Memphis Branch Welcomes South African Educators

Left to right: Elzmarie Oostuizen and Palesa Euinice Kolossa, both from the Free State Department of Education; Jeannette Bennett, Memphis Branch; Kathleen Thomas, Mississippi State University; Senior Branch Executive Martha Perine Beard, Memphis Branch

Economic education took on an international dimension March 2 when two educators from the Republic of South Africa visited the Memphis Branch of the Federal Reserve Bank of St. Louis.

The visitors, teachers from the Free State Department of Education of South Africa, went on a special study tour at the Memphis Branch that was designed to provide them with as much economic education information as possible. They were especially interested in the role of economic education at the Fed and how the efforts help teachers. According to Jeannette Bennett, economic education specialist at the Memphis Branch, the sharing of information between continents was a two-way learning experience. “They may have come to the Fed to learn from us, but in reality, we learned just as much from them. It was an international lesson in economics,” says Bennett.

The South African visitors explained that economics education is more difficult to apply in their country. Traditionally, the economics curriculum in South Africa has focused only on accounting and a course called business studies, which gives a general understanding of how different businesses function. Since the political change in 1998, however, a new learning area called economic and management sciences was introduced in schools. This new area incorporates economic concepts and thinking, the educators explained. However, few teachers are skilled in presenting the curriculum, and although some initiatives try to address the problem, teachers are still apprehensive about presenting the content to students. The students still find economic concepts extremely difficult to understand and apply.

The visitors hoped to gain new ideas from their visit, and Bennett and her colleagues were happy to help. Accompanied by Dr. Kathleen Thomas, professor of economics at Mississippi State University, the educators were given a tour of the Branch's Check and Cash operations, and an overview of the structure and function of the Federal Reserve System. The Mississippi State University Center for Economic Education and Financial Literacy, which hosted the educators, helped the visitors observe and collect information on effective economic education practices in the United States for possible adoption and adaptation back in South Africa.

“They indicated that economics was taught at a much earlier age in South African schools than here in the United States,” says Bennett. “Not only does it seem that students are exposed to economics at a much earlier age, they also seem to have a consistency in teaching economics in all grade levels, which is admirable. Hopefully what we gave them will help develop programs that will make teaching economic education easier and more memorable for students.”