PERSONAL FINANCIAL LITERACY OF LGU EMPLOYEES IN CATEEL

Financial Literacy

Financial literacy is a combination of awareness, knowledge, abilities, attitudes, and behaviors needed to make financial decision. A person who has better grasp on finances can decide wisely on the plight of his/her financial status both in management and practice sides. This study examined the personal financial literacy of LGU employees in Cateel. The data gathered using survey questionnaire from 74 randomly selected respondents and were analyzed using descriptive analysis, analysis of variance, and post hoc test as a tool. In quantifying the responses of the respondents, the indicators were interpreted using the Likert scale. The study assessed financial literacy among respondents based on age, education, years in service, net income and showed no significant difference, on the other hand there is significant differences when observed among LGU employees grouped by office. The results also revealed that the level of financial literacy among LGU employees is high however, there are three indicators among those eight that needed to be improved namely: financial behavior, financial decision, and financial experience in which the result is moderate. LGU- Cateel must improve financial literacy by changing attitudes, acquiring knowledge through education and training, and collaborating with financial institutions and NGOs. Implementing financial literacy wellness campaigns and focusing on low-income offices is essential.

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