Introduction
The history has moved away from the forma era of historical ties
characterized by primitive local ways of transacting. Developing
economies have been bombarded by the need to adjust to the new grip of
abrupt changes happening in the financial and technological sphere
implying need for societal adjustments in financial psychology and
perspectives. The current world pace of demographic and technological
shift may result to unexpected resource scarcity, this imply that the
young generations face uncertain future than their parents and
grandparents did, therefore they are supposed to equip themselves with
financial security. For in the world today, there is dearth of something
you can do untied to financial implications. Therefore, the culture of
postponing to groom young ones in terms of financial understanding up to
their old age might be endangering the society effective future
participation in the financial markets if not holding them back from
effective utilization of the available and future financial
opportunities (Chiteji & Stafford, 1999 Van Rooij, Lusardi, & Alessie,
2011). It is imperative and high time that the young generation from
their tender age be imparted with the right understanding of financial
issues. It may not be enough to let the children just have experiential
learning. Embedding financial training in formal school system may not
just improve understanding but it may reemphasize its importance at
personal and societal level (Beverly & Burkhalter, 2005 Mandell &
Klein, 2009). On
participated in the program scored considerably higher on their
financial literacy test as compared to the students who never went
through the program. These results indicate that there is possibility of
enhancing financial knowledge, attitude and behavior by teaching
children personal finance and consequently the effect may be reflected
by these individuals present and future effective participation in the
financial market. (Danes & Haberman, 2004 Mandell & Klein, 2009)
further confirm that students who take courses related to personal
financial literacy or money management are deemed to be more financially
literate than those who don’t.
In this stance (Lusardi, 2003) has this to say ‘learning by doing can be
an expensive lesson in personal finance because some of the decisions
that are made are mega and not repetitive.
Today’s young generation are overwhelmingly faced by many complex
financial decisions. The sad news is that many among these elite are not
ready to make sound financial decisions as they grow. The scholarly
statistics provides 3 out of 4 young adults cannot answer basic
financial education. Therefore, teaching financial education in formal
school class room has become a very hopeful way to improve financial
capability among the young (Allen & Gale, 1997 Howlett, Kees, & Kemp,
2008).
Financial literacy as it is to other forms of literacy can be learned in
either formal or informal ways (Gupta,
this focus (Margaret Sherrard Sherraden, Johnson, Guo, &
Elliott, 2011) attempted to examine “I Can Save (ICS) a
4-year financial education program in school using quasi experimental
design, their study employed both quantitative and qualitative data and
found that the students who
Corresponding author: Juma Buhimila Mabula, Email:
buhimay@yahoo.co.uk
2
1992). Each channel poses a great deal of challenges to the supplier and
recipients of such knowledge. Definitely the development of the society
can be influenced by the decisions made now by the children and
adolescents, and that effect is more felt as they grow and become mature
social and economic actors. If societies are to flourish financially,
young people must be prepared for success. Considering its importance of
making responsible consumers in the financial market financial literacy
hasn’t been notably sensitized in Tanzania. In this study we review the
considerable formal primary and secondary school syllabuses and other
informal efforts that has been directly or indirectly meant to foster
financial literacy in the in Tanzania for young generation.