Money Belief Indices of Young Professionals’ Financial Literacy Aspirations

Val Anthony M. Borines

Abstract


Financial education is identified as one of the practical solutions to poverty alleviation because it is a grassroots empowerment approach encouraging individuals to actively take control of their financial situation regardless of the presence or absence of institutional support. However,results of contemporary financial literacy campaigns in the Philippines are lackluster due to particular embedded values and beliefs. Principal Component Analysis of money beliefs of 184 public high school teachers were regressed against their financial literacy aspirations. Four money-attribution indices surfaced,namely,Money as a Symbol of Success, Money as a Symbol of Misery, Money as a Symbol of Shame and Money as a Symbol of Corruption. Two of these indices (Misery Index and Corruption Index) were found to predict intention to undergo financial education. Consequently, these two indices turned out to be negative attributions towards money which could explain the dreary outcomes of current financial literacy campaigns.

Keywords


Financial education; Young professionals; Money beliefs; Mindset; Educators

Full Text:

JEHRD005

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