CHALLENGES ENCOUNTERED IN FINANCES AND FINANCIAL LITERACY OF

TEACHERS

An Undergraduate Thesis
presented to The Faculty of College of Teacher Education
Ramon Magsaysay Memorial Colleges – Marbel, Inc.
Koronadal City

In partial fulfillment of the requirements for the Degree of

Bachelor of Elementary Education

THEZZA MAE C.CALILI

December, 2021
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

APPROVAL SHEET

This undergraduate thesis entitled “CHALLENGES ENCOUNTERED IN

FINANCES AND FINANCIAL LITERACY OF TEACHERS”prepared and submitted
byTHEZZA MAE C. CALILI in partial fulfillment of the requirements for the degree
BACHELOR OF ELEMENTARY EDUCATIONhas been examined and is recommended
for ORAL EXAMINATION.

Vicente C. Garces Jr., EdD

Adviser

PANEL OF EXAMINERS
Approved by the committee on Oral Examination.

CONCES DIANNE P. FAJARTIN MAEd

Chairman

MARK GIL P. LABRADOR MST FERNANDO P. LAGRADILLA, MIM

Member Member
_____________________________________________________________________
Accept and approved in partial fulfillment of the requirements for the degree
SECONDARY EDUCATION.
 ABSTRACT

This study determined the challenges encountered in finances and

financial literacy in Matulas Elementary School. Who teach for the school year

2021-2022? The target number of respondents this study were the tenth (10)

Teachers of Matulas Elementary School. This study was conducted from

December 2021 onwards. Based on the analyses and interpretation of data

presented in chapter 3, the level of challenges encountered in finance is 3.41%

and financial literacy is 1.31% of teacher’s encountered finances. In light of the

findings accumulated, the following conclusions were drawn. The result shows

thatThechallenges of the respondents based on their challenges encounter in

finances as presented in the previous chapter showed that most of them are Highly

Agree. Given the findings and recommended that Talk to a financial professional. A

financial professional can answer your financial questions, whether it is about the

basic day-to-day money situations or more complex long-term scenarios. They can

also assess your current situation, help you make a plan for all of your financial

needs and help you stay on track going forward.

Keywords: Challenges, financial literacy, teachers

 TABLE OF CONTENTS

TITLE PAGE
APPROVAL SHEET i
ABSTRACT ii
TABLE OF CONTENTS iii
LIST OF TABLES v
LIST OF FIGURES vi
ACKNOWLEDGEMENT vii
DEDICATION viii
Chapter
1 INTRODUCTION 1
Ratinale .2
Review of Related Literature 3
Research Objectives 3
Theoretical Framework 13
Conceptual Framework 14
Significance of the Study 14
Definition of Terms 15

2 METHOD 17
Research Design 17
Research Locale 17
Population and Sample 18
Research Instrument 18
Data Collection 18
Statistical Tools 19
Ethical Consideration 19
3 RESULTS 21

4 DISCUSSION 25

Conclusion 24
Recommendation 25
REFERENCES 27
APPENDICES
A Letter to the Validators 32
B Validation Sheet for the Research Questionnaire/ Developed
Materials 33
C Research Questionnaire/ Developed Materials 36
D Summary of Validators Rating on Questionnaire 38
E Compliance Certificate for Study Ethics Protocol Review 38
F Letter of Permission to Conduct Study 39
G Clearance to Conduct Study 40
H Certificate of Appearance 40
I Public Research Forum Certificate 40
J Specific Items per indicator for Tables 41
K Editor’s Certification 42
L Plagiarism Checker Result 42
M Curriculum Vitae of the Externa Validator 42

CURRICULUM VITAE 43
 AKNOWLEDGEMENT

First and foremost, praise and thanks to God, the Almighty, for His showers of

blessings throughout my research work to complete the research successfully.

A researcher would like to express a deep and sincere gratitude to the Program

Director, College of Teachers Education Mr. Johnny S. Bantulo, EdD and to the

research adviser,Vicente C. Garces Jr., EdD for his valuable times and fabulous

adviser who have guided the researcher in writing and finishing this study.

Furthermore, the researcher would like to express deep gratitude to the beloved

Parents, and families for their love, patience, attention, support and caring. Thanks also

to researcher’s fellow students, classmates and friends who always there to helped and

finish this study.

The researcher has a very great special thanks to the respondents of this study

the teachers of Matulas Elementary School who have delightedly shared their spare time

to answer the said questionnaire to give the data in finishing this study.

Finally, the writer would like to express thanks to all teachers in everywhere,

basically, everywhere around the world who have taught the writer with precious

knowledge and experience so that the researcher achieves this step.

 DEDICATION

As well as everything that I do, I would be honor to dedicate this Compilation to

my parents. The two person that gave the tool and values necessary to be where I am

standing today. My parents support me on every step I make, and decision I take; but is

necessary to understand that they let me take my decision alone in order for me to learn

from my personal mistake. I will never finish to thank my parents for all the opportunities

that they have offer and gave me, for all the teaching that they have told me and for

every advice that come that I would do a good job, and letting me come to achieve a

higher education.

So that’s why I dedicate this study to my parents, whom expect my effort on

everything that I do, and I think that this compilation is the perfect image and reflection of

my effort and hard work in Reading and Writing Skills. Mama and Papa: I hope that I can

make you proud, the same way that I am proud of having both of you as my parents and

as the compass of my life!

 Chapter 1

INTRODUCTION

RATIONALE

The Australian government has invested significantly in initiatives intended to help

children understand finance. This work is led by the Australian Securities and

Investments Commission Australia’s corporate, markets and financial services regulator

and involves key government bodies, the education sector, and industry and community

stakeholders.

