19 Module 8: Financial Literacy Module 8; FINANCIAL LITERACY © LEARNING OUTCOMES Define financial iteracy Distinguish among financial plan, budget saving, spending and investing fe Present ways on how to avoid financial crises and scams Demonstrate understanding of insurance and taxes, Describe a financially stable person Determine ways on how to integrate financial literacy in the curricilum, Draw relevant life lessons and significant values from personal experiences on financial crises and scams Analyze research abstract on financial literacy and its implications to the teaching- learning process Make a personal financial plan based on short-term and long-term goals INTERACTIVE PRESENTATION Deal or No Deal. This is an interactive activity adapted from a TV game show segment which entails a student to pick any of the briefcases containing an amount and he/she then, takes deal or no deal with the banker's offer against the amount in the last briefcase. Procedure: 1. The teacher will choose 10 students who will prepare different amounts written in 10 folders that will serve as briefcases, 2. During the game, the class will choose a player. 3. While playing the “Deal or No Deal” with background music downloaded from the Internet, the player will choose the briefcase to be opened to see the amount. 4. The selection of briefcases to be opened shall continue until only the last three remain. 5. Then, the teacher will say, “The banker has an offer’ 6. There will be bidding of amount offered by the banker in lieu of opening the remaining briefcases by the player. 7. The last briefcase will be opened and find out if the banker's offer is higher than the amount in the chosen last briefcase. 8. There shall be a reflection in the class by asking “What will you do ifbanker will offer an amount of money’. The teacher will generate answers from the,students.120 Buvowo aio Ewravcss New LirerAcies Across THe CURRICULUM In some instances, teachers are confronted with issues and concems on financial debt, being victimized by fraud and other relate 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, seminars, and even becomes a topic for researches, while many schools have integrated it in the curriculum. Financial Literacy Financial literacy is a core life skill in an increasingly complex world where people need to take charge 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 well-being 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. Financial literacy is the ability to make informed judgments and make effective decisions regarding the use and management of money. Hence, teaching financial literacy yields better financial management 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 crucial and tends to be advantageous if introduced in the 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 money works in the real world.esl: Financial Litera financial Plan Teachers need to have a deeper understanding and capacity to formulate their own financial plan. itis wise to ‘consider staring to plan the moment they hand in their first salary, including the incentives, ponuses 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 so doing, consider (1) assets that entail one's cash, property, investments, savings, jewelry and wealth; and (2) liabiliies that include credit card debt, loans and mortgage. Formula: total assets - ‘minus (otal 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 and 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 the tax code. (hitps:/[Link]/rfinancial_plan.asp) Five Financial Improvement Strategies Financial literacy shapes the way people view and handle money. The following are financial improvements suggested by Investopedia 88 a journey to financial literacy. 4. Identify your starting point. Calculating the net worth is the best way to determine both current financial status and progress over time to avoid financial trouble by spending too Tnuch on wants and nothing enough for the needs. 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 (ie. food, shelter, clothing, healthcare ‘and transportation); while wants are things one would like to have but are not necessary for survival. cy 121122 Bunn avo Ewvanonns New Literacies Across THe CunnicuuM nt your spending. One of the best ways to figure out 3 poeta of hal comes In and what goes out is 10 create a budget or a personal spending plan. A budget lists down al income and 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 goals. 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 iliness of 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. 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 more risky (and potentially more lucrative) investments can be made. B. Risk tolerance. Investors may let go of the possibility of a large gain if they knew there was also a possibility of a large loss (they are called risk averse); while others are more willing to take the chance of a large loss if there were also a possibility of a large gain (they are called risk seekers). The time horizon can affect risk tolerance. C. Liquidity needs. Liquidity refers to how quickly an investment ‘can be 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 8 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 known as capital preservation or protection of principal,Module 8: Financial Literacy 123 An investment that focuses on stability concentrates less fo ensure tot ee Walue Of investment and more on trying to ensure that it never loses value and can be taken when needed (httasv/amww:[Link]/stting-fnancial-and investment-goals). on it sudget and Budgeting A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled 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 likes to do. Thus, budgeting ensures to have enough money for the things needed and those important ones and will keep one out of debt. Seven Steps to Good Budgeting The following are seven steps that may help in attaining good budgeting. Step 1: Set realistic goals. Goals for the money will helo make smart spending choices upon deciding on what is important. Step 2: Identify income and expenses. Upon knowing how much is eared each month and where it all