Perception On Financial Management On Teachers in LNHS

Perception on Financial Management of Teachers in Landan National High School
Chapter 1
Introduction
“The Youth is the Future of our Motherland”. This is the famous quote of Jose Rizal that
gives a sense of pride and hope among youth and every student. A sense of meaning and purpose as
its every word awakes the heart of a patriot. It calls for action in these modern days, not just among
youth or students but among every person involved in honing and molding this young generation to
be prepared and equipped as future builders of the motherland. The big responsibility lies in every
society’s government, parents and teachers to guide and help the youth transform into what they
should be in the future.
In United Kingdom, USA, New Zealand, Japan, Singapore and Germany, students spend an
average of 5.5 to 6 hours to learn inside their classrooms (Craw, 2019). During these learning hours,
teachers play a crucial role in the lives of the students. European Commission (2013) stated that
teachers should have the essential competences in order to be effective in the classroom as it is one
of the keys to raising levels of pupil attainment. Further, Balyer (2014) and Guerriero (2012) said
that the success of educational change inevitably depends on the quality and performance of
teachers. Thus, the important contribution of teachers to school improvement has been established
by research. With this important role, comes the plethora of challenges and difficulties faced by
teachers. Harmsen (2018) referred the statement of Johnson et al., (2005), Newberry & Allsop
(2017) that the teaching profession is considered to be a highly stressful profession and teachers
from many countries report high levels of stress.
In the Philippines, Oracion (2014) states that the society looks to the public schools where
about 90% of Filipino school children are enrolled to increase the country’s competitiveness in an
increasingly global economy and to improve the future lives of Filipinos. An article of Business
Mirror (2018) stated that teachers play a significant part in the lives of children, especially during
their formative years. They are integral in molding students to become responsible citizens of the
country. Also, Anggara (2019) said that the society trust teachers to educate the next generation—
to educate the children—so they become the best that they can be, both for themselves, and for the
country.
But the teachers in the Philippines seems to be facing more challenges and difficulties than
what it appears to be. Ferrer (2017) stated that the financial well-being of public school teachers
is serious, characterized by burgeoning debt problem and low net income. Mecene (2018) also
published an article about the state of teachers in the Philippines being on the brink of bankruptcy
and drowning in debt. Revsio-Cruz (2019) reported that public school teachers owe a combined
debt of at least P319 billion, an increase of P18 billion in just over two years and teachers who
retire without paying off their loans use their pension to settle the balance. In 2016, the DepEd said
26,000 teachers did not receive any retirement benefits because they needed to repay their loans.
According to Bayocot (2014), financial worries sometimes form part of the teacher’s failure
in doing their best in the teaching arena. In some instances, teachers struggle to get out of their
own way to perform better on their job and achieve the desired goal, but there are times when
teacher’s job performance can be affected by quite a lot of conflict in their profession and financial
difficulties.
Teachers in Landan National High School also experience the same plight as having many
loans and insufficient take home pay. Hence, this study will focus on finding out the Personal
Financial Management of the teachers which includes Financial Well-being and Financial
Capability in order to gain a better understanding on why public-school teachers are commonly
trapped in financial insufficiency that could deter effective delivery of knowledge towards their
students.
Statement of the Problem
This study focuses on describing the Personal Financial Management of Teachers in Landan
National High School. It answers the following questions;
o What is the profile of Teachers in Landan National High School?
o What is the Personal Financial Management of Teachers in Landan National High School
in terms of;
 Teachers financial well-being?
 Teachers financial Literacy?
Objectives of the Study
The aim of this study is to find out how the teachers in Landan National High School Perceive
their Personal Financial Management. Specifically, it aims to;
o Describe the profile of Teacher in Landan National High School.
o Find out the Personal Financial Management of Teachers in Landan National High School.
Scope and Limitation
This study investigates the Personal Financial Management of Teachers in Landan National
High School. The respondents are 30 secondary teachers from school year 2019-2020. It will only Commented [AdR1]: Replace with correct data
focus on the profile and perception of the teachers about how they manage their finances and how
they get on with expenses and income at the same time balancing it with work challenges.
Significance of the Study
This study highlights the issue of teachers that despite their vital role in the lives of the students
as the future of the country, they are at the same time trapped in a financial dilemma. Hence,
understanding the financial management status of the teachers in Landan National High School
will help to contribute empirical evidence to the existing theories on this topic and will give clearer
understanding about the financial situation of the public-school teachers in the Philippines. The
result of this study can be used in improving the financial welfare of the teachers, and in making
efforts toward achieving the right work-life balance for them. Hence, effective learning will be
delivered with more efficiency and the future of the motherland will be secured.
Chapter 2
Review of Related Literature
Financial management is about managing the financing for consumption and investment
with a need to decide when to use money and how to do so as efficiently as possible: maximizing
benefit and minimizing cost, considering the strategic consequences for future decisions (R. Siegel
and C. Yacht, 2012). It is about building up a healthy financial habit, for instance saving as early
as possible for better financial achievements, have goals both for long term and short term, and
monitor their own financial performance (Mao, 2017). Joo (2008) indicates that effective financial
management behavior should improve financial well-being positively and failure to manage
personal finances can lead to serious long term, negative social and societal consequences. Hence,
Financial management behavior is considered one of the key concepts on the financial discipline
(Mien and Thao, 2015). The importance of financial management skills in personal and work life
has increased and researches in this area have become the point of interest (Gumahad and
Rodriguez, 2017).
One of the components to practice financial discipline efficiently is financial literacy.
Financial literacy is the ability to balance a bank account, budget preparation, save for the future
and learn strategies to manage debt. A person is known as financial literate if he/she is able to
manage his/her personal finance in life and changing society in order to which he/she must achieve
necessary perception, develop his/her skills in this area and be able to understand the impact of
individual’s financial decisions on his/her own, others and the environment (Remund, 2010). Also,
Abdullah and Chong (2014) stated that financial literacy related most to financial concept and
information, and how one is able to understand those concepts and apply them in the real world
when one is making decision on various choices of financial activities such as saving and
investment. Further, OECD (2012) defines financial literacy as the combination of consumers’ or
investors’ understanding of financial products and concepts and their ability and confidence to
appreciate financial risks and opportunities, to make informed choices, to know where to go for
help, and to take other effective actions to improve their financial well-being.
Financial well-being is directly related to the overall satisfaction a person feels regarding his
financial status (Hayhoe et. al., 2000; & Joo, 2008). Joo and Grable (2004) described financial
wellness as an active state of financial health evidenced by low debt level, active savings and/or
retirement plan(s), and a good spending plan.
Unfortunately, this sense of financial discipline and effective financial management is
seemed to be in crisis among many teachers in the Philippines as many are caught in a debt trap,
and according to Ferrer (2017) this has led to a common consensus, that the relatively low salary
being received by our public school teachers is the main reason why they are vulnerable to loan
sharks and “susceptible to having many loans.” Ironically, other than the Project TAO survey in
2000 and the frequent anecdotes on the financial sufferings of many public-school teachers usually
highlighted by media and militant teacher organizations, there is still a dearth of researches
investigating this problem (Ferrer, 2017).
The teachers are capable to teach and to influence is not an issue. However, whether they
have sufficient capabilities to manage a wholesome living, especially their finances and or
livelihood becomes more of the concern (Gumahad and Rodriguez, 2017). According to Senator
Paolo Benigno “Bam” Aquino IV, despite being hailed as modern-day heroes for inspiring and
shaping the youth to become productive citizens of the country, many teachers still experience
financial woes because of their meager salaries and small take-home-pay or perhaps their
incapability to manage their finances (Aquino, 2014).
Munohsamy (2015) stated that Financial experts agree that while people have much more money
today than they did generations ago, the amount of knowledge on how to manage the money
hasn’t kept pace -not at all (Maura Fogarty, 2012). Taking charge of planning and managing our
finances and putting it into implementation is very important for every individual. We must
know how to take control of our money. This is not only to set up our household budget but also
to save for our future as well as our plan for our retirement and invest for our better future.
Empirical data however revealed that teachers and nonteaching personnel receive a monthly net
take home pay which is lower than the poverty threshold for a Filipino family of five members
which is Php 7,890.00 [8], [5]. Same empirical data further revealed that teachers and non-teaching
personnel had outstanding financial liability of less than Php 50,000 to Php 800,000 [5]. Whether
or not the reasons for the financial liability is for need and want acquisitions, this information
seems to reveal that teachers, including nonteaching personnel who are both government-paid
employees are devoid of financial freedom (Machica et al., 2017).

