Home⇛Journal of Interdisciplinary Perspectives⇛vol. 2 no. 12 (2024)

Teachers’ Financial Literacy, Concerns, and Well-Being: A Basis for Financial Program Design

Enrico D. Zerna

Discipline: Education

 

Abstract:

This descriptive–correlational study aimed to assess and analyze teachers' financial literacy, concerns, and well-being to develop a targeted financial program. The study involved 241 randomly selected teachers from the Division of Siquijor. Data were collected using validated questionnaires, and analysis was performed using percentage distribution, weighted mean, and Spearman Rank Correlation Coefficient. The findings revealed that: a) the teachers' financial literacy, in terms of financial knowledge and capability, was at a moderate level, while their financial skills were at a high level; b) their financial literacy, about financial awareness, concerns, and decisions, was also at a moderate level, though their financial goals were more advanced (high); and c) their financial well-being, particularly in terms of financial security, was at slightly applicable level. Moreover, the study found that a) there is a moderate relationship between teachers’ financial literacy and their financial well-being; b) teachers' financial literacy is significantly related to their financial concerns; and d) although the relationship between teachers' financial awareness and financial well-being is significant, the indicators are too weak to draw a strong conclusion.



References:

  1. Adil, M., Singh, Y., & Ansari, M. S. (2021). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/ajar-09-2020-0086
  2. Bongomin, G. O. C., Munene, J. C., & Yourougou, P. (2020). Examining the role of financial intermediaries in promoting financial literacy and financial inclusion among the poor in developing countries: Lessons from rural Uganda. Cogent Economics & Finance, 8(1), 1761274. https://doi.org/10.1080/23322039.2020.1761274
  3. Brown, S., & Gray, D. (2016). Household finances and well-being in Australia: An empirical analysis of comparison effects. Journal of Economic Psychology, 53, 17–36. https://doi.org/10.1016/j.joep.2015.12.006
  4. Byrne, A. (2007). Employee Saving and Investment Decisions in Defined Contribution Pension Plans: Survey Evidence from the UK. Financial Services Review, 16(1). https://ssrn.com/abstract=1012855
  5. Chinen, K., & Endo, H. (2012). Effects of attitude and background on personal financial ability: a student survey in the United States. International Journal of Management, 29(1), 33. https://tinyurl.com/y8ufdmm3
  6. Christelis, D., Jappelli, T., & Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18–38. https://doi.org/10.1016/j.euroecorev.2009.04.001
  7. Cm, I., Mp, A., Av, G., & Mp, G. (2017). Financial literacy of Professional and Pre-Service teachers in the Philippines. Journal of Global Economics, 5(4). https://doi.org/10.4172/2375-4389.1000267
  8. Collins, J. M. (2012). Financial advice: a substitute for financial literacy? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2046227
  9. Compen, B., De Witte, K., & Schelfhout, W. (2019). The role of teacher professional development in financial literacy education: A systematic literature review. Educational Research Review, 26, 16-31. https://doi.org/10.1016/j.edurev.2018.12.001
  10. De Bassa Scheresberg, C. (2013). Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications. Numeracy, 6(2). https://doi.org/10.5038/1936-4660.6.2.5
  11. Deng, H., Chi, L., Teng, N., Tang, T., & Chen, C. (2013). Influence of financial literacy of teachers on financial education teaching in elementary schools. International Journal of e-Education e-Business e-Management and e-Learning, 3(1), 68-73. https://doi.org/10.7763/ijeeee.2013.v3.195
  12. Geetha, N., & Ramesh, M. (2011). A study on people’s preferences in Investment Behaviour. International Journal of Engineering and Management Research, 1(6), 285-306. https://tinyurl.com/t38e8ju3
  13. Hassan Al‐Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. The journal of risk finance, 10(5), 500-516. https://tinyurl.com/3v84ej6b
