Financial Capability and Money management; Public school teachers

According to a related study of Jerick C Ferrer (2018). 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.

Financial literacy in Stock market

According to the study of Arena et.al, (2023). The emerging role of the stock market has become vital
in the aspect of the financial sector in advancing economic growth performance. Several studies argue
that a matured and operational stock market strengthens accumulation of capital and establishes an
effective resource distribution within a country thereby maximizing productivity to progress and expand.
From the perspective of the firms, large corporations were able to raise capital for their development
and expansion through the stock market.

Financial management behavior

According to a related study of Hai Thanh Phan et.al, (2022). Financial literacy is a set of awareness,
knowledge, skill, attitude, and behavior needed to make suitable financial decisions and attain individual
financial well-being. Being financially literate means that a person has financial skills to prepare for
retired-based planning and saving (Behrman et al., 2012; Lusardi and Mitchell, 2014). Financial literacy
plays a vital role for individuals who consume financial products and the national and global economy,
especially in the digital era (Agarwal et al., 2009; Setiawan et al., 2020). It affects all financial affairs,
including borrowing, saving, investment, and money management (Widdowson and Hailwood, 2007).
Improving financial knowledge in the general population is crucial for all governments when many
financial services are delivered
Financial literacy of Entrepreneurs; MSEs.

According to a related study of Anshika et.al, (2021). The success of MSE sector depends highly on the
level of financial literacy of the entrepreneurs. Financial literacy is defined as managers’ capacity to
understand and analyse financial data so as to take financial decisions (Marriott & Mellett, 1996).
Similarly, Mandell (2007) has defined financial literacy as “the ability to evaluate the new and complex
financial instruments and make informed judgments in both choices of instruments and extent of use
that would be in their own best long-run interest”. As per Lusardi and Mitchell (2014), financial literacy
is “the knowledge of basic financial concepts and ability to do simple calculations”. The significance of
financial literacy has gained importance due to commencement of new financial products/services,
complexity of financial markets and the rapidly changing economic environment. However, the extant
literature reveals that there is no well-defined standard definition of financial literacy (Gerrans &
Heaney, 2016; Mabula & Ping, 2018). Therefore, the measurement of financial literacy has been
considered as a big challenge (Remund, 2010).

Reference

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Inocian et. al, (2021). Financial Literacy Integration in the K to 12 Social Studies Curricula in the
Philippines: Basis for a Contextualized COVID-19 Teaching Model.
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G. Florendo et.al, (2020). PISA Financial Literacy Framework vis-àvis the Philippine Kto12 Curriculum in
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https://www.academia.edu/download/67073297/Challenges_of_PISA_PNU_Report.pdf#page=229
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knowledge-dimension-of-Financial-Literacy.pdf

Kenny Fernando et al, (2022) Financial Literacy Training for Mushrooms Business Development in Sitio
Tamale, The Philippines

https://www.academia.edu/download/104658087/pdf.pdf
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