A DESCRIPTIVE RESEARCH ON ALLOWANCE AND BUDGET OF SECOND YEAR STUDENTS OF UNIVERSITY OF SANTO TOMAS' COLLEGE OF FINE ARTS AND DESIGN
Submitted to the College of Fine Arts and Design University of Santo Tomas In Partial Fulfilment of the requirements of Math 600A
De Guzman Mary Rose Fojas Gaston Inamac Jeelin Lee Neil Sangria Kathlene Tia Trixie
2AD7 1
ACKNOWLEDGEMENT
The researchers wish to express our sincere and profound gratitude to the following persons and institutions who, in one way or other, have contributed to the successful completion of the study:
Prof. Crisencio Paner, for his assistance and valuable suggestions in the process of the study; The College department of CFAD, for allowing us to utilize some of the information about the students' schedule and activities; The students of University of Santo Tomas College of Fine Arts and Design, for cooperating and answering our survey questionnaires; To our parents for their Love and undying support; And above all, Heavenly Father, who gives his undying blessings, strength, determination and guidance to the pursuit of the study.
2
TABLE OF CONTENTS Title
Page
Acknowledgement ……………………………………………………………i CHAPTER 1: Introduction……………………………………………………1 Objectives……………………………………………………2 Statement of the Problem…………………..…………………2 Importance of the study ………………………..……………..3 Scope and Delimitation……………………..…………..……..4 Definition of Terms…………………………….……………..4 CHAPTER 2: Review Related Literature……………………………………...6 Foreign Literature…………………………………………….6 Local Literature……………………………………..………...8 Foreign Studies……………………………………..………..9 CHAPTER 3: Methodology……………………………………..……………….16 I. Research Design A. Research Method………………………………………..16 B. Research Instrument……………………………………16 II. Sampling Design and Respondents A. Sampling Design……………………………...………..17 B. Research Respondents…………………………………..19 III. Research Procedure A. Data Collection……………………..……………………19 CHAPTER 4: Presentation of Data and Results Interpretation……..……………….20 Daily Allowance of CFAD Students…………………………………20 Transportation……………………………………………………..22 Amount of Money Spent in Food……….……….…………………23 Amount of Money Spent on Materials………………………….24 Amount of Money spent in Leisure Time……………………25 Top Most Priority When it Comes to Spending……………………25 Budget Plan…………………………………………………30
3
CHAPTER 5: Summary Conclusion and Recommendations……………………34 Summary of Findings………………………………………….….34 Conclusion………………………………………………………..36 Recommendation………………………………………….............37 References …………………………………………………….……………………..38 Appendices………………………………………………….……………………40
CHAPTER 1 Introduction
Money plays a vital role in every person's life. It is the medium used for exchange, unit of account and store of value (dictionary.com). It is used to buy goods and materials that are necessary in life. It can also prevent the sufferings that come with poverty like cold and hunger, give satisfaction, provide education and even power. Without it, one cannot buy anything he needs and wants. In fact according to Ayn Rand, money is the source of survival. She explains in
4
her book Atlas Shrugged that the source of a person's livelihood is the verdict he pronounces in his life. As prices of commodities become higher, money has gained more value today. Additionally, there are only few materials left that cannot be bought by money. This is why it is very important to spend it wisely. Still, using money doesn't end from spending, it is also very essential to save wealth for future use and plans. Money is a fundamental and indispensible tool to live in a materialistic world. Only a wise person truly knows the value of it. Businessmen are people who use their money only when it is necessary. However, they also know when to invest a lot of money unto something they know will be useful in the future. In fact, all people in different fields have their own ways to spend and save their money. Students on the other hand, learn to save their allowance as they grow and meet different requirements in school as well as things they want to buy for their own. Budgeting is one of the practical skills that come in useful for them. It helps them to attain a better understanding of financial matters that would become handful in their future. However, with escalating responsibilities and opportunities as they go towards higher level of education, particularly in college, it becomes very challenging for students to manage their money. Tuition, textbooks and transportation are not the only things they need to worry about, there are the housing, food and supplies together with socializing. With their young age and lack of experience, it might be hard for college students to budget their allowance on their own. In fact according to a research of Westwood College in U.S., most college students spend the least
5
of their allowance in transportation, books and supplies but spends 40% on discretionary activities- entertainment, apparel and services, travel and vacation. Additionally, expenses of college students also depend on their chosen course. Fine Arts students particularly, are expected to spend a lot of money for the expensive materials they use on their subjects. Recognizing this, the study therefore aims to know how Fine Arts students budget their allowance. The researchers decided to survey second year College of Fine Arts and Design students in University of Santo Tomas. The significance in the discovery of how much a student from different faculties of UST's College of Fine Arts and Design spends per week would let us understand what kind of lifestyle majority has and possibly discover whether he or she is enrolled on his/her designed course. upon the information, the researchers will be able to determine the same qualities or habits that each has and the traits that will create the contrast between the 4 courses/faculties in the Fine Arts Department.
