Jojo Ivan D. Inuguidan
Department of Science High School ,University of Baguio, Baguio, Philippines
Abstract— The purpose of this study was to examine and analyze the Credit Management Practices of Balili Elementary School Teachers in La Trinidad, Benguet. Credit management procedures are the tactics employed by an organization to ensure that the firm's credit level is acceptable and properly controlled. It is a subset of financial management that includes credit analysis, credit rating, credit categorization, and credit reporting. And when credit management is done correctly, the capital with borrowers decreases, as does the chance of bad debts. The primary goal of this study was to assess the level of agreement and execution on credit management methods when participants were divided by gender, civil status, duration of service, and monthly gross income. The study's findings revealed that the overall degree of consensus on credit management procedures was moderate, while the overall level of execution on credit management practices was little. The respondents were mostly female, the civil status is dominated by married teachers, the length of service is dominated by teachers who have been teaching for one to ten years, the majority of monthly gross income is between twenty thousand and thirty thousand pesos, and the amount usually borrowed by teachers is between fifty-one thousand and seventy-five thousand pesos. To help teachers understand credit management practices better and perform better, they should attend the requisite level of financial management training, workshops, and seminars.
Keywords— Credit, Management, Practices, Finance, Teachers
I. Introduction
There is a difference between borrowing money for investment purposes and borrowing it for the family's daily needs and wants.Teachers, like all other professionals, are on a limited budget, despite the fact that they have a fairly solid employment. Teachers, as second parents to their students, deserve all of the perks necessary to carry out their great profession. Yet, both, regardless of the purpose of the borrowings, should be managed well
Taken aback, teachers who belong to the so-called noblest profession are not spared from borrowings and they experience being on a tight budget, although they are known to have a very stable job. As second parents of children at school, teachers deserve all the benefits they need to carry out their noble work. The literature so provides that many teachers were borrowers. The CERI (2017) and Mitchell (2011), have revealed that even top-paid teachers from different countries were also engaged in money borrowings. Meanwhile, in Africa and the Philippines, teachers are not paid as high as the other countries, all the more they are known to be borrowers. This then supports Ferrer's (2017) and Mingat (2002), claims that over-obligation among teachers has long hunted the entire public education system.
Teachers need to borrow money to meet emergency needs that cannot be met with the state welfare funds, living beyond one's means appears to be the big get factor behind their debt problems and teachers have been a debt settlement because they work in low-income schools. (Madriaga, 2007). Not only this, but teachers also fall prey to delayed salaries which causes them to resort to other means while waiting for their monthly paycheck to sustain their needs and teachers' spending pattern are affected by their values and goals that's why they become short on money and usually an option for debt or borrow money in any lending institutions.
The teachers in the Philippines are being tagged as "taga London" (it means they tend to loan here and there). One of the identified culprits to their burden of borrowing is the low salary they are receiving and also subject to delayed wages, which is a terrible state of affairs. They've helped students fund projects from their own money at some time in their careers. This might put an undue strain on their family's budget, causing their wage to be insufficient to meet their monthly necessities, forcing them to turn to alternative methods while they wait for their monthly payment. Furthermore, some teachers may have ambitions to invest, requiring them to incur debt in order to get extra funds.. As Alison (2005) has opined, borrowing should not cause more debts. Instead, it should serve the purpose of why one borrows, such as holding a buffer stock of savings, planning for retirement, and using high-cost methods of borrowing (De Bassa Scheresberg, 2013).
The revelations of Joo (1998) and Grable (2011) and Gerrans et al. (2014), relative to the teachers' borrowing are quite alarming. It is because the personal financial wellness of the teachers is seen affecting the work performance. The burden of paying the amount borrowed affects work productivity. Shad (2001), opined that an employee who is worried about their unpaid obligations could not perform well as it impacts physical and mental wellbeing. It often causes anxiety, depression, and absenteeism. While any organization is for productivity, efficiency, and effectiveness, the employees mirror its goals. They are still the goals' implementers. If personal financial management directly affects their productivity at work, there must be an organization's intervention. Hence, this research aims to look into the credit management practices of one of the most prominent elementary schools in La Trinidad, Benguet. The study is limited to documenting teachers' credit management practices, not necessarily proving their borrowings' correlation to their performance. The teachers' documented practices would be analyzed versus the theories and concepts of good credit management practices. The findings may be used as bases for research-based interventions and serve as a benchmark for their best practices.
