Income, Expenses and Expenditure Patterns of Elementary Public-School Teachers: Inputs to a Proposed Financial Literacy Program

This study sought to explore and analyze the income, expenses, and expenditure patterns of elementary public-school teachers from urban areas as inputs to a proposed financial literacy program. It employed the descriptive method of research and followed the qualitative type of study using the case study method. A total of eight (8) teachers who are married, with at least two dependents, and have been in the service for fifteen years (15) participated in the study. It gave a distinct emphasis about the comparison of teacher's expenses before and during these times when financial distress hit the world, the COVID-19 pandemic. The study looked into the income status in relation to expenses and identified their expenditure patterns as inputs for financial literacy programs. The results showed that majority of the public-school teachers tend to borrow more than what they were earning from the different lending institutions including loan sharks due to the inadequacy of their fixed income. Engaging in "sangla" ATM or ATM pawn scheme were some crucial scenarios found out in handling their financial obligations. Buy out and overpayment of loans were also evident to their indebtedness. Based on the findings, it can be concluded that the participants are financially challenged and continuously struggle to make both ends meet. A financial literacy program focusing on management of funds/resources, financial decision-making proficiency, planning, savings and investing, and financial responsibility and accountability should be developed and provided to public school teachers through faculty meetings, in-service trainings (INSET) or other division-wide gatherings. It is recommended that school heads may look into these financial concerns and a financial literacy program may be integrated in in-service training or any school or division-wide trainings and workshops. It may also be implemented for teachers in the private schools.