PERSONAL FINANCE MANAGEMENT

PRACTICES AMONG PERSONNEL OF A

STATE UNIVERSITY IN IFUGAO

PSYCHOLOGY AND EDUCATION: A MULTIDISCIPLINARY JOURNAL

2023
Volume: 12
Pages: 1055-1065
Document ID: 2023PEMJ1124
DOI: 10.5281/zenodo.8303292
Manuscript Accepted: 2023-26-8
Psych Educ, 2023, 12: 1055-1065, Document ID:2023 PEMJ1124, doi:10.5281/zenodo.8303292, ISSN 2822-4353
Research Article

Personal Finance Management Practices Among Personnel of a

State University in Ifugao
Marlon Jan B. Garcia*, Peter Paul S. Cagatao
For affiliations and correspondence, see the last page.
Abstract
Personal finance management is becoming increasingly important. This is due to the fact that
financial decisions are among the most important life-altering decisions that everyone makes. Hence,
the purpose of this study is to determine the personal money management practices of personnel at a
state university in Ifugao. Employing a descriptive survey, the participants of the study were teaching
and non-teaching personnel of a state university in the province of Ifugao. Based on the findings of
the study, the teaching and non-teaching personnel at a state university in Ifugao often practiced
personal financial management practices in the aspect of budgeting, saving, spending, investing, and
debt management servicing. Thus, there is no significant difference in the personal finance
management practices between the teaching and non-teaching personnel at a state university in
Ifugao in the in the aspect of budgeting, saving, investing and debt management servicing. However,
there is significant difference between the teaching and non-teaching personnel in the aspect of
spending. Moreover, the teaching and non-teaching personnel encountered serious problems on
personal finance management practices such as insufficient money until next pay, lack of additional
source of income, unable to save money, inability to make payment on time, no prepared budget plan
and poor money management. This indicates that state university personnel are associated with the
issues on overspending, over borrowing and over debt that may cause financial glitches and struggles
on them.

Keywords: problems encountered, personal finance management practices, teaching personnel,

non-teaching personnel

Introduction
In today's world, personal finance management is
becoming increasingly important. This is due to the
fact that financial decisions are among the most
important life-altering decisions that everyone makes
(Bimal, 2011).Personal finance management,
according to Joo (2008), is a critical concept that
enables people to control their financial situations and
achieve a sense of financial security, create wealth,
and be in a state of financial well-being. He
emphasized the importance of practicing good
personal financial management by developing healthy
financial habits and practices.
Xu and Zia (2012) describe personal finance
management as a practice that concerns every
individual who has the capacity to earn and
consequently, take control of the earnings considering
all major expenses such as food, clothing, housing,
education of children healthcare and debt
payments.According to Garman and Forgue (2011),
personal finance is the application of finance concepts
and principles in making decisions involving the
acquisition of financial resources, budgeting, savings,
spending, insurance, and investing. Individuals who
have the financial means to make sound financial
decisions and live within their means are more likely
to achieve financial success.
There are financial best practices that have been shown
to promote good financial behavior (Hira, 2012).
Personal finance experts and educators promote the
use of these financial practices because they have a
positive impact on financial decisions. However,
studies have revealed that many people do not fully
understand and accept these standard practices
(Dowling et.al, 2009).
Some people are successful at managing their finances,
while others run out of funds to meet their needs. As a
result, they must borrow money from others or secure
loans from financial institutions. Failure to manage
personal finances properly can have serious long-term
consequences not only for the individual, but also for
business and society (Falahati et al., 2011). The ability
to make sound financial decisions and live within one's
means reduces financial problems such as late
payments, compulsive buying, not saving for the
future, not paying off credit cards in full each month,
and prioritizing spending based on need (Chinen &
Endo,2012).
Research has further shown that despite the established
standard behaviours or practices that positively
influence financial decisions, many people do not
know how to manage their finances and, as a result,
end up with financial frustrations such as
overspending, over borrowing, and poor savings and

