Financial Literacy Status of Public-School Teachers: The Case of the Philippines

Abstract

To be fully equipped with knowledge and understanding about the basic concept of financial literacy is important. It gives individuals an advantage on carefully and properly managing their financial budget. The present study used mixed method, particularly convergent parallel mixed method. In this method, the researchers combined both qualitative and quantitative research techniques. In the survey, respondents answered questions through interviews and questionnaires. Focus group discussion sessions also contributed in gathering the data. For the instruments to be both reliable and valid, questions were constructed and validated by experts. The collected data analyzed the financial understanding of the public-school teachers. It particularly revolved around the financial literacy status of public-school teachers. There are two major concerns that public school teachers face about their current financial status and challenges. First, they are not satisfied with their current financial income and most of them are struggling financially. They are looking forward for a higher salary increase. Second, there is too much on their plate with regards to their financial responsibilities and this basically implies that there are many expenses. Most of the teachers are heads or breadwinners of the family and a huge challenge exists especially on the allocation of budget.