Lesson 1: Financial Literacy

In some instances, teachers are confronted with issues and concerns on financial
debt, being victimized by fraud and other related scams, both personal and electronic ways.
More so, some teachers are drowned by emergent financial needs and unexpected debt,
especially in difficult times, sickness and inevitable circumstances and calamities. Others
do not prepare for their retirement that they usually end up highly frustrated. This is the
reason why financial literacy has been a subject in many faculty development programs,
seminars, and even becomes a topic for researches, while many schools have integrated it
in the curriculum.
Financial Literacy
Financial literacy is a core life skill in an increasingly complex world where people
need to take charge of their own finances, budget, financial choices, managing risks,
saving, credit, and financial transactions.
Poor financial decisions can have a long-lasting impact on individuals, their
families and the society caused by lack of financial literacy. Low levels of financial literacy
are associated with lower standards of living, decreased psychological and physical well-
being and greater reliance on government support. However, when put into correct practice,
financial literacy can strengthen savings behavior, eliminate maxed-out credit cards and
enhance timely debt.
Financial literacy is the ability to make informed judgments and make effective
decisions regarding the use and management of money. Hence, teaching financial literacy
yields better financial management skills.
The importance of starting financial literacy while still young. National surveys
show that young adults have the lowest levels of financial literacy as reflected in their
inability to choose the right financial products and lack of interest in undertaking sound
financial planning. Therefore, financial education should begin as early as possible and be
taught in schools. Akdag (2013) stressed that in the recent financial crisis, financial literacy
is very crucial and tends to be advantageous if introduced in the very early years as
preschool years. Financial education is a long-term process and incorporating it into the
curricula from an early age allows children to acquire the knowledge and skills while
building responsible financial behavior throughout each stage of their education (OECD,
2005).
Likewise, financial literacy is the capability of a person to handle his/her assets,
especially cash more efficiently while understanding how money works in the real world.
Financial Plan
Teachers need to have a deeper understanding and capacity to formulate their own
financial plan. It is wise to consider starting to plan the moment they hand in their first
salary, including the incentives, bonuses and extra remunerations that they receive.
Kagan (2019) defines a financial plan as a comprehensive statement of an
individual’s long-term objectives for security and well-being and detailed savings and
investing strategy for achieving the objectives. It begins with a thorough evaluation of the
individual's current financial state and future expectations.
The following are steps in creating a financial plan.
1. Calculating net worth. Net worth is the amount by which assets exceed
liabilities. In so doing, consider (1) assets that entail one's cash, property,
investments, savings, jewelry and wealth; and (2) liabilities that include credit card
debt, loans and mortgage. Formula: total assets minus total liabilities = current net
worth.
2. Determining cash flow. A financial plan is knowing where money goes every
month. Documenting it will help to see how much is needed every month for
necessities, and the amount for savings and investment.
3. Considering the priorities. The core of a financial plan is the person's clearly
defined goals that may include: (1) Retirement strategy for accumulating retirement
income; (2) Comprehensive risk management plan including a review of life and disability
insurance, personal liability coverage, property and casualty coverage, and catastrophic
coverage; (3) Long-term investment plan based on specific investment objectives and a
personal risk tolerance profile; and (4) Tax reduction strategy for minimizing taxes on
personal income allowed by the tax code. (https:/www.investopedia.com/terms/tifinancial
plan.asp)
Five Financial Improvement Strategies
Financial literacy shapes the way people view and handle money. The following are
financial improvements suggested by Investopedia as a journey to financial literacy.
1. Identify your starting point. Calculating the net worth is the best way to determine
both current financial status and progress over time to avoid financial trouble by spending
too much on wants and nothing enough for the needs.
2. Set your priorities. Making a list of rated needs and wants can help set financial
priorities. Needs are things one must have in order to survive (i.e. food, shelter, clothing,
healthcare and transportation); while wants are things one would like to have but are not
necessary for survival.
3. Document your spending. One of the best ways to figure out cash flow or what comes
in and what goes out is to create a budget or a personal spending plan. A budget lists down
income and expenses to help meet financial obligations.
4. Lay down your debt. Living with debt is costly not just because of interest and fees,
but it can also prevent people from getting ahead with their financial goals.
5. Secure your financial future. Retirement is an uncontrollable stage in a worker's life,
of which counterpart are losing the job, suffering from an illness or injury, or be forced to
care for loved one that may lead to an unplanned retirement. Therefore, knowing more
about retirement options is an essential part of securing financial future.
