Navigating Financial Constraints: Exploring Teachers Challenges and Strategies in Managing Low Monthly Take-Home Pay

Abstract

This study explores the financial challenges faced by teachers with low monthly take-home pay and examines the strategies they employ to manage their constrained financial resources. Using a case-study approach, the research delves into the experiences of teachers in public schools, focusing on their financial struggles and coping mechanisms. It adopted a narrative inquiry approach and utilized open-ended and discovery-oriented questions for data collection. The rigors of findings were addressed using member checking, coding, recoding strategy, thick description, data saturation, and data checking. The data explication process applied the six-phase analysis introduced by Braun and Clarke. The themes that emerged from the study are Financial Insufficiency, Institutional Gaps, Emotional Impact, Coping Strategies, and Policy Recommendations. Data was collected through detailed case analyses, including interviews. The findings reveal that many teachers grapple with difficulties in meeting basic living expenses, managing family obligations, and handling unforeseen financial demands due to insufficient income. Despite these challenges, teachers exhibit resilience by employing various strategies such as stringent budgeting, seeking supplementary income, and relying on financial assistance from family or loans. This case-study approach highlights the complexity of their financial situations and the adaptive strategies they use. The research emphasizes the need for systemic reforms in teacher compensation and the implementation of targeted financial literacy programs to improve teachers' economic well-being. The insights gained from this study contribute to a better understanding of the socio-economic challenges faced by educators and offer a basis for policies aimed at supporting their financial security.