Having explicated on the limitations of the current business education subjects and mathematics offered in Botswana secondary school on equipping students with financial literacy knowledge and skills, we move forward to suggest how PFL may be implemented. Financial literacy is low even in advanced economies with well-developed financial markets. These findings, by Molosiwa, 2010 and BenDavid-Hadar (2015), somewhat shed light on what is likely to carry if PFL is infused into existing subjects. this lack of financial skill will tend to impact negatively on their future lives through incompetent financial management” (p. 77). They also learn ways of appraising lenders and are thus reasonably equipped to make wise financial decisions that would help them evade fraudulence and scams. However, Brown, Collins, Schmeiser, and Urban (2014) submit that challenges may arise when making personal finance mandatory for graduation at high school level. Some society journals require you to create a personal profile, then activate your society account, You are adding the following journals to your email alerts, Did you struggle to get access to this article? Although some topics such as budgeting and forecasting and cash flow forecast may be relevant to PFL, the main focus in this syllabus is on the business entity rather than the individual. Business subjects’ localized syllabi, falling under the subgrouping of practical subjects or creative, technical, and vocational group, were thus developed, consisting of three subjects, namely, accounting, business studies, and commerce. A study that examined financial literacy of 283 educators across Israel by BenDavid-Hadar (2015) confirms in part these findings, especially in relation to educators’ PFL skills, behaviors and attitudes. The national vision voices the need to reduce abject poverty and sees the way to prosperity as coming mainly through investment in entrepreneurial activity and diversification of the economy (Republic of Botswana, 1997). They found that earlier experience with personal finance correlated with savings rates later on in life. This curriculum encompasses the impartation of a variety of cognitive, psychomotor, and affective skills to prepare the students for the future. It can create a false impression that personal financial education in high school is not effective. For example, as people are taught from a young age to manage their finances well, the expenditure on future welfare programs may be greatly reduced if the students grow up to be financially competent citizens. Similarly, the situation is not so pleasing for secondary school and college students for both developed and developing countries like Botswana. Ratio of Business Subjects and Mathematics to Total BGCSE Student Enrollment. Search across a wide variety of disciplines and sources: articles, theses, books, abstracts and court opinions. There is no single accepted definition of PFL. Bernheim, Garret, and Maki (2001) undertook a study that assessed the impact of financial literacy taught at high school level. According to Losey (2009, cited in Georgiou, 2015), there is a rise in college suicide deaths related to credit card debt and student loans. This way, effectiveness or the lack thereof can be truly established. Lack of financial knowledge in adulthood may affect negatively on their spending attitudes, behaviors, and personal financial management. Requiring personal finance to be taken by every student before graduating means schools must give up some of the already limited time and content to be taught in other subject areas. The first two alternatives are discussed co-jointly as they are close. None of the students scored an “A” grade, 11% obtained grade “B,” 22% scored a “C,” and 67% scored in the range of “D” to “F.” In addition, 37% students also indicated that finances gave them stress, 60% spent their means without using a budget, 70% either had a student loan or had intentions of getting one before they graduated, and 30% did not keep track of their spending. I have read and accept the terms and conditions. Students at secondary school level are already preparing for college and university where they will have to make financial decisions for themselves. According to Georgiou (2015), the financial crisis of 2008 was caused by a lack of financial knowledge in the general populace and the dishonesty of financial institutions. There would also be more competitiveness, efficiency, and transparency due to a rise in the number of informed participants in the industry. FundingThe author(s) received no financial support for the research, authorship, and/or publication of this article. First and foremost, taking a PFL course should be mandatory at secondary school due to the question of need. Table 1. Jump$tart (2015) describes PFL as “the ability to use knowledge and skills to manage one’s resources effectively for lifetime security” (p. 2). A standardised financial literacy curriculum ensures that all students in a school system receive financial knowledge, which offers them the necessary support to make informed decisions about money management and practise appropriate financial behaviour. Access to society journal content varies across our titles. Their major problems dealt with financial problems, homesickness, adaptation to new environment, new means of instruction and new language (Safahieh, 2007). Students are expected to develop basic personal financial plans for earning, spending, saving, and investing. Also, the timetables do not have to be changed to cater for a new subject. Infusion has the advantage of using the existing teaching personnel without placing demands on hiring more educators. Personal financial literacy (PFL) is an imperative life skill that all 21st-century students should have. Although countries such as Botswana are not yet reported