PEC 9

CHAPTER 4: FINANCIAL LITERACY

Financial Literacy define by National Endowment for financial Education as “the ability to
analyze, manage, and communicate about the personal financial conditions

Hastings, et al, (2013) refers to financial literacy as:

1. knowledge of financial products

2. knowledge of financial concepts
3. having the mathematical skills
4. being engage in certain activities such as financial planning.

Republic Act 10922 known as the “Economic and Financial Literacy Act” mandates DepEd to
“ensure that economic and financial education becomes an integral part of formal learning.”

Six Standards for developing understanding of financial literacy

1. Earning Income
2. Buying Goods and Services
3. Saving
4. Using Credit
5. Financial Investing
6. Protecting and Insuring

Financial Literacy enables people to understand and apply knowledge and skills to achieve a
lifestyle

 World Bank study in 2014 estimated 20 million Filipinos saved money

 Asian Development Bank (ADB) study in 2015 revealed that PH does not have a national
strategy
 In 2016, Bangko Sentral ng Pilipinas (BSP) released the national strategy for financial
inclusion

Six major characteristic types in how people view money

1. Frugal – people seek financial security by living below their means and saving money
2. Pleasure – seekers use money to bring pleasure to themselves
3. Status – use money to express social status
4. Indifference – very little importance on having money
5. Powerful – use money to express power or control over others
6. Self-worth – spend money for self-worth

SPENDING PATTERNS

Two common spending patterns:

1. Habitual Spending – occurs when one spends out of a habit

2. Impulsive Spending – occurs when one mindlessly purchases items that does not need

FIXED VS. VARIABLE EXPENSES

1. Fixed Expenses – remain the same year round. Ex. Car Payment
 2. Variable Expenses – occur regularly but the amount you pay varies. Ex. electric and gas
bills

NEEDS VS. WANTS

1. Needs – essential to our survival

2. Wants – things that you would like to have but you can live without

Practical steps to enhance financial literacy

1. Setting Financial Goals – first step to managing ones financial life.

- Short Term – measured in weeks and can provide instant gratification and feedback
- Medium term – accomplished within one to six months. Provide opportunity for
Reflection and feedback and require discipline and consistency
- Long Term – take years to achieve. These includes saving money for a down payment

DEVELOPING A SPENDING MONEY

1. Record – keep a record of what you spend

2. Review – analyze the information and decide what you do
3. Take action – do something about what you have written down

IMPORATNCE OF SAVING

1. Emergency Bolster – you should have save money to avoid going to debt
2. Retirement – you will need savings/investment
3. Future Events – save for future events
4. Instability of Social Security – pensions from social security
5. A little goes a long way – small consistent savings

There are two ways to save:

1. Save before you spend

2. Save after you spend wisely

FINANCIAL LITERACY

- is the ability to use knowledge and skills to manage one’s financial resources
- enables people to understand and apply knowledge and skills to achieve a lifestyle

One’s attitude about money is heavily influenced by the parents’ attitude and behavior about
money.

CHAPTER 5: MEDIA AND CYBER OR DIGITAL LITERACIES

Media Literacy can be defined in several ways.

Aufderheide (1993) defines it as the ability to access, analyze, evaluate and communicate
messages
Christ and Potter (1998) defines it as the ability to access, analyze, evaluate and create
messages across a variety of contexts

-Is media literacy best understood as a means of inoculating children

against the potential harms of the media?

Hobbs (1998) media literacy is a term used by modern scholars refer to the process of critically
analyzing and learning to create one’s own messages in print

Simplest Sense, Media Literacy defined as the ability to identify different types of media and
understand the messages they are communicating.

Five (5) Essential Concepts

1. Media messages are constructed

2. Media messages are produced within economic, social, political, historical, and aesthetic
contexts.
3. The interpretative meaning-making process involved in message reception consists of an
interaction between the reader, the text, and the culture.
4. Media has unique “languages,” characteristics which typify various forms, genres, and
symbol systems of communication.
5. Media representations play a role in people’s understanding of social reality.

What media literacy is NOT

1. Criticizing the media

2. Merely Producing Media
3. Teaching with media
4. Viewing media and analyzing it from a single perspective
5. Media Literacy does not simply mean knowing what and what not

Koltay, 2011 – skills and attitude that are learned by doing and repetition rather than by mere
classroom discussion

Livingstone and Van Der Graaf (2010) defines how to measure media literacy and evaluate the
success of media literacy

Digital Literacy – as the ability to locate, evaluate, create and communicate information on various
digital platforms.

