PARENT FINANCING AND FINANCIAL SUSTAINABILITY OF EDUCATION IN PUBLIC BOARDING SECONDARY SCHOOLS IN NAIROBI CITY COUNTY, KENYA
Ann Mwihaki Mbaire - Postgraduate Students, Department of Accounting and Finance, School of Business Economics and Tourism, Kenyatta University, Kenya
Dr. Charity Njoka - Lecturer, Department of Accounting and Finance, School of Business Economics and Tourism, Kenyatta University, Kenya
Mr. James Muturi - Lecturer, Department of Accounting and Finance, School of Business Economics and Tourism, Kenyatta University, Kenya
ABSTRACT
Secondary education in Kenya has been experiencing financial crisis in the recent past calling for government intervention to mitigate the negative trends that inhibit financial sustainability of secondary education. Specifically, there are myriads of late and insufficient financial supports from government, sponsors, corporate, and individual funding, thus impeding financial sustainability of secondary education. Clearly, financial sustainability of education has faced unprecedented challenges thus calling for a joint concerted effort by various financiers to ensure sustainable education. The objective of the research was to determine the effect of parents’ financing and financial sustainability of education amongst public secondary schools in Nairobi City County. This research was based on financial sustainability theory. This research adopted the positivism philosophy alongside explanatory research design. Target population was 39 public boarding secondary schools and their respective 39 principals. This research utilized stratified sampling technique to sample schools whilst all principals were selected using census method. The research used strucutred questionnaire and relevant ethical approval letters were obtained for data gathering exercise. Data was analyzed via descriptive statistics and infenerential statitics using Statiscal Packages for Social Sciences version 25.0. The research found that parents’ financing had a positive significant connection with financial sustainability of education. The research concludes that parents’ low-income status, delay in fee payment coupled with high percentage cost of education left for parents had negative effect on financial sustainability of education among public boarding secondary schools. The study recommends that school administrators should encourage economically endowed parents to make contributions to school-sponsored bursaries and scholarships for academically gifted but economically underprivileged learners.