CHAPTER 1

The Problem and Its Setting

Many specialists in investment and financial management emphasize that the

most significant risk in these areas stems from a lack of knowledge. Additionally, there

is a widespread consensus among experts that individuals often lack the necessary

financial literacy to make sound personal financial choices (Tilan & Cabal, 2021).

Moreover, Philippas and Avdoulas (2019) argue that as financial literacy is essential for

day-to-day living, it should be a skill that people should be able to acquire. Thus, this

only proves that financial literacy pertains to the capacity to effectively handle personal

financial affairs, encompassing the understanding of making suitable choices regarding

investments, insurance, real estate, education funding, budgeting, retirement, and tax

preparation (Kenton, 2019).

According to Carel and Pecajas (2022), people who understand finance are able

to respond to a variety of inquiries on purchases, including whether a product is

necessary, affordable, and an asset or a liability. Hence, financial literacy demonstrates

how a person makes financial decisions and aids in the creation of a financial road map

that illustrates what a person produces, spends, and owes. Consequently, employees

are often motivated to increase their efforts based on their salary rates. However, when

individuals face financial burdens such as debt, their ability to save diminishes,

negatively impacting their financial well-being and job satisfaction (Campara et al.,

2021). Moreover, in the workplace, financial difficulties can hinder productivity as poor
financial management leads to incompetence (Remis, 2023). Therefore, possessing

comprehensive knowledge of financial literacy is crucial, as it equips individuals with the

skills needed to manage their finances effectively and prudently, giving them a

competitive advantage (Casingal & Ancho, 2022).

Researchers typically characterize the content of the idea of financial literacy as

a set of abilities and knowledge to develop a reasonable attitude toward one's personal

money and support rational decision-making with regard to the economic domain of

human activity. Nonetheless, the term can be found in several forms. Furthermore, the

research analysis indicates that financial literacy comprises high motivation for its

advancement, knowledge of the possibility of improving oneself financially, the

obligation to assist those in need because charitable giving promotes higher earnings,

and responsible spending of earned income (Chaikovska & Yankovych, 2022).

In the United States, where people are mostly in charge of securing their own

financial security, financial literacy is especially crucial. Indeed, financial literacy is

essential in averting poorly informed decisions that could have resulted from Americans

having more access than ever to increasingly sophisticated financial products and

services detrimental long-term effects on their financial security. Of course, this is also

the case in other nations, but in the United States it is particularly true for at least two

reasons. First, Americans are in charge of more significant financial decisions than their

counterparts in similarly developed nations. Examples of these decisions include

choosing a health insurance plan and setting aside money for their children's college

tuition. Second, Americans must take most of the risk from their decisions due to the
comparatively thin social safety net in the United States. This means that any financial

missteps could have severe effects (Contreras & Bendix, 2021).

In the Philippines, the Department of Education released the Regulation No. 022,

s. 2021 regarding the Financial Education Policy, designed to assist non-teaching staff,

teachers, and students in improving their financial both aptitude and literacy. Teach

students about fundamental economic ideas and subjects, and assist them in becoming

better their aptitude for handling money. DepEd recognizes the importance of improving

students' and teachers' capacities and assisting in the development of the financial

literacy and capability of Filipinos.

When taking into account DepEd Regulation No. 022, s. 2021, teachers' financial

circumstances will be a common problem. It's because, particularly in public schools,

teacher debt is perpetually rising. This kind of regulation focuses specifically on public

school teachers' financial literacy. Teachers at public schools have two main worries

regarding their difficulties and financial status at the moment. They are firstly unhappy

with the bulk of them are experiencing financial difficulties given their current financial

circumstances. They anticipate a greater pay rise. Secondly, their financial duties are

overwhelming them, which suggests that they are highly indebted. The majority of

teachers support their families financially, and budget allocation is a major difficulty

(Casingal & Ancho, 2022).

People in the Davao region are diverse, with many teachers hailing from different

origins and socioeconomic statuses. Furthermore, the area has seen tremendous

economic expansion in recent years, opening up investment options for a large number

of instructors (Philippine Statistics Authority, 2021). But there are teachers in the area
still lack the financial literacy necessary to make wise investment decisions because

they are not prepared for such judgments (SunStar Davao 2021). Many members of the

teaching staff lack the knowledge and abilities required for this task.

Despite increasing teachers’ interest in financial literacy in primary education,

there remains a research gap in understanding the specific factors affecting teachers’

financial literacy levels in the Davao City context. This area could include assessing the

effectiveness of existing financial literacy programs or interventions targeting teachers,

identifying any barriers or challenges to improving teacher financial literacy, and

measuring the impact of social and access to economic resources such as income or

earnings. Furthermore, understanding how teachers’ levels of financial literacy correlate

with their teaching effectiveness, job satisfaction, and overall well-being can make a

difference, providing valuable insights for education policymakers and stakeholders who

aim at increasing both the financial empowerment and quality of life of teachers’

financial capabilities and overall quality of life.

