Financial Literacy and Personal Financial Management of Solo Parent Teachers in General Santos City, Philippines

Abstract

The experiences of solo-parent teachers deserve attention, particularly the challenges they face and the strategies they use to cope. One crucial aspect that can help them navigate financial difficulties is financial literacy, which enables individuals to make informed decisions in managing their resources effectively. The research focused on determining the financial literacy and its influence on the personal financial management of the solo parent teachers in public schools, specifically their knowledge and financial management practices. It utilized a quantitative research approach, employing a self-administered adapted questionnaire distributed to thirty solo parent teachers in the Division of General Santos City, Philippines. The data was analyzed using Pearson r Moment Correlation, and the results revealed that respondents demonstrated a high level of financial literacy and effective financial management habits. Additionally, findings indicated a significant positive correlation between financial literacy and personal financial management, suggesting that financial literacy plays a crucial role in how solo parent teachers handle their finances. Based on these insights, it is recommended that policy initiatives be implemented further to strengthen the financial literacy of solo-parent teachers, ultimately enhancing their financial stability and well-being.