Objectives:
The researchers seek to describe how much allowance are given to CFAD students in general, where they spend their allowance and how at the same time they budget it. This will illustrate the attributes of the students towards financial matters. The study also aims to benefit Fine Arts students, parents and the CFAD department upon the information gathered on the end of the study.
Statement of the Problem:
This study is aimed to find out how much the 2nd year College of Fine Arts and Design Students of the University of Santo Tomas spend weekly by conducting a survey specifically to address to the 2nd year CFAD students during the school year 2007-2008.
Especially, the study sought to answer the following questions:
6
1. Is there any difference of how much a CFAD student spends depending on their course? 2. Is there any significance on knowing how much a CFAD student spend? 3. Is there significance on how the students allocate their budget?
Importance of the study:
The study deals with the everyday allowance of CFAD students. It seeks answers as to how and where the respondents spend their money every day. Considering that money is an essential commodity that helps a person to run his or her life, this study is significant for it will benefit the Fine Arts students, their parents and the CFAD department.
Fine Arts students: This study is beneficial for fine arts students to appraise their practice of spending money. First, this will inform them where students like them generally spend their money with. Upon this information, this study can enlighten them on how to use their allowance wisely.
Parents: This study can benefit the parents by providing insights and information about the allowance they give to their children and how and where they generally use it. This study can inform them as to how much allowance is accurate for their children to use it for their needs in their chosen course.
CFAD department: This study seeks to inform and enlighten the department on how the requirements of the course affect the fine arts students spend their allowance. This can enlighten them to be more considerate and sensitive towards the students' needs and concerns. Furthermore, this study can give the department a deeper understanding on how to respond with these concerns.
7
Scope and Delimitation
This research study was limited and conducted only at the University of Santo Tomas College of Fine Arts And Design during the second semester of the school year 2011-2012. The respondents of the study are second year CFAD students from 16-19 years of age. The researchers have planned to survey 160 students on all CFAD course namely Advertising, Painting, Industrial Design, and Interior Design. The method the researchers will use in collecting information will be through survey. This is used to evaluate and estimate the amount of money Fine Arts students spend every week and what they spend their money on.
Definition of Terms:
The following terms are defined conceptually/operationally for the better understanding of the study:
1. Allowance- it refers to the money given to Fine Arts students that shall be used for their daily needs and expenses; it is given by their parents or guardian 2. Budget- it refers to the financial plan and list of all planned expenses and revenues made by the Fine arts students in response to their daily and monthly expenses 3. Money- refers to the medium used for exchange, unit of account and store of value 4. CFAD- serves as College of Fine Arts and Design; the chosen target of the study 5. UST- serves as University of Santo Tomas, the Catholic University of the Philippines 6. Fine Arts- field of study that teaches aesthetics and practical application of arts 7. Bachelor in Fine Arts major in Advertising Arts –academic program of UST-CFAD that offers an overview and application of advertising principles introducing concepts of advertising, research, artistic, creative, and psychological aspects to advertising and sales promotional activities. 8. Bachelor in Fine Arts major in Industrial Design –academic program of USTCFAD that indicates on the students that the fusion of art and technology are essential components in bringing creative ideas into reality
8
9. Bachelor of Science in Interior Design – academic program of UST-CFAD that focuses on studio and academic research in history, theory and methods as they relate to interdisciplinary approach to interior design 10. Bachelor in Fine Arts major in Painting – academic program of UST-CFAD that both encourages and challenges students to comprehend past and present examples of painting and to incorporate that understanding into actual practice
9
CHAPTER 3 Methodology
The purpose of the study is to determine the allowance and the use of money management practices of Fine Arts students in University of Santo Tomas. The objectives of this chapter is to (1) describe the research methodology of this study. (2) explain the sample selection and (3) describe the procedure used in designing the instrument and collecting data.
