An Analysis of the Knowledge Dimension of Financial Literacy among Basic Education Teachers in Southern Antique, Philippines


by: Kim Rommel E. Panaguiton


Financial literacy has been considered a life skill necessary for making sound financial decisions. Yet numerous studies around the globe have documented low levels of financial knowledge among different populations and socio-demographic groups. This study presents the results of a financial literacy survey conducted among primary and secondary education teachers in Southern Antique, Philippines. Using the instrument developed by the Organization for Economic Cooperation and Development/International Network on Financial Education (OECD/INFE), the results show that the average financial knowledge score of the respondents is 4 out of 7, and less than half are assessed to have good financial knowledge. Difficulties were noted in interest calculations and understanding the time value of money and diversification. Ordinary least squares (OLS) and stepwise multiple regression analyses further reveals that higher knowledge scores are associated with teachers with high family income, those who have taken graduate studies, those with numerous family dependents, and those teaching at secondary (high school) levels. These findings have implications for policy recommendations on financial literacy interventions.
Keywords:financial literacy, financial knowledge, financial education, OECD, public school teachers