IDEAS home Printed from https://ideas.repec.org/a/bjc/journl/v10y2023i8p226-240.html
   My bibliography  Save this article

An Analysis of Personal Financial Literacy among Teachers in Secondary Schools

Author

Listed:
  • Marvin Kapenda

    (Department of Educational Psychology, Sociology and Special Education, University of Zambia, P.O. Box 32377, Lusaka, Zambia.)

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.

Suggested Citation

  • Marvin Kapenda, 2023. "An Analysis of Personal Financial Literacy among Teachers in Secondary Schools," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 10(8), pages 226-240, August.
    • Handle: RePEc:bjc:journl:v:10:y:2023:i:8:p:226-240
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijrsi/digital-library/volume-10-issue-8/226-240.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijrsi/articles/an-analysis-of-personal-financial-literacy-among-teachers-in-secondary-schools/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    2. Daniel Fernandes & John G. Lynch & Richard G. Netemeyer, 2014. "Financial Literacy, Financial Education, and Downstream Financial Behaviors," Management Science, INFORMS, vol. 60(8), pages 1861-1883, August.
    3. Elena HORSKÁ & Monika SZAFRAŃSKA & Renata MATYSIK-PEJAS, 2013. "Knowledge and financial skills as the factors determining the financial exclusion process of rural dwellers in Poland," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 59(1), pages 29-37.
    4. Agarwal, Sumit & Amromin, Gene & Ben-David, Itzhak & Chomsisengphet, Souphala & Evanoff, Douglas D., 2015. "Financial literacy and financial planning: Evidence from India," Journal of Housing Economics, Elsevier, vol. 27(C), pages 4-21.
    5. van Rooij, Maarten & Lusardi, Annamaria & Alessie, Rob, 2011. "Financial literacy and stock market participation," Journal of Financial Economics, Elsevier, vol. 101(2), pages 449-472, August.
    6. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    7. Nuala O'Donnell & Mary Keeney, 2010. "Financial capability in Ireland and a comparison with the UK," Public Money & Management, Taylor & Francis Journals, vol. 30(6), pages 355-362, November.
    8. Kidwell, Blair & Turrisi, Robert, 2004. "An examination of college student money management tendencies," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 601-616, October.
    9. Mark Taylor, 2011. "Measuring Financial Capability and its Determinants Using Survey Data," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 102(2), pages 297-314, June.
    10. Johan Almenberg & Jenny Säve-Söderbergh, 2011. "Financial Literacy and Retirement Planning in Sweden," CeRP Working Papers 112, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    11. repec:use:tkiwps:2323 is not listed on IDEAS
    12. Almenberg, Johan & Säve-Söderbergh, Jenny, 2011. "Financial literacy and retirement planning in Sweden," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 585-598, October.
    13. van Rooij, Maarten & Lusardi, Annamaria & Alessie, Rob, 2011. "Financial literacy and stock market participation," Journal of Financial Economics, Elsevier, vol. 101(2), pages 449-472, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Altmejd, Adam & Jansson, Thomas & Karabulut, Yigitcan, 2024. "Business Education and Portfolio Returns," IZA Discussion Papers 16976, Institute of Labor Economics (IZA).
    2. Tim Kaiser & Annamaria Lusardi, 2024. "Financial Literacy and Financial Education: An Overview," NBER Working Papers 32355, National Bureau of Economic Research, Inc.
    3. Pallavi Dogra & Arun Kaushal & Rishi Raj Sharma, 2023. "Antecedents of the Youngster’s Awareness About Financial Literacy: A Structure Equation Modelling Approach," Vision, , vol. 27(1), pages 48-62, February.
    4. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.
    5. C. Andrew Lafond & Bruce Leauby, 2014. "Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course," International Journal of Business and Social Research, LAR Center Press, vol. 4(5), pages 12-24, May.
    6. Luc Arrondel, 2020. "Financial literacy and French behaviour on the stock market," Working Papers halshs-02505320, HAL.
    7. Agarwal, Sumit & Amromin, Gene & Ben-David, Itzhak & Chomsisengphet, Souphala & Evanoff, Douglas D., 2015. "Financial literacy and financial planning: Evidence from India," Journal of Housing Economics, Elsevier, vol. 27(C), pages 4-21.
    8. Oscar A. Stolper & Andreas Walter, 2017. "Financial literacy, financial advice, and financial behavior," Journal of Business Economics, Springer, vol. 87(5), pages 581-643, July.
    9. Łukasz Kurowski, 2021. "Household’s Overindebtedness during the COVID-19 Crisis: The Role of Debt and Financial Literacy," Risks, MDPI, vol. 9(4), pages 1-19, March.
    10. Elinder, Mikael & Hagen, Johannes & Nordin, Mattias & Säve-Söderbergh, Jenny, 2020. "Who lacks pension knowledge, why and does it matter?," Working Paper Series 2020:24, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    11. Chaliasos, Michael & Jansson, Thomas & Karabulut, Yigitcan, 2018. "Financial literacy externalities," IMFS Working Paper Series 127, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    12. Arceo-Gómez, Eva O. & Villagómez, F. Alejandro, 2017. "Financial literacy among Mexican high school teenagers," International Review of Economics Education, Elsevier, vol. 24(C), pages 1-17.
    13. Tabea Bucher-Koenen & Annamaria Lusardi & Rob Alessie & Maarten van Rooij, 2017. "How Financially Literate Are Women? An Overview and New Insights," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(2), pages 255-283, July.
    14. Paraboni, Ana Luiza & da Costa, Newton, 2021. "Improving the level of financial literacy and the influence of the cognitive ability in this process," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 90(C).
    15. Saeed Pahlevan Sharif & Ashraf Sadat Ahadzadeh & Jason James Turner, 2020. "Gender Differences in Financial Literacy and Financial Behaviour Among Young Adults: The Role of Parents and Information Seeking," Journal of Family and Economic Issues, Springer, vol. 41(4), pages 672-690, December.
    16. Li, Xiao, 2020. "When financial literacy meets textual analysis: A conceptual review," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    17. Agarwalla, Sobhesh Kumar & Barua, Samir K. & Jacob, Joshy & Varma, Jayanth R., 2015. "Financial Literacy among Working Young in Urban India," World Development, Elsevier, vol. 67(C), pages 101-109.
    18. Zuzana Brokesova & Andrej Cupak & Gueorgui Kolev, 2017. "Financial literacy and voluntary savings for retirement in Slovakia," Working and Discussion Papers WP 10/2017, Research Department, National Bank of Slovakia.
    19. J. C. Hauff & A. Carlander & T. Gärling & G. Nicolini, 2020. "Retirement Financial Behaviour: How Important Is Being Financially Literate?," Journal of Consumer Policy, Springer, vol. 43(3), pages 543-564, September.
    20. Hanson, Thomas A. & Olson, Peter M., 2018. "Financial literacy and family communication patterns," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 64-71.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bjc:journl:v:10:y:2023:i:8:p:226-240. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Renu Malsaria (email available below). General contact details of provider: https://rsisinternational.org/journals/ijrsi/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.