Financial Literacy among School Employees Vis-A-Vis their Financial Resilience

Abstract

This study intended to examine the relationship between financial literacy and financial resilience among employees at a private higher education institution in the Philippines. The research instrument was adapted from the OECD INFE financial literacy questionnaire. The data was analyzed using frequency, percentage, ranking, mean, contingency coefficient, Chi-square, and Spearman rho correlation tests. Most of the participants were female, single, college graduates of education programs followed by business-related courses, with full-time work status, and have been employed for more than ten years in the institution. The results reveal that most participants perform very well on a test covering interest rates, inflation, and risk diversification. Most of them have low financial resilience as they can sustain their living expenses for at least a week only but not up to one month without needing to borrow money if loss of income occurs. Moreover, a positive weak significant relationship exists between financial resilience and money-related knowledge. The findings imply the development of financial education programs focusing on key areas that can help improve the employees’ overall financial well-being and empower them to make informed financial decisions throughout their lives. Keywords: financial literacy, financial resilience, school employees, Spearman rho, contingency coefficient, Chi-square test, Philippines