goes, start tracking the expenses by recording every single cent. Step 3: Separate needs from wants. Set clear priorities and the decisions become easier to make by identifying wisely those that are really needed or just wanted. Step 4: Design your budget. Make sure to avoid spending more than what is eamed. Balance budget to accommodate everything needed to be paid for. Step 5: Put your plan into action. Match spending with income time. Decide ahead of time what you will use each payday. Non-reliance to credit for the living expenses will protect one from debt. Step 6: Plan for seasonal expenses. Set money aside to pay for unplanned expenses $0 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 ‘al wish list, a spending plan is a If budget goals serve as a financial Way to nae those wishes a reality. Turn them into an folowing are practical strategies in setting and prioritizing budget goals nd spending plan:424 Burowo ano Enviancina New Lireracies Across THe CuRniculun Setting budget goals requires Is. 4. Start by listing your. goal ir ee earns wt Yh forecasting and discussing future n family. 2. Divide your goals according to how lon: meet each goal Classify, your budget goals goals (less than a year), years), and long-term goals 1g it will take to into three categories: short-term medium-term goals (one to five (more than five years). Short-term goals are usually the immediate needs and wants; medium. term goals are things that you and your family want to achieve during the next five years; and long-term goals extend well into the future, such as planning for retirement. 3. 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. Project 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. 5. Calculate how much you need to set aside each period. Upon knowing the future cost of the goals, next is to determine how niuch to put aside each period to meet all the goals. 6. 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. ° 7. 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 will be needed, and the installments needed to meet the goals. ([Link] priortizing-your-budget-goals) Inv tment and Investing 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 eam 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 [Link] interest you? (Investment Type)Module & Financial Literacy 125 savings In order to get out of debt, it is important to set some money aside and put it into a savings account on a -regular basis. Savings will also help in buying things that are needed or wanted without borrowing, Emerdoncy Savings Fund. Start as early, setting aside a ite money for emergency savings fund. If you receive a bonus from work, an income tax refund or earnings from additional or side jobs, use them as an emergency fund 49 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 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 on credit card interest charges. 3. To buy a home or a car. 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, 40. To have a good life. Putting aside some money to spend when needed can bring about quality and worry-free life at all times.126 Buvonc avo Exnancana New Lrrenacies Across THe CURRICUN Common Financial Scams to Avoid Financial fraud can happen to any any time. While some. forms of financial breaches, are out of one’s control, there are many get rid of financial scams and identity theft. Here are some of the most common ways to identify them early and how to pl victimized. A. Phishing. Using this commo! that appears to come from a fins 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 on the links or provide account details. Instead, visit the company's website, find official contact information, and call them to verify the request. B. Social Media Scams. Scammers are adept at using: ‘social media to gather information about the traveling habits of potential victims. They also have phishing tactics, including posts seeking charity donations with bogus links that allow them to keep your money. Therefore, be conscious’ of the information you post online, especially personal details and plans for a vacation that you would leave your house unoccupied. C. Phone Scams. Another prevalent tactic is scamming phone — calls. The. scammers pose as a government agency, such as the Bureau of Internal Revenue or local law enforcement agencies, and use scare tactics to acquire your personal information and account numbers. Never provide your account information over the phone. Look for the agency's contact information, and call them to verify any request. To note, government agencies will never text or call you to ask for money. ; D. 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, such as small card readers attached to unmanned credit card readers (i.e. ATMs, gas pumps, and more). These small devices pull data from your card when you swipe it. Before you use an ATM or swipe your card, look for suspicious devices that may be attached to the card reader. E. Identity Theft. Depending on the amount of information 4 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 an information you share and with whom, and always shred sensitive information before disposing it one, including the teachers at | fraud, such as massive data ways to proactively financial scams, along with rotect one’s self from being n tactic, scammers send an email ancial institution, such as aBy taking preventative measures and being aware of scams, you can minimize the risks of fraud. Monitoring your online or mobile banking accounts dally can also help you see fraudulent charges quickly. ([Link] rpcovery/common-financial-scams-to-avold) 40 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 an edge, making it easier than ever for scam artists to nab financial data from unsuspecting consumers (Bell, 2019). 1 2 Module 8: Financial Literacy Never wire money to a stranger. Although it is one of the oldest Internet scams, there are stil consumers who fall for this. rip-off or some variations of it. Don’t give out financial information. Never reveal sensitive personal financial information to a person or business you don't know, thru phone, text or email 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. Use difficult passwords. Hackers can easily find passwords that are simple number combinations. 