This study tries to examine the debt situation among the public school teachers not only to
contribute to the body of literature highlighting their welfare and well-being, but also to put again
in the spotlight the financial challenges and woes that many of these teachers experiences which
ultimately may have an effect not only on the quality of their lives but also on the quality of their
teaching
Conceptual Framework
Personal financial management in this study refers to how teachers deal with their salary and other
income. A
Maslow’s (1943) Hierarchy of Needs proposed that motivation is the result of a person's attempt
at fulfilling his five basic needs. These needs, according to him, can create internal pressures that
can influence a person’s behavior. His Hierarchy of Needs includes physiological needs, safety
needs, social needs, self-esteem, and self-actualization. Maslow believed that these needs exist in
a hierarchical order. This progression principle suggests that lower-level needs must be met before
higher-level needs. The deficit principle claims that once a need is satisfied, it is no longer a
motivator because an individual will take action only to satisfy unmet needs. In this study, the need
to be satisfied with their physiological and safety needs are essential for the employees. Being able
to provide for their personal and family needs, which could depend highly not only on the salary
that they receive but also on how they manage this, could affect their attainment of the rest of their
needs in the hierarchy. It is considered an extended responsibility of the employers to help ensure
that these needs are addressed to provide the employees a sense of security and well-being. Hence,
beyond their duty to pay their salaries on time
1.1.2. Life-Cycle Theory The Life-cycle theory makes its first appearance in two papers that
Modigliani wrote in the early 1950s with a graduate student, Richard Brumberg (Modigliani and
Brumberg 1954 and 1980). According to this theory, an individual’s or household’s level of
consumption depends not just on current income but also, and more importantly, on long-term
expected earnings. People are assumed to plan a pattern of consumer expenditure based on
expected earnings over their lifetime [12]. In the life cycle hypothesis, consumption and saving
behavior are dependent on the individual's position in the life cycle. Young workers entering the
labor force have relatively low incomes and low (possibly negative) saving rates. As income rises
in middle-age years so does the saving rate. Retirement brings a fall in income and might be
expected to begin a period of dissaving (negative saving rates). This pattern of consumption and
income results in periods of dissaving during the early working years and the late stage of the life
cycle, and positive-saving over the high-incomemiddle-period of the life cycle. The challenge then
is how an individual can be able to manage the decline of his income in his retirement years amidst
the steadily increasing cost of expenditures. This implies the need to carefully plan and manage
his financial resources while it is at its peak. Given the assumptions held by the Life-Cycle Theory,
this study aims to examine the financial literacy of employees, their financial behavior and the
level of stress that they face in relation to how they manage their income. The results will be
utilized in designing a financial program that could assist the employees in improving their
spending lifestyle while at the prime of their life in preparation for their years of retirement.
1.1.3. Joo’s (1998) Conceptual Model of Personal Financial Wellness and Worker Job Productivity
This model holds that the demographic characteristics of an individual such as his marital status,
income, education, age and the number of dependents in the household, as well as his financial
knowledge and his financial behavior influence his financial wellness [13]. Financial literacy
comes with the individual's knowledge of how to manage his financial resources for his life’s
satisfaction. Financial behavior, on the other hand, refers to positive and desirable behaviors that
are recommended as a best practice of financial activities [14]. An example of this is maintaining
reasonable and low debt, intentionally following a personal spending plan, having an active
savings plan, and the lack of money-related conflict with family or partner. A person’s financial
behavior is affected by his financial literacy [15], [8]. Moreover, financial stressors such as life
cycle events, job-related events, unexpected changes, and unfavorable financial situations affect a
person’s financial wellness. Financial stress can be adversely caused by an individual’s
v This demise in the efficiency of financial management among teachers, has lead to the advocacy
for an enhanced financial capability and well-being among teachers in the Philippines.
Chapter 3
Methodology
Research Design and Instrument
This research aims to investigate and describe the Personal Financial Management of Teachers in
Landan National High School utilizing a descriptive research design and using survey as its
method. The survey adapted the Financial Literacy questionnaire used by OECD INFE 2012 which
includes Financial Control, Financial Planning, Making Ends Meets, Choosing Financial Products
and Financial Knowledge and Understanding.
Research Instrument
This research adopts the survey questionnaire from OECD INFE.

