According to Beal and Delpachitra (2003) “. financial knowledge, financial attitude and financial behaviour, respectively. Thus, financial literacy refers to both knowledge and financial behavior, and this paper will analyze research on both topics. 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. PFL avails every individual the opportunity to manage and control their own personal finances irrespective of their position, career, and status in society. 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. OECD (2005) identifies other beneficiaries of financial education among the populace to be financial services industry, policy makers, and the economy as a whole. With limited personal finance knowledge to make informed consumption decisions, these youths can put themselves in a hole they may not easily take themselves out. 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? 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. SAGE Publications Inc, unless otherwise noted. . . 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. Although Botswana has ideals of a prosperous and wealthy nation enshrined in its national vision, Vision 2016: Towards Prosperity for All (Republic of Botswana, 1997), it fails to speak to issues of financial literacy more decisively. the site you are agreeing to our use of cookies. Department of Commerce, Punjabi University Patiala, India. In this section, we discuss why financial literacy is important and why it should be introduced in the Botswana secondary school curriculum. The study found that educators have very low financial literacy, and goes further to suggest that their knowledge and skills need to be improved through training if they (educators) are to be effective at imparting PFL skills to learners. Copyright © 2020 Author(s) retain the For this reason, policy makers around the world recognize that financial education is an integral component for meaningful development (Xu & Zia, 2012). Financial literacy leads to better personal finance behavior. Also, if the subject is offered without requiring examination, students may not feel the need to take it seriously and lose on the intended goals of offering such a program. This is even exacerbated by the fact that business subjects, even though lacking, are taken by very few students because they are optional subjects. Search across a wide variety of disciplines and sources: articles, theses, books, abstracts and court opinions. Those who are financially illiterate are less likely to have a checking account, rainy day emergency fund or retirement plan, or to own stocks. Financial Literacy and Management of Personal Finance: A Review of Recent Literatures @article{Kaur2015FinancialLA, title={Financial Literacy and Management of Personal Finance: A Review of Recent Literatures}, author={Matewos Kebede Navkihiran jit Dalhual Kaur and Jasmeendeep Kuar}, journal={Research Journal of Finance and Accounting}, year={2015}, volume={6}, … 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. He also has specialized training in finance and banking. Failure to equip students with the requisite personal finance skills is dangerous and counterproductive. (, Organization for Economic Co-Operation and Development . They lacked resources and in-service training in the emerging issues. Infusion has the advantage of using the existing teaching personnel without placing demands on hiring more educators. 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. The study found that students who were exposed to a financial literacy curriculum differed significantly from those who lacked such exposure. Such sophistication makes the uninformed consumers to be more susceptible to fraud and mismanagement (OECD, 2005). The consoling finding about college students is that their financial literacy was shown to improve with every year of tertiary education, reaching an average of 64.8% in their final year (Mandell, 2009, cited in Yates & Ward, 2011). Personal financial literacy (PFL) is an imperative life skill that all 21st-century students should have. 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). According to Georgiou (2015), teens in the age bracket of 12 to 19 have an estimated spending power of US$819 billion dollars globally per year. 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). These factors, together with the global recession of 2008 have influenced the call for schools to teach financial education, especially in developed countries (Hite, Slocombe, Railsback, & Miller, 2011). 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). The first two alternatives are discussed co-jointly as they are close. There is a rapidly growing scholarly, research, applied and policy literature that addresses financial literacy as a main topic in the general population’ (Brascoupé and Weatherdon, 2013) for the fact that, survey results in most countries find low level of financial literacy has been hampering personal financial decision making abilities. A later study by Peng, Bartholomae, Fox, and Cravers (2007) that examined the impact of financial literacy at high school level and college education somewhat corroborated these findings. The inability of the school curriculum to impart PFL skills to students will likely produce individuals who are more likely to have higher levels of personal and household debt (Lusardi & Tufano, 2009), plan less for retirement (Lusardi & Mitchell, 2007), and less likely to manage wealth effectively (Stango & Znman, 2006). . 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. Of course, this exposure to PFL is through integration in business subjects and mathematics, albeit at differing levels depending on the depth and coverage of such. The Botswana Examinations Council (BEC; 2017) website provided data on the total enrollment at BGCSE and the number of students who sat for final examination for each subject. This article discusses the benefits of personal financial education, the inadequacy of current business subjects to meet this need, and concludes by recommending a mandatory PFL subject in the Botswana secondary school curriculum. Ratio of Business Subjects and Mathematics to Total BGCSE Student Enrollment. Without proper training and discipline, people are more inclined to make misinformed decisions about the use of financial resources. Also, such knowledge would be helpful in equipping students to consider other options available to them besides loans. The failure to both promote and reinforce PFL in schools has the potential to affect consumers’ ability to make sound financial decisions about present and future personal needs (Davis & Durband, 2008). Financial literacy has many definitions in existing research as financial literacy officials have left the researchers/authors free to express and analyse financial literacy (Remund, 2010). 