INTEGRATING FINANCIAL LITERACY INTO EDUCATIONAL CURRICULUM

INTEGRATING FINANCIAL LITERACY INTO EDUCATIONAL CURRICULUM

1


FINANCIAL INCLUSION KNOWLEDGE PRODUCT –

CASE SERIES NO. 012020

OCTOBER 2020

Educating the Next Generation


36


3

ContentsINTRODUCTION 1

ABOUT THE REPORT 5

BACKGROUND 7

KEY CHALLENGES 10

WHOM IS THE REPORT FOR? 12

IMPORTANCE OF INTEGRATING FINANCIAL

LITERACY IN THE CURRICULUM 14

STAGES OF INTEGRATION EXERCISE 16

Stage I: Pre-formulation: Development of

Mapping Framework and Concept Note 19

Stage II: Formulation: 27

Stage III: Post-Formulation: 27

Stage IV: Implementation: Pilot Implementation

and Final Roll Out 28

Stage V: Curriculum Evaluation–Evidence Based 29

CONCLUSION 31

Figure 1: Curriculum Development Milestone 3Figure 2: Stage of FL Curriculum Development 17Figure 3: Curriculum Development Cycle (REC) 19

Table 1: Sample Competency and Thematic Topics for

Curriculum Development 20Table 2: Agency Wise Mapping Framework 24Table 3: Agency Wise Strategic Objectives, Core

Actions and Measurement Indicators 25


8

02ABOUT THE REPORT

The report on ‘Educating the next generation: Bhutan’s Experience in Integrating Financial Literacy Curriculum’ is a comprehensive

document that highlights the mean-ingful journey of integrating financial literacy in the formal mainstream curriculum and other non-formal educational institutions. The report includes detailed highlights of how cur-riculum developers journeyed through various stages of curric-ulum development such as map-ping exercises, adopting national curriculum standards, identifying thematic areas and key lessons learned.

TOR FOR THE NFIS WORKING GROUPS (WGs)

Royal Monetary Authority of BhutanTel : +975-2-323111, 323112, 323110, 321701, 321702Fax: +975-2-322847www.rma.org.bt

e. The initial Sub-WGs are identified as follows: • Data and Fintech: responsible for the overall development of the financial inclusion data system incorporating data collection techniques, templates designing, data analysis and target setting. The Sub WG shall also work on Fintech related initiatives.

• Micro, Cottage and Small Industry(MCSI): responsible for identifying strategic areas related to MCSI development focused to the third pillar of the FINAP 2019-2023.• Innovation and knowledge product development: Identify new areas of introducing innovative financial products and develop relevant knowledge products publications in the form of tool kits, working papers, guideline notes etc.

• Communication and capacity building: responsible to identify and coordinate the WG meetings, capacity building programs and other communication related developments.• Policy and strategy: responsible for the overall structure content and interventions of the FINAP 2019-2023. This group is also responsible to compile and coordinate towards FSP’s annual financial inclusion action commitments.

***The Sub-WGs shall be monitored by the Leads of the Core WGs. Each Sub-WGs shall coordinate with each other for agendas requiring common attentions. In case of a need for additional Sub-WG, the Chairs of the core WG shall update the SC accordingly.

6. All the members shall extend their support, as representative of relevant stakeholders, towards the formulation and implementation of the FINAP 2019-2023.

7. All the members shall work diligently in ensuring proper formulation and accomplisment of the FINAP 2019-2023 implementation plans.8. All the members shall act as the ambassadors of Bhutan’s Financial Inclusion Program.

9. All the members shall respect the confidentiality and privacy of certain sensitive data and information.10. Frequency of the meeting: The NFIS WG shall meet quarterly and may call for additional meetings based on the need and availability of resources. The date, time and venue of the meetings shall be agreed upon by the members and documented in the minutes.

11. Honorarium: All registered members attending the NFIS WG meetings shall be eligible for a fee of Nu. 3000 per day. 12. Scope of Amendment: This ToR may be amended subject to further approval from the NFIS SC.

85% FINANCIAL INCLUSION BY 2023

In-pursuit of an Inclusive, Innovative and Resilient Economic Development through Collaborative Engagements

USAGE

QUALITY

ACCESS

IMPACT

NATIONAL FINANCIAL INCLUSION COLLABORATIONN F I C

OPERATING GUIDELINES

• All activities shall ensure to be processed based on

the Procurement Rules and Regulation (PRR); and

• DSA and travel allowances if applicable shall be

based on the endorsed TORs and government

rates.

• The FINAP 2019-2023 project fund shall be mobilized

jointly from RMA and FSPs based on the accepted

ratio of 30:70.

• The project fund shall be contributed during the

first month of the calendar year w.e.f 2020 to 2023.

• The fund shall be maintained and stationed at

BDBL account. The host bank is encouraged to

render effective banking support services to the

FINAP project fund 2019-2023.

• The project’s financial statements and book of

accounts shall be efficiently maintained and

recorded by co-lead members of the working groups.

• The fund request should be made formally through

a note sheet specifying the amount and the

purpose of the request.

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7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES

The following are the key tasks, roles and responsibilities:

Sl No

Task Authorized Responsibilities

1

Planning, preparing and requesting activity document

Lead of NFIS WG in consultation to the Secretariat (FIS)

Lead of NFIS WG

and FIS

2

Treasurer: Maintain financial utilization statement

Members appointed

Lead and co-lead

WG members

3

Monitoring on the fund utilization statement

FIS, RMALead of NFIS WG and the Secretariat (FIS)

4Approval Authorization

Chair and Deputy Chair

Chair and Deputy

Chair

5 Internal Audit

To be appointed by the NFIS SC members

NFIS audit committee members

REPORTING AND

MONITORING

• Co-lead members of the NFIS working groups shall

prepare the fund utilization statements and reports

in consultation with the Lead WG members to be

further submitted to the FIS on a quarterly basis.

• The FIS and Lead WG members shall be appointed as

treasurers and shall prepare/report the fund utilization

to the Steering Committee on half yearly basis.

• A separate internal audit shall be appointed and

carried out on an annual basis. The audit committee

shall ensure to publish audit reports and make

presentations to the SC members.

• All financial statements and accounting records

shall be maintained as per the attached guiding

templates. The treasurers shall maintain proper

books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES

ROYAL MONETARY AUTHORITY OF BHUTAN

Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION

NATIONAL ACTION PLAN(FINAP) NATIONAL FINANCIAL

INCLUSION COLLABORATIONN F I CIn-pursuit of an Inclusive, Innovative

and Resilient Economic Development

through Collaborative Engagements


2019-2023

USAGE

QUALITY

ACCESS

IMPACT


1INTEGRATING FINANCIAL LITERACY INTO EDUCATIONAL CURRICULUM

4

Being able to make informed decisions in managing one’s

finances efficiently, whether in terms of saving, spending,

retirement or making a long-term investment, is of para-

mount importance in today’s world, where money touches

almost every aspect of life.

However, most people lack the required knowledge and skills to do so

and frequently make financial decisions without understanding or having

the required capability to assess the given circumstances. In the field of

finance, the quality of decision has long term consequences for financial

survival and stability.

Nowadays financial literacy has gained greater importance and be-

come a priority for many countries because it enables people to better

manage their wealth and finances, which contributes to the economic

growth of a nation.

01INTRODUCTION



5

While the responsibility of financial educa-

tion does not lie with one institution or individu-

al, relevant stakeholders have made concerted

efforts to provide financial literacy, especially

to the future generation and underserved sec-

tions of society, not as an end but as a means to

financial inclusion and economic development.

Bhutan’s National Financial Literacy Strat-

egy (NFLS) 2018-2023 has accorded the high-

est priority to deepen financial inclusion by

strengthening financial capability and consumer

protection. Under the Financial Inclusion Nation-

al Action Plan (FINAP) 2019-2023, supported by

the joint FINAP fund, important strategic out-

puts focused on strengthening collaboration, ed-

ucating the next generation, providing targeted

outreach, engagement and empowerment sup-

port and enabling policies and measurements.

Key focus areas such as entrepreneurial devel-

opment, financial access and usage, responsible

financial management, digital finance and con-

sumer protection were also identified as themat-

ic drivers to enhance financial literacy.

In order to realize the rationale for financial

literacy, general thematic components were

further developed as curriculum to be integrat-

ed in mainstream school curriculum and other

non-formal target groups.

01INTRODUCTION


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



6

National Financial Inclusion Strategy (NFIS) 2018-2023

National Financial Inclusion Strategy 2018-2023 developed and launched as a mother document to guide national financial inclusion in the country.

National Financial Literacy Strategy (NFLS) 2018-2013

NFLS 2018-2023 developed as a subset document to strategise and implement financial literacy in the country.

Financial Literacy Curriculum Mapping and Integration Framework (Draft) - 2018

Financial Literacy Curriculum Mapping and Integration Framework drafted in collaboration with relevant stakeholders including Royal Education Council (REC), Ministry of Educaiton, Non-Formal Education and other relevant stakeholders, to strategise integration of financial literacy in the curriculum and wayforward.

Signing of MoU between RAM and REC on December 31, 2018

RMA signed a Memorandum of Understanding (MoU) with REC to collaborate in incorporating Financial Literacy in school curriculum.

