A Transcendental Phenomenological Analysis on the Financial Literacy among Senior High School Teachers in Carrascal National High School, Philippines

Abstract

Financial literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being. Unfortunately, many people have a weak grasp of basic personal finance principles. Inadequate financial literacy among salaried workers and teachers, particularly on how to save and invest, the kind of financial products to choose, and how to prepare for retirement, is a major concern in the Philippines, especially among teachers. The researcher undertakes the study to assess how financially literate teachers are and also offers valuable recommendations to improve their level of financial literacy and the nation in general. This study employed a Transcendental Phenomenological qualitative research design developed by Moustakas. The study revealed that the level of financial literacy among teachers is inadequate. In the long run, this lack of adequate financial knowledge has far-reaching consequences on the teacher as it is observed that teachers' knowledge of insurance and investment is not good and encouraging, which in the long term will limit participants' financial decisions and planning. Financial illiteracy and its resultant consequences on the teachers could potentially hinder their productivity since the teachers' performance can be seriously affected as they will always have financial worries and challenges to think about.