Department of Education Quezon Teachers' Spending Patterns: An Input to Financial Wellness Program for Teachers

Abstract

INTRODUCTION

In an article written by Tagupa (2018) it is said that the teaching workforce is "...underpaid." It became clear from the feedback that "underpaid" is a contentious word to describe teachers. This research investigated the current status of teachers in terms of spending. Specifically, it attempted to look into the spending patterns of Department of Education Quezon teachers with the intention of designing a Proposed Financial Wellness Program in order to help teachers manage their financial resources.

METHODS

Descriptive-survey and descriptive-analysis methods of research were used in the completion of this research utilizing a validated survey questionnaire that covers the profile and spending patterns of the respondents allowing the researchers to design a proposed Financial Wellness Program for Teachers. The study involved 267 respondents. Collected data were treated statistically using simple percentage, mean and mode.

RESULTS

(1) Majority (52%) of the respondents are married and 45% are single with 3% widow/er; designation: 152 or 57% are Teacher-I, 35 or 13% Teacher -II, 48 or 18% Teacher III, and 32 or 12% Master Teacher; average number of years in service: Teacher I = 3.68 years, 10.77 years for Teacher II, 12.60 years for Teacher III and 20.31 years for Master Teacher; (2) As to the take-home pay of the respondents, the study revealed that the average take-home pay of Teacher I -respondents are P11,413.50, P8,525.66 for Teacher II, P9,092.17 for Teacher III, and P13,127.71 for Master Teacher; (3) The spending patterns of Department of Education Quezon teachers are best illustrated by the following monthly priorities: electric bill (100%); clothing (98%); food/including occasional dining out (96%); utilities (91%); cellphone/internet (89%); water (88%); tuition and educational expenses (84%); movies/entertainment/leisure activities (83%); charity fund including assistance to relatives (76%); cable TV (75%); and house rental/amortization (55%). These monthly expenditures are not actually sufficient for the respondents' monthly take-home pay.

DISCUSSIONS

The results demonstrated the need to involve teachers in the Financial Wellness Program in order to reduce teachers' problem on the management of personal funds (salary). Developing a Financial Wellness Program is an effective tool in order to address the current scenario being faced by the teachers. Prioritizing one's needs and proper budget allocation can be enhanced and emphasized in order to ease teachers from their financial difficulties.