College of Education

Reporters

Stephanie Cadena John Vincent C. Manalo Sherine G. Villanueva

Dr. Maria Shiela Simon

Course Facilitator

Module 8
Financial Literacy
Learning outcomes

 Define financial literacy

 Distinguish among financial plan, budgeting, saving, spending and investing
 Present ways on how to avoid financial crises and scams
 Demonstrate understanding of insurance and taxes
 Describe a financially stable person
 Determine ways on how to integrate financial literacy in the curriculum
 Draw relevant life lessons and significant values from personal experiences on
financial crises and scams
 Analyze research abstract on financial literacy and its implications to the teaching-
learning process
 Make a personal financial plan based on short-term and long-term goals

Introduction

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
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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.

 Building credit
 Managing expenses
 Savings

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,
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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.

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 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,
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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 four 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 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.

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 ID do the things he/she needs or likes to do. Thus, budgeting ensures to
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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:

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.
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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.

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 side and put it into a
savings account on a regular basis. Savings will also help in buying things that are neededular
basis. Savings 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.
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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 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 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.
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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.

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 fnancial 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.
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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
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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.

Insurance and Taxes

Insurance is a contract (in the form of a policy) between the policy holder 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, policy holder 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.
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3. 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.
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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. It grants a lump sum It allows for saving up It requires higher
Endowment after a specified amount for specific purposes. premiums than other
of time or upon death. types of life
The policy owner is It guarantees returns insurance.
required to pay the upon maturity.
premium for a It is not the best
predetermined number It offers some form of option for those
of years or until a insurance coverage looking at full life
specific age is reached protection.
2. Term It is the simplest form It entails low premium It has no benefit if
of life insurance to requirements. policyholder
obtain, of which upon outlives the term
death, the beneficiaries It is a strong option for period set.
are paid with the policyholders who need
benefit. insurance but cannot Premium usually
afford whole life or gets higher upon
endowment. renewal of terms.

It is easy to understand
3. Whole It provides coverage for It offers permanent It requires higher
Life the policyholder's entire protection for full life or premiums.
life or until they reach 100 years.
100 years old. It acts It is difficult to
both as protection and It is flexible in terms of understand due to
savings mechanisms payments of premiums. complexity.
since a portion of the
premium is allocated to It entails fixed premiums.
build up cash values.
It usually comes with
additional features and
4.Variable It serves as both life It takes dual purpose: Cash values and
Universal protection and Life insurance plus dividends are not
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Life (VUL). investment vehicle in investment tool guaranteed
one package. A portion
of the premium is It has no maturity age. Face amount and
allocated into various death benefit are
investment vehicles for The cash value is payable dependent on
the purposes of wealth along with the assured investment
creation. The contract's sum. performance.
earnings are based on
the performance of The death component is It includes various
selected investments. not limited to face value. investment fees.

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.

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. Analyse how you spend your expenses and see
what can you can reduce and determine expenses that are necessary and eliminate the
unnecessary.
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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 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.

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.

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8. You finance your cars over five years or less if you take loans

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 pay check.

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
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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.