Australia has a National Consumer and Financial Literacy Framework(Ministerial

Council for Education, Early Childhood Development and Youth Affairs and consecutive

National Financial Literacy Strategies. Together, these documents provide a policy

backdrop for moves to strengthen consumer, economic and financial literacy education

at school. (MCEECDYA, 2019).

The fallout from the global financial crisis and maneuvering by ASIC inevitably

brought legitimacy to the importance of financial literacy in the school curriculum.

Australia’s education revolution” around the same time heralded the development of a

new Australian Curriculum in which financial literacy is more prominently featured. The

most explicit opportunities for teaching students about money are within the domains of

Mathematics and Economics & Business. (Smith, 2020).

Within Mathematics, the ‘Number and algebra’ content strand includes ‘Money

and financial mathematics’ as a sub-strand from Years 1-10 (Australian Curriculum

Assessment and Reporting Authority Within Economics& Business, ‘Consumer and

financial literacy’ is one of four key organizingideas from Years 7-10. Here, students

explore how making responsible and informed decisions about consumer issues, money
management, and assets can affect the individual’s and the community’s quality of life,

sense of security and awareness of future. (ACARA, 2015).

However, there are interdisciplinary curriculum connections to real world financial

across almost all learning areas and each of the general capabilities. Key to ASIC’s work

in the field has been the establishment of the Money Smart brand. The Money Smart

website is marketed as a “one stop shop” for all things money-related and includes a

dedicated section for schools and teachers. (ASIC, 2016).

The assumption seems to be that schools, teachers and students stand to benefit

from workshops by Money Smart representatives and downloadable teaching and

learning resources. At the time of writing, links between the Australian Curriculum and

Money Smart websites were being strategically strengthened. The analogy of giving fish

rather than teaching to fish is useful in this instance. This approach to financial literacy

education has been critiqued as “missing the mark further, a recent evaluation exploring

the potential of Money Smart in four low socioeconomic schools recommended that the

Money Smart teaching and learning resources were in need of critical review (Attard,

2016).

Also highlighted the value in working with teachers to develop contextualized

mathematics lessons that fit local needs and interests while exploring ways pedagogical

practice might be enhanced. The recommendations arising from this particular program

evaluation are consistent with findings that fit to circumstance; challenge yet accessibility

and pedagogical architecture are important task design principles. However, at least to

the extent that it is independent, Money Smart is less troubling than close rival

Commonwealth Bank’s Start Smart, where workshops by bank employees are

prerequisite to accessing further teaching and learning resources. The Commonwealth

Bank has a long history of recruiting customers at a young age through its school

banking program. (Sawatzki’s, 2016)

The evaluation of school-based programs typically focuses on student engagement

andassessment-based measures of learning, with limited insights into the role and

expertise of teachers. This article reports research exploring practicing teachers’

perceptions of the opportunities for financial literacy teaching and learning and their

confidence as financial literacy educators. Through involving practicing teachers in

design research where classroom tasks were developed, trilled and studied, the

research contributes to understanding teachers’ professional learning needs and

interests, with important insights for teacher educator

Research Objectives

Generally, this study would determine the challenges in finances and financial

literacy of teachers for this academic year 2021-2022.

Specifically, this study sought answers to the following questions:

1.) To determine the challenges encountered in finances?

2.) To determine the financial literacy of teachers?

Review of Related Literature and Studies

To the extent that they are ultimately responsible for enacting the curriculum,

teachers are fundamental to school-based financial literacy education. In Australia, there

is a need for independent educational research exploring how teachers interpret and

pursue their work as financial literacy educators.The findings of recent studies

conducted in the United States are informative to the extent that they highlight what we

do not know about Australian teachers. (Loible, 2015)

 A sample of 710 high school teachers completed an online survey consisting of 54

questions, which included items relating to teacher financial literacy levels, attitudes

towards teaching financial literacy, and engagement in teaching financial literacy in their

schools. Participants’ responses were compared across four academic content areas:

business education; family and consumer sciences; social studies and mathematics,

science, technology and agricultural sciencesfound that in most schools, financial

literacy topics were addressed in elective courses. The four academic content areas

differed significantly in their interest toward teaching personal finance, the significance

they attached to these topics, and diligence in researching them. Business education

teachers were more likely to have completed formal education in finance areas, were

more likely to teach elective courses, and attached great significance to teaching

financial literacy compared with their colleagues.(Eric, 2017).

Even so, the mean personal finance quiz scores for all four academic content

areas were below pass standard, signaling significant room for improvement. This study

reveals the variability in teachers’ approaches to financial literacy education and

highlights the need for improved teacher education to build teach.(Volskie, 2018).

Way and investigated the extent to which preserve and practicing teachers in the

US have the capacity to teach personal finance. They surveyed a national sample of

504 K-12 teachers and 627 preserve teachers about their personal financial literacy

education and training, perceived level of financial literacy, preparation to teach financial

literacy, opinions and beliefs about the importance of teaching financial literacy and

willingness to participate in professional development in the area. (Holden 2018)

Interestingly, almost half believed that financial literacy education is too complex for

primary school-aged children. While teachers with backgrounds in mathematics, social,

and vocational education were better qualified and more likely to include financial
literacy education in their lessons, fewer than 3 percent of the sample reported having

taken a tertiary course with content related to financial literacy education. These findings

indicate that preserve and practicing teachers would benefit from professional learning in

financial literacy curriculum and pedagogy (fred, 2020).

