DETERMINANTS OF THE FINANCIAL LITERACY AMONG GOVERNMENT EMPLOYEES IN DAVAO CITY, PHILIPPINES

Financial literacy is a fundamental element to all individuals who earn money whether from a job or in business ventures to ensure financial security. This study aimed to identify the determinants of financial literacy among government employees as well as the development of a framework utilizing an Exploratory Factor Analysis (EFA) technique. The study was conducted in Davao City with 162 government employees from different government agencies around the city as sample respondents. A questionnaire was the research instrument in the gathering of data and was presented to an examiner for content validity. Rotated component matrix discarded 18 items out of 53 and categorized the 35 remaining items into six dimensions. The determinants of financial literacy of government employees revealed six different factors which include impulsive buying, wise spending, financial prudence, spendthrift, peer pressure and financial insufficiency. A framework of financial literacy was developed