Financial Capability of Public School Teachers in the Philippines

Jerick C Ferrer

doi:10.2121/edu-ijes.v11i1.1049

Financial Capability of Public School Teachers in the Philippines

Jerick C Ferrer

Abstract

ABSTRACT: The overarching objective of this research is to investigate the current financial capability of public school teachers in the Philippines.The current study focused on the three key measures of financial capability: money management; ability to plan ahead; and financial literacy.This research followed a descriptive design and utilized survey as its method. Frequencies and percentages were computed to examine the three key measures of financial capability of the respondent-teachers. Data gathered were also compared in terms of regions and school levels. The survey was conducted among public school teachers in two regions: Region IV-A and the NCR (National Capital Region). Results shows that the financial capability of public school teachers is far from what is desired and merely reflects the negative trend on financial capability nationally and all over the world. Contributing to this findings are the respondent-teachers’ deficient money management skills, low incidence of financial planning, and inadequate knowledge on basic financial concepts as reflected in their dismal performance in the financial literacy quiz. Integrating financial education in the teacher education curriculum and in-service training of public school teachers can be an effective means not only to enrich the academic training of future teachers, but also to empower them to secure a more wealthy and prosperous future for themselves and for their family. While the current study provided server insights on the current level of financial capability of the public school teachers in terms of its three key measures, further research is necessary to validate these findings.

KEY WORDS: Financial Capability; Financial Literacy; Financial Planning; Money Management; Public School Teachers.

About the Author: Jerick C. Ferrer is an Assistant Professor IV at the Faculty of Education Science PNU (Philippine Normal University), Taft Avenue, Manila 1000, the Philippines. For academic interests, the author is able to be contacted via e-mail address at: ferrer.jc@pnu.edu.ph

Suggested Citation: Ferrer, Jerick C. (2018). “Financial Capability of Public School Teachers in the Philippines” in EDUCARE: International Journal for Educational Studies, Volume 11(1), August, pp.59-78. Bandung, Indonesia: Minda Masagi Press owned by ASPENSI with ISSN 1979-7877 (print) and ISSN 2621-587X (online).

Article Timeline: Accepted (April 21, 2018); Revised (June 22, 2018); and Published (August 30, 2018).

Keywords

Financial Capability; Financial Literacy; Financial Planning; Money Management; Public School Teachers

Full Text:

PDF

References

Agarwalla, S.K. et al. (2012). “A Survey of Financial Literacy among Students, Young Employees, and the Retired in India”. Working Paper for the Indian Institute of Management Ahmedabad. Available online also at: http://www.iimahd.ernet.in/fls/fls12/Executive_Summary.pdf [viewed in Manila, Philippines: 23 June 2017].

Aizcorbe, A.M., A.B. Kennickell & K.B. Moore. (2003). “Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances”. Available online at: http://www.federalreserve.gov/pubs/bulletin/2003/0103lead.pdf [viewed in Manila, Philippines: 27 December 2017].

Alejandrino, Krishna. (2016). “Are Millennials the Future of Our Country?” in ABS-CBN News, on June 18. Available online also at: https://news.abs-cbn.com/focus/06/18/16/are-millennials-the-future-of-our-country [viewed in Manila, Philippines: 27 December 2017].

Ali, Z. & S.B. Bhaskar. (2016). “Basic Statistical Tools in Research and Data Analysis” in Indian Journal of Anaesthesia, Volume 60(9), September, pp.662-669. Available online also at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5037948/ [viewed in Manila, Philippines: 27 December 2017].

Atkinson, A. & F. Messy. (2012). “Measuring Financial Literacy: Results of the OECD/International Network on Financial Education (INFE) Pilot Study” in OECD Working Papers on Finance, Insurance and Private Pensions, No.15, OECD Publishing. Available online also at: http://dx.doi.org/10.1787/5k9csfs90fr4-en [viewed in Manila, Philippines: 23 June 2017].

Barbosa, Alexandre et al. (2016). Method Guide 3: Survey Sampling and Administration. Brazil: Global Kids Online. Available online also at: http://eprints.lse.ac.uk/71256/1/Guide-3-Survey-sampling-and-administration [viewed in Manila, Philippines: 27 December 2017].