According to Otter (2017) investigated teachers’ attitudes and beliefs about teaching

financial literacy and their understandings of several core personal finance concepts. A

large sample of California classroom teachers were surveyed about financial literacy

policy, concept knowledge, instruction, and professional development. The participants

strongly supported the teaching of financial literacy in K–12 schools. Contrasting Way

and findings, close to 80 per cent of participants believed that financial literacy education

should begin in elementary school (the equivalent of primary school in Australia). They

also believed that the best way to teach financial literacy is through both stand-alone

courses and embedding concepts in other courses.

States are calling for financial literacy to be taught in schools. On the Young

Americans Center for Financial Education website, it was noted that forty states have

personal finance standards that compel them to put these guidelines for the standards

into operation. Seven states are actually requiring students to take a Personal Finance

class in order to graduate. This creates the opportunity to shape our future citizens into a

consumer savvy population. Giving individuals skills that will equip them with knowledge

about money, and influencing their attitudes toward making rational financial decisions,

is why the Commonwealth Credit Project was introduced. In this project, freshman and

sophomores in high school are educated on credit card issues as well as other money

matters. Through evaluation of this project, it was indicated that a financial education

program can help increase students’ knowledge and influence the way they feel about

money (Jones, 2016).

 Even as early as 1795, a clergyman, David Davies began collecting receipts and

keeping track of expenditures. In Berkshire, England there were six families of laborer

that Mr. Davies saw the difficulties they were having in covering their livings costs with

the income they received. In the book, The Case of Laborers in Husbandry Stated and

Considered, the budgets of 135 families were reported by Mr. Davies (Davies, 2018).

Even in the 1700s, people were concerned about budgeting and financial

literacy.The founder of the modern empirical household budgetary analysis believed that

if the income and expenditures of afamily were analyzed, a researcher could have

complete knowledge of that family. Through living with families, he gained knowledge

about the social and economic factorsthat affected the families’ well-being(Denver,

2019).

Even in the 1700s, people were concerned about budgeting and financial

literacy.The founder of the modern empirical household budgetary analysis,

PierreGuilliame Fredrick Le Play (1806-1882) believed that if the income and

expenditures of afamily were analyzed, a researcher could have complete knowledge of

that family.Through living with families, he gained knowledge about the social and

economic factorsthat affected the families’ wellbeing (Zimmerman, 2020)

Synthesis

The teachers are literate in all aspects of financial literacy which include relating

income and education; money management; planning, saving and investing; community

and financial responsibility; credit and debt management. In the cost value analysis of

the purchased goods, teachers may experience shortage of his/her salary if he/ shehas

no other source of income to defray their other expenditures especially with the wants.
Theoretical Framework

This theoretical framework supporting this research study about Financial

Literacy. This theory serves as a knowledge used to make financial decision, taking into

count available resources and the unique situation for each individual of teachers.

Experience teachers seemed to draw mainly on financial insights and practical

knowledge from their personal life when teaching financial literacy, and they also framed

their financial literacy teaching as something that belongs to the private sphere. Salient

content features include income, expenditure, paying bills, buying a home, insurance,

and mortgage and interest rates.

Conceptual Framework

Independent Variable Dependent Variable

Challenges encountered in Financial literacy of

finances of a teacher teachers

Figure 1. Conceptual Framework

The figure above shows the independent variable, process and dependent variable

of this study. The independent variable which is the challenges in finances is connected

to the dependent variable which is the financial literacy of teacher.

Significance of the Study

This study will be beneficial to the following:

To the School Principal This will provide them a data of information and

appreciation to develop their learning style to cope their challenges in vocabulary

learning.

To the Learners Through this output the students will gain information about

vocabulary learning.

To the Parents It serves as the important tool for them to help their child and to

know what could be the best motivational support to help strengthen the interest

of their child in learning.

To the Researchers Through this output the researcher can gain additional

information on the vocabulary learning basis for enhancement program.

To the Future Researcher This study will give them information that will serve

as their guide and this will help them as they conduct a study related to this.

Definition of Terms

For better clarification and understanding of the term related to this study, the

following defined operationally.

Financial Literacy

Is the possession of the set of skills and knowledge that allows an individual to

make informed and effective decisions with all of their financial resources.

Financial literacy is the ability to understand and effectively use various financial

skills, including personal financial management, budgeting, and investing. The meaning
of financial literacy is the foundation of your relationship with money, and it is a lifelong

journey of learning (Mikong, 2018).

Financially

In a way that relates to finance is defined as the management of money and

includes activities such as investing, borrowing, lending, budgeting, saving, and

forecasting

Interested in money and good at getting or saving it: I've never been very money-

minded I leave all my business affairs to my financial adviser. SMART Vocabulary:

related words and phrases Rich and wealthy (Dave, 2020).

Challenged

Is presented with difficulties.  challenge is something new and difficult which

requires great effort and determination.

I like a big challenge and they don't come much bigger than this. The new

government's first challenge is the economy  challenge is defined as to arouse or

stimulate especially by presenting with difficulties (Windel, 2021).

Teachers

A person who teaches, especially in a school who is able to explain and

demonstrate concepts in a variety of ways for a variety of different learners and learning

styles

Teacher is a person, who provides education for people; one who teaches or instructs.

The role of teacher is often formal and ongoing, carried out at a school or other place of

formal education (Yuwen, 2017).

 Chapter 2

METHODOLOGY

This chapter presented the methods and procedure to be used in thisstudy

including the research design, locale study, respondents, data gathering,statistical tool

and the research instrument.

Research Design

This study utilized the descriptive-evaluative. This method described thelevels

identifying in the figure of speech as the basis for the intervention program.Evaluative

research can be defined as a type of study that uses standardsocial research methods

for evaluative purposes, as a specific researchmethodology, and as an assessment

process that employs special techniquesunique to the evaluation of social programs,

(Powell, 2016).

