Welcome to National Financial Inclusion Taskforce (NFIT)

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Fiji Financial Education Curriculum Development Project, Form Three

Published by Young Enterprise Trust and Pacific Financial Inclusion Programme (PFIP) 2012

These Financial Education resources are produced by the Fiji FinED Project ¨C a partnership between the

Ministry of Education, Young Enterprise Trust and the PFIP ¨C supported by the Australian Bilateral Aid Program

to Fiji

? United Nations Capital Development Fund 2012

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Fiji Financial Education Curriculum Development Project, Form Three

Contents

1.0 Teachers¡¯ notes ........................................................................................................... 4

1.1 Background to the FinED Fiji project ..........................................................................................................5

1.2 Why Financial Education? ..........................................................................................................................8

1.3 What is in this Manual? ...............................................................................................................................9

2.0 Financial Education Framework .............................................................................. 11

2.1 Description and Financial Competencies .................................................................................................12

2.2 Primary Curriculum ...................................................................................................................................16

2.3 Forms Three and Four ..............................................................................................................................24

2.3.1 Form Three Commercial Studies Personal Finance I................................................................................24

2.3.2 Form Four Commercial Studies Personal Finance II ................................................................................26

2.4 Senior Secondary Forms Five and Six .....................................................................................................28

3.0 Financial Education teaching approaches.............................................................. 33

3.1 Story telling (tell a story about a situation) ................................................................................................34

3.2 Treasure hunt (Find a person who ...) ......................................................................................................34

3.3 Life-cycle activities ....................................................................................................................................37

3.4 Language games ......................................................................................................................................38

3.5 Scenarios about decision making (give options that have consequences) ..............................................39

4.0 Financial Education lessons .................................................................................... 42

4.1 Ways consumers earn income..................................................................................................................43

4.2 Managing money over time .......................................................................................................................59

4.3 Methods of payments ................................................................................................................................68

4.4 Personal and family budgeting..................................................................................................................78

4.5 Benefits of spending income wisely ........................................................................................................103

4.6 Issues and trends in personal finance ....................................................................................................137

4.7 Resources ...............................................................................................................................................147

5.0 Financial Education games .................................................................................... 161

5.1 Get Moneywise .......................................................................................................................................162

5.2 What¡¯s my Budget? with supporting documents .....................................................................................165

6.0 Appendices .............................................................................................................. 170

6.1 Regional Financial Education Champion schools ...................................................................................171

6.2 Useful Financial Terms (Glossary) ..........................................................................................................173

6.3 Project evaluation of student behavioural change ..................................................................................189

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Fiji Financial Education Curriculum Development Project, Form Three

1.0

Teachers¡¯ Notes

Vuli the Vonu

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Fiji Financial Education Curriculum Development Project, Form Three

1.0 Teachers¡¯ Notes

1.1 Background to Fiji Financial Education Curriculum Development Project (FinED Fiji)

Education Sector Strategic Development Plan 2012 - 2014

The Ministry of Education (MoE) is responsible for the design, implementation and evaluation of educational

legislation, policies and programmes in Fiji.

The Ministry¡¯s Vision for Education is:

¡°Quality Education for Change, Peace and Progress.¡±

The Ministry¡¯s Mission is:

¡°To provide a holistic and empowering education system that enables all children to realize and appreciate fully

their inheritance and potential contributing to peaceful and sustainable national development.¡±

The Guiding Principles in the Education Sector Strategic Development Plan 2012 - 2014 emphasise the need

for students to be:

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Motivated and trained to be lifelong learners

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Nurtured in order to live and fully participate in the global village

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Better prepared for the world of work where rapid change is inevitable.

Financial Education enables students to develop important life skills which contribute to the Guiding Principles

outlined above. While there is no specific policy on Financial Education, there is an understanding of the role it

plays in the goals and aspirations the Fiji government has for its people. School-based Financial Education has

the potential to positively impact the well-being of families and the wider community of the people of Fiji.

Money Pacific Goals 2020

In 2009, the Money Pacific Working Group (formerly the Coombs Working Party), comprising of central bank

governors, Financial Education practitioners and donors, formulated four broad regional goals to achieve the

aim of inculcating the region with strong Financial Literacy competency. The goals were entitled ¡°The Money

Pacific Goals 2020¡± and are as follows:

¡°In each Pacific Island nation by 2020, through the combined actions of public and private sectors, it is intended

that:

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All school children to receive Financial Education through core curricula

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All adults to have access to Financial Education

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Simple and transparent consumer protection to be in place

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To halve the number of households without access to basic financial services 1.¡±

1 Terms of Reference ¨C Integration of Financial Education in the Fiji Primary and Secondary School Curriculum p. 1.

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