Everyday students spends most of their time in schools. According to Oracion (2014) In the Philippines, society
looks to the public schools where about 90% of Filipino schoolchildren are enrolled to increase the
country’s competitiveness in an increasingly global economy and to improve the future lives of Filipinos.
It is thus critical to create in the Philippine public schools the conditions under which every student can
achieve excellence and have a chance of a better life, otherwise, even with the K-12 reform,
improvements in student performance are unlikely. The importance of the role of the teacher in every
classroom is therefore crucial as they have long contact with the students.
but sadly with its meaning dying in the course of the budding n
Public school teachers’ debts rose to P319B in 2 years – DepEd
By: Matthew Reysio-Cruz - @inquirerdotnet

Philippine Daily Inquirer / 07:25 AM June 10, 2019
Read more: https://newsinfo.inquirer.net/1128387/public-school-teachers-debts-rose-

to-p319b-in-2-years-deped#ixzz6BC8Nqupn
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
MANILA, Philippines — Public school teachers owe a combined debt of at least P319
billion, an increase of P18 billion in just over two years, according to the Department
of Education (DepEd).
The figures provided by the DepEd include P157.4 billion owed by teachers to the
Government Service Insurance System (GSIS) as of May 29 and P162 billion in
outstanding loans to accredited private lenders as of June 6.

to-p319b-in-2-years-deped#ixzz6BC8I1WjT
It is easier to acquire loans from unaccredited lenders, particularly for new teachers
who do not yet have the payslips required by legitimate lenders.
But interest is often “5-6,” or 20 percent, significantly more than the maximum 7.5
percent allowed in accredited private lenders.
But even on its own, P319 billion is a daunting amount. With the allocations in the
2019 national budget, the government could fund the entire Philippine National
Police, Philippine Army, Air Force and Navy but the combined expenses would still
be less than the teachers’ debt.
In fact, only two agencies received more than P319 billion in this year’s budget — the
DepEd and the Department of Public Works and Highways.

to-p319b-in-2-years-deped#ixzz6BC8ABpwu
Retirement benefits
Teachers who retire without paying off their loans use their pension to settle the
balance.
In 2016, the DepEd said 26,000 teachers did not receive any retirement benefits
because they needed to repay their loans.
“It can be seen that the problem of teachers drowning in debt is worsening,” said ACT
secretary general Raymond Basilio.
The group has called for a base pay of P30,000 for entry-level teachers, who make up
more than half of the country’s public school teaching force.

to-p319b-in-2-years-deped#ixzz6BC7pMuTm
The sorry state of Philippine

teachers
Published May 10, 2018, 10:00 PM
By Floro Mercene
Before Congress adjourned last March, Ako Bicol party-list lawmaker Rodel Batocabe delivered a
privilege speech, saying public school teachers are on the brink of bankruptcy and drowning in debt
after being “seduced by a plethora of credit and lending institutions.”
While teachers before were being chided for peddling their wares in schools hawking bras,
underwear, clothing apparels, processed food, etc., Batocabe was the first to reveal that teachers
have become targets and willing victims of huge financial institutions
“This defeated one of the major objectives of Republic Act No. 4670, the Magna Carta for Public
School Teachers. Section 21 specifically provides for the protection of public school teachers’ salaries
by prohibiting deductions in pay-slips, unless authorized by law,” Batocabe said.
Public school teachers have long been receiving advance salaries from rural and thrift banks.
The Department of Education (DepEd), during the Noynoy Aquino administration, issued a
memorandum expanding the entry of private lending institutions (PLIs) other than those cited by the
Magna Carta, paving the way for the 214 accredited PLIs.
Through policy loopholes, this enabled the participation of commercial banks via their conduits, thrift
and rural banks.
With every centavo lent to teachers, the banks are assured of repayment, so commercial banks
flooded the market with unlimited funds, enticing teachers to borrow beyond their capacity to pay.
Batocabe said seven of the 20 largest commercial and universal banks in the country are deeply
imbedded in the salary deduction schemes of the DepEd, resulting in a P300-billion debt by teachers.
The P177 billion are in the form of loans owed to PLIs, of which P112 billion are loans granted by
entities owned and controlled by universal banks through their rural or thrift bank subsidiaries.
He said City Savings Bank, owned by Union Bank, extended loans to 471,555 teacher-borrowers for
P58 billion; Eastwest Rural Bank of Eastwest Bank with 142,019 loans granted in the amount of P27
billion; and One Network Rural Bank with 93,834 loans granted in the amount of P5 billion.
Batocabe vowed to file a resolution mandating DepEd to cease and desist from entering into
agreement and accrediting rural and thrift banks.
https://news.mb.com.ph/2018/05/10/the-sorry-state-of-philippine-teachers/
DepEd finding ways to help teachers in