Research Locale

This study was being conducted during the first term of the second semester S.Y.

2021-2022. The place where the study will be conducted is in Matulas Elementary

School Brgy. Paraiso City of Koronadal.The researcher believes that the teacher has

enough knowledge and already faced a lot of challenges in terms of financial literacy.

The researcher is looking forward to know the financial literacy of the teachers.

Population and Sample

This study focused on thechallenges encounter in finances and financial literacy

of teachers inMatulas Elementary School Brgy. Paraiso City of Koronadal who suffered

the financial literacy. The target levels of this study were the ten (10) teachersusing

simple random sampling.

Research Instruments

The response was interpreted using a 4Likert scale to find out the challenges

encountered in finances and financial literacy in Matulas Elementary School. interpreted

as follows:, 4 Highly Agree- the experience and feelings surely conforms with the

statement, 3 Agree –the experience and feelings moderately conforms the statement, 2

Disagree- do not conform to their experiences and a lesser extent of feelings of

disagreement, 1 Highly Disagree- do not conform with their experiences and very extent

of feelings of disagreement.

The questionnaire was an adopted and modified questionnaire and was presented to

the adviser and panel of expert for comment

Data Collection

The researcher first sent a letter to the School Principal, to formally asks

permission to conduct a survey for the school, after the letter was approved, it is now

time to ask some teachers with regards to their willingness to participate in the study.

After that was fixed and settled, the researcher would use and send Google form for the

teachers to answer it. Once the respondents are finished answering it, the researcher

would gather the data, tally it and encode in the Microsoft Excel for statistical process.

The data would then be gathered, classified, tabulated and analyzed according to

the research design.

Statistical Treatment of Data

The researcher was used an appropriate statistical tool to treat and analyze the

gather data.
 In order to determine the Financial Literacy and Survival of Financially

Challenged by the Teacher’s, weighted Mean was utilized.

Ethical Consideration

To complete the research with appropriate research guidelines, researchethics is

very important. Considering the ethical aspect of it, enough time is givento the

respondents of the study so that they can describe their knowledge onresearch

questions. Respondents were informed that this study is voluntary andhave the right to

refuse. The data was gathered through a survey questionnaire.With that, confidentiality

of the respondents is sustained strictly. Also, respect forthe self-worth of the respondent

is ranked first. Privacy of individuals andorganizations that join in the research is also

maintained. However, any type ofinteraction in relation to the research should be done

with honesty and clarity

 Chapter III
RESULTS
This chapter presents an analysis and interpretation based on the data gathered.

The study determined thechallenges encounter in finances and financial literacy of

teachersin Matulas Elementary School. The data were carefully analyzed, presented and

interpreted.

Table 1 CHALLENGES ENCOUNTERED IN FINANCES

STATEMENT Mean VI

1. I budget my salary in one month. 3.5 Agree

2. I do not buy unnecessary things to save money. 3.5 Agree

3. I buy my needs than my wants. 3.25 Agree

4. I avoid lifestyle inflation. 3.35 Agree

5. I brought pack lunch instead buying. 3.75 Highly Agree

6. I do part time job for extra income. 3.5 Agree

7. I avoid buying expensive things 3.55 Highly Agree

8. I make one financial decision at a time. 3.00 Agree

9. I avoid buying temptation foods and things. 3.45 Highly Agree

10. I encountered stress related money. 3.25 Agree

Weighted Mean 3.41

Legend:
4 - 3.41 - 4.20 Highly Agree
3 - 2.61 - 3.40 Agree
2 - 1.81 - 2.60 Disagree
1 -1.00 - 1.80 Highly Disagree

Table1. This table shows the results of the survey on thechallenges encounter in
finances. There are 10 indicators, and the respondents are given the options to choose
between numbers 1 through 4.
 Through categorizing their challenges, the results showed the challenges

encounter in finances of the teacher based on the indicators above.

They arehighlyagreed in three indicators which are:I brought pack lunch instead

buying got 3.75, I avoid buying expensive things 3.55, and I avoid buying temptation

foods and things 3.45. These indicators received the highest mean scores.

Meanwhile, the least indicators that received the lowest mean scores are:I make

one financial decision at a time 3.00,I do part time job for extra income 3.5, and I buy my

needs than my wants 3.25.

Based on the overall results, the respondents scored a total mean score of 3.41,

which means that they are Highly Agree to challenges encounter in financesof a teacher.

Upon the result of the study entitled “Financial Literacy and Survival of Financially

Challenged by the Teachers” conducted by Holden’s (2011). It was found out that the

teachers have effectively survived in their financial Problem through managing and

spending their salary in a right way.

Table 2 FINANCIAL LITERACY OF TEACHER
STATEMENT Mean VI
1. I experience a loss of control when it comes to budgeting 3.25 Agree
money.

2. The teacher income does not quite cover their expenses. 4.5 Strongly Agree

3. Make a satisfying to spend than save money for the future 2.1 Disagree

4. Teacher paying monthly rental fee and mortgage is quite 1.75 Strongly
stressful. Disagree

5. The teacher spend money for use supplies in their classroom 3.25 Agree

6. Pawn credit card to pay monthly bills ( Electricity, Water bills, ) 1.8 Strongly
etc. Disagree

7. To loan a money to sustain my master's/doctorate degree. 2.1 Disagree

8. I has not been actively saving because of the financial crisis, 3.2 Agree
especially expenses for my education.

9. Money is there to be spent mostly for education and 2.75 Agree

professional growth.

