Effects of financial literacy and financial behavior on the financial well-being of teachers in higher education institutions in Region 1, Philippines

Abstract

 This study explored the effects of financial literacy and financial behavior on the financial well-being of 360 academic personnel of Higher Education Institutions (HEIs) in Region 1, Philippines. Data were gathered from August 2020 to March 2021 using a self-administered survey questionnaire instrument. This was used to assess the respondents' financial well-being, literacy, and financial behavior, and Pearson’s r was used to test the relationships among the variables. It was found that most of the teachers generally experience moderate financial security rather than financial stress. They were assessed with excellent scores on their financial literacy and most were found to have good financial behavior. It was determined that their financial behavior affected their financial well-being. On the other hand, their financial literacy did not significantly affect their financial well-being. Hence, this study recommends that a financial wellness program tailored for the respondents should focus more on behavior-changing financial coaching rather than financial concepts learning.

Keywords: {'name': 'financial well-being'}, {'name': 'financial stress'}, {'name': 'financial literacy'}

Authors & affiliations

Adrian Galapon
Affiliation not supplied

Nelson C. Bool
Affiliation not supplied

Deposited references

Supplied references, not a list of publications citing this article.

Alliant Credit Union. (2015). Financial Wellness in the Workplace 2015: A WHITE PAPER. Retrieved from https://www.alliantcreditunion.org/images/uploads/files/FinancialWellnessInTheWorkplace_Alliant.pdf

Amoah, R. A. (2016). Assessing the Level and Impact of Financial Literacy on African Americans. Walden Dissertations and Doctoral Studies. 2307. https://scholarworks.waldenu.edu/dissertations/2307

Asian Peoples’ Movement on Debt and Development (APMDD). (2020). The Philippines, COVID-19, and debt: Left alone to deal with the pandemic. Retrieved from https://www.eurodad.org/the_philippines_covid_19_and_debt_left_alone_to_deal_with_the_pandemic.

DOI: 10.1787/bb2cd70c-en

DOI: 10.1787/5k9csfs90fr4-en

DOI: 10.18546/IJDEGL.07.3.05

Colmar Brunton. (2013). Commission for Financial Literacy and Retirement Income: Financial Knowledge and Behaviour Survey 2013. Retrieved from http://media.nzherald.co.nz/webcontent/document/pdf/201324/FinancialSurvey.pdf.

Consumer Financial Protection Bureau (CFPB). (2015). Financial well-being resources. Retrieved from https://www.consumerfinance.gov/practitioner-resources/financial-well-being-resources/

DOI: 10.1080/00036846.2018.1528336

Finaza, E.P. (2015). Financial literacy of the employees of the University of Baguio. National Business and Management Conference 2015 | p. 113. https://nbmconference.files.wordpress.com/2017/11/119-134.pdf

Ferrer, J. C. (2018). Financial Capability of Public School Teachers in the Philippines, EDUCARE: International Journal for Educational Studies, Volume 11(1), August, pp.59-78. Bandung, Indonesia: Minda Masagi Press owned by ASPENSI with ISSN 1979-7877 (print) and ISSN 2621-587X (online).

DOI: 10.56278/tnl.v11i2.538

Galicki, C. (2020) Impact of COVID-19 on Financial Wellbeing- Key findings from a national survey. Retrieved from https://www.financialcapability.gov.au/research.

Hsu-Tong, D., et.al. (2013). Influence of Financial Literacy of Teachers on Financial Education Teaching in Elementary Schools. http://www.ijeeee.org/Papers/195-K10068.pdf

DOI: 10.1111/j.1745-6606.2010.01170.x

Investor Education Centre. (2018). Financial Literacy Monitor - IFEC.ORG.HK. Retrieved August 10, 2022, from https://www.ifec.org.hk/web/common/pdf/about_iec/iec-financial-literacy-monitor-2018.pdf

DOI: 10.1177/0886368703261215

Kregul. J. (2017). Improving Employee Engagement Through Financial Wellness. White Paper. https://www.hacu.org/assets/1/6/HACU_white_paper_051717_Final.pdf

DOI: 10.2139/ssrn.2176020

Mayer, K. (2019). Employers are doubling down on financial wellness. Is it helping? https://hrexecutive.com/employers-are-doubling-down-on-financial-wellness-is-it-helping/

DOI: 10.15185/izawol.400

Montalbo, I. C., Pogoy, A. M., & Av, G., & Pepito, G. (2017). Financial Literacy of Professional and Pre-Service Teachers in the Philippines. Journal of Global Economics. https:doi.org10.4172/2375-4389.1000267

DOI: 10.1787/04fb6571-en

PriceWaterhouseCoopers. (2019). PwC’s 8th annual Employee Financial Wellness Survey, PwC US, 2019. https://www.pwc.com/us/financialeducation

Social Human Resource Management. (2014). SHRM/Elevate: Employee financial stress. Retrieved from: https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/pages/2014-employee-financial-stress.aspx?_ga=2.29851519.1370647232.1660100950-335696116.1660100950

WorldBank. (2015). Enhancing Financial Capability and Inclusion in the Philippines - A Demand-side Assessment. www.WorldBank.org.

DOI: 10.1007/978-3-319-28887-1_1