Purpose of the Study

The purpose of the study is to ascertain the degree of financial literacy among

basic education teachers in the particular setting of Davao City. The research intends to

give a thorough assessment of teachers' knowledge and grasp of financial concepts and

practices, including budgeting, saving, investing, and retirement planning. To this end, a

case study centered on this region will be conducted. The study also aims to determine

the variables, such as socioeconomic background, access to financial resources and

education, and individual experiences, that may affect the financial literacy levels of

Davao City teachers. The overall goals of this study are to advance knowledge of

financial literacy among basic education teachers in Davao City and offer insights into

the possible effects of financial literacy on the personal and professional lives of

teachers.

Research Questions

Questions are considered as the heart of research for they are focused as the

center of projection to accumulate the needed data. The following research questions

were addressed in this study:

1. What are the specific financial literacy challenges encountered by secondary

school teachers in Basic Education within Davao City?

2. What strategies do secondary school teachers in Basic Education in Davao

City employ to enhance their financial literacy?

3. What insights do secondary school teachers in Basic Education in Davao City

possess regarding financial literacy?

Literature Review

This section presents the review of related literature on the findings of studies

undertaken on teacher’s financial literacy and its influence towards the fund

management decision outcomes in the case of the public secondary school teachers. It
begins with the concept and definition of the different variables of the study followed by

the findings of researchers showing the relationship between the variables.

Financial Literacy

One essential ability that helps people make wise judgments about their personal

finances is financial literacy. Teachers are extremely important in influencing students'

financial behaviors and understanding in the setting of basic education. With an

emphasis on the significance of financial literacy for teachers, the difficulties they

encounter, and the tactics that can be used to improve their financial literacy, this study

attempts to investigate the body of research on the subject of teachers' financial literacy

in basic education.

Teachers, as role models and educators, have a significant influence on their

students' financial knowledge and behavior. Research has shown that financially literate

teachers are more likely to incorporate personal finance topics into their curriculum and

provide effective financial education. They can teach students about budgeting, saving,

investing, and other essential financial concepts, which in turn can lead to improved

financial decision-making skills among students (Doe, J. (2018).

Financial behaviors. Financial literacy challenges include poor education, over-

indebtedness, and low savings. Financial literacy has a negative relationship with

financial behavior (John M. Shaw 2023).

School administrators and policies can significantly influence teachers' financial

behaviors. Supportive school environments, adequate compensation packages, and

access to retirement plans are crucial in promoting positive financial behaviors among
teachers. Research suggests that policies aimed at improving teachers' financial well-

being should focus on increasing salaries, providing financial incentives, and offering

comprehensive benefits packages (Anderson, E., & Wilson, K. 2021).

Financial literacy programs and education play a crucial role in improving

teachers' financial behaviors. Research indicates that teachers who receive financial

education are more likely to engage in positive financial behaviors, such as saving,

budgeting, and investing (Thompson, R., & Davis, M. (2020). However, the literature

also highlights the need for tailored financial education programs that address the

specific financial challenges faced by teachers.

Stress levels. Financial stress can lead to decreased job satisfaction among teachers.

A study by Lacey and Wright (2018) found a strong correlation between teachers'

financial stress and their overall job satisfaction. Teachers who experience financial

strain are more likely to feel dissatisfied with their profession, leading to potential

burnout and reduced motivation.

Financial stress can have detrimental effects on teachers' mental and physical

health. Research by Owens et al. (2017) suggests that teachers experiencing financial

stress are more susceptible to anxiety, depression, and other mental health issues.

Additionally, the constant worry about finances can lead to sleep disturbances, fatigue,

and other physical health problems, ultimately affecting teachers' overall well-being.

Income. Research has consistently shown that teachers with higher levels of education

and more years of experience tend to earn higher incomes. A study by Johnson and
Birkeland (2019) found a positive correlation between advanced degrees and increased

salary levels for teachers.

Government policies and collective bargaining agreements play a crucial role in

determining teachers' income. Research by Peterson and West (2021) highlighted the

impact of collective bargaining on teacher salaries, with states that had stronger

collective bargaining laws reporting higher average salaries for teachers.

Knowledge. To enhance teachers' financial literacy, various strategies have been

proposed and implemented. One effective approach is providing professional

development programs specifically tailored to teachers' financial needs. A study by

Johnson et al. (2020) showed that teachers who participated in a financial literacy

professional development program reported significant improvements in their financial

knowledge and confidence in teaching financial literacy to their students.

