Challenges faced by primary school educators in managing their personal debts at Ximhungwe Circuit

Abstract

ABSTRACT Some studies have portrayed in the literature review that most public servants are highly indebted. The economy of a society and the country improves if its workers have developed financially. Productivity also increases if people are happy at their work. In this context, the purpose of this study was to establish challenges faced by Primary School Educators at Ximhungwe Circuit in managing their personal debts. The studies have revealed that poor financial literacy has resulted in consumers failing to apply the basic financial practices. The analysis from the literature and facts drawn together from interviews indicate that financial literacy is key for educators to know much about finances and that the department of education could benefit if its employees are developed sufficiently. Overall, the findings of the study indicate that most educators in the participating primary schools are highly indebted. The results suggest that the most common debts are Personal Loans, Registered and Unregistered Micro-lending, Insurances, Bank overdrafts, Hire Purchase and Direct Marketing. Based on these results, the study recommended that educators need to be financially literate and that an induction on how to manage personal finances be made compulsory for all educators entering the profession. This will help to deal with the challenges faced by educators in dealing with their personal debts.