Teacher’s Financial Literacy and Stability in Cagayan De Oro City: Basis for Fiscal Management Scheme

This study was primarily undertaken to determine the level of financial literacy and stability among public elementary school teachers in Cagayan de Oro City for School Year 2022-2023. The research problems include the characteristics of the respondents the respondents level of financial literacy and financial stability the relationship between teachers financial literacy and financial stability and respondents characteristics significant effect of teachers financial literacy on their financial stability find the result of in-depth interview conducted with teachers and come up with a Fiscal Management Scheme on financial literacy and stability. The respondents of the study were the 280 public elementary school teachers in the schools where the study was conducted. Descriptive survey method of research was used in this study. The questionnaire used in the collection of pertinent data was patterned and modified from Sherradens (2013)  on Teacher Financial Literacy Teachers Financial Literacy and from Lusardi and Mitchell (2011) on Investment and Financial Literacy on financial stability. The data were analyzed using frequency, mean, percentage, and standard deviation to describe the variables in the study. Moreover, Pearson Product Moment Correlation (r) was used to determine the significant relationship between teachers financial literacy and financial stability and their characteristics. Regression analysis was employed to determine the significant effect of teachers financial literacy on their financial stability. Findings from the study revealed that the teachers level of financial literacy in terms of knowledge and awareness, mindset, behavior, gain was high. The teachers financial stability in terms of investment, experience and   accountability was high. There is a significant relationship between teahers financial literacy and their characteristics Moreover, there is a significant relationship between teachers financial stability and their characteristics. Further, there was a significant effect of teachers teachers financial literacy on their financial stability. Teachers were very mindful of the importance of financial literacy and stability and were very practical in dealing with financial matters. It is recommended that teachers should be provided with more trainings on financial literacy and stability to manage their finances efficiently for personal financial sustainability and stability.