Financial literacy

Old Mutual partners with KICD to develop financial literacy course for secondary school teachers

Old Mutual has partnered with the Kenya Institute of Curriculum Development (KICD) to begin development of an online financial literacy orientation course for junior and senior secondary teachers.

The course is designed to equip teachers with the ability to effectively implement the financial literacy concepts that need to be integrated into the curriculum during the learning process.

Scheduled to roll out for piloting in February 2023, the development of the financial literacy training course involves writing/scriptwriting, editing, design, development of multimedia elements, piloting, monitoring and training on agreed platforms.

Its development comes six months after the two institutions completed the development of the Financial Literacy Guidelines, which outlined how financial literacy is contextualized and conceptualized from a curriculum perspective. This step was preceded by an analysis of integration matrices, an in-depth analysis of the integration of existing financial literacy to identify gaps.

The course will be rolled out as part of Old Mutual’s Learn program. Think. Do – which is part of the organization’s strategy to reach over 30 million people across Africa to learn financial literacy skills that will enable them to achieve their financial goals. As part of this initiative, Old Mutual has invested Ksh 21 million to help KICD and other partners develop the Financial Literacy Integration Matrices, the Online Orientation Course for Teachers and the Guidelines for partners in the education sector.

Arthur Oginga, CEO of Old Mutual Group, said: “At Old Mutual, part of our responsible business philosophy is to integrate skills development and financial literacy into the work we do to support the communities in which we operate. This initiative is central to our goal of empowering Kenyans with the financial skills necessary to become economically active, achieve their financial goals, and drive our country’s development goals.

KICD’s Chief Executive, Professor Charles Ong’ondo, said: “As KICD, our interest is to ensure that every learner following the competency-based curriculum can demonstrate an awareness of the mobilization of resources, in particular financial mobilization, and the prudent spending of these. Resource. We believe this will lead to sound, prudent and financial stewardship among our learners and will also trickle down to households and communities and result in a country that has reduced debt at the individual, community, corporate and national level” .

Once completed, the course will be rolled out to at least 100 teachers for a pilot phase in 5 counties. A physical follow-up of the pilot will be carried out to offer teachers professional support. This aims to identify gaps, make the necessary changes, and then roll them out across the country for all teachers for national implementation.

Some of the key areas covered in the course include self-exploration skills that unpack self-awareness, personal values, problem-solving, critical thinking and decision-making skills and talents and abilities, resources that unpack the ability to analyze financial resources, entrepreneurial skills which unpack activities one can do to generate more income and financial skills which cover income and expenses, financial services and debt management skills and ICT in financial transactions which unpack, transactions mobile money, online banking and e-commerce, among others.