Blair, J., R.F. Czaja & E.A. Blair. (2013). Designing Surveys: A Guide to Decisions and Procedures. New York: Sage Publications.

Brunton, Colmar. (2009). Financial Knowledge Survey. New Zealand: Retirement Commission of New Zealand. Available online also at: http://www.consumeraffairs.govt.nz/legislation-policy/policy-reports-and-papers/research/ANZ-Retirement-commission-report.pdf/view [viewed in Manila, Philippines: 19 June 2017].

Burian, Philip E., Lynda Rogerson & Francis R.S. Maffei. (2010). “The Research Roadmap: A Primer to the Approach and Process” in Contemporary Issues in Education Research, Vol.3, No.8 [August]. Available online also at: https://files.eric.ed.gov/fulltext/EJ1072689.pdf [viewed in Manila, Philippines: 27 December 2017].

Calamato, Maria Paula. (2010). “Learning Financial Literacy in the Family” in Master's Theses, No.3849. Available online also at: http://scholarworks.sjsu.edu/etd_theses/3849 [viewed in Manila, Philippines: 27 December 2017].

Cohen, Monique & Candace Nelson. (2011). “Financial Literacy: A Step for Clients towards Financial Inclusion”. Commissioned Workshop Paper for the Global Microcredit Summit, pp.14-17.

Colthart, Iain et al. (2008). “The Effectiveness of Self-Assessment on the Identification of Learner Needs, Learner Activity, and Impact on Clinical Practice” in BEME Guide: Medical Teacher, No.10, pp.124-145. Available online also at: https://www.tau.ac.il/medicine/cme/pituach/140410/7.pdf [viewed in Manila, Philippines: 27 December 2017].

Dayang, J.E. (2011). “Effects of Financial Education among Overseas Filipino Workers (OFWs) in Seoul, Korea: Evidence from a Survey”. Available online at: https://jedayang.wordpress.com/tag/overseas-filipino-workers/ [viewed in Manila, Philippines: 19 June 2017].

de Guzman, Allan B. (2008). “Creating Space for Legitimate Participation of Youth in Education for Sustainability (ES) through Service Learning: Toward a ‘Liberatory Praxis’ for Pedagogy of Sustainability (PS)” in SEAMEO Library. Available online also at: http://www.seameo.org/vl/library/dlwelcome/projects/jasper/jasper07/full_paper [viewed in Manila, Philippines: 27 December 2017].

Demirguc-Kunt, A. & L. Klapper. (2012). “Measuring Financial Inclusion: The Global Findex Database” in World Bank Working Paper, No.6025, published in Washington, D.C. Available online also at: http://www.brookings.edu/~/media/Projects/BPEA/Spring%202013/2013a_klapper.pdf [viewed in Manila, Philippines: 18 June 2017].

Diacon, Stephen & Nurul Shahnaz Ahmad Mahdzan. (2008). “Protection Insurance and Financial Wellbeing”. A Report for the Financial Services Research Forum. Available online also at: https://www.nottingham.ac.uk/business/businesscentres/crbfs/documents/researchreports/paper55.pdf [viewed in Manila, Philippines: 27 December 2017].

Dobre, Ovidiu-Iliuta. (2013). “Employee Motivation and Organizational Performance” in Review of Applied Socio-Economic Research, Volume 5, Issue 1. Available online also at: ftp://ftp.repec.org/opt/ReDIF/RePEc/rse/wpaper/R5_5_DobreOvidiuIliuta_p53_60.pdf [viewed in Manila, Philippines: 27 December 2017].

D’Ortenzio, Carlo. (2012). “Understanding Change and Change Management Processes: A Case Study”. Unpublished Ph.D. Thesis. Canberra, Australia: University of Canberra. Available online also at: http://www.canberra.edu.au/researchrepository/file [viewed in Manila, Philippines: 27 December 2017].

