Module-07-Financial-Literacy

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PED 10-BUILDING AND ENHACING NEW LITERACIES ACROSS

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Southern Luzon State University College of Teacher Education
2ND SEMESTER A.Y-2021-2022
Module 7-Financial Literacy

Objectives
1. Define Financial Literacy
2. Distinguish among financial plan, budgeting, saving, spending and investing
3. Present ways on how to avoid financial crises and scams
4. Demonstrate understanding of insurance and taxes
5. Describe a financially stable person
6. Make a personal financial plan based on short-term and long-term goals
Concept exploration
In some instances, teachers are confronted with issues and concerns on financial
debt, being victimized by fraud and other related scams, both personal and electronic
ways. More so, some teachers are drowned by emergent financial needs and unexpected
debt, especially in difficult times, sickness and inevitable circumstances and calamities.
Others do not prepare for their retirement that they usually end up highly frustrated. This
is the reason why financial literacy has been a subject in many faculty development
programs, seminary and even becomes a topic for researches, while many schools have
integrated it in the curriculum.
Financial education aims to make individuals better prepared at managing their money,
reaching their financial goals and avoiding stress related to financial problems, thus
ultimately improving their financial well-being. Financial education policy is widely
recognized as a core component of the financial empowerment and resilience of
individuals, as well as contributing to the overall stability of the financial system
Financial knowledge Financial knowledge is an important component of financial literacy
for individuals to help them compare financial products and services and make
appropriate, well-informed financial decisions. A basic knowledge of financial concepts
and the ability to apply numeracy skills in a financial context, ensures that consumers can
navigate with greater confidence financial matters and react to news and events that may
have implications for their financial well-being.
Financial Literacy
Financial literacy is a core life skill in an increasingly complex world where people need
to take change of their own finances, budget, financial choices, managing risks, saving,
credit, and financial transactions.
Poor financial decisions can have a long-lasting impact on individuals, their families and
the society caused by lack of financial literacy. Low levels of financial literacy are
associated with lower standards of living, decreased psychological and physical wellbeing
and greater reliance on government support. However, when put into correct practice,
financial literacy can strengthen savings behavior, eliminate maxed-out credit cards and
enhance timely debt.
Prepared by: Joy Therese L. Villon, MAEd

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Financial literacy is the ability to make informed judgements and make effective decisions
regarding the use and management of money. Hence, teaching financial literacy yields
better financial managements skills.
The importance of starting financial literacy while still young.

National surveys show that young adults have the lowest levels of financial literacy as
reflected in their inability to choose the right financial products and lack of interest in
undertaking sound financial planning. Therefore, financial education should begin as early
as possible and be taught in schools. Akdag (2013) stressed that in the recent financial
crisis, financial literacy is very early years as preschool years. Financial education is a
long-term process and incorporating it into the curricula from an early age allows children
to acquire the knowledge and skills while building responsible financial behavior
throughout each stage of their education (OECD,2005).
Likewise, financial literacy is the capability of a person to handle his/her assets,
especially cash more efficiently while understanding how many works in the real world.
Financial Plan
Teachers need to have a deeper understanding and capacity to formulate their
own financial plan. It is wise to consider starting to plan the moment they hand in their first
salary, including the incentives, bonuses and extra remunerations that they receive.
Kagan (2019) defines a financial plan as a comprehensive statement of an individual’s
long-term objectives for security and well-being and detailed savings and investing
strategy for achieving the objectives. It begins with a thorough evaluation of the
individual’s current financial state and future expectations.
The following are steps in creating a financial plan.
1. Calculating net worth. Net worth is the amount by which assets exceed liabilities.
In doing so, consider (1) assets that entail one’s cash, property, investments,
savings, jewelry and wealth; and (2) liabilities that include credit card debt, loans
and mortgage. Formula: total assets-minus total liabilities=current net worth.
2. Determining cash flow. A financial plan is knowing where money goes every
month. Documenting it will help to see how much is needed every month for
necessities, and the amount for savings and investment.
3. Considering the priorities. The core of a financial plan is the person’s clearly
defined goals that may include: (1) Retirement strategy for accumulating
retirement income; (2) Comprehensive risk management plan including a review
of life disability insurance, personal liability coverage, property and casualty
coverage, and catastrophic coverage; (3) Long-term investment plan based on
specific investment objectives and a personal risk tolerance profile; and (4) Tax
reduction strategy for minimizing taxes on personal income allowed by tax code.

