This archive report was first published on 16 November 2019.
As a parent, I've had a chance to observe the differences between the Montessori and competency-based curriculums (CBC) in our schools. My four-year-old daughter, Muna, is in kindergarten and follows the Montessori curriculum, which focuses on learning through play. In contrast, her neighbor, who is also four, is in a CBC-based school and has already mastered the alphabet in the A-B-C-D order.
While Muna's curriculum doesn't teach her how to write, her neighbor can recognize sounds in both upper and lower case and can count up to 20. I was initially worried that Muna was lagging behind, but then I remembered that she has her entire school life ahead of her to catch up.
Education Cabinet Secretary, Dr. Matiang'i, has said that the CBC aims to produce well-adjusted citizens, not just exam-passers. He emphasizes the importance of life skills, including financial literacy. As a certified accountant, I believe that financial literacy should be a core part of the new curriculum.
Here are some key principles that I think should be included in the CBC:
Principles of Budgeting: Budgeting is a crucial money management tool that should be taught to our children. They should learn how to draft and maintain a monthly budget, and even practice with a little money to see how they can critically think through real-life problems.
Principles of Saving: The CBC should emphasize the importance of saving, and the principle of paying oneself first. Our children should learn about the various savings options available in the market, including insurance companies, chamas, the stock market, and M-Shwari.
Principles of Investing: Every instrument that gives you a saving option also gives you an investment option. Our children should learn about the different investment options available and how to make informed decisions.
Debt Culture: The CBC should teach our children what debt looks like and how to avoid it. They should learn about the importance of building good debt and avoiding bad debt.
Entrepreneurial Mindset: The CBC should encourage our children to work on their ideas and think creatively. They should learn that ideas are the currency of the 21st century and that they can offer solutions to everyday problems.
By incorporating these principles into the CBC, we can equip our children with the financial literacy they need to succeed in life.
