Financial Literacy and Financial Behavior: An Analysis of Faculty and Staff Financial Decision-Making

This study aimed to examine the financial behavior and literacy of faculty and staff at a state college in Negros Occidental, with a particular focus on their financial decision-making processes. A total of 64 randomly selected participants responded to a validated questionnaire as part of a descriptive study design. Sociodemographic attributes were examined with descriptive statistics, i.e., frequency and percentage distribution, and financial behavior and literacy levels using mean scores. To find out if there were any differences in financial behavior and financial literacy at a 0.05 significance level, ANOVA and t-tests were applied. The association between financial behavior and financial literacy also was analyzed through the Pearson R Correlation Coefficient. Results showed strong relations between enhanced financial conduct and perceived financial knowledge, with staff and faculty members sharing intermediate levels of financial literacy and conduct. Additionally, there were marked differences in financial literacy across certain sociodemographic categories, including sex and level of education. On the basis of these findings, it is suggested that the college introduce targeted financial education initiatives to enhance financial behavior and decision-making, particularly among women and those with low levels of educational attainment. Additionally, offering ongoing financial guidance and incorporating financial literacy into professional development programs is suggested to ensure staff can make well-informed financial decisions. Such programs are necessary to encourage financial well-being and develop a financially prudent workforce.