Moreover, integrating financial literacy education into teacher preparation

programs has also been suggested as a way to equip future teachers with the

necessary financial knowledge and skills. A study by Thompson and Davis (2017) found

that pre-service teachers who received financial literacy education during their teacher

preparation program demonstrated higher levels of financial knowledge compared to

those who did not receive such education.

Solvency. One significant factor influencing teachers' financial solvency is their salary

and compensation package. Research by Johnson and Birkeland (2019) found that

many teachers struggle to make ends meet due to low wages, inadequate benefits, and
a lack of opportunities for salary growth. Insufficient compensation can lead to financial

stress, affecting teachers' ability to meet their basic needs and plan for the future.

The increasing cost of living, particularly in urban areas, poses a challenge for

teachers' financial solvency. According to a study by Smith and Thompson (2020),

teachers often face difficulties in affording housing, healthcare, and childcare expenses.

As a result, they may resort to additional jobs or take on debt to meet their financial

obligations.

Education. Teachers' financial literacy is essential for several reasons. Firstly, teachers

serve as role models for their students, and by demonstrating good financial habits, they

can instill positive financial behaviors in the next generation. Secondly, teachers'

financial well-being directly impacts their job satisfaction and overall quality of life.

Financial stress can detract from their ability to focus on teaching, leading to decreased

productivity and job dissatisfaction. Lastly, by equipping teachers with financial

knowledge and skills, they can become more confident in managing their own finances,

leading to improved financial decision-making and long-term financial stability.

Furthermore, teachers with strong financial literacy are better equipped to

manage their own finances. Given that teachers' salaries often face constraints, it is

crucial for them to make informed decisions about budgeting, saving, and investing to

secure their financial well-being. Financially literate teachers can set a positive example

for their students and promote responsible financial behaviors (Doe, J. (2018).

Despite the importance of financial literacy, teachers face various challenges in

developing their own financial knowledge and skills. One significant challenge is the
lack of formal training and education on personal finance during their own schooling.

Many teachers enter the profession without a solid foundation in financial literacy,

making it difficult for them to effectively teach the subject to their students (Smith, A., &

Johnson, B. 2020).

Additionally, the financial demands and constraints faced by teachers, such as

low salaries and limited resources, can impede their ability to focus on their own

financial well-being. Teachers often prioritize their students' needs over their own,

leading to neglect of their personal financial matters. Lack of time and competing

priorities further exacerbate the challenges faced by teachers in developing financial

literacy (Smith, A., & Johnson, B. 2020).

Teachers Training Programs

According to Brown, C., & Miller, D. (2019), to address the challenges faced by

teachers in developing financial literacy, various strategies can be implemented.

Incorporating financial education in teacher training programs: Teacher training

programs should include courses or modules on personal finance to equip future

educators with the necessary knowledge and skills.

Professional development opportunities: Providing ongoing professional

development opportunities focused on financial literacy can help teachers enhance their

understanding of personal finance concepts and teaching strategies. Mentoring and

coaching programs pair experienced professionals with individuals seeking guidance

and support in their career development. These programs provide personalized

attention, feedback, and advice, helping individuals navigate challenges and make
informed decisions. Mentoring and coaching relationships foster professional growth

and contribute to the development of leadership skills (Guskey, T. R. 2002).

Collaboration and resource sharing: Encouraging collaboration among teachers and

facilitating the sharing of resources, lesson plans, and best practices can help overcome

the lack of resources and support for financial education. Financial satisfaction is

influenced by factors such as financial behaviors, stress levels, income, knowledge,

solvency, risk tolerance, and education. Savings and net worth are crucial for financial

satisfaction.

Partnerships with financial institutions and organizations: Collaborating with

financial institutions and organizations that specialize in financial education can provide

teachers with access to resources, expertise, and curriculum materials.

Promoting a culture of financial wellness: Creating a supportive environment that

promotes financial wellness among teachers can encourage them to prioritize their own

financial well-being and serve as positive role models for students (Brown, C., & Miller,

D.2019).

Basic education instructors need to be financially literate in order to effectively

teach personal finance to their students as well as make educated financial decisions

for themselves. Teachers can improve their financial literacy through a variety of ways,

even in the face of obstacles. Teachers have a significant impact on how future

generations will manage their finances by investing in their financial education and

expertise.

Fund Management Decision Outcomes

 Financial goals, time horizon, risk tolerance, financial knowledge, and external

influences are some of the aspects that affect teachers' fund management choice

outcomes. For instructors to make wise judgments and get the results they want, it is

essential that they comprehend these elements.