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Research Article
investment culture (Rajna et al., 2011). According to a
Fin Access (2009) survey, many Kenyans lack
understanding of even basic financial concepts. They
struggle to effectively implement financial concepts
in managing their personal finances, and as a result,
they have lost control of their finances. A report by
the World Bank on Kenya (2016) on household
consumption rates in Kenya indicated that the average
Kenyan spends more than they earn, exposing them to
increasing debt. Among these Kenyans are salaried
workers, with teachers accounting for a sizable
proportion.
Given the preceding citations, personal finance
management necessitates an effort to teach the
practices and persuade the importance of personal
financial management to individuals and the economy
as a whole. As a result, it is interesting to learn how
employees manage their financial resources, which is a
common concern for everyone. While studies have
been conducted about personal finance management
practices of employees from other sectors and
organizations in our country and in foreign lands, no
studies have documented the personnel finance
management practices of personnel at a state
university.
Research Questions
1. What is the personal finance management practices
among the teaching and non-teaching personnel in the
aspect of:
1.1 Budgeting;
1.2 Saving;
1.3 Spending;
1.4 Investing; and
1.5 Debt Management Servicing?
2. Is there a significant difference in the personal
finance management practices between the teaching
and non-teaching personnel?
3. How serious are the problems encountered by the
teaching and non-teaching personnel in personal
finance management?
Methodology
Research Design
In this study, the descriptive survey method was used.
The descriptive method, according to Calderon and
Gonzales (2013), describes what actually exists in
terms of current conditions, practices, situations, or
Garcia & Cagatao
phenomena. Since the goal of this study is to
determine personal finance management practices
among personnel at an Ifugao State University,
descriptive research is appropriate.
Study Site and Participants
The study was carried out on one of the campuses of
Ifugao State University. Ifugao State University
(IFSU) is the province's only tertiary educational
institution. Today, IFSU thrives and contributes to
shaping and improving the province's socioeconomic,
cultural, and political landscape.
The participants of the study included the teaching and
non-teaching personnel of a state university in the
province of Ifugao.
Population, Sampling Size and Sampling Method
The study's population is made up of 80 state
university personnel divided as follows: 56 teaching
personnel and 24 non-teaching personnel. The list of
participants in the study were obtained from the state
university's Human Resources Department. Because of
the limited number of participants, all State University
personnel were chosen as participants in this study.
Instrument
The researcher developed an online questionnaire
following a thorough review of the literature and
studies relevant to the current study, and incorporated
elements of the questionnaire developed by Bosire,
Owuor, Asienga, and Kalui (2019), with modifications
to fit the needs of the study.
The online questionnaire contained two parts. Part 1
solicited information on the personal financial
management practices of the personnel consisting of
25 items. Part 2 elicited information on the degree of
seriousness of the problems encountered by the
personnel relative to personal finance management.
To ensure the reliability and validity of the
questionnaire, the draft of the questionnaire was
presented to the adviser and content validators for
improvement of the questionnaire. The comments and
suggestions were incorporated in the final draft of the
questionnaire. Furthermore, the online questionnaire
was pilot tested with personnel from the other IFSU
campus. They were asked to complete the
questionnaire and made suggestions for improvement.
Their comments for improvement were also
incorporated into the questionnaire's revision. Finally,
reproduction and distribution of questionnaires were
carried out to target participants.
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Research Article

Results
Data Gathering Procedure

During the data collection process, the researcher Personal Finance Management Practices among
sought approval from the President of the State Teaching and Non-teaching personnel in various
University for the conduct of the study as well as to aspects.
float questionnaires. To reduce the risk of COVID-19
infection, participants were given an online Budgeting Practices
questionnaire. Part of the online questionnaire clearly
explained the purpose of the study, told participants Table 1 shows the mean responses on the personal
that participation is voluntary, ensured that their finance management practices among teaching and
identities are kept anonymous, and finally obtained non-teaching personnel in the aspect of budgeting.
informed consent from participants. The questionnaire
Table 1. Mean Responses on the Personal Finance
was completed by the participants via e-mail. After
Management Practices among Teaching and Non-
retrieval of the completed questionnaires, data were
Teaching Personnel in the aspect of Budgeting.
tallied, classified, tabulated, statistically treated, and
interpreted.

