Teachers’ Financial Literacy in Basic Education: A Case Study in Davao City, Philippines

Abstract

Aims: This study assessed the current state of financial literacy among teachers in basic education in Davao City, to identify the factors that influence their financial literacy, and to explore the implications for policy and practice. It attempted to delve even more into their challenges, strategies, and significant insights. Study Design:  In the light of the case study approach, this study was qualitative. Data was collected using interviews, which were coded and analyzed for themes. Place and Duration of Study: Division of Davao City participated in this study for School Year 2023-2024. Methodology: Seven (7) teachers from the Division of Davao City participated in this study, which was limited to their responses. Results: Results revealed that participants' challenges in the study emerged in four main themes: financial strain insufficiency, financial struggles, emotional distress, and impacts teaching performance Meanwhile, when it comes to strategies to enhance the financial literacy of teachers in Davao City, three major themes were formulated: proactive pursuit of financial education, seeking financial guidance and expertise, and financial discipline. On the other hand, the participants in this case study shared their insights and suggestions when it comes to improving their financial literacy. Out of the common insights, two themes emerge. It includes financial literacy programs and financial planning. Conclusion: Thus, researchers may look at further strategies in the future to address the problems. Further, they may look more closely at the specific financial difficulties that teachers in various places and demographic groups deal with in order to better tailor financial literacy initiatives.