Conceptual Framework
The paradigm of the study is illustrated in Figure 1. It shows the relationship of the different variables that will be involved in this study. The independent variables consist of teachers' profiles, including sex, civil status, length of service, and monthly gross income. Through the factors, it will help in analyzing the data on what is the relationship to the study based on which among the independent variable having the highest
INDEPENDENT VARIABLES DEPENDENT VARIABLES
1. Teachers Profile 1.a Sex 1.b Civil Status 1.c Length of Service 1.d Monthly gross income |
1.1 CredManagement Practices |
Figure 1. Paradigm of the study
percentage that has a big impact or factor on credit management practices of the teachers. The dependent variables consist of the credit management practices, which is the main point of this study. It aims to provide baseline data on credit management practices of teachers in Balili Elementary School that could be a basis for interventions.
Credit Management Practices
According to Myers and Brealey (2013), credit management practices are strategies used by an organization to ensure that the level of credit in the firm is acceptable and is managed effectively. It is part of financial management that comprises the analysis of credit, credit rating, classification, and credit reporting. And when credit management is done right, then the capital with debtors reduces and the possibility of bad debts is also reduced (Edward, 1993).
The study of Acedillo (2018), revealed that at different districts in Samar, Philippines. Teachers exhibited poor personal financial management practices. This characteristic is true to all. It is, however, evident that the more net income available the better is the teachers' saving, investment, expenditure, money management, and response to unexpected expenses. For families with more members contributing to the pot have healthier savings and investment practices. This means that having a higher net income improves some good financial behavior. Therefore, a need to enhance teachers' financial knowledge to help them to improve their financial management practices and eventually good financial health status. Thus there should be great determination making, an effective, competent, and monetarily stable teacher (Hernandez, 2009).
Saving Practices is one of the most widely known as financial management principles, generally by setting aside some amount for savings before paying for the expenses. It included knowledge on issues and managing money that includes the following concept: understanding of basic concepts on analyzing assets, the use of such knowledge to evaluate, plan, and perform financial judgments (Hogarth, 2006). Savings according to Hilgert et al. (2003) and Pulka (2015), are part of disposable income which is not spent that will fulfill the daily requirements in the future. It is an amount of something such as time or money that one need not use or spend. Money that could be used for investment to earn interest or be used to purchase assets such as buildings. Saving money entails good financial management. Financial management is related to deferring consumption, which is done by the individuals and understanding of basic concepts on analyzing money and assets, evaluate, execute financial decisions, skills, and capabilities (Kafela, 2010). An example of this is having an active savings plan, maintaining reasonable and low debt, lack of money-related conflict with family or partner, and intentionally following a personal spending plan (Joo, 1998).
As the teachers acquired debts, they have different techniques or strategies on how to manage their borrowed money to the institutions. Financial literacy comes with the individual's knowledge on how to cope with financial funds for its life gratification. The concept of credit can be traced back in history or they have credit record for evidence purposes if there is a problem between the lender and creditor agreement and it was appreciated this transaction after the second world in Europe according to Asante (2015). As assuring that debtors pay on time, there is no additional or surcharge interest when one is paying for the credit, and poor debts are managed in such a manner that debt is paid without damaging the relationship of the debtor and creditor.
According to Massachusetts (2014), teachers may increase their income by reducing their expenses those which is not necessary and paying their debts early to avoid penalty or additional interest. In line with this, Wirthulin (2004), suggested four key steps to financial freedom. First, paying the loans in advance or earlier than the due date to avoid additional interest or charges. Second, practice spending a lesser amount than the gross income or salaries that you received. Teachers should know to identify how to spend less, instead, know how to manage and increase their income properly. Third, learn how to save extra money for emergency use. Teachers should know how to identify needs from wants and set the most in need for spending to be able to save and not to get short on money. Lastly, it is important to know how to lessen and control borrowing money in any institution if it is not necessary. Teachers become more aware of how personal values and goals effects on borrowing pattern and considered on how to budget because it is effective money management.
