Deal ensures schools teach financial literacy

FINANCIAL literacy is a subject that has not been given appropriate importance, says Bank of Papua New Guinea (BPNG) Governor Loi Bakani.
Bakani said this during the signing of a memorandum of understanding (MoU) between BPNG, Centre for Excellence in Financial Inclusion (Cefi) and the Department of Education.
He said there were different structures that could be followed to deliver the skills through the education system.
With the agreement signed between the partners, students from elementary to grade 12 will now learn basic financial literacy skills.
A pilot project is set to begin this year spear headed by the Education Department targeting 48 schools in the country where financial literacy training will be taught.
This will not only include the students but the training of the teachers as well.
“Going forward, the signing will denote the commencement of the process of formulating the appropriate and relevant information and materials for financial education in Papua New Guinea,” Bakani said.
“We expect the initial material to be piloted in 48 schools representing all the regions of the country.
“Teacher training is very important and is expected to be an important element in the pilot stage also.”
Education secretary Dr Uke Kombra said financial literacy was a critical part of the education curriculum. Kombra said financial literacy would be integrated into the existing subjects being taught but would be taken up as a specific subject in the upper end of the curriculum.
“The working group and the curriculum unit will make sure that the different skills are specific and taught under the standards based curriculum,” Dr Kombra.