Curriculum Mapping Workshops

Curriculum mapping workshops conducted by RMA in collaboration with REC and MoE to integrate relevant financial literacy components in the school curriculum.

Curriculum Development Workshop- Integration Activities

Royal Education Council conducted a series of curriculum development workshops and incorporated financial literacy components in the main stream curriculum. Financial literacy components were integrated in subjects like Economics, Accounts, Commerce, Mathematics, English, Dzongkha.

Financial Literacy Curriculum Development for Non-Formal Educaiton (NFE) and National Institute of Zorig Chusum (NISC)

As part of FINAP 2019-2023, FITI assigned the project to develop the financial education curriculum for NFE and NIZC.

1

2

3

4

5

6

7

Figure 1: Curriculum Development Milestone



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8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT




9

02ABOUT THE REPORT


10

Spearheaded by the Royal Monetary Authority (RMA), the National Financial Inclusion Strategy (NFIS) 2018-2023 is the overarching document in pursuing quality and affordable inclusive access to finance. The NFLS

2018-2023, a complementing subset document to NFIS 2018-2023, aims to enhance financial capability of the Bhutanese populace. Low level of financial knowledge, skills, willingness and awareness are significant barriers to accessing and using formal financial services as per the NFIS 2018-2023. Against this backdrop, integrating financial literacy into mainstream school curriculum and other target institutes offers huge po-tential to educate the masses and future citizens of the nation.

The Authority established a dedicated Financial Inclusion Secre-tariat (FIS) to formulate and implement the national strategies in collaboration with government agencies, international partners,

03BACKGROUND


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



9

02ABOUT THE REPORT


10

Spearheaded by the Royal Monetary Authority (RMA), the National Financial Inclusion Strategy (NFIS) 2018-2023 is the overarching document in pursuing quality and affordable inclusive access to finance. The NFLS

2018-2023, a complementing subset document to NFIS 2018-2023, aims to enhance financial capability of the Bhutanese populace. Low level of financial knowledge, skills, willingness and awareness are significant barriers to accessing and using formal financial services as per the NFIS 2018-2023. Against this backdrop, integrating financial literacy into mainstream school curriculum and other target institutes offers huge po-tential to educate the masses and future citizens of the nation.

The Authority established a dedicated Financial Inclusion Secre-tariat (FIS) to formulate and implement the national strategies in collaboration with government agencies, international partners,

03BACKGROUND



11

03BACKGROUND

Financial Service Providers (FSPs) and other relevant organizations. The FIS coordinates, fa-cilitates and enables institutional partnerships to incorporate financial literacy under two main implementing areas: 1) Financial Literacy cur-riculum and 2) Financial Literacy Programs. The former is structured to integrate financial litera-cy to formal mainstream education and non-for-mal target groups such as non-formal learners and vocational institutes. For tertiary institutes, the secretariat is spearheading development of a National Service Module on ‘Financial In-clusion and Fintech’ to be launched and piloted at Gedu College of Business Studies (GCBS). It aims to supplement the curriculum through numerous financial literacy programs, name-ly, Youth Ethics (YE) Banking school program, Student Business Seedling (SBS) Program, Lit-tle CEOs program and other thematic sensiti-zation programs such as ‘financial literacy on wheels’.

However, the challenge is in uplifting the rural and marginal populace to ensure inclusive-ness and equity; without financial literacy and required basic skills, technology led financial inclusion may be ineffective or irrelevant. Cur-riculum development should therefore be ho-listically designed to address inclusiveness, equity, relevance and maintain professional standards within the accepted curriculum stance of knowledge, skills, attitude and be-haviour. Further, all formal learning, if accom-panied by practical based programs, height-ens the effectiveness and impact in a learning environment.

A ‘Financially capable person is a person who has the knowledge, abilities, skills and cul-ture, which give them the opportunity to be informed, make responsible decisions about their personal finances, and take the right ac-tions according to the situation.’ - FINANCIAL CAPABILITY BAROMETER*: A new method-ology for measuring financial capabilities, AFI, December 2015

Financial Capability Components:

1 Knowledge: Stock of information obtained and received through various channels such

as education, training and personal experi-ences.

2Skills:

An ability to apply the obtained and received knowledge.

3Attitude:

Willingness and readiness to spare time and resources in applying the

knowledge.

4Behaviour: Application of knowledge, skills and attitude in the daily life of a person.

* Alliance for Financial Inclusion, Financial Capability Barome-

ter: A new methodology for measuring Financial Capability of a

country’s population, AFI special report, March 2017


12

04KEY CHALLENGES


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



11

03BACKGROUND

Financial Service Providers (FSPs) and other relevant organizations. The FIS coordinates, fa-cilitates and enables institutional partnerships to incorporate financial literacy under two main implementing areas: 1) Financial Literacy cur-riculum and 2) Financial Literacy Programs. The former is structured to integrate financial litera-cy to formal mainstream education and non-for-mal target groups such as non-formal learners and vocational institutes. For tertiary institutes, the secretariat is spearheading development of a National Service Module on ‘Financial In-clusion and Fintech’ to be launched and piloted at Gedu College of Business Studies (GCBS). It aims to supplement the curriculum through numerous financial literacy programs, name-ly, Youth Ethics (YE) Banking school program, Student Business Seedling (SBS) Program, Lit-tle CEOs program and other thematic sensiti-zation programs such as ‘financial literacy on wheels’.

However, the challenge is in uplifting the rural and marginal populace to ensure inclusive-ness and equity; without financial literacy and required basic skills, technology led financial inclusion may be ineffective or irrelevant. Cur-riculum development should therefore be ho-listically designed to address inclusiveness, equity, relevance and maintain professional standards within the accepted curriculum stance of knowledge, skills, attitude and be-haviour. Further, all formal learning, if accom-panied by practical based programs, height-ens the effectiveness and impact in a learning environment.

A ‘Financially capable person is a person who has the knowledge, abilities, skills and cul-ture, which give them the opportunity to be informed, make responsible decisions about their personal finances, and take the right ac-tions according to the situation.’ - FINANCIAL CAPABILITY BAROMETER*: A new method-ology for measuring financial capabilities, AFI, December 2015

Financial Capability Components:

1 Knowledge: Stock of information obtained and received through various channels such

as education, training and personal experi-ences.

2Skills:

An ability to apply the obtained and received knowledge.

3Attitude:

Willingness and readiness to spare time and resources in applying the

knowledge.

4Behaviour: Application of knowledge, skills and attitude in the daily life of a person.

* Alliance for Financial Inclusion, Financial Capability Barome-

ter: A new methodology for measuring Financial Capability of a

country’s population, AFI special report, March 2017


12

04KEY CHALLENGES



13

Integrating financial educa-tion in mainstream school curriculum and developing new curriculum for target

learners is expected to impact the lives of learners and econ-omy at large. From the financial literacy curriculum perspective, the curriculum is expected to impart relevant financial knowl-edge, skills and value that guide the learners to live a viable economic life in a fast changing financial ecosystem. At the broader level, the curriculum is expected to help learners make informed decisions in financial matters.

Numerous challenges were encountered during the curric-

ulum development process as follows:

• long chain of administrative procedures and protocols for

04KEY CHALLENGES


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



14

curriculum development and implementa-tion;

• stakeholder collaboration and bringing dif-ferent professionals and stakeholders on one platform;

• developing inclusive curriculum targetingdifferent learners and choosing appropri-ate content;

• following curriculum development and re-finement cycle;

• effective implementation of the financial literacy curriculum demands pre-requisite

facilities such as electronic gadgets, inter-net coverage, network coverage from ser-vice providers, financial support, etc., for successful implementation of curriculum;

• bilingual conversion of the curriculum in-volved tedious tasks in terms of deriving appropriate financial words and defini-tions; and

• Implementation forsees numerous stake-holder engagements and without efficient collaboration and cooperation, consisten-cy in effective implementation may seem challenging.

05WHOM IS THE REPORT FOR?



15

This report is a knowledge product in the form of case report to record the stages of curriculum develop-ment, that also reflects beneficial lessons learned for policy makers and other educational planners. Thus,

this report is for any interested individual, organization and in-ternational agency that wish to refer to any component of this report. This report would generally aim to:

• share with relevant stakeholders the status of integrating financial literacy in mainstream school curriculum and oth-er non-formal educational programs;

• feature collaborative effort of relevant stakeholders in inte-grating financial literacy in the curriculum of targeted insti-tutions to enhance financial capabilities; and

• inform policy makers, regulatory authority, financial sup-porters and other relevant stakeholders of the current on-going financial literacy activities and way forward.



8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



15

This report is a knowledge product in the form of case report to record the stages of curriculum develop-ment, that also reflects beneficial lessons learned for policy makers and other educational planners. Thus,

this report is for any interested individual, organization and in-ternational agency that wish to refer to any component of this report. This report would generally aim to:

• share with relevant stakeholders the status of integrating financial literacy in mainstream school curriculum and oth-er non-formal educational programs;

• feature collaborative effort of relevant stakeholders in inte-grating financial literacy in the curriculum of targeted insti-tutions to enhance financial capabilities; and

• inform policy makers, regulatory authority, financial sup-porters and other relevant stakeholders of the current on-going financial literacy activities and way forward.