As opined by Sison et al. (2012), credit and collection management practices can be tested through credit and collection operation audit as to management coordination, leadership, staffing, organization, and planning. Leadership includes the setting, assurance, leaders, involvement, growth, operation, improvement, thoughtful, inspiration, and work satisfaction. In the study of Cheruiyot (2015), it was found out that credit policy positively influences loan repayment thus contributes to reducing loan default. It showed that most of the respondents indicated that well-defined credit policies positively influence loan repayment which resulting in reduced delinquency and if the organization comes up with a clear credit policy, the loan delinquency rates will be minimized. The findings of Gatimu and Kalui (2014) also stated that credit policy has a significant effect on loan default.
Malewos and Abiy (2015), studied individual or personal finance management on abilities among employees in the formal sector in Jimma town in Ethiopia and collected major data on their financial practices. The financial management capabilities were based on the decision-making made in terms of investments, credit, insurance, savings, and debt. The developmental aspects of the financial decision-making process could explain the fundamental causes of the kind of financial behavior by teachers in embracing the financial practices. There are some common characteristics like lack of self-control on borrowing, limited cognitive abilities, and inertia that are known to shape monetary behavior and can only be personally attributed to such results on teachers' adoption of the standard financial practices.
In Ghana, Kwaku (2015), found out that a major factor considered in credit management is the ability of the creditor to pay for their debts. However, to mitigate the risk of default in paying for their credit, microfinance's ensured that loans are well secured or there is a written agreement between the creditor and lenders. Though advances are
granted based on the borrower's ability to recompense the advance and not on the basis to pledge sufficient assets to cover the advance in case of default for not paying off its obligations, it is highly desirable for all advances made to customers and staff to be well secured. This means that there must be a collateral exchange of the borrower if ever he or she can't pay for his or her debt to avoid loss of capital and interest in the organization.
The central bank of Kenya in 2005, issued guidelines where banks were required to have debt collection rules and policy procedures which included group enforcements, backer payments, and nonstop monitoring and control of loans (CBK, 2015). In 2016, further guidelines were issued on the adequacy and enforceability of collateral or guarantees for strict adherence and compliance by a commercial bank in Kenya. The need to reduce non-performing loans has seen commercial banks aim at reducing the collection period by adopting stringent collection policy and the effectiveness of the debt policy will be based on the minimization or elimination of defaults on loan repayment (Otieno & Nyagol, 2016). Client appraisal is a process commenced mainly to determine the acceptance or rejection of a plan for credit by the clients. This involves an assessment of the repayment capacity of the borrowers, Gakure and Waithaka (2012). The primary objective is to ensure the loans are issued only to credit well-intentioned customers. The client appraisal process includes assessing the ability of the borrower and any specific risks associated. Auronen (2003) and Mathara (2007), stated that the process entails collecting sufficient information concerning the customer before permitting the credit services and through proper client appraisals, the loans are granted to the right customers through securing the relative revenues of the banks. Hence, crucial in any credit management is to highly identify the level of non-performing loans, lack of satisfactory client appraisal guidelines, and limited use of qualitative methods of loan valuation results in loans not been repaid on time.
Latifee (2006), stated that collection must be taken concerning when and how the past-due totals of debt are to be received. It is a collection technique with knowledge upon due date, grace period, date of turnover of bad debts account to be received, and penalties or surcharge. For any loan, the collection practice should be undoubtedly implied out as part of the credit terms. Borrowers need to know the details of the collection procedure to avoid the surcharge. Kariuki (2010), ensure that collection rules and regulation is needed since all borrowers do not pay the bills in time. Some borrowers take a long time to make payments while others do not pay at all.
Statement of the Problem
Generally, the study aims to determine the credit management employed by Balili Elementary School Teachers. Specifically, it aims to answer the following questions:
1.What is the level of agreement of the teachers on the credit management practices when grouped according to sex, civil status, length of service and monthly gross income?
2.What is the level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to sex, civil status, length of service and monthly gross income?
