Home⇛Psychology and Education: A Multidisciplinary Journal⇛vol. 26 no. 10 (2024)

Financial Literacy and Retirement Preparedness of Public-School Teachers: Basis of Developmental Plan for Retirement

Chibert L. Jala

Discipline: Education

 

Abstract:

Through the guidelines of D.O No. 22, s. 2021, the study finds that the majority of 304 teachers from both public elementary and secondary schools are married females between the ages of 30 and 40 with 1 to 4 years of work experience and 15,000 to 30,000 monthly income. Findings exposed the “high level of comprehension perceived” in financial knowledge, behavior, and attitude. Also, the perception of asset acquisitions as the highest priority, along with other relevant factors from budgeting and decision-making and retirement preparedness, demonstrated “importance” in the level of their comprehension. The significant difference through test variation in teachers' retirement preparedness and asset acquisitions towards the age variable is significant. Thus, teachers' retirement preparedness based on their perceptions of budgeting has a strong impact on their teaching experience. Accordingly, financial literacy and retirement preparedness have an essential or direct relationship. This indicates a strong impact of financial preparedness on financial literacy.



References:

  1. Acedillo, (2018). Exploring the Personal Financial Management Practices of Teachers in the Countryside. The Countryside Development Research Journal. Catbalogan City, Phil.
  2. Akinsola & Ikhide (2019). Bank lending to small and medium scale enterprises (SMEs) and business cycle in South Africa after the global financial crisis. The Journal of Developing Areas. http://dx.doi.org/10.1353/jda.2019.0005
  3. Aluodi et. al , (2017). Effect of Financial Literacy on Retirement Preparedness among Employees in the Insurance Sector in Kenya.Chandaria School of Business, United States International University, Nairobi, Kenya. https://doi.org/10.5539/ijbm.v12n10p242
  4. Arayata, (2017). Philippine New Agency News Article. https://www.pna.gov.ph/articles/1014991
  5. Attanasio and Guglielmo, (2019). Why Financial Literacy Is so Important. Organization for Economic co-operation and development. OECD.
  6. Bayer et al., (2009). The effects of financial education in the workplace: Evidence from a survey of employers. Economic Inquiry, https://doi.org/10.1111/j.1465-7295.2008.00156.x .
  7. Benddavid-Hadar, (2015). An Analysis of Personal Financial Literacy Among Educators. Journal of Financial Education. https://www.jstor.org/stable/24331039
  8. Boon et al.,(2011).“Financial literacy and personal financial planning in Klang Valley Malaysia”, International Journal of Economics and Management. Malaysia
  9. Brown and Graf , (2013). Financial Literacy and Retirement Planning in Switzerland. Advancing Education in Quatitative Literacy. DOI: http://dx.doi.org/10.5038/1936-4660.6.2.6
  10. Casingal and Ancho, (2022). Financial Literacy Status of Public-School Teachers: The Case of the Philippines. Philippine Normal University, Philippines
  11. De Jesus F. and De Jesus M. (2021). Spending Habits of Public School Teachers in Palayan City. Nueva Ecija University of Science and Technology, Cabanatuan, Philippines. DOI: 10.4236/oalib.1106332
  12. Deng et al., (2013). Financial literacy, housing value and household financial market participation: Evidence from urban China. China Economic Review. https://doi.org/10.1016/j.chieco.2019.03.008
  13. DepEd Order No. 22, s. 202. Financial Education Policy Dated: June 3, 2021
  14. Elomina and Buama (2021). Financial Literacy, Management Practices of Public Elementary School Teachers: An Input to Teacher Financial Management Plan   in Butong Elementary School, Philippines Laguna State Polytechnic University, Philippines. Turkish Journal of Computer and Mathematics Education Vol.12 No.10 (2021), 4323-4325 4323.
  15. Ferer, (2018).Financial Capability of Public School Teachers in the Philippines. EDUCARE: International Journal for Educational Studies, Volume 11. Philippines
  16. Ferer, J, (2018). Financial Capability of Public School Teachers in the Philippines. EDUCARE: International Journal for Educational Studies, Volume 11. Philippines
  17. Ferrer's, (2017). Caught in a Debt Trap? An Analysis of the Financial Well-being of Teachers in the Philippines. EDUCARE: International Journal for Educational Studies. Philippines
  18. Grifoni and Messy's, (2012). “Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices” in OECD Working Papers on Finance, Insurance, and Private Pensions, No.16, OECD Publishing.
  19. Hershey et al., (2012). Aging and financial planning for retirement: Interdisciplinary influences viewed through a cross-cultural lens. The International Journal of Aging and Human Development.
  20. Hill, (2018). Fintech and Government Regulation. FinTech and the Remaking of Financial Institutions. https://doi.org/10.1016/B978-0-12-813497-9.00015-9
  21. Jabar and Delayco, (202)1. Impulse Buying and Financial Literacy Among Public Elementary and High School Teachers in the Philippines. DLSU Business & Economics Review.
  22. Kaiser & Menkhoff, (2017). Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?.The World Bank Economic Review, Volume 31, Issue 3. https://doi.org/10.1093/wber/lhx018