to experience such extreme situations in terms of predatory credit card companies, financial literacy will protect youthful graduates from such behaviors by banks as soon as they start working. According to Yates and Ward (2011), in a 10-year period between the years 1997 and 2008, high school seniors in 47 states in the United States took a Jump$tart quiz that assessed content knowledge on economics and personal finance, scoring an average of 53% (Grade F). Topics such as production and satisfaction of needs and wants, credit trading, consumer protection and customer relations, simple contract of sale, methods of payment, banking, principles of insurance, types of insurance, and procedures of buying insurance and making claims are relevant to PFL. The difference in levels of rigor and accountability means students in some schools may not really get much that is useful from personal finance courses. These findings are important, since financial literacy is linked to borrowing, saving, and spending patterns. Without proper training and discipline, people are more inclined to make misinformed decisions about the use of financial resources. Identify your Starting Point. This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. In the United States, the National Standards for Business Educators (2013) and the Jump$tart (2014) coalition include standards for PFL in broad content areas such as personal decision making, earning a living, managing finances and budgeting, saving and investing, using debit and credit cards, and risk management. Rather than being a reason not to make personal finance mandatory, this is a call to have more standardized personal finance classes, where students are taught the same content at the same level of rigor. copyright of this article. Recognizing the potential benefits of financial literacy at both individual and national levels, many countries have started to offer financial education in their schools. (, Peng, T. M., Bartholomae, S., Fox, J. J., Cravers, G. (. To order reprints of this article, please contact Dewey Palmieri at dpalmieri{at}iijournals.com or 212-224-3675. This paper uses data from the 2009 National Financial Capability Study to examine financial literacy and financial behavior in a sample of approximately 4,500 young adults age 25 to 34. In South Africa, PFL is located within the economic and management sciences subject where 40% of the content is financial literacy, 30% is the study of the economy, and 30% is focused on entrepreneurship (Republic of South Africa, 2011). Key words: Financial literacy, concept and significance, developing countries, African. Although this may be understandable for students who live off-campus because they incur many expenses such as rent, transportation, utilities, and others, on-campus students seem to lack restraint comparatively. 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 complex financial products the financial services industry is always dangling via numerous media. PFL avails every individual the opportunity to manage and control their own personal finances irrespective of their position, career, and status in society. Pelaelo and Swami find that 20% use up all their money in the first week of the month and another 60% in the first 2 weeks. This site uses cookies. First of all, financial literacy education is made important by the question of need. If you have access to a journal via a society or association membership, please browse to your society journal, select an article to view, and follow the instructions in this box. He also observed that a higher percentage of household debt is skewed toward short-term unsecured loans and not long-term secured loans which is tied to vehicles and property. The assessment of business subjects and mathematics discussed above shows that these subjects fall short at offering students all the necessary PFL content. Although these figures focus on students who sat for final examinations at senior secondary level for the past 5 years, they also give a glimpse on the number of students who are exposed to PFL at this level. Emphasis is on how the learners can be effective stewards and custodians of business owners’ resources. To all these students, knowledge of financial skills such as budgeting, managing debt, earning a living, insurance, and being an informed consumer become handy where students do not have the immediate guidance of their guardians or parents. Please read and accept the terms and conditions and check the box to generate a sharing link. The email address and/or password entered does not match our records, please check and try again. Although the syllabus aims to develop skills to assist learners in solving technical problems, the thrust is on issues pertaining to learners developing into accounting practitioners in different organizations and in different capacities. As already mentioned, the nature of subject content included in PFL for schools differs from country to country depending on whether it is embedded in other related subjects or it is a stand-alone subject. Second, financial literacy is found to be positively associated with retirement planning behaviour (Ameriks et al., 2003; Lusardi and Mitchell, 2007, 2009, 2011a) and our empirical results suggest that respondents with more confidence in their financial knowledge have a higher propensity to plan. It is in fact enshrined in the Botswana senior secondary school curriculum blueprint which states that “sensitive to emerging issues which will be infused, integrated and/or developed into different subject areas as the need arises” (Republic of Botswana, 1998, p. 4). Such sophistication makes the uninformed consumers to be more susceptible to fraud and mismanagement (OECD, 2005). The focus of the syllabus is on equipping learners with business knowledge skills to enable learners