Financial Education for Primary School Learners

The FLI carried out a study, a so-called Randomised-Control Trial, where four different Financial Education programmes were tested.

In total 800 primary school learners took part in the study, they were interviewed before and a few months after the training. The questions were aimed at finding out about the knowledge the kids have on money, their savings habits, their understanding of the principle of interest as well as their general attitude towards money.

Four different trainings were piloted: The MyBnk programme from the UK which teaches the kids in a very playful way about different aspects of money. The second programme is developed by the Child and Youth Finance International organisation based in the Netherlands. This programme includes the opening of a bank account for the kids. Another training approach that was tested is the Financial Literacy programme of Adonai Trust from Namibia which is designed for lower primary learners and entails also some character-building elements. Training no 4 is called “Sports for Financial Literacy” and aims at educating children on money matters through physical activities.

Three months after the kids have received the trainings, the FLI went again to the schools and went through the same questionnaire with them. This serves to find out whether or not there is a change in their behaviour, their attitude and/ or knowledge regarding money, spending and saving.

With the pre- and post-assessment there are now approx. 1,600 questionnaires. As one questionnaire comprises of about 30 questions, a lot of data has been gathered! At the moment the FLI is busy to thoroughly analysing it to find out which impact the programmes had and which one worked best.

Ultimately the idea is to choose the training that showed the best results, include it in the national curricula and roll it out in all primary schools in Namibia.