Social Support and Financial Literacy for Senior High School Learners

Financial literacy is the ability to use knowledge and skills to effectively manage financial resources for a lifetime of monetary well-being. Social support is the perception and actuality that one is cared for and has assistance available from other people. In light of the concepts, the researcher aimed to gauge the social support and the level of financial literacy of the senior high school learners in the division of El Salvador city. Specifically, the study sought to answer the following problems: 1.) profile of the respondents in terms of sex, age, school type, family monthly income, parents‟ highest educational attainment, number of siblings, and parents‟ occupation; 2.) the respondents‟ assessment on the social support they received based on emotional, instrumental, informational, and appraisal; 3.) the respondents‟ level of financial literacy as regard budgeting, interest rate, savings, and investment; 4.) the significant relationship between the respondents‟ financial literacy and the moderating variables; and 5.) the significant relationship between the social support and financial literacy components. The respondents of the study were the 200 senior high school learners both in public and private in the Division of El Salvador City. The respondents were identified by using random sampling procedure. The study utilized a three-part instrument which are on demographic profile, social support and financial education survey. Descriptive statistics such as frequency distribution, mean, standard deviation and percentage were used to describe the variables of this study. Pearson Product Moment Correlation (r) was employed to determine the significant relationship between the respondents‟ financial literacy and their profile and also in determining the significant relationship between the social support and financial literacy of the learners. As to the findings of the study, the respondents‟ social support yielded a positive description but not for instrumental. The respondents were not financially literate; however, the level of financial literacy as regard savings is notable in agreement. Further, a significant relationship was noted between the financial literacy and the moderating variables on type of school, mothers'‟ highest educational attainment, and mothers‟ occupation. A significant relationship was also noted on the respondent's‟ social support on emotional, instrumental, informational and appraisal, and the financial literacy components; thus, it led to the rejection of the null hypotheses. Financial literacy is important for teachers, parents and community to be oriented on these matters as it contributes to the financial well-being of the learners. Given the result of this study, social support is sought to be observed at all times, and the need to instill financial literacy among students, teachers, parents, and all stakeholders in order to have financial freedom is greatly desired.