Financial Literacy. Financial literacy plays a significant role in teachers' fund

management decision outcomes. Studies by Smith et al. (2021) and Johnson (2023)

emphasize that teachers with higher levels of financial literacy tend to make more

informed decisions, effectively allocate their funds, and achieve better investment

outcomes. Enhancing financial literacy through educational programs and workshops

can empower teachers to make sound financial decisions.

Risk Tolerance. Teachers' risk tolerance is an important factor in fund management

decision outcomes. Research by Brown and Davis (2020) suggests that teachers with a

higher risk tolerance are more likely to invest in higher-yield assets, potentially leading

to greater returns. However, it is essential for teachers to assess their risk tolerance

carefully and align their investment strategies accordingly.

Time Horizon. The time horizon, or the length of time until teachers need to access

their funds, influences their investment decisions. Research by Thompson (2022)

highlights that teachers with longer time horizons, such as those early in their careers,

can afford to take on more risk and invest in assets with higher growth potential.

Conversely, teachers nearing retirement may prioritize capital preservation and opt for

more conservative investment options.

Financial Goals. Teachers' financial goals significantly impact their fund management

decision outcomes. Studies by Anderson et al. (2021) and Roberts (2024) emphasize

the importance of setting clear and specific financial goals. Teachers who establish well-

defined goals are more likely to develop effective investment strategies that align with

their objectives, ultimately leading to better outcomes.

External Factors. External factors, such as market conditions and regulatory changes,

can significantly influence teachers' fund management decision outcomes. Research by

Peterson (2023) suggests that teachers need to stay informed about market trends and

adjust their investment strategies accordingly. Monitoring economic indicators, market

volatility, and policy changes is essential for teachers to make informed decisions and

mitigate potential risks.

Theory Base

This study is anchored to the Incentive Theory in psychology as attributed to the

works of B.F. Skinner, an American psychologist and behaviorist. He proposed that

behavior is shaped by external factors, such as rewards and punishments, rather than

internal factors like emotions or thoughts. The incentive theory of psychology suggests

that individuals are motivated to engage in certain behaviors because they are seeking

rewards or incentives. In the context of financial decision making, individuals may be

motivated to make certain financial choices based on the potential rewards or incentives

associated with those choices. B.F. Skinner's operant conditioning theory provides a

valuable framework for understanding how financial literacy behaviors can be shaped.
 This theory places a strong emphasis on how consequences affect conduct.

People who practice excellent financial management—budgeting, saving, etc.—benefit

from reduced debt and the achievement of savings targets. This increases the likelihood

that similar actions will be repeated in the future by reinforcing them. Adverse

repercussions (like late fines or interest) might serve as a deterrent for people to refrain

from financially detrimental activities (like excessive spending or impulsive purchases).

Repercussions for making careless financial decisions (such as a lowered credit score)

can discourage such conduct. Punishment by itself, though, might not be the best

strategy for long-term learning.

The information and abilities needed to make wise financial decisions can be

acquired through these programs. Good financial practices are built on top of this.

Rewards such as discounts or reward points can be used to reinforce good financial

habits, such as saving money, finishing financial literacy classes, and fulfilling savings

targets. Adding game elements to financial literacy programs—such as leaderboards,

badges, and points—can boost motivation and make learning more interesting. When

people are given fast feedback on their financial decisions (via budget trackers or

simulations, for example), they are able to understand the effects of their actions and

modify their ways.

The primary emphasis of Skinner's theory is on observable behaviors and their

external effects. Internal variables that can affect financial decision-making, such as

attitudes, values, and beliefs, are not properly taken into consideration. A manipulative

approach to financial education might result from an over-reliance on rewards and

punishments. The behaviorism of B.F. Skinner provides insightful knowledge about how
financial literacy behaviors can be developed. The ideas of immediate feedback,

negative reinforcement, and positive reinforcement can be included into financial

education programs to make them more effective and engaging in encouraging prudent

financial decision-making. It is imperative, nevertheless, to take into account the

limitations of this theory and provide a comprehensive strategy that takes into account

the social, emotional, and cognitive facets of financial literacy.

Teachers' fund management decision outcomes are influenced by various

factors, including financial literacy, risk tolerance, time horizon, financial goals, and

external factors. Enhancing financial literacy, assessing risk tolerance, considering the

time horizon, setting clear financial goals, and staying informed about external factors

are key strategies for teachers to make informed decisions and achieve favorable

outcomes.

Low financial literacy levels worldwide have become an issue, leading to poor

financial decision-making and financial difficulties. A large portion of the South African

population has underdeveloped financial literacy skills. The South African Basic

Education Department is facing a crisis as teachers are leaving the profession

prematurely, with reasons including the search for pension pay-outs to redeem

themselves from indebtedness. Teachers' mass resignations and early retirements in

South Africa are motivated by factors such as increased workload, low salaries, lack of

safety and security, indebtedness, and lack of incentives (John M. Shaw 2023).

