Personal Financial Management Practices and Lived Experiences of Teachers in The Third Congressional District of Quezon
Personal Financial Management Practices and Lived Experiences of Teachers in The Third Congressional District of Quezon
Personal Financial Management Practices and Lived Experiences of Teachers in The Third Congressional District of Quezon
Keywords: lived experiences, financial crises, public school teachers, financial management
practices, lack of awareness
using structured research instruments to emphasize its Initially, the research instrument was validated by the
objective measurement and statistical analysis. The financial advisor, principal, and master teacher to
combination of findings from the quantitative and ensure that the instrument was valid, reliable, and
qualitative methods provides the researcher with a appropriate. A letter of permission to conduct the
more accurate result that focuses on the objective of research was sent to the sch ool d iv ision
this study. superintendent, public schools district supervisors, and
school heads and participants in the Third
Respondents Congressional District of Quezon. Once the conduct of
the study was approved, the researcher distributed the
From the locale of the study, the population samples questionnaires personally to the participants. It was
were identified. There are 375 teacher respondents also personally retrieved from the participants to
from central and non-central schools from the Third maintain the confidentiality of the data they gave. The
Congressional District of Quezon. The population researcher asked for the assistance of the school heads
from the Third Congressional District of Quezon in administering and retrieving the research
constitutes the respondents of the study based on the instruments. Furthermore, the researcher also
criteria that were made by the researcher. The conducted an interview with at least three selected
respondents should be permanent public school teacher participants in each district with the use of
teachers, and the age is in the bracket of 20-60 years open-ended questions. Quantitative data were
old. Purposive sampling were used in choosing the tabulated, analyzed, and interpreted, while the
target population in the central school, and random qualitative data gathered from the interview were
sampling were used in choosing the target population interpreted through Thematic Analysis.
in non- central school. That method was used based on
the selection of individuals according to the purpose of
the researcher as her control since they were expected Results and Discussion
and agreed to be the respondents of the study.
Research Instrument This section shows all the gathered and processed data
using tables and textual presentation with relevant
The study made use of a research-made questionnaire analysis and interpretation compared to reviewed
which is adapted with some modifications from literature, concepts, and studies.
Acedillo (2018), which focused on the reflective
The Significant Difference among the Personal
aspect of the respondents through the use of indicators.
It is composed of three parts. The first part presents the Financial Management Practices of Teachers when
demographic profile of the respondents in terms of Grouped According to Demographic Profile
their age, sex, civil status, length of service, teaching
position, income, and assets. The second part deals Table 1. Significant Difference between the Personal
with the personal financial management practices of Financial Management Practices of Teachers when
teachers in terms of budgeting, saving, borrowing, and Grouped According to Demographic Profile
investing. The last part is composed of questions that
determine the lived experiences of teachers in terms of
their financial management practices. This was
conducted through interviews using open-ended
questions.
Table 1 presents the significant difference between the On the other hand, there is no significant difference
personal financial management practices of teachers when grouped according to the teaching position.
when grouped according to demographic profile. Greater financial literacy levels are found in
There is a significant difference between the personal individuals with higher education levels and greater
financial management level of financial literacy goes access to financial information. By analyzing the
beyond their ages. According to Agarwal et al. (2009), position in an occupation, Chen and Volpe (1998)
financial literacy tends to be higher among adults in found that individuals with higher positions undergo a
the middle of their life cycle and, it is usually lower more significant number of financial situations and a
among young and elderly individuals. It is also found high salary as well. In addition, having high salary can
that moderately aged are more financially proficient manage financial well-being, and with less contact
than youthful and old (Lusardi & Mitchell, 2011). with financial distress and issue. Toth et al. (2015)
found out that the higher the education achieved, the
On the other hand, there is no significant difference in
higher the financial literacy. Also, economic-oriented
the personal financial management of teachers when
education helps to improve financial literacy as well.
grouped according to sex. Male and female
respondents have the same level of financial
There is no significant difference when grouped
management practices because most of the
according to income. Income itself does not affect the
respondents, regardless of their sex, have families to
capacity of somebody to pick up information, frame
support. It is found that sex has a relationship with
states of mind helpful for their financial well-being, or
financial knowledge. Women who do not have enough
display positive conduct. Furthermore, low income
financial awareness could be vulnerable to financial
might likewise be connected with other socio-
troubles as they are primary consumers and
demographic factors that have been demonstrated to be
households. (Lusardi & Mitchell, 2014)
connected with financial literacy, such as age.