Drexler, A., G. Fisher & A. Schoar. (2014). “Keeping it Simple: Financial Literacy and Rules of Thumb”. Available online at: https://www.povertyactionlab.org/publication/keeping-it-simple-financial-literacy-and-rules-thumb [viewed in Manila, Philippines: 22 June 2017].

Ferrer, Jerick C. (2017). “Caught in a Debt Trap? An Analysis of the Financial Well-being of Teachers in the Philippines” in The Normal Lights, Vol.11, No.2. Available online also at: https://www.researchgate.net/publication/321996577 [viewed in Manila, Philippines: 2 March 2018].

FINRA [Financial Industry Regulatory Authority]. (2013). “Financial Capability in the United States: Report of Findings from the 2012 National Financial Capability Study”. Available online at: http://www.usfinancialcapability.org/downloads/NFCS_2012_Report_Natl_Findings.pdf [viewed in Manila, Philippines: 5 July 2017].

Fraenkel, J.R. & N.E. Wallen. (2006). How to Design and Evaluate Research in Education. New York: McGraw-Hill, 6th edition.

Ghani, Shazia. (2013). “Global Financial Crisis of 2007: Analysis of Origin Assessment of Contagion to Emerging Economies, Lessons Challenges for Financial Regulation” in Economies and finances, published by Universite de Grenoble. Available online also at: https://tel.archives-ouvertes.fr/tel-00987627/document [viewed in Manila, Philippines: 27 December 2017].

Glatthorn, A.A. & R.L. Joyner. (2005). Writing the Winning Thesis or Dissertation. Thousand Oaks, California: Corwin Press.

Grifoni, A. & F. Messy. (2012). “Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices” in OECD Working Papers on Finance, Insurance, and Private Pensions, No.16, OECD Publishing.

Gropello, Emanuela di, Hong Tan & Prateek Tandon. (2010). Skills for the Labor Market in the Philippines. Washington, D.C.: The International Bank for Reconstruction and Development/the World Bank. Available online also at: https://www.skillsforemployment.org/edmsp1/groups/skills/documents/skpcontent [viewed in Manila, Philippines: 27 December 2017].

Han, Jiying, Hongbiao Yin & Mark Boylan. (2016). “Teacher Motivation: Definition, Research Development, and Implications for Teachers” in Cogent Education, Volume 3(1), DOI: 10.1080/2331186X.2016.1217819

Hastings, J.S., B.C. Madrian & W.L. Skimmyhorn. (2013). “Financial Literacy, Financial Education, and Economic Outcomes” in Annual Review of Economics, Volume 1(5), May, pp.347-373. Available online also at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3753821/ [viewed in Manila, Philippines: 27 December 2017].

Hung, A., J. Yoong & E. Brown. (2012). “Empowering Women through Financial Awareness and Education” in OECD Working Papers on Finance, Insurance, and Private Pensions, No.14. OECD Publishing. Available online also at: http://dx.doi.org/10.1787/5k9d5v6kh56g-en [viewed in Manila, Philippines: 23 June 2017].

Ibrahim, M.E. & F.R. Alqaydi. (2013). “Financial Literacy, Personal Financial Attitude, and Forms of Personal Debt among Residents of the UAE” in International Journal of Economics and Finance, Vol.5, No.7, p-ISSN 1916-971X and e-ISSN 1916-9728. Available online also at: viewed http://ccsenet.org/journal/index.php/ijef/article/viewFile/28432/17016 [viewed in Manila, Philippines: 23 June 2017].

Inciong, Teresita G. (2005). “The Development of Welfare and Education for Children with Mental Retardation towards Inclusion: The Philippine Experience”. Paper presented during the Conference on the Development of Welfare and Education of Children with Mental Retardation in Asia towards Inclusive Education at the Seisa University, Hokkaido, Japan, on July 9-10. Available online also at: http://www.jldd.jp/gtid/global_trend/3_The_Development_Welfare_and.pdf [viewed in Manila, Philippines: 27 December 2017].

INFE [International Network on Financial Education]. (2008). Financial Education in Schools. USA [United States of America]: OECD Publications. Available online also at: https://www.oecd.org/finance/financial-education/FinEdSchool_web.pdf [viewed in Manila, Philippines: 27 December 2017].

