Teaching Financial Literacy in Young Age: Perspectives of Teachers and Parents

Abstract

Teaching financial literacy (FL) to children at a young age ensures that they have a better understanding of how money works, allowing them to make better financial decisions as they grow older. There appears to be less emphasis in the Maldives on teaching FL to children at a young age. The goal of this research is to look into the perspectives of teachers and parents on FL instruction in Maldivian schools. The perspectives of teachers and parents on teaching FL in school as a separate subject were investigated using a qualitative approach that included semi-structured interviews and focus group discussions. Three teachers from a lower grade were interviewed, and three parents from the same grade participated in a focus group discussion. The constant comparative method was used in data analysis. In this study, both teachers and parents agreed that students should receive necessary financial knowledge and improve their own money management skills. Furthermore, participants believe that students become more responsible as a result of the programme. The study's findings revealed that both teachers and parents support teaching FL as a stand-alone subject. Schools may make an effort to teach FL to children, despite the curriculum's limited flexibility. It is hoped that the findings of this study will assist all schools and policymakers who want to improve financial literacy in Maldivian schools.