16

06



17

As highlighted earlier, financial literacy is a means to achieving greater financial inclusion by educat-ing citizens on essential financial matters, products and services. Integrating financial literacy will em-

power learners to make informed and confident decisions in money matters. Customized teaching and learning programs will inculcate long term positive attitude and behaviour. The emerging financial ecosystem with innovative digital technol-ogy is a challenge to many. This is why technology led financial literacy has become equally important to keep pace with the fast changing financial ecosystem.

The curriculum integration also aligns with enhancing financial capabilities and consumer protection. The curriculum compris-es important modules on the evolution of money, entrepre-neurship, understanding the financial sector, managing per-sonal finance and future finance.

06IMPORTANCE OF INTEGRATING FINANCIAL

LITERACY IN THE CURRICULUM


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



18

07FINANCIAL INCLUSION

NATIONAL ACTION PLAN (FINAP)

Royal Monetary Authority of BhutanTel : +975-2-323111, 323112, 323110, 321701, 321702Fax: +975-2-322847

www.rma.org.bt

1. Enabling Regulations, Policies and Measurements• Sandboxing regulations • Credit Guarantee Scheme • Alternate collateral for access to financial guidelines• Financial Guidelines for Credit Cooperative, Farmers

Group and Self Help Groups• Inclusive Green Finance Roadmap• Compensation guidelines for consumer Protection

and establishment of dedicated CP cells in the financial sector

• Conduct Access to Finance (A2F) Demand Side Survey• Develop National Financial Literacy capability

measurement tool and FL program evaluation templates

2. Financial Inclusion core indicators• 85% regulated adult deposit accounts and 85%

regulated youth deposit accounts• 12% e-money accounts• 20% adult credit accounts• 20% MCSI credit exposure and 7% agriculture credit

exposure• 25% adult insurance accounts with 6% life insurance

accounts• 106,478 shareholders and 51 new brokerage firms• 2711 agents with 650 bank agents• 879 POS terminals

3. FL curriculum, programs and Publications• 5 Fintech startup projects• Financial literacy curriculum integration in the formal

mainstream curriculum (key stage I-V)• Financial literacy curriculum development for NFE

learners, Vocational Institute and other agencies• Financial literacy self learning app• 30 schools rollout for Ye-Banking program• Financial literacy on wheels I: conduct TOT

educational program with 40% female participation• Financial literacy on wheels II: FL sensitization

program to target groups with 40% female participation

• 20 agency TOT program for master trainers• 16 Finlit talk programs• 4 thematic Joint Learning Workshop (JLW)• 4 Global Money Week Program (GMW)• 8 Publications of e-FinLit newsletter• 3 Annual financial Inclusion Forum• Development of financial Litercy Media resources and

AV clips

TARGET HIGHLIGHTS BY 2023




2019-2023

AT A GLANCE

USAGE

QUALITY

ACCESSIMPACT




19

The Royal Education Council (REC) under Ministry of Education (MOE) looks after the mainstream curricu-lum from Key stage 1 to 5 (grade PP to XII). Beyond Grade XII, colleges and universities develop their own

curriculum, subject to endorsement from the Royal University of Bhutan (RUB). This report involves integration relevant to only key stage 1 to 5 ; FL is currently not being integrated at the college or tertiary level. RMA plans to develop and intro-duce FL modules as Phase II plan in selected tertiary educa-tion institutes and colleges.

In addition, separate modules are also being developed for Non-formal learners and vocational institutes.

In this report financial literacy curriculum integration and de-velopment is categorized under five development stages per-taining to specific activities and expected deliverables.

07STAGES OF INTEGRATION EXERCISE


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



20

The stages are as follows:

In addition to the above stages a cyclical pro-cess follows, formally embraced by the Roy-al Education Council (REC), herein referred as decorum, for efficient development of cutting-edge curriculum. Subject wise inte-gration involves cyclical nature of curriculum integration considering the grade levels. Sub-ject integration for a particular grade, once refinement is carried out, is usually closed for a certain number of years (5 years or so in Bhutan) as a cooling or stabilizing period. The-matic changes to be integrated into the for-mal mainstream curriculum is mainly depen-dent on REC’s planning of allowable subjects and grades open to curriculum refinement/integration/revision. Curriculum integration involves a lot of tedious tasks and wait times. All the five stages are conceptualized to re-duce divergence and to synchronize it to the standard curriculum development processes.

Each stage requires extensive research, con-sultation, collaboration and communication with relevant stakeholders.

Figure 2: Stage of FL Curriculum Development

1 2 3 4 5Pre-formulation:

Development of Mapping Framework

and Concept Note

Formulation: Crafting Curriculum

Content

Post-Formulation: Consultation,

Refinement and Launch

Implementation: Pilot Implementation

and Final Roll Out

Monitoring and Evaluation



21


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



22

Stage I: Pre-formulation:

Development of Mapping Framework

and Concept Note

Integrating financial literacy in the mainstream curriculum is a challenging yet adventurous task involving a lot of planning, background study and research. The main objectives of this stage are to establish common under-standing, stock take existing curriculum and build institutional linkages for collaboration and to execute planning. During this stage, relevant stakeholders and institutions, target learners and individuals are identified for the following tasks:

• to develop a concept note and mapping framework;

• for capacity building and stakeholder co-ordination;

• to identify thematic areas of financial liter-acy for integration;

• to craft long term goals, objectives and mapping of the curriculum;

• to identify and avail professional services from relevant stakeholders during devel-opment, consultation and refinement phase; and

• to understand the nature of learning en-vironment and synergize the curriculum accordingly to cater to learners.

Figure 3: Curriculum Development Cycle (REC)

Curriculum

Development Cycle

re create original

Curriculum

Review and

Planning

Curriculum

Design and

Development

Curriculum

Implementation

Curriculum

Evaluation



23

Professionals comprising policy makers, regu-latory authority, curriculum development insti-tutions, implementing agencies and other ex-perts are usually involved in this phase where diverse opinions from various perspectives are sought and exchanged.

During the pre-formulation stage, the follow-ing sub-activities were pursued by the facili-tating and development team:

7.1.1 Development of Concept Note

Developing the concept note is the first step in any curriculum integration plan. The concept note provides summary information of the back-ground analysis, challenges, outlines objectives, plan of action and budgetary requirements. It also identifies the thematic component needs for preparation of the mapping exercise. A sam-ple of competency and thematic topics adopted is outlined in the table below:

Table 1: Sample Competency and Thematic Topics for Curriculum Development

MAJOR THEMATIC

AREAS

COMPETENCY AREAS

KNOWLEDGE SKILLS ATTITUDE BEHAVIOUR

1.LIVELIHOOD EARNING

Know about different types of careers

Know about the skills, experience and formal requisites needed for different career choices

Know about the possible inputs, gains and values in different career options

Know about your interest, hobbies and problems that could result in business opportunities

Know about basic concept of inno-vative entrepreneurship, access to finance and explore possibility as a good career option

Know about education and other opportunities like internship/volun-teering on career trajectory

Create a path for advancing in a careers’ field: requisites, challenges, opportunities

Be able to identify and assess the skills and experience needed for diverse career choices

Be able to identify different business ideas, requisites, gov-ernment incentives, access to finance, challenges and oppor-tunities as a career option

Be able to exam-ine the impact of education, internship, volunteerism towards the career trajectory

Value entrepre-neurship as a career option

Value govern-ment incentives and opportuni-ties of alternate sources of financing

Value assessing different career options based on an individual’s capacity

Value and respect even the lowest perceived occu-pation

Opting innovative entrepreneurship opportunities

Opting for govern-ment incentives and various forms of access to finance

Opting for internship, volunteerism and other educational skills/experience

Major Thematic Areas, Knowledge, skills, Attitude and Behaviour


24

2.ECONOMIC AND FINANCIAL TERMS

Know about money and its influencing behaviour

Concept of inflation, interest rate, ex-change rate, credit score, general loans, mortgage/collateral, MF Loan, credit card, ATMs, internet/SMS banking, QR Codes, Agent Banking, pension, insur-ance and types, stock, bond, treasury bill, tax, etc..,

Be able to understand money, its value and its influencing variables

Be able to evaluate the impact of inflation, exchange rate, tax, interest calculation to personal budgeting

Value following economic and financial indica-tors in decision making

Use different eco-nomic and financial indicators in decision making

3.BUDGET MANAGEMENT

Know what a budget is

Know the types of income and differ-entiate income from cash inflow

Know about savings as long term expenses

Know about asset generating income

Know the types of costs and differenti-ate costs from cash outflow

Know the difference between fixed and variable costs

Know what is net income

Know about bank account and pay-ment cards and what kinds of transac-tions can be performed with them

Know the risks related to personal finances

Be able to manage budget deficit if needed

Be able to prioritize costs

Be able to monitor budget

Be able to define the relationship between risk and yield

Be able to identify asset generating income

Be able to save smart

Value budgeting and planning

Value budget mon-itoring by using specific tools

Plan and create a budget in advance

Manage seasonal income in an efficient way

Spend income based on the budget

Monitor budget using a specific tool, includ-ing statements for bank accounts and payment cards

saving savviness through surplus and efficient budget man-agement

4.SAVINGS ANDLONG-TERM PLANNING

Know the main goals of saving and long term planning

Know it is possible to get additional income from savings by making invest-ments

Know about the types of investment tools (deposit, shares, pension)

Know about diversification

Know about simple and compound interest, capitalization

Saving resources and paying bills/taxes on time

Know about deposit insurance funds and insurance amounts

Be able to open accounts and make diversification

Be able to calculate simple and compound interest

Be able to choose investment shares based on different characteristics

Be able to manage a pension account and insurance claims

Be able to save smart –saving through resources, discounts, avoiding penalties etc.

