Why money matters in schools too
Source: Cyprus Mail
Providing a well-rounded education through financial literacy
After statistics last year showed that only 36.9 per cent of 18 to 24-year-olds has an adequate level of financial literacy, the education ministry introduced lessons on money matters into the school curriculum, in both the private and the public sector.
Financial literacy encompasses understanding and effectively managing matters such as budgeting, investing and debt management. It involves having the knowledge and skills necessary to make informed financial decisions aligning with personal goals and values, while it is also deemed paramount to the success of communities and local economies.
The curriculum change thus aims to enhance sound financial decision-making. According to studies by the Organisation for Economic Cooperation and Development (OECD) International Network on Financial Education, financially literate individuals not only manage personal finances better but also have significantly improved job prospects and earning potential.
The Senior School in Nicosia was the first pilot school to implement the ministry’s financial education programme for third-grade secondary school students, initiated by the University of Cyprus, under the direction of Dr Andreas Milidonis. “The Junior & Senior School has recognised the importance of financial literacy as an essential life skill and has taken proactive steps to incorporate it into our curriculum,” says its careers office’s Eleni Hoplaros. “We believe that promoting financial awareness from a young age equips students with the tools they need to manage the challenges of the modern financial world”.
A number of schools across the island embraced the ministry’s guidelines. “The feedback from our initial assessments confirmed the need for such an initiative, as many pupils lacked a basic understanding of financial responsibility,” says head of primary at Foleys School in Limassol Lucy Georghiou. “Initially, financial literacy content was introduced in our schools as part of our PSHE (Personal, Social and Health Education) programme. Over time, it has been gradually integrated into other lessons, such as Mathematics, English, Accounting and Economics. Regarding the Ministry of Education’s initiative in Greek, we have welcomed its inclusion in our Greek-medium secondary schools,” adds chief education officer at Pascal Ariana Milutinovic-Wood.
This is echoed by the International School of Paphos which has implemented a financial education initiative over the past three academic years, offering compulsory relevant lessons to Year 13 students. “This programme equips them with the essential knowledge and skills needed to navigate financial matters with confidence. Furthermore, through a range of subjects, activities and school-wide events, students of all ages are exposed to the core principles of financial literacy. We strongly believe in the importance of empowering our students with these critical skills to prepare them for the complexities and challenges of the modern world,” says its deputy head Nicolas Artemis.
To this end, although financial literacy teaching seems to be primarily focused on secondary school students, a number of educational institutions have started to teach its concepts to younger children as well. “We have adopted a cross-curricular approach to teaching financial literacy. For example, students might explore budgeting projects in Accounting, discuss financial decision-making in Economics, or engage in practical applications like analysing advertisements or real-life scenarios in English. Year 6 students would be looking at budgeting their student loan and their expenses during their upcoming university life. Financial literacy also remains a core element of our PSHE programme across all years. This multifaceted integration ensures that all students, across all year groups, engage with financial literacy concepts through diverse and practical learning pathways,” says Milutinovic-Wood.
It’s a similar concept at the Junior & Senior School. “Financial literacy is integrated across multiple subjects and year groups, starting from primary years through to secondary education. The subject is often taught through interactive lessons, project-based learning and real-world scenarios to make the learning experience engaging and relevant. As a dedicated subject, Financial Literacy is also delivered in Year 13 throughout the academic year. For younger students, financial concepts are introduced through age-appropriate activities like managing a classroom economy or planning a fundraising event. As students progress through the school, they engage in more complex discussions around financial planning, taxation and entrepreneurship,” says Hoplaros.
Overall, students have responded positively, finding the content both practical and relevant to their everyday lives. Although lessons are only graded by examination in some schools, the concept is accepted across the board. “The lesson is a compulsory component for all Year 13 students and is structured as a non-examination subject, taught one period per week. This ensures that every student gains exposure to financial education, without adding unnecessary stress or anxiety to their examination workload. Students receive grades based on several criteria, including their participation, contribution and interest shown in the subject. Additionally, their performance on projects – related to the content and short quizzes – conducted during the lessons, is also assessed. This approach ensures a comprehensive evaluation of their understanding of and engagement with the material,” explains Artemis. “The aim is to motivate students to apply the knowledge in their personal lives rather than merely strive for good grades,” adds Milutinovic-Wood.
“We track students’ ability to apply financial concepts in real-life scenarios, such as creating a budget for a school event or analysing the costs associated with hypothetical personal financial goals,” says Hoplaros. “We have observed that students who have been with us for several years exhibit a significantly higher level of financial literacy compared to those who join us later. This is evident through classroom discussions, project outcomes, and the ease with which they apply financial concepts in real-life scenarios,” adds Milutinovic-Wood.
Living in an evolving global economy where technology is revolutionising the financial landscape having the necessary skills and knowledge about novel financial products and services to adapt is crucial. It is therefore essential for students to know where to access the information required to become financially literate in this fast-changing world. Grasping the fundamentals empowers them to seize the opportunities arising from financial shifts and steer clear of potential pitfalls.
“We consider financial literacy an essential component of a well-rounded education. It equips pupils with the skills they need to navigate adult life, make informed decisions and manage their resources effectively. By instilling these habits early, we are fostering a generation that is better prepared to achieve financial stability and make sound economic choices, which ultimately benefits both the individual and society as a whole,” says Georghiou. “It also encourages critical thinking, problem-solving, and ethical decision-making,” adds Hoplaros, “which are valuable skills on any career path”.
The original article: belongs to Cyprus Mail .
