By Kennedy Liswani
In the heart of Africa, where a youthful population meets rising economic potential, lies a golden opportunity: teaching financial literacy from a young age. In Namibia and across the continent, children and youth represent over 60% of the population, yet many grow up with little to no understanding of how money works.
This lack of financial education can have devastating long-term consequences, from generational poverty to chronic debt and financial dependence. But by equipping children with financial skills early on, parents, educators, and communities can set them on a path toward independence, entrepreneurship, and lasting success.
The reality is sobering. A 2019 report by the Global Financial Literacy Excellence Center revealed that only 38% of adults in Sub-Saharan Africa are financially literate. While Namibia has made significant strides in increasing access to banking, with around 78% of the adult population now financially included, according to the Bank of Namibia, many people still struggle with money management, saving, and investment. Many adults fall into debt traps or make poor financial decisions simply because they were never taught how money works. Imagine if financial education began not in adulthood, but in primary school classrooms and around the family dinner table.
The positive impact could be transformative. Studies show that money habits are formed early. Research from the University of Cambridge found that most children develop key money behaviors by the age of seven. This highlights the importance of starting financial education early, at a time when children are still forming habits that may follow them for life. For instance, when a child learns to save part of their weekly allowance or earns a small reward through chores, they begin to understand the concept of delayed gratification, a powerful skill linked to long-term success. They also learn to distinguish between needs and wants, a basic yet essential financial discipline. Involving children in entrepreneurial activities is also a vital component of financial education.
Allowing children to sell snacks at school, make crafts to sell, or help out in a family business teaches them how income is generated, how costs are managed, and how profits are earned. These small experiences help children grasp the value of hard work and innovation while also developing critical thinking, creativity, and problem-solving skills. Entrepreneurship introduces young minds to real-world economics; it moves them from simply spending money to creating it. Equally important is familiarizing children with how the banking system works and how money flows within the economy. Children should be taught that banks are not just places to store money but are key players in the economy, facilitating loans, savings, investments, and transactions.
Understanding concepts like debit and credit, interest, digital payments, and how money circulates can empower young people to make smart financial choices as they grow. With many African economies moving toward digital finance and mobile banking, early exposure to these systems ensures that youth are not left behind in the evolving financial landscape. Learning about money also builds confidence. Children who grow up understanding how to handle money are more likely to become adults who can budget effectively, plan for emergencies, and make sound financial decisions. This is particularly relevant in Namibia, where youth unemployment exceeds 40%, according to the Namibia Statistics Agency.
With early financial education and entrepreneurial exposure, young people are better prepared for self-reliance and innovation, enabling them to generate income even when traditional employment opportunities are limited. What children learn about money should be age-appropriate and practical. Young learners can start with understanding the value of coins and notes, saving in jars or piggy banks, and identifying wants versus needs in everyday situations. As they grow older, they can progress to tracking expenses, creating simple budgets, understanding interest, and even starting mini businesses. These lessons don’t require expensive resources. Parents, teachers, churches, and community programs can all play a role using everyday examples and experiences. Several African countries, such as Kenya, South Africa, and Rwanda, have already taken steps to include financial literacy in school curriculums, recognizing the long-term economic benefits.
Namibia has the potential to do the same by fostering collaboration between schools, financial institutions, families, and youth development organizations. Doing so will help cultivate a generation of economically empowered young people. Children who grow up financially literate and entrepreneurial are less likely to be caught in the cycle of poor spending and unmanageable debt. Instead, they are more likely to save, invest, build businesses, and uplift their communities. Financial education enables them not only to take control of their own futures but to pass on that knowledge, creating a ripple effect of positive economic behaviour across generations. In a world where financial systems are becoming increasingly complex and interconnected, early financial education is no longer optional. It is a powerful tool for empowering Namibia’s youth with the confidence and clarity to manage their money and their future. For Namibia and the African continent at large, raising financially literate and economically active children is not just an investment in individuals, it is a strategy for national transformation and long-term prosperity.