Financial Dimension: A Tool for Teachers Financial Literacy
Journal Title: International Journal of Multidisciplinary Research and Analysis - Year 2023, Vol 6, Issue 03
Abstract
Teachers, as compared to the majority of the employed sectors in the country, are receiving salaries above the minimum wage set by law. This above the minimum salary, supposedly, places the average teacher above the poverty line as this is paramount to the demand of the job. But as can be observed around, many teachers experience financial struggles. With an end-view of improving financial literacy, this study was conducted to determine the level of financial literacy of the faculty of Isabela State University City of Ilagan Campus. A survey questionnaire was used to obtain the data needed to answer the objectives of the study. The results indicate that majority of the respondents are not financially literate to make critical decisions on financial concerns. The female respondents are more involved in the identified financial products compared to the male respondents. Included in the study was the respondents’ demographic profile as significant factor in their current financial literacy state. The results indicate that the demographic profile based on sex is not a significant factor that may spell a difference in the level of financial literacy among the respondents, while age, academic rank, and educational attainment are significant factors. The study also tested the relationship between the level of financial literacy of the respondents and their involvement on financial products. The data shows that there is a weak relationship between the two variables. Based on the findings of this study, there is a need to increase the financial literacy level of the respondents. To increase the financial literacy level of the faculty, the Isabela State University may resolve to implement intervention approaches such as to: integrate financial literacy in the faculty development program of the Institution; conduct seminars and programs on financial literacy early on in the career of the faculty in order for them to fully maximize the benefits of being financially literate individuals; enhance the Finance Units of the Institution in the provision of assistance to faculty in their personal financial management; and institutionalize advocacy drive on the importance of financial literacy to the financial stability of the faculty.
Authors and Affiliations
Engr. Maria Cristina Lalaine M. Nerona, Ph. D.
Keywords
Related Articles
- EP ID EP714167
- DOI 10.47191/ijmra/v6-i3-26
- Views 71
- Downloads 0
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