Value saving in gen-eral and long-term saving for rainy days

Value savings in a formal way rather than keeping at “home”

* Always make savings in general and targeted sav-ings especially

* Invest savings in a formal way

* Have a pension account and manage it actively


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



23

Professionals comprising policy makers, regu-latory authority, curriculum development insti-tutions, implementing agencies and other ex-perts are usually involved in this phase where diverse opinions from various perspectives are sought and exchanged.

During the pre-formulation stage, the follow-ing sub-activities were pursued by the facili-tating and development team:

7.1.1 Development of Concept Note

Developing the concept note is the first step in any curriculum integration plan. The concept note provides summary information of the back-ground analysis, challenges, outlines objectives, plan of action and budgetary requirements. It also identifies the thematic component needs for preparation of the mapping exercise. A sam-ple of competency and thematic topics adopted is outlined in the table below:

Table 1: Sample Competency and Thematic Topics for Curriculum Development

MAJOR THEMATIC

AREAS

COMPETENCY AREAS

KNOWLEDGE SKILLS ATTITUDE BEHAVIOUR

1.LIVELIHOOD EARNING

Know about different types of careers

Know about the skills, experience and formal requisites needed for different career choices

Know about the possible inputs, gains and values in different career options

Know about your interest, hobbies and problems that could result in business opportunities

Know about basic concept of inno-vative entrepreneurship, access to finance and explore possibility as a good career option

Know about education and other opportunities like internship/volun-teering on career trajectory

Create a path for advancing in a careers’ field: requisites, challenges, opportunities

Be able to identify and assess the skills and experience needed for diverse career choices

Be able to identify different business ideas, requisites, gov-ernment incentives, access to finance, challenges and oppor-tunities as a career option

Be able to exam-ine the impact of education, internship, volunteerism towards the career trajectory

Value entrepre-neurship as a career option

Value govern-ment incentives and opportuni-ties of alternate sources of financing

Value assessing different career options based on an individual’s capacity

Value and respect even the lowest perceived occu-pation

Opting innovative entrepreneurship opportunities

Opting for govern-ment incentives and various forms of access to finance

Opting for internship, volunteerism and other educational skills/experience

Major Thematic Areas, Knowledge, skills, Attitude and Behaviour


24

2.ECONOMIC AND FINANCIAL TERMS

Know about money and its influencing behaviour

Concept of inflation, interest rate, ex-change rate, credit score, general loans, mortgage/collateral, MF Loan, credit card, ATMs, internet/SMS banking, QR Codes, Agent Banking, pension, insur-ance and types, stock, bond, treasury bill, tax, etc..,

Be able to understand money, its value and its influencing variables

Be able to evaluate the impact of inflation, exchange rate, tax, interest calculation to personal budgeting

Value following economic and financial indica-tors in decision making

Use different eco-nomic and financial indicators in decision making

3.BUDGET MANAGEMENT

Know what a budget is

Know the types of income and differ-entiate income from cash inflow

Know about savings as long term expenses

Know about asset generating income

Know the types of costs and differenti-ate costs from cash outflow

Know the difference between fixed and variable costs

Know what is net income

Know about bank account and pay-ment cards and what kinds of transac-tions can be performed with them

Know the risks related to personal finances

Be able to manage budget deficit if needed

Be able to prioritize costs

Be able to monitor budget

Be able to define the relationship between risk and yield

Be able to identify asset generating income

Be able to save smart

Value budgeting and planning

Value budget mon-itoring by using specific tools

Plan and create a budget in advance

Manage seasonal income in an efficient way

Spend income based on the budget

Monitor budget using a specific tool, includ-ing statements for bank accounts and payment cards

saving savviness through surplus and efficient budget man-agement

4.SAVINGS ANDLONG-TERM PLANNING

Know the main goals of saving and long term planning

Know it is possible to get additional income from savings by making invest-ments

Know about the types of investment tools (deposit, shares, pension)

Know about diversification

Know about simple and compound interest, capitalization

Saving resources and paying bills/taxes on time

Know about deposit insurance funds and insurance amounts

Be able to open accounts and make diversification

Be able to calculate simple and compound interest

Be able to choose investment shares based on different characteristics

Be able to manage a pension account and insurance claims

Be able to save smart –saving through resources, discounts, avoiding penalties etc.

Value saving in gen-eral and long-term saving for rainy days

Value savings in a formal way rather than keeping at “home”

* Always make savings in general and targeted sav-ings especially

* Invest savings in a formal way

* Have a pension account and manage it actively



25

5.PRODUCTIVE CREDIT & DEBT MANAGEMENT

Know about access to finance – credit and micro credit from various FSP, alternate source of financing such as P2P, crowd funding, angel investors, central registry etc.

Know about interest rates

Know the types of collateral and other basis of lending such as insurance

Know about credit scores and conse-quences of delay debt

Know about productive and responsi-ble borrowing

Know about the risks and terms of borrowing

Be able to take on ap-propriate credit based on his/her capacity from an appropriate source

Be able to understand the risks and terms of borrowing

Be able to use Credit Bureau services

Be able to responsibly monitor credit repay-ment

Be able to avoid indebtedness

Be able to use credit productively and for intended purpose

Value availing credit from the range of choices offered

Value taking on credit in an appro-priate and formal way

Avoid negative attitude towards covering debts with another debt

Value monitoring on credit repayment and value having a repayment sched-ule

Value risks of indebtedness

Value productive credit for multiplier effect in asset generating income and savings

Use a formal channel to take on credit

Take on credit considering personal capacity

Have a credit repay-ment schedule and cover all debts on time (CIB clearance)

Effective progression and utilization of credit into investment and savings

6. FINANCIAL SHOPPING

Know sources for getting all necessary information about financial products and services

Be able to get the necessary information from different sources in a short period

Be able to review the conditions of a financial service in-depth if something is unclear

Be able to compare financial products and services before making a decision

Value official and professional sources of information

Value comparison of financial services and products be-fore choosing one of them

Value getting ad-vice from official and professional sources and pay for it if necessary

Before choosing any financial service or product, gather infor-mation from different sources and make comparisons between them

Ask for consultation if necessary

7.PAYMENT SYSTEM

Know about different types of digital financial services such as ATM, card, online banking, mobile banking, QR code, POS etc.

Be able to perform financial transactions (national and interna-tional) using different digital financial payment services

Value digital services towards going cashless

Value mak-ing informed responsible choices around digital financial transaction to purchase goods and services

Frequent usage of digital financial ser-vices for purchase of goods and services


26

8.CONSUMER PROTECTION

Know about general information on consumer protection

Know about counterfeit currency

Know about right and full disclosure of financial products and services

Know how to protect personal rights

Know what official authorities deal with consumer redress

Know about the Financial System Me-diator and legal recourse options

Know about different types of financial scams and identity theft

Know how to make an effective complaint

Be able to identify counterfeit money and black money

Be able to handle and approach official authorities in case of a complaint/redress

Be able to detect finan-cial fraud

Be able to understand gains and risks of financial products and services

Be able to understand the true information of a product or service and not be a victim of aggressive selling/marketing

Value his/her personal rights protection in a formal way

Trust official authorities

Value the role of the Financial System Mediator including legal services

Value information related to financial fraud and disputes

Value avoiding sus-picious and aggres-sive marketing of financial services and offers

Read contracts before signing

In case of a com-plaint, approach the official authorities responsible for dealing with it.

Be attentive to information related to financial fraud

Not all suspicious financial services and offers should be rejected without first undergoing a risk based examination

Use safety methods for digital financial transactions services including protection against scams, virus-es, identity theft, and password corruption

9.INSURANCE, RISKS AND INVESTMENTS

Know about different types of insurance

Know about premium rates, benefits and limitations

Know about risks associated to uncer-tainties and investments

Know about being cautious of ag-gressive selling through incomplete information

Know about company shares, stocks, bonds and other investments

Know about the formal stock ex-change market and its services

Be able to identify and avail appropri-ate insurance and investment oppor-tunities

Be able to mitigate risks associated with uncertainties and wrong investments

Be able to make ra-tionale and informed insurance and investment choices

Value insurance services and investment op-portunities in the formal sector

Value access to complete infor-mation in making rationale choices

Opting for reliable and appropriate insurance and in-vestment products and services

The outline of the concept

note is as follows:

• Introduction

• Background study, challenges and analysis

• Vision, objectives, key learning outcomes and

solution rationales

• Plan of action: stages of curriculum develop-

ment

• Timeline activities and budget requirements

• Identification of Financial literacy thematic

components and key learning outcomes

• Way forward conclusion


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



25

5.PRODUCTIVE CREDIT & DEBT MANAGEMENT

Know about access to finance – credit and micro credit from various FSP, alternate source of financing such as P2P, crowd funding, angel investors, central registry etc.

