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Abstract
This study investigates the influence of financial literacy on the budgeting practices of college students at a private Catholic school in Davao City, Philippines. Employing a quantitative descriptive-correlational design, data were collected from 225 randomly selected students using a validated survey instrument measuring five dimensions of financial literacy—financial awareness, attitudes towards finance, financial risk management, financial culture, and financial knowledge and skills—and four aspects of budgeting practices, including goal setting, financial control, decision-making, and financial behavior. Results indicate that students possess a generally high level of financial literacy, particularly in positive attitudes toward money and financial awareness, though managing financial risk remains an area for improvement. Similarly, budgeting practices were rated high, with decision-making identified as the strongest dimension. Correlational and regression analyses reveal a strong, statistically significant positive relationship between financial literacy and budgeting practices (r = 0.85, p < 0.001), with financial literacy accounting for approximately 75% of the variance in budgeting behavior. These findings affirm the Financial Literacy Theory and the Theory of Planned Behavior, underscoring that students with higher financial literacy are more likely to exhibit responsible budgeting behaviors. The study highlights the need to bridge the gap between financial knowledge and practical application, recommending targeted educational interventions such as workshops, simulations, and peer learning to enhance budgeting skills and financial resilience. These results provide valuable insights for developing student financial literacy programs aimed at promoting effective money management, reducing financial stress, and fostering long-term financial well-being among college students.
