Unraveling the Nexus: Exploring the Interplay of Financial Literacy, Behavior and Practices
Unraveling the Nexus: Exploring the Interplay of Financial Literacy, Behavior and Practices

Summary/Abstract: The study aimed to ascertain how financial behavior, financial practices, and financial literacy are related. This is a descriptive-correlational study that utilized a quantitative approach to data analysis with 266 accounting students-respondents. Regarding self-perceived financial understanding, the respondents had a high level of financial literacy, indicating their level of knowledge. The respondents are highly knowledgeable, as evidenced by the extremely high degree of financial literacy in terms of actual financial knowledge. Moreover, the extent of financial behavior and financial practices regarding recording, budgeting, spending, and savings are high. Financial literacy and financial behavior have no significant difference when grouped according to their profile. Furthermore, when grouped according to profile variables, the extent of financial practices regarding recording and spending has no significant difference. Regarding budgeting and savings, a considerable difference exists when grouped according to gender. Financial behavior and practices strongly correlate with financial literacy and vice versa. Encouraging students to continue expanding their financial knowledge and skills through continuous education is recommended. Academic institutions must offer learners opportunities to enhance their comprehension of intricate financial subjects and advanced financial strategies.

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