Financial Goal Planning and Setting
Setting goals is a very important part of life, especially in financial planning. Before
investing the money, consider setting financial goals. Financial goals are targets, usually
driven by specific future financial needs, such as saving for a comfortable retirement,
sending children to college, or enabling a home purchase.
There are three key areas in setting investment goals consideration.
A. Time horizon. It indicates the time when the money will be needed. To note,
the longer the time horizon, the riskier (and potentially more lucrative) investments can be
made.
B. Risk tolerance. Investors may let go of the possibility of a large gain if they
knew there was also a possibility of a large loss (they are called risk averse); while others
are more willing to take the chance of a large loss if there were also a possibility of a large
gain (they are called risk seekers). The time horizon can affect risk tolerance.
C. Liquidity needs. Liquidity refers to how quickly an investment can be converted
into cash (or the equivalent of cash). The liquidity needs usually affect the type of chosen
investment to meet the goals.
D. Investment goals: Growth, income and stability. Once determined the
financial goals and how time horizon, risk tolerance, and liquidity needs affect them, it is
time to think about how investments may help achieve those goals. When considering any
investment, think about what it offers in terms of three key investment goals: (1) Growth
(also known as capital appreciation) is an increase in the value of an investment; (2)
Income, of which some investments make periodic payments of interest or dividends that
represent investment income and can be spent or reinvested; and (3) Stability, or known as
capital preservation or protection of principal.
An investment that focuses on stability concentrates less on increasing the value of
investment and more on trying to ensure that it never loses value and can be taken when
needed (htps://www.flexscore.com/learmingcenterserg less investment-goals).
Budget and Budgeting
A budget is an estimation of revenue and expenses over specified future period of
time and is usually compiled and reevaluated on a periodic basis. Budgets can be made for
a variety of individual or business needs or just about anything else that makes and spends
money. Budgeting, on the other hand, is the process of creating a plan to spend money.
Creating this spending plan allows one to determine in advance whether he/she will have
enough money to do the things he/she needs or likes to do.
Thus, budgeting ensures to have enough money for the things needed and those
important ones and will keep one out of debt.
Seven Steps to Good Budgeting The following are seven steps that may help in attaining
good budgeting.
Step 1: Set realistic goals. Goals for the money will help make smart spending
choices upon deciding on what is important
Step 2: Identify income and expenses. Upon knowing how much is earned each
month and where it all goes, start tracking the expenses by recording every single
cent.
Step 3: Separate needs from wants. Set clear priorities and the decisions become
easier to make by identifying wisely those that are really needed or just wanted.
Step 4: Design your budget. Make sure to avoid spending more than what is
earned. Balance budget to accommodate everything needed to be paid for.
Step 5: Put your plan into action. Match spending with income time. Decide
ahead of time what you will use each payday. Non-reliance to credit for the living
expenses will protect one from debt.
Step 6: Plan for seasonal expenses. Set money aside to pay tor unplanned
expenses so to avoid going into debt.
Step 7: Look ahead. Having a stable budget can take a month or two so, ask for
help if things are not getting well.
Spending
If budget goals serve as a financial wish list, a spending plan is a way to make those
wishes a reality. Turn them into an action plan. The following are practical strategies in
setting and prioritizing budget goals and spending plan:
1. Start by listing your goals. Setting budget goals requires forecasting and discussing
future needs and dreams with the family.
2. Divide your goals according to how long it will take to meet each goal. Classify your
budget goals into three categories: short-term goals (less than a year), medium-term goals
(one to five years), and long-term goals (more than five years). Short-term goals are usually
the immediate needs and wants; medium- term goals are things that you and your family
want to achieve during the next five years; and long-term goals extend well into the future,
such as planning for retirement.
3. Estimate the cost of each goal and find out how much it costs. Before assigning
priority to goals, it is important to determine the cost of each goal. The greater the cost of
a goal, the more alternative goals must be sacrificed in order to achieve it.
4. Project future cost. For short-term goals, inflation is not a big factor, but for medium
and long-term goals, it is a big factor. To calculate the future cost of the goals, there is a
need to determine the rate of inflation applied to each particular goal.
5. Calculate how much you need to set aside each period. Upon knowing the future cost
of the goals, next is to determine how much to put aside each period to meet all the goals.