  23. Kempson, Elaine, Andrea Finney & Christian Poppe. (2017). “Financial Well-Being: A Conceptual Model and Preliminary Analysis”. Final Edition: Project Note, No.3. Oslo, Norway: Consumption Research Norway.
  24. Kimiyaghalam et.al, (2017). Parents' Influence on Retirement Planning in Malaysia. Family and Consumer Science Research Journal.  https://doi.org/10.1111/fcsr.12203
  25. Kolzow, (2014). “Leading from Within: Building Organizational Leadership Capacity”. Available online at: https://www.iedconline.org/clientuploads/Downloads/edrp/Leading_from_Within.pdf [viewed in Manila, Philippines
  26. Llanto and Rosellon, (2017). What determines financial inclusion in the Philippines? Evidence from a National Baseline SurveyPhilippine Institute for Development Studies. https://pidswebs.pids.gov.ph/CDN/PUBLICATIONS/pidsdps1738.pdf
  27. Llanto, (2015). Financial Inclusion, Education, and Regulation in the Philippines” in ADB Working Paper Series. Retrieved: http://www.adb.org/sites/default/files/publication/171786/ adbi-wp541.pdf]
  28. Lopus et. al, (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. https://doi.org/10.1016/j.iree.2019.100168
  29. Lusardi & Mitchell, (2014). Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics.
  30. Lusardi ,(2013). Informal expectations and savings for retirement. Washington, DC: Brookings Institution.
  31. Lusardi, (2019).Financial literacy and the need for financial education: evidence and implications. Swiss Journal of Economics and Statistics. https://sjes.springeropen.com/articles/10.1186/s41937-019-0027-5
  32. Malipot, (2017). DepEd order to keep teachers’ take home pay at P5,000; loan payment deductions to be limited. Manila Bulletin. https://mb.com.ph/2019/03/21/deped-stretching-resources-to-pay-new-teachers-salaries/?amp#google_vignette
  33. Malipot, (2019). DepEd order to keep teachers’ take home pay at P5,000; loan payment deductions to be limited. Manila Bulletin https://mb.com.ph/2019/03/21/deped-stretching-resources-to-pay-new-teachers-salaries/?amp
  34. Mitchell & Lusardi , (2015). Financial literacy and economic outcomes: evidence and policy implications. The Journal of Retirement
  35. Montalbo et. al, (2017). Financial Literacy of Professional and Pre-Service Teachers in the Philippines.Journal of Global Economics, ISSN: 23754389 Glob Econ.
  36. Montalbo et. al,(2017).Financial Literacy of Professional and Pre-Service Teachers in the Philippines.Journal of Global Economics, ISSN: 23754389
  37. Morgan and Long, (2020).  Financial literacy, financial inclusion, and savings behavior in Laos. Journal of Asian Economics, Elsevier, vol. 68(C). DOI: 10.1016/j.asieco.2020.101197
  38. Moure, (2016). Financial literacy and retirement planning in Chile. Journal of Pension Economics & Finance
  39. Mugerman, (2016). Financial Literacy and Retirement Planning. Article of Israel Economic Review. Bar Ilan University.
  40. Osman et al. ,(2015). Factors Influencing Online Shopping Behavior: The Mediating Role of Purchase Intention. Elsevier.
  41. Pulka, (2015). The Effects of Saving and Saving Habits on Entrepreneurship Development. University of Maiduguri Retrieved from https://www.researchgate.net/publication/301355055_The_Effects_of_Saving_and_Saving_Habits_on_Entrepreneurship_Developmenton.
  42. Quijada & Orale, (2018). Lived Experiences of Elementary Teachers in a Remote School in Samar, Philippines.  https://www.researchgate.net/publication/327232303
  43. Reysio-Cruz (2019). Public school teachers’ debts rose to P319B in 2 years – DepEd. Good Governance Philippines. Retrieved: October 4, 2021 from: https://governance.neda.gov. Ph./public-school-teachers-debts-rose-to-p319b-in-2years-deped/.
  44. Santiago, (2018). Effects of Financial Problems on Teachers and Ways to Overcome Financial Stress.
  45. Sewdas, R., de Wind, A., van der Zwaan, L.G. et al, (2017). Why older workers work beyond the retirement age: a qualitative study. BMC Public Health. https://doi.org/10.1186/s12889-017-4675-z
  46. Surendar and Sarma, (2018). Financial Literacy and Financial Planning among Teachers of Higher Education - A Study of Critical Factors of Select Variables. International Journal of Pure and Applied Mathematics. ISSN: 1314-3395
  47. Surendar, (2018). Financial Literacy and Financial Planning among Teachers of Higher Education- A study of Critical Factors of Select Variables. International Journal of Pure and Applied Mathematics.url: http://www.ijpam.eu
  48. Tilan and Cabal, (2021). Financial Literacy of Public School Teachers and Employees: Basis for Intervention Program. International Journal of Science and Research (IJSR) ISSN: 2319-7064 SJIF (2020): 7.803.
  49. Topa et al., (2017).Financial Planning for Retirement: A Psycho-social Perspective. Frontiers in Psychology.
  50. Van Dalen et al.,(2012). Perceptions and expectations of pension savings adequacy: A comparative study of Dutch and American workers in Aging and Society. Journal of Economics.
  51. Xiao & Porto, (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. he international journal of bank marketing. ISSN: 02652323. DOI: 10.1108/IJBM-01-2016-0009
  52. Xiao, et. al, (2014). Age and Financial Capability: Implications for Lifespan Financial Education. Volume 60, Consumer Interests Journal.

Tools


Copyright © 2026  KITE Digital Educational Solutions |  Exclusively distributed by CE-Logic