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Debt Management
Kids to learn debt management
18/06/2006 16:17 PM
By: Themba Gadebe
Johannesburg - An innovative programme is set to be implemented in
Gauteng schools this year, to teach grade 10 pupils financial literacy
and effective debt management, government news agency BuaNews reports.
The programme is intended to comply with national curriculum policy
and appeals to the needs of learners and educators.
It is expected to begin with grades 10 this year, followed by Grade 11
and 12 in 2007 and 2008 respectively.
The project is a partnership between TransUnion ITC credit bureau and
the Gauteng education department and is aimed at developing resources
and learning tools to create a financially literate population.
According to the provincial head of department, Mallele Petje,
incorporating this information into the curriculum, government and
business seek to educate children on the responsible management of
debt.
"We also want to ensure that we halt the spiral of over indebtedness
and the deceptive practices they can fall victim to," he said.
Risk management leader, TransUnion ITC said this project would equip
learners leaving schools with a "greater" awareness of the credit
system and the importance of maintaining a positive credit report for
greater financial mobility and independence.
"We intend educating our children on the responsible management of
debt to ensure that we develop financially aware adults," said Edward
Khoury, CEO of TransUnion ITC.
Earlier this year, the grade 10 to 12 curriculum has undergone a
complete revamp with the advent of new compulsory subjects,
Mathematical Literacy and Life Orientation.
Following the curriculum change, learners who were not doing Maths
were obliged to do Mathematics literacy.
The difference between the two subjects is that while Maths is
conceptual, abstract and prepares learners for courses like
engineering, Mathematics Literacy deals with figures used in daily
life such as reading bank statements.
However, this new programme is expected to cover learning areas such
as budgeting, savings and investment, credit and personal finance.
During the course of this year, government and business joint project
indicated they would complete the learning tools including a "colourful"
learner and teacher guides.
These resources, they said, would be provided to over 100 000 grade 10
learners this year and Math Literacy teachers stood to receive
training in this regard.
"The end result and impact of this initiative will be massive with
school leavers in Gauteng leaving high school with the skills to make
sound personal financial decisions.
"Our Math Literacy project is an example of how business and
government can work together to enhance vital life skills for our
children," said Petje.
BuaNews
Source: www.fin24.co.za
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