Financial Management Practices, Capability and Financial Well-Being of Public High School Teachers

The need for teachers to be financially capable and having a prominent financial well-being are imperative at any cost. The overall intent of this study is to assess the financial management practices, capability and financial well-being among sampled public high school teachers in Quezon City during the school year 2015 – 2016. The descriptive method of research through quantitative and qualitative approach was utilized in the study. A total of 246 high school teachers from 3 selected public high schools in Quezon City served as respondents of this study. A researcher-made questionnaire, validated by experts, was utilized in gathering data. Frequency, percentage, weighted mean and correlation were used in the treatment of data. The findings of the study were: 1. Budgeting and debt management servicing are the only financial management practices performed by the respondents which denote to be remarkable. On the other hand, they are poor in investing. 2. Majority of the respondents are married and just earning the salary range of Php 15,001 to Php 20, 000 equivalent to an entry level position or just the salary grade of a Teacher 1. Correspondingly, they have 1-2 dependents. 3. In terms of their length of service in the public, respondents are into 6-10 years of teaching. 4. With respect to financial wellbeing, only the availability of funds to meet financial obligation is quite impressive. The rest indicators need enrichment or improvement so the respondents can attain financial satisfaction. 5. When it comes to the relationship of financial well-being to financial management practices only two variables show significant relationships. These are the availability of funds to secure financial future and spending; and the availability of funds to enjoy family or love ones and spending practice. Meanwhile, for financial well-being and financial capability, the study demonstrates relationship on availability of funds to meet financial obligation and teaching position; availability of funds to secure financial future and civil status; and availability of funds for educational advancement and civil status.


1.Introduction
In 21st Century, rational individuals are required to take increasing responsibility for managing a variety of economic risks over their life. Individuals, who make their economic decisions and effectively interact with financial service providers, are more likely to be successful in reaching financial goals against financial and economic risks, improved their household's welfare, and support economic growth.
Economic and financial literacy is also key factor in achieving economic goals of rational individuals (Dilek et.al. 2018, p.14). Personal welfare also promotes the welfare of society. Therefore, financial capability has become a policy priority for policy makers who are seeking to promote beneficial financial inclusion and to ensure financial stability.
Financial capability is defined by the World Bank (2013) as the capacity to act one's best financial interest, given socio economic and environment conditions. It encompasses knowledge (literacy), attitudes, skills and behaviors of consumers with respect to understanding, selecting and using financial services, and the ability to access financial services that fit their needs.
Rational individuals have to know their current financial standing. Ask yourself, where you currently stand in terms of current income then make your financial targets. Determine where you want to be, and when. The difference where you are right now, and where you want to be is your financial track that you will have to map out and plan specific activities.

Conceptual Framework
This study is anchored on the concept of financial management practices, capability and financial well-being of teachers. This pronouncement concludes that teachers are responsible for the betterment of their financial well-being. The emphasis of the study would be on financial management as development. It is because teachers are managers and have the capability to ensure the maximum financial stability.
A school or educational institution may provide the best educational programs, physical plant and other materials for teaching but if the faculty members will not perform well in finances of the school, the final product which is student achievement and professional readiness is likely to be of poor quality. Students cannot learn so much if the teacher suffers financial difficulties. On the contrary, if the faculty members are dedicated to their work and responsible as regards to having high level of financial stability, then they may even overcome all odds that may impede quality achievement. Thus there should be a great effort making an effective, efficient and financially stable teacher and to educate more successful individuals (Hernandez, 2013).

Financial Management System
Economywatch (2012) clearly elaborates the description of financial management. It says that financial management entails planning for the future of a person or a business enterprise to ensure a positive cash flow. It includes the administration and maintenance of financial assets. Besides, financial management covers the process of identifying and managing risks.
Businessdictionary.com (2012) describes financial management as planning, directing, monitoring, organizing and controlling of the monetary resources of an organization.
FreeMBA.in (2012) defines financial management as a specialized function of general management which is related to the procurement of finance and its effective utilization for the achievement of common goal of the organization.
Financial Management has been defined differently by different scholars. One of them is due to Weston and Brigam (2003). According to them Financial Management is an area of financial decision making harmonizing individual motives and enterprise goals. Another definition is made by Howard and Upton (2002). They defined Financial Management as the application of the planning and control functions to the finance function. Additionally, according to Joseph and Massie (2003) Financial Management is the operational activity of a business that is responsible for obtaining and effectively, utilizing the funds necessary for efficient operations. In literature we witnessed many similar definitions of financial management. Considering all of these definitions it becomes clear that financial management is that specialized activity that is responsible for obtaining and effectively utilizing the funds for the efficient functioning of the business.
One of the key factor of financial management is financial literacy. Of course to manage assets efficiently, rational decision makers should be economic and financial literant. Economic and financial literacy both contributes to personal and social welfare (Dilek et.al. 2018, p.14). If school teachers become economic literate, students will have opportunity to earn more.
Financial management practices are likely to have an important effect on the financial performance of enterprises and firms. Because of this reason, sound financial decisions/practices can contribute towards meeting the desired objective of having operations.

Statement of the Problem
This study determined and analysed the financial management practices, capability and financial well -being of public high school teachers in Quezon City.

