Challenges faced in teaching and learning of financial literacy in the economic and management sciences (ems) curriculum

Abstract

This study explored the challenges encountered in teaching and learning Financial Literacy within the Economic and Management Sciences (EMS) curriculum. This chapter commences with a brief discussion of the significance of the EMS curriculum. Teacher qualifications in EMS, factors hindering effective teaching and learning of EMS, mechanisms to minimise the difficulties faced, assessment in EMS and the influence of EMS on related subjects in the FET phase and academic support are discussed. To address these questions, two data collection instruments were utilised: document analysis and semi-structured interviews, involving the perspectives of 16 participants who were purposively sampled. The study was framed using Cognitive Load Theory which assisted to explain how the cognitive load placed on learners affects their learning in Financial Literacy and Ecological Systems Theory which aided in identifying and addressing the multifaceted challenges teachers face in teaching Financial Literacy by considering the interplay of various ecological factors. The findings indicated that factors hindering learner performance in EMS included inadequate Financial Literacy knowledge among teachers, excessive class size, access to technological resources in the teaching and learning of Financial Literacy, scarcity of educational support materials, impact of curriculum changes in the teaching of Financial Literacy, time constraints, difficult terminologies and concepts in Financial Literacy, and deficiencies in the assessment approaches. Recommendations were made to mitigate these challenges.