debt
Janvic Mateo (The Philippine Star) - October 28, 2017 - 4:00pm
MANILA, Philippines — The Department of Education (DepEd) said it is finding viable

means to address the growing debt of public school teachers, which has reached a
staggering P300 billion as of last year.
In a statement yesterday, the agency said it is relentless in its pursuit to protect its
employees and their families from financial and legal implications of non-payment of
debt.
It noted that around 23,000 teachers retired this year without receiving pension due to
unpaid debts.
Among other solutions, DepEd sees the need to curb the culture of over-borrowing by
continuously conducting financial literacy seminars.
“DepEd is also exploring measures that will enable its teaching and non-teaching
personnel to manage their finances today and prepare for a comfortable future. Among
these are the reduction of interest rates on loans through the expansion of the Provident
Fund and coordination with the Government Service Insurance System (GSIS) on a
loan buyout,” the statement read.
A loan buyout, DepEd pointed out, will allow a restructuring of loans and provide
teachers with lower interest rate on a longer payment term.
Earlier, data it released showed that teachers have incurred P178 billion worth of loans
from private lending institutions and P123 billion worth of credits due to GSIS.
With the mounting debt, Education Secretary Leonor Briones issued a department order
allowing a deduction of existing obligations despite the P4,000 net take-home-pay
threshold set by the law.
Teachers protested and complained of receiving meager salaries way below the
threshold, prompting the secretary to repeal the order and mandate the observance of a
minimum limit.
The new order will also give first order of preference in salary deduction for the payment
of employees’ contributions or obligations to the GSIS and Home Development Mutual
Fund, as well as the Bureau of Internal Revenue and the Philippine Health Insurance
Corp.
DepEd saidBased
Literacy Advocacy
on the Philippine Financial
it duly recognizes the intent of lawmakers representing Alliance of Concerned Teachers
party-list to probe the repealed order.
“The damage of over-borrowing on the lives of teachers and their families has been
going on for years and it can no longer continue. The department is steadfast in its
commitment to enable its personnel to truly reap the fruits of their hard work,” DepEd
said.
https://www.philstar.com/headlines/2017/10/28/1753535/deped-finding-ways-help-teachers-debt
Financial Literacy of Professional and Pre-Service Teachers in the Philippines

Article (PDF Available) · January 2017
Imelda Calapre Montalbo
 Cebu Normal University
Angeline Mag-aso Pogoy
A financial literacy survey among one thousand, nine hundred twenty four (1924) professional and
pre-service teachers across different regions of the country is the basis of the study. With the
permission standardized tool was used to gather data from the randomly selected respondents from
different public and private schools, colleges and universities from Luzon, Visayas and Mindanao.
The findings revealed that both professional and pre-service teachers have very low basic and
sophisticated financial literacy skills. Thus, financial illiteracy is common among educators which
reflect their students’ financial literacy skills and the economic condition of the majority of the Filipino
people. Curriculum inclusion of financial education to both basic and higher education is
recommended to improve the financial knowledge, behaviour and attitudes among teachers and
students which, in turn, spells a better economic growth and development of the country.
Based on the Philippine Financial Literacy Advocacy 2013 Report, most of the Filipinos have good
knowledge on financial concept of investments, but they lack in understanding the concept of healthy
budget and inflation. More importantly, the study showed that only 49% of Filipinos put money in bank
accounts every month. Among those who do, only save an average of 6% which is below the minimum
suggested 10%.
Financial Literary is now acknowledged globally
https://www.researchgate.net/publication/322375634_Financial_Literacy_of_Professional_and_Pre-
Service_Teachers_in_the_Philippines
Deped Enhancing financial Literacy program for teachers and students
Dec. 1, 2018
Merlina Hernando-Malipot
Manila Bulletin
Education Secretary Leonor Briones stressed to teachers and students the importance of financial
literacy as the Department of Education continues to integrate its concepts into the K to 12 curriculum.
“When I joined DepEd, the first thing I did was to conduct a serious study on the spending habits of
my constituencies, to ask what do they do with their borrowed funds because you can borrow money
within 30 minutes if you wish to,” Briones said. “And there are always institutions, groups – legal or
illegal – from whom you can borrow the money,” she added.
https://news.mb.com.ph/2018/11/30/briones-reiterates-importance-of-financial-literacy-to-both-
learners-teachers/
https://www.pressreader.com/
Filipino teachers as world-class

educators
By
BusinessMirror
March 13, 2018
Teachers play a significant part in the lives of children, especially during their formative
years. They are integral in molding students to become responsible citizens of the
country.
They are at our side when we needed guidance, they discipline us when we go astray, they
give moral support and encourage us to do more, and to learn more. They teach us not
to give up when we are about to surrender.
There is no proper word to fully describe our caring and dedicated teachers, and there is
no career more fulfilling than teaching. No wonder we have the best teachers in the
world. Filipino teachers have become so good in their career that some of our educators
are now recognized worldwide as the best in their field.
https://businessmirror.com.ph/2018/03/13/filipino-teachers-as-world-class-educators/
-----------------
Higher teacher salaries — one way

