Such day-today relevant and authentic illustrations enhance the experiential learning to build financial capability in youth.
Integral to evidence-based practices in schools, research on financial literacy is spearheaded by the Hub, which has published numerous impact studies on the effectiveness of financial literacy programs and on the perceptions and attitudes of teachers and students.
The survey involved a thousand young Saudi nationals, and the results showed that only 11 percent kept track of their spending, although 75 percent thought they understood the basics of money management.
An in-depth analysis of SEDCO's survey revealed that 45 percent of youngsters did not save any money at all, while only 20 percent saved 10 percent of their monthly income.
A longitudinal study on the impact of financial literacy education on attitudinal and behavioural change is on-going.
Financial Literacy Essay
The baseline study on financial literacy in Singapore Schools 2008/9 (Koh, 2011) involved more than 6000 students and a thousand school teachers.Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.Raising interest in personal finance is now a focus of state-run programs in countries including Australia, Canada, Japan, the United States and the United Kingdom.The strategy has four pillars: for teachers and educators.It provides professional learning and other resources to help educators integrate consumer and financial literacy into teaching and learning programs.The Organization for Economic Co-operation and Development (OECD) started an inter-governmental project in 2003 with the objective of providing ways to improve financial education and literacy standards through the development of common financial literacy principles.In March 2008, the OECD launched the International Gateway for Financial Education, which aims to serve as a clearinghouse for financial education programs, information and research worldwide.90 percent of the respondents stated that they were interested in increasing their financial knowledge.In Singapore, the National Institute of Education Singapore established the inaugural Financial Literacy Hub for Teachers in 2007 to empower school teachers to infuse financial literacy into core curriculum subjects to embed pedagogically sound activities to engage students in learning.National Centre for Financial Education (NCFE) a non-profit company was created under section 8 of companies act 2013, to promote financial literacy in India.The list of topics covered by NCFE in its awareness programs includes investments, types of bank accounts, services offered by banks, Aadhaar card, demat account, pan cards, power of compounding, digital payments, protection against financial frauds etc.