Data Analysis

The data gathered for the study were subjected to

statistical analysis. A descriptive analysis with mean
and standard deviation were used to analyse the
participants' personal financial management practices
and the severity of the problems encountered in
personal finance management. The t-test was used for
inferential analysis to determine whether there is a
significant difference in personal financial
management practices between teaching and non-
teaching personnel of the state university.

Ethical Consideration

The ethical principles governing human participation

in research guided this study. Prior to data collection,
participants were given a copy of the consent form,
which they voluntarily signed. The participants were
informed about the study's objectives and reassured
that their identities are kept private and that the results
were used solely for academic purposes. More
importantly, no participants were physically or
psychologically harmed or abused during the course of
the study. They, too, have the right to refuse or
withdraw at any time. Furthermore, the researcher
ensured the participants that no confidential
information or details provided by them are divulged
to any person or organization. All data and information
were treated with utmost confidentiality and
professionalism. Finally, in accordance with the Data
Privacy Act of 2012, the researcher ensured the
anonymity of the study participants' identities.
As shown in Table 1, the teaching personnel always
practiced budgeting in terms of: I do my budget
planning (3.27), and often practiced budgeting in terms
of: I prepare budget for my income, expenses and
investment (3.07), I commit myself to my planned
budget and I refer to planned budget before I spend
(3.04) each respectively and I keep my bills and
receipts to prepare my future budget planning (2.89).
With an overall mean of 3.06., this implies that the
teaching personnel often practiced budgeting.
On the other hand, the non-teaching personnel often
practiced budgeting in terms of: I do my budget
planning (3.17), I commit myself to my planned
budget (3.0), I prepare budget for my income,
expenses and investment, I refer to planned budget
before I spend and I keep my bills and receipts to
prepare my future budget planning (2.83) each

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Research Article

Spending Practices.

respectively. With an overall mean of 2.93, this

Table 3 shows the mean response on the personal
implies that the non-teaching personnel often practiced
finance management practices among teaching and
budgeting. With a cumulative mean of 3.00, this
non-teaching personnel in the aspect of spending.
implies that both teaching and non-teaching personnel
at the state university often practiced personal finance
As revealed in Table 3, the teaching personnel always
management particularly in the aspect of budgeting.
practiced spending in terms of: I spend without
exceeding my income and often practiced the
Saving Practices.
spending behavior when: I keep enough money for
emergency spending (3.18), I spend only within my
Table 2 shows the mean responses on the personal
finance management practices among teaching and planned budget (3.14), I avoid unplanned spending and
non-teaching personnel in the aspect of saving. I keep financial records of my spending (2.84). With
an overall mean of 3.06, this implies that the teaching
As presented in Table 2, the teaching personnel often personnel often practiced spending.
practiced saving in terms of : I save for my long-term
goals (3.13), I save for my short-term goals (3.09), I Table 3. Mean Responses on the Personal Finance
save for my retirement (3.07), I increase my savings Management Practices among Teaching and Non-
when my income also increases (2.98), and I do Teaching Personnel in the aspect of Spending.
regular and periodic savings of my income (2.95).
With an overall mean of 3.04, this implies that the
teaching personnel often practice saving.

Meanwhile, the non-teaching personnel often practiced

saving in terms of: I save for my retirement (3.00), I
increase my savings when my income also increases
and I save for my long-term goals (2.96), I save for my
short-term goals (2.88) and I do regular and periodic
savings of my income. With an overall weighted mean
of 2.90, it implies that the non-teaching personnel
often practiced saving. With an overall mean of 2.97,
this implies that both teaching and non-teaching
personnel at the state university often practiced
personal finance management particularly in the aspect
of saving.

Table 2. Mean Responses on the Personal Finance
Management Practices of Teaching and Non-Teaching
Personnel in the aspect of Saving.
On the other hand, the non-teaching personnel often
practiced spending in terms of : I spend only within
my planned budget (3.00), I keep enough money for
emergency spending (2.92), and seldom practiced
spending behavior when : I spend without exceeding
my income, I avoid unplanned spending and I keep
financial records of my spending (2.50) each
respectively. With an overall mean of 2.68, this
implies that the non-teaching personnel often practiced
spending. With a cumulative mean of 2.87, this
implies that both teaching and non-teaching personnel
at the state university often practiced personal finance
management particularly in the aspect of spending.