Financial Management Practices, Capability and Financial Well-Being of Public High School Teachers
"İnsan ve Toplum Bilimleri Araştırmaları Dergisi"

Research Design
In this study, the descriptive method through quantitative and qualitative approaches was utilized. Descriptive research was employed since it utilized survey questionnaire. The descriptive method describes and explains the interpretations of what is being described. Calderon and Gonzales (2013) pointed out that "the descriptive method of research is a fact-finding study with adequate and accurate interpretations of the findings". Descriptive method also describes what actually exists which pertains to current conditions, practices, situations, or any phenomena. It was used in describing teacher's financial management practices, capability and financial well-being.
Descriptive Correlational research was the method utilized in this study since the significant relationship between financial well-being and: 1) financial management practices and 2) financial capability were measured.

Population and Sample
The study was conducted in three (3)  The respondents were composed of faculty members that are engaged in the teaching-learning process having a direct interaction with the learners. Respondents were chosen by a stratified sampling method of selection. [3403]

Instrumentation
The main data-gathering instrument of this study was based on the researcher-made questionnaire-checklists that have been presented, evaluated, and approved by the members of the research team. The questionnaire had three parts, First, Financial capability with respect to their monthly take home pay (earning capacity), length of teaching experience in the public high school, position, civil status and number of dependents. Second, The assessment on financial management practices such as saving, budgeting, spending, investing, and debt management servicing and third, Financial well-being supported by the indicators where the respondents can check what describes them.

Summary of Findings
The treatment of data reveal the following essential findings.

Financial Management Practices of the Respondents
1.1 Saving. The top three saving practices are the following: 1. allocating a portion of income for insurance most specifically health insurance with a weighted mean of 3.11, moderately practiced; 2. saving for emergency with a weighted mean of 3.05, moderately practiced, and 3. showing that the respondents can save 20 percent of their salary with a weighted mean of 2.83, moderately practiced.
1.2 Budgeting. This is the only kind of financial management practice in which the teacher respondents practiced very much on the given indicators with a general weighted mean of 3.92. The topmost budgeting practice are the following: 1. expecting how much bills and utilities to be paid monthly with a weighted mean of 4.41, 2. aware in determining how much money needed in meeting basic needs with a weighted mean of 4.00 and 3. Know boundaries and can set limits for expenses, with a 3.93 weighted mean. All are practiced most of the time.
1.3 Spending. The uppermost spending practice performed by the respondents are: 1) Spend fixed expenses and priority purchases specifically on bills weighted mean of 4.11, practiced most of the time; 2) again under fixed expense and priority purchases -groceries 3.75 weighted mean, practiced most of the time; and 3) having the ability to trace how much money to be spent in a month with a weighted mean of 3.52, practiced most of the time.

Financial Well-being of the Respondents
3.1. Availability of funds to meet financial obligations. There are 89 respondents or 36.18 percent who are capable of securing the aforementioned indicator for financial well-being which is considered to be the highest in terms of frequency. However, there were 16 respondents or 6.50 percent who are constantly struggling.

Financial Management Practices, Capability and Financial Well-Being of Public High School Teachers
"İnsan ve Toplum Bilimleri Araştırmaları Dergisi" 3.5. Availability of funds for educational advancement. The data shows almost the same result with the former indicators. A total of 76 respondents or 30.90 percent who have said to have it "seldom" and only 26 of them or 10.57 percent who answered "very often". When asked why some teachers did not earn or earning masters' units or degree, availability of funds could be a major reason.

Significant Relationship between the Respondents Financial Well-being and
4.1 Financial Management Practices. With the aid of SPSS program using chi-square procedure, there are significant relationships on the following variables: availability of funds for financial future security and spending and availability of funds to allow enjoyment of life with family or loved ones and spending with chi-square value of .010 and .000 respectively.
4.2 Financial Capability. The following correlations tend to have significant relationships: availability of funds to meet financial obligations and teaching position with a chi-square value of .004; availability of funds to secure financial future and civil status, chi-square value of .021; and between availability of funds for educational advancement and civil status with chisquare significance of .006 that paved the way to reject the null hypothesis.

Conclusions
Based on the findings, the following conclusions are drawn.
1. Budgeting and debt management servicing are the only financial management practices of the respondents which denote to be remarkable.
On the other hand, they are poor in investing.

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ISSN: 2147-1185 [3406] 2. Majority of the respondents are married and just earning the salary range of Php 15,001 to 20, 000 equivalent to an entry level position or just the salary grade of a Teacher 1. Correspondingly, they have 1-2 dependents.
3. In terms of their length of service in the public school, the respondents serve for 6-10 years of teaching. From the Four Phases in Life, they are on the third and the most important phase-accumulation phase. While earning, they are expected to start saving and accumulating.
4. With respect to financial well-being, only the availability of funds to meet financial obligation is quite impressive. The rest indicators needs enrichment or improvement so the respondents can attain financial satisfaction.
5. When it comes to the relationship of financial well-being to financial management practices and financial capability, the study shows neither weak nor strong correlation. Truly, financial well-being of one's person does not greatly rely on his practices and financial capability. Individuals value different things. Income or net worth, while important, do not necessarily or fully ensure financial well-being.

Recommendations
In the light of the foregoing conclusions, the following recommendations are hereby offered:

A. Public High School Teachers
1. Be conscious on their financial stability. They must improve their financial management practices and reinforce their financial capability. Financial freedom to make choices that allow enjoyment of life is an important measure.
2. Have control over day-to-day, month-to-month finances and being on track to meet financial goals are stepping stones to financial well-being.
3. We can be wealthy. Even if we are not earning hundreds of thousands. We just need to a start saving as well as investing even in small amounts. Make a conscious effort to save a certain amount of money and do it consistently for a long time.
4. Have a right mindset. Being rich starts not with how much money a person has in pocket but with his mindset. One formula, the mindset formula -Mindset plus Action equals Results.
5. They should give information about finance and economics to students