10. It is pretty delicate to borrow/loan money in order to pay back 1.6 Strongly
other debts. Disagree

Weighted Mean 1.31

Legend:
4. 3.41-4.20 Strongly Agree
3. 2.61- 3.40 Agree
2. 1.81- 2.60 Disagree
1. 1.00- 1.80 Strongly Disagree
 Table2. This table shows the results of the survey on the financial literacy of
teacher. There are 10 indicators, and the respondents are given the options to choose
between numbers 1 through 4.

Through categorizing their literacy’s, the results showed the challenges

encounter in finances of the teacher based on the indicators above.

They are Strongly agree in three indicators which are:The teacher income does not

quite cover their expenses 4.5,I experience a loss of control when it comes to budgeting

money 3.25,I has not been actively saving because of the financial crisis, especially

expenses for my education 3.2. These indicators received the highest mean scores.

Meanwhile, the least indicators that received the lowest mean scores are:It is

pretty delicate to borrow/loan money in order to pay back other debts 1.6, Pawn credit

card to pay monthly bills (Electricity, Water bills,) etc. 1.8, Make a satisfying to spend

than save money for the future 2.1.

Based on the overall results, the respondents scored a total mean score of 1.31,

which means that they are Strongly Disagree to financial literacy of teacher.
 4
Chapter IV

DISCUSSION

This chapter summarizes conclusions and recommendations based on

thegathereddata aboutthis study.

Toknowtheresults,theresearcherconductedachecklistandquestionnaireformont

helevel of satisfaction on the teacher’s teaching strategies in online distance

learning: basis for developmental planweightedmeanwasthe statistical tool used for

tabulation and interpretation of the study.

CHALLENGES ENCOUNTERED IN FINANCES

This table shows the results of the survey on the challenges encounter in finances.

There are 10 indicators, and the respondents are given the options to choose between

numbers 1 through 4. Through categorizing their challenges, the results showed the

challenges encounter in finances of the teacher based on the indicators above. They are

highly agreed in three indicators which are I brought pack lunch instead buying got 3.75,

I avoid buying expensive things 3.55, and I avoid buying temptation foods and things

3.45. These indicators received the highest mean scores. Meanwhile, the least

indicators that received the lowest mean scores are make one financial decision at a

time 3.00,I do part time job for extra income 3.5, and I buy my needs than my wants

3.25.

College students have acquired a reputation of irresponsibility and impulsivity,

which has contributed to the perception that they are poor managers of money. This

researcher sought to establish a clearer picture of the full story behind how college

students handle their finances through a comprehensive literature review. Several

searches were conducted on the topics of college students, finances, money

management, debt levels, and other related terms. Scholarly articles were analyzed for
common themes and research patterns, and the various strings of research identified

were categorized into three main headings: Financial situation, financial influences, and

financial consequences (Widener, 2017).

FINANCIAL LITERACY OF TEACHER

They are Strongly agree in three indicators which are: The teacher income

does not quite cover their expenses 4.5,I experience a loss of control when it comes to

budgeting money 3.25,I has not been actively saving because of the financial crisis,

especially expenses for my education 3.2. These indicators received the highest mean

scores. Meanwhile, the least indicators that received the lowest mean scores are It is

pretty delicate to borrow/loan money in order to pay back other debts 1.6, Pawn credit

card to pay monthly bills (Electricity, Water bills,) etc. 1.8, Make a satisfying to spend

than save money for the future 2.1. Based on the overall results, the respondents scored

a total mean score of 1.31, which means that they are Strongly Disagree to financial

literacy of teacher.

Financial literacy, also known as financial capacity, is the ability to efficiently

manage one's financial resources for long-term financial security Financial literacy

is made up of two parts comprehension and application. Financial literacy refers to

a person's knowledge of personal finance and the use of that knowledge in

managing one's finances. Countries all across the world have expressed worry about

their citizens' lack of financial literacy. Low financial literacy has a significant cost

for the general public, which has been clearly highlighted by several researchers

around the world (Fred, 2019).

Conclusions
 1. The challenges of the respondents based on their challenges encounter in

finances as presented in the previous chapter showed that most of them are

Highly Agree. They are generally aware of the information regarding the

challenges encounter in finances. It means that they somehow have background

knowledge in the challenges encounter in finances of a teacher.

2. The second table shows the results of the responses of the teacher as regards to

their financial literacy. Overall, they strongly Disagree to most of the indicators. It

means that the respondents have alow average of financial literacy. They either

have a negative perception. Majority of the teacherdon’t know their financial

literacy.

Recommendations

The findings and conclusions of this study have led to the following recommendations:

1.) Subscribe to financial newsletters. For free financial news in your inbox, try

subscribing to financial newsletters from trusted sources.

2.) Listen to financial podcasts. Podcasts can be a great way to soak up

financial

3.) Read personal finance books. If you prefer books, there's no shortage when

it comes learning about personal finance.

4.) Use social media. Use your favorite social media channels to follow financial

experts on Twitter or LinkedIn, or maybe join a personal finance Facebook group.

5.) Start keeping a budget. All of the financial guidance from experts won’t

mean much if you don’t know where your money is going every month. Start

tracking you is spending and set up a budget using a simple spreadsheet or

website apps.
 6.) Talk to a financial professional. A financial professional can answer your

financial questions, whether it is about the basic day-to-day money situations or

more complex long-term scenarios. They can also assess your current situation,

help you make a plan for all of your financial needs and help you stay on track

going forward.
 References

Abell, S. K. (2007). Research on science teacher knowledge. In S. K. Abell& N. G.

Lederman (Eds.), Handbook of

research on science education (pp. 1105). Mahwah, NJ, USA: Lawrence Erlbaum

Associates, Publishers.

