A Comparative Analysis of Financial Skills and Financial Independence among 2nd Year Financial Management and Psychology Students at National University – Baliwag

This research undertakes a comparative analysis of the financial skills and financial independence of 2nd Year students in the fields of Financial Management and Psychology at National University Baliwag. The study aims to evaluate the financial skills and financial independence of these students and investigate whether financial skills significantly influence their financial independence.

Employing a descriptive correlational method, this study explores the relationship between financial independence and various predictor variables, including age, college major, financial skills, and financial knowledge. The stratified sampling technique was utilized to determine the number of respondents needed for the study. Many of the students, particularly those in the Financial Management program, demonstrated a high level of financial skills, while students in the Psychology program exhibited moderately high financial skills. Notably, approximately 73% of Psychology students achieved a commendable degree of financial independence, outpacing their counterparts in Financial Management. This suggests that a substantial majority of Psychology students have attained satisfactory and self-sustaining financial autonomy. Only a small proportion of students exhibited low levels of financial skills, with most displaying either high or moderately high proficiency. Proficient financial skills, however, had no correlation with the achievement of satisfactory levels of financial independence. Based on the provided data and p-values, the study leads to the conclusion that financial skills do not exert a statistically significant effect on financial independence among 2nd-year Financial Management and Psychology students. The null hypotheses (Ho) cannot be rejected.