Know about interest rates

Know the types of collateral and other basis of lending such as insurance

Know about credit scores and conse-quences of delay debt

Know about productive and responsi-ble borrowing

Know about the risks and terms of borrowing

Be able to take on ap-propriate credit based on his/her capacity from an appropriate source

Be able to understand the risks and terms of borrowing

Be able to use Credit Bureau services

Be able to responsibly monitor credit repay-ment

Be able to avoid indebtedness

Be able to use credit productively and for intended purpose

Value availing credit from the range of choices offered

Value taking on credit in an appro-priate and formal way

Avoid negative attitude towards covering debts with another debt

Value monitoring on credit repayment and value having a repayment sched-ule

Value risks of indebtedness

Value productive credit for multiplier effect in asset generating income and savings

Use a formal channel to take on credit

Take on credit considering personal capacity

Have a credit repay-ment schedule and cover all debts on time (CIB clearance)

Effective progression and utilization of credit into investment and savings

6. FINANCIAL SHOPPING

Know sources for getting all necessary information about financial products and services

Be able to get the necessary information from different sources in a short period

Be able to review the conditions of a financial service in-depth if something is unclear

Be able to compare financial products and services before making a decision

Value official and professional sources of information

Value comparison of financial services and products be-fore choosing one of them

Value getting ad-vice from official and professional sources and pay for it if necessary

Before choosing any financial service or product, gather infor-mation from different sources and make comparisons between them

Ask for consultation if necessary

7.PAYMENT SYSTEM

Know about different types of digital financial services such as ATM, card, online banking, mobile banking, QR code, POS etc.

Be able to perform financial transactions (national and interna-tional) using different digital financial payment services

Value digital services towards going cashless

Value mak-ing informed responsible choices around digital financial transaction to purchase goods and services

Frequent usage of digital financial ser-vices for purchase of goods and services


26

8.CONSUMER PROTECTION

Know about general information on consumer protection

Know about counterfeit currency

Know about right and full disclosure of financial products and services

Know how to protect personal rights

Know what official authorities deal with consumer redress

Know about the Financial System Me-diator and legal recourse options

Know about different types of financial scams and identity theft

Know how to make an effective complaint

Be able to identify counterfeit money and black money

Be able to handle and approach official authorities in case of a complaint/redress

Be able to detect finan-cial fraud

Be able to understand gains and risks of financial products and services

Be able to understand the true information of a product or service and not be a victim of aggressive selling/marketing

Value his/her personal rights protection in a formal way

Trust official authorities

Value the role of the Financial System Mediator including legal services

Value information related to financial fraud and disputes

Value avoiding sus-picious and aggres-sive marketing of financial services and offers

Read contracts before signing

In case of a com-plaint, approach the official authorities responsible for dealing with it.

Be attentive to information related to financial fraud

Not all suspicious financial services and offers should be rejected without first undergoing a risk based examination

Use safety methods for digital financial transactions services including protection against scams, virus-es, identity theft, and password corruption

9.INSURANCE, RISKS AND INVESTMENTS

Know about different types of insurance

Know about premium rates, benefits and limitations

Know about risks associated to uncer-tainties and investments

Know about being cautious of ag-gressive selling through incomplete information

Know about company shares, stocks, bonds and other investments

Know about the formal stock ex-change market and its services

Be able to identify and avail appropri-ate insurance and investment oppor-tunities

Be able to mitigate risks associated with uncertainties and wrong investments

Be able to make ra-tionale and informed insurance and investment choices

Value insurance services and investment op-portunities in the formal sector

Value access to complete infor-mation in making rationale choices

Opting for reliable and appropriate insurance and in-vestment products and services

The outline of the concept

note is as follows:

• Introduction

• Background study, challenges and analysis

• Vision, objectives, key learning outcomes and

solution rationales

• Plan of action: stages of curriculum develop-

ment

• Timeline activities and budget requirements

• Identification of Financial literacy thematic

components and key learning outcomes

• Way forward conclusion



27

7.1.2 Developing the Mapping Framework

After the concept note is developed, a mapping

framework is carried out to screen duplication, explore

merging, revision and addition of relevant content. It

also consolidates good information for progression

of knowledge and skill requirement with progression

of learners from one grade to another. By screening

duplication of content, the mapping framework com-

plements different subjects. The Mapping Framework

is developed at two levels: 1) agency-wise integration

and 2) subject-wise/grade-wise integration.

The mapping framework for agency wise integra-

tion is helpful if integration is taking place simultane-

ously with multiple curriculum developing agencies.

Bhutan developed the curriculum integration with

REC, Non-Formal Education under MOE (Ministry

of Education) and National Institute of Zorig Chusum

(NIZC) simultaneously. A sample template is attached

as follows:

Table 2: Agency Wise Mapping Framework

Responsible Agency Target Group Target Level

REC Students in Formal Schools with age group ranging from 5-20

Key Stage 1: Grade PP-3

Key Stage 2: Grade 4-6




NFE Illiterate population, mostly women.

Out of school youths in the villages and urban as well

Basic Literacy Course (BLC)

Post Literacy Course (PLC)

Community Learning Centre (CLC)

NIZC Pilot to all the trainees of NIZC

Implement in Technical Training Institutes (TTIs)

National Certificate – I

National Certificate –II

National Certificate - III


28

Table 3: Agency Wise Strategic Objectives, Core Actions and Measurement Indicators

Agency Strategic Objec-tives

Gaps Core Action Indicative out-comes/targets

Time frame

Key measurement indicators

Respon-sible Agency

ROYAL EDUCATION COUNCIL

REC Integration of financial literacy in school curric-ulum across relevant subjects

1. Lack of concepts and programs related to financial literacy across the subjects

2. lack of practical implementation of the concepts in the school curriculum

3. FL programs are not consciously in-corporated across the subjects

4. Relevant agencies have been working in isolation

Curriculum mapping

Identifying gaps and planning un-der each subject

Setting objec-tives under each subject

Refinement

Curriculum devel-opment

Consultation and feedback

Refinement of curriculum

Teacher orien-tation

Resource devel-opment

Implementation

Assessment of implementation

Completed curriculum mapping

Acquired budget for curriculum development/refinement and implemen-tation

Developed curriculum documents and resources

Refined curriculum documents

Presented to relevant agency for endorsement

Orient teach-ers

Implemented

2018- 2023

Exhibiting high sense of knowledge and awareness regarding financial literacy through three domains of learning by school children at the end of each key stage or schooling

Curriculum developed and implemented

RMA

REC

MOE

MINISTRY OF EDUCATION

NFE To integrate financial lit-eracy in the NFE program to strengthen literacy and entrepre-neurship skills.

1. People in rural areas lack finan-cial literacy skills to manage their daily life.

2. Illiterate in digital finance and entrepreneurship skills.

3. Lack of collab-oration among agencies.

1. Curriculum mapping.

2. Identify and align financial literacy compo-nents as per the needs of NFE group.

3. Develop mate-rials for NFE.

4. Collaborate with relevant agencies.

1. Relevant curriculum is incorporated in NFE pro-gram.

2. NFE learners are financially literate and have acquired entrepreneur-ship skills to earn their living.

3. Learners are literate in digital finance

2020-2023

1. NFE instructors trained in FLC.

2. All NFE centers are captured.

3.Successful entrepreneurship projects imple-mented

-RMA

-NFCED

-Other relevant agencies.


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



27

7.1.2 Developing the Mapping Framework

After the concept note is developed, a mapping

framework is carried out to screen duplication, explore

merging, revision and addition of relevant content. It

also consolidates good information for progression

of knowledge and skill requirement with progression

of learners from one grade to another. By screening

duplication of content, the mapping framework com-

plements different subjects. The Mapping Framework

is developed at two levels: 1) agency-wise integration

and 2) subject-wise/grade-wise integration.

The mapping framework for agency wise integra-

tion is helpful if integration is taking place simultane-

ously with multiple curriculum developing agencies.

Bhutan developed the curriculum integration with

REC, Non-Formal Education under MOE (Ministry

of Education) and National Institute of Zorig Chusum

(NIZC) simultaneously. A sample template is attached

as follows:

Table 2: Agency Wise Mapping Framework

Responsible Agency Target Group Target Level

REC Students in Formal Schools with age group ranging from 5-20

Key Stage 1: Grade PP-3





NFE Illiterate population, mostly women.

