Assesstment on Financial Management Practices of Selected High School Students

Finance is concerned with decision about money, more appropriately in cash flow,

financial decisions deals with how the money is being raised and manage by a business,

government or individuals (Besley and Brigham,2013). According to Baker and Powell

(2009), financial management is an important decision-making process of acquiring,

financing, and managing assets to accomplish some goals of a business. Financial literacy

is an important education for high school students because appropriate management of

money can create conditions to have a successful and quality of life (Belas, Nguyen,

Smrcka, Kolembus, and Cipovova, 2016).

Mandell and Klein (2009) stated that those who took the course were no more

financially literate than those who had not. In addition, those who took the course did not

evaluate themselves to be more savings oriented and did not appear to have better financial

behavior than those who had not taken the course. Butters, Ascarta and McCoy (2012)

found out that there is a lack of basic financial knowledge at high school level. In addition,

found out that the majority of students do not practice the proper money management skills

(Ibrahim, Harun and Isa, 2009).

This study will determine the different practices of selected high school students in

financial management. To know the factors why students spending and handle their money.

This study can help the students to realize that is important to use the money in a

good way and they will understand what they must do to their money and what is the

purpose of savings. It can help the parents, educators to be open when it comes with money

practices.
Referrences:
Besley S. and Brigham E.T (2013), Principles of Finance. Cengage Learning.
Baker H.K and Popwell G. (2009), Understanding Financial Management, A practical
guide., John Wiley and Sons.
Mandel, Klein L.S (2009), The Impact of Financial Literacy Education on Subsequent
financial behavior. Journal of Financial Counseling and Planning, 20 (1).
Butters R.B, Ascarta C.J and Maccoy S. (2012), Financial Literacy and Gender in U.S High
Schools. Journal of Economics and Finance Education, 11(2) pp. 142-149.
Ibrahim D., Harun R. and Isa Z.M (2009). A Study on Financial Literacy of Malaysian
Degree Students/UNE ETUCE SUR LES CONNAISSANCES FINANCIERES
DE ETUDIANTS MALASIENS. Cross-cultural communication. 5(4) pp.51.
Belas J., Nguyen, T.A.N, Smricka L., Kolembus J. and Cipovovia E. (2016) Financial
Literacy of Secondary School Students Case Study from the Czech Republic and
Slovakia, Economics and Sociology.