Spending Behavior & Financial Literacy as Predictors of Financial Wellbeing among Department of Education (DepEd) Personnel

Abstract

The study aimed to determine the domains of the spending behaviors and financial literacy that significantly predicts financial wellbeing. The respondents of the study were 212 selected teaching and non-teaching personnel of DepEd, Banaybanay District. The authors used a quantitative non-experimental utilizing correlational technique in research and utilized the modified and adapted research instrument. The statistical tools used in this research include Average Weighted Mean, Pearson-r, and Regression Analysis. Results revealed that the level of the spending of the respondents is moderate, the level of financial literacy is high while the level of the financial wellbeing shows a moderate level. Furthermore, this study found out that there is a significant relationship between the spending behaviors and financial wellbeing. Also, a significant relationship between the financial literacy and financial wellbeing was determined. Likewise, basic necessities and leisure activities significantly influence financial wellbeing while financial capability, financial decisions and financial behaviors predict financial wellbeing. Lastly, the results of the study support the theories of Human Motivation, Planned Behavior, Affective Events, and Prospect Theory.