Bernheim, et al (2001) believe that although financial literacy is a somewhat new, policy initiatives in financial literacy is not. The impact of financial literacy can no longer be ignored. A total of 1,924 teachers in both public and private schools in the three main islands of the Philippines were covered in the Cebu study. The study revealed that financial literacy is influenced by six factors, they are Managing Debit and Credit, Confidence and attitudes, Skills, Personality, Knowledge and understanding and Future financial planning and the study proved that the... Read More. The study determined the financial literacy of the selected micro entrepreneurs in Davao City. Knowledge of financial products (e.g., what is a stock vs. a bond; the difference between a fixed vs. an adjustable rate mortgage); Knowledge of financial concepts (inflation, compounding, diversification, credit scores); Having the mathematical skills or numeracy necessary for effective financial decision making; and. However, it is possible for only one thing: financial literacy. Financial Literacy 1. The question thus, emerges: what is the state of financial education in the Philippines today? Historically, financial literacy in the Philippines is not taught in basic education. It is up to policy makers, educators and people with sufficient private equity, to make financial literacy a priority in our society. In the Philippines, the current administration has been taking small steps to pin down the problem on debts and encourage saving more by offering lower loan rates to micro and small business enterprises. In the Philippines where there are lots of Filipinos working abroad, financial education should be a must. Meanwhile, Hastings, et al (2013) refers to financial literacy as: Determinants of financially-literate persons: More knowledgeable individuals “invest in more sophisticated assets, generating higher expected returns on retirement saving along with lower nonsystematic risks,” according to Mitchell (2014). 1 financial e-commerce site in the Philippines. The Philippines has a financial literacy problem. April marks the celebration of Financial Literacy Month in the United States. Why is financial literacy important to our lives? Here are the steps to follow: Step 1:Watch the GSIS Financial Literacy Video below St… To be able to contribute to the country’s economy. (Kezar, & Yang, 2015). Develop financial education policies and set up robust financial consumer protection frameworks to ensure that consumers are informed and understand the financial products available to them. Develop financial education policies and set up robust financial products available to the financial intermediaries and their customers. OECD Development Centre, page 4, www.philstar.com/business-usual/2017/05/29/1704453/financial-literacy-crucial-tapping-millennials, How are Private Sector Representatives Selected, Who are the Private Sector Representatives, Potential Investment Alternatives to Mining, Lower Agusan Development Project-Flood Control Component. Financial Literacy is important to make every Filipino financially-responsible. Various sources provide various definitions to financial literacy, but have one thing in common— everything revolves around money, knowledge and use. Understanding financial literacy implies that a person is knowledgeable about personal finance, and applies such knowledge in dealing with one’s finances. 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