6. Prioritize your goals. Upon listing down all the goals and the estimated amount needed
for each goal, prioritize them. This serves as guide in decision-making.
7. Create a schedule for meeting your goals. It is important to lay down all the goals
according to priority with the corresponding amount of money needed, the time it will be
needed, and the installments needed to meet the goals. (https://www.flexscore.com
/learningcenter/the-spending-plan-setting-anuprioritizing-your-budget-goals)
Investment and Investing
As teachers, when you have saved more money than what you expect at a time of
need, consider investing this money to earn more interest than what your savings account
is paying you There are many ways you can invest your money but consider four aspects
1. How long will you invest the money? (Time Horizon)
2. How much money do you expect your investment to eam each year? (Expectation
of Return)
3. How much of your investment are you willing to lose in the short-term in order
to earn more in the long-term? (Risk Tolerance)
4. What types of investment interest you? (Investment Type)
Savings
In order to get out of debt, it is important to set some money aside and put it into a
savings account on a regular basis. Savings will also help in buying things that are needed
or wanted without borrowing.
Emergency Savings Fund. Start as early, setting aside a little money for
emergency savings fund. If you receive a bonus from work, an income tax refund or
earnings from additional or side jobs, use them as an emergency fund.
10 Reasons Why Save Money
With credit so easy to get, here are ten practical reasons why it is important to save
money that everyone, including teachers, must know.
1. To become financially independent. Financial independence is not having to
depend on receiving a certain pay but setting aside an amount to have savings that can be
relied on.
2. To save on everything you buy. With savings, you can buy things when they
are on sale and can make better spending choices without being compromised on credit
card interest charges
3. To buy a home or a car. Savings can be used in buying a home in full or down
payment, especially in times of promo deals, bids and inevitable sale and at a reasonable
interest rate.
4. To prepare for the future. Through savings, you can be confident to face the
future without worrying on how you will Survive.
5. To get out of debt. If you want to get out of debt, you have to save money.
6. To augment annual expenses. In order to attain a good, stress-free financial life,
there is a need to save tor annual expenses in advance.
7. To settle unforeseen expenses. Savings can respond to unforeseen expenses in
times of need.
8. To respond to emergencies. Emergencies may happen anytime, and these can
be expensive so, there is a need to get prepared rather than potentially become another
victim of an emergency
9. To mitigate losing your job or getting hurt. Bad things can happen to anyone,
such as losing a job, business bankruptcy or crisis, being injured or becoming too sick to
work. Therefore, having savings is the key to resolve such a dilemma.
10. To have a good life. Putting aside some money to spend when needed can bring
about quality and worry-free life at all times.
Common Financial Scams to Avoid
Financial fraud can happen to anyone, including the teachers at any time. While
some forms of financial fraud, such as massive data breaches, are out of one's control, there
are many ways to proactively get rid of financial scams and identity theft.
Here are some of the most common financial scams, along with ways to identity
them early and how to protect one’s self from being a victim.
A. Phishing. Using this common tactic, scammers send an email that appears to
come from a financial institution, such as a bank and asks you to click on a link to
 update your account information. If you receive any correspondence that asks for
your information, never click on the links of provide account details. Instead, visit
the company's website, find official contact information, and call them to verify the
request.
B. Social Media Scams. Scammers are adept at using social media to gather
information about the traveling habits of potential victims. They also have phishing
tactics, including posts seeking charity donations with bogus links that allow them
to keep your money. Therefore, be conscious of the information you post online,
especially personal details and plans for a vacation that you would leave your house
unoccupied.
C. Phone Scams. Another prevalent tactic is scamming phone calls. The scammers
pose as a government agency, such as the Bureau of Internal Revenue or local law
enforcement agencies, and use scare tactics to acquire your personal information
and account numbers. Never provide your account information over the phone.
Look for the agency's contact information, and call them to verify any request. To
note, government agencies will never text or call you to ask for money.
D. Stolen Credit Card Numbers. There are numerous ways that scammers can
obtain your credit card information, including hacking, phishing, and the use of
skimming devices, such as small card readers attached to unmanned credit card
readers (i.e. ATMs, gas pumps, and more). These small devices pull data from your
card when you swipe it. Before you use an ATM or swipe your card, look for
suspicious devices that may be attached to the card reader.