Investing.

Table 4 shows the mean response on the personal

finance management practices among teaching and
non-teaching personnel in the aspect of investing.

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Table 4. Mean Responses on the Personal Finance finance management practices among teaching and
Management Practices among Teaching and Non- non-teaching personnel in the aspect of debt
Teaching Personnel in the aspect of Investing. management servicing.

As revealed in Table 5, the teaching personnel always

practiced debt management services in terms of: I pay
my debts before it is due (3.48) and often practiced
debt management services when: I pay my debts when
it is due (2.98), I pay penalty charges for delayed
payments (2.82), and seldom practiced in terms of: I
get advances from the school or loan from financial
institutions to pay my debts (2.45), and I borrow from
my family, relatives and friends to pay my debts
(2.34). With an overall mean of 2.81, this implies that
the teaching personnel often practiced debt
management services behavior.

On the other hand, the non-teaching personnel often

practiced debt management services in terms of: I
borrow from my family, relatives and friends to pay
my debts (3.13), I pay my debts before it is due (3.08),
I pay my debts when it is due (3.04), I pay penalty
It could be gleaned from Table 4 that the teaching charges for delayed payments (2.96), and I get
personnel often practiced investing in terms of: I invest advances from the school or loan from financial
on short-term investments such as savings and time institutions to pay my debts (2.71). With an overall
deposit, money market placements (2.82), I invest on mean of 2.98, this implies that the teaching personnel
long-term investments such as real estate and capital often practiced debt management services behavior.
market placements (2.52) and seldom practiced With a cumulative mean of 2.90, this implies that both
investing in terms of: I prepare an annual Investment teaching and non-teaching personnel at the state
Plan and I Implement my annual Investment Plan university often practiced personal finance
(2.43) each respectively. With an overall mean of 2.54, management particularly in the aspect of debt
this implies that the teaching personnel often practiced management services.
investing.
Table 5. Mean Responses on the Personal Finance
Meanwhile, the non-teaching personnel often practiced Management Practices among Teaching and Non-
investing in terms of: I invest on long-term Teaching Personnel in the aspect of Debt Management
investments such as real estate and capital market Servicing.
placements (2.83), I invest on short-term investments
such as savings and time deposit, money market
placements (2.75), I implement my annual Investment
Plan (2.54) and seldom practiced investing in terms
of: I prepare an annual Investment Plan (2.42) and I
conduct regular and periodic evaluation of my annual
Investment Plan (2.38). With an overall mean of 2.58,
this implies that the non-teaching personnel often
practiced investing behavior. With a cumulative mean
of 2.57, this implies that both teaching and non-
teaching personnel at the state university often
practiced personal finance management particularly in
the aspect of investing.

Debt Management Servicing Practices. Table 6 shows the summary table of the personal
finance management practices among teaching and
Table 5 shows the mean responses on the personal
non-teaching personnel.

