Lifestyle and Financial Management of Public School Teachers

Financial woes are the frequent issues observed with the public school teachers. They engage in different loans. From this perspective, the study aimed to determine the lifestyles of the teachers that influence their financial management. This research used a mixed method. The descriptive design was supplemented with qualitative approaches. Quantitative data gathered from the descriptive survey was reinforced by observation, focus group discussion, 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, thus pushed them to engage in different 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 not literate in managing their finances. They do not give much importance to recording and organizing their expenses. They have the overwhelming stress of their financial well-being 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 should undergo seminars and training to develop their financial management skills and understanding.

 

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