SKILLS AND COMPETENCIES OF COMPUTER LITERACY

1. Tool Literacy – competence in using hardware and software tools

2. Resource Literacy – understanding forms of and access to information resources
3. Social-structural literacy – understanding the production and social significance
4. Research Literacy – Using IT tools for research and scholarship
5. Publishing literacy – ability to communicate and publish information
6. Emerging technology Literacy – understanding of new developments in IT
7. Critical Literacy – ability to evaluate the benefits of new technologies
If Media literacy is the ability to identify different types of media and understand the messages
they are communicating, then digital literacy can be seen as media literacy applied to the digital
media

Paul Gilster (1997) – formally defined digital literacy as the ability to understand and use
information in multiple formats from a wide range of sources

Bawden (2008) collated THE SKILLS AND COMPETENCIES OF DIGITAL LITERACY

1. Underpinnings – refers to those skills and competencies that support or enable everything
2. Background Knowledge – refers to knowing where information on a particular subject or
topic can be found
3. Central competencies – skills and competencies that a majority of scholars agree
4. Attitudes and Perspectives – it is not enough to have skills and competencies, they must be
grounded in some moral framework
 independent learning – initiative and ability to learn
 moral/social literacy – understanding of correct, acceptable and sensible behavior

Digital Natives has become something of a buzzword in the education sector

According to Boyd (2014), media literacy began in the United States

Another problem concerning digital natives is the misconception

Alongside information literacy, Eshet-Alkalai (2004) highlights a kind of Socio-Emotional Literacy

 PEC 10

CHAPTER 4: THE STRENGTHS AND WEAKNESSES OF THE FILIPINO CHARACTER: A

SOCIO CULTURAL ISSUE

Weaknesses of the Filipino Character

1. Extreme family centeredness – excessive concern for family

2. Extreme personalism – take things personal
3. Lack of Discipline – casual attitude toward time and space
4. Passivity and Lack of Initiative – reliance on others
5. Colonial Mentality – Lack of patriotism
6. Kanya-kanya syndrome, talangka mentality – done by tsismis, intriga
7. Lack of Self-analysis and self-reflection – tendency to be superficial
8. Emphasis on porma Rather than substance – lack of analysis and emphasis on form

Strengths of the Filipino Character

1. Pakikipagkapwa-tao
2. Family orientation
3. joy and humor
4. flexibility, adaptability and creativity
5. hard work and industry
6. faith and religiosity
7. ability to survive

In 1998 SENATOR LETICIA SHAHANI – submitted to the senate the report titled “ A beginning of
K-12,

Shahani - family orientations become in a group orientation, schools have contributed to Filipino
Passivity

Goals proposed to develop Filipino

1. A sense of patriotism and national pride

2. a sense of the common goal
3. a sense of integrity and accountability
4. the values and habits of discipline and hard work
5. the values and habits of self-reflection and analysis

CHAPTER 5: GLOBAL ISSUE THAT CONCERN SCHOOLS AND SOCIETY

10 World Issues, according to millennials

1. Climate Change/destruction of nature

2. Large Scale Conflict
3. Inequality (income, discrimination
4. Poverty
5. Religious Conflicts
 6. Government Accountability and Transparency/corruption
7. Food and water security
8. Lack of education
9. Safety/security/well being
10. Lack of economic opportunity and employment

 Climate Change – global temperature are rising

 Pollution – ocean litter, pesticides and fertilizers
 Violence – found in social, cultural and economic aspects
 Security and Well Being – The U.N is a perfect example of lack of security
 Lack of education – age to be in primary education are not enrolled
 Unemployment – particularly 15 to 24 years old, struggles to find jobs
 Government Corruption – include graft, bribery, embezzlement
 Malnourishment and Hunger – do not have enough to eat
 Substance Abuse – harmful or hazardous use of psychoactive
 Terrorism – causes fear and insecurity, violence and death

VARIOUS FORMS OF VIOLENCE

1. Physical violence – uses a part of their body

2. Sexual Violence – person is forced to unwillingly take part in sexual activity
3. Emotional Violence – make a person feel stupid or worthless
4. Psychological Violence – someone uses threats causes fear
5. Spiritual Violence – someone uses an individual’s spiritual beliefs
6. Cultural Violence – individual is harmed as a result of practices

Functional Literacy – defined by NSA includes not only reading and writing

The 17 SDGs (Sustainable Development Goals) shared version of humanity and a social contruct

UN Secretary general, BAN KI-MOON