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. In this article, the authors compare the financial literacy of high school students in Hamilton, New Zealand, with samples from Japan and the USA. The economy as a whole would be more stable as financial markets run better, thus cutting down expenditures which would occur in the future. Research shows that the levels of financial literacy in both developing and developed countries are very low across people of all ages. APEF Vision 2020 Financial Literacy Report Card The consequences of financial illiteracy manifest themselves throughout our society. This article is published under the terms of the Creative The BGCSE have two major facets: Group 1 entailing core subjects (English, Setswana, and mathematics), and optional subjects group which are further classified into sciences, humanities and social sciences, creative, technical and vocational, and enrichment subjects (Republic of Botswana, 1998). 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 (. 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. This article tests a conceptual model of perceived parental influence on the financial literacy of young adults. Commons Attribution License 4.0. There would also be more competitiveness, efficiency, and transparency due to a rise in the number of informed participants in the industry. Very few topics, for example, the economic problem, have any relevance to the PFL content. Personal financial literacy (PFL) is an imperative life skill that all 21st-century students should have. Other topics relevant to PFL but taught with reference to businesses only include keeping books, business finance, business planning, risks in business, and customs and excise department in Botswana. Among the possible options to implementing PFL to all students at senior secondary education level is to offer it as (a) a stand-alone examinable course, (b) a compulsory personal financial awareness course that is not examinable, and (c) infusion into existing subjects. Lack of financial knowledge in adulthood may affect negatively on their spending attitudes, behaviors, and personal financial management. The impact of financial literacy on retirement planning is a well-established issue in the existing empirical literature; our main contribution is proving that financial knowledge not only impacts retirement planning, but also the decisions of entering a private pension scheme (or devoting the severance pay to a private pension scheme). 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. Personal financial literacy (PFL) for school going children has become an important intervention against issues pertaining to saving, investing, and spending habits of teenagers and how this will influence their future financial behavior. 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. Students are expected to develop basic personal financial plans for earning, spending, saving, and investing. There are few studies that have examined financial literacy in Botswana. 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. Youths at secondary school level are faced with a future that involves lots of financial decisions, especially in their postschool lives. They found that earlier experience with personal finance correlated with savings rates later on in life. These include limited availability of time and other resources, different level of rigor in courses and unclear timing in implementation of financial education. Financial Literacy Education Academic Articles & Resources Click a title to learn more. Analysis of individual subjects’ rationale, aims and topic objectives and content in comparison with the anticipated personal finance skills aids to ascertain the extent and level of coverage and integration of PFL in the Botswana school curriculum. Financial literacy education is one of lifelong assets that every individual needs to function and fit well in modern-day society. Their main aim is to make profit, and the more gullible and ignorant members of society are the most likely to be exploited. (jhaslem{at}rhsmith.umd.edu) 1. There is no single agreed secondary school PFL national syllabus or standard. Bernheim, Garret, and Maki (2001) undertook a study that assessed the impact of financial literacy taught at high school level. Close to 61 million (26%) adults do not pay their bills on time. The secondary school financial literacy program would lay foundation for tertiary education and career choice. Another reason why financial education is of paramount importance is the complexity of products and services that have come about as a result of the evolution of technology and financial innovation. Financial literacy and retirement planning in New Zealand* - Volume 10 Issue 4 - DIANA CROSSAN, DAVID FESLIER, ROGER HURNARD 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. Find out about Lean Library here, If you have access to journal via a society or associations, read the instructions below. For more information view the SAGE Journals Article Sharing page. If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. copyright of this article. When people lack financial knowledge, they are more inclined to making unwise and costly financial decisions in relation to borrowing, savings, investments, and retirement planning (Chen & Volpe, 1998 cited in Lusardi, 2008; Peng et al., 2007). Based on prior research, this paper provides insights regarding financial literacy. 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. It can create a false impression that personal financial education in high school is not effective. Some of the students would naturally not make it to tertiary education but join the workforce immediately after high school. The email address and/or password entered does not match our records, please check and try again. Scopus Citations. Financial decisions that may be adversely affected include the art of budgeting when living away from parents, saving and investing, how to maximize the use of banking services, and many more. . teaching financial literacy in schools and given the USA experience seeks to , this paper justify why the Australian Government would be so dedicated to this initiative. As they join the workforce, they will immediately need financial literacy skills to make wise financial decisions in terms of savings, borrowing, investment, and planning for retirement. being financially knowledgeable about: (a) money, credit, investments, banking, insurance, and taxes; (b) the foundational concepts of financial management (e.g., risk, loss, gain); (c) and being able to use this knowledge to plan and make sound financial decisions. 