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Five Financial Improvement Strategies

Financial literacy shapes the way people view and handle money. The following are
financial improvement as a journey to financial literacy
1. Identify your starting point. Calculating the net worth is the best way to determine
both current financial status and the progress over time to avoid financial trouble by
spending too much on wants and nothing enough for needs.]
2. Set your priorities. Making a list of rated needs and wants can help set financial
priorities. Needs are things one must have in order to survive (i.e. food, shelter,
clothing, healthcare and transportation): while wants are things one would like to
have but are not necessary for survival.
3. Document your spending. One of the best ways to figure out casg flow or what
comes in and what goes out is to create a budget or a personal spending plan. A
budget or a personal spending plan. A budget lists down all income in your
expenses to help meet financial obligations.
4. Lay down your debt. Living with debt is costly not just because of interest and fees,
but it can also prevent people from getting ahead with their financial plans.
5. Secure your financial future. Retirement is an uncontrollable stage in a worker’s life
of which counterpart are losing the job, suffering from an illness or injury, or be
forced to care for a loved one that may lead to an unplanned retirement. Therefore,
knowing more about retirement options is an essential part of securing financial
future.
Financial Goal Planning and Setting

Setting goals is very important part of life, especially in financial planning. Before investing
the money, consider setting personal financial goals. Financial goals are targets, usually
driven by specific future financial needs, such as saving for a comfortable retirement,
sending children to college, or enabling a home purchase.
A financial goal is a target to aim for when managing your money. It can involve saving,
spending, earning or even investing.
Creating a list of financial goals is vital to creating a budget. When you have a clear picture
of what you’re aiming for, working towards your target is easy. That means that your goals
should be measurable, specific and time oriented.
There are three key areas in setting investment goals for consideration.
A. Time horizon. It indicates the time when the money will be needed. To note, the longer the
time horizon, the riskier (and potentially more lucrative) investments can be made.
Investors may let go of the possibility of a large gain if they knew there was also a possibility
of a large loss
B. Risk tolerance. Investors may let go of the possibility of a large loss (they are called risk
averse); while others are more willing to take the chance a large loss if there were also a
possibility of a large gain (they are called seekers). The time horizon can affect risk
tolerance.

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C. Liquidity needs. Liquidity refers to how quickly an investment can be converted into cash
converted into cash (or the equivalent of cash). The liquidity needs usually affect the type
of chosen investment to meet the goals.
D. Investment goals: Growth, Income and Stability. Once determined the financial goals and
how time horizon, risk tolerance and liquidity needs affect them, it is time to think about
how investments may help achieve those goals. When considering any investment, think
about what it offers in terms of three key investment goals: (1) Growth (also known as
capital appreciation) is an increase in the value of an investment; (2) Income, of which
some investments make periodic payments of interest or dividends that represent
investment income and can be spent or reinvested; and (3) Stability, or know as capital
preservation or protection of principal.
An investment that focuses on stability concentrates less on increasing the value of investment
and more on trying to ensure that it never loses value and can be taken when needed.
Budget and Budgeting

A budget is an estimation of revenue and expenses over a specified future period
of time and is usually complied and re-evaluated on a periodic basis. Budgets can be
made for a variety of individual or business needs or just about anything else that makes
and spends money. Budgeting, on the other hand, is the process of creating a plan to
spend money. Creating this spending plan allows one to determine in advance whether
he/she will have enough money to do the things he/she needs or like to do.
Thus, budgeting ensures to have enough money for the things needed and those
important ones and will keep one out of debt.
Step 1: Set Realistic Goals
Goals for your money will help you make smart spending choices. Ask
yourself: What do I want my finances to look like in one year? Decide what’s
important to you and start there.
Step 2: Identify your Income and Expenses

Upon knowing how much is earned each month and where it all goes, start
tracking the expenses by recording every single cent.
Step 3: Separate Needs and Wants

Ask yourself: Do I want this or do I need it? Will spending this money get
me closer to my financial goals or further away? Can I live without it? Set
clear priorities for yourself and the decisions become easier to make.
Step 4: Design Your Budget

Make sure that you are not spending more than you make. Balance your
budget to accommodate everything you need to pay for.
Step 5: Put Your Plan into Action

Match your spending to when you receive your income. Decide ahead of
time what you’ll use each pay cheque for. Ask yourself: Have I allocated
money for my necessities (housing, food, utilities, transportation, etc.)?

