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Research Article

Level of Financial Literacy and Debt Management: Basis for Personal Financial Management Program

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Winona Caryl Carvajal , Cristine Marie Baltonado , Mary Gil Gocela , Laurence Jay Pajes , April Joy Soliman , Hardy Bankas , Cliff Kirl Lubon , Marilou Albano
Psych Educ Multidisc J, 2025, 41 (2), 206-215, doi: 10.70838/pemj.410203, ISSN 2822-4353

Abstract

This study emphasizes the importance of financial literacy and debt management among college faculty members, who play a vital role not only in educating students but also in modeling responsible financial behavior. In the Philippines, faculty often face financial challenges that impact both personal well-being and professional effectiveness. To address this concern, the study investigates the level of financial literacy and the extent of debt management among selected faculty members at Holy Trinity College of General Santos City. The research employed a quantitative descriptive-correlational design using stratified random sampling. A total of 48 full-time faculty members participated in the study through a self-made, validated survey instrument. Findings revealed that the mean score for financial literacy was M = 4.03, SD = 0.52, interpreted as high financial literacy. For debt management, the mean was M = 2.84, SD = 0.49, interpreted as moderately efficient. A Pearson correlation analysis revealed a strong positive correlation between financial literacy and debt management (r = 0.915, p < 0.001), indicating that higher financial literacy is associated with better debt management practices. The results suggest that enhancing financial literacy among faculty through targeted programs can significantly improve debt management, promoting financial independence and stability.

Keywords: financial literacy, debt management, personal finance, personal financial management program
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Bibliographic Information

Winona Caryl Carvajal, Cristine Marie Baltonado, Mary Gil Gocela, Laurence Jay Pajes, April Joy Soliman, Hardy Bankas, Cliff Kirl Lubon, Marilou Albano, (2025). Level of Financial Literacy and Debt Management: Basis for Personal Financial Management Program, Psychology and Education: A Multidisciplinary Journal, 41(2): 206-215
Bibtex Citation
@article{winona_caryl_carvajal2025pemj,
author = {Winona Caryl Carvajal and Cristine Marie Baltonado and Mary Gil Gocela and Laurence Jay Pajes and April Joy Soliman and Hardy Bankas and Cliff Kirl Lubon and Marilou Albano},
title = {Level of Financial Literacy and Debt Management: Basis for Personal Financial Management Program},
journal = {Psychology and Education: A Multidisciplinary Journal},
year = {2025},
volume = {41},
number = {2},
pages = {206-215},
doi = {10.70838/pemj.410203},
url = {https://scimatic.org/show_manuscript/5637}
}
APA Citation
Carvajal, W.C., Baltonado, C.M., Gocela, M.G., Pajes, L.J., Soliman, A.J., Bankas, H., Lubon, C.K., Albano, M., (2025). Level of Financial Literacy and Debt Management: Basis for Personal Financial Management Program. Psychology and Education: A Multidisciplinary Journal, 41(2), 206-215. https://doi.org/10.70838/pemj.410203

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