Alsemgeest, L. (2015). Arguments for and against financial literacy education: Where to

go from here? International

Journal of Consumer Studies, 39(2), 155-161.

Antonietti, A., Borsetto, A., &Iannello, P. (2016).A metacognitive approach to financial

literacy.In C. Aprea, E.

Wuttke, K. Breuer, N. K. Koh, P. Davies, B. Greimel-Fuhrmann& J. S. Lopus (Eds.),

International handbook of financial literacy (1st ed., pp. 57). Singapore: Springer

Singapore.

Arthur, C. (2012). Financial literacy education for citizens: What kind of responsibility,

equality and engagement.

Citizenship, Social and Economics Education, 11(3), 163-176.

doi:10.2304/csee.2012.11.3.163

Barton, K. C. (2015). Elicitation techniques: Getting people to talk about ideas they don't

usually talk about. Theory

and Research in Social Education, 43(2), 179-205.

Baumert, J., Kunter, M., Blum, W., Brunner, M., Voss, T., Jordan, A., … Tsai, Y. (2010).

Teachers' mathematical

knowledge, cognitive activation in the classroom, and student progress. American

Educational Research Journal, (1),

133.
Blue, L., Grootenboer, P., &Brimble, M. (2014). Financial literacy education in the

curriculum: Making the grade or

missing the mark? International Review of Economics Education, 16, 51-62.

Bosshardt, W. (2016). The development and promotion of financial literacy standards:

Establishing standards in the

United States. In C. Aprea, E. Wuttke, K. Breuer, N. K. Koh, P. Davies, B. Greimel-

Fuhrmann& J. S. Lopus (Eds.), International handbook of financial literacy (1st

ed., pp. 163). Singapore: Springer Singapore.

Bowe, R., Ball, S. J., & Gold, A. (1992). Reforming education and changing schools:

Case studies in policy sociology.

London and New York: Routledge.

Bransford, J., Darling-Hammond, L., &LePage, P. (2005). Preparing teachers for a

changing world: What teachers

should learn and be able to do. San Francisco, California, USA: Jossey-Bass.

Braun, V., & Clarke, V. (2006).Using thematic analysis in psychology.Qualitative

Research in Psychology, (2), 77.

Davies, P. (2015). Towards a framework for financial literacy in the context of

democracy. Journal of Curriculum

Studies, 47(2), 300-316.

Farsagli, S., Filotto, U., &Traclò, F. (2016).Educating people about finance and

economics.approaching curriculum

design: An Italian experience. In C. Aprea, E. Wuttke, K. Breuer, N. K. Koh, P. Davies,

B. Greimel-Fuhrmann& J. S.

Lopus (Eds.), International handbook of financial literacy (1 st. ed., pp. 531). Singapore:

Springer Singapore.
Goodlad, J. I., Klein, M. F., &Tye, K. A. (1979).The domains of curriculum and their

study. In J. I. Goodlad (Ed.),

Curriculum inquiry: The study of curriculum practice (pp. 43-76). New York: McGraw-Hill.

Grossman, P. L. (1991). The making of a teacher: Teacher knowledge and teacher

education. Journal of Teacher

Education, 42(5), 379-382.

Gudmundsdottir, S., & Shulman, L. (1987).Pedagogical content knowledge in social

studies. Scandinavian Journal of

Educational Research, 31(2), 59.

Henchoz, C. (2016). Sociological perspective on financial literacy. In C. Aprea, E.

Wuttke, K. Breuer, N. K. Koh, P.

Davies, B. Greimel-Fuhrmann& J. S. Lopus (Eds.), International handbook of financial

literacy (1st ed., pp. 97). Singapore: Springer Singapore.

 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

ALBERT P. BALONGOY PhD.,

Dear Sir:

I am presently conducting a study entitled “CHALLENGES ENCOUNTERED IN

FINANCES AND FINANCIAL LITERACY OF TEACHER.” and I need your expertise in
validating the instrument to be used.

Attached is the questionnaire to be used in the study. Please help me evaluate the
questions and the option whether they are relevant or irrelevant basing on the following
criteria: Suitability and relevance of the study evaluated, appropriateness of the
language used and correctness of grammar. You could use the following symbols for the
comments.

S means suitable. This shows that the questions and the option in that item are relevant.
(Yes)

NS means not suitable. This shows that the questions and the option are not suited or
irrelevant in the study. (No)

Any other comments you want to say about the question please feel free to write it under
the specified columns.

Thank you.

THEZZA MAE C. CALILI

Researcher

Noted by:

VICENTE C. GARCES JR. EdD

Adviser
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Fernand P, Lagradilla MIM

.

Dear Sir:

I am presently conducting a study entitled “CHALLENGES ENCOUNTERED IN

FINANCES AND FINANCIAL LITERACY OF TEACHER.” and I need your expertise in
validating the instrument to be used.

Attached is the questionnaire to be used in the study. Please help me evaluate the
questions and the option whether they are relevant or irrelevant basing on the following
criteria: Suitability and relevance of the study evaluated, appropriateness of the
language used and correctness of grammar. You could use the following symbols for the
comments.

S means suitable. This shows that the questions and the option in that item are relevant.
(Yes)

NS means not suitable. This shows that the questions and the option are not suited or
irrelevant in the study. (No)

Any other comments you want to say about the question please feel free to write it under
the specified columns.

Thank you.

THEZZA MAE C. CALILI

Researcher

Noted by:

VICENTE C. GARCES JR. EdD

Adviser
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Mark Gil P. Labrador, MST

Dear Sir:

I am presently conducting a study entitled “CHALLENGES ENCOUNTERED IN

FINANCES AND FINANCIAL LITERACY OF TEACHER.” and I need your expertise in
validating the instrument to be used.