Out of school youths in the villages and urban as well

Basic Literacy Course (BLC)

Post Literacy Course (PLC)

Community Learning Centre (CLC)

NIZC Pilot to all the trainees of NIZC

Implement in Technical Training Institutes (TTIs)

National Certificate – I

National Certificate –II

National Certificate - III


28

Table 3: Agency Wise Strategic Objectives, Core Actions and Measurement Indicators



Time frame


Respon-sible Agency

ROYAL EDUCATION COUNCIL

REC Integration of financial literacy in school curric-ulum across relevant subjects

1. Lack of concepts and programs related to financial literacy across the subjects

2. lack of practical implementation of the concepts in the school curriculum

3. FL programs are not consciously in-corporated across the subjects

4. Relevant agencies have been working in isolation

Curriculum mapping

Identifying gaps and planning un-der each subject

Setting objec-tives under each subject

Refinement

Curriculum devel-opment

Consultation and feedback

Refinement of curriculum

Teacher orien-tation

Resource devel-opment

Implementation

Assessment of implementation

Completed curriculum mapping

Acquired budget for curriculum development/refinement and implemen-tation

Developed curriculum documents and resources

Refined curriculum documents

Presented to relevant agency for endorsement

Orient teach-ers

Implemented

2018- 2023

Exhibiting high sense of knowledge and awareness regarding financial literacy through three domains of learning by school children at the end of each key stage or schooling

Curriculum developed and implemented

RMA

REC

MOE

MINISTRY OF EDUCATION

NFE To integrate financial lit-eracy in the NFE program to strengthen literacy and entrepre-neurship skills.

1. People in rural areas lack finan-cial literacy skills to manage their daily life.

2. Illiterate in digital finance and entrepreneurship skills.

3. Lack of collab-oration among agencies.


2. Identify and align financial literacy compo-nents as per the needs of NFE group.

3. Develop mate-rials for NFE.


1. Relevant curriculum is incorporated in NFE pro-gram.

2. NFE learners are financially literate and have acquired entrepreneur-ship skills to earn their living.

3. Learners are literate in digital finance

2020-2023

1. NFE instructors trained in FLC.

2. All NFE centers are captured.

3.Successful entrepreneurship projects imple-mented

-RMA

-NFCED

-Other relevant agencies.


726



Time frame


Respon-sible Agency

NATIONAL INSTITUTE OF ZORIG CHUSUM

NIZC To integrate financial literacy in the NIZC program to strengthen financial literacy and enhance en-trepreneur-ship skills.

1. lack of inclusive and updated financial literacy curriculum

2. lack of entrepre-neurship knowl-edge and skills that has hindered start up business


2. Identify and align the financial literacy compo-nents as per the need.

3. Develop curric-ulum materials

4.Train the instructors on teaching FL curriculum


1. Possess sound knowl-edge about fi-nancial sector of Bhutan

2. well in-formed about digital finan-cial products and services and use dig-ital financial products and services suc-cessfully

3. Gain entre-preneurship skills and start up business in the future.

2020-2023

1.Curriculum developed and implemented

2. Instructors trained in teaching of financial literacy curriculum

3. learners exhibit financial literacy knowledge, skills and behavioral change in the long run

NIZC

RMA

Relevant institu-tions

Mapping Framework for subject-wise and grade-wise

Once the agency mapping is carried out and

the thematic components identified, a detailed sub-

ject-wise and grade-wise mapping is carried out. This

exercise enables developers to stock take the cur-

rent contents and explore feasibility of new topics,

upgrading existing content and merging of thematic

topics. It also enables subject-wise curriculum devel-

opers to identify delivery format.

A sample template is attached for reference to the

readers:

Subject: eg. MATHEMATICS

Thematic Areas

FL Competen-cies

Key Stage 1

G-PP-3

Key Stage 2

G-4-6

Key Stage 3

G- 7-8

Key Stage 4

G-9-10

Key Stage 5

G-11-12

Mode of Integration

Eg: Bud-geting

Knowledge

Skills

Attitude

Behaviour

Subject: eg. NFE Learners

Thematic Areas

FL Competen-cies BLC (Basic stage) PLC (Intermediate stage) CLC (Advanced

stage) Mode of Integration

Eg: Bud-geting

Knowledge

Skills

Attitude

Behaviour


30

7.2 Stage II: Formulation:

Crafting the curriculum contents involves contin-

uous reference to the mapping frameworks. Usual-

ly, there are different team members in the crafting

stage and the mapping framework provides the de-

velopers with sufficient guidance. Curriculum devel-

opment starts with designing and development of

first draft. Curriculum experts, policy makers, imple-

menting agencies and other professional are heavi-

ly engaged in drafting the curriculum, abiding by the

guiding principles of formal curriculum development.

The team identifies chapters and content for re-

view, addition or may even look into merging the

contents where it best fits. The team also crafts the

best delivery format for that particular level such as

essays, case studies, question and answers, group ac-

tivity, stories etc.

Financial literacy content were integrated with

different subjects such as Economics, Accountancy,

Commerce, Mathematics, English, Dzongkha, Social

Studies and other relevant subjects wherever possi-

ble. Financial literacy aspects were integrated across

all subjects so that students of all levels, standards

and streams get access to financial literacy education

from a different subject perspective. The wholesome

approach is to include all children to be equipped with

financial literacy knowledge and skills irrespective of

their subject or streams.

Additionally, integrating financial literacy was also

carried out with the Non-formal learners and other

vocational institutes to provide inclusive opportunities

and sensitization to rural unserved and underserved

segments of the population. The draft curriculum was

developed in consultation with curriculum experts,

implementing agencies, instructors, and other rele-

vant agencies.

A comprehensive curriculum was drafted with the

same nine thematic components. The curriculum mod-

ules basically follow the six steps: evolution of money,

entrepreneurship, managing personal finance, usage

of payment and digital channels, understanding the

financial service providers and their products and ser-

vices, and future finance. These modules were iden-

tified and developed to make learning more practical,

inclusive, creative, reliable and realistic. During the

drafting phase curriculum goals, learning standards,

key learning outcomes, principles of curriculum de-

velopment, and method of delivery and assessments

were thoroughly considered. Further, appropriate

teaching and learning materials were mindfully cho-

sen to create conducive learning experience.

7.3 Stage III: Post-Formulation:

Consultation, Refinement and Launch Process of

seeking opinion and experiences of experts is an in-

tegral part of curriculum development process. After

drafting, stakeholder consultation workshopsare held

with different stakeholders, professionals and individ-

uals to discuss and validate the content and collect

feedback on various aspects of the curriculum. Com-

ments and feedback are compiled on the module, ob-

jectives, contents, as well as on implementation and

assessment processes. Curriculum materials are also

reviewed for accuracy, currency and alignment ac-

cording to the learning objectives. Various stakehold-

ers including curriculum experts, educators, learners,

regulator authority, professionals of FIs and other rel-

evant individuals are engaged during the consultation

workshop. The consultation workshop adds profes-

sional values to the curriculum to make it more realis-

tic, critical, creative, practical and inclusive.

The curriculum development team has to deliberate

and validate all feedback on a one-on-one basis. Further,


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT


27



Time frame


Respon-sible Agency

NATIONAL INSTITUTE OF ZORIG CHUSUM

NIZC To integrate financial literacy in the NIZC program to strengthen financial literacy and enhance en-trepreneur-ship skills.

1. lack of inclusive and updated financial literacy curriculum

2. lack of entrepre-neurship knowl-edge and skills that has hindered start up business


2. Identify and align the financial literacy compo-nents as per the need.

3. Develop curric-ulum materials

4.Train the instructors on teaching FL curriculum


1. Possess sound knowl-edge about fi-nancial sector of Bhutan

2. well in-formed about digital finan-cial products and services and use dig-ital financial products and services suc-cessfully

3. Gain entre-preneurship skills and start up business in the future.

2020-2023

1.Curriculum developed and implemented

2. Instructors trained in teaching of financial literacy curriculum

3. learners exhibit financial literacy knowledge, skills and behavioral change in the long run

NIZC

RMA

Relevant institu-tions

Mapping Framework for subject-wise and grade-wise

Once the agency mapping is carried out and

the thematic components identified, a detailed sub-

ject-wise and grade-wise mapping is carried out. This

exercise enables developers to stock take the cur-

rent contents and explore feasibility of new topics,

upgrading existing content and merging of thematic

topics. It also enables subject-wise curriculum devel-

opers to identify delivery format.

A sample template is attached for reference to the

readers:

Subject: eg. MATHEMATICS

Thematic Areas

FL Competen-cies

Key Stage 1

G-PP-3

Key Stage 2

G-4-6

Key Stage 3

G- 7-8

Key Stage 4

G-9-10

Key Stage 5

G-11-12

Mode of Integration

Eg: Bud-geting

Knowledge

Skills

Attitude

Behaviour

Subject: eg. NFE Learners

Thematic Areas

FL Competen-cies BLC (Basic stage) PLC (Intermediate stage) CLC (Advanced

stage) Mode of Integration

Eg: Bud-geting

Knowledge

Skills

Attitude

Behaviour


30

7.2 Stage II: Formulation:

Crafting the curriculum contents involves contin-

uous reference to the mapping frameworks. Usual-

ly, there are different team members in the crafting

stage and the mapping framework provides the de-

velopers with sufficient guidance. Curriculum devel-

opment starts with designing and development of

first draft. Curriculum experts, policy makers, imple-

menting agencies and other professional are heavi-

ly engaged in drafting the curriculum, abiding by the

guiding principles of formal curriculum development.

The team identifies chapters and content for re-

view, addition or may even look into merging the

contents where it best fits. The team also crafts the

best delivery format for that particular level such as

essays, case studies, question and answers, group ac-

tivity, stories etc.