I. Research Design A. Research Method In order to gather the necessary data, the researchers used descriptive method. It includes techniques that are used to summarize and describe numerical data for the purpose of easier interpretation (Kazmier, 2004).
A survey was administered to 200 randomly selected students from the University of Santo Tomas College of Fine Arts and Design. A survey is a non experimental, descriptive research method (University of Texas). It is an important tool for collecting and analyzing information from selected individuals. It is widely accepted as a key tool for conducting and applying basic social science research methodology (Babbie, 1997). Thus, it can be useful when a researcher wants to collect data on a phenomenon that cannot be directly observed.
B. Research Instrument The researchers designed a questionnaire survey instrument to assess the money management practices of UST-CFAD students. According to Paul Kenyon (2000), there are distinct advantages in using a survey-questionnaire. Compared to other methods, questionnaires yield a broader range of information. It is usually faster and cheaper than interviews and direct observations. It is also important to note that questionnaires provide reliable data that are simpler to administer, analyze, quote and interrelate. The researchers, therefore, opted to use this kind of
10
instrument considering the desire to obtain first hand data from the respondents so as to formulate rational and sound conclusions and recommendations for the study. The group have provided a series of question corresponding to the research and to determine each individual‟s lifestyle according to their expenditures.
II. Sampling Design and Respondents A. Sampling Design The researchers designed a survey-questionnaire aimed to know the management practices of UST-CFAD students. It was designed to know how much the allowance of the respondents is in general, how and where they spend it to and how they budget it. These questions will then illustrate the attributes of the students towards financial matters and point out the differences of students respective to their chosen course and financial knowledge and practices. Below is the sample questionnaire:
Allowance and Budget of College of Fine Arts and Design Students
Instructions: Check your respective answers in each question.
Gender: _F_M Course Program: __ Advertising
__Interior Design
__ Painting
__ Industrial Design
1. How much is your daily allowance? __ 100-200 __ 200-300 __ 300-500 __500 above 2. Do you have a part time job/sideline? 11
__Yes
__No
If yes, do you get your allowance in your salary? __Yes
__No
3. Do you live in a dorm/apartment? __Yes
__No
4. If no, how much money do you spend for your transportation every day? __ PHP 10.00 to PHP 50.00 __ PHP 50.00 to PHP 90.00 __ PHP 90.00 to PHP 150.00 __PHP 150 to PHP 200
5. How much money do you spend for your food every day? __PHP40-60 __PHP60-100 __PHP100-150 __ PHP 150-200 6. Do you bring packed Lunch in school? __Yes
__No
If yes, how much money can you usually save? php____ 7. How much money do you usually spend on your projects/plates? __50-150 __150-200 __200-350 __350-500 8. What do you usually do on long hours of break time? __computer
__hang outs
__sports
__food trip
__go home/ dorm
9. How much money do you spend for your leisure time? __none __50-100 __100-150 12
__150-200 __200 and more 10. Where do you think does most of your allowance go to? __food __art materials (paint, papers, boards, etc.) __ printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, „gala‟, etc.)
11. Rank your priority when it comes to spending in the following: (*1 as the highest and 5 as lowest) __ food __ art materials (paint, papers, boards, etc.) __printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, „gala‟, etc.)