There is also a significant difference between the Monticone (2010) finds that people with higher
personal financial management practices of teachers incomes are likewise more prone to be financially
when grouped according to civil status. According to knowledgeable.
Research (2003) and Brown and Graf (2013), singles
Conversely, there is also a significant difference
have a significant propensity to higher financial
between the personal financial management practices
literacy levels, when compared to married individuals.
of teachers when grouped according to assets.
In general, when people have a low financial literacy
According to Monticone (2010), wealth has a small
level, they run the risk of making wrong financial
decisions that, in the long term, may result in debts and but positive effect on financial literacy. Behrman et al.
(2010) focus on the relationship between financial
literacy, education, and household wealth As provided by the data, the researcher formulated
accumulation. In addition, Hastings and Mitchell three themes. These are guides in spending, planning,
(2011) show that financial literacy is correlated with and monitoring. As CA5 says, “Yes, I plan because
wealth, but that measures of impatience might be a planning is essential so that the financial budget for the
more important determinant. family is never gone out of the limit in terms of
expenditures”, and “Yes, it may help to make a
The Lived Experiences of Teachers in Terms of sensible decisions about the money earned.” CA21.
Personal Financial Management According to the result of the interview, the majority
of the participants have financial planning, which
Based on the interview with the participants, the serves as their guide on their spending, but the
gathered answers are as follows: problem is that they cannot stick to it for some
reasons. According to Brooks (2017), financial goals
Table 2. Savings from Monthly Income can be attained if couples would stick to the budget
they set.
“I cannot save a fixed amount of money because of the Table 4. Common Reasons to File a Loan
shortage of my monthly income”, was stated by CA3.
On the other hand, “I saved for emergency purposes”
was stated by CA1.
Table 5. Remedies to Cope Up Loans and Debts The result of the interview shows that the most
common way that the teacher could do to earn
additional income is to establish a business.
Establishing a business to gain extra income is the
most powerful tool to cope with everyday expenses.
Earning additional income to compensate for their
daily needs could be a great help for them. According
to Hoffman et al. (2011), individuals with high literacy
levels consider more fund expenses and are more
As provided by the data, the researcher was able to likely to choose low-cost funds. Investors, likewise,
formulated four themes. Live under your means, should have the capacity to comprehend financial
establish a business, set priorities, and be financially statements keeping in mind the end goal to have the
literate. “Do not rely on your salary, find extra income capacity to invest admirably.
”, stated CA4. On the other hand, co- participants says,
“Be financially literate and learn to invest” CA8. Table 7. Status of Finances
Those statements prove that there are some remedies
to control loans by different lending institutions.
Table 6. Engaging in Business for Additional Income The result of the interview portrays that most of the
participants have unstable finances. It is due to so
many reasons that they share during the interview.
Some say that their income barely supports their daily
needs in the household. Providing education for their
children is also a factor. Moreover, a shortage of
income can contribute a lot to the status of their
finances at present.
As provided by the data, the researcher was able to
formulated three themes. These are extra income, According to Van and Wachowicz (2005), financial
online business, and livestock business. This expresses management is concerned with the acquisition,
that the participants find ways to earn additional financing, and management of assets with some
income and not merely rely on their salary. overall goals in mind. It is identifying where to acquire
“Establishing a business will be a big help with some long-term finance and how to manage everyday
who is struggling for their everyday expenses,” said financial activities.
CA6. “Yes, I do, I invested in a livestock business.”
CA8
Table 8. Unforeseen Financial Situation various financial risks and upcoming life events.
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