to better education
Published October 13, 2019, 12:27 AM
BETTER DAYS
By SENATOR SONNY ANGARA
Teaching isn’t only a job, it is a calling. As a society, we trust teachers to educate the next
generation—to educate our children—so that they will become the best they can be, both for
themselves, and for the country.
And that’s why efforts to improve the quality of our education ought to focus on our
teachers. President Manuel L. Quezon once said in a December, 1939, speech before division
superintendents of the then Bureau of Education: “It is not the kind of materials used in the
construction of a school that produces results. It makes no difference…whether the school-house is
made of bamboo, cement, gold, or silver…What counts most is the quality of teachers.”
he teacher’s direct influence on a student’s education makes them important. In a 2003 text, “Hiring
the Best Teachers,” published in the Educational Research Newsletter, research carried out in
Tennessee showed that students who were under highly effective teachers for three consecutive
years significantly outperformed others who did not have the same teacher experience. Another
study in Dallas showed that if a student has an excellent teacher for only one year, then that student
will remain ahead of his or her peers for the next few years. These studies alone underscores that
teachers are the frontliners for education.
Despite their critical role, one serious concern for teachers in the Philippines continues to be their
less-than-ideal salaries—something made clear by the protest actions around the country on World
Teachers’ Day last October 5.
Paying teachers a higher salary helps them to be more at ease with their jobs. Financial stress can
force some teachers to find other ways to make ends meet, like freelance work. An article published
recently in the Pacific Standard website, “Does Raising T
https://news.mb.com.ph/2019/10/13/higher-teacher-salaries-one-way-to-better-education/
Joint ILO–UNESCO Committee of Experts on the Application of the Recommendations concerning

Teaching Personnel (CEART)
INTERNATIONAL LABOUR ORGANIZATION UNITED NATIONS EDUCATIONAL, SCIENTIFIC AND CULTURAL

ORGANIZATION
CEART/11/2012/WGEFA
Background paper for discussion at the 11th Session of the CEART (Geneva, 8–12 October 2012)
ILO–UNESCO Recommendation concerning the Status of Teachers argues that particular importance
should be attached to salary and that teacher salaries should reflect the importance to society of
teachers, comparing favourably with salaries paid in other occupations requiring similar or equivalent
qualifications (also taking into account that certain posts require higher qualifications and experience
and carry greater responsibilities), and providing teachers with the means to ensure a reasonable
standard of living for themselves and their families as well as to invest in enhancing their professional
qualification.
eacher leadership in public schools in the Philippines

Oracion, Carmela Canlas; (2014) Teacher leadership in public schools in the Philippines. Doctoral thesis , UCL
Institute of Education.
Choosing Teaching Profession as a Career:

Students’ Reasons
Article (PDF Available) · April 2014 with 6,038 Reads
DOI: 10.5539/ies.v7n5p104
Cite this publication
International Education Studies; Vol. 7, No. 5; 2014

ISSN 1913-9020 E-ISSN 1913-9039
Published by Canadian Center of Science and Education
104
Choosing Teaching Profession as a Career: Students’ Reasons

1 2
Aydin Balyer & Kenan Özcan
1
YTU School of Foreign Languages Davutpasa Campus, Istanbul, Turkey
2
Adiyaman University College of Education, Altınşehir, Adiyaman, Turkey
Correspondence: Aydın Balyer, YTU School of Foreign Languages Davutpasa Campus, 34100 Istanbul,
Turkey.
Tel: 212-383-4901/534-299-7076. E-mail: balyer2001@gmail.com
Received: June 1, 2013 Accepted: March 3, 2014 Online Published: April 29, 2014
doi:10.5539/ies.v7n5p104 URL: http://dx.doi.org/10.5539/ies.v7n5p104
Balyer (2014) The success of educational change inevitably depends on the quality and
performance of teachers. Therefore, the importance of employing high quality teachers is crucial for
educational systems. Choosing talented and committed brains to teaching career depends on
making it an attractive profession.
https://www.researchgate.net/publication/271319249_Choosing_Teaching_Profession_as_a_Career_Students'_Reas
ons
OECD
Better Policies for Better Lives
Teachers’ Pedagogical Knowledge and the Teaching Profession Background Report and Project
Objectives
Project Lead: Sonia Guerriero, PhD (Sonia.Guerriero@oecd.org)
http://www.oecd.org/education/ceri/Background_document_to_Symposium_ITEL-FINAL.pdf
The imperative in recent years about improving student outcomes is also about improving the quality of
the teaching workforce.
As research has shown, teacher quality is an important factor in determining gains in student
achievement, even after accounting for prior student learning and family background characteristics.
Predictors of teacher quality have typically i
How Much Time Do students Spend in Schools in Top-Perfroming School Systems and the US?
Jennifer Craw 2019
http://ncee.org/2018/02/statistic-of-the-month-how-much-time-do-students-spend-in-school/
Balancing the Teaching Activities in the Classroom with Crucial Professional Upgrading
Activities for Teachers
Dr. Arturo B. Bayocot, CESO V
PPSTA Philippine Public School Teachers Association
The 30th ASEAN Council of Teachers Convention 22-24 August 2014 Orchard Hotel Singapore
422 Orchard Road, Singapore 238879
Teachers have certain duties and responsibilities to perform that support the vision and mission of
the Department of Education. The main objectives of any educational system is to promote
teaching-
learning process, therefore, the main responsibility of teachers is to facilitate learning process. They are
expected to act in a manner deserving of public trust. Teachers are honored because of their important
role in education. With learners at the center, teaching serves as the most important means of awakening
and nurturing the learners’ interest and learning potentials.
To be able to achieve effective teaching and productive learning, teachers should see themselves
as capable of achieving the dimensions of good teaching. Classroom teachers think about a
balance
teaching activities in the classroom with crucial professional upgrading activities. They also think
which
skills to teach, what teaching strategies to use, what enrichment activities and what learning
experiences
to provide.
financial worries sometimes form part of the teacher’s

