Lifestyle and Financial Management Public School Teachers

Financial woes are some of the frequent issues observed with public school teachers. They often engaged in different loans. From this perspective, the study aims to determine the lifestyles of the teachers that influence their financial management. This research used a mixed method, descriptive survey design supplemented with qualitative approach. Quantitative data were gathered from  survey and reinforced by observation, focus group discussions and interviews. Findings reveal that public school teachers have high tendencies of being fatalistic and materialistic. They want to buy things even beyond their means, this pushed them to apply for many loans. Though they have financial woes, their values in believing God prevail as they expect God’s intervention in their financial difficulties. Furthermore, findings show that teachers are somewhat literate in managing their finances. They do not give much importance to recording and organizing their expenses. They experience overwhelming stress financially as they are not satisfied with their financial situation and afraid of their future financial concerns. Based on the findings, the teachers’ lifestyles are influenced by their poor financial literacy. It is recommended that teachers undergo seminars and training to develop their financial management skills and understanding.

 

Keywords: Financial management, teacher’s lifestyle, financial well-being, financial literacy, materialism, fatalism