An Analysis of Personal Financial Literacy among Teachers in Secondary Schools

Marvin Kapenda
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Marvin Kapenda: Department of Educational Psychology, Sociology and Special Education, University of Zambia, P.O. Box 32377, Lusaka, Zambia.

International Journal of Research and Scientific Innovation, 2023, vol. 10, issue 8, 226-240

Abstract: The aspect of literacy in the education sector has been aligned to the ability to read and write. Therefore, scholars have suggested that teachers are the most endowed professionals in relation to academic literacy, but there are a few studies conducted to determine teacher’s financial literacy. The main objective of the study was to analyse personal financial literacy among teachers in secondary schools. The study sampled 354 secondary school teachers from ten government secondary schools between the ages 24 and 55 years. Using qualitative and quantitative methods (Mixed method) and a questionnaire/interview guide to collect data, the results of the study revealed that financial literacy levels among secondary school teachers demonstrate that teachers in areas of long term planning attitude shows high or positive results while the aspects of saving, spending behaviour and tracking finances through record keeping was low or negative results. However, some teachers demonstrated some considerable financial knowledge on the concept of financial literacy with a percentage of 44% and also performed below par on the segment of spending and keeping financial records. Therefore, the study recommended, strengthening of financial literacy in the teacher education curriculum, various teacher organisations and unions provide seminars on financial literacy for their members to ensure that they are financially secure and the need for a collaboration between the Ministry of Education and the Ministry of Finance to develop mechanisms of disseminating information materials on financial literacy to teachers. This study is significant as it could be used as an evaluation tool for the national strategy on financial education (NSFE II) for Zambia (2019 –2024) which sets out the framework for improving financial education in Zambia.

Date: 2023
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