INFLUENCE OF FINANCIAL PLANNING PRACTICES ON STUDENTS’ RETENTION IN PUBLIC SECONDARY SCHOOLS IN CHONYI SUB-COUNTY, KILIFI COUNTY, KENYA
Abstract
Purpose of the Study: Thus, the purpose of this was to study to examine the influence of financial planning practices on students’ retention in public secondary schools, Chonyi Sub- county, Kilifi County, Kenya.
Statement of the Problem: Students’ retention in secondary schools is key to the realization of educational objectives. However, in Chonyi Sub-county, the situation is quite different with students’ retention in public secondary schools being low.
Methodology: The study employed a concurrent triangulation research design with a target population of 98 respondents, using a census method. Stratified sampling created two strata, selecting 12 principals, 60 HoDs, 12 BoM Chairs, 12 bursars, and 2 sub-county auditors. Data collection involved questionnaires for HoDs and interviews for other respondents, with qualitative data analyzed thematically and quantitative data analyzed using descriptive and inferential statistics (Pearson’s correlation) via SPSS Version 25, presented in tables.
Findings: The study found low student retention rates in public secondary schools despite increased Form I enrollment under the 100% transition policy from 2018 to 2023. However, completion rates remain low due to inadequate financial planning by principals. This lack of engagement has contributed to rising student dropout rates.
Recommendations: Principals should adopt financial planning strategies which are aimed at ensuring that much resources are allocated for learner-centered activities to keep as many students as possible in school.
Keywords: Financial planning practices, students’ retention, public secondary schools
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