Financial Literacy and Financial Management Practices Among Teachers and Parents in Adopted Communities Of University of Bohol

Abstract

This study aimed to determine the relationship between financial literacy and financial management practices among teachers and parents in the adopted communities of the University of Bohol. Specifically, it sought to determine their knowledge, skills, attitudes, and behaviors toward financial matters and their application of sound financial principles. A quantitative research design was employed, utilizing mixed-method research. The study was conducted in Bayacabac Elementary School in Maribojoc, Bohol; Lourdes Elementary School, Cortes, Bohol; and Songculan Elementary School, Dauis, Bohol. The population consisted of 429 parents, and 39 teachers’ participants were selected using random sampling. Ethical considerations, such as informed consent and confidentiality, were strictly adhered to throughout the research process. Data were collected through a self-administered questionnaire. The collected data were analyzed using descriptive statistics, such as frequency counts, percentages, and means. The findings revealed that the respondents had a significant degree of difference in financial literacy. However, their financial management practices were found to be insignificant. The study concluded that there is a need to enhance the financial literacy of teachers and parents in the adopted communities. Financial literacy programs, and workshops can be implemented to improve their knowledge and skills in financial management. By promoting financial literacy, individuals can make informed financial decisions, reduce financial stress, and improve their overall well-being.