INTERNATIONAL CONGRESS ON RECENT ADVANCES IN SCIENCES AND TECHNOLOGY - Kuala Lumpur - Malaysia (2019-02-20)

FINANCIAL VULNERABILITY OF TEACHERS AND NON-TEACHING PERSONNEL: INPUT FOR AN INTERVENTION SCHEME
Needs and wants satisfaction is attached to human existence. By being not ready with corresponding wherewithal to cope with financial obligations related to needs and wants is the essence of financial vulnerability. This descriptive-correlation study was conducted to determine the financial vulnerability of the teachers and non-teaching personnel. Results revealed that among the demographic variables, only work category (r=0.523;p=0.023) and household size (r=0.786;p=0.033) showed significant association with financial vulnerability. While teachers obtained smaller mean rating of 2.98 compared to 3.24 for non-teaching personnel, both exhibited moderately high vulnerability. A comparison of their financial vulnerability did not indicate a significant difference except two indicators which showed significant correlation. In general, to suffice a financial obligation, teachers and non-teaching personnel have only 50 percent available cash and they must borrow the remaining 50 percent from lenders. They need to be financially educated to have better management of their scarce financial resources. A forum-seminar on financial independence was developed as intervention strategy. Keywords: Employees’ financial condition, Financial education, Financial vulnerability, Philippines, Poverty situation
Mr. Apolonio Machica, Jr, Mrs. Agnesia Machica, Mr. Tirso Morante