  14. Ibrahim, M. E., & Alqaydi, F. R. (2013). Financial Literacy, Personal Financial Attitude, and Forms of Personal Debt among Residents of the UAE. International Journal of Economics and Finance, 5(7), 126. https://doi.org/10.5539/ijef.v5n7p126
  15. Kapoor, J. R., Dlabay, L. R., Hughes, J., & Stevenson, L. (2018). Personal finance (11th ed.). Pearson.
  16. Khan, F., Siddiqui, M. A., & Imtiaz, S. (2022). Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2034236
  17. Kidwell, B., & Turrisi, R. (2004). An examination of college student money management tendencies. Journal of Economic Psychology, 25(5), 601–616. https://doi.org/10.1016/s0167-4870(03)00073-4
  18. Lusardi, A. (2019). Financial literacy and the need for financial education: evidence and implications. Zeitschrift Für Schweizerische Statistik Und Volkswirtschaft/Schweizerische Zeitschrift Für Volkswirtschaft Und Statistik/Swiss Journal of Economics and Statistics, 155(1). https://doi.org/10.1186/s41937-019-0027-5
  19. Mustafin, A. N., Tuguskina, G. N., Vozárová, I. K., & Kotulič, R. (2023). Factors affecting Job-Loss anxiety: The influence of decent work policies and corporate sustainability in a case study of economic crises. Social Sciences, 12(11), 639. https://doi.org/10.3390/socsci12110639
  20. Otter, D. (2010). Teaching Financial Literacy In K-12 Schools: A Survey Of Teacher Beliefs And Knowledge. In ProQuest LLC eBooks
  21. Owusu, E. N. (2015). Assessing the level of financial literacy among teachers a case study of Sekyere East district of Ashanti region of Ghana (Dissertation). Kwame Nkrumah University Of Science And Technology
  22. Priyadharshini, S. H. (2017). From financial literacy to financial well-being: A study of the level of financial literacy of women teaching faculty in educational institutions in Coimbatore region (Dissertation). Bharathiar University
  23. Remund, D. L. (2010). Financial literacy explicated: the case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
  24. Sabri, M. F. F. (2018). Pathways to financial success: Determinants of financial literacy and financial well-being among young adults (Disseration). Iowa State University
  25. Sunnexdesk. (2017, October 29). Briones: Financial literacy vital for teachers. Sunstar. Retrieved from https://tinyurl.com/bdfckm8h
  26. Taft, M. K., Hosein, Z. Z., & Mehrizi, S. M. T. (2013). The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns. International Journal of Business and Management, 8(11). https://doi.org/10.5539/ijbm.v8n11p63
  27. Tuffour, J. K., Amoako, A. A., & Amartey, E. O. (2020). Assessing the effect of financial literacy among managers on the performance of Small-Scale Enterprises. Global Business Review, 23(5), 1200–1217. https://doi.org/10.1177/0972150919899753
  28. Van Campenhout, G., De Witte, K., & De Beckker, K. (2017). Financiele vorming op school. In De geslaagde school (pp. 153-182). Itinera Institute-Skribis.
  29. Van Rooij, M. C., Lusardi, A., & Alessie, R. J. (2012). Financial literacy, retirement planning and household wealth. The Economic Journal, 122(560), 449–478. https://doi.org/10.1111/j.1468-0297.2012.02501.x
  30. Vieta, M., & Lionais, D. (2015). The cooperative advantage for community development. Journal of Entrepreneurial and organizational diversity, 4(1), 1-10. https://tinyurl.com/2cxvjwk7
  31. Wachira, I. M., & Kihiu, E. N. (2012). Impact of Financial Literacy on Access to Financial Services in Kenya. International Journal of Business and Social Science, 3(19), 42-50. https://tinyurl.com/yc75s7dk
  32. Wise, S. (2013). The impact of financial literacy on new venture survival. International Journal of Business and Management, 8(23), 30-39. https://tinyurl.com/52n67myb
  33. Zarate, P. B. (2015). Lifestyle and financial management of public school teachers. Liceo Journal of Higher Education Research, 11(1). https://doi.org/10.7828/ljher.v11i1.901
  34. Zulaihati, S., Susanti, S., & Widyastuti, U. (2019). Teachers’ financial literacy: Does it impact on financial behaviour? Management Science Letters, 10, 653–658. https://doi.org/10.5267/j.msl.2019.9.014 

Tools


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