Relationship Between Financial Management Skills and Job Satisfaction

among the Teachers of Bagumbayan National High School

GROUP 1 ABM

PENDATUN, NADINE

AMOLORIA, ANGELA

GALLENERO, JAYMARK

MALLORCA, JILLIAN

PALOMO, PRETCHIE
 CHAPTER 1

THE PROBLEM AND ITS SETTING

Background of the Study

Financial management is concerned with the organization's decisions on how

to source funds, how to control financial resources through financial controls,

prudent allocation of financial resources, and accountability measures (Allis, 2014).

Financial management is a vital activity in any school. It is a process of planning,

organizing, controlling, and monitoring financial resources with a view to achieving

organizational goals and objectives. It is an ideal practice for controlling the financial

activities of a school such as procurement of funds, utilization of funds, accounting,

payments, risk assessment, and every little thing that is related to money (Nobanee

& Abraham, 2015).

In the educational system, the most essential part is teachers, and 1.4 million

teachers of Pakistan, who work across different levels of formal and non-formal

delivery systems, in both public and private sectors are considered social engineers

of 21st century but their economic status is seen as a critical measure to assess

where teachers stand in the career options landscape in society, especially in the

shifting perception of an overworked and underpaid profession. The remuneration

paid to teachers at both the public and low-cost private schools is generally very low

with hardly any job security because for years, teachers, especially those from the

public sector, have complained of low remuneration and salary packages. Female
teachers employed by low-cost private schools are notoriously underpaid. Lack of

adequate salary packages undermines teachers' productivity in several ways like

resorting to secondary employment activities and leading to increased absenteeism

(Fatima & Ali, 2016).

Teachers are the employees of the educational organization, and their job

satisfaction promotes teaching and learning. Employees demonstrate pleasurable,

positive attitudes when they are satisfied with their jobs (Millian et al, 2011). The

financial management of teachers plays a ritual role in their overall well-being, job

satisfaction, and ability to fulfill their professional responsibilities. Teachers encounter

various financial challenges that can impact their financial management. These

challenges include relatively low salaries compared to other professions, limited

opportunities for career advancement, inadequate benefits, and increasing living

costs (Anahtor, 2020).

Understanding the financial management practices and challenges faced by

teachers is of paramount importance. By gaining insight into their financial realities,

policymakers, educational institutions, and relevant stakeholders can develop

targeted interventions to address the specific financial needs of teachers. By

equipping teachers with the necessary financial management skills and knowledge,

they can make informed financial decisions, plan for the future, and enhance their

financial well-being by addressing the financial challenges specific to teachers and

providing them with the necessary tools and resources it is possible to improve their

financial management practices and enhance their overall financial well-being.

A lot of individuals have a poor understanding of their own finance concepts;

and that does not include teachers, their perspective regarding spending and
behavioral improvements are troubling; and their ability to perceive information,

rather than just receive it, is lacking; as a result, they are making poor decisions

without fully understanding all or most of the circumstances of each case (Elomina,

2021). During Dr. Leonor Briones's tenure in office, she identified prevalent issues in

teachers' financial management, including overspending, high liabilities, careless use

of credit cards, frugal budgeting, and inadequate funds to meet basic needs (Galang,

2021). Financial management allows us to live comfortably and make use of money

on the things that satisfy our everyday lives. All elements of personal and

professional life require financial planning and control. Everyone should learn and

study financial management, regardless of their financial condition, and adapt it to

improve their lives (Bhatt, 2011). Having that in mind, individuals' financial practices

are determined by their financial knowledge, and those who are missing financial

knowledge and capability can just rely on financial planning services to make logical

financial decisions (M.U, 2019).

Based on the study of the Philippine Institute for Developmental Studies

(PIDS) on households, the current secretary of the Department of Education noted

that the propensity of public school teachers to borrow is 50 percent higher

compared to government employees like police officers and nurses. Leisure travel

topped the commonly listed interests of teachers. Travels that are planned or

unplanned lead to misuse of financial income. They also spend most of their budget

on their basic needs. These include food, shelter, clothing, and daily fares

(Perculeza, 2016). They also spend on classroom first aid kits and cleaning supplies.

Every school year, teachers allot a budget for furniture and decorations to make

classrooms more conducive for learners. On top of that, teachers have low family

income and housing ownership levels. Furthermore, they lack skills in financial
management and planning which results in a high incidence of informal credit and

significant housing debt. Those are some of the contributing factors to why teachers

tend to borrow money (Ferrer, 2017).