E. Identity Theft. Depending on the amount of information a scammer is able to
obtain, identity theft may extend beyond unauthorized charges on a debit or credit
card. If scammers are able to obtain your Social Security number, date of birth, and
other personal information, they may be able to open new accounts in your name
without your knowledge. Be aware of an information you share and with whom,
and always shred sensitive information before disposing it.
By taking preventative measures and being aware of scams, you can minimize the
risks of fraud. Monitoring your online or mobile banking accounts daily can also help you
see fraudulent charges quickly.(https.//www.regions.com/Insights/Personal/WFinancial-
Hardsnip/Dstrecovery/common-financial-scams-to-avoid)
10 Tips to Avoid Common Financial Scams
Every year, fraud cases are getting worse, leaving countless victims in trouble and
danger through data breaches, identity theft and online scams. Unfortunately, new and
improved technology only gives fraudsters an edge, making it easier than ever for scam
artists to nab financial data from unsuspecting consumers (Bell, 2019).
1. Never wire money to a stranger. Although it is one of the oldest Internet scams,
there are still consumers who fall for this rip-off or some variations of it.
 2. Don't give out financial information. Never reveal sensitive personal financial
information to a person or business you don't know, thru phone, text or email.
3. Never click on hyperlinks in emails. If you receive an email from a stranger or
company asking you to click on a hyperlink or open an attachment and then, enter your
financial information, delete the email immediately.
4. Use difficult passwords. Hackers can easily find passwords that are simple
number combinations. Create passwords that are at least eight characters long and that
include some lower and upper case letters, numbers and special characters. You should
also use a different password for every website you visit.
5. Never give your social security number. If you receive an email or visit a
website that asks for your Social Security number, ignore it.
6. Install Antivirus and Spyware protection. Protect the sensitive information
stored on your computer by installing antivirus, firewall and spyware protection. Once you
install the program, turn on the auto-updating feature to make sure the software is always
up-to-date.
7. Don't shop with unfamiliar online retailers. When it comes to online shopping,
only do business with familiar companies. When purchasing a product from an unfamiliar
retailer, do some research to ensure the business Is legit and reputable.
8. Don’t download software from pop-up windows. When you are online, do not
trust pop-up windows that appear and claim your computer is unsafe. If you click on the
link in the pop-up to start the "system scan” or some other programs, malicious software
known as malware could damage your operating system.
9. Make sure the websites you visit are safe. Before you enter your financial
information on any website, double-check the website's privacy rules. Also, make sure the
website uses encryption, which is usually symbolized by a lock to the left of the web
address which means it is safe and protected against hackers.
10. Donate to known charities only. If you receive a call or an email for
solicitation of charity donations, critically examine it. Some scammers create bogus
charities to steal credit card information.
Financial Scams among Students. Students can also be susceptible to different
financial scams and fraud. Learning how to manage finances and being aware of financial
scams are skills that every student should master.
The following are common financial scams that students should watch out for, and
learn to protect one's identity and finances.
A. Fake scholarships. While it is beneficial for students to apply for as many
scholarships, it is important to become aware of related scams and frauds. Students should
thoroughly check scholarship sources before applying to verify legitimacy. Never apply
for a scholarship that asks for money in return.
B. Diploma mills. There are schools that offer fake degrees and diplomas in
exchange for a fee. Check from government education agencies the prospective school to
enroll in if it is government-recognized, legitimate or accredited.
C. Online book scams. While students often go for the best deals on textbooks
online, scammers can use this opportunity to get students' credit card information. When
buying anything online, be sure to do it on a credible site.
D. Credit card scams. Oftentimes, credit card companies go to school campuses
to convince students to fill out card applications. Scammers may also grab this chance to
steal students' information. It is important to visit a local credit union or bank for credit
card application. Also, regularly check the credit card statement and once there are any
unrecognized charges, contact your banking institution immediately. (https://www.adt.com
/resources /financial-scam-safety)
Insurance and Taxes
Insurance is a contract (in the form of a policy) between the policyholder and the
insurance company, whereby the company agrees to compensate for any financial loss from
specific insured events. in exchange for the financial protection offered, policyholder
agrees to pay a certain sum of money, known as premiums to the insurance company.
Insurance is the best form of risk management against uncertain loss.
There are various types of insurance to choose from, such as life insurance, health
insurance, motor insurance, property insurance, business insurance, etc. Besides, the
financial protection derived from insurance entails tax benefit claim on the paid premiums.
The following are concepts related to insurance and taxes that every teacher should
know. However, he/she should carefully analyze and critically examine well before
pursuing any deal with them.
