Financial Management Practices, Capability and Financial Well-Being of Public High School Teachers

Abstract

The need for teachers to be financially capable and having a prominent financial well-being are imperative at any cost. The overall intent of this study is to assess the financial management practices, capability and financial well-being among sampled public high school teachers in Quezon City during the school year 2015 – 2016. The descriptive method of research through quantitative and qualitative approach was utilized in the study. A total of 246 high school teachers from 3 selected public high schools in Quezon City served as respondents of this study. A researcher-made questionnaire, validated by experts, was utilized in gathering data. Frequency, percentage, weighted mean and correlation were used in the treatment of data. The findings of the study were: 1. Budgeting and debt management servicing are the only financial management practices performed by the respondents which denote to be remarkable. On the other hand, they are poor in investing. 2. Majority of the respondents are married and just earning the salary range of Php 15,001 to Php 20, 000 equivalent to an entry level position or just the salary grade of a Teacher 1. Correspondingly, they have 1-2 dependents. 3. In terms of their length of service in the public, respondents are into 6-10 years of teaching. 4. With respect to financial well-being, only the availability of funds to meet financial obligation is quite impressive. The rest indicators need enrichment or improvement so the respondents can attain financial satisfaction. 5. When it comes to the relationship of financial well-being to financial management practices only two variables show significant relationships. These are the availability of funds to secure financial future and spending; and the availability of funds to enjoy family or love ones and spending practice. Meanwhile, for financial well-being and financial capability, the study demonstrates relationship on availability of funds to meet financial obligation and teaching position; availability of funds to secure financial future and civil status; and availability of funds for educational advancement and civil status.