Dynamics of Financial Management Among Higher Education Institutions (HEI) Faculty in the New Normal

Abstract

The study utilized a qualitative research design, specifically a Key Informant Interview, in which faculty members were interviewed about the dynamics of their financial management practices. This involved a progressive identification and integration of categories based on the lived experiences of faculty when it comes to financial management practices in the new normal conditions. The data collection was from fifteen participants from different higher education institutions for the academic year 2022-2023. These participants were selected for their first-hand knowledge or experiences in handling their finances. The interviews are loosely structured, relying on a list of issues of the financial management practices of faculty, the challenges they encountered, and the insights they gained from the experience. Methods of analysis were discussed. Themes were generated from the experiences of these faculty: Fair Financial Management Practices, Insufficient Salary, Prioritization and Proper Allocation of Income and Expenses, The Pandemic Savings, Budget Frequency, Factors that Affect Budgeting, “Needs First, Wants Later” "Academic Ranks vs. Budgeting, and Importance and Effectiveness of Budget Plan.