A Mixed-Methods Sequential Explanatory Design Comparison Between Financial Literacy and Financial Stress of Junior High School Teachers in Davao Region

Abstract

This study aimed to determine the level of financial literacy and financial stress of teachers. It employed explanatory sequential mixed methods design combining both quantitative and qualitative in determining the level of financial literacy with respect to debt management, personal savings, personal expenditures, investment, retirement planning and insurance, and the extent of their financial stress with respect to mental and physical health, family, and social relationships. A study involving 86 junior high school teachers in Davao Region used surveys and interviews to explore their financial literacy and stress.  Based on the results, teachers were financially literate to a High Extent and Sometimes financially stressed. The use of Sequential Explanatory Design connects the quantitative findings to come up and strengthens the results of the qualitative phase.  Based on the responses of the informants and participants, the following were the causes of financial stress among Junior High School teachers: mismanagement or improper handling of finances, patriarchal system on financial decision, and largest expenses on basic needs. The coping mechanisms suggested by the respondents were: creating extra sources of income; removing extra expenses; understanding the budget cycle; and reaching out for support from family and friends.