Financial Literacy is all about being able to make sound financial decisions about your money. The Ministry of Education is hoping to cultivate a culture of saving among students. In this regard, Financial Literacy was introduced as a part of the high school curriculum in 2014. Additionally, there is an annual challenge which high school students participate in dubbed the “Youth Innovation Challenge” to further expand their knowledge about financial literacy. Meanwhile, there is another programme geared towards the primary school students entitled “Primary School Business Showcase” which is held nearer to the end of the “Youth Innovation Challenge”. Ricardo Gideon, the Researcher at the Ministry of Education, said that the Ministry of Education held a meeting with the Central Bank to discuss the progress of the initiatives.
Ricardo Gideon – Researcher at Ministry of Education:“The results of the study have been presented. Actually this week on Tuesday we had a meeting with stakeholders from Central Bank, Credit Union League, we invited members from Credit Unions and we presented the findings so that we come up with a plan. We know that they have the corporate responsibility to teach financial literacy not only to children attending schools at primary, secondary or Junior College but to the entire population so the idea now is to come with a plan of how do we move forward in terms of educating the population on financial literacy? In the very near future as early as August, September then you will be hearing of the initiatives that we have embarked on with the Private Sector. Definitely, we have realized that this is something that the Ministry cannot do by itself and globally you would know that the Ministry of Education needs to partner with the Private Sector so that we move forward. As a matter of fact the private sector has volunteered to participate in a revision of the curriculum at secondary level so that they can enhance and let the curriculum be more effective at the secondary level so we will be embarking on that under consultation with the Private Sector to assist in revising the FL aspect of the curriculum at secondary level so this is where we are going. We have a plan coming in October already with Credit Union League, then, the Central Bank has volunteered to assist in another aspect in helping us to structure the initiatives from now onwards. Everyone has volunteered what will be my role from now onwards so in the very near future we will be having further meetings to materialize our plans so I can say that we had a very fruitful meeting with them and then we can see that good thing will happen.”
In 2015, 33% of adults were considered to be financially literate in Belize.