Financial Management Practices and Coping Strategies of Teachers in City Divisions of Bicol Region: Its Impact on Their Performance

Abstract

INTRODUCTION

To demonstrate the effects of the financial condition of teachers on institutions and their performance, effective financial management practices of teachers are necessary to enhance their competencies and improve their performance as educators for the welfare of the pupils.

METHODS

The descriptive-inferential-correlational method of research with documentary analysis was used in this study. The public elementary school teachers in the different city divisions of the Bicol Region accomplished the researcher-made rating scale.

RESULTS

The teachers in the different city divisions of the Bicol Region are practicing financial management practices in the different aspects. However, not all of them are practicing it efficiently and effectively. The expenditures of the teachers vary, depending upon its necessity. All these were allocated enough funds/budget to augment the needs of the respondents' family. The teachers had encountered serious financial problems. Some of these are: 1) the teachers do not have effective financial management; 2) there are so many dependents; 3) they spend money without limitations; 4) they do not have monthly spending budget; and 5) most of them do not have other sources of income.

The strategies employed to solve the problems encountered by teachers were necessary. They employed these strategies to avoid future financial constraints. The financial management practices of the teachers are considered effective in improving their performance.

DISCUSSIONS

Effective financial management practices should be considered to help address financial constraints of teachers and help improve their performance as teachers. Teachers should have good financial habits. This will ensure that they will become financially stable. Proper budgeting of monthly income is necessary. Their expenses must be based on their income. They must reduce the amount of money spent on unnecessary things; instead, they should prioritize the basic needs of their family. It is necessary for the teachers and their spouses to look for other sources of income to augment family needs. Teachers should have also extra savings and investments for their future needs. School administrators should encourage teachers to develop a long-term financial plan. Financial analysis on the income and financial status of public elementary and secondary teachers should be conducted.