Hypotheses of the Study
1.The level of agreement of the teachers on the credit management practices when grouped according to sex, civil status, length of service and monthly gross income is Agree.
2.The level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to sex, civil status, length of service and monthly gross income is Moderately Implemented.
II. METHODOLOGY
Research Design
The study entails a descriptive qualitative design that is considered conclusive, to observe, describe, investigate one or more variables, and document aspects of a situation as it naturally occurs. According to McCombes 2019, it accurately and systematically describes a situation or phenomenon, and appropriate choice to identify characteristics, frequencies, and categories to ensure that the results are valid and reliable. In addition, the data collected using a survey approach can be used to recommend possible explanations for particular relationships between variables and to produce good interpretational models of these relationships.
Population and Locale of the Study
The respondents of the study were all Balili Elementary School Teachers. Teachers' financial management practices are a continuing concern as this has indirectly affected their performance.
Data Collection Instrument
The researcher used a self-structured survey questionnaire as a major tool in gathering the needed data. The items in the questionnaire were formulated based on the present concept and theory. The questionnaire consisted of three parts. The second part contains the items on the Level of Agreement on Credit Management Practices and the third part contains the items on the Level of Implementation on Credit Management Practices of the Balili Elementary School Teachers.
Treatment of Data
The four-point Likert Scale below indicates the level of implementation on credit management practices of Balili Elementary School Teachers in La Trinidad Benguet. The following scale with its description equivalents were used:
4 3.26 - 4.00 95-100% Highly
Implemented(HI)
3 2.51 - 3.25 89-94% Moderately Implemented (MI)
4 21.76 - 2.5 82-88% Slightly
Implemented(SI) 1 1.00 - 1.75 75-81% Least
Implemented(LI
On the other hand, the four-point Likert Scale below indicates the level of agreement on credit management practices of Balili Elementary School Teachers in La Trinidad Benguet . The following scale with its description equivalents were used:
4 3.26 - 4.00 95-100% Strongly Agree (SA)
3 2.51 - 3.25 89-94% Agree (A)
2 1.76 - 2.5 82-88% Moderately Agree (MA)
1 1.00 - 1.75 75-81% Least Agree (LA)
III.
24 |
Level of Agreement on Credit Management Practices of Balili Elementary School Teachers
Table 1 represents the overall level of agreement on the credit management practices of Balili Elementary School Teachers in La Trinidad Benguet. It shows that the weighted mean of the level of agreement on the credit management practices is 2.38, which indicates that credit management practices are moderately agreed (MA).
The result revealed that among the credit management practices, "I always pay my dues on time or in advance" got the highest mean of three- point eighty (3.8) with a descriptive equivalent of strongly agree (SA). Most of the teachers' agreed on paying their obligation on time or in advance so that there will be no additional interest or penalty to be imposed due to late payment of the debt. This affirms the statement of Haagensen (2020) that paying the bills or obligations on time or in advance is important trait of taking control of financial status. Knowing when individual notices are
Table 1. Level of agreement on credit management practices of Balili Elementary School Teachers
unpaid and making a habit of paying them by on due date, that to get low- interest credit in the forthcoming to the institutions. Also, the statement of Brett (2009), affirms that paying your dues on time means putting in the time and work to attain your dream job can be the basis on handling the credit practices.
Table 2 shows the result on the level of agreement on credit management practices when grouped according to sex, it reveals that males are moderately agreed (MA) with a weighted mean of two-point thirty-nine (2.39). This could be probably due to the behavioral norms of the teachers. Uncertainty reduction theory posted that norms, attitudes, beliefs, values, moral and personal issues a guiding principle in professional growth. This affirms the statement of Chong (2010), on the credit management across, males' respondents are more conscious in terms of their credit management practices compared to females on their behavior towards their credit management practices. Also, this affirms the statement of Ahiable (2012), on An Assessment of Credit Management Practices at Agricultural Development Bank (ADB) Branches in the Eastern Region of Ghana, that there are more male who believe and agree on the proper action that among the credit management practices, it must be adapt the good practices and lessen lessen the bad credit management practices that involve in the credits management.