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 @ different password for every website you visit. Never give your social security number. If you receive ‘an email or visit a website that asks for your Social Security number, ignore it. 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, tum on the auto-updating feature to make sure the software is always up-to-date. Don't shop with unfamiliar online retailers. When it comes to online shopping, only do business with familiar companies. When purchasing @ product from an unfamiliar retailer, do some research to ensure the business is legit and reputable, Don’t download software from pop-up windows. When you are online, do not trust 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 programs, malicious software known as “malware” could damage your operating system. 127128 pec Buono ano Enanene New Lirenacies Across THE CURR you visit are safe. Before yoy enter your financial information on any website, double-check the website's privacy rules. Also, make sure the wetsle uses encryption, which is usually symbolized by a a - a left of the web address which means it is safe and protected agains, bars f you receive a call 40. Donate to known charities only. If you rece or an email for solicitation of charity donations, critically examine it Some scammers create bogus charities to steal credit carg information. ‘https: investopedia. com/articlos/personal-finance/041515/10cips-avoid. common) 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 thal 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 scholarship sources before applying to verify legitimacy. Never apply for a scholarship that asks for money in retum. . There are schools that offer fake degrees and diplomas in exchange for a fee. Check from government ‘education agencies the prospective school to enroll in if itis 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. Credit card scams. Oftentimes, credit card companies 9° to school campuses to convince students to fill out card applications. Scammers may also grab this chance to sted! students’ information, It is important to visit a local credi union or bank for credit card application. Also, regular check the credit card statement and once there are aly unrecognized charges, contact your banking institutio? immediately. (nttps:/[Link]/resourcessfinancial-scam-salety) 9. Make sure the websites Insurance and Taxes Insurance is a contract (in the form i : ‘ of a he policyholder and the insurance company, whereby the Coney agree to compensate for any financial loss from specific insured events. i exchange for the financial protection offered, policyholder agrees to PYModule 8: Financial Literacy 129 certain sum of money, known as Premiums to the insurance company. Insurance Is the best form of risk management against uncertain loss. ‘There are various types of insurance to choose from, such as life insurance, health insurance, motor insurance, property insurance, tusiness 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 ciitically examine well before pursuing any deal with them, 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 plans 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.” Depending on the type of insurance one may have, these events can be anything from retirement, to major injuries, to critical illness or even ‘o death. i The following are common risk categories: 4. Preferred Plus —The policyholder is in excellent health, with normal weight, no history of smoking, chronic illnesses, or family history of any life-threatening disease. 2. Preferred - The policyholder is in excellent health but may have minor issues on cholesterol or blood pressure but under control. 3, Standard Plus — The policyholder is in very good health but ‘some factors, like high blood pressure or being overweight impede a better rating. 4, Standard Most! policyholders belong to this category, as they gre deemed to be healthy and have a normal life expectancy aithough, they may have 2 family history of life-threatening diseases or few minor health issues. 5. Substandard — Those with serious health issues, like diabetes or heart disease are placed on a table rating system, ranked from highest to lowest. On average, the premiums will be similar to Standard with an additional 25% lower claim on table ratings.130 Buon ano Ennancne New Literacies Across THE CURRICULUM smoking, the policyholders in 6. Smokers — Due to an added risk of this category are guaranteed to pay more. Aside Oe Class, age is also a critical factor in determining premium lerefore, colder people pay more expensive premiums. Benefits of Life Insurance The following are the benefits of life insurance. 1. Itpays for medical and funeral costs. Life insurance helps solve the incurred expenses for medical and funeral services fo 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 a loved one, especially if he/she is the breadwinner. 3. For funding various financial goals. Life insurance offers additional benefits through the form of fund accumulation for specific future financial goals. 4, Acts as a retirement secured conform. Modern life insurance also serves as a tool that principal holders can use to get ina better financial position in the future. 