Jewkes, R., E. Dartnall & Y. Sikweyiya. (2012). Ethical and Safety Recommendations for Research on the Perpetration of Sexual Violence. Pretoria, South Africa: Medical Research Council. Available online also at: www.svri.org/EthicalRecommendations.pdf [viewed in Manila, Philippines: 27 December 2017].

Johnson, Elizabeth & Margaret S. Sherraden. (2007). “From Financial Literacy to Financial Capability among Youth” in The Journal of Sociology & Social Welfare, Volume 34, Issue 3, Article 7. Available at: https://scholarworks.wmich.edu/jssw/vol34/iss3/7 [viewed in Manila, Philippines: 27 December 2017].

Jumpstart. (2008). “Survey of Personal Financial Literacy among High School Students”. Available online at: http://www.jumpstart.org/fileindex.cf [viewed in Manila, Philippines: 22 May 2017].

Karelaia, Natalie & Jochen Reb. (2015). “Improving Decision Making through Mindfulness” in Mindfulness in Organizations: Foundations, Research, and Applications, pp.163-189. Available online also at: http://ink.library.smu.edu.sg/lkcsb_research/4809 [viewed in Manila, Philippines: 27 December 2017].

Kelley, K. et al. (2003). “Good Practice in the Conduct and Reporting of Survey Research” in International Journal for Quality in Health Care, Volume 15(3), pp.261-266.

Kempson, Elaine, Andrea Finney & Christian Poppe. (2017). “Financial Well-Being: A Conceptual Model and Preliminary Analysis”. Final Edition: Project Note, No.3. Oslo, Norway: Consumption Research Norway.

Kidwell, Blair & Robert Turrisi. (2004). “An Examination of College Student Money Management Tendencies” in Journal of Economic Psychology, Volume 25, pp.601-616. Available online also at: https://www.researchgate.net/publication/222607861_An_examination_of_college_student_money_management_tendencies [viewed in Manila, Philippines: 27 December 2017].

Kolzow, David R. (2014). “Leading from Within: Building Organizational Leadership Capacity”. Available online at: https://www.iedconline.org/clientuploads/Downloads/edrp/Leading_from_Within.pdf [viewed in Manila, Philippines: 27 December 2017].

Lavy, V. (2002). “Evaluating the Effect of Teachers' Group Performance Incentives on Pupil Achievement Source” in The Journal of Political Economy, Vol.110, No.6 [December], pp.1286-1317, published by the University of Chicago. Available online also at: http://www.jstor.org/stable/3078474 [viewed in Manila, Philippines: 23 June 2017].

Leichner, Nikolas et al. (2016). “Self-Assessment Scores Increase in Parallel with Objective Performance Measures: The Case of Information Literacy in the Context of a Randomized Blended Learning Program Evaluation” in Journal of Education and Human Development, Vol.5, No.1 [March], pp.86-96. Available online also at: http://jehdnet.com/journals/jehd/Vol_5_No_1_March_2016/9.pdf [viewed in Manila, Philippines: 27 December 2017].

Leithwood, Kenneth et al. (2004). “Review of Research: How Leadership Influences Student Learning”. Working Paper on Learning from Leadership Project. Available online also at: https://www.wallacefoundation.org/knowledge-center/Documents/How-Leadership-Influences-Student-Learning.pdf [viewed in Manila, Philippines: 27 December 2017].

Letkiewicz, Jodi C. (2012). “Self-Control, Financial Literacy, and the Financial Behaviors of Young Adults”. Unpublished Ph.D. Dissertation. Ohio: Graduate Program in Human Ecology, the Ohio State University. Available online also at: https://etd.ohiolink.edu/!etd.send_file?accession [viewed in Manila, Philippines: 27 December 2017].

Llanto, G.M. (2015). “Financial Inclusion, Education, and Regulation in the Philippines” in ADB Working Paper Series. Available online also at: http://www.adb.org/sites/default/files/publication/171786/adbi-wp541.pdf [viewed in Manila, Philippines: 19 June 2017].