1. Employer-Sponsored Insurance. If working in a company with 50 or more full-
time employees, the employer is required to provide employee-only insurance that meets
minimum guidelines. Examine the plan offered, but do not pay over 9.66 percent of
household income in premiums.
2. Marketplace Plans. Marketplace plans are available based on an area of
residence and income upon meeting minimum coverage requirements. Marketplace plans
come in three tiers: bronze, silver and gold. Generally, bronze plans offer the least coverage
at the lowest premiums, while gold plans provide the most coverage at the highest price.
Life insurance. Life insurance is a type of insurance that compensates beneficiaries
upon the death of the policyholder. The company will guarantee a payout for the
beneficiaries in exchange of premiums. This compensation is called "death benefit."
 Depending on the type of insurance one may have, these events can be anything
from retirement to major injuries, to critical illness or even to death
The following are common risk categories:
1. Preferred Plus- The policyholder is in excellent health, with normal weight, no
history of smoking, chronic illnesses, or family history of any life-threatening disease.
2. Preferred- The policyholder is in excellent health but may have minor issues on
cholesterol or blood pressure but under control.
3. Standard Plus- The policyholder is in very god health but some factors, like high
blood pressure or being overweight impede a better rating.
4. Standard- Most policyholders belong to this category, as they are deemed to be
healthy and have a normal life expectancy although, they may have a family history of life-
threatening diseases or few minor health issues
5. Substandard-Those with serious health issues, like diabetes or heart disease are
placed on a table rating system, ranked from highest to lowest. On average, the premiums
will be similar to Standard with an additional 25% lower claim on table ratings.
6. Smokers- Due to an added risk of smoking, the policyholders in this category are
guaranteed to pay more. Aside from health class age is also a critical factor in determining
premiums. Therefore, older people pay more expensive premiums.
Benefits of Life Insurance
The following are the benefits of life insurance.
1. It pays for medical and funeral costs. Life insurance helps solve the incurred
expenses for medical and funeral services to lessen the grief among family and relatives
for being unprepared.
2. For financial support. Life insurance can become a source of temporary income
during the difficult period of adjusting and coping with the loss of a loved one, especially
if he/she is the breadwinner.
3. For funding various financial goals. Life insurance offers additional benefits
through the form of fund accumulation for specific future financial goals.
4. Acts as a retirement secured conform. Modern life insurance also serves as a tool
that principal holders can use to get in a better financial position in the future.
5. It covers costs incurred from taxes and debt. Life insurance can serve as
protection since the premium can be used to pay for unsettled debts and taxes.
Types of Life Insurance
The table below shows a comparative analysis of different types of life insurance
along characteristics, advantages and disadvantages that may serve as a reference.
Type Characteristic Advantage Disadvantage
1. Endowment It grants a lump sum It allows for saving up It requires higher
after a specified for specific purposes. premiums than other
amount of time or It guarantees returns types of the insurance.
upon death. The policy upon maturity.
owner is required to It offers some form of It is not the best option
pay the premium for a insurance coverage. for those looking at full
predetermined number life protection.
of years or until a
specific age is
reached.
2. Term It is the simplest form It entails low premium It has no benefit if
of life insurance to requirements. policyholder outlives the
obtain, of which upon It is a strong option for term period set.
death, the beneficiaries policyholders who need
are paid with the insurance but cannot Premium usually gets
benefit. afford whole life or higher upon renewal of
endowment. terms.
It is easy to understand.
3. Whole life It provides coverage If offers permanent It requires higher
for the policyholder’s protection for full life or premiums.
entire life or until they 100 years.
reach 100 years old. It It is flexible in terms of It is difficult to
acts both as protection payments of premiums. understand due to
and savings It is entails fixed complexity.
mechanisms since a premiums.
portion of the It usually comes with
premium is allocated additional features and
to build up cash “living” benefits.
values.
4. Variable It serves as both life It takes dual purpose: Cash values and
Universal Life protection and Life insurance plus dividends are not
(VUL) investment vehicle in investment tool: guaranteed.
one package. A It has no maturity age.
portion of the The cash value is Face amount and death
premium is allocated payable along with the benefit are dependent on
into various assured sum. investment performance.
investment vehicles The death component is
for the purposes of not limited to face value. It includes various
wealth creation. The It depicts liquidity, investment fees.
contract’s earnings are wherein funds can be
based on the accessed in times of
performance of need and can serve as
selected investments. emergency funds.