Financial literacy content were integrated with

different subjects such as Economics, Accountancy,

Commerce, Mathematics, English, Dzongkha, Social

Studies and other relevant subjects wherever possi-

ble. Financial literacy aspects were integrated across

all subjects so that students of all levels, standards

and streams get access to financial literacy education

from a different subject perspective. The wholesome

approach is to include all children to be equipped with

financial literacy knowledge and skills irrespective of

their subject or streams.

Additionally, integrating financial literacy was also

carried out with the Non-formal learners and other

vocational institutes to provide inclusive opportunities

and sensitization to rural unserved and underserved

segments of the population. The draft curriculum was

developed in consultation with curriculum experts,

implementing agencies, instructors, and other rele-

vant agencies.

A comprehensive curriculum was drafted with the

same nine thematic components. The curriculum mod-

ules basically follow the six steps: evolution of money,

entrepreneurship, managing personal finance, usage

of payment and digital channels, understanding the

financial service providers and their products and ser-

vices, and future finance. These modules were iden-

tified and developed to make learning more practical,

inclusive, creative, reliable and realistic. During the

drafting phase curriculum goals, learning standards,

key learning outcomes, principles of curriculum de-

velopment, and method of delivery and assessments

were thoroughly considered. Further, appropriate

teaching and learning materials were mindfully cho-

sen to create conducive learning experience.

7.3 Stage III: Post-Formulation:

Consultation, Refinement and Launch Process of

seeking opinion and experiences of experts is an in-

tegral part of curriculum development process. After

drafting, stakeholder consultation workshopsare held

with different stakeholders, professionals and individ-

uals to discuss and validate the content and collect

feedback on various aspects of the curriculum. Com-

ments and feedback are compiled on the module, ob-

jectives, contents, as well as on implementation and

assessment processes. Curriculum materials are also

reviewed for accuracy, currency and alignment ac-

cording to the learning objectives. Various stakehold-

ers including curriculum experts, educators, learners,

regulator authority, professionals of FIs and other rel-

evant individuals are engaged during the consultation

workshop. The consultation workshop adds profes-

sional values to the curriculum to make it more realis-

tic, critical, creative, practical and inclusive.

The curriculum development team has to deliberate

and validate all feedback on a one-on-one basis. Further,



31

in-depth study and deliberation are carried out before

considering the feedback and making necessary chang-

es in the curriculum. The curriculum integration gets

successfully completed only after it is carefully scru-

tinised by senior curriculum experts (curriculum board

members) with all the feedback and further recommen-

dations. If the scrutiny process rejects the curriculum,

the entire process starts again. A third eye review is also

advised for quality and practical application.

7.4 Stage IV: Implementation: Pilot

Implementation and Final Roll Out

As per Royal Education Council, an apex institution

for curriculum development, “curriculum implementa-

tion is the process of systematically putting into practice

the prescribed curriculum.” The curriculum is expected

to be endorsed and implemented from the 2021 aca-

demic session. The following activities were expected to

be executed during the implementation phase:

• Finalising curriculum implementation plan in

collaboration with the relevant stakeholder:

After curriculum development process is com-

plete the implementing agency such as MoE, REC,

and NIZC should develop an implementing strategy

and approach for successful piloting/teaching of the

curriculum.

• Capacity building of teachers/instructors/

trainers on teaching financial literacy

curriculum:

To narrow the gap between the intended curricu-

lum and implemented curriculum, it is paramount to

train the teachers, instructors and trainers on teach-

ing financial literacy curriculum. During the capacity

building workshop teachers, trainers and facilitators

will be oriented on content, activities, pedagogies,

long term goals, etc., so that the main intention of

the curriculum is realized during the teaching learning

process.

• Refine the curriculum and teaching and

learning materials:

Impact assessment must be carried out on the

newly implemented/pilot curriculum. Feedback must

be collected on various aspects of the curriculum such

as content, activity, learning experiences, assessment

and so on. Once collecting feedback is done, curricu-

lum must be refined for further improvement. Timely

update and refinement are key activities in curriculum

development and implementation process.

• Roll out implementation:

After feedback is collected and refinement exer-

cise completed, the curriculum is rolled out for mass

implementation in schools and relevant institutions.

Curriculum implementation takes place only after the

pilot curriculum fulfil short term and long-term educa-

tional goals.

• Conduct periodic monitoring and onsite

professional support:

Changes incorporated in the curriculum pose

challenges to implementing institutions. Therefore,

periodic monitoring, reinforcement and professional

support is deemed necessary. Hence, the parent or-

ganisation and monitoring institutions must provide

onsite professional support to implement the curric-

ulum successfully.

• Design and conduct professional develop-

ment programmes for teachers:

Teaching or facilitating is a skill set that can be broad-

ened and improved. New techniques and approaches

keep evolving. Constant professional development sup-

port can improve and develop best education practices


32

that ultimately improve performance of learners.

• Consolidate curriculum and teaching and

learning materials:

There are numerous approaches of teaching and

learning, references, sources of information and cur-

riculum materials. For effective teaching and learning

process and curriculum implementation, it is import-

ant to consolidate curriculum and teaching learning

materials that best suit the implemented curriculum.

7.5 Stage V: Curriculum Evaluation–

Evidence Based

Curriculum evaluation is the process of studying

its merits and impact. There are certain long-term

goals of the curriculum to be achieved in terms of

content, activities, learning experiences, learning

activities and assessment design. Hence, curriculum

needs evaluation. The following major task shall be

carried out during curriculum evaluation phase:

• Validation of relevancy of curriculum:

Relevant curriculum should serve the need, inter-

est, aspiration and expectation of the learners and

community in general. It should also equip learners

with required knowledge and skills that can solve real

life issues in the present and in the long run.

• Identification of gaps between intended

and implemented curriculum:

Curriculum is developed with short term objectives

and long-term goals and should fulfil all the pre-deter-

mined goals. However, one of the issues in curriculum

development and implementation is the gap between

intended and implemented curriculum. Therefore, the

relevant institutions and agencies should make sure

that intention of the curriculum is fulfilled as expected

during the teaching and learning process. If curricu-

lum gap arises, the implementing agencies in collab-

oration with relevant agency should find means to

narrow the gap.

• Determination of the effectiveness and effi-

ciency of the content and teaching pedagogies:

Approaches to teaching and learning, and expo-

sure to different learning experiences are important

components of the curriculum. The pedagogies are

greatly influenced by social, political and psycholog-

ical development of learners. Right approaches and

learning experiences have to be chosen for effective

implementation of the curriculum. Choosing right ap-

proach and learning experiences leverage learning

knowledge and acquire skills.

• Assess the achievement of long term goals:

Curriculum is developed and implemented to

achieve certain long term goals. Against long term

goals, the contents are identified, learning activities

are designed and assessment tools are crafted. Ac-

cordingly, the learning outcomes have to be assessed

to see effectiveness of the curriculum. Parameters

have to be set and indicators have to be defined ac-

cording to the learning outcomes identified during the

development of the curriculum. After a certain peri-

od of implementation, the curriculum is evaluated to

gauge whether long term goals are achieved or not.

• Identify and rectify specific strengths and

weakness of the curriculum:

Curriculum has to be regularly monitored and

assessed for strengths and weaknesses in content,

activities, assessment and teaching learning materi-

als. The relevant implementing agencies are strongly

recommended to monitor and assess the weakness

and strength of the curriculum to be refined during the

curriculum refinement process.


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



31

in-depth study and deliberation are carried out before

considering the feedback and making necessary chang-

es in the curriculum. The curriculum integration gets

successfully completed only after it is carefully scru-

tinised by senior curriculum experts (curriculum board

members) with all the feedback and further recommen-

dations. If the scrutiny process rejects the curriculum,

the entire process starts again. A third eye review is also

advised for quality and practical application.

7.4 Stage IV: Implementation: Pilot

Implementation and Final Roll Out

As per Royal Education Council, an apex institution

for curriculum development, “curriculum implementa-

tion is the process of systematically putting into practice

the prescribed curriculum.” The curriculum is expected

to be endorsed and implemented from the 2021 aca-

demic session. The following activities were expected to

be executed during the implementation phase:

• Finalising curriculum implementation plan in

collaboration with the relevant stakeholder:

After curriculum development process is com-

plete the implementing agency such as MoE, REC,

and NIZC should develop an implementing strategy

and approach for successful piloting/teaching of the

curriculum.

• Capacity building of teachers/instructors/

trainers on teaching financial literacy

curriculum:

To narrow the gap between the intended curricu-

lum and implemented curriculum, it is paramount to

train the teachers, instructors and trainers on teach-

ing financial literacy curriculum. During the capacity

building workshop teachers, trainers and facilitators

will be oriented on content, activities, pedagogies,

long term goals, etc., so that the main intention of

the curriculum is realized during the teaching learning

process.

• Refine the curriculum and teaching and

learning materials:

Impact assessment must be carried out on the

newly implemented/pilot curriculum. Feedback must

be collected on various aspects of the curriculum such

as content, activity, learning experiences, assessment

and so on. Once collecting feedback is done, curricu-

lum must be refined for further improvement. Timely

update and refinement are key activities in curriculum

development and implementation process.

• Roll out implementation:

After feedback is collected and refinement exer-

cise completed, the curriculum is rolled out for mass

implementation in schools and relevant institutions.

Curriculum implementation takes place only after the

pilot curriculum fulfil short term and long-term educa-

tional goals.

