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Financial Management Practices and Coping Strategies among Senior High School Teachers in Camanava: Financial Literacy Framework

DOI : https://doi.org/10.36349/easjebm.2023.v06i06.001
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It is essential to be financially literate in order to live a wealthy life. Every income level is predicted to see a rise in standard of life with adequate financial management, which must be accompanied by strong financial literacy; nevertheless, for those with high incomes, achieving financial stability would have been challenging without proper financial management. Utilizing a descriptive- correlational research designs, this study aimed to assess the financial management practices and coping strategies among Senior High School Teachers among CAMANAVA and developed a Financial Literacy Framework. Specifically, it sought to determine the profile of the Senior High School Teachers’ financial management practices and coping strategies during the course of financial issue. Further, the study also aimed to develop a financial literacy framework as an output for this study. The study comprised 150 Senior High School Teachers as the respondents in in this research undertaking at CAMANAVA. Findings of the study revealed that with respect to respondents’ background characteristics, majority were between 21-45 years old, female, married and have less than five years of service with ongoing master’s degree. In terms of saving, budgeting, and spending are high, however in terms of investing and debt management, they are low with regards to the assessment of financial management practices. Taking from savings, reducing unnecessary expenses and budgeting are the most common practices by the respondents when faced with financial distress except debt management and investing. It is recommended that teachers should prepare their individual personal financial vision to guide them on the spending and debt management; that stress intervention be implemented, since teachers have overwhelming stress in their financial well-being; they should start putting up business of their own for another source of income. A single employment cannot be sustained for urgent demands; teachers ......

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Lecturer, Dept. of Pharmacology and Therapeutics, Shaheed Monsur Ali Medical College & Hospital, Uttara, Dhaka-1230, Bangladesh

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