Local author assists Grade Eight and Nine learners with financial literacy

Talking to Kathorus MAIL about his Economic and Management Sciences (EMS) book, Mokoena said EMS is divided into two sections – entrepreneurship and financial literacy.

In his 15 years of teaching, Mokoena said he has noticed that most learners tend to struggle particularly with the financial literacy part of EMS.

According to him, learners find difficulty in deciphering the differences between the various exercise books, such as eight money column, creditors journal, journal, double ledger, etc., thus resulting in transactions being recorded into the wrong books.

This results in learners being discouraged by their mistakes and tending to develop a negative attitude towards the section of finance altogether. This comes as a result of a lack of understanding of the material, as well as a lack of motivation to conquer those mistakes.

Mokoena said Financial Literacy for All aims to lay a foundation that is solid enough to put an end to that.

“The set work is designed to guide learners through the challenges met during the practicality of finance. Financial literacy for All, aims to aid learners in building up enough confidence to take on the challenge of developing their skills in financial literacy as an element of EMS,” he said.

The layout technique of the book guarantees confidence and success for learners as it prepares them in advance for quarterly formal assessment tasks, where they are provided with question and answer books which are not similar to their ‘traditional’ accounting books.

Mokoena said the trend had been observed and its research was conducted since 2016 with the Financial literacy for All project starting at the beginning of 2018. Different stakeholders were contacted (both in the education sector and financial sector) and the project was based on their recommendations guided by Curriculum Assessment Policy Statements (CAPS) policy documents.

Statistics have shown a significant drop in accounting as a subject choice for junior learners to continue on with, into their senior years. A link can be made to the foundation they receive in financial literacy, which can often be pinpointed as the cause for their decision. It is essential that Grade Eight and Nine learners, who wish to continue accounting into their senior years, receive a study introduction to the subject at an early stage.

“Financial literacy for All aims to provide a solution for future generations and ignite their passion for finance. It serves as a solution to the challenges met by EMS learners when it comes to practical activities with the subject,” Mokoena said.

Featured in the activities workbook are beneficial activities accompanied by clear examples ranging across various levels of Bloom’s taxonomy.

It is designed in a way that aims to arouse interest in learners to actively participate in the prescribed activities. The layout is in booklet format, which makes recording answers, such as transactions, much simpler for learners.

This activity workbook is designed in accordance with the Annual Teaching Plan set out by CAPS.

The Financial Literacy for All Solutions Manual is also supplied to make it a point of referral for educators.