failure in doing their best in the teaching arena. In some instances, teachers struggle to get out of
their
own way to perform better on their job and achieve the desired goal, but there are times when
teacher’s
job performance can be affected by quite a lot of conflict in their profession and financial
difficulties.
The relationship between beginning teachers’ stress causes, stress responses, teaching
behaviour and attrition
Ruth Harmsen ,Michelle Helms-Lorenz,Ridwan Maulana &Klaas van Veen
Pages 626-643 | Received 10 Oct 2017, Accepted 28 Mar 2018, Published online: 25 Apr 2018
 Download citation
https://doi.org/10.1080/13540602.2018.1465404
The teaching profession is considered to be a highly stressful profession (Johnson

et al., 2005; Newberry & Allsop, 2017). Teachers from many countries report high
levels of stress (see e.g. Chaplain, 2008; Johnson & Birkeland, 2003;
Kyriacou, 2001; Skaalvik & Skaalvik, 2015). In the Netherlands specifically, a figure
from 2014 shows that ca. 1 out of 5 teachers experienced burnout symptoms.
Teachers also reported higher levels of workload compared to other professionals
(Hooftman, Mars, Janssen, de Vroome & Van den Bossche, 2015).
Johnson, S., Cooper, C., Cartwright, S., Donald, I., Taylor, P., & Millet, C. (2005). The experience of
work-related stress across occupations. Journal of Managerial Psychology, 20, 178–
187.10.1108/02683940510579803
[Crossref]
, [Google Scholar]
Chaplain, R. P. (2008). Stress and psychological distress among trainee secondary teachers in
England. Educational Psychology, 28, 195–209.10.1080/01443410701491858
[Taylor & Francis Online], [Web of Science ®]
, [Google Scholar]
Exploring the Personal Financial management Practices of teachers in the Countryside

Maryjane A. Acedillo
Departnmetn of Education, Samar Division
Catbalogan City, Philippines
The Countryside Development Research Journal Vol 6 Issue 1 2018
Indebtedness to creditos by the public school teachers in the Philippines is a continuing concern
as this has indirectly affected their performance.
Employees’ Financial Literacy, Behavior, Stress and Wellness

Robert Oton Parcia, Emeliza Torrento Estimo
Administrative Department, Research Department, John B. Lacson Colleges Foundation,
Bacolod City, Philippines
Email address: robert.parcia@jblfmu.edu.ph (R. O. Parcia), emeliza.estimo@jblfmu.edu.ph (E.
T. Estimo)
To cite this article: Robert Oton Parcia, Emeliza Torrento Estimo. Employees’ Financial Literacy,
Behavior, Stress and Wellness. Journal of Human Resource Management. Vol. 5, No. 5, 2017,
pp. 78-89. doi: 10.11648/j.jhrm.20170505.12
Received: October 14, 2017; Accepted: October 30, 2017; Published: December 12, 2017
A successful financial wellness initiative may provide people with the information and support
they need to achieve an ideal state of being, the balance of which is unique to every person.
This correlational study aimed to examine the financial wellness of the employees of a maritime
school and the factors that influence it. A survey was administered to 96 employees of the
institution.
Factors Affecting Personal Financial Management Behaviors: Evidence from Vietnam

Nguyen Thi Ngoc Mien, University of Economics Ho Chi Minh City, Vietnam. E-mail:
ngocmien@ueh.edu.vn
Tran Phuong Thao, University of Economics Ho Chi Minh City, Vietnam. E-mail:
tranthao@ueh.edu.vn
Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance
and Social Sciences (AP15Vietnam Conference) ISBN: 978-1-63415-833-6 Danang-Vietnam, 10-
12 July, 2015 Paper ID: VL532
Financial management behavior is considered one of the key concepts on the
financial discipline. Many definitions are given with regarding to this concept, for example,
VanHorne and Wachowicz (2002) propose financial management behavior as the
determination, acquisition, allocation, and utilization of financial resources, usually with an
overall goal in mind while Weston and Brigham (1981) describe financial management behavior
as an area of financial decision-making, harmonizing individual motives and enterprise goals.
Joo (2008) indicates that effective financial management behavior should improve financial
well-being positively and failure to manage personal finances can lead to serious long term,
negative social and societal consequences. Thus, financial management is mainly concerned
with the effective funds management. Failure in managing an individual’s finance can lead
serious long-term consequences not only for that person but also for enterprise, society (Ismail
et al., 2011). Hence, personal financial management behavior has received an increasing
concern of researchers in recent years.
VanHorne, J. C., Wachowicz, J. M., 2002. Fundamentals of financial management. (11th ed.).
Upper Saddle River York, NJ: Prentice Hall.
Weston J.F., Brigham E.F., 1981. Managerial Finance (7th ed.). Holt-Saunders.
Grable, J.E., Park, J., Joo, S., 2009. Explaining financial management behavior for Koreans living
in the United States, Journal of Consumer Affairs, 43(1): 80-105.
Individual Finance(v. 1.0).

aCreative Commonsby-nc-sa 3.0(http://creativecommons.org/licenses/by-nc-sa/ 3.0/)
https://2012books.lardbucket.org/pdfs/individual-finance.pdf
December 29, 2012,
Authors: Rachel S. Siegel, CFA and Carol Yacht
Financial management is about managing the financing for consumption and investment. You
have two sources for money: yourself or someone else. You need to decide when to use whose
money and how to do so as efficiently as possible: maximizing benefit and minimizing cost. As
with all financial decisions, you also need to think about the strategic consequences for future
decisions.
Laurea University of Applied Sciences Abstract Otaniemi Business Management

