Promoting Financial Literacy Among High School Teachers: A Lifetime Gift of Wisdom

Posted: 31 Mar 2020

Date Written: February 2, 2019


Financial well-being ensured by financial literacy promotes financial security. This contributes to the achievement of sustainable economic growth and development of our country. Teachers are believed to be good in financial management. There are, however, serious financial challenges that teachers are now facing. Public school teachers are commonly attached to financial woes. They avail of different loans whether in government or in private lending institutions and private individuals.

This study was undertaken to address one of the perennial problems that teachers are facing, which is financial woes that are caused by poor financial management. The primary purpose of the study was to assess the level of the financial knowledge and financial behavior of the teachers of the public secondary teachers from the Schools Division of Bulacan. The study described the personal characteristics and financial information of the respondents. It also determined the current financial status of the teachers and described how they able to budget their finances, expenses, savings, and other financial endeavors.

The study used mixed methods research. Data and results were presented quantitatively and qualitatively. The number of teacher-respondents was limited to 252 randomly selected from the five purposively selected Technical Vocational public secondary schools from the Schools Division of Bulacan. The questionnaire used was adopted from the 2016 Financial Literacy Survey of Japan and 2016 International Survey for Adult Financial Literacy Competencies by Organisation for Economic Co-operation and Development (OECD) for the financial knowledge and financial behavior respectively.

Data collected were treated using frequency, percentage, and means. Results revealed that the level of financial knowledge of the teacher-respondents is “very low”, while on the other hand, the level of their financial behavior is “high”. Teachers also have their savings and loans but only a few have investments. And as part of the financial management of teachers, basic needs are the top priority in their budget plan. They have a positive view on saving money but the majority of them were not able to do it on a regular basis. Either borrowing money or using their savings is a prominent means whenever there are financial challenges. Unfortunately, all of them are not able to establish emergency fund.

Analysis of the data collected led to the conceptualization of the proposed financial planning scheme for public school teachers. The financial planning scheme consists of the following: financial plan profile – investible review template, spending plan, spending analysis for building emergency fund template, the cash flow planning with recommended percentages template, and the OMG maximize your MONEY organizer kit. It aims to promote financial literacy among teachers and hopes that it may open additional means to address the financial woes of the teachers, improve further their current financial management scheme and their financial plans for their future, and even after retirement.

Keywords: Financial literacy, Financial knowledge, Financial behavior, Financial management scheme, Emergency fund

Suggested Citation

Oliva, Cindy, Promoting Financial Literacy Among High School Teachers: A Lifetime Gift of Wisdom (February 2, 2019). Available at SSRN:

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