Home⇛Psychology and Education: A Multidisciplinary Journal⇛vol. 10 no. 10 (2023)

Financial Literacy of Teachers and School Heads in the Division of Marinduque: Basisfor Financial Education Enhancement Program

Ganny Rey Macdon | Menandro Merlin

Discipline: Education

 

Abstract:

The teaching profession is known to be one of the less-paid professions in the Philippines. Teachers who have plenty of work and responsibilities become even more challenged on how they will effectively and efficiently divide and utilize their remaining salaries for their needs and their families as a whole. In this case, an enhancement program should have been designed and implemented to help and guide teachers and administrators in managing their finances well. Thus, this thesis entitled: Financial Literacy of Teachers and School Heads in the Division of Marinduque: Basis for Financial Enhancement Program.Specifically, this study sought to answer the following questions: (1) What is the level of financial literacy of teachers and school heads in the division of Marinduque?; (2) Are there any significant differences in the level of financial literacy between teachers and school heads in the division of Marinduque?; (3) How teachers and school heads in the division of Marinduque are categorized in terms of their level of financial literacy?; (4) What Enhancement Training Program could be designed to develop and improve financial literacy among teachers and school heads in the division of Marinduque? The researcher used quantitative, descriptive, and comparative research methods to gather information about the conditions and situations of the variables for the investigation through the mean score, mean percentage score, standard deviation, and t-test for independent sample analysis. Based the data gathered in terms of the problem, the following are the significant findings:The level of financial literacy of teachers and school heads are both low, with a mean score 0f 2.36 and 2.38 and a standard deviation of 0.61 and 0.63, respectively.Moreover, this study revealed no significant difference between the level of financial literacy between teachers and school heads at 0.01 level of significance. Hence, the null hypothesis is accepted.Furthermore, from the 267 teacher respondents, only 78 or 29.21 percent are classified as having a high level of financial literacy as they are both high on financial knowledge and financial behavior. On the other hand, out of 44 school heads, only 20 or 45.45 percent is considered as high on both components of financial literacy.In line with the results, teachers and school heads also suggested and recommended some concerns regarding the focus of this study, such as the conduct of financial training, seminars, programs, workshops, and orientations, increase and provisions on the salary of teachers, and consultation and assessment of teachers’ financial literacy.Based on the preceding discussions, assessment, and findings of this study, the researcher, as his contribution, designed a program as a form of training for teachers and school heads that could be incorporated in the Learning Action Cell (LAC) program of each school in the division. Moreover, the following recommendations were formulated.For DepEd officials – program heads, may design or craft training programs that will help and enhance teachers’ and school head financial knowledge and financial behavior on the different dimensions of financial literacy. Also, they may conduct these training, seminar, workshop, and orientation programs on a consistently so that school heads and teachers, especially the newly-hired ones, are already aware and equipped with the concepts and best practices of financial aspects as they enter the Department.Teachers and school heads, they may adapt and practice the suggested formula or rule of income allocation of a known financial adviser or devise and make use of their strategy for managing your finances well.For future researchers, similar studies may also be conducted to assess the personal financial management of teachers, school heads, and any other officials of the Department.



References:

  1. Agarwalla, S., Barua, S., Jacob, J., and Varma, J., (2013). Financial Literacy among Working Young in Urban India. W.P. No. 2013-10-02. http://online.kottakkalfarookcollege.edu.in:8001/jspui/bitstream/123456789/709/1/2013-10-02-literacy-working-young.pdf
  2. Ambisyon Natin 2040: A Long–Term Vision for the Philippines (2015).
  3. Anderloni, L. and Vandone, D. (2010). “Risk of overindebtedness and behavioral factors”, Working Paper No.25, Social Science Research Network, Santa Monica, CA.
  4. Atkinson, A. and Messy, F. (2012). “Measuring Financial Literacy: Results of the OECD/ International Network on Financial Education (INFE) pilot study”, OECD Working Papers on Finance, Insurance and Private Pensions No. 15, pp.1-73
  5. Beckker, K., (2019). The capabilities of secondary school teachers to provide financial education. https://journals.sagepub.com/doi/pdf/10.1177/2047173419850152
  6. Brooks, S., (2017) How to create a budget with your spouse. Investopedia. Retrieved from https://investopedia.com
  7. Chen, Z., & Lemieux, C. (2016). Financial knowledge and behaviours of Chinese migrant workers: An international perspective on a financially vulnerable population. Journal of Community Practice, 24(4), 462-486. http://dx.doi.org/10.1080/10705422.2016.1233475
  8. DepEd Order No. 022, s.2021. Financial Education Policy. Retrieved from June 03, 2021.    
  9. Devi, A., Ali, M., Furqani, H., and Hamzah, H., (2020). Islamic financial inclusion determinants in Indonesia: an ANP approach. https://www.researchgate.net/profile/Mohammad-Ali-4/publication/342958593_Islamic_financial_inclusion_determinants_in_
    Indonesia_an_ANP_approach/links/5f3b9965a6fdcccc43d1068e/Islamic-financial-inclusion-determinants-in-Indonesia-an-ANP-approach.pdf
  10. Dowling, N., Tim, C., and Hoiles, L. (2009). Financial management practices and money attitudes as determinants of financial problems and dissatisfaction in young male Australian workers. Journal of Financial Counseling and Planning Volume 20 issue 2, 2011. Retrieved November 14, 2018 from http:/googlescholar.com.
  11. Ferrer, J., (2018). Financial Capability of Public School Teachers in the Philippines. https://journals.mindamas.com/index.php/educare/article/view/1049
  12. Fiergbor, D., (2018). Blockchain Technology in Fund Management. https://www.researchgate.net/profile/David-Fiergbor/publication/327311620_Blockchain_Technology_in_Fund_Management/links/5f089739a6fdcc4ca45be15f/Blockchain-Technology-in-Fund-Management.pdf
  13. Fitzsimmons V.S., Hira T.K., Baurer J.W. Hafstrom J.L. (1993). Financial Management: development of Scales. Journal of Family Economic Issues, 14(3):257-274
  14. Hathaway, I. and Khatiwada, S. (2008). Do Financial Education Programs Work?
  15. Hrechyshkina, O. (2016). The Role of Financial Management (PDF) The Role of Financial Management (researchgate.net)
  16. Huston, S. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316.
  17. Imelda, C., Angeline, M., Gwendelina A., and Genalen M. (2017). Financial Literacy of Professional and Pre–Service Teachers in the Philippines. Journal of Global Economics. https://d1wqtxts1xzle7.cloudfront.net/55725986/LOCAL-libre.pdf?1517893846=&response-content-\disposition=inline%3B+filename%3DLOCAL.pdf&Expires=1683019883&Signature=LfE26i-0rP9Gw4eLx~28UVwr5o8ErEwysvA83A7o1JcD4l-eQI3tbDTVezZvsqlJl4NbMg3wFHoD7AK1cw40Qp-eAa3
    xsVh6~Wh2CY0CVWb4cctxkZaFK7n5QpLXLsWJEXXYJusdp~ACsYFeOd~4sprHFVVlpEVV9Vd6EsA4ha8d6lTA5TCsEiWxDQw27
    RomX~AWAFVZ09y-IvfpXfJjQlQbjR2Q-PK6cs8b8oHcsS7SPs8SqjGgow1yS8uv~M71P32tE62nuWrEC3hSN6nf8Rq-KcxL
    ULzYPrQNk1zg73M1Mgy-gx03Ih6BAUU19BKwiiMTE1i5GoW0ZlKluPGvrg__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA
  18. Jabar, M. and Delayco M., (2021). “Impulse Buying and Financial Literacy Among Public Elementary and high School Teachers in the Philippines”.
  19. Jason, W., (2012). Financial Literacy Education and Behaviour Unhinged: Combating Bias and Poor Product Design (Working paper). https://research-repository.griffith.edu.au/bitstream/handle/10072/390304/2012-01-financial-literacy-education-and-behaviour-unhinged-combating-bias-and-poor-product-design.pdf
  20. Kenton, W. (2019). “Financial Literacy”. Last modified February 21, 2019. Investopedia. Accessed January 23, 2019.6
  21. Legaspi, K. C., (2008). Family financial management among school teachers of the department of education, Laoang I District, Laoang, Northern Samar. (Unpublished Master’s Thesis) University of Easthern Philippines, Samar, Philippines
  22. Llewellyn, T., (2012). Financial Literacy of College Students and the Need for Compulsary Financial Education. A Senior Honors Thesis. https://soar.suny.edu/bitstream/handle/20.500.12648/6880/honors/1/fulltext%20%281%29.pdf?sequence=1&isAllowed=y
  23. Lusardi, A. and Mitchell O., (2011). Financial Literacy around the World: An Overview. Working Paper 17107. https://www.nber.org/system/files/working_papers/w17107/w17107.pdf
  24. Magbata, M. (2022). Mathematics Performance and Financial Literacy of Grade 11 Students in the New Normal at Bulalacao National High School: Basis for a Proposed Motivational Infographics.