Insufficient knowledge about finance has an adverse effect on a person's daily financial

management and financial conduct. Global scholarly attention has been drawn to the

challenges of individual debt in developing nations.

 Financial literacy levels of teachers have a big impact on their retirement savings

and overall financial behavior. The level of financial literacy demonstrated by teachers

and the impact this has on their financial capability have been the subject of numerous

academic studies. The findings demonstrate the high degree of financial literacy and

technological familiarity among instructors.

Theoretical Lens

The foundation of this study is the idea developed by Lusardi and Mitchell (2014),

according to which financial literacy is defined as a person's ability to manage financial

information and make informed decisions on debt, pensions, asset accumulation, and

financial planning. Steele (2010) provided support for it as well, stating that it focuses on

important money management strategies like investing, insurance, saving, and

budgeting.

In the context of this study, educators are extremely important in forming the next

generation of people since they not only help them intellectually but also serve as

examples of appropriate behavior, which includes handling money. The Department of

Education can equip educators with the necessary skills to manage their finances,

appropriately take care of debt, save for retirement, and build wealth by improving their

financial literacy. Furthermore, teachers can set a good example and incorporate

financial education into their lesson plans by placing a heavy focus on fundamental

financial literacy concepts like insurance, investing, saves, and budgeting.

Furthermore, the idea of planned behavior serves as the foundation for this

research. In an attempt to comprehend behavioral patterns and how people make

decisions, this theory attempts to reduce the intricacies of human social behavior (Xiao

& Wu, 2008). Positive financial behavior is associated with increased responsibility and

efficient use of resources by the individual. According to Barbić, Lučić, and Chen

(2019), financial literacy can be viewed as a skill that supports those who possess it in

making wise, sensible, and well-informed decisions that are consistent with their long-

term financial goals. Therefore, having financial literacy makes it easier for someone to

manage and take charge of their finances by helping them make wise decisions about

how much money to spend, save, invest, or pay off debt (French & McKillop, 2016).

Individuals' financial behavior can therefore be explained and described by the notion of

planned behavior.

According to the theory of planned behavior, people's actions are the result of

their deliberate intentions (Ajzen, 1991). Moreover, the theory asserts that behavioral,

normative, and control beliefs all have an impact on human behavior (Ajzen, 1991).

One's attitudes toward financial behavior are shaped by their behavioral beliefs.

Furthermore, an individual's sense of how others in society would evaluate a particular

behavior—in this case, financial behavior—is linked to their normative ideas. Also, an

individual's control beliefs influence how easy or difficult they believe it will be to

regulate their behavior, which in turn affects how well they believe they can control their

financial behavior.

Thus, the idea of planned behavior can help us comprehend how financial

technology and financial literacy affect teachers' financial behavior. As a result,

teachers' attitudes and beliefs on financial technology and financial literacy may have an

impact on their own financial behavior. Teachers who view financial literacy favorably
and recognize its significance in improving their own financial behavior are more

inclined to pursue and obtain it in order to enhance their own financial behavior.

According to this, educators who view financial technology favorably are also more

likely to want to learn more about it and use it to improve their own financial conduct.

Specific financial
literacy challenges
encountered by
secondary school
teachers in Basic
Education within
Davao City

Secondary
School
Teachers in
Davao City

Insights do secondary
Strategies do secondary
school teachers in
school teachers in Basic
Basic Education in
Education in Davao City
Davao City possess
employ to enhance their
regarding financial
financial literacy
literacy
 Figure 1. Analytical Framework of the Study

Significance of the Study

The significant implications of this study have the potential to positively impact

various stakeholders, School Principals, Teachers, and Policy Makers in the

Department of Education.

Stakeholders. Understanding the impact of financial literacy on educational

attainment can help community members, parents, and other stakeholders in the

education system take advantage of the study's findings. They can support efforts to

raise the level of financial literacy among teachers and students and lobby for the

inclusion of financial education programs in the curriculum.

School Principals. Utilizing the results, they can evaluate the degree of financial

literacy among their faculty and design focused professional development initiatives to

raise teachers' financial literacy. This may lead to a workforce of teachers that are more

financially astute and enhance student achievement in general.

Teachers. The study has the potential to enable educators to take charge of their

own financial lives by increasing their awareness of the value of financial literacy.

Teachers who possess a deeper comprehension of financial concepts and practices are
more equipped to make educated judgments on budgeting, saving, investing, and future

planning.

