Dalifer A. Gano

Type of the article: Research Article

Abstract
College students’ financial decisions can significantly impact their future, making financial literacy essential. This study evaluates the financial literacy of college students at Benguet State University, Philippines, focusing on its three dimensions, namely financial behavior, financial attitude, and financial knowledge. It also analyzes the relationships among these dimensions and investigates whether financial literacy levels differ based on selected demographic and financial profile variables. Using a descriptive-comparative and explanatory design, data were collected through a survey questionnaire administered to 464 college students selected through stratified random sampling. The data were analyzed using descriptive statistics, Welch’s t-test, ANOVA, Tukey-Kramer post hoc tests, and Partial Least Squares Structural Equation Modeling (PLS-SEM). Findings revealed that students had a moderate level of overall financial literacy. They demonstrated positive financial attitudes and frequently practiced sound financial behaviors, but their financial knowledge remained limited. No significant differences were found across demographic variables, while debt status and weekly allowance produced significant differences in selected financial literacy dimensions. The study concludes that students’ financial behavior is influenced more strongly by their financial attitudes and financial circumstances than by objective financial knowledge. The results show that weekly allowance predicts financial attitude and financial knowledge, while debt negatively affects financial attitude. Financial attitude emerged as the strongest predictor of financial behavior, suggesting that financial literacy interventions should go beyond knowledge-building and address students’ attitudes, habits, motivations, and financial realities.