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Table 6. Summary Table of the Personal Finance
Management Practice among Teaching and Non-
Teaching Personnel.
As revealed in Table 6, the teaching personnel often
practiced personal finance management in the
following aspects: budgeting and spending (3.06) each
respectively, savings (3.04), debt management
servicing (2.81), and investing (2.54). Meanwhile, the
non-teaching personnel often practiced personal
finance management in the following aspects: debt
management servicing (2.98), budgeting (2.93),
savings (2.90), spending (2.68), and investing (2.58).
With a cumulative mean of 2.86, this implies that both
teaching and non-teaching personnel at the state
university often practiced personal finance
management.
Significant Difference in the Personal Finance
Management Practices between the teaching and
non-teaching personnel
Table 7 shows the results of the significant difference
in the personal finance management practices between
the teaching and non-teaching personnel.
Table 7. Results of the Significant difference in the
personal finance management practices between the
teaching and non-teaching personnel
Garcia & Cagatao
It could be gleaned in Table 7, as to budgeting, both
teaching and non-teaching personnel obtained the 2-
tailed significance of .458 at .05 level of confidence,
hence, the null hypothesis is accepted. This connotes
that there is no significant difference in the personal
finance management practices between the teaching
and non-teaching personnel in the aspect of budgeting.
Further, the t-values for teaching and non-teaching
were .746. This implies that they have similar
understanding in the aspect of budgeting.
With regard to savings, both the teaching and
nonteaching personnel obtained the 2-tailed
significance of .401 at .05 level of confidence, hence
the null hypotheses is accepted. This indicates that
there is no significant difference in the personal
finance management practices between the teaching
and non-teaching personnel in the aspects of saving. In
addition, the t-value for both teaching and non-
teaching personnel were .844. This implies that they
have similar understanding in the aspect of budgeting.
As regards with spending, both the teaching and non-
teaching personnel obtained the 2-tailed significance
of .16 at .05 level of confidence; hence, the null
hypothesis is rejected. This indicates that there is
significant difference in the personal finance
management practices between the teaching and non-
teaching personnel in the aspect of spending. On the
other hand, the t-value for both teaching and non-
teaching personnel were 2.456. This implies that they
do not have similar understanding in the aspect of
spending and that the teaching personnel have a higher
level of understanding in the aspect of spending.
With regard to investing, both the teaching and non-
teaching personnel obtained the 2-tailed significance
of .849 at .05 level of confidence, hence, the null
hypothesis is accepted. This indicates that there is no
significant difference in the personal finance
management practices between the teaching and non-
teaching personnel in the aspect of investing.
Furthermore, the t-values for both teaching and non-
teaching personnel were -.192. This implies both of the
participants have likenesses in the aspect of investing.
Moreover, as to debt management servicing, both the
teaching and non-teaching personnel obtained the 2-
tailed significance of .183 at .05 level of confidence,
hence, the null hypothesis is accepted. This indicates
that there is no significant difference in the personal
finance management practices between the teaching
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and non-teaching personnel in the aspect of debt Table 8. Seriousness of Problems Encountered by
management servicing. The t-values for teaching and Personnel related to Personal Finance Management.
non-teaching personnel were -1.342. This implies that
both of the participants have likenesses in the aspect of
debt management servicing.

Seriousness of Problems Encountered by Personnel

in Personal Finance Management.

Table 8 shows the seriousness of problems

encountered by the personnel in personal financial
management.

As revealed in Table 8, the teaching personnel

encountered serious problems in relation to personal
finance management in terms of the following: no
prepared budget plan and lack of additional source of
income (2.86) each respectively, unable to save
money for the future (2.84), insufficient money until
the next pay (2.80), poor investment culture (2.79),
poor money management (2.77) , poor financial
decisions and inadequate resources to make both ends
meet (2.75) each respectively, spending more than
income received (2.68), lack of understanding on basic
financial management concepts (2.64), inability to
make payments on time (2.61), unwise use of
borrowed funds (2.59), not prioritizing spending
according to needs and over borrowing (2.55) each
respectively, and over indebtedness (2.54). With an
overall mean of 2.70, this implies that the teaching
personnel encountered serious problem related to
personal finance management.
Meanwhile the non-teaching personnel encountered
serious problems related to personal finance
management in terms of the following: inability to
make payments on time (2.83), insufficient money
until the next pay (2.79), lack of additional source of
income (2.71), unable to save money for the future
(2.67), unwise use of borrowed funds (2.63), no
prepared budget plan (2.58), poor money management
(2.54), and slightly serious problems on spending more
than income received, over indebtedness and poor
financial decisions (2.50), not prioritizing spending
according to needs and inadequate resources to tom
make both ends meet (2.46), over borrowing (2.38),
lack of understanding on basic financial management
concepts (2.17) and poor investment culture (1.96).
With an overall mean of 2.51, this implies that the
non-teaching personnel encountered serious problem
related to personal finance management. With a
cumulative mean of 2.61, this implies that both
teaching and non-teaching personnel at the state
university in Ifugao encountered serious problems
related to personal finance management.
Discussion
The purpose of this study to determine the personal
finance management practices of personnel in a State
University in Ifugao in terms of budgeting, saving,
spending, investing and debt management servicing.
Budgeting Practices. In the aspect of budgeting
practices, budget planning obtained the highest
weighted mean, while keeping bills and receipts to
prepare future budget planning obtained the lowest
mean tough these were both interpreted “often
practiced.” Further, committing themselves to planned
budget, preparing budget income, expenses and
investment, and referring to planned budget before
spending obtained the average weighted means. The
findings implicate that both teaching and nonteaching
often practiced budgeting and they habitually plan
before spending and prepare budget planning as
manifested in the result. The results attuned to the
report of World Bank Report (2016) related with the
use of the standard budgeting practices are consistent
with data on Kenya’s country economic memorandum
which indicated that Kenyans have a high budgeting
culture at the expense of making planning and
preparation of budgets.
Savings Practices. In the aspect of savings practices,

