Assessing the Financial Literacy among Selected Public Secondary School Teachers of Maragondon District, Cavite

Abstract

INTRODUCTION

Financial Literacy is the education and understanding of various financial areas including topics related to managing personal finance, money and investing. This study will examine and assess the level of financial literacy among public secondary teachers, to support the idea that financial education can become an effective tool for the prevention of unhealthy household debt and other negative phenomena connected with inefficient management of personal finances, and find out if this level can be a contributing factor to the performance of teacher in the classroom.

METHODS

Fifteen (15) teachers were randomly selected from four different public secondary schools in Maragondon. They were asked to answer the survey questionnaires on financial literacy that contain their demographic profile and questions set by categories namely: financial knowledge, financial behavior, financial practice, and financial training. To rate each statement in the questionnaire, a Likert scale was used, while to determine the responses of the respondents under each statement of the financial literacy level, the weighted mean and the standard deviation was then utilized.

RESULTS

Results showed that for teacher-respondents' demographic profile, participants are mostly female, ages between 25 to 35, married, in Teacher I position, with one to five years experience in service, with Masters graduate units, and with the most household members of 4. Among the financial literacy level, financial behavior and financial practices got the highest mean rating of 4, which means that the respondents are very knowledgeable about this level, followed by financial knowledge (mean rating of 2.9), and financial training (mean rating of 2.4). Data only shows that 30 % of the respondents are financially literate in terms of financial behavior, 30 % are in financial practice, about 22 % are in financial knowledge, and the remaining 18 % shows financial literacy in terms of financial training.

DISCUSSIONS

Based on the findings of this study, financial literacy, especially financial training, is really needed by the teachers. The Department of Education, through its respective schools, should provide a training program for this so that teachers will become knowledgeable on managing and examining their finances, leading them to live comfortably, be prepared for the future, and contented for them to produce high quality and happy learners.