User:Van Dinh TTU/Financial literacy curriculum

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A financial literacy curriculum is a curriculum that teaches basic financial skills (known as financial literacy) to students of various age groups. Some curricula are age-specific, while others are intended for all ages.

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Overview

New contents will be added and be supported by new references in the list.(Johnston-Rodriguez & Henning, 2019; National Standards for Personal Financial Education, 2021)

Some ideas generated are:

- Explain financial literacy is an important topic in the current time.

- Individual will face with different daily personal financial issues.

- Listing all the personal finance topics that people are facing daily.

- A well-designed financial literacy can provide information to make financial decisions.

Key components of a financial literacy curriculum

New contents will be added and be supported by new references in the list.(Bilal et al., 2012; Carlin & Robinson, 2012; Davies, 2015; Koenig, 1974; National Standards for Personal Financial Education, 2021; National Strategies for Financial Education: OECD/INFE Policy Handbook, 2015)

From all the contents and curricula from different organizations some basic contents of a financial literacy curriculum often include:

-      Income and expenses

-      Budgeting and financial planning

-      Saving and investing

-      Managing debt and credit Score

-      Risk management and insurance products

-      Understand retirement planning and estate planning.

Implementation of financial literacy curricula

-      Financial literacy curricula can be implemented in different educational settings include schools, colleges, community centers, and workplaces.

-      Many countries have different financial education programs both from private, public and nonprofit organizations.

-      Some examples of curricula in the worlds:

+ OECD Principles on National Strategies for Financial Education

+ Consumer Financial Protection Bureau (CFPB)

+ National Economics Education Council (NCEE) and

+ Jumpstart Coalition for Personal Financial Literacy

+ National Endowment for Financial Education (NEFE)

+ Federal Deposit Insurance Corporation (FDIC)

+ Khan Academy

+ Next Gen Financial Education

Some curricula are age-specific, while others are intended for all ages. For example, Money Smart for Young Adults is a financial literacy curriculum developed by the U.S. Federal Deposit Insurance Corporation, designed for students between the ages of 12 and 20. Money Smart for Young Adults focuses on saving, debt, and home-ownership, along with a series of Money Smart Parent/ Caregiver Guides. Money Smart for Young Adults does not currently offer an investing module. Over the years, financial literacy has been recognized as an important skill to have.

The UK Scout Association introduced a "Money Skills Activity Badge" for cubs in June 2021, which includes skills in using foreign currency, budgeting and expenditure decision-making.

Challenges and future directions

-      Developing effectiveness financial literacy curriculum: content, teaching methods, ongoing evaluation.

-      Curricula need to be improved, revised, updated when having different target audiences, technology adaptations, and cultural factors.

-      Promoting financial literacy and formal education needs supports from governments, financial institutions, other organizations.

Conclusion

New contents will be added and be supported by new references in the list.(Koskelainen et al., 2023)

- Importance of financial literacy curriculum: essentials life skills

- Purpose of financial literacy curriculum: empower individuals and economies

- All stakeholders work together, provide the tools, workshops, educational programs, and other resources to support the implementations of financial literacy curricula.