Llanto, G.M. & M.A.D. Rosellon. (2017). “What Determines Financial Inclusion in the Philippines? Evidence from a National Baseline Survey” in Discussion Paper Series, No.38. Available online also at: https://pidswebs.pids.gov.ph/CDN/PUBLICATIONS/pidsdps1738.pdf [viewed in Manila, Philippines: 2 March 2018].

Loibl, C. (2008). “Survey of Financial Education in Ohio's High Schools: Assessment of Teachers, Programs, and Legislative Efforts”. Available online at: http://p12.osu.edu/reports/Loibl.PersonalFinanceEducation.pdf [viewed in Manila, Philippines: 6 July 2017].

Lusardi, A. (2008). “Financial Literacy: An Essential Tool for Informed Consumer Choice?”. Available online at: http://www.dartmouth.edu/~alusardi/Papers/Lusardi_Informed_Consumer.pdf [viewed in Manila, Philippines: 23 June 2017].

Lusardi, A. (2013). “Financial Literacy Around the World (FLAT World)”. Working Paper for FINRA Education Foundation. Available online also at: http://www.finrafoundation.org/web/groups/foundation/@foundation/documents/foundation/p240590.pdf [viewed in Manila, Philippines: 22 June 2017].

Lusardi, A. & O.S. Mitchell. (2007). “Baby Boomers Retirement Security: The Role of Planning, Financial Literacy, and Housing Wealth” in Journal of Monetary Economics, Volume 54, pp.205-224. Available online at: http://www.nber.org/papers/w12585 [viewed in Manila, Philippines: 9 June 2017].

Lusardi, A. & O.S. Mitchell. (2013). “The Economic Importance of Financial Literacy: Theory and Evidence” in NBER Working Paper, No.18952. Available online also at: http://www.nber.org/papers/w18952 [viewed in Manila, Philippines: 24 June 2017].

Lusardi, A. & O.S. Mitchell. (2014). “Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education” in Business Economics, Volume 5, pp.35-44.

Lusardi, A., O.S. Mitchell & V. Curto. (2010). “Financial Literacy among the Young” in The Journal of Consumer Affairs, Vol.44, No.2 [Summer], pp.358-380. Available online also at: https://www.jstor.org/stable/23859796 [viewed in Manila, Philippines: 27 December 2017].

Mandell, Lewis. (2004). Financial Literacy: Are We Improving? Washington, D.C.: Jump$tart Coalition for Personal Financial Literacy.

Mandigma, M.S. (2013). “Relationship of Financial Capability (FC) with Knowledge, Skills, and Attitude: Evidence from Philippine Comprehensive University”. Available online at: http://www.wjsspapers.com/static/documents/May/2013/4.%20Ma%20Belinda-FINAL.pdf [viewed in Manila, Philippines: 18 June 2017].

Martinez-Mesa et al. (2016). “Sampling: How to Select Participants in My Research Study?” in Anais Brasileiros de Dermatologia: Official Publication of the Brazilian Society of Dermatology, Volume 91(3), May-June, pp.326-330. Available online also at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4938277/ [viewed in Manila, Philippines: 27 December 2017].

“Mayor Tried to Help Aman Scam Group” in ABS-CBN News, on 19 December 2012. Available online also at: https://news.abs-cbn.com/nation/regions/12/19/12/mayor-tried-help-aman-scam-group [viewed in Manila, Philippines: 27 December 2017].

Morton, Jennifer. (2017). “How to Make Ends Meet on a Limited Income”. Available online at: https://www.sbs.com.au/topics/life/culture/article/2017/11/07/how-make-ends-meet-limited-income [viewed in Manila, Philippines: 2 March 2018].

OECD/INFE [Organisation for Economic Co-operation and Development/International Network on Financial Education]. (2011). Measuring Financial Literacy: Core Questionnaire in Measuring Financial Literacy, Questionnaire and Guidance Notes for conducting an Internationally Comparable Survey of Financial Literacy. Paris: OECD Publications. Available online also at: https://www.oecd.org/finance/financial-education/49319977.pdf [viewed in Manila, Philippines: 27 December 2017].