The purpose of this study is to investigate how teachers' debt management,

savings, and budgeting strategies affect their level of job satisfaction. The study can

uncover any financial difficulties or pressures that teachers may have, which may

have an impact on their overall job happiness, by examining the association between

financial management skills and job satisfaction. The study may also be used to

determine what resources or financial assistance Bagumbayan National High School

instructors might need in order to improve their level of work satisfaction.

Conceptual Framework

This research titled Relationship Between Financial Management Skills and

Job Satisfaction among the Teachers of Bagumbayan National High School was

given a conceptual framework to better understand and to know the purpose of the

study. To assume that teacher's financial management skills, including planning,

satisfaction including work treatment, job pressure, and age were identified as

dependent variables since they depended on the independent variables.

Figure 1

The Conceptual Framework of the Study

INDEPENDENT VARIABLES DEPENDENT VARIABLES

Teachers' Financial

Management Skills
Teachers' Job Satisfaction
 Planning
 Work treatment
 Budgeting
 Job pressure
 Saving
 Leadership behavior

The conceptual framework highlights the independent variables of Financial

Management in terms of Planning, Budgeting, Investing; and Job Satisfaction in

terms of Work treatment, Job pressure, and Age. It emphasizes their mutual

influence on each other.

Statement of the Problem

financial management skills and job satisfaction among teachers of Bagumbayan

National High School.

Specially, it aims to answer the following questions:

1. What is the level of teachers' financial management skills in terms of the

following parameters?

1.1. Planning

1.2. Budgeting

1.3. Saving

2. What is the teachers' level of job satisfaction in terms of the following parameters?

2.1. Work treatment

2.2. Job pressure

2.3. Leadership behavior

3. Is there a significant relationship between teachers' financial management skills

and job satisfaction?

Hypothesis

Ho: There is no significant relationship between teachers' financial management

skills and job satisfaction.

Significance of the Study

knowledge in the field of education, enlightening the relationship between financial

management and job satisfaction among teachers. Additionally, researchers can

learn more about how job satisfaction may be impacted by financial management

practices.

To the Community. This study can encourage community engagement in

supporting teachers, such as through financial literacy programs and initiatives to

reduce financial stress among educators. The community can use the study's

findings to advocate for better teacher support, which will result in a more thriving

educational environment.

To the Government Agencies / Organizations. This study will help the

Department of Education to lessen and/or provide solutions regarding the problems

of teachers' financial management. This can also help the DepEd to develop policies

and guidelines aimed at improving teachers' financial well-being and job satisfaction.

To the Industry. This study can be beneficial to the industry it can highlight

the importance of providing financial management training and support for teachers

and help improve the overall quality of education in the industry. They can use the

findings as references to improve job satisfaction by implementing programs that can

enhance teachers' financial management skills, reduce financial stress, and satisfy

the workforce.

To the People. The people can be aware that teachers can allocate their

income wisely and plan for future expenses. This can lead to a greater sense of job

satisfaction and fulfillment both inside and outside the classroom.

financial management and Job satisfaction can provide valuable insights for

educators. This study will serve as a reliable source for them when conducting the

same research as ours.

Scope and Delimitations

This study focuses on the correlation between teachers' financial

management skills and job satisfaction.

This study also aims to gather data from teachers at Bagumbayan National

High School, ensuring representation from various departments and grade levels

through random sampling.

In this study, the researchers will employ a correlational research design,

employing a survey questionnaire to gather data on teachers' financial management

and job satisfaction.

This study will be conducted at Bagumbayan National High School, which is

located in Purok. Roxas, Poblacion, Bagumbayan, Sultan Kudarat. The research will

focus on the teachers' financial management skills and job satisfaction within this

particular educational institution.

The study's timeline is expected to be six to eight months, influenced by

factors like participant availability, data collection, analysis, and report writing.

While conducting this study, possible problems are to be expected, including

the teachers' participation, time, data availability, budgetary constraints, and limited

resources for data collection and analysis.

Financial Management refers to a business supervision and handling of the

financial affairs of an organization. This refers to the strategies and practices that

teachers employ to manage their personal finances including planning, budgeting,

saving, and making financial decisions related to their salaries and expenses.

Job Satisfaction is a feeling of fulfillment or enjoyment that a person derives from

their job/work.This refers to the level of contentment and happiness that teachers

experience in their work.

Teachers are persons who instructs or trains a student in a various skills and

subjects in school. This refers to the specific group of educators who are the subject

of our study.

Budgeting is the process of calculating how much money you must earn or save

during a particular period of time. This refers to the process by which teachers

manage a financial plan that outlines their expected income and expenses.

Planning refers to the process of making plans for something. This refers to the

strategies and decisions made by teachers regarding their financial well-being.

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