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. First of all, financial literacy education is made important by the question of need. The students who took personal finance fared better as adults in terms of financial knowledge, savings, and wealth amassed. This way, effectiveness or the lack thereof can be truly established. 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. Some selected specific topics are taught in different subjects. Please check you selected the correct society from the list and entered the user name and password you use to log in to your society website. Fernandes, Lynch, and Netemeyer [2014] review research on financial literacy, financial education, and consumer financial outcomes. Students at secondary school level are already preparing for college and university where they will have to make financial decisions for themselves. Financial literacy defined in this way refers to ways in which individuals understand, manage, and plan their personal finances. It is important because the lack thereof can have a devastating impact at personal and macroeconomic levels (Jefferis, 2012). Contact us if you experience any difficulty logging in. 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. 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. 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). The core of the domain of financial literacy is personal finances that can support financial well-being: a situation in which personal finances are a means to achieve and maintain a desired standard of living. Access to society journal content varies across our titles. Financial education educates students on the concept of risk and predatory lending (such as payday loans and loan sharks). Practical skills on how to run a business efficiently and understand the challenges faced by businesses are the major focus. He has many years’ experience in business teacher education. 1 From 2004 to 2009, the median credit card debt among college students increased 74 percent. We acknowledge the limitations of implementing a mandatory PFL subject at high school. If you don't know where you are financially, it can be challenging to plan … View or download all content the institution has subscribed to. 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. Gosaitse E. Solomon is a lecturer of Business Education at the University of Botswana Department of Languages and Social Sciences Education. According to Losey (2009, cited in Georgiou, 2015), there is a rise in college suicide deaths related to credit card debt and student loans. As employees, they may hold positions of financial planners and advisors, financial analysts, insurance brokers, wealth management professionals among others. 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. Even when they make decisions to take student loans, they would be in a good position to evaluate creditors and settle for better deals. As I describe in more detail below, findings around the world are sobering. 1. Schools would also have to commit financial resources to the project to fulfill such a requirement. Consequently, this worsens prevalent inequalities in society. 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. 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. The present study approaches this issue of financial knowledge transmission from a communication studies perspective by considering family … Login failed. The U.S. Financial Literacy and Education Commission (2007, cited in Yates & Ward, 2011) defines financial literacy as, “. About Financial literacy. 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). 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. She also points out that educators may have problems with infusion because the curriculum is exam-driven. Financial knowledge also has wealth distributional implications. Jump$tart (2014) reports on the results of a survey of 962 first-year students from five universities and colleges across the United States who took a 50-item knowledge quiz covering five core areas of financial literacy (earning, spending, saving, borrowing, and protecting). Rather, PFL must be treated as a survival skill for every human being who lives in a monetary economy. 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. This curriculum encompasses the impartation of a variety of cognitive, psychomotor, and affective skills to prepare the students for the future. Personal financial literacy (PFL) is an imperative life skill that all 21st-century students should have. Similarly, the situation is not so pleasing for secondary school and college students for both developed and developing countries like Botswana. This makes them an obvious prey for targeted marketing from retailers and credit card companies. 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. ‪Professor of Economics and Accountancy, George Washington University‬ - ‪Cited by 38,245‬ - ‪Financial Literacy‬ - ‪Financial Education‬ - ‪Personal Finance‬ This will make measurement of effectiveness to be more valid and reliable. In addition, teaching PFL at high school opens to young people more career opportunities in the world of personal financial management. The evidence presented above shows gaps at all levels in society with regard to financial literacy. The topic itself aims to inculcate in students skills to be able to make calculations using money; convert one currency to another; and use given data to solve problems on personal and household finance involving earnings, discount, and profit and loss thus providing a foundation for some PFL content. The assessment of business subjects and mathematics discussed above shows that these subjects fall short at offering students all the necessary PFL content. 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). 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. The number of informed participants in the emerging issues be changed to cater a... They will have to make financial decisions for themselves 2001 ) undertook study! Have been shown to increase financial knowledge, savings, and investing financial areas equipping students consider... They lacked resources and in-service training in the Botswana secondary school and college students increased 74 percent as... The more gullible and ignorant members of society are the most financial knowledge % adults. 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