Examining capacity and preparation of teachers for teaching personal finances in Puerto Rico

Abstract

This study explored the factors that affect the capacity of teachers to teach personal finances in the public and private school systems in Puerto Rico. Three hundred sixteen teachers from grades six to 12 completed the on-line survey that included an assessment of demographic variables, socioeconomic variables, teaching variables and personal finance administration variables. To guide this study, the Personal Finance Education Efficacy Model was created using Social Cognitive Theory. Within this model, three research questions were addressed including what are the determinants of: (a) objective financial knowledge, (b) subjective financial knowledge, and (c) high personal finance teaching efficacy. Hierarchical multiple regression analyses were used to test the determinants of both objective and subjective financial knowledge. Results indicated that both models were significant (ρ < .001), in which the model accounted for 10% of the variance of objective financial knowledge and 44% of the variance of subjective financial knowledge. A hierarchical binary logistic regression analysis was used to test the determinants of high level of personal finance teaching efficacy beliefs. Results showed the model was accurate approximately 83% of the time. Additionally, results from Principal Component Analyses indicated the Spanish translated versions of the Teacher Efficacy Scale (TES), the Financial Self-Efficacy Scale (FSES), and the Personal Finance Teaching Efficacy Beliefs Instrument (PFTEBI) demonstrated similar levels of reliability as previously published in the literature. These findings infer that scales may be used in other cultures and be translated into other languages like Spanish. The PFTEBI was created for this study based on the Mathematics Teaching Efficacy Beliefs Instrument (MTEBI) to measure the level of teaching efficacy beliefs of the respondents. PFTEBI was found to be composed of three sub-scales and showed good reliability.