Teachers' Financial Management Assessment: Basis for Technical Assistance

Abstract

INTRODUCTION

Financial Management is the way a person handles his or her money. It takes discipline, practice and lot of effort to become literate in this field since it considers cash inflow and outflow. Accordingly, financial management has a vital role for an individual's success or failure.

Nonetheless, as per observation, public school teachers faced financial difficulties due to mismanagement in handling their finances. Moreover, a study conducted by the Department of Education revealed that teachers from across the country have incurred P178 billion worth of loans from private institutions.

METHODS

The study used the descriptive method of research. The researchers used a survey questionnaire which consist of three parts, first is the demographic profile, second is the incurrence of loan and monthly allocation of the net income, and third is the Financial Management Assessment Practices. Purposive sampling was employed. Data were analyzed using the frequency and percentage distribution analysis.

RESULTS

Result shows that SHS personnel's monthly salary net income ranges from P20,001 to P25,000. 59% of them incurred loan both government and private lending institution. The average loaned amount is P255,625.00, with monthly interest of 0.98%. The term of loan is 3 years with monthly amortization of P9,965.76. As to monthly net income allocation SHS personnel limit their budget to: savings 20.5%, investment 19.8%, food 13.8%, Education 7.6%, Electricity 6.6%, medical 5.8%, Leisure 5%, clothing 4.7%, Classroom Structuring 4.3%, house rent/monthly amortization 3.6%, Communication 3.1%, transportation 2.6%, and water 2.1%. Assessment of Financial Practices shows that personnel frequently practice or manage their financial records. Familiarization to financial areas (perspective in terms of assets, liabilities, credit status, financial emergencies and financial security) of their life is habitually practiced. SHS personnel regularly meet the budget needs by preparing personal budget spending plan and can normally identify their financial potential problems and provide related solutions.

DISCUSSIONS

The result reveal that most of the SHS personnel are familiar with the financial areas and were able to meet their monthly obligations by following their spending plan. Furthermore, SHS personnel were able to foresee future financial problem and devise solution to overcome such. Nevertheless, managing financial records seminar is needed to further improve the management of financial record.