Teachers’ Perspective on How Financial Literacy Benefits Primary Students in Cambodia?
Abstract
A well-known quote by Tim Pawlenty says, ‘Financial literacy is an important part of avoiding financial mistakes and planning for a strong, secure financial future’. Life in the 21st century needs a variety of knowledge skills that everyone must master to become a successful person. In addition, people today are growing up in a society with increasing financial citizenship responsibility and economic complexity (Amagir et al., 2018). The Director General of the National Bank of Cambodia (NBC) and the Royal Government of Cambodia have included financial literacy as a school subject because it aligns with the Financial Development Strategy 2016-2025. According to Dr. CHEA Serey1, “The NBC and the Ministry of Education Youth and Sport have recognized a Financial Literacy Working Group, with the assistance from Good Return, World Education Cambodia and the Asian Development Bank (ADB) to review the de-facto formal education curriculum for students in public schools and recognize specific areas where financial education could be involved” In the same time, Lusardi and Mitchell (2014) viewed that financial literacy is an investment in human capital and can be supportive in the milieu of decisions about pension, savings, mortgage, and financial choices. Huston (2010) also defines that economic factors, family, friends, habits, cognitive abilities, society, and institutions may affect financial literacy. Other factors such as age, work experience, maternal education, location of work, parents’ education, and media access influence financial resources (Ansong and Gyensare, 2012; Keown, 2011).