to be employed or self-employed. Commons Attribution License 4.0. The objective of this review article is to show the concepts and significance of financial literacy and how it can contribute to improving socio economic wellbeing, financial sector development, poverty reduction and sustainable growth in developing countries in Africa. The economy as a whole would be more stable as financial markets run better, thus cutting down expenditures which would occur in the future. Sign in here to access free tools such as favourites and alerts, or to access personal subscriptions, If you have access to journal content via a university, library or employer, sign in here, Research off-campus without worrying about access issues. These include limited availability of time and other resources, different level of rigor in courses and unclear timing in implementation of financial education. By continuing to browse Members of _ can log in with their society credentials below, Gosaitse E. Solomon, Trust Nhete, and Burman M. Sithole, This article is distributed under the terms of the Creative Commons Attribution 4.0 License (. This study analyzed the data on the number of students who have the potential to be exposed to PFL through taking business subjects and mathematics at senior secondary level. Depriving students these skills during their secondary school days may result in consumers who fall prey to predatory marketing gimmicks of retailers and financial institutions. Interventions to improve financial literacy explain only 0.10% of variance in financial behaviors. The objective of this review article is to show the concepts and significance of financial literacy and how it can contribute to improving socio economic wellbeing, financial sector development, poverty reduction and sustainable growth in developing countries in Africa. Emphasis is on ensuring that the students’ understanding of financial products and services which they are likely to use is deepened and also aid in the making of informed decisions without being preyed upon by the marketing gimmicks of financial institutions’ sales and marketing personnel whose motivation for commission may influence the advice they offer to their clients. Abstract. Without proper training and discipline, people cannot be expected to make rational financial decisions and neither can financial markets be trusted to create a balance in the economy without a deliberate input of the human mind (Hira, 2009). Sharing links are not available for this article. Although there are various approaches used in other countries (Pelletier, 2013), we suggest alternatives that may work in Botswana. We conclude by saying that a PFL course should be introduced in secondary schools and that it should be required for secondary school graduation due to its many potential benefits to the youth and the nation at large, now and in the future. Burman M. Sithole is a senior lecturer in Business Education at the University of Botswana in the Department of Languages and Social Sciences Education. Financial literacy defined in this way refers to ways in which individuals understand, manage, and plan their personal finances. The rationale of the accounting syllabus is geared toward preparing learners toward success in world of work and business (Republic of Botswana, 2002a). Find out about Lean Library here, If you have access to journal via a society or associations, read the instructions below. Contrary to common belief, PFL is a not a business subject that is offered to students who are interested in pursuing careers in the world of business and entrepreneurship. PFL focuses on the individual self rather than the organization, in matters concerning finance and the managing of financial resources. The study found that students who were exposed to a financial literacy curriculum differed significantly from those who lacked such exposure. Some selected specific topics are taught in different subjects. APEF Vision 2020 Financial Literacy Report Card The consequences of financial illiteracy manifest themselves throughout our society. The secondary school financial literacy program would lay foundation for tertiary education and career choice. The paper finds that most young adults lack basic financial knowledge. . The financial industry will benefit from increased participation of informed consumers of their various products such as savings, investments, and declines in defaults on loan repayments. . It is also worth to note that the benefits of financial literacy accrue to multiple stakeholders. This article is published under the terms of the Creative According to Jefferis (2012), the ratio of household debt to disposable income has been on the rise over the years. Personal financial literacy (PFL) is an imperative life skill that all 21st-century students should have. Georgiou (2015) postulates that issues such as increased indebtedness, unemployment, and loss of homes are symptoms of an underlying problem of the lack of personal financial knowledge. PFL Content in Secondary School Curricula, Arguments for Mandatory Personal Financial Course in Secondary Schools, The Case for the Need for Personal Financial Literacy Education in Botswana Secondary Schools, http://www.creativecommons.org/licenses/by/4.0/, https://us.sagepub.com/en-us/nam/open-access-at-sage, Hite, Slocombe, Railsback, & Miller, 2011, Organization for Economic Co-Operation and Development [OECD], 2005, National Standards for Business Educators (2013), National Standards for Business Educators, 2013, National Foundation for Credit Counseling and the Network Branded Prepaid Card Association (2013), Peng, Bartholomae, Fox, and Cravers (2007), Botswana Examinations Council (BEC; 2017), Brown, Collins, Schmeiser, and Urban (2014), http://www.bec.co.bw/results/results-summary-psle-jce-bgcse/bgcse-results-summary, https://www.federalreserve.gov/pubs/feds/2014/201468/201468pap.pdf, http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2009-PB-10_Hira.pdf, http://www.econsult.co.bw/tempex/file/Economic%20Review%202012%20Q4%20Final.pdf, http://jumpstart.org/assets/files/Making%20the%20Case%202014_2.pdf, http://www.jumpstart.org/assets/files/2015_NationalStandardsBook.pdf, https://www.nfcc.org/NewsRoom/FinancialLiteracy/files2013/NFCC_NBPCA_2013%20FinancialLiteracy_survey_datasheet_key%20findings_032913.pdf, https://www.champlain.edu/centers-of-excellence/center-for-financial-literacy/report-national-high-school-financial-literacy/2013-national-report-card, http://www.paris21.org/sites/default/files/3144.pdf. The Botswana General Certificate of Secondary Education (BGCSE) curriculum came about as a result of the localization of the Cambridge Overseas School Certificate starting in 1999. The content covered in this syllabus equips learners with PFL skills to a greater extent in comparison with the accounting and business studies syllabi. This situation was attributed to lack of financial knowledge, among other plausible explanations. Some of the students would naturally not make it to tertiary education but join the workforce immediately after high school. Through the review of literature on the subject, this study has the following objectives: to identify the content that should be included in PFL and discuss factors that make it necessary to teach secondary school students about PFL, to assess the extent to which the existing secondary school business education curriculum imparts financial literacy, and to suggest a possible approach to offering PFL at secondary school level in Botswana. Department of Commerce, Punjabi University Patiala, India. Students must learn to read and understand credit card policies and statements, the impact of interest rates charged on only paying the minimum balance and extra charges for not paying balances by due dates (National Standards for Business Educators, 2013). (, National Standards for Business Educators . Lean Library can solve it. Based on these statistics, students who took accounting for the past years have averaged 5%, business studies 6%, commerce 39%, and mathematics 89%, respectively, of total BGCSE student enrollment. This article tests a conceptual model of perceived parental influence on the financial literacy of young adults. Most of the topics included in the syllabus lack the deliberate inculcation of skills to address the need for personal finance skills in their day-to-day lives outside the world of work. Studies have shown that financial literacy skills gained at a young age last to adulthood. The results of limited empirical studies implemented to evaluate financial education programs, including those in few African countries, showed that enhancing financial literacy and personal financial decision making capabilities of people would enhance the outcome of financial inclusion and other poverty reduction initiatives for the fact financially literate people can demand and properly use beneficial financial services such as savings, microcredit, insurance. This article analyzed the business subjects’ curriculum at secondary school level in Botswana and literature published on the subject of PFL, and found that there exists a gap in this area and a need to offer PFL to all learners in the school system. Research shows that the levels of financial literacy in both developing and developed countries are very low across people of all ages. Manuscript content on this site is licensed under Creative Commons Licenses. There are a variety of studies that indicate that individuals with higher levels of financial literacy make better personal finance decisions. The evidence presented above shows gaps at all levels in society with regard to financial literacy. Although mathematics offers some knowledge and skills that may be applied to PFL, it falls short on many other topics that it does not cover such as insurance, managing risk, debt management, broader coverage of financial institutions, and their services to name a few. One of the reasons why financial education is a worthy investment from an early age is because its benefits go beyond the individual beneficiary of such a program. Financial education educates students on the concept of risk and predatory lending (such as payday loans and loan sharks). They lacked resources and in-service training in the emerging issues. Personal financial literacy is becoming increasingly important in the modern world, especially for young people. As employees, they may hold positions of financial planners and advisors, financial analysts, insurance brokers, wealth management professionals among others. Those who are financially illiterate are less likely to have a checking account, rainy day emergency fund or retirement plan, or to own stocks. The topic on fractions which aims to enable students to apply fractions in solving problems and use percentages to calculate and compute simple interest, compound interest, ratios, and proportions covers foundational basics on personal finance numerical analysis. With regard to personal financial knowledge, 40% of adults have rated their knowledge of personal finance at Grade C, D, or F. As unfortunate as these statistics may seem, financial literacy is reported to be far much lower in third world countries, Botswana inclusive (Xu & Zia, 2012). Teachers may not necessarily have the knowledge and competence levels required in infusing emerging issues they are expected to integrate into their specific teaching subjects and this could compromise learning outcomes. It can be inferred that the goal of personal finance education is to equip individuals with the skills and ability to use financial knowledge for well-advised decisions in managing their own personal financial resources. Even