Rubing Mao
A Handbook for Personal Financial Management
Year 2017 Pages 41
Rubing Mao Degree Programme in Business Bachelor’s Thesis January, 2017
The aim of the thesis is to introduce the concept of personal financial management and to
explain the most common financial instruments. The study is motivated by three questions: (1)
what is persona finance and how to management personal finance? (2) what are the common
personal finance investment tools? (3) how to practice the tangible investment-real estate? The
majority personal finance literatures are writing about English speaking market.
During the personal financial management, individuals should always have goals both for long
term and short term, and monitor their own performance, then adjust the plan for the financial
management. Besides saving, individuals should also learn how to invest their asset in the
financial market to build steady growth in wealth.
https://www.theseus.fi/bitstream/handle/10024/121796/Bachelor+Thesis.pdf;jsessionid=878E
DCF25C126E3C65E0C3572CCF785E?sequence=1
Financial Information Rights and Education: UMBC, Money Matters Seminar.(From)

http://www
 Jul 2011
 Towanda Mitchell
Towanda Mitchell.(n.d). Financial Information Rights and Education: UMBC, Money Matters
Seminar.(From) http://www.umbc.edu/promise/Fianacial%20%Management%20Seminar.htm
Retrieved 20 June 2011.
financial management is handling our financial situation in a responsible manner to achieve

financial independence.
(INFE, 2012).
Supplementary Questions: Optional Survey Questions for the OECD INFE Financial Literacy Core
Questionnaire
Financial Literacy Questionnaire
March 2012
https://www.oecd.org/finance/financial-education/49878153.pdf
In recent years, numerous organisations and authorities have expressed concern about the
poor level of financial literacy amongst citizens, particularly given the increasing expectation
that individuals will take care of their own financial wellbeing and the complexity of the
financial markets that they must operate within. The recent economic crisis has also led to
recognition that a lack of financial literacy amongst individuals could have tremendous negative
spillover effects if ill-informed financial decisions aggregate across the economy. Consequently,
financial literacy is now globally acknowledged as a key life skill and as an important element of
economic and financial stability and development.
As a result of the importance that is now placed on financial literacy, governments and other
stakeholders are keen to be able to measure levels of financial literacy across their population
in order to inform policy, set targets and track progress. There is also considerable demand for
figures that can show how levels of financial literacy in one country compare to those in other
countries and to learn from international experiences. The OECD International Network on
Financial Education (INFE) has therefore established an expert subgroup on financial literacy
measurement to address the need for a measure of financial literacy that adequately captures
the underlying phenomenon and can be used to draw comparisons across countries. The
benefits of such a measure are that:
•
Mao, Rubing
2017
Laurea University of Applied Sciences Otaniemi
Rubing Mao Degree Programme in Business Bachelor’s Thesis January, 2017
They are ought to build up a health financial habit, for instance saving as early as possible for
better financial achievements. During the personal financial management, individuals should
always have goals both for long term and short term, and monitor their own performance, then
adjust the plan for the financial management
https://www.theseus.fi/bitstream/handle/10024/121796/Bachelor+Thesis.pdf;jsessionid=878E
DCF25C126E3C65E0C3572CCF785E?sequence=1___
Hayhoe, C., Leach, l., Turner, P., Bruin, M., & Lawrence, F. (2000). Difference in spending Habits
and credit card use of college students. Journal of Consumer Affairs, 34, 113-133. Retrieved
from DOI: 10.1111/j.17456606.2000.tb00087.x.
Joo, S. (1998). Personal financial wellness and worker productivity. (Unpublished Doctoral
Dissertation), Virginia Polytechnic Institute and State University, Blacksburg, VA.
Joo, S.(2008). Personal financial wellness. In J. J. Xiao (Ed.), Handbook of consumer research
(pp. 21–33). New York: Springer. doi:10.1007/978-0-387-75734
Joo, S., & Grable, J. (2004). An exploratory framework of the determinants of financial
satisfaction. Journal of Family and Economic Issues, 25(1), 25-50.
Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an
Increasingly Complex Economy. The Journal of Consumer Affairs, Vol. 44, No. 2, pp. 276-295
financial literacy includes the ability to balance a bank account, budget preparation, save for
the future and learn strategies to manage debt. A person is known as financial literate if he/she
is able to manage his/her personal finance in life and changing society in order to which he/she
must achieve necessary perception, develop his/her skills in this area and be able to understand
the impact of individual‟s financial decisions on his/her own, others and the environment
(Remund, 2010).
Financial
Financial Literacy:
An Exploratory Review of the Literature and Future Research Mohamad Azmi Abdullaha,* ,
Rosita Chongb
aUniversity Malaysia Sabah,W.P Labuan,87000, Malaysia
bUniversity Malaysia Sabah,W.P Labuan,87000,Malaysia

Journal of Emerging Economies and Islamic Research (JEEIR)
Mohamad Azmi Abdullah/ Journal of Emerging Economies and Islamic Research 2014,Vol. 2,
No. 3\
Financial Literacy Explicated: The Case

for a Clearer Definition in an Increasingly
Complex Economy
DAVID L. REMUND
First published: 01 June 2010
https://doi.org/10.1111/j.1745-6606.2010.01169.x
Citations: 181
SECTIONS
By the most basic definition, financial literacy relates to a person's competency for managing
money.
Based upon a review of research studies since 2000, the many conceptual definitions of financial
literacy fall into five categories: (1) knowledge of financial concepts, (2) ability to communicate
about financial concepts, (3) aptitude in managing personal finances, (4) skill in making
appropriate financial decisions and (5) confidence in planning effectively for future financial
needs.
https://onlinelibrary.wiley.com/doi/full/10.1111/j.1745-6606.2010.01169.x
possible conclusion help

The findings from the study are that individuals should learn how to practice personal financial
management. They are ought to build up a health financial habit, for instance saving as early as
possible for better financial achievements. During the personal financial management,
individuals should always have goals both for long term and short term, and monitor their own
performance, then adjust the plan for the financial management. Besides saving, individuals
should also learn how to invest their asset in the financial market to build steady growth in
wealth. To avoid risk, investors need to create a diversified portfolio, which means investors
should run various financial instruments and invest in different industries. Besides the
application of diversification, investors can also utilize the concept of hedging to reduce the
risks. There is a wide range of financial’
Mao, Rubing
Personal Financial Management

Thulasimani Munohsamy
Institut Teknologi Brunei
June 2015
https://www.researchgate.net/publication/279198054_Personal_Financial_Management
Financial experts agree that while people have much more money today than they did generations
ago, the amount of knowledge on hoe to manage the money hasn’t kept pace -not at all (Maura
Fogarty, 2012). Taking charge of planning and managing our finances and putting it into
implementation is very important for every individual. We must know how to take control of
our money. This is not only to set up our household budget but also to save for our future as well
as our plan for our retirement and invest for our better future.
International Conference on Arts, Literature, Humanities and Social Sciences (ALHSS-17) Sept.
21-22, 2017 Cebu (Philippines
Financial Freedom of Teachers and NonTeaching Personnel
Apolonio I. Machica, Jr., Agnesia A. Machica, and Jovino L. Padullo, Jr.