Table 2. Level of agreement of teachers on the credit management practices when grouped according to sex
Table 3 shows the level of agreement of teachers on the credit management practices along with civil status, single teachers with a weighted mean of two-point fifty-three (2.53) agree (A). Most of the respondents are single because they do not have their own family to
Table 3. Level of agreement of teachers on the credit management practices when grouped according to civil status
support and have less responsibility compared to those teachers having their own family. These teachers are the person who are not married or involved in a relationship with someone or considered by itself or separate from other things. This affirms the statement of Ntiamoah (2014), thatingles are more leading in terms of understanding and agreeing on the credit management practices when they are doing or experiencing this on loan. Also, this affirms the statement of Ecija ( 2020), that single workers are more supportive when it comes to proper handling of their obligations since they do not have children to feed and they do not have high bills or expenses to pay. It is also emphasized that these single workers are being responsible enough for their credit or loans that which they borrowed from the lenders since they don't have that many problems to interfere with their actions on how to handle their credits or obligations.
Table 4 shows the level of agreement of teachers on the credit management practices when grouped according to the length of service the details that below 1 year on service on performing some activity has a weighted mean of two-point fifty-nine (2.59) is strongly agree (SA) on the credit management practices. Most of the teachers are possible newly hired by the school and it can be also their first basic experience on teachings that is why they are more conscious of their actions based on their credit management practices for decision-making on borrowing. This affirms the review of Mitchell (2011) that the length of service, which determines work experience or how long the individual work with his or her employee that can affect how to handle their credit or loans on paying of their obligations if they can exercise the credit
Table 4. Level of agreement of teachers on the credit management practices when grouped according to length of service
management practices properly. Also the statement of Hernandez (2009), affirms that it takes into the responsibility of a worker on how long the experience on borrowing based on the workers' responsibility on their work that can be used or it can be the basis on how the workers handle their obligations.
Table 5 shows the level of agreement of teachers on the credit management practices when grouped according to monthly gross income. The result revealed that gross income of bracket Php 31,000- 40,000, the amount paid to a teacher or what they received on hand before taxes or other deductions have a weighted mean of two-point forty-one (2.41) moderately agrees (MA) and none of the respondents had a monthly gross income bracket of more than 50,000 and above. Hence, it shows that the teachers based on their monthly gross income on how they are going to decide and agreed on the credit management practices for applying for a loan to come up with a good decision making. This affirms the statement of Katoh (2008) that based on the salary of the workers which the fixed amount of money or compensation paid to an employee by an employer in return for work performed will be the basis of the borrower on how is their behavior agreeing in the credit management practices. Partaking with their credit management strategy helps the individual guard the cash flow, optimizes performance, and reduces the
Table 5. Level of agreement of teachers on the credit management practices when grouped according to monthly gross income
possibility that default will adversely impact your activity. Also, the statement of Edward (1993), affirms that agreeing on the credit management practices will be based on the monthly gross income of individual which the money that someone is paid each month by their employer, especially when they are in a profession such as teaching can be the basis on how this individual give action or that can affect their behavior through on how they handle their obligation on the future.
Level of Implementation on the Credit Management Practices as Employed by Balili Elementary School Teachers
Table 6 presents the overall level of implementation on credit management practices of Balili Elementary School Teachers in La Trinidad Benguet. It shows that the weighted mean of the level of implementation on credit management practices is two-point thirty (2.30) it indicates that credit management practices are slightly implemented (SI) by the respondents. The result revealed that among the credit management practices, "I should set aside an amount intended for repayment of my credit" got the highest mean of three-point seventy-eight (3.78) with a descriptive equivalent of highly implemented (HI). Most of the teachers' implement on setting aside an amount for paying off their obligations or debt to the creditor or to the lenders to whom they borrowed. This goes with recommendation of Robinson (2021) to set up automatic payments or set aside extra money wherever possible, to help ensure bills are paid on
Table 6. Level of implementation on the credit management practices as employed by Balili Elementary School Teachers
time to avoid late payments and interest rate hikes. Also, the stament of Mathara (2007) affirms that setting aside an amount for emergency used for unexpected events to pay for the amount and unexpected visitor to collect of your obligation to the creditors
.
