Module 8:

FINANCIAL LITERACY
LEARNING OUTCOMES
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. Determine ways on how to integrate
financial literacy in the curriculum
7. Draw relevant life lessons and
significant values from personal
experiences on financial crises and
scams
8. Analyze research abstract on
financial literacy and its implications
to the teaching- learning process
9. Make a personal financial plan based
INTERACTIVE PRESENTATION
on short-term and long-term goals

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 if banker will offer an amount of money". The teacher will
generate answers from the students.
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, 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.

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 wellbeing 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) 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 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.([Link]

Five Financial Improvement Strategies

Financial literacy shapes the way people view and handle money. The following are financial improvements
suggested by Investopedia 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 progress over time to avoid financial trouble by spending too much on wants and nothing enough for
the 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 cash flow or what comes in and what goes out is to
create a budget or a personal spending plan. A budget lists down all 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 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 a 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 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 known 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
([Link] investment-goals).

Budget and Budgeting

A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled
and reevaluated 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 help make smart spending choices upon deciding on
what is important.
Step 2: Identify 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 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 earned. 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 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 goals (one to
five years), and long-term goals (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.
4. 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 much 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]

Investment 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 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
a 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, an income tax refund or earnings from additional or side jobs, use them as an
emergency fund.

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 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.
10. To have a good life. Putting aside some money to spend when needed can bring about 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, along with ways to identify them early and how to protect one's
self from being victimized.
A. Phishing. Using this common tactic, scammers send an email that appears to come from a financial institution,
such as a 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 am 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 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 an information you share and with whom, and always shred sensitive information
before disposing it.
 By taking preventative measures and being aware of scams, you can minimize the risks of fraud. Monitoring your online or
mobile banking accounts daily can also help you see fraudulent charges
quickly.([Link]
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 an edge, making it easier than ever for scam artists to nab
financial data from unsuspecting consumers (Bell, 2019).
1. Never wire money to a stranger. Although it is one of the oldest Internet scams, there are still consumers who fall for
this rip-off or some variations of it.
2. 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.
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 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 a different password for every website you visit.
5. Never give your social security number. If you receive an email or visit a website that asks for your Social Security
number, ignore it.
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. When purchasing a product from an unfamiliar retailer, do some research to ensure the business is legit and
reputable.
8. 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.
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 which means it is safe and protected against hackers.
10. Donate to known charities only. .If you receive a call or an email for solicitation of charity donations, critically examine it.
Some scammers create bogus charities to steal credit card information. •
(hitps://[Link]. comIarticles/personal-fina nce/041 51 5/1 0-tips-avoidcommon)

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 scholarship sources 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 from 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 card application: Also, regularly check the credit card • statement and once there are any unrecognized
charges, contact your banking institution immediately. ([Link]/financial-scam-safety)
 Insurance and Taxes
Insurance is a contract (in the form of a policy) between the policyholder and the insurance company, whereby the company
agrees to compensate for any financial toss 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. 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, '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.
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 to death.
The following are common risk categories:
1. 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 are deemed to be healthy and have a normal life expectancy
although, they may have a 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.
6. Smokers — Due to an added risk of smoking, the policyholders in this category are guaranteed to pay more. Aside from health
class, age is also a critical factor in determining premiums. Therefore, older people pay more expensive premiums.

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 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 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.
 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

1. Endowment It grants a lump sum after a specified It allows for saving up for specific It requires higher premiums
amount of time or upon death. The purposes. than other types of life insurance.
policy owner is required to pay the It guarantees returns upon
premium for a predetermined number of It is not the best option for those
maturity. looking at full life
years or until a specific age is reached.
It offers some form of insurance protection.
coverage.

2. Term It is the simplest form of life insurance It entails low premium It has no benefit if policyholder
to obtain, of which upon death, the requirements. outlives the term period set.
beneficiaries are paid with the benefit.
It is a strong option for Premium usually gets higher
policyholders who need insurance upon renewal of terms.
but cannot afford whole life or
endowment.
It is easy to understand.
3. Whole It provides coverage for the It offers permanent protection It requires higher premiums
Life policyholder’s entire life or until for full life or 100 years.
they reach 100 years old. It acts It is difficult to understand
It is flexible in terms of due to complexity
both as protection and savings
payments of premiums
mechanisms since a portion of the
premium is allocated to build up It entails fixed premiums
cash values It usually comes with additional
features and “living” benefits
4. Variable It serves as both life protection It takes dual purpose: Life Cash values and dividends
Universal and investment vehicle in one insurance plus investment tool are not guaranteed
Life (VUL) package. A portion of the
It has no maturity age Face amount and death
premium is allocated into various
investment vehicles for the The cash value is payable along benefit are dependent on
purposes of wealth creation. The with the assured sum investment performance
contract’s earnings are based on The death component is not It includes various
the performance of selected limited to face value investment fees
investments.
It depicts liquidity, wherein
funds can be accessed in time of
need and can serve as
emergency funds

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 account.
2. Control your impulsive spending. Control yourself from impulsive spending on eating out, shopping
and online purchases that may ruin your finances and budget.
3. Evaluate your expenses and live frugally. Analyze how you spend your money, see what you can reduce and
determine expenses that are necessary and eliminate the unnecessary.
4. Invest in your future. Start preparing and investing for your future retirement while still young in your career
field.
5. Keep your family secure. Save for an emergency fund, so that you have something to spend if anything happens with the
family emergently.
6. Eliminate and avoid debt. Eliminate credit cards, personal loans, or other debt forms as it will not work on you but
even pull you down and make you drowned with obligations that may even resort 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.
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. (https11 renhabits.net110-habits-to-develop-for-
financiall)

Signs of Being Financially Stable

Teachers, like anyone 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.
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 pay your bills ahead of time.
6. People ask your opinion about financial matters and you inspire them.
7. You're generally happy with your financial situation.
8. You finance your cars over five .years or less if you take loans at all
9. You contribute more to your retirement.
10. You don't feel guilty when you're out for special occasions.
11. 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. 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 survive for months without a paycheck.
20. You feel in control of your finances and never dominated by them.
(htttps://[Link]/financially-stable/)
 Integrating Financial Literacy into the 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 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.