Other Informal Ways to Foster
Financial
Learning to Young Learners in Tanzania
The informal ways in which societal members learn about finances is in
wider spectrum and probably it might have the great contribution toward
enhancing financial literacy among citizens relative to form training.
As the country still has a number of individuals who has never went
through into a formal education system, and those who went a large
percentages lies on the primary and secondary school level. Therefore,
many individuals fail to learn and experience the financial
sophistication that is experienced by those who go through college and
universities. Therefore, it is imperative to come up with informal
strategies that can sensitize financial literacy in the countries.
These alternative ways of providing financial education to consumers, in
Tanzania are characterized by financial services suppliers who have
interest to their target customers who are mainly grownup people.
Among of the notable initiatives is the contribution of commercial banks
which offers some special in-house and exhibitions specially targeted to
young learners. Some of the banks has come up with specialized accounts
for schooling children which can be opened in collaboration
with their parents. These bank account can be a great source of
experiential learning to children if widely adopted by parents.
Microfinance like FINCA provide many initiatives to safeguard the
wellbeing of consumers and promote financial literacy, FINCA with its
subsidiaries in developing economies they offer financial literacy
training with topics of borrowing wisely, saving regularly,
understanding products terms and conditions. They also have introduced
an SMS- enabled financial literacy courses which are very helpful.
However, all these initiatives are targeted to their potential clients
who are mainly grown up people.
The other notable forms for offering financial education to the children
is through using extracurricular activities with a focus of enhancing
financial understanding. However, these factual actions are probably
scarce in the country due to lack of knowledgeable trainers, lack of
emphasis from the authorities and societal negligence. If young people
are not connected to the knowledge acquirer they never appreciate its
comprehension.