky C. Cardenas Colegio de San Juan de Letran
  • Julieta G. Fonte Polytechnic University of the Philippines



Financial Literacy, Filipino College Students, Factorial Analysis, Correlational Analysis


Researches revealed that there is an urgent need for financial literacy (Hung, Parker, & Yoong, 2009; Nidar & Bestari, 2012; Mihal?ováa, Csikósová, & Antošovác, 2014; Agarwal et. al, 2015). However, in Philippine context, financial literacy has not been extensively explored (Leano, 2006). This research study aimed at analyzing the reliability and validity of Filipino college students’ financial literacy based on Questionnaire for Assessing Financial Literacy (QAFL), a 12-item Likert scale with acceptable internal consistency (? = 0.74) developed by (?onková, 2014). Specifically, this study aimed to analyze the relationship of students’ decision making, attitudes and behavior in the financial market. It utilized a simple random sampling technique. A total of 140 Filipino college students participated in this study. SPSS was used for statistical data analysis. Results of the reliability analysis for Cronbach's Alpha if item deleted showed an overall acceptable range (? =.722-.775) and Cronbach's Alpha based on standardized items (? = 0.750). Results of the factor analysis revealed an appreciable factor loading = .49 up to the high factor loading = .82 construct validity. Results of the correlation analysis revealed that the relationships were statistically significant as follows: decision making and attitudes toward finances (rs = 0.52), decision making and financial behavior (rs = 0.49), attitudes and financial behavior (rs = 0.45). Thus, it is concluded that financial literacy is relevant to aid students in addressing issues affecting their decision making, attitudes and behaviors in the financial market.


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How to Cite

Cardenas, N., & Fonte, J. (2021). Decision Making, Attitudes, and Behaviours on Financial Literacy among Filipino College Students: Factorial and Correlational Analyses. Conference Proceedings of Educational Paradigm, Systems and Strategies, 5(1), 1.