I am writing to respectfully propose the introduction of a mandatory, non-promotional financial literacy into the high school curriculum across Namibia, simply because equipping our prime youth with fundamental financial knowledge and skills will be beneficial and essential for the future wellbeing and economic prosperity, especially in this increasingly complex global economy.
Currently, many young Namibians don’t have mentors and mostly enter adulthood with a limited understanding of crucial financial concepts such as budgeting, saving, investing, debt management, and, most importantly, the basics of entrepreneurship.
This lack of foundational knowledge often leads to poor financial decisions, increased personal debt and missed opportunities for personal wealth and economic participation.
Therefore, a dedicated financial literacy subject that will be taught as a compulsory, but non-promotional subject would address this critical gap and also provide space for employment in the education sector.
The emphasis would be on practical, yet real-world applications rather than rote memorisation or exam performance.
This approach would empower students as it will provide them with the tools to manage their personal finances effectively from high school to varsity till they get employed or they self employ themselves and make informed decisions to aid in achieving financial independence.
Moreover, this approach would also foster economic stability, simply because Namibia will end up having a more financially literate populace, which can drive economic growth, reduce poverty and support a robust financial sector nationwide.
This approach would also reduce financial vulnerability in such a manner that it will help young people avoid common pitfalls such as unsustainable debts and scams in order to protect their assets and future.
Additionally, it will encourage entrepreneurship for those who will be unemployed as it will equip future innovators with basic financial acumen needed to start and sustain a business, which will also be a significant component of job creation, business collaboration and economic diversification.
The curriculum will categorically cover topics such as basic budgeting, saving techniques, understanding income, expenses and taxes, the concept of debt and credit, responsible borrowing, introduction to investing, importance of financial planning and goal setting, consumer rights and responsibilities, accepting current situations, basic principles of entrepreneurship, and small business finance.
By making this a non-promotional subject, we ensure that the main focus remains on practical learning and skill development, alleviating the pressure of high stakes examinations and encouraging genuine understanding and application.
It would serve as vital life skills, much more like health education, focusing on preparing students for the realities of adulthood.
I personally believe this initiative is a significant investment in the future of a Namibian Child. I am confident that with our beloved President, Netumbo Nandi-Ndaitwah leadership and support, and the Ministry of Education, Innovation, Youth, Sports, Art and Culture, we can implement a programme that will yield substantial long-term benefits for all Namibians.
*Vickta Amakali is an educator, entrepreneur and motivational speaker