Attached is the questionnaire to be used in the study. Please help me evaluate the
questions and the option whether they are relevant or irrelevant basing on the following
criteria: Suitability and relevance of the study evaluated, appropriateness of the
language used and correctness of grammar. You could use the following symbols for the
comments.

S means suitable. This shows that the questions and the option in that item are relevant.
(Yes)

NS means not suitable. This shows that the questions and the option are not suited or
irrelevant in the study. (No)

Any other comments you want to say about the question please feel free to write it under
the specified columns.

Thank you.

THEZZA MAE C. CALILI

Researcher

Noted by:

VICENTE C. GARCES JR. EdD

Adviser
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Validation Sheet
For the Evaluator. Please check the appropriate box for your rating.

Legend:
5- Highly Agree 3- Uncertain 1- Highly Disagree
4- Agree 2- Disagree
PART I. CHALLENGES ENCOUNTERED IN FINANCES

STATEMENT 5 4 3 2 1

11. I budget my salary in one month.

12. I do some groceries for one month to save my money.

13. I buy my needs than my wants.

14. I avoid lifestyle inflation.

15. I pack my food than buying.

16. I do part time job for extra income.

17. I avoid buying expensive things

18. I make one financial discission at a time.

19. I avoid temptation

20. I recognized how I deal with stress related to money.

Adopted FromLIMA, M. M. (2020, September 25).Small Business Advice: Overcoming Financial

Challenges.OracleNetSuite;www.netsuite.com.https://www.netsuite.com/portal/resource/
articles/business-strategy/small-business-financial-challenges.shtml?mc24943=v2
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Validation Sheet
For the Evaluator. Please check the appropriate box for your rating.
SCALE:
4 (- 3.41 - 4.20)Strongly Agree,
3 (- 2.61 - 3.40) Agree
2 (- 1.81 - 2.60) Disagree,
1 (-1.00 - 1.80)Strongly Disagree

PART II. FINANCIAL LITERACY OF TEACHER

STATEMENT 5 4 3 2 1

I feel powerless and experience a loss of control when it comes to

budgeting money.
My income as the teacher does not quite cover my living costs.

I find more satisfying to spend than save money for the future

I pay monthly rental fee and mortgage is quite stressful..

With or without interest, paying late (rent, mortgage, debts etc.) is fine

Pawn something that I own to pay other bills (mortgage and rental fee)

It is pretty delicate to borrow/loan money to sustain my

master's/doctorate degree.
I has not been actively saving because of the financial crisis, especially
expenses for my education.
Money is there to be spent mostly for education and professional
growth.
It is pretty delicate to borrow/loan money in order to pay back other
debts.
Adopted From; Evans , D. (2018, June 13). Commercial and literary fiction: what’s the
difference? – Spread the Word. Commercial and Literary Fiction: What’s the Difference? –
Spread the Word; www.spreadtheword.org.uk.
https://www.spreadtheword.org.uk/commercial-literary-fiction-whats-the-difference/
#:~:text=Whilst%20there’s%20crossover%20between%20the,entertainment%20rather%20than
%20its%20art.
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Validation Sheet

For the Evaluator. Please check the appropriate box for your rating.
Point Equivalent:
5 - Excellent
4 - Very Good
3 - Good
2 - Fair
1 - Poor
CRITERIA 5 4 3 2 1
1. Clarity of Direction and items. The vocabulary level, language structure /
and conceptual level of respondents. The test directions and items are
written in a clear and understanding manner.
2. Presentation / Organization of items. /
The items are presented and organized in logical manner.
3. Suitability of items. /
The manner items appropriately represent the substance of the research.
The questions are designed to determine the conditions, knowledge,
perceptions and attitudes that are supposed to be measured.
4. Adequateness of items Per Category. /
The items represent the coverage of the research adequately. The
number of questions per area is repetitive enough of all the questions
needed for the research.
5. Attainment of the Purpose. /
The instrument as a whole fulfills the objectives of which was constructed.
6. Each item question requires only specific answer or measures only /
behavior and no aspect of the questionnaire suggest bias of the
researchers.
7. Scale and Evaluation Rating System. /
Scale adapted is appropriate for the items.
COMMENTS/SUGGESTIONS:

ALBERT P. BALONGOY PhD

VALIDATOR’S SIGNATURE
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Validation Sheet

For the Evaluator. Please check the appropriate box for your rating.
Point Equivalent:
5 - Excellent
4 - Very Good
3 - Good
2 - Fair
1 - Poor
CRITERIA 5 4 3 2 1
1. Clarity of Direction and items. The vocabulary level, language structure /
and conceptual level of respondents. The test directions and items are
written in a clear and understanding manner.
2. Presentation / Organization of items. /
The items are presented and organized in logical manner.
3. Suitability of items. /
The manner items appropriately represent the substance of the research.
The questions are designed to determine the conditions, knowledge,
perceptions and attitudes that are supposed to be measured.
4. Adequateness of items Per Category. /
The items represent the coverage of the research adequately. The
number of questions per area is repetitive enough of all the questions
needed for the research.
5. Attainment of the Purpose. /
The instrument as a whole fulfills the objectives of which was constructed.
6. Each item question requires only specific answer or measures only /
behavior and no aspect of the questionnaire suggest bias of the
researchers.
7. Scale and Evaluation Rating System. /
Scale adapted is appropriate for the items.
COMMENTS/SUGGESTIONS:

Fernand P. Lagradilla, MIM

VALIDATOR’S SIGNATURE
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Validation Sheet