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Have I put money aside for my debt payments, unexpected expenses,

savings and the fun stuff? This will protect you from going into debt further
because you won’t rely on credit to pay for your living expenses.
Step 6: Plan for Seasonal Expenses
Set money aside to pay for unplanned expenses so to avoid going into debt.
Step 7: Look ahead
Having a stable budget can take a month or two so ask for help if things are
not getting well.
Spending
If budget goals serve as a financial wish list, a spending plan is a way to make those
wishes a reality. Turn them into an action plan. The following are practical strategies in
setting and prioritizing budget goals and spending plan.
1. Start by listing your goals. Setting budget goals requires forecasting and discussing
future needs and dreams with the family.
2. Divide your goals according to how long it will take to meet each goal. Classify your
budget goals into three categories: short term goals (less than a year), medium-
term o midterm goals (one to five years), and long-term goals (more than five years)
Short Term Financial Goals
These are smaller financial targets that can be reached within a year. This includes things
like a new television or computer. These goals are usually the immediate needs and
wants.
Mid-term financial goals
Typically, midterm goals take about five years to achieve. A little more expensive than an
everyday goal, they are still achievable with discipline and hard work. Paying off a credit
card balance, a loan or saving for a down payment on a car are all mid-term goals.
Long-term financial goals
This type of goal usually takes much more than 5 years to achieve. Some examples of
long-term goals are saving for a college education or a new home. These goals could
extend well into the future, such as planning for retirement.
1. Estimate the cost of each goal and find out how much it costs. Before assigning
priority to goals, it is important to determine the cost of each goal. The greater the
cost of a goal, the more alternative goals must be sacrificed in order to achieve it.
2. Project the future cost. For short-term goals, inflation is not a big factor, but for
medium and long-term goals, it is a big factor. To calculate the future cost of the
goals, there is a need to determine the rate of inflation applied to each particular
goal.
3. Calculate how much you need to set aside each period. Upon knowing the future
cost of the goals, next is to determine how much to put aside each period to meet
all the goals.
4. Prioritize your goals. Upon listing down all the goals and the estimated amount
needed for each goal, prioritize them. This serves as guide in decision-making.

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5. Create a schedule for meeting your goals. It is important to lay down all the goals
according to priority with the corresponding amount of money needed, the time it
6. will be needed, and the installments needed to meet the goals.
Investment and Investing

What Is an Investment?
An investment is an asset or item acquired with the goal of generating income or
appreciation. Appreciation refers to an increase in the value of an asset over time. When
an individual purchase a good as an investment, the intent is not to consume the good
but rather to use it in the future to create wealth. An investment always concerns the
outlay of some asset today—time, money, or effort—in hopes of a greater payoff in the
future than what was originally put in.
https://www.investopedia.com/terms/i/investment.asp
What Is Investing?
Investing is the act of allocating resources, usually money, with the expectation of
generating an income or profit. You can invest in endeavors, such as using money to start
a business, or in assets, such as purchasing real estate in hopes of reselling it later at a
higher price.
As teachers, when you have saved more money than what you expect at a time of
need, consider investing this money to earn more interest than what your savings account
is paying you. There are many ways you can invest your money but consider four aspects:
1. How long will you invest the money? (Time Horizon)
2. How much money do you expect your investment to earn each year? (Expectation
of Return)
3. How much of your investment are you willing to lose in the short-term in order to
earn more in the long-term? (Risk Tolerance)
4. What types of investment interest you? (Investment Type
Savings
In order to get out of debt, it is important to set some money aside and put it into a savings
account on regular basis. Savings will also help in buying things that are needed or
wanted without borrowing.
Emergency Savings Fund. Start as early, setting aside a little money for emergency
savings fund. If you receive a bonus from work, income tax refund or earnings from
additional or side jobs, use them as an emergency fund.
What is an emergency fund?

An emergency fund is a separate savings or bank account used to cover or offset the
expense of an unforeseen situation. It shouldn’t be considered a nest egg or calculated
as part of a long-term savings plan for college tuition, a new car, or a vacation. Instead,
this fund serves as a safety net, only to be tapped when financial crises occur.