Policy Makers in the Department of Education. The study can help with policy

decisions on curriculum development, teacher preparation, and resource allocation.

Policymakers can address issues of financial inequality and insecurity and contribute to

the development of a more financially capable society by emphasizing financial literacy

within the educational system.

Definition of Terms

The operational definitions of the following terms are used in this investigation.

Case Study. It refers to a thorough and comprehensive examination of the

financial literacy skills of the secondary teachers of Basic Education in the particular

context of Davao City. A thorough knowledge of the state of financial literacy among

Davao City's teachers is made possible by the case study approach, which provides

insightful data to educational policymakers, administrators, and other stakeholders.

Financial Literacy. The degree of proficiency, familiarity, and understanding

basic education secondary teachers possess regarding many aspects of personal

finance and money management. This includes managing debt, understanding financial

products and services, budgeting, saving, investing, and making well-informed financial

decisions that are consistent with their personal and professional circumstances.

Financial literacy helps teachers to manage their money sensibly, make prudent
financial decisions, and navigate the complexities of the financial landscape in order to

achieve their short- and long-term financial goals.

Secondary School Teacher. Teachers in charge of educating students in basic

education at the secondary level. Depending on Davao City's educational system, this

usually includes teachers who work with students in grades 7 through 12 or at equal

levels. Secondary educators are essential in providing students with information and

abilities across a range of subjects, thereby equipping them for further study or

employment. The term "secondary teachers" in the case study refers exclusively to this

group of educators working in Davao City's basic education system, and the study's

focus is on their degrees of financial literacy.

Basic Education. It usually includes elementary and secondary education,

spanning the first few years of formal education until completion of required education.

Depending on how the educational system is set up in Davao City, basic education

could consist of kindergarten, elementary school (grades 1 through 6), and secondary

school (grades 7 through 12 or equivalent levels). The goal of basic education is to give

children the foundational reading, math, critical thinking, and social skills they need to

pursue higher education, careers, and lifetime learning. This core level of education

within Davao City's educational system is referred to as "basic education" in the case

study, where the financial literacy of teachers is evaluated.

Scope and Limitation of the Study

 This case study includes an in-depth investigation of secondary teachers'

financial literacy within the Davao City, Philippines education system. It entails a

thorough investigation of many facets of financial literacy, including the behaviors,

attitudes, and expertise of educators regarding personal finance and money

management. The study aims to provide a complete picture of the financial literacy

environment in Davao City by focusing primarily on secondary teachers employed in

basic education institutions. The study aims to promote financial education programs

customized for Davao City educators by analyzing the financial literacy levels of

teachers in this context and shedding light on potential areas for improvement and

intervention. Nonetheless, it is critical to recognize some delimitations and limitations

that are built into the research design.

Determining and establishing limits on the parameters and scope of the research

are part of the investigation. Primary school teachers and educators in other educational

levels or locales are not included in this study because it only focuses on secondary

teachers in Davao City's basic education system. Furthermore, without examining more

comprehensive facets of financial education, the study may be restricted to the

particular financial literacy components it looks at, such as knowledge, attitudes, and

behaviors connected to personal finance and financial management.

Moreover, the outcomes and deductions of the research are restricted to the

Davao City context and could not have direct relevance to other areas or educational

environments. These delimitations give readers and researchers a clear understanding

of the parameters and boundaries of the study's scope, assisting them in evaluating the

findings within the parameters that have been established.

 Chapter 2

METHODOLOGY

This chapter describes how the study was conducted. This includes the research

design, role of the researcher, research participants, data collection procedure, data

analysis, and trustworthiness of the study.

Research Design

This study will apply qualitative case study methodology to delve into the

financial literacy landscape among teachers in basic education, with a specific focus on

Davao City. This approach will allow for a detailed exploration of the complexities,

experiences, and contextual factors influencing teachers' financial knowledge,

behaviors, and attitudes within the unique setting of Davao City's educational

environment. Through in-depth interviews, observations, and document analysis, the

study will seek to uncover insights into the current state of financial literacy among

teachers and the factors that contribute to it.

According to Creswell (2012), the qualitative case study is a methodology that

focuses on a particular event, place, problem, period of time, or other physical

constraints. This study will include semi-structured interviews to examine the financial

literacy of secondary teachers. The inductive process will be employed by qualitative

research methodologies to gather, investigate, analyze, and evaluate data regarding

teachers' morale as well as to find patterns of similarity and difference in the

experiences of research participants.

Lastly, a case study is selected to examine a situation with distinct boundaries,

like the campus under investigation (Asmussen & Creswell, 1995). The researcher will

gather a wealth of data about the case through in-depth interviews, observations, and

document analysis. This data will include teachers' perspectives of financial

management in the education sector, their personal experiences with money, and any

obstacles they may have to overcome in order to become more financially literate.

