Financial Literacy, Attitude, and Behavior of Female and Male College Students: The Case of the University of the Philippines Visayas


by: Ysabella P. Cainglet, Jose Neil M. Hortillo, Reynold D. Tan


Financial literacy is important in today’s fast-paced environment. Financially literate individuals understand basic finance concepts, prioritize their expenses, have enough savings, and invest in the right portfolio. These lead to financial security and better decision making of individuals and groups, and are vital to economic development. Related to financial literacy are financial attitude and behavior, which can be described as the motivation and the action after knowledge. Youth and women must be given attention in inclusive finance policies. According to the Organisation for Economic Co-operation and Development (OECD), young adults exhibit low financial literacy, and that a gender gap exists. In this study, financial management is discussed in the context of assigned social roles and socialization factors. To assess the level of financial literacy, attitude and behavior of University of the Philippines Visayas students (from Iloilo City and Miagao campuses) and to determine if there is a gender gap, 271 respondents were surveyed, with 188 female respondents and 83 male respondents. Results show that males score higher than females in financial literacy, and the difference is statistically significant. For financial attitude, there is no significant difference in key areas, but female college students have become more aware of the importance of financial literacy during the pandemic. For financial behavior, while there is no significant difference between females and males, females perform better financial planning, and males tend to save regularly. The results of this study have implications on the crafting of gender-responsive financial literacy courses, and on a larger scale, on national financial inclusion policies.

Keywords:financial literacy, education, financial attitude and gender gap, UPV students