The Ministry of Education, Youth and Sport is ready to implement key reforms in the education system to push the level of financial literacy in the Kingdom.

Ahead of the National Bank of Cambodia’s (NBC) “Financial Literacy Event” on Tuesday the ministry’s Secretary of State IM Koch said that good foundation in financial education will help drive economic growth.

“Financial literacy is a key factor in boosting the financial inclusion and the protection of the people in the financial sector, which will contribute in pushing the economic growth. Therefore, accessing to the financial literacy is not an option any more, but it’s a necessity.

“I sincerely hope the financial literacy event clearly reflects the urgency and importance of human capital development in Cambodia, responding to the changing needs of domestic and regional, and global situation which is developing constantly and rapidly, especially to ensure the best of Cambodia’s competitive challenges in the digital economy in the future,” he said.

In the Financial Sector Development Strategy 2016-2025, the ministry cooperated with the NBC to implement projects to integrate the financial literacy into the education curriculum from Grade 1 to Grade 12 in mathematics, economics, and also conduct civics subjects to raise awareness on financial literacy in Cambodia

The ministry will take a slew of steps to ensure that students have access to financial education at school levels – primarily focusing on school-based management and teachers reform.

Koch says financial literacy can boost financial inclusion. Photo supplied

This will touch on improving teaching and learning methods, integrating quality citizenship into academic curriculum and textbooks, administrative reforms to focus to include participation of all local communities, students and parents; to implement the ministry’s education strategic plan ; and human resource management reforms focus on training.

On the other hand, teachers reforms will focus on better salary for teachers, attract more qualified people to join the profession, enhance teachers’ professional skills.

He said education is a key sector for the development of human resources which can contribute to the nation’s socio-economic growth.

As the Industrial Revolution 4.0 sweeps across the globe, Cambodia is also working hard to keep pace with the global transformation.

“Cambodia will use and take advantage of [Industrial Revolution ] 4.0 industry developments that provide better opportunities for all Cambodians,” he added.