Table 7 shows the level of implementation on credit management practices when grouped according to sex, it reveals that most of the respondents who implement the credit management practices are the male respondents with the descriptive equivalent of slightly implemented (SI) based on their average mean of two-point thirty-nine (2.39). This affirms the statement of Odonkor (2018) that males are more implementing credit management practices compared to females because due to behavioral attitude of their ego or pride within them and they believe that implementing credit management practices can have a good relationship towards the borrower and lender in the future if ever they will borrow again. Also, this affirms the statement of Hernandez (2009) that there are more male who implement credit management practices compared to female that it must be even practice up to now today which it identify that males are fund in paying their debtsor obligation because of their ego that can degrade them if ever someone will know if they have credit or obligation to anyone.
Table 7. Level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to sex
Table 8 shows the level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to civil status. The civil status of a respondent who implement more on credit management practices are the male respondent who is not in solemnly committed relationships or who
Table 8. Level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to civil status
are not yet married have a weighted mean of 2.35 is slightly implemented (SI) and none of the respondents were separated .This affirms the statement of Acedillo (2018) reveals that single teachers are more capable of implementing thethe credit management practices because they don't have the dependents that they need to support. Also, this affirms the statement of Edward (1993) that individual or single workers are existing alone or consisting of one entity or part or feature that implementing more on the credit management practices base on their status which they don't have a lot of obligations to think off and suffered from, so they give more attention on implementing the practices to lessen their obligation for the good credit handler for the future reference.
Table 9 shows the level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to length of service. The details that below 1 year on service, this teacher who is recording working experience within a profession the length of employment, which is measured to determine vesting, eligibility, and benefits levels of the teachers have a weighted mean of two-point fifty-two (2.52) is moderately implemented (MI) on the credit management practices based on data above. These are the ones' who give more attention and implementing credit management practices. It is unusual that this teacher who does not have enough length of service
Table 9. Level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to length of service
inteaching career give more time in implementation of these credit management practices compared to the teachers whose in service is more than a year. This affirms the statement of Joo (1998) that the length of service, which determines work experience or how long the individual work with his or her employee that can affect how to handle their credit or loans on paying of their obligation if they can exercise the credit management practices properly. Also, the statement of Abey (2015), affirms that it takes into the implementation on how being the responsibility of a worker, on the workers' responsibility on their work that can be used or it can be the basis on how the workers handle their obligations and the way they implement the credit management practices.
Table 10 shows that the level of implementation when grouped according to monthly gross income, the result revealed that gross income of bracket Php 20,000- 30,000, the total income earned by teachers on a paycheck before taxes and other deductions have a weighted mean of two-point thirty-five (2.35) is slightly implemented (SI) and none of the respondents had a monthly gross income bracket of more than Php 50,000 and above. Hence, it shows that the teachers based on their monthly gross income in between PHP 20,000-30,000 are more implementing these credit management practices compared to the other teacher based on the result on their monthly gross income on how they
Table 10. Level of implementation on the credit management practices as employed by Balili Elementary School Teachers when grouped according to monthly gross income
will practice this implementation on credit management practices for good decision making in the future whenever they are in loaning activities. This affirms the statement of Madriaga (2007) that the official documentation of the income or salary, including, but not partial to, a pay a receipt reflecting compensation of government benefits, for the period 30 days preceding to the date on which the loan is made with that, the progression when done in the right manner safeguards the customer. Also, this affirms the statement of Myers and Brealey (2013) that administration should use to have a satisfactory level of credit and to accomplish this level on the credit management practices that will be based on the monthly gross income of individual which the money that someone is paid each month by their employer.
Summary
The salient findings based on the analysis and interpretation of the results, this study summarizes the following findings:
1.The overall level of agreement on the credit management practices of the respondents is moderately agreed with the weighted mean indication of 2.38. Among the credit management practices, "I always pay my dues on time or in advance" got the highest mean of 3.80 with a descriptive equivalent of strongly agreed, and "I default in payment when
the lenders are relatives or friend got the lowest mean of 1.32 with a descriptive equivalent of least agreed.
