Conclusion and
Recommendation
Definitely Tanzania still has a challengeable situation when it comes to
provision of financial education to the young learners. With the 2016
financial education framework which is well stated and it has some
compelling hints to foster financial understanding in the country from
the lower level formal and informal studies. In simple terms the
implementation of it depict non-inclusive approaches to foster financial
education in the country and most of the
efforts are short-lived with no long-term repercussions. As it has been
shown by the analysis of the syllabus that there is a dearth of personal
financial impartation contents to the learners. And most of the
initiatives don’t target the young people because they have no financial
resource base. We therefore put forward these recommendations:
There is a need to restructure the contents of the courses in the
finance related subject to have more contents which may have direct
impartation of financial literacy to the learners. All the core
financial related subjects may become mandatory to all students who in
all levels of primary and secondary schools structured in and
incremental basis to suit the financial need of the learner and the
level of understanding at different age. Parents and educators are
supposedly to be proactive in promoting and requesting the government
authorities to support and include financial education in their formal
curricula. For instance subjects like mathematics, Civics and social
sciences can be molded in a way that impart financial capabilities
among the youth. Targeting the young and the youth in advocating for
financial literacy is of paramount importance. The trend show that
adult consumers may tend to be more stubborn when it comes behavior
change. Primary school syllabus need to be added with subjects that
can directly impart financial knowledge to the learners. This
predispose the important role financial understanding can play in
people’s life beginning at tender age.
Financial literacy is closely embedded to the advancement of
technology, much of the financial transactions are undertaken on paper
less electronic devices be it computers, mobile phones and other
internet based wired gadgets. Therefore, it is imperative that
students be given an avenue to handle transactions with electronic
gadgets rather than just play games with them. Technology can be huge
asset if implemented and harnessed in an effective way. Teachers and
parents they ultimately hold the responsibility to teach young people
about personal financial management.
The general literacy level of the consumers stand to be a fundamental
foundation for financial literacy, therefore as developing world come up
with initiatives to increase the level of literacy, personal financial
literacy may not be left out. As the strategies are results of
collective efforts form various stakeholders from private and public
sectors, they are to be implemented in phases monitoring progress while
benchmarking the results with other countries having success stories.