Challenges of and Opportunities for the Effective Implementation of Financial Education Policy in Selected Junior High Schools in the Philippines

Financial education is crucial for empowering individuals with the knowledge needed to make sound financial decisions, capitalize on market opportunities, and contribute to economic development. In response to Filipinos’ low financial literacy level, the government has implemented various policies, including the Department of Education’s Financial Education Policy (FEP). This policy aims to enhance financial literacy among students, teachers, and staff through capacity building and integrating financial education into the curriculum. This study focuses on assessing the challenges of and opportunities for the effective implementation of FEP in selected junior high schools in the Philippines. Interviews were conducted with experts, including the curriculum developer, schools district superintendent, curriculum and implementation division chief, education program supervisors, principals, and teachers. The results highlighted common challenges, including poor communication channels, insufficient resources, lack of a monitoring system and implementation plan, and the integration of multiple policies aside from FEP. Opportunities identified were potential collaboration with external institutions and establishing monitoring mechanisms. Thus, this study emphasizes the importance of clear communication strategies, adequate resources, implementation plans, and a monitoring system for the effective implementation of the FEP. Future research may include other key officials involved in FEP implementation for more insights and robust recommendations.