In Kenya, teachers are the backbone of the education system, shaping the future of the nation. But, despite their pivotal role, financial challenges, exacerbated by the burden of bank loans, take a toll.
And now it is clear that unsustainable loans are a problem as, more often than not, teachers are forced to make do with peanuts after securing heavily taxed development loans. Resorting to bank loans to meet various financial needs, ranging from personal emergencies to education expenses, is just a nightmare.
While loans provide immediate relief, the high interest rates and stringent repayment terms they come with, is the elephant in the room – loan repayments consume a huge portion of one’s income, leaving most of them with little to cover basic necessities, even though history shows that there are some who make good use of borrowed money.
With salaries that often fall short of the cost of living, and low disposable income because of loans, teachers generally find themselves struggling to make ends meet, despite their dedication to the profession. Perhaps that is what led to a crisis, sort of, in 2023 for example, when teachers opted to seek for jobs in diaspora. The move by some teachers to try their luck abroad at the time, was as a result of pay not being commensurate with the current tough economic times.
The financial strain resulting from loan repayments has made the situation worse. Many are forced to skip essential expenses such as healthcare, housing, and nutritious food, thereby compromising their well-being and that of their families. This not only affects teachers’ physical health but also takes a toll on their mental and emotional resilience.
Bank loans are stifling professional growth. The burden of loans impedes teachers’ professional growth and development. With limited disposable income, they are unable to invest in further education or training opportunities that could enhance their skills and advance their careers. Consequently, this stagnation hampers the overall progress of the education sector in Kenya.
The current financial burden on teachers is unsustainable and continues to hinder both their personal and professional growth. However, solutions are on the horizon.
For a detailed look at potential strategies and insights that could help ease this crisis, be sure to refer to the full story, originally published in the June 2024 edition of Nairobi Business Monthly, available at https://epaper.nairobibusinessmonthly.com/
– ASHFORD GIKUNDA
