INTRODUCE FINANCIAL LITERACY IN SCHOOL CURRICULUM FOR ADEQUATE FINANCIAL LITERACY LEVELS AMONG ZAMBIANS
ZUFIAW president Mr. Ackim mweemba has called on government and other key stakeholders driving the financial literacy agenda, to seriously consider the benefits of introducing personal financial literacy into the primary and secondary school curricula, if any meaningful and long-lasting benefits were to be registered. Mr. Mweemba was speaking in reflection over the just ended financial literacy week which was launched by the bank of Zambia on the 19th of March 2018, aimed at promoting the culture of saving, investment and secured insurance.
“there is need for the central bank and the education ministry to consider a partnership that shall ensure the introduction of personal financial literacy lessons both at primary and secondary school levels. Most of our young people leaving education especially at secondary school level, have no form of personal financial literacy and they do not understand the value of money. We see this in how they waste their money on immaterial things such as alcohol, temporal luxuries, etc. These are young people that are actually entering the productive working and decision making group in society and they shall soon start facing difficulty financial decisions which may prove to be too much to handle wisely if one is not adequately trained to make these decisions correctly.” He said
“personal financial literacy is an integral part of sustainable economic development of any nation. Therefore, our young people need to have the discipline of handling money inculcated in them at a very young age, given that the discipline of saving, investing and insuring life or property is not easily acquired until probably after one has faced a difficult situation. Lack of financial knowledge in adulthood may affect negatively on their spending attitudes, behaviors, and personal financial management. This undoubtedly has a bearing on the overall performance of our economy. No wonder our capital markets have remained underdeveloped.” He added.
“in the past, the central bank has tried various strategies such as the just ended financial literacy week and financial inclusion campaigns, but not very many people appreciate the importance of such matters. One may ask the difficult question of – what portion or percentage of the Zambian population had access to the information that was being disseminated during these campaigns?.” He wondered.
“Personal financial literacy (PTL) for school going children has become an important intervention against issues pertaining to saving, investing, and spending habits of young people and how this will influence their future financial behavior. The failure to both promote and reinforce PTL in schools has the potential to affect consumers’ ability to make sound financial decisions about present and future personal needs. It is important that financial skills are imparted to students during their early days of schooling and before they are exposed to the ever-increasing predatory marketing gimmicks of the financial institutions in our country. Failure to equip young people with the requisite personal finance skills is dangerous and counterproductive to the country’s efforts for economic development.” He advised.
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