• This is to empower them with financial knowledge and skills that enhance their practice.
• Financial literacy is crucial for all societies.
• The Ministry working with the Curriculum Development Centre will broaden financial education in all schools.
Ministry of Education says it is planning to incorporate financial education in teachers’ training to empower them with financial knowledge and skills that enhance their practice and enable them to approach financial education and other issues covered in the school curriculum.
Speaking in a speech read on his behalf by Ministry’s Permanent Secretary for Administration Noriana Muneku, during the official at the launch of the Financial Literacy Week in Lusaka, Minister in charge, Douglas Siakalima said financial literacy is crucial for all societies especially in view of the Covid -19 pandemic which crippled economies around the world, raising the need for financial and economic education.
Mr. Siakalima stated that the Ministry working with the Curriculum Development Centre will broaden financial education in all schools as the new curriculum comes into effect.
He added that developing human resources and equip them with financial and economic knowledge and skills is one of the essential functions of the modern education curriculum.
“Over the years, the Ministry of Education has been a partner in advancing financial education in Zambia. This effort has culminated in the revision of the School Curriculum with financial education embedded in most from Primary to Secondary level.”
“The Curriculum Development Center and cooperating partners have published financial education supplementary material which will be distributed countrywide this year. This material will aid in teaching financial education to pupils and ensure that we inculcate financial management values in our children. the Ministry of Education recognizes the importance of achieving financial literacy at a young age,” Mr. Siakalima stated.
Mr. Siakalima further said financial literacy week is a practical step towards implementation of financial education in Zambia
Meanwhile, Bank of Zambia has observed an increase in the number of people that have fallen prey to fraudulent money circulation scheme promoters, and lost their hard earned income.
Bank Governor Dr. Denny Kalyalya has since called on citizens to be vigilant and report all suspicious financial institutions to law enforcement agencies.
Dr. Kalyalya further warned fraudsters that the law will catch up with them, as evidenced by the recent arrests that have been made by security wings in collaboration with the various regulators and financial service providers.
He noted that as people migrate towards greater use of Digital Financial Services, it is important for them to be sensitized about the use of the services in a safe and secure manner to avoid risks such as fraud and cybercrime.
He was speaking in a speech read on his behalf by Bank Deputy Governor Operations, Dr. Francis Chipimo, during the official launch of the Financial Literacy Week which runs from 20th to 26th March, 2023.
“May I also take this opportunity to encourage consumers of financial services and products to take keen interest in safeguarding their money by dealing with licensed financial institutions. Additionally, members of the public are advised to report licensed financial institutions that violate their consumer rights to appropriate law enforcement agencies,” Dr. Kalyalya stated.
And Dr. Kalyalya noted that according to the 2020 Finscope survey, 13.6 percent of adults were financially healthy while 23.6 percent where financially literate, therefore the need to re-energize and sustain efforts in the promotion of financial literacy with an emphasis on children and the youth so as to attain Zambia’s goal to have a financially educated population by 2030 as enshrined in the 8th National Development Plan (8NDP).
He added that the 2023 theme for the Financial Literacy Week which is Plan your Money, Plant Your Future, encompasses the wellbeing of citizens in terms of looking after the environment, through the phrase ‘Plant your future.
“This recognizes that future individual wellbeing is not only linked to the financial health of society but also to sustainable economic development which is dependent on the preservation and protection of our natural ecosystem. Thus, it places great responsibility on us, at a personal level, to ensure that we take care of the environment by undertaking various conservation activities such as tree planting, water resource management keeping the environment clean as well as minimizing deforestation.”
“The campaign is part of the National Strategy on Financial Education and complements other interventions such as the inclusion of financial education in the school curriculum from Grade 1 to Grade 12, financial education conducted for youths in tertiary institutions, adults in workplaces, and Micro, Small and Medium Enterprises – including smallholder farmers,” he said.
The 2023 Financial Literacy Week which runs from 20th to 26th March, 2023 is being commemorated under the theme: “Plan your Money, Plant Your Future.”
Zambia’s commemoration of Financial Literacy Week is undertaken under the auspices of the Global Money Week – which is an annual global awareness-raising campaign on the importance of financial education