South Africa

In South Africa, the first step to secure the entry of financial education in the formal education sector was the identification of the education sector as a key area for creating awareness about consumer financial education. This entailed researching the possibility of introducing financial education into the National Curriculum Statement (NCS) for specific learning areas and subjects or to have financial education as an extra-curricular activity. The former option prevailed as it was shown that teachers would see anything outside the curriculum as an add-on to their already full programmes.

The FSBSA, together with other stakeholders, made recommendations to the then Department of Education (DoE) to enable the inclusion of financial education as part of specific subjects and learning areas. The next step was to approach the DoE as well as the nine provincial education departments to outline in detail projects and programmes. Although no official memorandum of understanding was signed, an agreement was reached allowing the FSBSA to develop classroom resources in collaboration and in consultation with the DoE and the provinces. This agreement has continued with the Department of Basic Education (DBE) and the FSBSA has provided various Curriculum Assessment and Policy Statements compliant resources to support teachers, especially, in the areas of Economic Management Sciences (EMS), Accounting and Mathematical Literacy.

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