Financial Stability
Like anyone else, teachers also aim to become financially stable if not today, maybe
in the future. Being financially stable means confidence with the financial situation,
worriless paying the bills because of available funds, debt-free, money savings for future
goals and enough emergency funds.
Financial stability is not about being rich but rather more of a mindset. It is living
a life without worrying about how to pay the next bill, and becoming stress-free about
money while focusing energy on other parts of life (Silva, 2019).
10 Strategies in Reaching Financial Stability
Just like any goal, getting the finances stable and becoming financially successful
requires the development of good financial habits. Babauta (2007) suggests 10 habits
toward financial stability and success.
1. Make savings automagical. Savings should be made a top priority, especially
as an emergency fund and a bill payment from the amount are automatically transferred
from the checking account, like an online savings account
2. Control your impulsive spending. Control yourself from impulsive spending
on eating out, shopping and online purchases that may ruin your finances and budget.
3. Evaluate your expenses and live frugally. Analyze how you spend your money,
see what you can reduce and determine expenses that are necessary and eliminate the
unnecessary.
4. Invest in your future. Start preparing and investing for your future retirement
while still young in your career field.
5. Keep your family secure. Save for an emergency fund, so that you have
something to spend if anything happens with the family emergently.
6. Eliminate and avoid debt. Eliminate credit cards, persona loans, or other debt
forms as it will not work on you but even pull you down and make you drowned with
obligations that may even resort to surrendering your properties, jewelry and investments
as payment.
7. Use the envelope system. Set aside three amounts in your budget each payday,
withdraw those amounts and put them in three separate envelopes. In that way, you can
easily track how much remains for each of the expenses or if you already run out of money.
8. Pay bills immediately. One good habit is to pay bills as soon as they come in
and try to get your bills to be paid through automatic deduction.
 9. Read about personal finances. The more you educate yourself, the better your
finances will be.
10. Look to grow your net worth. Do whatever you can to improve your net worth,
either by reducing your debt, increasing your savings, or increasing your income, or all of
the above. (https:zenhabits.net/10-habits-to-develop-for-financial)
Signs of Being Financially Stable
Teachers, like anyone else, often work to the extent to earn more even through
additional jobs on the side just for their desire for financial stability.
Rose (2019) presents some signs of a financially stable person.
1. You never overdraw your checking account.
2. You don't lose sleep over finances.
3. You use credit cards for convenience and rewards but never Out of necessity.
4. You don't worry about losing your job.
5. You pay your bills ahead of time
6. People ask your opinion about financial matters, and you inspire them.
7. You're generally happy with your financial situation
8. You finance your cars over five years or less if you take loans at all.
9. You contribute more to your retirement.
10. You don't feel guilty when you're out for special occasions
11. You can afford to buy the things you really want.
12. Recreational spending doesn't appeal to you.
13. You're a natural saver.
14. You’re generous with money when it comes to charities or helping others.
15. You're confident about your future.
16. Your net worth grows significantly from year to year
17. You have substantial equity in your home.
18. You consistently live beneath your means.
19. You could survive for months without a paycheck.
20. You feel in control of your finances and never dominated by them.
Integrating Financial Literacy into the Curriculum.
Financial education in schools should be part of a collaborative national strategy to
ensure relevance and long-term sustainability. The education system and profession should
be involved in the development of the strategy.
In support, Barry (2013) underscored that financial literacy has a wide repercussion
outside the family circle and more precisely, the school. Hence, administrators and
professors need to develop a curriculum that would provide students insights on having the
value of financial literacy including the effect it can bring them.
Moreover, there should be a learning framework, which sets out goals, learning
outcomes, content, pedagogical approaches, resources and evaluation plans. The content
should cover knowledge, skills, attitudes and values. A sustainable source of funding
should be identified at the outset.
Financial education should ideally be a core part of the school curriculum. It can be
integrated into other subjects like mathematics, economics, social studies, technology and
home economics, values education and others. Financial education can give a range of
'real-life contexts across a range of subjects.
Teachers should be adequately trained and resourced, made aware of the
importance of financial literacy and relevant pedagogical methods and they should receive
continuous support to teach it or integrate in their lesson. More so, there should be easily
accessible, objective, high-quality and effective learning tools and pedagogical resources
available to schools and teachers that are appropriate to the level of study. Students’
progress should also be assessed through various high impact modes.