12. Do you make/ write a budget plan? __Yes: __Always __Often __Sometimes __No, Never
13. If so, do you follow it (budget plan)? __Yes:
__Always __Often __Sometimes
__No, Never
14. Do you always try to save money? __Always __Often __Sometimes 13
__ Never
15. If so, how much can you usually save? __PHP 10.00 - PHP 50.00 __ PHP 50.00 - PHP 100.00 __PHP 100.00 - PHP 200.00 __PHP 200 Above
B. Research Respondents The participants for this study were 200 enrolled second year students in the University of Santo Tomas College of Fine Arts and Design for the second semester of the school year 2011-2012 only. The college is divided into four course namely Advertising Arts, Industrial Design, Interior design and Painting. The researchers have therefore
randomly chosen 50
students in each course to conduct the survey unto.
III. Research Procedure A. Data Collection The researchers conducted the survey through posting the questionnaire on a survey website and tagging it to 200 second year students of UST-CFAD. Recipients were asked to complete the survey and were reminded of accomplishing the questionnaire from time to time. After collecting the complete sample data, the researchers will then assess, interrelate and analyze the significant differences of data gathered.
14
CHAPTER 5 Summary of Findings, Conclusions, and Recommendations
This chapter presents the summary of the findings, conclusions from the research, and also recommendations for future researchers of this topic. This study was taken at the University of Santo Tomas particularly with the College of Fine Arts and Design students pertaining to the topic about how do students budget their daily allowance. In this chapter, the following questions will be answered: (both from students who stays in a dorm and ones who go home)
In the College of Fine Arts and Design, from what course has the students who are spending a lot?
How do students from the College budget their daily expenses?
What are their priorities in spending?
Summary of Findings
1. A. The average daily allowance of CFAD Students respective to their courses
Advertising arts: Php264.85
Painting: Php215.38
Industrial Design: 237.5
Interior Design is 266.67
Based on their respective courses, the Interior Design students were found to have the highest average of daily allowance. B. Daily Allowance of all CFAD students
The Daily allowance of the majority of students has the amount ranging from Php 200299 or a percentage of 37%.
2. The average amount of allowance spent on transportation
Based on the research gathered, the researchers found out that out of the total population of the students who took the survey, almost 55% lives in the dormitory and the remaining 45% goes home every single day. In addition to the students 15
going home every day, majority of the students answered that they spend Php 10.00-50.00 daily. 3. Amount of Money Spent in Food
It was found that the majority of 47% spends php40-60 in their food while minority only spends Php. 150-200.
4. Amount of Money Spent on Materials for Projects and Plates
It was found that the majority of the overall amount of money CFAD students spends for their plates and projects ranges from Php 250-350, and the rest only spends 50-150
5. Majority of Amount of Money spent in Leisure Time
It was found that a majority of 41% students spends their daily allowance on their leisure time with amount ranging from Php 50-100.
6. Top Most Priority of CFAD Students when it Comes to Spending
From the Painting department, female students answered that their priority is food, next are art materials, and lastly, transportation. Same to the male students, they answered as their top priority is art materials, then food, and lastly, transportation. For both, transportation is the least priority from the top 3. The remaining priorities which are entertainment, and printing are seldom their real priority.
Same with the Advertising department, the student‟s top priorities are food, entertainment, and transportation.
For the female students, their priorities are
arranged starting from food, to art materials, to transportation. On the other hand, the male students said that food is also their top priority, to art materials, to transportation, to printing, and finally, to entertainment. Clearly that Advertising male and female has the same priorities.
In the Industrial Design department, both male and female‟s only priorities are only art materials and food. For female, their first are art materials, and second food. The male‟s answer are vice versa to what the females answered.
Lastly, from Interior Design department, the females answered that their top priorities are art materials, food, transportation, and printing. The male students answered that their priorities are only food, and art materials.
7.Budget Plan 16
Female and male students were intentionally counted separate to observe and to know if there is a difference. But both majority of male and female was found that they make a budget plan every day. The difference was majority 56% of male said yes and a majority of 57% in females. There is only little difference in terms of majority.