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(https://www.wellsfargo.com/financial-education/basic-
finances/managemoney/cashflowsavings/emergencies/#:~:text=An%20emergency%20f
und%20is%20a,new%20car%2C %20or%20a%20vacation.)
10 Reasons Why Save Money

With credit so easy to get, here are ten practical reasons why it is important to save
money that everyone, including teachers, must know.
1. To become financially independent. Financial independence is not having to
depend on receiving a certain pay out but setting aside an amount to have savings
that can be relied on.
2. To save on everything you buy. With savings, you can buy things when they are
on sale and can make better spending choices without being compromised credit
card interest charges.
3. To buy a home or a card. Savings can be used in buying a home in full or down
payment, especially in times of promo deals, bids and inevitable sale and at a
reasonable interest rate.
4. To prepare for the future. Through savings, you can be confident to face the future
without worrying on how you will survive.
5. To get out of debt. If you want to get out of debt, you have to save money.
6. To augment annual expenses. In order to attain a good, stress-free financial life,
there is a need to save for annual expenses in advance.
7. To settle unforeseen expenses. Savings can respond to unforeseen expenses in
times of need.
8. To respond to emergencies. Emergencies may happen anytime and these can be
expensive so, there is a need to get prepared rather than potentially become
another victim of an emergency.
9. To mitigate losing your job or getting hurt. Bad things can happen to anyone, such
as losing a job, business bankruptcy or crisis, being injured or becoming too sick
to work. Therefore, having savings is the key to resolve such a dilemma.
10. To have a good life. Putting aside money to spend when needed can bring about
the quality and worry-free life at all times.
Common Financial Scams to Avoid

Financial fraud can happen to anyone, including the teachers at any time. While
some forms of financial fraud, such as massive data breaches are out of one’s control,
there are many ways to proactively get rid of financial scams and identity theft.
Here are some of the most common financial scams align with ways to identify
them early and how to protect one’s self from being victimized
Phishing
Using this common tactic, scammers send an email that appears to come from a financial
institution, such as your bank, and asks you to click on a link to update your account
information. If you receive any correspondence that asks for your information, never click

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on the links or provide account details. Instead, visit the company’s website, find official
contact information, and call them to verify the request.
Social Media Scams
Scammers are adept at using social media. Be conscious of what information you post
online — especially upcoming vacations that leave your home unoccupied. Scammers
use social media posts to gather information about the traveling habits of potential victims.
Scammers also have social media phishing tactics, including posts seeking charity
donations with bogus links which allow them to keep your money.
Phone Scams
Another prevalent tactic is scamming phone calls. These scammers pose as a
government agency, such as the Internal Revenue Service or local law enforcement
agencies, and use scare tactics to acquire your personal information and account
numbers.
Stolen Credit Card Numbers
There are numerous ways that scammers can obtain your credit card information,
including hacking, phishing, and the use of skimming devices — small card readers
attached to unmanned credit card readers, such as ATMs, gas pumps, and more. These
small devices pull data from your card when you swipe it.
You can’t always prevent your debit or credit card information from being compromised,
but you can take steps to minimize your risk. Before you use an ATM or swipe your card
at a gas pump, look for suspicious devices that may be attached to the card reader.
Identity Theft
Depending on the amount of information a scammer is able to obtain, identity theft may
extend beyond unauthorized charges on a debit or credit card. If scammers are able to
obtain your Social Security number, date of birth, and other personal information, they
may be able to open new accounts in your name without your knowledge. Be aware of
information you share and with whom, and always shred sensitive information before
disposing of it. https://www.regions.com/Insights/Personal/Financial-
Hardship/Disasterrecovery/common-financial-scams-to-avoid
10 Tips to Avoid Common Financial Scams

Every year, fraud cases are getting worse, leaving countless victims in trouble and danger
through data breaches, identity theft and online scams. Unfortunately, new and improved
technology only gives fraudsters and edge, making it easier than ever for scam artists to
nab financial data from unsuspecting consumers (Bell, 2019)

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1. Never Wire Money to a Stranger

Although it’s one of the oldest internet scams in the book, there are still consumers who
fall for this rip-off or some variation of it.
1. Don’t Give Out Financial Information

