Factors Affecting the Saving and Spending Habits of College Students During the Pandemic

— This study determined the factors affecting the saving and spending habits of college students in a University in Zambales during the pandemic. Subsequently, this study was done to better understand how these factors influenced the saving and spending manner of college students. A descriptive research design was used in this study. The main data collection instrument was a survey questionnaire, which was used to collect responses from college students in various departments. The Frequency and Percentage, Weighted Mean, Analysis of Variance (ANOVA), and Pearson Correlation Coefficient were used to analyze data. The findings of the study revealed that student-respondents at the university are mostly female, who are young, single, whose parents' occupation varies with a very low monthly family income, with a financial aid that mostly comes from scholarship, and with low monthly allowance. The respondents strongly agree that peer influence and financial literacy are the factor that affects their saving habits. The respondents sometimes practice saving habits and seldom practice a right spending. The study revealed a significant difference on the perceived factors that affect the saving habits as to lifestyle, peer influence, and school factor. There is also a significant difference on the perceived factors that affect their spending habits as to lifestyle, peer influence, financial literacy, family factor and school factor. The study also revealed that there is no significant difference on the saving habit practices of the respondents. On the other hand, there is no significant difference on their spending habit practices of the respondents when grouped according to profile variables. This study also found out that there is significant relationship on the saving habit practices of respondents and the perceived factors that affect the saving and spending habits of college students, and a significant relationship on the spending habit practices of respondents and the perceived factors that affect the saving and spending habits of college students. Based on the findings, the researchers recommended that students may consider the value of saving money for the future as advised by their parents. Parents may always remind and advise their children that spending money should be based on needs and not on impulse and influence of friends. Faculty may advise students to practice saving and spending appropriately. The family and the school may consider strategies to develop saving habits of the students.