PESANON, CRISTEL V.

3A – BSED English

EDUC 328 M8

Application:

1. What are the critical factors in personal financial planning among higher education teachers?

* The critical factors in personal financial planning among higher education teachers based on
the research study were identified as Retirement Planning, Financial Planning, Financial
Management, Tax Planning & Control, Financial Capacity & Inflation, Risk Assessment &
Distinction of Insurance Products, Estate Planning and Execution, Short Term Debt & Liquidity,
Differential Uses of Financial Products, Spending and Saving, Variation in Estate Value, Time
Value of Money, Debt, Quality of Savings, and Cost of Finance.

2. What is the impact of each of the factors on financial literacy and planning among teachers?

* Based on the result of the study conducted, it reveals that financial literacy has a positive
impact on personal financial management (Mohamed E. Ibrahim1 & Fatima R. Alqaydi, 2013;
Kapoor, Dlabay, & Hughes, 2014). And the majority of teachers of higher education have a high
level of financial literacy; they are aware of various aspects of personal financial planning and
able to plan on their own irrespective of their faculty of knowledge.

Module assessment:
Fill-in the following “Alkansya” with concepts on financial literacy related to budgeting,
spending, investing and saving. Then, cite reasons why we need to have them and also ways in
applying or practicing them. You may write explanations on the spaces below of alkansya.

BUDGETING SPENDING

We need to do budgeting to have We must watch our spending as

a control over our expenses and
monitor our spending. It enables
us to balance our wants and needs
and will avoid future financial
problems. We can practice it by
simply starting today; we must be
mindful of how we spent our
money and be literate financially.
it is one of the easiest thing to
do. Oftentimes, we spend too
much that we tend to forget that
we exceed to beyond our set
limits. We should have our
spending plan turns into an
action plan. This is to help us
manage our financial capacities
and will save us from future
crisis.
 INVESTING

From your reasons and ways of applying it, define financial literacy and determine ways on
how to integrate financial literacy in the curriculum.
*Financial Literacy for me is being able to understand the concept of budgeting, investing,
saving and managing your spending. It is about exercising the ability to apply your knowledge
about money matters to take effective actions for your financial goals. Financial literacy is very
important for us to make wise financial decisions and will prepare ourselves for the future
needs/goals. Also, it is important to teach students in schools on how to be financial literate by
integrating it into the curriculum and that there should be program that incorporates financial
concepts like when I was in high school, staffs from cooperative banks will visit our school to
conduct symposium about saving money and they will offer us to save money little by little
every day from our allowance and we are given a passbook for records. From that, we are taught
to save, and the importance of saving. In addition, financial literacy could be also incorporated in
the classroom management strategy like assigning students for fundraising activities and making
a budget plan for their expenses in schools and etc.