Effect Of Financial Literacy On The Financial Management Practices Of Employees Of Public Primary Schools In Mombasa County

Abstract

The istudy iinvestigated ithe ieffect iof ifinancial iliteracy ion ifinancial imanagement ipractice iof iemployees iof ipublic iprimary ischools iin iMombasa iCounty. iSpecifically, ithe istudy ifocused ion; isavings iand iinvestment iliteracy, idebt iliteracy, iretirement iliteracy iand itaxation iand iinsurance iliteracy. iThe istudy iadopted ia idescriptive istudy idesign iand ia ipopulation iof i2101 ifrom iwhich ia isample iof i336 iemployees iwere iengaged iin ithe istudy. iData iwas icollected iby iuse iof iquestionnaires istructured iusing ia i5 ipoint iLikert-scale, iquestionnaires iwere ihand idelivered ito iemployees iin ipublic iprimary ischool ifor ifilling iand icollected ifor ianalysis iafter i14 idays. iData iobtained iwas itested ifor ivalidity iand ireliability iand ianalysed iby iuse iof iStatistical iPackage ifor iSocial iSciences. iRegression ianalysis iwas iconducted ito idetermine ithe icorrelation iand ivariance ico-efficient ito iprove ithe ilevel iof isignificance iand irelationships ibetween ithe istudy ivariables. iThe istudy iestablished ithat; isavings iand iinvestment iliteracy ihas iweak ipositive iand iinsignificant icorrelation of 0.111 ito ifinancial imanagement ipractices; iretirement iliteracy ihas ia istrong ipositive iand isignificant icorrelation of 0.574ito ifinancial imanagement ipractice; idebt iliteracy ihas istrong, ipositive iand isignificant icorrelation of 0.532 ito ifinancial imanagement ipractices iand itaxation i& iinsurance iliteracy ihad ia istrong, ipositive iand isignificant icorrelation of 0.660 ito ifinancial imanagement ipractices iThe ioverall ifinding iwas ithat ifinancial iliteracy ihas ia istrong ipositive icorrelation ito ifinancial imanagement ipractices with a significant significance of 0.00. iTherefore,there iis ia istrong icorrelation ibetween ifinancial iliteracy iand ithe ifinancial imanagement ipractices iof iemployees iof ipublic iprimary ischools iin iMombasa iCounty. iThe istudy irecommends; iadoption iof ifinancial iliteracy iprograms ifor Ithe teaching istaff iof ipublic iprimary ischools; iteacher’s iservice icommission ito ilobby ifor trade iassociations ito isensitize itheir imembers ion isound ifinancial imanagement imatters and ialso iseek ipartnerships iwith iinterested iparties, ifor iinstance, iuniversities iand icolleges, iin iprovision iof ifinance iliteracy icourses ifor iits iemployees.