Earlier this month, it was decided that it would be mandatory to have a personal finance instruction all through the school system starting next year, with the NSFL (National Strategy for Financial Literacy), the public sector presidential commissions, and private sector trying to look for the best solution.
This important development was not welcome in other countries such as the US whose government has been unable to decide on the issue pertaining to financial education for some time now. The deterring factor is lack of action like the federal mandate to demand that there be coursework on financial literacy in schools, and now the country has joined Singapore and Australia concerning this issue with others like New Zealand and Canada following suit.
Council for Economic Education’s CEO, Nan Morrison commented on the country’s development saying that it was encouraging to have seen efforts that would promote financial literacy countrywide, especially that which would incorporate economics and finance lessons into subjects that were already being taught in the classrooms. He added that this would help students to not only gain a better understanding of the relevance of the lesson, but to also build their knowledge on the subject over time.
Advocacy groups and the CEE are pushing for similar steps in other countries despite the fact that they face many challenges with conflicting data showing the kind of lessons that supposedly work; they had also built a global library of 1,400 research papers that had led them to a non-definite conclusion on the subject matter.
JumpStart Coalition for Financial Literacy’s executive director, Laura Levine said that they believed in school-based financial education and commended the government on their efforts. She advised those countries like the US that had not embraced the move by saying that they needed to realise that they were a large country that set educational requirements at the local and state level.
Levine continued to say that until their consumers were financially capable, they were going to continue working on a way to provide financial education in schools and other relevant institutions.