LEGAL BASIS

INDEPENDENT VARIABLE

FINANCIAL MANAGEMENT
GENDER

Based on the study by Chen (2002) about surveying financial literacy among
college students. Gender differences remain statistically significant after controlling for
other factors such as participants major, class rank, work experience, and age. Females
have often been found to possess less financial knowledge and interest compared to
males. Females are intrinsically right brain thinkers with serve them better in nurturing
roles as wives, mothers and homemakers rather than financial matters. Females also
tend to be risk adverse in financial choices than men.
AGE
An Song and Gyensare (2012) conducted study among 250 University students
of Cape Coast reveals that the age and work experience are positively related to
financial management. Age can influence personal financial planning management
among people. Generally, older individuals are more conservative and risk adverse.
LEVEL OF EDUCATION
Study by Marzieh et, al., (2013) revealed that education is positively related with
financial literacy and well-being. Level of formal education is a controllable factor that
significantly affects the income. More high education tends to get great earning in their
life.

MARITAL STATUS AND DEPENDENTS

An Song and Gyensare stated marital status and dependents such as children,
parents, or siblings determine whether one is planning only for yourself or for others as
well.

Partners and dependents affect the financial planning as it seeks to provide for such as
paying for childrens education. Parents typically want to protect or improved the quality
of life for their children and may choose to limit their own fulfillment to achieve that end.
FINANCIAL LITERACY
Financial Literacy
According to Remund (2010), financial literacy is a persons ability to understand
and use financial matters. Huston (2010) considers financial literacy including
awareness and knowledge and financial literacy instruments and their application in
business life. Financial literacy includes the ability to balance a bank account, budget
preparation, save for the future and learn strategies to manage debt.
Financial Well-being
Well-being is a multi-part concept. According to Van Praag et al. (2003), wellbeing is provided by individual satisfaction in six areas: business, finance, home,
leisure, health and environment. McGregor and Goldsmith (1998) recognize welfare as
including economic, physical, social, emotional, environmental aspects, political and
spiritual factors. Material well-being is one of the aspects of welfare and convenience.
According to Joo (1998), in the past well-being has had the meaning of overall
happiness or satisfaction with their financial status or assets. But at the present the wellbeing concept has changed to material and non-material aspects of a persons
perception from their financial status, improving their living standards and includes
perception such as: ability to meet the needs, feeling safe, feeling comfortable and
satisfied with the income and the award distribution system.
FINANCIAL CONCERNS
Financial concern usually consist of emotions like fear and anxiety which can
negatively affect the human and make positive changes such as findings new jobs and
improve the ability to manage the financial issues. Neill et al (2005) have conducted a
study aimed at examining the relationship between financial activities, financial being,
and health among 3,121 customers of a financial consulting organization. Their results

showed that people with higher income and financial well-being will experience less
stress, are more motivated in financial activities, have a better family relationships and
are physically and mentally healthier.
DEPENDENT VARIABLE
QUALITY OF LIFE
SUBJECTIVE QUALITY OF LIFE
Subjective quality of life is about feeling good and being satisfied with things in
general. It is a assessment of the amount of persons financial resources which may be
sufficient or insufficient and satisfactory or unsatisfactory (Quality of life Research
Center, Denmark). Ardett (1997), subjective it measures and knows life satisfaction,
happiness, and not feeling discomfort in the life.
OBJECTIVE QUALITY OF LIFE
Objective quality of life is about fulfilling the societal and cultural demand for
material wealth, social status and physical well-being.
STATEMENT OF THE PROBLEM
The problem that was examined in this research is to measure the level of
employees in Private and Public School teachers financial literacy. To determine the
level of financial management of Private and Public School teachers based on gender,
age and level of education. To determine the effect of financial literacy and management
of personal finances among Private and Public School teachers in Cabadbaran City,
and to measure overall assessment of the quality of life among Private and Public
School teachers in Cabadbaran City.