Financial Management Practices, Capability And Financial Well-being Of Public High School Teachers
Today people are required to take increasing responsibility for managing a variety of risks over the life cycle. People who make sound financial decisions and who effectively interact with financial service providers are more likely to achieve their financial goals, edge against financial and economic risks, improved their household’s welfare, and support economic growth. Financial capability has become a policy priority for policy makers seeking to promote beneficial financial inclusion and to ensure financial stability.
Financial capability, as defined by the World Bank (2013), is the capacity to act one’s best financial interest, given socio economic and environment conditions. It encompasses knowledge (literacy), attitudes, skills and behaviors of consumers with respect to understanding, selecting and using financial services, and the ability to access financial services that fit their needs.
You have to know your current financial standing. Ask yourself, where you currently stand in terms of current income then make your financial targets. Determine where you want to be, and when. The difference where you are right now, and where you want to be is your financial track that you will have to map out and plan specific activities.
2. Conceptual Framework
This study is anchored on the concept of financial management practices, capability and financial well-being of teachers. This pronouncement concludes that teachers are responsible for the betterment of their financial well-being. The emphasis of the study would be on financial management as development. It is because teachers are managers and have the capability to ensure the maximum financial stability.
A school or educational institution may provide the best educational programs, physical plant and other materials for teaching but if the faculty will not perform well in finances of the school, the final product which is student achievement and professional readiness is likely to be of poor quality. Students cannot learn so much if the teacher suffers financial difficulties. On the contrary, if the faculty are dedicated to their work and responsible as regards to having high level of financial stability, then they may even overcome all odds that may impede quality achievement. Thus there should be a great effort making an effective, efficient and financially stable teacher (Hernandez, 2013).