when they make decisions to take student loans, they would be in a good position to evaluate creditors and settle for better deals. Teachers tend to weigh teaching subject content against the emerging issues and focus their energies on completing the syllabus so that their students are ready for the national examinations. The review showed that level of financial literacy is low both in developed and developing countries, but policy and academic response in developing countries in general and Africa in particular is at low level. As is widely believed, business subjects incorporate some elements of financial literacy, albeit at different levels, while mathematics is also inclusive of some topics that revolve around the basic PFL elementary skills. Create a link to share a read only version of this article with your colleagues and friends. Below we analyze the level or extent to which the curriculum endeavors to equip students with PFL skills through the subject matter and content of the business education and mathematics syllabi. 1. This topic focuses on the ability to manage personal finance matters in an efficient manner, and it includes the knowledge of making appropriate decisions about personal finance such as investing, insurance, real estate, paying for college, budgeting, retirement and tax planning. Research shows that the levels of financial literacy in both developing and developed countries are very low across people of all ages. These skills are invaluable to both students who go to tertiary education and those who do not as the knowledge they gain will carry through into adulthood. Each of these alternatives has pros and cons. SAGE Publications Inc, unless otherwise noted. Youths at secondary school level are faced with a future that involves lots of financial decisions, especially in their postschool lives. However, Molosiwa (2010) examines the extent to which Botswana teachers infuse emerging issues such as HIV/AIDS and information and communications technology (ICT) into their various teaching subjects, and her findings indicate that educators struggle with integrating emerging issues. Despite its potential positive impact, levels of financial literacy are unfortunately reported to be lower for high-income countries, and even much worse for middle and lower income countries (Lusardi & Mitchell, 2011; Xu & Zia, 2012). His main research interest in business education is pedagogy. My major thanks go to the Almighty God for the gift of academic capability to acquire knowledge up to this level of educational attainment. Such situations could be averted if these students came into tertiary education financially literate, a recommendation the duo also make. Very few topics, for example, the economic problem, have any relevance to the PFL content. Lusardi et al., 2010). One such study, conducted by Finmark Trust (2004, cited in Republic of Botswana, 2009), found that 48% of the people in Botswana were not making use of available banking facilities. Making PFL a requirement for graduation ensures there is a systematic program of implementation, well thought out standards and learning outcomes, and consistency across all schools in the nation. At the heart of implementation of PFL are two basic issues. This deplorable state of affairs has negative implications on the well-being of the populace, as evidenced by increased indebtedness, lower saving, poor planning for retirement, and the making of many poor personal financial decisions. According to Beal and Delpachitra (2003) “. This means that lack of financial knowledge contributes to the increase in the gap between the rich and the poor. If they are not recognized as such, correct preventive measures are less likely to be implemented, and the vicious cycle will continue. Worries about having sufficient savings for emergencies and retirement which are high among adults are more likely to be reduced. This was in fulfillment of the recommendation of the second National Commission on Education of 1993 and the Revised Policy on Education of 1994, which called for final examinations at senior secondary school level to be graded in Botswana and not Britain as it had been the case since Botswana’s independence in 1996, and a vocationalization of the curriculum at secondary level through the introduction of practical subjects among other things (Weeks, 2002). It is therefore plausible to deduce from these studies that financial education has a positive impact on the financial management skills of young people which they carry into adulthood—It results in lasting habits. On the effect of financial education on financial literacy: evidence from a sample of college students - Volume 19 Issue 3 - Agar Brugiavini, Danilo Cavapozzi, Mario Padula, Yuri Pettinicchi. Rather, PFL must be treated as a survival skill for every human being who lives in a monetary economy. This is important because in Botswana’s education system PFL is not offered as a stand-alone subject. Also, such knowledge would be helpful in equipping students to consider other options available to them besides loans. The differences create a bias in effectiveness of personal financial education (Brown et al., 2014). In this section, we discuss why financial literacy is important and why it should be introduced in the Botswana secondary school curriculum. The syllabus rationale includes the need for learners to explain commercial activities and behavior of institutions in the commercial world (Republic of Botswana, 2002c). Can download article citation data to the citation manager of your choice citations for this article a extent... Lack thereof can be truly established contributes to the Botswana education system PFL is not so for. Businesses are the most financial knowledge are often in the gap between the rich the... 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