2.The level of agreement of teachers on the credit management practices when grouped according to sex, subjugated by males have moderately agreed has a weighted mean of 2.39, civil status, dominated by singles has a weighted mean of 2.53 is agreed, length of service, majority of the respondents were 1-10 years on service has a weighted mean of 2.59 is strongly agreed and monthly gross income, the preponderance of the respondents falls on Php 31,000- 40,000 has a weighted mean of 2.41 is moderately agreed. The resulting base on the respondent's profile on the level of agreement, the finding affirms the hypothesis when grouped according to civil status and rejects the hypothesis when grouped according to sex, length of service, and monthly gross income.
3.The overall level of implementation on the credit management practices as employed by Balili Elementary School Teachers is slightly implemented, with the weighted mean indication of 2.30. Among the credit management practices "I should set aside an amount intended for repayment of my credit" got the highest mean of 3.78 with a descriptive equivalent of highly implemented and "I should default in payment when the lenders are relatives or friend got the lowest mean of 1.12 with a descriptive equivalent of least implemented.
4.The level of implementation on the credit management practices, as employed by Balili Elementary School Teachers when grouped according to sex, subject by males, is slightly implemented, with the weighted mean indication of 2.39, civil status, subjugated by singles has a weighted mean of 2.35 is slightly implemented, length of service, majority of the respondents were below 1 year on service has a weighted mean of 2.52 is moderately implemented, and monthly gross income, majority of the respondents falls on Php 20,000- 30,000 has a weighted mean of 2.35 is slightly implemented. The resulting base on the respondent's profile on the level of implementation, the finding affirms the hypothesis when grouped according to the length of service and rejects the hypothesis when grouped according to sex, civil status, and monthly gross income.
IV. CONCLUSIONS AND RECOMMENDATIONS
Conclusions
In the light of findings, the conclusions are hereby presented:
1a. The overall level of agreement on the credit management practices of the respondents is generally moderately agreed. This means that the respondents do not fully agree with the documented practices and good credit management practices.
1b. The Level of agreement of teachers on the credit management practices when grouped according to sex and the monthly gross income is moderately agreed, civil status is agreed and length of service is strongly agreed. This means that most teachers level of agreement was based on the length of service on how they would decide or agree on the credit management practices. The finding affirms the hypothesis when grouped according to civil status and rejects the hypothesis when grouped according to sex, length of service, and monthly gross income.
2a. The overall level of implementation on the credit management practices as employed by Balili Elementary School Teachers is generally slightly implemented. This means tha the respondents do not fully implement the documented practices and good credit management practices.
2b. The individual credit management practices of Balili Elementary School Teachers in La Trinidad Benguet when grouped according to sex, civil status, and the monthly gross income is slightly implemented and length of service is moderately implemented. This means that most teachers' level of implementation was based on the length of service on how they implement or apply the credit management practices since it has the highest weighted mean indication of 2.59 with the equivalent description of strongly agreed. The finding affirms the hypothesis when grouped according to the length of service and rejects the hypothesis when grouped according to sex, civil status, and monthly gross income.
Recommendations
The findings of this study, it is hoped, will contribute to the existing body of knowledge and form the basis of future researchers. From the result data of this study, the researcher hereby recommends the following: 1a. The study recommends that the teacher must try to have
one credit source of loan so that they can easily implement and agreed on the credit management practices for decision-making, thus leading them to a good financial performance.
1b. Teachers must contemplate the effect of the cost of living, monitor the credit policy impose by the lending institution, and must pay off the debt or obligations that charges the highest rate of interest in advance or before the due date to have a good decision making on the credit management practices.
2a. Teachers must have control of their day-to-day, month-to- month finances, the consciousness of their financial firmness, and being on track to meet financial goal lines to improve their financial management practices and reinforce their financial capability.
2b. To make the teachers understand more on the credit management practices and enabling them to do better, they should attend the necessary level of financial management pieces of training, workshop, simulations, seminars, symposiums, and financial awareness especially in revitalizing the importance of credit management practices.
2c. The Department of Education may rigorously initiate the implementation of strategies on financial management practices and the school administrations may set up and encourage the creation of teachers' help centers to offer free financial pieces of advice, education, and awareness to guide the teachers on their credit management practices.
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