OECD/INFE [Organisation for Economic Co-operation and Development/International Network on Financial Education]. (2013). “Women and Financial Literacy: OECD/INFE Evidence, Survey, and Policy Responses”. Available online at: http://www.oecd.org/daf/fin/financialeducation/TrustFund2013_OECD_INFE_Women_and_Fin_Lit.pdf [viewed in Manila, Philippines: 4 July 2017].

OIEA [Office of Investor Education and Advocacy]. (2011). Saving and Investing: A Roadmap to Your Financial Security through Saving and Investing. USA [United States of America]: OIEA Publications. Available online also at: https://www.sec.gov/investor/pubs/sec-guide-to-savings-and-investing.pdf [viewed in Manila, Philippines: 27 December 2017].

Osias, Camilo. (2005). Rizal and Education. Michigan: Ann Arbor.

Otter, D. (2010). “Teaching Financial Literacy in K-12 Schools: A Survey of Teacher Beliefs and Knowledge”. Unpublished Ph.D. Dissertation. Albuquerque, New Mexico: The University of New Mexico. Available online also at: http://403bwise.com/pdf/otter_dissertation.pdf [viewed in Manila, Philippines: 4 July 2017].

PMT [Pinoy Money Talk]. (2014). “Lessons from the Aman Future Group Scam”. Available online at: https://www.pinoymoneytalk.com/aman-future-group-scam-philippines/ [viewed in Manila, Philippines: 27 December 2017].

Presser, S. et al. (2004). Methods for Testing and Evaluating Survey Questionnaires. New York: Wiley.

Project TAO [Tropical Atmosphere Ocean]. (2000). “Nationwide Survey on Teacher Advancement for Optimum Well-Being”. Unpublished Final Report for SEAMEO INNOTECH in Thailand. Available online also at: http://www.seameoinnotech.org/wpcontent/uploads/2013/11/ CompleteProject_ProjectTao_finalreport.pdf [viewed in Manila, Philippines: 18 June 2017].

Remund, D.L. (2010). “Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy” in The Journal of Consumer Affairs, Volume 44(2), pp.276‐295.

Reyes, Celia M. et al. (2010). “Are We Winning the Fight against Poverty? An Assessment of the Poverty Situation in the Philippines” in Discussion Paper Series, No.26. Available online also at: https://dirp4.pids.gov.ph/ris/dps/pidsdps1026_rev.pdf [viewed in Manila, Philippines: 27 December 2017].

Rillo, Aladdin D. & Jeffrey Miyamoto. (2016). “Innovating Financial Inclusion: Postal Savings System Revisited”. Paper for Regional Conference on Postal Saving System in Asia: What We Know and What to Expect? Tokyo, Japan, on 23-24 February. Available online also at: https://www.adb.org/sites/default/files/publication/190603 [viewed in Manila, Philippines: 27 December 2017].

Sawatzki, C.M. & P.A. Sullivan. (2017). “Teachers’ Perceptions of Financial Literacy and the Implications for Professional Learning” in Australian Journal of Teacher Education, Volume 42(5). Available online also at: http://dx.doi.org/10.14221/ajte.2017v42n5.4 [viewed in Manila, Philippines: 2 March 2018].

SoLAR/FLARe [Study of Lifestyles, Attitudes and Relationships/Financial Literacy Advocacy Reports]. (2013). “Sun Life Financial Philippines”. Available online at: http://www.slideshare.net/msliannelaroya/flare-final [viewed in Manila, Philippines: 4 July 2017].

Stango, V. & J. Zinman. (2009). “Fuzzy Math and Red Ink: When the Opportunity Cost of Consumption is Not What It Seems”. Working Paper in Dartmouth College.

Taylor, Sharon M. & Suzanne Wagland. (2013). “The Solution to the Financial Literacy Problem: What is the Answer?” in Australasian Accounting, Business, and Finance Journal, Volume 7(3), pp.69-90. doi: 10.14453/ aabfj.v7i3.5. Available online also at: https://ro.uow.edu.au/cgi/viewcontent.cgi?referer [viewed in Manila, Philippines: 27 December 2017].

