Promoting Financial Literacy among High School Teachers: A Lifetime Gift of Wisdom

C.D. Oliva¹

Section:Research Paper, Product Type: Journal-Paper
Vol.6 , Issue.5 , pp.38-47, May-2020

Online published on May 31, 2020

Copyright © C.D. Oliva . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

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Abstract :
Financial well-being ensured by financial literacy promotes financial security. This contributes to the achievement of the sustainable economic development of a country. Teachers are believed to be good in financial management. There are, however, serious financial challenges that teachers are now facing. This study was undertaken to address one of the perennial problems that teachers are facing, which is financial woes that are caused by poor financial management. The primary purpose of the study was to assess the level of the financial knowledge and financial behavior of the teachers of the public secondary teachers from Bulacan, Philippines. The study used mixed methods research with an adapted and modified survey questionnaire and validated interview guide questions. The number of teacher-respondents was limited to 252 randomly selected and 20 purposively selected informants from the identified teacher-respondents. The statistical analysis and treatment of data involved frequency, percentage, and mean. Results revealed that the level of financial knowledge of the teacher-respondents is ?very low?, while on the other hand the level of their financial behavior is ?high?. Teachers also have their savings and loans but only a few have investments. They have a positive view of saving money but most of them were not able to do it on a regular basis. Either borrowing money or using their savings is a prominent means whenever there are financial challenges. Unfortunately, all of them are not able to establish an emergency fund. Analysis of the data collected led to the conceptualization of the proposed financial planning scheme for public school teachers. It aims to promote financial literacy among teachers and hopes that it may open additional means to address the financial woes of the teachers, improve further their current financial management scheme and their financial plans for their future, and even after retirement.

Key-Words / Index Term :
financial literacy, financial management, savings, investment, emergency fund, financial planning scheme

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