Never reveal sensitive financial information to a person or business you don’t know,
whether they reach out to you via phone, text or email. Scammers will sometimes email
or call you, claiming to be from a retailer, financial institution or government agency.
3. Never Click on Hyperlinks in Emails
If you receive an email from a stranger or company asking you to click on a hyperlink or
open an attachment and then enter your financial information, delete the email
immediately.
4. Use Difficult Passwords
Hackers can easily crack passwords that are simple number combinations or a common
pet name. Create passwords that are at least eight characters long and that include some
lower- and upper-case letters, numbers and special characters. You should also use a
different password for every website you visit.
5. Never Give out Your Social Security Number
If you receive an email or visit a website that asks for your Social Security number, don’t
do it. It’s more than likely a scam. Legitimate businesses rarely ask for this information.
6. Install Antivirus and Spyware Protection
Protect the sensitive information stored on your computer by installing antivirus, firewall
and spyware protection. Once you install the program, turn on the auto-updating feature
to make sure the software is always up-to-date.
7. Don’t Shop With Unfamiliar Online Retailers
When it comes to online shopping, only do business with familiar companies. If you’re
interested in purchasing a product from an unfamiliar retailer, do some research to ensure
the business is legit and trustworthy.
8. Don’t Download Software From Pop-Up Windows

When you’re online, be wary of pop-up windows that appear and claim your computer is
unsafe. If you click on the link in the pop-up to start the “system scan” or some other
program, malicious software known as “malware” could damage your operating system.
9. Make Sure the Websites You Visit Are Safe
Before you enter your financial information on any website, double-check the website’s
privacy rules. Also make sure the website uses encryption, which is usually symbolized
by a lock to the left of the web address. When you see the lock, this means the information
you’re entering is safely encrypted and protected against hackers.

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10. Only Donate to Known Charities

If you receive a call or email solicitation for a charity looking for donations, do your
homework before you whip out your credit card. Some scammers create bogus charities
to steal credit card information.
https://www.investopedia.com/articles/personalfinance/041515/10-tips-avoid-common-
financial-scams.asp
Financial Scams among Students. Students can also be susceptible to different

financial scams and fraud. Learning how to manage finances and being aware of financial
scams are skills that every student should master.
The following are common financial scams that students should watch out for, and learn
to protect one’s identity and finances.
A. Fake scholarships. While it is beneficial for students to apply for as many
scholarships, it is important to become aware of related scams and frauds. Students
should thoroughly check sounds before applying to verify legitimacy. Never apply
for a scholarship that asks for money in return.
B. Diploma mills. There are schools that offer fake degrees and diplomas in exchange
for a fee. Check government education agencies the prospective school to enroll in
if it is government –recognized, legitimate or accredited.
C. Online book scams. While students often go for the best deals on textbooks online
scammers can use this opportunity to get students’ credit card information. When
buying anything online, be sure to do it on a credible site.
D. Credit card scams. Oftentimes, credit card companies go to school campuses to
convince students to fill out card applications. Scammers may also grab this chance
to steal students’ information. It is important to visit a local credit union or bank for
credit statement and once there are any unrecognized charges, contact your
banking institution immediately.
Insurance and Taxes
Insurance is a contract, represented by a policy, in which an individual or entity receives
financial protection or reimbursement against losses from an insurance company,
whereby the company agrees to compensate for any financial loss from specific insured
events. In exchange for the financial protection offered, policyholder agrees to pay a
certain sum of money, known as premiums to the insurance company.
There are various types of insurance to choose from, such as life insurance, health
insurance, motor insurance, property insurance, business insurance, etc. Besides, the
financial protection derived from insurance entails tax benefit claim on the paid premiums.
The following are concepts related to insurance and taxes that every teacher should know.
However, he/she should carefully analyze and critically examine well before pursuing any
deal with them.

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1. Employer-Sponsored Insurance. If working in a company with 50 or more full-time

employees, the employer is required to provide employee-only insurance that
meets minimum guidelines. Examine the plan offered, but do not pay over 9.66
percent of household income in premiums.
2. Marketplace Plans. Marketplace are available based on an area of residence and
income upon meeting minimum coverage requirements. Marketplace plans come
in three tiers: bronze, silver and gold. Generally, bronze plans offer the least
coverage at the lowest premiums while gold plans provide the most coverage at
the highest price.
Life insurance. Life insurance is a type of insurance that compensates beneficiaries upon
the death of the policyholder. The company will guarantee a payout for the beneficiaries
in exchange of premiums. This compensation is called “death benefit.
Benefits of Life Insurance
The following are the benefits of life insurance
1. It pays for medical and funeral costs. Life insurance helps solve the incurred
expenses for medical and funeral services to lessen the grief among family and
relatives for being unprepared.
2. For financial support. Life insurance can become a source of temporary income
during the difficult period of adjusting and coping with the loss of loved one,
especially if he/she is the breadwinner.
3. For financial support. Life Insurance can become a source of temporary income
during the difficult period of adjusting and coping with the loss of a loved one,
especially if he/she is the breadwinner.
4. Acts as retirement secured conform. Modern Life Insurance also serves as a tool
that principal holders can use to get in a better financial position in the future.
5. It covers costs incurred from taxes and debt. Life insurance can serve as protection
since the premium can be used to pay for unsettled debts and taxes.
Financial Stability
Like anyone else, teachers also aim to become financially stable if not today, maybe
in the future. Being financially stable means confidence with financial situation,
worriless paying the bills because of available funds, debt free, money savings for
future goals and enough emergency funds.
Financial stability is not about being rich but rather more of a mindset. It is living a life
without worrying about how to pay the next bill, and becoming stress-free about money
while focusing energy on other parts of life (Silva,2019).
10 Strategies in Reaching Financial Stability

