Govt integrates financial education into higher learning curricula

DAR ES SALAAM: THE government has launched guidelines for integrating financial education into higher education, technical education and vocational training curricula to equip graduates with knowledge and skills to manage money and make responsible financial decisions.

The initiative is jointly implemented by the Ministry of Education, Science and Technology and the Bank of Tanzania (BoT).

Launching the guidelines in Dar es Salaam yesterday, Deputy Minister for Education, Science and Technology Wanu Hafidh Ameir, said financial education was essential in preparing human resources capable of contributing to national development and achieving the aspirations of the National Development Vision 2050.

She thanked President Dr Samia Suluhu Hassan for placing education among government priorities and promoting human resources with the knowledge, skills and competencies needed to respond to a changing world.

“It is not enough to have graduates with degrees, diplomas and certificates alone. We want graduates who are able to use the education they have acquired to make better financial decisions,” she said.

Ms Ameir said the guidelines would enable graduates to plan and manage income and expenditure, save, invest, borrow responsibly, identify financial opportunities and risks, protect themselves against financial fraud and safely use financial services and technologies.

She said financial literacy was particularly important as young people increasingly accessed financial services digitally, adding that convenience without adequate financial knowledge could lead to costly decisions for individuals and families.

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“Today, a young person can access financial services digitally more quickly and easily than before. However, without adequate financial knowledge and understanding, that convenience can lead to costly decisions,” she said.

She said the guidelines were aligned with the National Development Vision 2050, the Education and Training Policy of 2014, 2023 edition, the Third National Financial Inclusion Framework 2023–2028, the Financial Sector Development Master Plan 2021/22–2029/30 and Sustainable Development Goal Four.

Ms Ameir said implementation was expected to bring changes in four areas: curricula reflecting financial education; teaching and assessment developing financial competencies; students applying financial knowledge in daily life; and graduates making responsible financial decisions when entering the labour market.

She called on the Tanzania Commission for Universities (TCU), National Council for Technical and Vocational Education and Training (NACTVET) and Vocational Education and Training Authority (VETA) to ensure financial education was reflected in quality control, accreditation, approval and institutional inspection criteria.

Acting Commissioner of the Financial Sector Development Department at the Ministry of Finance, Ms Dionisia Mjema, said the guidelines would support implementation of the National Development Vision 2050 and the Financial Sector Development Master Plan 2021/22–2029/30, which identifies financial literacy and consumer protection as key areas for strengthening the financial sector.

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