Financial Management Considerations of the Teachers in Baybayin National High School

Abstract

INTRODUCTION

Bangko Sentral ng Pilipinas (BSP) has launched a nationwide financial literacy program for public school teachers together with theDepartment of Education (Department of Education) and Banco de Oro (BDO) due to the high levels of personal debt incurred by many of the public-school teachers. This spreading issue on teacher's money management triggered the researcher to study about the financial management of the teachers in Baybayin National High School.

METHODS

The researchers used the descriptive correlational method of research with a questionnaire as data gathering instrument. The statistical tools employed to interpret the data were frequency, percentage, and weighted mean. The respondents of the study were the 23 teaching personnel of Baybayin Senior High School.

RESULTS

Based on the results most of the respondents is at age ranging 20-30, female, teacher II and have monthly individual income ranging from 20,000 to 24,999. The results implied that needs are considered by the respondents with a composite mean of 2.70 while wants and demand is quite considered by the respondents with a composite mean of 1.91 and 1.67 respectively. The results implied that there is no significant relationship between the financial management considerations to the respondent's profile.

DISCUSSIONS

It was found that though teachers mainly focus on buying their needs in managing their finances most of them do not invest for their future retirement and health. This implies that there is a need to educate the teachers with regards to financial literacy and financial planning.