A Systematic Review on Financial Resource Management in Education

Abstract

Education is an important foundation for the sustainable development of a nation, but it faces challenges in providing quality education. Resource management is essential in addressing these issues because it controls and directs resources to carry out school operations efficiently. Using the PRISMA paradigm, this systematic review examined the literature on resource management, with a focus on financial and human resources. Studies included in this review are focused on the challenges, practices, and recommendations of resource management in educational institutions, written in the English language and conducted between 2020 and 2024, from Google Scholar. Out of 46 records identified from database searching, 12 articles from six countries revealed three themes for the challenges of financial resource management, namely: limited funds, inadequate education and training, and misappropriation of budget. In terms of financial management practices, the analysis showed four themes for financial resource management, namely: budget planning procedures, reporting, financial resource empowerment, and partnership. Meanwhile, three themes appeared for the recommendations to improve financial resource management, such as collaboration, financial management processes, and financial management. These findings make it necessary to implement efficient financial resource management techniques to enhance educational institutions. However, managing resources posed challenges for schools. Thus, further approaches to solving the aforementioned issues may be investigated by researchers in the future. They can also explore problems, viewpoints, and strategies used by school administrators to manage resources other than those included in this study, such as technology and physical resources.