Empirical data however revealed that teachers and nonteaching personnel receive a monthly
net take home pay which is lower than the poverty threshold for a Filipino family of five
members which is Php 7,890.00 [8], [5]. Same empirical data further revealed that teachers and
non-teaching personnel had outstanding financial liability of less than Php 50,000 to Php
800,000 [5]. Whether or not the reasons for the financial liability is for need and want
acquisitions, this information seems to reveal that teachers, including nonteaching personnel
who are both government-paid employees are devoid of financial freedom.
http://uruae.org/siteadmin/upload/ED0917115.pdf
International Journal of Recent Research in Social Sciences and Humanities (IJRRSSH) Vol. 4,
Issue 4, pp: (140-145), Month: October - December 2017
Financial Management and the Private School Teacher’s Lifestyle
1ARMANDO C. GUMAHAD, 2MARILOU M. RODRIGUEZ
The importance of financial management skills in personal and work life has increased and
researches in this area have become the point of interest
file:///C:/Users/DELL/Desktop/Anjie's%20Files/Research/ate/Financial%20Management-
1091%20(1).pdf
Aquino, P.B. (2014). Teachers the modern-day heroes, Philippine Star; dated June 7, 2014
According to Senator Paolo Benigno “Bam” Aquino IV, despite being hailed as modern-day
heroes for inspiring and shaping the youth to become productive citizens of the country, many
teachers still experience financial woes because of their meager salaries and small take-home-
pay or perhaps their incapability to manage their finances (Aquino, 2014).

Perception On Financial Management On Teachers in LNHS

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Perception on Financial Management of Teachers in Landan National High School

should be in the future.

from many countries report high levels of stress.

Statement of the Problem

National High School. It answers the following questions;

o What is the profile of Teachers in Landan National High School?

 Teachers financial well-being?

 Teachers financial Literacy?

Objectives of the Study

their Personal Financial Management. Specifically, it aims to;

o Describe the profile of Teacher in Landan National High School.

Scope and Limitation

Significance of the Study

Review of Related Literature

One of the components to practice financial discipline efficiently is financial literacy.

retirement plan(s), and a good spending plan.

Unfortunately, this sense of financial discipline and effective financial management is

investigating this problem (Ferrer, 2017).

incapability to manage their finances (Aquino, 2014).

employees are devoid of financial freedom (Machica et al., 2017).

beyond their duty to pay their salaries on time

person’s financial wellness. Financial stress can be adversely caused by an individual’s

Research Design and Instrument

and Financial Knowledge and Understanding.

This research adopts the survey questionnaire from OECD INFE.

Public school teachers’ debts rose to P319B in 2 years – DepEd

By: Matthew Reysio-Cruz - @inquirerdotnet

Read more: https://newsinfo.inquirer.net/1128387/public-school-teachers-debts-rose-

Read more: https://newsinfo.inquirer.net/1128387/public-school-teachers-debts-rose-

Read more: https://newsinfo.inquirer.net/1128387/public-school-teachers-debts-rose-

Read more: https://newsinfo.inquirer.net/1128387/public-school-teachers-debts-rose-

The sorry state of Philippine

DepEd finding ways to help teachers in

MANILA, Philippines — The Department of Education (DepEd) said it is finding viable

Financial Literacy of Professional and Pre-Service Teachers in the Philippines

Financial Literary is now acknowledged globally

Deped Enhancing financial Literacy program for teachers and students

Filipino teachers as world-class

March 13, 2018

Higher teacher salaries — one way

By SENATOR SONNY ANGARA

Joint ILO–UNESCO Committee of Experts on the Application of the Recommendations concerning

INTERNATIONAL LABOUR ORGANIZATION UNITED NATIONS EDUCATIONAL, SCIENTIFIC AND CULTURAL

eacher leadership in public schools in the Philippines

Choosing Teaching Profession as a Career:

Cite this publication

International Education Studies; Vol. 7, No. 5; 2014

Choosing Teaching Profession as a Career: Students’ Reasons

Better Policies for Better Lives

Project Lead: Sonia Guerriero, PhD (Sonia.Guerriero@oecd.org)

Jennifer Craw 2019

financial worries sometimes form part of the teacher’s

Ruth Harmsen ,Michelle Helms-Lorenz,Ridwan Maulana &Klaas van Veen

The teaching profession is considered to be a highly stressful profession (Johnson

[Taylor & Francis Online], [Web of Science ®]

Exploring the Personal Financial management Practices of teachers in the Countryside

Employees’ Financial Literacy, Behavior, Stress and Wellness

Factors Affecting Personal Financial Management Behaviors: Evidence from Vietnam

Individual Finance(v. 1.0).

Laurea University of Applied Sciences Abstract Otaniemi Business Management

Financial Information Rights and Education: UMBC, Money Matters Seminar.(From)

financial management is handling our financial situation in a responsible manner to achieve

bUniversity Malaysia Sabah,W.P Labuan,87000,Malaysia