Developing a financially literate citizenry

Jennifer F. Villarosa

The Department of Education (DepEd) has intensified the integration of financial education in the K to 12 Basic Education Curriculum to improve the financial literacy and capability of its learners and teachers. The Financial Education Policy under DepEd Order No. 022 aims to help learners and teaching and non-teaching personnel to make sound financial decisions by including financial education in school lessons for learners, and capability building activities for teaching and non-teaching personnel. DepEd officials said financial literate citizens can contribute more productively to inclusive growth and be more effective agents of nation-building. A Bangko Sentral ng Pilipinas (BSP) survey showed that 41 percent of Filipinos can only answer one of three financial literacy questions correctly and a meager 8 percent can answer three. This means that Financial Education is vital in developing a financially literate citizenry, empowering them to make wise financial decisions, take advantage of economic opportunities, and achieve financial health, officials said. Under the policy, learners will be taught key financial concepts and skills on earning, saving, spending, budgeting, donating, investing, planning, consumer protection, and entrepreneurship. They will also learn and understand the value of money and resources, how they are acquired, how to plan and manage assets, and how to save and share. Learners will also be taught how to open a savings account and help manage their resources prudently, which helps them apply these concepts in real life -which is one of the policy’s key objectives. Meanwhile, teachers and non-teaching personnel will be provided training to equip them with knowledge on financial education concepts, as well as help them hone their own financial management skills to produce a financially literate and debt-free teaching and non-teaching force.