Strengthening Teacher's Financial Literacy towards Financial Education

Strengthening Teacher's Financial Literacy towards Financial Education

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Nicole Cabal started this petition to DEPED

Mission: To provide financial literacy for teachers so that they can teach students their skills and manage their own financial problems.

Vision: Not only for teachers, but also for students, to spread financial literacy, financial education and financial awareness. 

 

         It is alarming to note that public schools in the Philippines have suffered from loans over the last few decades. A most noteworthy survey from 2016, when due to unpaid loans, over 26,000 teachers failed to use their retirement benefits. Many educators are drowned by financial obligations from different banks and lending businesses. 

 

          Why are teachers falling into debt? Are their pay delays the primary cause? The majority of teachers complain about getting too little pay. You even need to invest in school supplies and resources such as computers, paper, chalk, and ink. Their gross salary is not adequate because they have to borrow? Private and credit institutions are partly responsible for providing rapid access to a system that charges them easily by payroll deductions? 

 

           Their incomes, as a common purpose, are not adequate to respond to their basic and social needs. The method of handling money to attain personal economic happiness is personal financial planning. An structured mechanism that is generally referred to as personal money management or personal financial planning is the product of both financial and personal satisfaction. 

 

         By financial planning, teachers can achieve personal economic satisfaction. This approach helps teachers to monitor their financial condition. Teachers first need to define and set goals in order to do this. Having a strategy to spend, save, and save money creates a difference about how well it can fulfill financial needs and goals. Meeting such objectives calls for financial planning that includes budgeting and managing taxes, liabilities, purchasing decisions, managing insurance, managing investment, retirement and estate planning.

 

         Potentially, many factors will drive teachers to borrow from public schools. Financial literacy should initially be taught to them for now. Integrating financial education into the curriculum of teacher education and in-service preparation of public school teachers can be an important way not only of enriching future teachers' academic training, but also of motivating them to ensure a wealthier and more stable future for themselves and their families.

 

        "It's all about literacy in finance. Solutions to the issues we encounter are found. It looks for ways to fulfill your goals and what you want to be, and for the rest of your lives," said DepED Secretary Leonor Briones. To address the increasing demand for more investment in the country, the financial industry advises that after putting their savings aside, Filipino teachers should save first and spend whatever is left.

 

 

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