• Conduct periodic monitoring and onsite

professional support:

Changes incorporated in the curriculum pose

challenges to implementing institutions. Therefore,

periodic monitoring, reinforcement and professional

support is deemed necessary. Hence, the parent or-

ganisation and monitoring institutions must provide

onsite professional support to implement the curric-

ulum successfully.

• Design and conduct professional develop-

ment programmes for teachers:

Teaching or facilitating is a skill set that can be broad-

ened and improved. New techniques and approaches

keep evolving. Constant professional development sup-

port can improve and develop best education practices


32

that ultimately improve performance of learners.

• Consolidate curriculum and teaching and

learning materials:

There are numerous approaches of teaching and

learning, references, sources of information and cur-

riculum materials. For effective teaching and learning

process and curriculum implementation, it is import-

ant to consolidate curriculum and teaching learning

materials that best suit the implemented curriculum.

7.5 Stage V: Curriculum Evaluation–

Evidence Based

Curriculum evaluation is the process of studying

its merits and impact. There are certain long-term

goals of the curriculum to be achieved in terms of

content, activities, learning experiences, learning

activities and assessment design. Hence, curriculum

needs evaluation. The following major task shall be

carried out during curriculum evaluation phase:

• Validation of relevancy of curriculum:

Relevant curriculum should serve the need, inter-

est, aspiration and expectation of the learners and

community in general. It should also equip learners

with required knowledge and skills that can solve real

life issues in the present and in the long run.

• Identification of gaps between intended

and implemented curriculum:

Curriculum is developed with short term objectives

and long-term goals and should fulfil all the pre-deter-

mined goals. However, one of the issues in curriculum

development and implementation is the gap between

intended and implemented curriculum. Therefore, the

relevant institutions and agencies should make sure

that intention of the curriculum is fulfilled as expected

during the teaching and learning process. If curricu-

lum gap arises, the implementing agencies in collab-

oration with relevant agency should find means to

narrow the gap.

• Determination of the effectiveness and effi-

ciency of the content and teaching pedagogies:

Approaches to teaching and learning, and expo-

sure to different learning experiences are important

components of the curriculum. The pedagogies are

greatly influenced by social, political and psycholog-

ical development of learners. Right approaches and

learning experiences have to be chosen for effective

implementation of the curriculum. Choosing right ap-

proach and learning experiences leverage learning

knowledge and acquire skills.

• Assess the achievement of long term goals:

Curriculum is developed and implemented to

achieve certain long term goals. Against long term

goals, the contents are identified, learning activities

are designed and assessment tools are crafted. Ac-

cordingly, the learning outcomes have to be assessed

to see effectiveness of the curriculum. Parameters

have to be set and indicators have to be defined ac-

cording to the learning outcomes identified during the

development of the curriculum. After a certain peri-

od of implementation, the curriculum is evaluated to

gauge whether long term goals are achieved or not.

• Identify and rectify specific strengths and

weakness of the curriculum:

Curriculum has to be regularly monitored and

assessed for strengths and weaknesses in content,

activities, assessment and teaching learning materi-

als. The relevant implementing agencies are strongly

recommended to monitor and assess the weakness

and strength of the curriculum to be refined during the

curriculum refinement process.



33

• Identification of gaps in assessment:

During the monitoring process, the assessment

of the curriculum is carried out against the long-term

learning goals of the curriculum. Curriculum gaps

arises from content, learning activities, assessment,

teaching learning materials, teachers or instructions

etc. It is the responsibility of the curriculum imple-

menter to identify and narrow the gaps to achieve

long term goals.

• Identification of the adequacy of the

curriculum content:

The curriculum is expected to meet the academ-

ic standard of learners. Comprehensive assessment

tools have to be developed to assess the adequacy of

the curriculum. Standard monitoring and evaluation

tools will be developed to assess the curriculum.

The curriculum evaluation phase shall form the ba-

sis of curriculum review and refinement, including the

teaching learning materials and enabling condition for

the future.

• Impact Based Financial Capability Assessment

and measurement

Monitoring and evaluation framework and tools

is under development in consultation with the imple-

menting agencies after successful implementation of

financial education related curriculum. The framework

will consist of indicators related to major thematic

areas and competency areas. Indicators to evaluate

competency in knowledge gained, skills acquired and

behavioural change across different thematic areas

will be developed. The indicators may consist of qual-

itative and quantitative based on the short term ob-

jectives and long term goals of the curriculum. A sur-

vey to measure financial capability shall be conducted

periodically in-line to the appropriate and standard

financial capability measurement matrix.

A sample template is provided below to measure fi-

nancial capability of the learners based on thematic ar-

eas to derive the financial capability index:

Thematic focus Knowledge Skills Attitudes Behavior OVERALL

Macroeconomic and financial terms AA AB AC AD A_

Financial sector and shopping BA BB BC BD B_

Budgeting CA CB CC CD C_

Savings and long-term planning DA DB DC DD D_

Credit management EA EB EC ED E_

Consumer protection FA FB FC FD F_

Digital financial services GA GB GC GD G_

OVERALL _A _B _C _D FCI

* FCI: Financial Capability Index

* 0–20% – lowest; 21–40% – low; 41–60% – middle; 61–80% – high; 81–100% – highest

Alternately, Randomized controlled

Trial model of measuring impact of the

curriculum to specific target groups can

be implemented to assess “what works”

towards improving financial capability.


8

02ABOUT THE REPORT















USAGE

QUALITY

ACCESS

IMPACT







rates.



ratio of 30:70.













6

7

8

9

FUND MOBILIZATION

AND ACCOUNTING

PROCEDURES


Sl No


1



Lead of NFIS WG

and FIS

2


Members appointed

Lead and co-lead

WG members

3





Chair and Deputy

Chair

5 Internal Audit



REPORTING AND

MONITORING















books of accounts.

TASKS, ROLES AND

RESPONSIBILITIES

PROCUREMENT RULES

AND PROCEDURES


Tel : +975-2-323111, 323112, 323110, 321701, 321702

Fax: +975-2-322847

www.rma.org.bt

FINANCIAL INCLUSION






2019-2023

USAGE

QUALITY

ACCESS

IMPACT



34

Financial literacy is the fundamental and primary step for fi-

nancial inclusion. In view of the importance of financial lit-

eracy the Royal Monetary Authority (RMA) in collaboration

with Royal Education Council (REC) and other relevant stake-

holders initiated integrating financial literacy in the school curriculum to

enhance financial knowledge, skills, attitude and behaviour of learners.

Integrating financial literacy demanded collaboration of various

stakeholders and individuals. Representatives of regulatory authorities,

industry experts, professionals, and other individuals were engaged to

develop a life changing and holistic curriculum to impart knowledge and

create a platform to practice skills and instil values. A comprehensive

study was carried out on the current scenario and future prospect of the

financial sector. Learners were placed at the core of the curriculum to de-

velop relevant, accurate and creative curriculum. Domestic market and

international standards were thoroughly studied to make the curriculum

nationally sound and internationally fit. Contents, activities and other as-

pects of curriculum are crafted to achieve long term goals.

08CONCLUSION



35

08CONCLUSION

Financial literacy is expected to create aware-

ness, build skills and change long-term behaviour of

learners who can make sound and informed financial

decisions. Learners are also expected to deal and

cope with upcoming innovations in the rapidly evolv-

ing financial ecosystem. Digital financial services and

mobile banking will be their priority while availing

banking services. Graduates of the financial literacy

curriculum are expected to own a bank account and

use financial intermediates to carry out daily finan-

cial transactions. They are expected to choose a bank

based on price and service. In the long run, learners

are also anticipated to take part in the economic ac-

tivities and make their living.

The curriculum is also expected to make saving

a top priority and investment and entrepreneurship

a core interest among learners. Learners should be

able to write a business proposal, seek funding sup-

port and initiate a business project in the future. It is

also expected that learners will have the knowledge

to avail secure financial services, manage risk and

protect against all sort of erroneous treatment. In a

nutshell, the financial literacy curriculum will build

well-educated enterprising future citizens who are

ready for the world or work.

Successful integration of financial literacy in main

school curriculum and development of new curricu-

lum for target groups opens the gateway for future

opportunities in the form of further stakeholder col-

laboration for national education, monitoring and

assessment and refinement of curriculum. With the

continuing support from policy makers, regulatory

authority, educational institutes and other relevant

stakeholders, the curriculum will be further improved

to impart knowledge, skills and values in the life of

future learners.

Way Forward

Integrating financial literacy in the formal

school curriculum and development of financial

education curriculum for other educational insti-

tutions involves dynamic interventions. Moving

forward, the following initiatives are commonly

planned and executed to further strengthen col-

laboration, continuous quality enhancement of

the curriculum contents and adopt international-

ly accepted best practices:

1. Signing of Memorandum of Understand-

ing (MOU) with implementing agencies

like Ministry of Education;

2. Long term and dynamic integration of fi-

nancial literacy in the mainstream formal

curriculum(s);

3. Conduct capacity building programs to

enable effective implementation; and

4. Putting in place effective measurement

tools to measure inclusive access, quality,

usage and impact.

Documents

INTEGRATING FINANCIAL LITERACY INTO EDUCATIONAL CURRICULUM