Ulla, M.B., K.B. Barrera & M.M. Acompanado. (2017). “Philippine Classroom Teachers as Researchers: Teachers’ Perceptions, Motivations, and Challenges” in Australian Journal of Teacher Education, Volume 42(11). Available online also at: http://dx.doi.org/10.14221/ajte.2017v42n11.4 [viewed in Manila, Philippines: 2 March 2018].

UNESCO [United Nations Educational, Scientific, and Cultural Organization]. (2014). Sustainable Development Begins with Education: How Education Can Contribute to the Proposed Post-2015 Goals. Paris, France: UNESCO Publications. Available online also at: http://unesdoc.unesco.org/images/0023/002305/230508e.pdf [viewed in Manila, Philippines: 27 December 2017].

Van Rooij, M., A. Lusardi & R.J. Alessie. (2007). “Financial Literacy and Stock Market Participation” in NBER Working Paper, No.13565.

Van Rooij, M., A. Lusardi & R.J. Alessie. (2011). “Financial Literacy, Retirement Planning, and Household Wealth” in NBER Working Paper, No.17339. Available online also at: http://www.nber.org/papers/w17339 [viewed in Manila, Philippines: 24 June 2017].

Vyvyan, Victoria, Levon Blue & Mark Brimble. (2014). “Factors that Influence Financial Capability and Effectiveness: Exploring Financial Counsellors’ Perspectives” in Australasian Accounting, Business, and Finance Journal, Volume 8(4), pp.3-22. doi: 10.14453/aabfj.v8i4.2. Available online also at: https://ro.uow.edu.au/cgi/viewcontent.cgi?referer [viewed in Manila, Philippines: 27 December 2017].

Walsh, Froma. (1996). “The Concept of Family Resilience: Crisis and Challenge” in Fam Proc, Volume 35, pp.261-281. Available online also at: https://pdfs.semanticscholar.org/f5ee [viewed in Manila, Philippines: 27 December 2017].

WB [World Bank]. (2011). “Financial Literacy and Consumer Awareness Survey in the West Bank and Gaza”. Available online at: http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Surveys/west-bank-and-gaza.pdf [viewed in Manila, Philippines: 22 June 2017].

WB [World Bank]. (2013a). “Financial Capability Surveys around the World: Why Financial Capability is Important and How Surveys Can Help”. Available online at: http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Publications/Why-financial-capability-is-important.pdf [viewed in Manila, Philippines: 18 June 2017].

WB [World Bank]. (2013b). “Making Sense of Financial Capability Surveys around the World: A Review of Existing Financial Capability and Literacy Measurement Instruments”. Available online at: http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Misc/Financial-Capability-Review.pdf [viewed in Manila, Philippines: 22 June 2017].

WB [World Bank]. (2015). “Enhancing Financial Capability and Inclusion in the Philippines: A Demand-Side Assessment”. Available online at: http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Publications/Enhancing-Financial-Capability-and-Inclusion-in-the-Philippines-FINAL.pdf [viewed in Manila, Philippines: 22 June 2017].

Wellen, Richard. (2004). “The Tuition Dilemma and the Politics of ‘Mass’ Higher Education” in The Canadian Journal of Higher Education, Vol.XXXIV, No.1, pp.47-12.

Widdowson, Doug & Kim Hailwood. (2007). “Financial Literacy and its Role in Promoting a Sound Financial System” in Reserve Bank of New Zealand: Bulletin, Vol.70, No.2. Available online also at: https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins [viewed in Manila, Philippines: 27 December 2017].

Zhao, H. & X. Zhang. (2017). “The Influence of Field Teaching Practice on Pre-Service Teachers’ Professional Identity: A Mixed Methods Study” in Frontiers in Psychology, Volume 8. Available online also at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5522859/ [viewed in Manila, Philippines: 2 March 2018].

DOI: https://doi.org/10.2121/edu-ijes.v11i1.1049

DOI (PDF): https://doi.org/10.2121/edu-ijes.v11i1.1049.g943