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both teaching and non-teaching rated all the indicators
“often practiced.” Furthermore, for both teaching and
non-teaching personnel, saving for retirement was
obtained the highest mean while doing regular and
periodic savings for their income obtained the lowest
mean of 2.83, both of these indicators were rated
“often practiced.” On the other hand, saving long-term
goals, saving for short-term goals, and increasing
savings when income also increases were rated “often
practiced.” This means that in terms of savings, the
respondents often practiced the methodical and
proficient way on how to save money for their own
benefits. The findings of the study are in line with
Modigliani and Brumberg (2018) that there is a
likelihood that not embracing the standard savings
practices is a contributory factor to such outcomes.
The behavioral life – cycle hypothesis on savings
argues that savings requires effort and self-control.
This is because individuals are often tempted to spend
instead of saving.
Spending Practices. In the aspect of spending
practices, both teaching and non-teaching personnel
rated all the indicators “often practiced.” Furthermore,
spending only within the planned budget, keeping
enough money for emergency spending, spending
without exceeding the income were rated “often
practiced.” This implies that respondents spend their
money wisely based from the planned budget without
exceeding their income in a particular period of time.
In addition, avoiding unplanned spending and keeping
financial records for spending were interpreted also as
“often practiced” as rated by both teaching and non-
teaching personnel. The results of the study
corroborate with the study of Dew and Xiao (2019)
that involved finding out whether they made budgets,
spend within their means, avoided impulse or
unplanned spending, were prepared for emergencies,
kept financial records and compared prices before
making major purchases. Moreover, this stressed on
the proper spending of budget, planned spending and
organizing budgets by keeping financial records to
avoid over spending of budgets.
Investing Practices. In the aspect of investing, both
the teaching and non-teaching personnel rated all the
indicators “often practiced. Further, investing on short-
term investments such as savings and time deposit,
money market placements, investing on long-term
investments such as real estate and capital market
placements, implementing annual Investment Plan and
conducting regular and periodic evaluation of annual
Investment Plan are “often practiced” while preparing
an annual Investment plan “seldom practiced.” The
findings attuned with the study of Daiva and Audra
Garcia & Cagatao
(2017) that investment is an important ingredient in
personal financial management. Investments create
additional sources of income that ensure regular funds
to meet ones’ financial obligations.
On the other hand, the results stressed on the statement
that when planning for personal finances, people often
want to grow their surplus money by saving part of it
and inv esting part of it (Reilly & Brown,
2006). Moreover, the findings signify that adopting a
good investment culture determines the achievement
of investment goals. Investment professionals advocate
that among the best practices in investment include
making investment plans, monitoring and evaluating
investments held.
Debt Management Servicing Practices. In the aspect
of Debt Management Servicing both the teaching and
non-teaching personnel rated all the indicators “often
practiced.” Furthermore, paying debts before it is due
obtained is “always practiced” this entails that
personnel prioritized to pay their debts before the due
date. On the other hand, getting advances from the
school or loan from financial institutions to pay debts
are “often practiced.” This implicates that in order to
pay their debts, they typically asked cash advances
from any of the financial institution.
Furthermore, paying debts when it is due, paying
penalty charges for delayed payments, and borrowing
from their family, relatives and friends to pay debts
were often practiced” among the respondents. This
dovetails on the strategy that in terms of debt
management practices, they customarily strategized to
avoid to pay penalties and charges to their debts on
due time. These results are supported by findings on
debt management on Kenya’s employee savings and
investment behavior (Annual Survey Kenya Savings
and Investment Monitor 2016).
Further, the findings supported the study of Lusardi
and Tufan (2015) that debt is often associated with
high interest rates or fees, which can lead to financial
distress or financial struggles if not managed properly.
Thus, saving large amounts of high interest debt hurts
one’s ability to save or invest and meet other needs.
In summary, the study revealed that both teaching and
non-teaching personnel at a state university in Ifugao
often practiced personal finance management. This