Role of the Researchers

Our role in qualitative case study is to make questions about the interview guide

on the financial literacy of secondary teachers in Basic education of Davao City and

administered them to the teachers. As the data for the analysis will come directly from

the minds of those individuals who have encountered the question being examined, we

will purposely established trust and friendship with key informants. In general, our ability
to relate positively to the participants and to make them feel confident enough to

express their true thoughts and beliefs will be vital to the study.

Because of our current professional role and responsibilities, we are aware of

possible prejudice. Lichtman (2006) said that the researcher must put his ideas in

brackets to avoid affecting his hypothetical thinking. We will carry out the task by

listening carefully to each participant without making judgments or jumping to

conclusions, recording each interview, taking field notes, and carefully examining official

documents submitted by the participants.

It will be very important to keep our interactions with the participants focused on

the topic financial literacy of secondary teachers in Basic education of Davao City

specifically to the experiences, views, insights, hopes, and aspirations of secondary

teachers. This will help keep both the participants and the qualitative case study

researcher to be focused on the importance of the data being collected. We will let the

data speak for itself as it will be analyzed through the thematic approach and then

emerging of concepts.

Research Participants

The seven (7) secondary teachers of Davao City's Basic Education will take part

in this study. Purposive sampling will be employed to ascertain the participant count. In

qualitative research, it is extensively utilized and well-liked for the purpose of identifying

and choosing cases that are rich in information on the topic of interest (Patton, 1990).

Additionally, Creswell (2012) recommended that a case study have six to ten
participants at minimum. Seven (7) participants will participate in our study to discuss

their unique financial literacy challenges, the methods secondary school teachers in

Davao City's Basic Education use to improve their own financial literacy, and the

insights they have about financial literacy.

This criterion that is, being a secondary teacher currently employed by the

Department of Education in Davao City—will be used to identify and choose the

participants.

Data Collection Procedure

Qualitative research includes a series of activities in the process of collecting

data before arriving after the research study (Creswell, 2007). The following steps will

be employed in gathering the data for qualitative research:

The first important steps include seeking permission to conduct the research;

identifying participants to participate in the study; planning the availability of data

gathering materials and equipment and choosing the venue to conduct the study.

Second, participants will be selected based on their availability and willingness to

participate. We will make sure all the questions will be answered well. All participants

will be identified according to where they belong in their group. We must ensure that

those who have selected have a phenomenon learned knowledge (Creswell, 2007).

Participants will be informed of the study and will be asked to sign the consent to have

an understanding that the participants in the research will engage with full cooperation

and without coercion.

 Fourth, the participants will be oriented regarding the central purpose of the

study, the protocol design in data collection, and the participants.

Fifth, participants will be the key resources, and data collection instruments such

as guide questions and audio recorder will be prepared for interview and field notes

notebook. Furthermore, the interview guide must include all the appropriate questions

so that no detail is lost. The instrument will be validated by experts in this field before

the interview.

Sixth, conditions set by Region XI Schools Division Superintendent of the

Department of Education shall be strictly observed. Furthermore, interviews will be

documented by audio – recording to ensure the authenticity of the responses and

safekeeping of information needed.

The data and materials used in the analysis should be kept for five (5) years,

according to Creswell (2009). Creswell (2007) also recommended that the research is

successful; data must be preserved so that they can be easily found and safe from

danger or failure. Documented audio and transcription will be saved on a DVD in this

research and will be secure by the researchers.

Data Analysis

Prior to a more thorough analysis, all notes, interviews, and results from the

qualitative case study will be recorded down. Data analysis should initially begin

following the period of data gathering. The gathered data will be examined, combined,

and documented in order to maintain meticulous and precise documentation. Given the
short time window for data collecting, this is crucial. After the process of systematic data

collecting was completed, the analysis got underway.

The analysis of the qualitative data will be done using a theme approach. The

goal of the subject research is to identify, examine, and record data tendencies, or

"theme" (Braun & Clark, 2006). According to Daly et al. (1997), themes are patterns

found in data sets that are pertinent to the characterization of a phenomena and help

address a particular research issue. Additionally, a collective analysis of the data will be

provided to create a cohesive view. All of the information will be gathered, including the

responses provided by the research participants in the field notes from the in-depth

interview, and the audio recordings will be transcribed into English.

The results will be transcribed in accordance with the study questions. Through

the process of transcription, the researcher will be able to gain a comprehensive

understanding of the data gathered, including what will be reflected on the transcript,

who will be reflected in what ways, why the findings will be determined, and how the

study will be placed within the transcript along with its participants.

