Abstract
Financial Literacy Status of Public-School Teachers: The Case of the Philippines
Highlights
Higher levels of education is said to impact increased financial literacy understanding (Marcolin & Abraham, 2006)
A research conducted by Mandell & Klein, (2009) about measuring the impact of financial literacy education to subsequent financial behavior of graduate high school students, showed that students who took personal financial management courses have the same understanding of financial literacy to those who did not
Out of 325 teacher respondents, 57.8% of the participants determined that they were unsatisfied with their current financial status
Summary
Higher levels of education is said to impact increased financial literacy understanding (Marcolin & Abraham, 2006). Teachers have low family income and housing ownership level They lack skills in financial management and planning which results to high incidence of informal credit and significant housing debt. Those are some of the contributing factors why teachers tend to borrow money (Ferrer, 2017). Parents need to realize that they greatly influence the behavior and attitude of the children in handling their money and financial decisions This process starts at a very early stage of their life. Most of the scholarly work suggests that they need proper financial guide in financial literacy
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