Financial Literacy of Department of Education Teachers in the Philippines

Financial literacy is essential for making informed decisions that foster long-term financial security and stability. This study examined the financial knowledge, attitudes, and behaviors of 30 DepEd teachers from Guihulngan City, Division, through a quantitative survey, complemented by qualitative insights from interviews with 10 teachers. The findings revealed a significant gap between financial knowledge and actual financial behavior, as well as inconsistencies between financial knowledge and attitudes. While teachers demonstrated strong financial understanding and generally positive attitudes toward saving and budgeting, external pressures, including low salaries, cultural expectations, family obligations, and loan dependence, hindered the practical application of this knowledge. Additionally, behavioral biases such as impulsive spending, overconfidence, and financial procrastination further contributed to poor financial decision-making. These findings underscore the need to go beyond traditional financial education by addressing socio-economic, cultural, and behavioral barriers that affect financial behavior. A comprehensive approach that combines behavioral finance training, institutional financial support, and structured savings and investment programs is crucial for empowering teachers to make informed financial decisions and achieve long-term financial well-being.