Financial Literacy among Tabango North District Teachers: Basis

for Financial Advocacy Program

Introduction
“If you want to teach financial literacy to students, you have to start it with the teachers,”Leonor Mirasol

Magtolis - Briones.

With a vision of a financially literate nation, the Department of Education (DepEd), through the Bureau of

Curriculum Development (BCD), has expanded and intensified the integration of financial education in the K to 12

Basic Education Curriculum to improve the financial literacy and capability of its learners, teachers, and personnel

which will enable them to acquire financial health and financial inclusion (DepEd Press Release, 2021).

So what is financial literacy? Financial literacy is a skill that individuals should be able to master, as it is a

necessary tool for daily living (Philippas & Avdoulas, 2019). Studies on financial literacy among Filipino teachers

are rather limited. One such study done was by Montalbo et al. (2017), and it was conducted among professional

teachers. Financial literacy (Huston, 2010) is broadly defined as the competency of an individual to manage

personal finances (Remund, 2010). Worthington (2005), meanwhile, defines it as “the ability to make informed

judgments and to take effective decisions regarding the use and management of money.” Making sense of the

varying definitions, financial literacy then pertains to the use of financial information in making sound choices

relating to the effective use of financial assets or resources. The study of Xiao, et al. (2010) explains that financial

knowledge comes with financial behavioral repertoires. In other words, while financial knowledge is necessary,

what is essential is to translate this knowledge into some forms of behavior or to achieve behavioral modifications

(e.g., Reswari et al., 2018) geared toward effective financial management. While this is a very important asset, little

attention has been given to financial literacy in formal education.

In the words of Feslier (2006), “little formal financial education is provided in schools or in adult learning

forums.” Increasing financial literacy can be achieved through financial literacy education. This informs consumers

about their rights and responsibilities and provides them with the information necessary to arrive at informed

choices regarding what products and services to use (Orton, 2007). Harnisch (2010) also notes that financial

education can help to achieve a “sustainable, vibrant lifestyle during work years and retirement.” It is assumed that
higher financial literacy yields sound financial planning. The study of Tan and Siew (2011) concludes that

financially literate individuals have exhibited the ability to financially plan their personal expenses.

But the questions here is, are the teachers ready to “walk the talk”? A person cannot teach what she/he does

not know (Hartley, 2010), so it is very essential for the teachers to be financially literate first before teaching

financial literacy.

Moreover, DepEd Secretary, Leonor Mirasol Magtolis-Briones, found it very alarming because teachers are

indebted approximately 170 billion pesos from private lending institutions (Manila Bulletin, 2018) and that includes

the teachers in Tabango North District.

Along with all the premises stated above, teachers have to be financially literate first before they teach the

students and for them to have financial freedom. The researchers would like to determine if the teachers have

attended orientations on financial literacy. The researchers would like also to determine the level of financial literacy

among the respondents which will be the base data for the orientation on financial literacy for the teachers. It is also

hoped that through this research, the researchers will be able to come up with an advocacy to improve the financial

capability of our public school teachers and secure a healthy and prosperous financial well-being for these modern

day heroes.

Research Questions
Based on this aim, the following research questions will be addressed in the study:
1. What is the demographic profile of the teachers in terms of:
A. Age
B. Sex
C. Marital Status
D. Socioeconomic Status
E. Number of years in the teaching profession
F. Highest educational attainment?
2. How many orientations on financial literacy and financial management have the respondents attended for the last
5 years?
3.What is the financial literacy level of the teachers in Tabango North District?
Conceptual Framework
Input Process Output

Financial Literacy Level of Questionnaires District Financial Literacy

Respondents Test Management Orientation

Hartley, A.B. (2010). You Can't Teach What You Don't Know: Examining and Improving Teacher
Preparation.