Just like any goal, getting your finances stable and becoming financially successful
requires the development of good financial habits. Babauta (2007)suggests 10 habits
toward financial stability and success.

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1. Make savings automagical. This should be your top priority, especially if you don’t
have a solid emergency fund yet. Make it the first bill you pay each payday, by
having a set amount automatically transferred from your checking account to your
savings (try an online savings account).
2. Control your impulse spending. The biggest problem for many of us. Impulse
spending, on eating out and shopping and online purchases, is a big drain on our
finances, the biggest budget breaker for many, and a sure way to be in dire financial
straits.
3. Evaluate your expenses, and live frugally. If you’ve never tracked your expenses,
try the One Month Challenge. Then evaluate how you’re spending your money, and
see what you can cut out or reduce. Decide if each expense is absolutely
necessary, then eliminate the unnecessary.
4. Invest in your future. If you’re young, you probably don’t think about retirement
much. But it’s important. Even if you think you can always plan for retirement later,
do it now. The growth of your investments over time will be amazing if you start in
your 20s.
5. Keep your family secure. The first step is to save for an emergency fund, so that if
anything happens, you’ve got the money. If you have a spouse and/or dependents,
you should definitely get life insurance and make a will — as soon as possible! Also
research other insurance, such as homeowner’s or renter’s insurance.
6. Eliminate and avoid debt. If you’ve got credit cards, personal loans, or other such
debt, you need to start a debt elimination plan. List out your debts and arrange them
in order from smallest balance at the top to largest at the bottom. Then focus on the
debt at the top, putting as much as you can into it.
7. Use the envelope system. This is a simple system to keep track of how much money
you have for spending. Let’s say you set aside three amounts in your budget each
payday — one for gas, one for groceries, one for eating out. Withdraw those
amounts on payday, and put them in three separate envelopes. That way, you can
easily track how much you have left for each of these expenses, and when you run
out of money, you know it immediately. You don’t overspend in these categories. If
you regularly run out too fast, you may need to rethink your budget.
8. Pay bills immediately, or automagically. One good habit is to pay bills as soon as
they come in. Also, as much as possible, try to get your bills to be paid through
automatic deduction. For those that can’t, use your bank’s online check system to
make regular automatic payments. This way, all of your regular expenses in your
budget are taken care of.
9. Read about personal finances. The more you educate yourself, the better your
finances
10. Look to grow your net worth. Do whatever you can to improve your net worth, either
by reducing your debt, increasing your savings, or increasing your income, or all of
the above. Look for new ways to make money, or to get paid more for what you do.
Over the course of months, if you calculate your net worth each month, you’ll see it
grow. And that feels great.
(https://zenhabits.net/10-habits-to-develop-for-financial/

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Signs of Being Financially Stable
Teachers, like any other work to the extent to earn more even through additional
jobs on the side just for their desire for financial stability.
1. You Never Overdraw Your Checking Account

