Continuing social, economic and political change over the last five years
has meant that the need for financial capability in young people is even more
pressing. In many western counties issues surrounding increasing levels of
personal debt, crashing markets and their effect on pensions mean that there is
a greater need for individuals to take a more active and informed interest in
their own financial future.
This article looks at various initiatives for teaching children about money
around the world.
In South Africa, Teach Children to Save (TCTS) is a one-day initiative
designed to spotlight the importance of teaching the country’s youth about
saving money. The objectives of the project include:
To raise awareness about the benefits of savings, financial planning and
foster a culture of saving. To demonstrate the important role that the
financial services sector can play in creating a financially literate nation.
To initiate a national program that encourages a collaborative, industry-wide
effort to increase financial literacy.
Teach Children to Save South Africa (TCTS SA) was launched during July
Savings Month on the 25th July 2008. On this day, volunteer bankers and
financial professionals became teachers for a day and delivered a one hour
savings lesson to learners in grades 4 to 7. This pilot initiative laid the
groundwork for an annual event that spotlights the important role that
financial service providers can play in educating the nation’s youth about
saving. While modelled on the U.S. program, TCTS SA was customized to align
with South African culture, financial education needs and the school curriculum
especially Economic Management Science.
Scotland was the first part of the UK to publish guidance for schools in this area, back in 1999 Learning and Teaching Scotland, published Financial Education in Scottish Schools – A Statement of Position. This document describes managing money is “one of the most important and challenging features of everyday living” while outlining a minimum entitlement within the school curriculum.
Their aims are for young people to understand key financial and economic ideas; be skilled in managing their financial affairs; recognise the importance of using financial resources responsibly and be able to operate in a confident and enterprising manner.
The Scottish programme as part of the 3-18 Curriculum for Excellence is
under-pinned by the expectation that every teacher is a teacher of Numeracy,
Literacy and Health and Well-being. A thematic / topic framework is suggested
which schools may adapt to their particular needs.The four main elements of
Financial Education in Scotland include: Financial Understanding, Financial
Competence, Financial Responsibility and Financial Enterprise
An Australian report, ‘Financial Literacy – Australians Understanding
Money’, found that young people are particularly interested in learning more
about issues such as budgeting, saving, managing debt and avoiding financial
Australian schools have introduced a nationally agreed Framework that
provides an integrated cross- curriculum approach for all students from
Kindergarten to Year 10.
Consumer and financial literacy will be integrated in programs across
English, Mathematics, Science, Humanities – (Business, Commerce, Economics,
Technology and Enterprise) Civics … Read More