Both female and male students follow their budget plan and also there is little difference between the majorities that said yes. Almost all of the students (97%) was found that they save money every day and only very little (3%) said no.
Amount of Savings of CFAD students: Majority of students (38%) was found that they can save money ranging from php10-50. Followed by 23% of students who can save amount ranging from Php50-90. Minority of the students saves php90-130 from their allowance
Conclusions Based on the findings derived from this study, the following conclusions were drawn: 1. Findings showed that based on their respective courses, the Interior Design students were found to have the highest average of daily allowance, second is Advertising Arts, followed by Industrial Design, and Painting as last. 2. The courses correspond on their allowances, since the findings shows the difference on their allowances based on their courses. It can be derived that the Interior Design students has the highest expenditures among all CFAD students. The average amount of all the CFAD students ranges from Php200-299. Most of their allowance go to food, transportation and art materials. 3. More than half of the CFAD students live in a dorm or apartment therefore making a big difference on their transportation expenses. 4. CFAD students who go home everyday spends a lot of money for transportation and majority of 44% spends Php10-50 a day and minority spends Php150-100 a day. The expenses on transportation is quite big. That is probably one of the factors why more than half of the students prefer to live in dorms. 5. Most CFAD students spend Php40-60 on their food and minority spends Php150-200. 17
6. Art materials takes up a lot of share in the students' allowances, since findings show that the majority of students spend Php250-350 and the rest Php50-150, if the average allowance ranges from Php200-299, it can be concluded that it is not on a daily basis that they spend this big on art materials. 7. CFAD students prioritizes their school needs and requirements since they recognize food and art materials as their priority instead of entertainment. 8. CFAD students differ in their ranking of priorities based on their course and gender. 9. Almost all CFAD students are responsible enough to try to save money and create a budget plan, and tend to follow it. Both female and male students understand that saving money is important. Generally, After gathering the research, the researchers have concluded students from the College of Fine Arts and Design spends a lot based on the data and on which priority they are following. The researchers also concluded that the Interior Design department is the course with students spending big amount of money on their priorities which is either food or art materials. All in all, female students spend great amount of money on food and art materials while on the other hand, male students has different kind of priorities.
Recommendations The following recommendations are offered based on the findings and conclusion of the study: 1. Students should maintain their priorities in spending so that it won‟t be a problem if they are cut short on their budget. 2. Parents must be aware of the spending habits of their children and where most of their allowance goes to in order to help them prepare for an independent future. 3. Both parents and students should understand the importance of saving and must try to take the means of saving money like settling in a dorm, to save expensive transportation expenses and time. 4. The University especially the college departments should perform studies related to the study conducted to further evaluate student issues and therefore make adjustments for the benefit of all students.
18
19
REFERENCES
Chapter 1 Money.(n.d.). Retrieved from http://dictionary.reference.com/browse/money on Dec 2011. Rand
A.(2010).
Money-The
color
of
money.
Retrieved
from
http://www.lifepositive.com/mind/money/money-value.asp on Dec. 2011. Student Budget. (2009). Retrieved from http://www.westwood.edu/resources/student-budget/ on Dec 2011. University
of
Santo
Tomas-
Fine
Arts
and
Design.
(n.d.).
Retrieved
from
http://en.wikipedia.org/wiki/University_of_Santo_Tomas_College_of_Fine_Arts_and_D esign
Chapter 2 Bartolome, M. (2011). Maximizing your Means. Stretching your weekly/monthly allowance. Retrieved
from
http://www.edgewise.ph/2011/09/14/003-you-2-0/maximizing-your-
means-stretching-your-weeklymonthly-college-allowance/ Bowen, C. F., & Lago, D. J. (1997). Money management in families: A review of the literature with a racial, ethnic, and limited income perspective. Advancing the Consumer Interest. [Online], 9 (2), p32, 11p. Available: www.ehostvgw8.epnet.com [2000, February 25]. Budgeting
tips
for
college
students.(2010)
In
lending
tree.retrieved
from
http://www.lendingtree.com/smartborrower/students/managing-your-money/budgetingfor-college-students/ Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review [Online], 7 (2), p107, 22p. Available: www.ehostvgw.8epnet.com [2000, February 10].
