Financial Resource Management: Status and Challenges in Public Secondary Schools in Kinondoni Municipality, Tanzania

Abstract

One of the most important resources for obtaining a top-notch education is financial. Ensuring that the necessary funding is secured on time and that the schools are making the best use of their current financial resources is essential for improving educational quality. The aim of this study was to examine the challenges that head of secondary schools experience when managing their financial resources. This study’s theoretical framework was the agency theory proposed by Stephen Ross and Barry Mitnick in 1973. A mixed-approach research method and a concurrent transformative research design were used. For the study’s participation sample, 39 respondents were necessary. The sample consisted of 22 teachers, 6 heads of schools, and 5 members of the school board. Questionnaires, interviews, and documentary analysis were used to collect data. The synthesis of the findings showed that the level of financial resource control functions displayed by secondary school heads of public schools was notably low. Lack of proper financial management abilities, a lack of financial guidelines, political influence, and corruption among committee members were issues related to this reality. To improve the management of financial resources and maximize the benefits from those resources, heads of schools should become fully versed in all financial resource management procedures and skills. This will help the schools perform more effectively overall.