The Influence of Voluntary Deposits on Improving Primary School Teachers' Welfare: A Case of Moshi Municipality Teachers SACCOs Limited

In the growing landscape of education, the welfare of teachers is paramount to fostering an effective learning environment. Teachers often focus on basic options, such as bank savings and fixed deposits, neglecting other wealth maximisation services, like Savings and Credit Cooperative Societies (SACCOs). This study aims to determine the influence of voluntary deposits on enhancing the welfare of primary school teachers, specifically in the case of Moshi Municipality teachers' SACCOs Limited. The study is based on the Behavioral Finance Theory developed by Herbert Simon. The study employed a convergent research design within a mixed-methods approach targeting 1,135 primary school teachers in Moshi Municipality who are members of teachers' SACCOS. A sample size of 250 respondents was determined using the Yamane formula for known populations, which were sampled through a simple random method. Furthermore, three leaders from SACCOs were chosen purposively: chairman, secretary, and accountant. Data were collected using questionnaires for teachers and through a key informant interview guide for SACCOs leaders, and analyzed through both quantitative and qualitative data analysis methods. Before data collection, the research instruments underwent a pilot test involving 16 teachers from primary schools and 2 SACCOs leaders who were not included in the actual data collection. For the quantitative data, researchers used descriptive statistics to analyze and present the findings in the form of percentages, frequencies, and means. Additionally, inferential statistics were utilized to test hypotheses through a linear regression model. This process began with conducting a collinearity test, followed by an assessment of residual statistics, which ultimately resulted in a comprehensive model summary. Qualitative data were analyzed through content analysis. The study found that the majority of teachers agreed that voluntary deposits have a positive influence on their welfare. The analysis results confirmed a statistically significant relationship between voluntary deposits and teachers' welfare. Thus, policymakers should promote and support the establishment of voluntary deposit schemes within teachers' SACCOs to encourage teachers to save. Furthermore, participation in voluntary deposit programs is a good opportunity for primary school teachers to maximize their financial benefits.