Home⇛Psychology and Education: A Multidisciplinary Journal⇛vol. 10 no. 10 (2023)

Financial Literacy of Teachers and School Heads in the Division of Marinduque: Basisfor Financial Education Enhancement Program

Ganny Rey Macdon | Menandro Merlin

Discipline: Education

 

Abstract:

The teaching profession is known to be one of the less-paid professions in the Philippines. Teachers who have plenty of work and responsibilities become even more challenged on how they will effectively and efficiently divide and utilize their remaining salaries for their needs and their families as a whole. In this case, an enhancement program should have been designed and implemented to help and guide teachers and administrators in managing their finances well. Thus, this thesis entitled: Financial Literacy of Teachers and School Heads in the Division of Marinduque: Basis for Financial Enhancement Program.Specifically, this study sought to answer the following questions: (1) What is the level of financial literacy of teachers and school heads in the division of Marinduque?; (2) Are there any significant differences in the level of financial literacy between teachers and school heads in the division of Marinduque?; (3) How teachers and school heads in the division of Marinduque are categorized in terms of their level of financial literacy?; (4) What Enhancement Training Program could be designed to develop and improve financial literacy among teachers and school heads in the division of Marinduque? The researcher used quantitative, descriptive, and comparative research methods to gather information about the conditions and situations of the variables for the investigation through the mean score, mean percentage score, standard deviation, and t-test for independent sample analysis. Based the data gathered in terms of the problem, the following are the significant findings:The level of financial literacy of teachers and school heads are both low, with a mean score 0f 2.36 and 2.38 and a standard deviation of 0.61 and 0.63, respectively.Moreover, this study revealed no significant difference between the level of financial literacy between teachers and school heads at 0.01 level of significance. Hence, the null hypothesis is accepted.Furthermore, from the 267 teacher respondents, only 78 or 29.21 percent are classified as having a high level of financial literacy as they are both high on financial knowledge and financial behavior. On the other hand, out of 44 school heads, only 20 or 45.45 percent is considered as high on both components of financial literacy.In line with the results, teachers and school heads also suggested and recommended some concerns regarding the focus of this study, such as the conduct of financial training, seminars, programs, workshops, and orientations, increase and provisions on the salary of teachers, and consultation and assessment of teachers’ financial literacy.Based on the preceding discussions, assessment, and findings of this study, the researcher, as his contribution, designed a program as a form of training for teachers and school heads that could be incorporated in the Learning Action Cell (LAC) program of each school in the division. Moreover, the following recommendations were formulated.For DepEd officials – program heads, may design or craft training programs that will help and enhance teachers’ and school head financial knowledge and financial behavior on the different dimensions of financial literacy. Also, they may conduct these training, seminar, workshop, and orientation programs on a consistently so that school heads and teachers, especially the newly-hired ones, are already aware and equipped with the concepts and best practices of financial aspects as they enter the Department.Teachers and school heads, they may adapt and practice the suggested formula or rule of income allocation of a known financial adviser or devise and make use of their strategy for managing your finances well.For future researchers, similar studies may also be conducted to assess the personal financial management of teachers, school heads, and any other officials of the Department.



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