Financial Dimension: A Tool for Teachers Financial Literacy
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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.