connotes that the state university personnel are truly
aware and responsive in managing their financial
endeavour. However, the study revealed that there is a
need to further improve some aspects of their personal
finance management to have a more organized and
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systematic way of dealing with personal finances in
the future.
Significant Difference in the Personal Finance
Management Practices between the teaching and
non-teaching personnel
The results of the study revealed that there is no
significant difference in the personal finance
management practices between the teaching and non-
teaching personnel in the aspect of budgeting, saving,
investing and debt management servicing practice. But
as to the spending practices, it shows that there is
significant difference. In line with this, this calls for
concerns about the personal financial management of
these personnel to fully embrace the financial practices
advocated for good management of their personal
finances (Hilgerth & Hogarth, 2018).
Problems Encountered related to Personal
Financial Management as Perceived by the
Teaching and Non-teaching Personnel
The teaching and non-teaching personnel encountered
serious problems in the following: insufficient money
until the next pay, lack of additional source of income,
unable to save money for the future, inability to make
payments on time, no prepared budget plan, poor
money management, poor financial decisions, unwise
use of borrowed funds, inadequate resources to make
both ends meet, spending more than income received,
over indebtedness and not prioritizing spending
according to needs.
The result corroborates the study of Brown et al.
(2018) that they observed that money problem
behaviors include over-indebtedness, overspending,
unwise use of credit, bad spending decisions, poor
money management and inadequate money to make
ends meet. As a result of these personnel problems
equipping personal financial management skills and
inability to cope with problems in relation with
financial management practices.
Conclusion
Based on the findings of the research study, the
following conclusions are drawn: (1) The teaching and
non-teaching personnel at a state university in Ifugao
often practiced personal financial management
practices in the aspect of budgeting, saving, spending,
investing, and debt management servicing. (2) There is
no significant difference in the personal finance
management practices between the teaching and non-
Garcia & Cagatao
teaching personnel at a state university in Ifugao in the
in the aspect of budgeting, saving, investing and debt
management servicing. However, there is significant
difference between the teaching and non-teaching
personnel in the aspect of spending. (3) The teaching
and non-teaching personnel encountered serious
problems on personal finance management practices
such as insufficient money until next pay, lack of
additional source of income, unable to save money,
inability to make payment on time, no prepared budget
plan and poor money management. This indicates that
state university personnel are associated with the
issues on overspending, over borrowing and over debt
that may cause financial glitches and struggles on
them. (4) The proposed program titled “Alleviating
Knowledge and Actions among Personnel” (AKAP)
on personal finance management practices
conceptualized in this study is a proposed mechanism
to improve the personal finance management practices
of the teaching and non-teaching personnel of the state
university.
In the light of the findings and conclusions drawn from
the results of the study, the following are
recommended: (1) Teaching and non-teaching
personnel is encouraged to be more knowledgeable on
personal financial management practices through
active participation in various trainings and workshops
particularly related to spending and investing aspects.
(2) School administrators are encouraged to use social
media and other platforms to implement additional
contextualized programs, projects, and activities about
personal finance management practices for their staff.
(3) School administrators are encouraged to develop
financial management policies to recognize the
importance of adhering to the established standard
financial practices. (4) The proposed Program
Alleviating Knowledge of Actions among Personnel
(AKAP) on personal financial management practices is
strongly recommended for implementation. (5) The
researcher suggests that more research have be done to
validate the results of the study in other campuses of
Ifugao State University or other universities using
other variables not included in this research.
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Affiliations and Corresponding Information
Marlon Jan B. Garcia
Provincial Local Government of Ifugao - Philippines
Peter Paul S. Cagatao
University of La Salette, Inc. Isabela, Philippines
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