Financial literacy expert, Olumayowa Olusoji has underscored the urgent need for government intervention to broaden the scope of financial education.
He made this known in a media briefing describing
the critical intersection of economic empowerment, the growth of the financial literacy industry, and the pivotal role of government support in addressing financial literacy challenges.
Olumayowa highlighted several barriers to the advancement of financial education, including accessibility, uniformity, inclusivity, and continuity. He explains, “Essential financial education resources are often out of reach for those in greatest need, and a general lack of awareness diminishes their potential impact.”
Furthermore, he noted the absence of a uniform educational framework, leading to variable content quality and a disconnect from real-life financial scenarios.
Mr. Olusoji went on to stress the potential of government intervention in bolstering financial literacy.
He proposes various strategies, including legislation and supervision, economic support and incentives, awareness campaigns, collaboration, and innovation.
“Government intervention can be transformative in integrating financial literacy into educational curricula, workplace training, and community initiatives,” he asserts.
Mr. Olusoji outlines key initiatives for evolving financial literacy, such as establishing partnerships, leveraging data analytics, developing tailored learning modules, embracing technology, and implementing outcome assessment frameworks.
He emphasized the reciprocal benefits of collaboration between governments and financial literacy entities, including individual empowerment, economic enhancement, reduction in social expenditure, and strengthened communities.
Mr. Olusoji urges joint efforts from the financial literacy sector and government agencies to empower individuals and strengthen communities through enhanced financial education. He emphasizes that the time for action is now to ensure that financial literacy becomes a universally accessible asset, contributing to a more financially secure and prosperous society.
