The need for financial literacy in
Tanzania
Even with the prevalence of factors like social norms, income and other
behavior biases, teaching children to financial matters may impart a
sense of financial cognizance and responsibility. Same applies to saving
habits and reducing financial dependency on parents. Teaching children
personal financial matters may earlier on brings about financial freedom
at their tender age. The Commonwealth Bank of Australia’s with the
campaign called ‘one million kids’ noticed that increasing financial
skills 10% of Australia’s population with poor financial literacy, the
country could generate 15,000 new jobs and increase the Australia’s GDP
by $6.2 billion annually. Kitting young people with financial knowledge
is the best way for them to make well-informed choices about their
financial future. (Kiyosaki & Lechter, 2004) said “Money is one form
of power, but what is more powerful is financial education. Money comes
and goes, but if you have the education about how money works, you gain
power over it and can begin building wealth”
(Messy & Monticone, 2012) stress that there are very limited evidence
of financial literacy level in Africa. The technological innovation
forces, market innovations excelled by competition has produced a very
sophisticated spectrum of consumer products and services from widely
many providers. On the other hand a risk of predatory lending, high
level of debts for consumption and low level of saving rate liniment the
importance and urgency of financial literacy education in early ages
(Braunstein & Welch, 2002).