  25. Mateo, J. (2017). Public school teachers’ accumulated debt reaches P300B. The Philippine Star. Retrieved August 22, 2018 from https://www.philstar.com/headlines/2017/10/27/1753286/public-school-teachers-accumulated-debt-reaches-p300-b
  26. McCormick, M., (2009). The Effectiveness of Youth Financial Education: A Review of the Literature. Networks Financial Institute. https://files.eric.ed.gov/fulltext/ED540835.pdf
  27. Mien, N. and Thao, T. P. (2015). Factors affecting personal financial management behaviors: evidence from Vietnam. Retrieved November 15, 2018 from http:/googlescholar.com.
  28. Mohamad, S., Ghazali, M., Azer, I., Arifin, N., Mat, A., (2017). “Personal Financial Literacy among High School Students in Raub Pahang, Malaysia”. Journal of Engineering and Applied Sciences 12(7):1830-1834. ww.researchgate.net/profile/Azmi-Mat/publication/318652423_Personal_Financial
    _Literacy_Among_High_School_Students_in_Raub_Pahang_Malaysia/links/59755349458515e26d09ceb4/Personal-Financial-Literacy-Among-High-School-Students-in-Raub-Pahang-Malaysia.pdf
  29. Mohammad & Donald (2010). Financial Literacy and Financial Planning among Teachers of Higher Education – A Comparative Study on Select Variables. Amity Journal of Finance 2(1), (31-46). https://amity.edu/UserFiles/admaa/97cf8Paper%203.pdf
  30. Mylenko, N., (2015) How good are Filipinos with their finances? World Bank Blogs. Retrieved from blogs.worldbank.org
  31. Norvilitis, J., and MacLean, M., (2010). The role of parents in college students’ financial behaviors and attitudes. https://www.researchgate.net/profile/Michael_Maclean3/publication/46493592_The_Role_of_Parents_in_College_Students'_
    Financial_Behaviors_and_Attitudes/links/5a53c7060f7e9bbc10570a1d/The-Role-of-Parents-in-College-Students-Financial-Behaviors-and-Attitudes.pdf
  32. Perry, V., and Morris, M., (2005). Who Is in Control? The Role of Self-Perception, Knowledge, and Income in Explaining Consumer Financial Behavior. The Journal of Consumer Affairs, Vol. 39, No. 2, 2005. https://www.researchgate.net/profile/Vanessa-Perry-3/publication/227633409_Who_Is_in_Control_The_Role_of_Self-Perception_Knowledge_and_Income_in_Explaining_Consumer_Financial_Behavior/links/6339b7a676e39959d68ff439/Who-Is-in-Control-The-Role-of-Self-Perception-Knowledge-and-Income-in-Explaining-Consumer-Financial-Behavior.pdf
  33. Potrich, A., Da-Silva, W., and Vieira, K. (2016). Development of a financial literacy model for university students. Retrieved March 2016 from https://www.researchgate.net/publication/292984864
  34. Republic Act No.10533 (2013). Enhanced Basic Education Act of 2013. Official Gazette of the Republic of the Philippines
  35. Republic Act No. 10679 (2015). Youth Entrepreneurship Act of 2015. Official Gazette of the Republic of the Philippines
  36. Republic Act No. 10922 (2016). Economic and Financial Literacy Act of 2016. Official Gazette of the Republic of the Philippines
  37. Robb, C., and Woodyard, A., (2011). Financial Knowledge and Best Practice Behavior. https://files.eric.ed.gov/fulltext/EJ941903.pdf
  38. Rutherford, L., and Fox, W., (2010). Financial Wellness of Young Adults Age 18–30. https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1552-3934.2010.00039.x
  39. Santamina, R., (2019). Personal financial management of public school teachers in Atimonan, Quezon vis – a – vis job satisfaction and job performance: Basis for crafting a Financial Literacy Program
  40. Schuchardt, J., Hanna, S., Hira, T., Lyons, A., Palmer, L., and Xiao, J. (2009). Financial Literacy and Education Research Priorities. https://files.eric.ed.gov/fulltext/EJ859569.pdf
  41. Surendar, G., & Sarma, V. (2017). Financial Literacy and Financial Planning among Teachers of Higher Education – A Comparative Study on Select Variables. Amity Journal of Finance 2(1), (31-46). https://amity.edu/UserFiles/admaa/97cf8Paper%203.pdf
  42. Tim, K., Lukas M. (2017). Does financial education impact financial literacy and financial behavior, and if so, when? https://www.econstor.eu/bitstream/10419/161658/1/888728336.pdf
  43. Toth, M., Lancaric, D. & Savov R., (2015). Impact of Education on the Financial Literacy: A of Slovakia Retrieved from https://spu.fem.uniag.sk
  44. Way, W., and Holden, K., (2009). Teachers’ Background and Capacity to Teach Personal Finance: Results of a National Study. https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=a879b5de40f9cee957e9ffbf2a0aeb08e86c7cc2
  45. Yew, S., Yong, C., and Wee, C., (2017). (2017). Financial Knowledge, Attitudes and Behavior of Young Working Adults in Malaysia. http://adum.um.edu.my/index.php/ijie/article/view/13444
  46. Zucchi, K. (2019). Why financial literacy is so important. Retrieved from Investopedia: https://www.investopedia.com/articles/investing/100615/why-financial-literacy-and-education-so-imporatant.asp

Tools

All Comments (1)


Copyright © 2024  KITE Digital Educational Solutions |  Exclusively distributed by CE-Logic