Module 8:

FINANCIAL LITERACY
REPORTED BY:
ANGEL KAYE S. RAFAEL
MARICAR B. CASTILLO
 
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
• 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 in difficult times, sickness and
inevitable circumstances and calamities. Others do not
prepare for their retirement that they usual 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.
• 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 their need own financial 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 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, knowing more about retirement
options is an essential part of knowing 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 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 it
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 a 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 () Stability, or known as capital preservation or
protection principal. An investment that focuses on stability concentrates
lesson 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 evaluate
individual or business needs or just about anything
else that makes and spends money. Budgeting, on
the other hand, is the process or 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: ldentify 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
of 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 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. 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 aside and put it into a savings account on a
regular basis. Savings will also help in buying things
that are needed or 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.
 Reasons why Save Money
10 With credit so easy to get, here are ten practical reasons why
it is important to save money that everyone, including teachers,
must is important 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 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 to
proactively 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 bank and asks
you to click on a link to update your account information. If you
receive any correspondence that asks to your information, never
click on the links or provide account in 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 verity 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 accounts in your
name without your knowledge. Be aware of an information you
share and with whom, and don't 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.
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 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
• 6. Install Antivirus and Spyware protection. Protect the,
sensitive information ignore 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 website 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 against 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 card 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 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
 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 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.
• 3. Life insurance. Life insurance is a type of insurance that
compensates beneficiaries upon the death of the policy holder. 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.
• 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.
• 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.
• 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 in 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 can serve as
protection since the premium can be
used to pay for unsettled debts and
taxes.
Types of Life Insurance
• The table shows a comparative analysis of different analysis of different
types of life insurance along characteristics, advantages, and
disadvantages that may serve as a reference.
TYPE CHARACTERISTIC ADVANTAGE DISADVANTAGE
ENDOWMENT It grants a lump sum after a It allows for saving up It requires higher
specified amount of time or for specific purposes. premiums than other
upon death. The policy owner It guarantees returns types of life insurance.
is required to pay the upon maturity. It is not the best option
premium for a predetermined It offers some form of for those looking at full
number of years or until a insurance coverage. life protection.
specific age is reached.

TERM It is a simplest form of life It entails low premium It has no benefits

insurance to obtain, of which requirements. If policyholder outlives
upon death, the beneficiaries It is a strong option for the term period sets.
are paid with the benefits. policyholders who Premium usually gets
need insurance but higher upon renewal
cannot afford whole
life or endowment.
It easy to understand
WHOLE LIFE It provides coverage for the It offers permanent It requires higher
policyholder’s entire life or until protection for full life or premiums.
they reach 100 years old. It acts 100 years.  
both as protection and savings It is flexible in terms of It is difficult to
mechanisms since a portion of payments of premiums. understand due to
the premium is allocated to build It entails fixed premiums. complexity.
up cash values. It usually comes with
additional features and
“living” benefits.

VARIABLE It serves as both life protection It takes dual purposes: Life Cash values and dividends
UNIVERSAL and investments vehicle in one insurance plus are not guaranteed.
LIFE(VUL) package. A portion of the investments tool.  
premium is allocated into various It has no maturity age  
investments vehicles for the The cash value is payable Face amount and death
purposes of wealth creation. The along with the assured benefit are dependent on
contract’s earnings are based on sum. investments performance.
the performance of selected The death components is  
investments. not limited to ace value. It includes various
It depicts liquidity, investment fees.
wherein fun 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 auto magical. Savings should be made a top priority,
especially as an emergency fund and a bill payment from the amount are
automatically transferred from the from checking account, like an online
savings account.
• 2. Control your impulsive spending. Control your self 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 detour 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 forms as it will not work on you but
even feel 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 it 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.
• 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 for special occasion
• 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 a"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.
THANK YOU!