How to Save Money as a College Student in the Philippines. (2011) Retrieved from http://businesstips.ph/how-to-save-money-as-a-college-student-in-the-philippines/ Gordon, Larry. 14 July 2010. “Financial Anxieties Burden More Freshmen, Study Finds.” Los Angeles Times, p. 5. 20
Micomonaco Justin P. 23 April 2003. “Borrowing Against the Future: Practices, attitudes and knowledge of financial management among college students,” Virginia Polytechnic Institute and State University. Norvilitis, J. M., Merwin, M. M., Osberg, T. M., Roehling, P. V., Young, P., & Kamas, M. M. (2006). Personality factors, money attitudes, financial knowledge and credit card debt in college students. Journal of Applied Social Psychology, 36, 1395-1413. Stollak, M., Vandenberg, A., Steiner, K., Richards, J.,(2011)Student budgeting and spending behaviors:
a
comparative
study.
retreived
from
http://www.aabri.com/manuscripts/10670.pdf Youth and money survey. (1999). American Savings Education Council [Online], 16p. Available: www.asec.org [2000, April 14].
Chapter 3 Babbie, Earl R. Survey Research Methods. Belmont, CA: Wadsworth Pub. Co., 1997. Kazmier, L. (2004). Business Statistics. USA: Mcgraw Hills company. Kenyon, Paul. (2000). How to Put Questionnaires on the Internet: Part 1. Internet WWW page, at URL http://salmon.psy.plym.ac.uk/mscprm/Forms.htm University
of
Texas
-
Survey.
(n.d.)
Retrieved
~palmquis/courses/survey.html on Jan 2012.
21
fromhttp://www.ischool.utexas.edu/
APPENDICES
Allowance and Budget of College of Fine Arts and Design Students
Instructions: Check your respective answers in each question.
Gender: _F_M Course Program: __ Advertising
__Interior Design
__ Painting
__ Industrial Design
1. How much is your daily allowance? __ 100-200 __ 200-300 __ 300-500 __500 above 2. Do you have a part time job/sideline? __Yes
__No
If yes, do you get your allowance in your salary? __Yes
__No
3. Do you live in a dorm/apartment? __Yes
__No
4. If no, how much money do you spend for your transportation every day? 22
__ PHP 10.00 to PHP 50.00 __ PHP 50.00 to PHP 90.00 __ PHP 90.00 to PHP 150.00 __PHP 150 to PHP 200
5. How much money do you spend for your food every day? __PHP40-60 __PHP60-100 __PHP100-150 __ PHP 150-200 6. Do you bring packed Lunch in school? __Yes
__No
If yes, how much money can you usually save? php____ 7. How much money do you usually spend on your projects/plates? __50-150 __150-200 __200-350 __350-500 8. What do you usually do on long hours of break time? __computer
__hang outs
__sports
__food trip
__go home/ dorm
9. How much money do you spend for your leisure time? __none __50-100 __100-150 __150-200 __200 and more 10. Where do you think does most of your allowance go to? __food __art materials (paint, papers, boards, etc.) __ printing (for research papers, plate references, etc.) 23
__ transportation __ entertainment/ recreation (computer shops, cell phone load, „gala‟, etc.)
11. Rank your priority when it comes to spending in the following: (*1 as the highest and 5 as lowest) __ food __ art materials (paint, papers, boards, etc.) __printing (for research papers, plate references, etc.) __ transportation __ entertainment/ recreation (computer shops, cell phone load, „gala‟, etc.)
12. Do you make/ write a budget plan? __Yes: __Always __Often __Sometimes __No, Never
13. If so, do you follow it (budget plan)? __Yes:
__Always __Often __Sometimes
__No, Never
14. Do you always try to save money? __Always __Often __Sometimes __ Never
15. If so, how much can you usually save? __PHP 10.00 - PHP 50.00 __ PHP 50.00 - PHP 100.00
24
__PHP 100.00 - PHP 200.00 __PHP 200 Above
25
