With this study we explored financial risk management practices in public schools in selected quintile (1, 2 & 3) township schools in the Tshwane South district in Gauteng. The schools involved were previously disadvantaged schools and learners were from the same area as the schools. We adopted a qualitative research approach and thematic analysis was used to analyse the data collected via one-on-one interviews. Stratified random sampling was used to select 12 principals who formed the sample of the study. The challenges experienced by principals identified from the themes concerned a lack of clarity of principals' roles regarding finances; balancing roles as accounting officers and ex-officio members; effective use of systems provided to use for school administration, including financial record keeping; accountability of reporting; and poor monitoring and support by the Department of Education. Schools across the country face challenges regarding financial management due to a lack of knowledge of financial risk management practices in schools. Within the South African public schools system the overall responsibility and accountability for school financial management and asset control lies with the school governing body.