FINANCIAL LITERACY

CONCEPT EXPLORATION
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
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 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, deceased 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 of 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 acquire the
knowledge and skills while building responsible financial behavior throughout each stage of their
education (OECD, 2015).
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 throughout evaluation of the individual’s current
financial state and future expectations.
The following are steps in creating a financial plan.
1. Calculating the net worth. Net worth is the amount by which assets exceed
liabilities. In so doing, consider (1) assets the 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, 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 a
personal income allowed by the tax code.
(https://www.investopedia.com/terms/f/financial_plan.asp).

Five Financial Improvement Strategy

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
all 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 a 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 personal 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 for consideration.
A. Time horizon. It indicates the time when the money will be needed. To note, the longer
the time horizon, the more risky (and potentially more lucrative) investments can be made.
B. Risk tolerance. Investors may let go of the possibility of a large gain if they know 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
(https://www.flexscore.com/learningcenter/setting-financial-and-investment-goals).
Budget and Budgeting
A budget is an estimation of revenue and expenses over a specified future period of time
and is usually compiled and re-evaluated 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 for 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-and-prioritizing-
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 earn 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 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 for 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 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 identify them
early and how to protect one's self from being victimized.
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 or 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 o an information you share and with whom, and always share
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/Financial-Hardship/Disaster.)
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 nine 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 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 your financial information on any website,
double-check the website's privacy rules. Also, make sure the website encryption, which is
usually symbolized by a lock to the left u the web address which means it is sale 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 in some scammers create bogus charities to steal credit card
information. (https://www.investopedia.com/articles/personal-finance/041515/10-tips-avold
common-)
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,
contactyour 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 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 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 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 good 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 serve as protection since the
premium can be use 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 Characteristics Advantage Disadvantage
1. Endowment It grants a lump sum after It allows for saving It requires higher
a specified amount of time up for specific premiums than other
or upon death. The policy purposes. types of life
owner is required to pay insurance.
the premium for a It guarantees returns
predetermined number of upon maturity. It is not the best
years or until a specific option for those
age is reached. It offers some form looking at full life
of insurance protection.
coverage.
2. Term It is the simplest form of It entails low It has no benefit if
life insurance to obtain, of premium policyholder
which upon death, the requirements. outlives the term
beneficiaries are paid with period set.
the benefit. It is a strong option
for policyholders Premium usually
who need insurance gets higher upon
but cannot afford renewal of terms.
whole life or
endowment.

It is easy to
understand.
3. Whole Life It provides coverage for It offers permanent It requires higher
the policyholder’s entire protection for full premiums.
life or until they reach 100 life or 100 years.
years old. It acts both as It is difficult to
protection and savings It is flexible in terms understand due to
mechanisms since a of payments of complexity.
portion of the premium is premiums.
allocated to build up cash
values. It entails fixed
premiums.

It usually comes
with additional
features and “living”
benefits.
 4. Variable It serves as both life It takes dual Cash values and
Universal protection and investment purpose: Life dividends are not
Life (VUL) vehicle in one package. A insurance plus guaranteed.
portion of the premium is investment tool.
allocated into various Face amount and
investment vehicles for the It has no maturity death benefit are
purposes of wealth age. dependent on
creation. The contract’s investment
earnings are based on the The cash value is performance.
performance of selected payable along with
investments. the assured sum. It includes various
investment fees.
The death
component is not
limited to face
values.

It depicts liquidity,
wherein funds can
be accessed in times
of need and can
serve as 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.
Financially 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 Stages 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 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, personal loans, or other debt form
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 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 bill 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.

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 of 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 of 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 a subjects.
Teacher 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 the study. Students’ progress should also be assessed through
various high impact modes.