TEACHERS STILL STRUGGLING FINANCIALLY? 5 HARD TRUTHS ABOUT SALARY AND FINANCIAL EDUCATION
Why are teachers still struggling financially despite their hard work? Explore the relationship between salaries, financial education, debt and everyday money decisions.
Teachers still struggling financially is an issue that deserves an honest conversation—not criticism, blame or assumptions about every teacher’s circumstances. Across the teaching profession, some educators work for years, earn monthly salaries and fulfil important responsibilities, yet still find it difficult to build savings, manage unexpected expenses or achieve long-term financial security.
The question is not whether teachers work hard enough. It is whether their income, financial knowledge, obligations and money decisions give them a realistic opportunity to build the lives they want.
In a discussion shared by Smart Teachers Avenue, Atta Smart raises important questions about teachers’ financial circumstances and the role financial education may play. Here are five issues worth examining.
1. TEACHERS STILL STRUGGLING FINANCIALLY: DOES THE SALARY COVER THE COST OF LIVING?
A teacher’s salary must meet several competing needs. Food, transport, accommodation, utility bills, family responsibilities, children’s education and healthcare can consume a substantial part of a monthly income.
For teachers posted to rural or deprived communities, additional circumstances may create financial pressure. Transport difficulties, accommodation challenges and limited access to essential services can make daily living more demanding.
When most of a salary is committed to necessities before the month is halfway through, saving becomes difficult. An unexpected medical bill, family emergency or school-related expense can put even a carefully planned budget under pressure.
Research on teacher remuneration in Ghana has examined the relationship between teachers’ earnings, incentives and their working circumstances. This provides useful context for discussing financial wellbeing in the profession.
External source 1: Research on teacher remuneration in Ghana – International Journal of Educational Development
The discussion about teachers still struggling financially must therefore begin with a fair question: is the income available to a teacher sufficient to meet essential needs and support meaningful financial progress?
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2. TEACHERS STILL STRUGGLING FINANCIALLY: CAN FINANCIAL EDUCATION MAKE A DIFFERENCE?
Income matters, but knowing how to manage money also matters. Financial education can help people understand budgeting, saving, borrowing, interest, investment risks and long-term financial planning.
A person may receive a salary regularly and still struggle to make progress if spending is not planned, borrowing is poorly managed or financial decisions are made without understanding their long-term consequences.
However, financial education should not be presented as a magic solution. A teacher cannot budget away an income shortfall when essential expenses exceed available earnings. Financial knowledge is most useful when combined with a realistic income, manageable obligations and access to appropriate financial services.
A 2025 study examining financial literacy and financial behaviour among 100 basic school teachers in Yeji, Ghana, reported moderate financial literacy, with gaps in areas such as compound interest and investment returns. It also identified positive behaviours, including budgeting and saving.
These findings offer a reason to strengthen financial education, but they do not prove that poor financial knowledge is the sole reason teachers experience financial difficulties.
External source 2: Examining financial literacy and financial behavior among basic school teachers in Ghana – Academic Journals
For teachers still struggling financially, the practical lesson is to improve financial knowledge while also recognising the structural challenges that affect their ability to save and invest.
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3. TEACHERS STILL STRUGGLING FINANCIALLY: IS DEBT REDUCING THEIR FINANCIAL FREEDOM?
Borrowing can help people address urgent needs, pay for important expenses or finance carefully considered opportunities. The challenge begins when repayments take up too much of the monthly income.
A teacher with several loan deductions or repayment commitments may receive a salary but have little control over how much remains available. Additional borrowing to cover ordinary living expenses can create a cycle in which one loan leads to another.
Before taking a loan, teachers should examine the total repayment amount, interest and fees, repayment period, monthly deductions and consequences of missed payments. The key question is whether the borrowing is affordable without compromising essential needs.
Where possible, reviewing outstanding debts, prioritising expensive borrowing and avoiding unnecessary new loans can help restore financial breathing room. Anyone considering debt restructuring should first understand the full terms and costs involved.
Debt alone does not explain every case of teachers still struggling financially. Some people borrow because their income cannot meet genuine household needs. That reality deserves consideration alongside individual financial choices.
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4. TEACHERS STILL STRUGGLING FINANCIALLY: HOW DO HABITS AND SOCIAL PRESSURE AFFECT MONEY?
Financial decisions are not made in isolation. Family expectations, social obligations, emergencies and the desire to maintain a particular standard of living can influence how people use their income.
Teachers may feel pressure to support relatives, contribute to community events, meet household needs or respond to requests from friends and colleagues. These responsibilities can be meaningful, but they can also become difficult to manage when there are no clear financial boundaries.
Small, repeated expenses may also affect a budget more than expected. Without reviewing spending, it can be difficult to identify where money goes each month.
Practical steps include preparing a monthly budget, separating essential expenses from optional spending, setting realistic savings targets and deciding in advance how much can be allocated to family support and social obligations.
The aim is not to discourage generosity or blame teachers for their circumstances. It is to encourage financial decisions that balance present responsibilities with future security.
5. TEACHERS STILL STRUGGLING FINANCIALLY: WHAT CAN CHANGE?
Improving teachers’ financial wellbeing requires both personal and wider institutional action.
At an individual level, teachers can start by reviewing their income and expenses, identifying costly debt, building an emergency fund gradually and learning how savings and investment products work. Any investment decision should be based on risk, fees, liquidity and the credibility of the provider—not promises of quick or guaranteed returns.
Where appropriate, teachers may also explore legitimate ways to earn additional income that fit their skills, interests and available time. Such opportunities should be assessed carefully so that they do not undermine teaching responsibilities or require unaffordable upfront payments.
At the institutional level, fair remuneration, transparent allowances, appropriate working conditions and access to credible financial education remain important. Teachers should not be expected to solve every financial challenge through personal discipline alone.
READ RELATED RESOURCES HERE: GOVERNMENT CARE FOR TEACHERS: DOES EDUCATION REALLY COME FIRST?
Smart Teachers Avenue can contribute to this conversation by sharing practical, evidence-informed guidance that helps teachers understand their financial options without promoting unrealistic expectations.
THE WAY FORWARD: A FAIRER CONVERSATION ABOUT TEACHERS’ FINANCIAL FUTURE
Teachers still struggling financially should not automatically be judged as careless with money, just as every teacher should not be assumed to be experiencing financial hardship. Individual circumstances differ, and meaningful discussion requires evidence, empathy and practical solutions.
Salary adequacy, financial literacy, debt, family obligations and spending habits can interact in different ways. Addressing only one factor may not be enough. Teachers need realistic opportunities to meet their needs, make informed financial decisions and plan for the future.
The bigger question is how teachers, education stakeholders and institutions can work together to improve financial wellbeing while recognising the value of the teaching profession.
READ RELATED RESOURCES HERE: HOW TEACHERS CAN EARN EXTRA INCOME BEYOND THEIR SALARY
What do you think is the biggest challenge facing teachers who want to achieve financial stability: inadequate income, debt, limited financial education, family responsibilities or a combination of these factors?
Share your experience and ideas in the comments. Your strategy could help another teacher take the first step.
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