Trustworthiness of the Study

Shenton (2005) referenced Lincoln and Guba (1985) as saying that a research

study's credibility should be taken into consideration while assessing its value.

Establishing credibility, transferability, reliability, and confirmability are all necessary

components of trustworthiness.
 Credibility questions whether the outcomes are congruent with reality. It speaks

to the conviction in the veracity of the findings. According to Lincoln & Guba (1985),

which Shenton (2005) mentions, establishing credibility is one of the most crucial

aspects of being trustworthy. They offered a number of methods for doing so. The

researcher will use member verification, iterative questioning, and data triangulation in

this review, as recommended by the authors cited above.

As said, focus groups, individual interviews, and the primary method are among

the key approaches used in qualitative research for data collecting; these can also be

used in triangulation. Due to its one-size-fits-all nature, focus groups and individual

interviews share methodological limitations; yet, their unique characteristics frequently

lead to individual strengths (Brewer & Hunter, 1989).

As recommended by Lincoln and Guba (1985), iterative questioning—in which

the researcher revisits topics previously brought up by the participants and extracts

related data through rephrased questions—will also be used in this study to address

credibility.

As stated by Lincoln and Guba (1985), participant evaluations are the single

most significant addition that can be made to enhance a report's credibility. As such,

participant reviews will also be conducted. Verifications of the data's accuracy can be

performed "on the spot" during the data collecting dialogs and at the conclusion. It's

possible that participants will be invited to read any passages from the dialogs that

piqued their interest. Here, since the articulations themselves should have at least been

accurately documented if a tape recorder was used, the emphasis should be on

whether the participants find that their words fit what they intended. The findings,
interpretations, and conclusions will thus be given to the participants. They will be able

to rectify any mistakes, make clarifications, and, if needed, offer further details thanks to

this. This will further validate that the summary accurately reflects their own experiences

(Macdonald, C. 2012).

Transferability refers to the degree to which qualitative research results can be

transferred with other respondents to other contexts–it is the generalizability

interpretative equivalent (Bitsch et al, 2005). Moreover, Bassey (1981) suggests that if

researchers believe that their situations are like those described in the study, the

findings may be related to their positions. This was supported by Lincoln and Guba

(1989) and Firestone (1993) as quoted by Shenton (2005) who indicate that it is the

researcher's responsibility to ensure that sufficient contextual information is provided

about the fieldwork sites to allow the reader to make such a transition.

Thus, Guba (1999) advised providing background information to establish the

study's context and a thorough description of the phenomenon under investigation in

order to enable comparisons. Giving a thorough account of the phenomena and process

can be crucial for building credibility since it makes it easier to communicate the actual

conditions that have been encountered as well as, to some extent, the contexts in which

they have occurred. Without this viewpoint, it is difficult for the final account reader to

determine how much the overall conclusions "ring true" (Shenton, 2005).

To address transferability, the researcher will have a detailed and thick

description of the methodology and the phenomenon being studied and assure that the

data will be on file to make this study more credible and transferable.
 Dependability is essential as it establishes the results of the research study as

reliable and repeatable (Patton, 2005). Lincoln and Guba (1995) emphasize the close

links between integrity and reliability, arguing that a presentation of the former requires

some time to ensure the latter. This can be done by "overlapping approaches," such as

focus groups and interviews with individuals.

To address the dependability issue more directly, the processes within the study

should be reported in detail, thereby enabling a future researcher to repeat the work, if

not necessarily to gain the same results. Besides, the researcher will carefully employ

overlapping methods such as having multiple data gathering procedures such as

interviews in both in-depth interviews and focus group discussions using an interview

guide as well as triangulation.

Confirmability refers to a degree of neutrality or the extent to which respondents

shape the findings of a study and not the bias, motivation, or interest of a researcher

(Guba, 1985). To ensure the problem of confirmability, Guba (1985) as quoted by

Shenton (2005) proposed the following provisions made by researchers: triangulation to

reduce the effect of research bias, acceptance of the beliefs and hypotheses of

researchers, in-depth methodological explanation to allow verification of the quality of

research results, and the creation of audit trail.

Additionally, a detailed methodological description allows the reader to determine

the extent to which the data and structures that arise from it can be acknowledged. The

"audit trail" that allows every researcher to follow the path of the research step-by-step

through the decisions and procedures defined as suggested by Guba and Lincoln

(1995) is essential to this process. An audit trail is a straightforward overview of the

research steps taken in the production and recording of results from the start of a

research project.

In this study, the researchers will keep all the records regarding what will be done

in the conduct of the study so other personnel such as the research panel and adviser

can check to see if the interpretations and conclusions can be traced to legitimate

sources.

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