5. It covers costs incurred from taxes and debt. Life insurance can serve as protection since ihe premium can be used to pay for unsettled debts and taxes. Types of Life Insurance The table below shows a comparative analysis of different types of life insurance along characteristics, advantages and disadvantages that may serve as a reference. ‘Type Characteristic ‘Advantage Disadvantage 7 Endowment | l'grants a lump sum afte | I allows for saving up for | It requires higher specified amount of | specific purposes. time or upon death. The Premiums than wey ower enues | gustarteesrtume | Ber types of Me {o pay the premium for a_| UP" maturity ¢ predetermined number of |Itotfers some form’of _| ttig not the best years or untila specific | insurance coverage. option for those age is reached. looking at ful life 2. Te Itis the simplest fc of oreo aaa oa ree Gl eae ie insurance tooblain, | requirements "| thee no bene cof which upon death, tho | lenvee te beneficleries are peld It is a strong option for outlives the term Sarina Denke policyholders who need _| Period set. paneer afford whole life or Premium usually endowment. gets higher upon Tenewal of terms. Itis easy to understand.Module 8: Financial Literscy 134 it am proica Coverage for | it offers permanent Itrequires higher le licyholder's entire | protection for full life or premiums. Moor until they reach |'00 years, years old. It acts both’as protection tog | Its Nexible in terms of savings mechanisine, [Payments of premiums. | i ig giffcut to Since a portion of the | Itentails fixed premiums. -| understand due to Prmlum's allocated to lit usuaty comes with | Complex wpcash values. | additional features and “ving” benefits. eg arth Tetakes dual purpose: Life | Gash values and life protection and insurance plus investment | dividends are not investment vehicle in one | too! guaranteed Package. A portion of, the preriumsalocatag | "R88 0 matty age into various investment. | The cash value is payable Vehicles forthe purposes | a/0ng withthe assured | Face amount of wealth creation, The | Sum spline contract's earnings | The death component is_ | are dependent are based on the not limited to face value, | on investment Performance of selected | 1 depicts liquiity, wherein | Performance. Mee funds can be accessed in times of need and can serve as emergency Itincludes various funds. investment fees. 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 the 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 the finances stable and becoming financially successful requires the development of good financial habits. Babauta (2007) suggests 10 habits toward financial stability ‘and success 1. Make savings automagical. Savings should be made a top priority, especially as an emergency fund and a bill payment from the amount are automatically transferred from the checking account, like an online savings sean me ulsive spending. Control your self from e conte eahg on eating out, shopping and online . purchases that may ruin your finances and budget.132 Butoine avo Exvuaicnna New Literacies Acnoss THe CuRRIAUM 3. Evaluate your expenses and live frugally. eae w You spend your money, see what you can re ing expenses that are necessary and eliminate the unnecessary. 4. Invest in your future. Start preparing and ee for your future retirement while still young in your career . a 5. Keep your family secure. Save for an emergency fund, So that you hae seen {o spend if anything happens with the family ‘emergently. 6. Eliminate and avoid debt. Eliminate credit cards, personal Joans, or other debt forms as it will not work on you but even pul you down and make you drowned with obligations that may even Tesort to surrendering your properties, jewelry and investments as payment. 7. Use the envelope system. Set aside three amounts in your budget each payday, withdraw those amounts and put them in three separate envelopes. In that way, you can easily track how much remains for each of the expenses or if you already run out of money. 8. Pay bills immediately. One good habit is to pay bills as soon as they come in and try to get your bills to be paid through automatic deduction. 9. Read about personal finances. The more you educate yourself, the better your finances will be. 40. 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. (ntios:/ [Link]/10-habits-to-develop-fr-nancia) Signs of Being Financially Stable Teachers, like any one else, often work to the extent to earn more even through additional jobs on the side just for their desire for financial stability. Rose (2019) presents some signs of a financially stable person. 4. 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 pay your bills ahead of time. 6. People ask your opinion about financial jou inspire them. gli ris 7. You're generally happy with your financial situation, 8. You finance your cars over five years or less if you take loans atall.Module 8: Financial Literacy 133 You contribute more to your retirement. You don't fee! guilty when you're out for special occasions. You can afford to buy the things you really want. 12. Recreational spending doesn't appeal to you. 13. You're a natural saver, 14. 10. 1 You're generous with money when it comes to charities or helping others. 15. You're confident about your future. 16. Your net worth grows significantly from year to year. 17. You have substantial equity in your home. 18. You consistently live beneath your means. 19. You could suirvive for months without a paycheck. 20. You feel in control of your finances and never dominated by them. (htips/wmww [Link]/nancially-stable/) Integrating Financial Literacy into the Curriculum Financial education in schools should be part of a collaborative rational strategy to ensure relevance and long-term sustainability. The teducation system and profession should be involved in the development of the strategy. : In support, Barry (2013) underscored that financial iteracy 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 Iteracy including the effect it can bring them. . Moreover, there should be a learning framework, which sets out coals erring outcomes, content, pedagogical approaches, resources hd ovalvation plans. The content should cover knowledge, skils, atttudes and values. A sustainable source of funding should be identified at the outset. it ‘i ic tof the school Financigl education should ideally be 2 core pal currigulam: it can be integrated into other subjects like mathematics, economics, social studies, technology and home economics, values caaeaten aa einers, Financial education can give @ range of ‘rea-ife Contexts across a range of subjects. si t) trained and resourced, made aware Teachers should be adequately ofthe importance of financial literacy and related pedagos scot a ra continuous Support 0 teach it or in in dual nr omtective leaming tools and pedagogical resources ‘available to Sch ee effectors that are appropriate tothe level of study. Students’ rants and tach e aseetaed! hough various gh impact mada