For the Evaluator. Please check the appropriate box for your rating.
Point Equivalent:
5 - Excellent
4 - Very Good
3 - Good
2 - Fair
1 - Poor
CRITERIA 5 4 3 2 1
1. Clarity of Direction and items. The vocabulary level, language structure /
and conceptual level of respondents. The test directions and items are
written in a clear and understanding manner.
2. Presentation / Organization of items. /
The items are presented and organized in logical manner.
3. Suitability of items. /
The manner items appropriately represent the substance of the research.
The questions are designed to determine the conditions, knowledge,
perceptions and attitudes that are supposed to be measured.
4. Adequateness of items Per Category. /
The items represent the coverage of the research adequately. The
number of questions per area is repetitive enough of all the questions
needed for the research.
5. Attainment of the Purpose. /
The instrument as a whole fulfills the objectives of which was constructed.
6. Each item question requires only specific answer or measures only /
behavior and no aspect of the questionnaire suggest bias of the
researchers.
7. Scale and Evaluation Rating System. /
Scale adapted is appropriate for the items.
COMMENTS/SUGGESTIONS:

Mark Gil P. Labrador, MST

VALIDATOR’S SIGNATURE
 RAMON MAGSAYSAY MEMORIAL COLLEGES-MARBEL, INC.
Purok Waling-Waling, Arellano Street, Koronadal City, South Cotabato
Tel. No.: (083) 228-2880

COLLEGE OF TEACHER EDUCATION

Ratings of the Researcher’s Instrument

Name of Expert Validator Average Rating Description

1. Fernand P. Lagradilla, MIM 3.43 Very Good

2. Mark Gil P. Labrador, MST. 3.71 Very Good

3. Albert P. Balongoy 4.00 Very Good

General Average 3.71 Very Good

LEGEND:

4.50 - 5.00 - Excellent

3.50 – 4.49 - Very Good

2.50 – 3.49 - Good

1.50 – 2.49 - Fair

1.00 – 1.49 - Poor

 Letter of Permission to conduct Study
Ramon Magsaysay Memorial Colleges-Marbel, Incorporated
Prk. Waling-Waling, Arellano St. Zone II, Koronadal City (9506)
Tel No. (083)-228-2880

College of Teacher Education

May 6,2022
ERCHIE P. FADRIGO
Matulas Elementary School
School Principal I
Dear Sir,
Greetings of Peace
In partial fulfillment of our requirements in Methods of Research, I a Third Year College
student of Ramon Magsaysay Memorial Colleges-Marbel Inc. I would like to ask
permission to conduct a research study entitled “CHALLENGES ENCOUNTERED IN
FINANCES AND FINANCIAL LITERACY OF TEACHER”.
In line with this, I would like to ask in your good office to allow me to conduct my
research in your vicinity. Rest assured that the data I gathered will remain confidential
and to be used in academic purposes only.
I believe that you are with me to finish the requirements as compliance for my subject
and to develop my well-being. I am hoping with your positive response on this humble
matter. Your approval to conduct this study is highly appreciated.

Respectfully yours, Recommending Approval:

Thezza Mae C. Calili Vicente C. Garces Jr., EdD

Researcher Adviser

Approved by:

ERCHIE P. FADRIGO
School Principal
 Letter Request to Conduct
Ramon Magsaysay Memorial Colleges-Marbel, Incorporated
Prk. Waling-Waling, Arellano St. Zone II, Koronadal City (9506)
Tel No. (083)-228-2880

College of Teacher Education

May 6,2022
Dear Respondents,

Greetings!
I am conducting research entitled “CHALLENGES ENCOUNTERED IN FINANCES
AND FINANCIAL LITERACY OF TEACHER” as course requirements in the degree
Bachelor of Elementary Education.
In line with this, I would like to ask your help to provide the necessary data for my study,
please feel free to answer the questionnaire.
I would like to appreciate your assistance and support in this particular research
endeavor.

Thank you very much for your cooperation.

Very truly yours,

Thezza Mae C. Calili

Researcher

Noted by:

Vicente C. Garces Jr., EdD

Adviser

Approved by:

ERCHIE P. FADRIGO
School Principal
 Certificate of Appearance

Ramon Magsaysay Memorial Colleges- Marbel, Incorporated

Prk. Waling-Waling, Arellano St. Zone II, Koronadal City (9506)
Tel No. (083) 228-2880

College of Teacher Education

CERTIFICATE OF APPEARANCE

This is to certify that

Thezza Mae C. Calili appeared in the Matulas Elementary School. on May 15,
2022 during the conduct of his research titled “CHALLENGES ENCOUNTERED IN
FINANCES AND FINANCIAL LITERACY OF TEACHER”.

Issued this 15th day of May 2022 at Purok bulak, Brgy. Paraiso, Koronadal city,
South Cotabato

Approved by:

ERCHIE P. FADRIGO
School Principal
 CURRICULUM VITAE

Personal Information
Name: THEZZA MAE C. CALILI
Date of Birth: January 22, 2000
Age: 22
Marital status: Single
Address: Prk. Bliss, Brgy. Paraiso
Mobile: 09267690572
Email: [email protected]
Religion: Catholic
Nationality: Filipino

EDUCATIONAL BACKGROUND

❖ Tertiary:Ramon Magsaysay Memorial College- Marbel Inc.

❖ Secondary:Koronadal National Comprehensive High School

Ramon Magsaysay Memorial College- Marbel Inc.

❖ Primary:Matulas Elementary School

PERSONAL SKILLS

❖Computer Literate
❖ Eagerness to learn new knowledge and skills
❖ Positive attitude towards learning