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.