2. You Don’t Lose Sleep Over Finances
3. You Use Credit Cards for Convenience and Rewards - But Never Out of
Necessity
4. You Don’t Worry About Losing Your Job
5. You’re Never Late With Payments 6. You Pay Your Bills Ahead of Time
7. People Ask Your Opinion About Financial Matters
8. You’re Generally Happy With Your Financial Situation
9. You Have No Ugly Credit Card Balances
10. You Finance Your Cars Over Five Years or Less - If You Take Loans at All
11. You Contribute a Double-Digit Percentage of Your Pay To Retirement
12. You Don’t Feel Guilty When You’re Out For Special Occasions
13. You Can Afford to Buy the Things You Really Want
14. Recreational Spending Doesn’t Appeal to You
15. You’re a Natural Saver
16. You’re Generous With Money When it Comes to Charities or Helping Others
17. You’re Confident About Your Future
18. Your Net Worth Grows Significantly From Year to Year
19. You Have Substantial Equity in Your Home
20. You Consistently Live Beneath Your Means
21. A Large Pay Cut Wouldn’t Destroy Your Life
22. The Cost of Sending Your Kids to College Doesn’t Scare You
23. You Give 100% on the Job - Financial Concerns Don’t Distract You
24. You Pay Your Credit Cards in Full Each Month
25. You Could Survive For Months Without a Paycheck
26. You Feel In Control of Your Finances - Never Dominated by Them
Integrating Financial Literacy into Curriculum

Financial education in schools should be part of a collaborative national strategy
to ensure relevance and long-term sustainability. The education system and profession
should be involved in the development of the strategy.
In support Barry (2013) underscored that financial literacy has a wide repercussion
outside the family circle and more precisely, the school. Hence administrators and
professors need to develop a curriculum that would provide students insights on having
the value of financial literacy including the effect it can bring them.
Moreover, there should be a learning framework, which sets out goals, learning
outcomes, content, pedagogical approaches, resources and evaluation plans. The

14
CURRICULUM
content should cover knowledge, skills, attitudes and values. A sustainable source of
funding should be identified at the outset.
Financial education should ideally be a core part of the school curriculum. It can
be integrated into other subjects like mathematics, economics, social studies, technology
and home economics, values education and others. Financial education can give a range
of real-life contexts across a range of subjects.
Teachers should be adequately trained and resourced, made aware of the
importance of financial literacy and relevant pedagogical methods and they should
receive continuous support to teach it or integrate in their lesson. More so, there should
be easily accessible, objective, high-quality and effective learning tools and pedagogical
resources available to schools and teachers that are appropriate to the level of study.
Students ‘progress should also be assessed through various high-impact modes.
References:
• Bishop,E. (2014). Critical Literacy: Bringing theory to Praxis. Journal of Curriculum
Theorizing 30(1).
• The University of Melbourne.(2018). Critical Literacy:Developing Your Critical
Literacy Skills.
• Alata,E. &Ignacio,E.(2019). Building and Enhancing New Literacies Across
Curriculum.Rex Book Publishing.
• De Leon,E.(2020).Building and Enhancing New Literacies Across the
Curriculum.Lorimar Publishing

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PED 10-BUILDING AND ENHACING NEW LITERACIES ACROSS

Module 7-Financial Literacy

Prepared by: Joy Therese L. Villon, MAEd

The importance of starting financial literacy while still young.

Prepared by: Joy Therese L. Villon, MAEd

Five Financial Improvement Strategies

Financial Goal Planning and Setting

Prepared by: Joy Therese L. Villon, MAEd

Budget and Budgeting

Step 2: Identify your Income and Expenses

Step 3: Separate Needs and Wants

Step 4: Design Your Budget

Step 5: Put Your Plan into Action

Prepared by: Joy Therese L. Villon, MAEd

Have I put money aside for my debt payments, unexpected expenses,

Prepared by: Joy Therese L. Villon, MAEd

Investment and Investing

What is an emergency fund?

Prepared by: Joy Therese L. Villon, MAEd

10 Reasons Why Save Money

Common Financial Scams to Avoid

Prepared by: Joy Therese L. Villon, MAEd

10 Tips to Avoid Common Financial Scams

Prepared by: Joy Therese L. Villon, MAEd

1. Never Wire Money to a Stranger

1. Don’t Give Out Financial Information

8. Don’t Download Software From Pop-Up Windows

Prepared by: Joy Therese L. Villon, MAEd

10. Only Donate to Known Charities

Financial Scams among Students. Students can also be susceptible to different

Prepared by: Joy Therese L. Villon, MAEd

1. Employer-Sponsored Insurance. If working in a company with 50 or more full-time

10 Strategies in Reaching Financial Stability

Prepared by: Joy Therese L. Villon, MAEd

Prepared by: Joy Therese L. Villon, MAEd

Signs of Being Financially Stable

1. You Never Overdraw Your Checking Account

Integrating Financial Literacy into Curriculum

Prepared by: Joy Therese L. Villon, MAEd

Prepared by: Joy Therese L. Villon, MAEd

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