FINANCIAL MANAGEMENT SKILLS REQUIRED BY SECONDARY SCHOOL PRINCIPALS IN ENUGU STATE

Abstract

This study aims to examine the financial management skills required by secondary school principals in Enugu State. Financial management skills play a crucial role in the effective and efficient management of schools, and this is especially important for secondary school principals who are responsible for handling school budgets and ensuring financial sustainability. Through a comprehensive literature review and data analysis, this study identifies the key financial management skills that are necessary for secondary school principals in Enugu State. These skills include budgeting, forecasting, monitoring and controlling expenses, analyzing financial data, and making financial decisions. Two corresponding research questions and null hypotheses were formulated to guide the study. Comprehensive related literature was reviewed not only to serve as a guide to the research but also to give insight into what has already been done by other researchers in the related areas of the study. A descriptive research design was adopted for the study. The population of the study consisted of two hundred and twenty-one (221) principals of secondary schools in Enugu State. The entire population was used in the study and as such there was no sampling. The researcher’s developed questionnaire tagged Financial Management Skills Required by Secondary School Principals in Enugu State (FMSRSSPQ) was used to elicit responses from the subjects. The instrument was validated by three experts, one expert from Science Education Department and two experts from Educational Foundations Department, Enugu State University.  The reliability of the instrument was determined using Cronbach Alpha technique which yielded a reliability coefficient of 0.78. Mean (x) and standard deviation (SD) were used to answer the research questions while t–test statistics was used to test the null hypotheses at 0.05 level of significance. The findings of this study provide valuable insights for secondary school principals in Enugu State to understand the importance of developing and enhancing their financial management skills. It also serves as a guide for educational policymakers to incorporate financial management training in the professional development programs for secondary school principals. Overall, this study emphasizes the need for secondary school principals in Enugu State to possess strong financial management skills to ensure the financial stability and success of their schools.