Factors Affecting Financial Literacy of Teachers: A Logit Analysis

The purpose of the study was to determine the influence of socio-demographic variables and factors on the financial literacy of teachers in Cluster IV, Davao City division. A total of 122 teachers in the public secondary Schools in Cluster IV Davao City division were identified through stratified random sampling. The study utilized a descriptive-predictive design. Adapted survey questionnaires which focused on the factors affecting financial literacy of teachers were utilized in the gathering of data. Frequency and Percentage, Mean, and Logistic Regression analysis were used as statistical tools of the study. Results revealed that the socio-demographic profile of the teachers which composed of age, gender, income, and educational qualifications highlighted higher number of female respondents than their male counterpart. Most teacher-respondents were under the age bracket of 31-40, with an income of Php 30,000 to 40,000, and were about to acquire their master’s degree. The level of the factors revealed very high ratings on financial knowledge, financial behavior, financial attitudes, and investing and savings. Financial attitudes obtained the highest mean rating while financial behavior recorded the lowest mean rating. The profile of financial literacy of teachers showed higher number of teachers who were not financially literate. Financial knowledge and financial attitudes significantly influenced financial literacy of teachers. Financial knowledge has the highest degree of influence to the financial literacy of teachers. This study also recommended that School Administrators should provide an intervention program or conference may be conducted by school administrators to guide and reinforce teachers understanding regarding financial literacy.