Introducing entrepreneurship and financial literacy for the school curriculum in Sri Lanka
View(s):Empowering future generations
As Sri Lanka prepares for education reform in January 2026, the Ministry of Education is set to make entrepreneurship and financial literacy a compulsory subject from Grade 6. This decision reflects a growing recognition that traditional academic skills alone are no longer sufficient to prepare students for the complexities of the modern economy. While this reform opens many opportunities, it also presents challenges that must be carefully addressed.
The debate: Are entrepreneurs born or made?
For many years, scholars debated whether entrepreneurship is an innate talent or a skill that can be taught. Earlier views tended to regard entrepreneurial ability as an inborn trait, not easily imparted through education. This perspective has shifted following educational initiatives like those at Stanford University in Silicon Valley. Such programmes have shown that while some personality traits may help, many entrepreneurial skills – such as identifying opportunities, managing risks, and thinking innovatively – can be cultivated through structured education and hands-on experience. Today, a more balanced understanding prevails: entrepreneurship education plays a crucial role in developing confident, capable entrepreneurs.
Advancing entrepreneurship education
in Sri Lanka’s universities
Several Lankan universities have introduced undergraduate degrees focused on entrepreneurship. These programmes prepare students to launch and manage ventures. Furthermore, many universities offer extension courses and professional development programs tailored to practicing entrepreneurs seeking to enhance their management capabilities. Despite these initiatives, enrollment in entrepreneurship programmes remains low, indicating the need for awareness and encouragement to attract more students.
Engaging curriculum content focused on practical skills
The Grade 6 curriculum covers foundational topics such as visioning, creativity and innovation, and the basics of financial literacy. These concepts will be taught through interactive activities and experiential learning. This facilitative approach engages students, helping them internalise crucial entrepreneurial and financial competencies.
Shift to student-centered and experiential learning and assessment
An encouraging feature of the new curriculum is its focus on student-centered learning. According to the new syllabus, 70% of marks will be allocated to classroom activities and continuous assessments, with only 30% assigned to final examinations. This assessment framework encourages active participation, practical application, and deeper comprehension – critical components for cultivating entrepreneurial skills and financial literacy.
Opportunities
Building entrepreneurial mindsets early
Introducing these subjects at an early stage nurtures problem-solving skill, creativity, and a proactive approach to economic activities. This foundation can inspire a new generation of innovators and future business leaders.
Financial empowerment
Financial literacy equips students with knowledge of money management, saving, investing, and budgeting. It promotes responsible financial behaviour, reduces debt vulnerability, and encourages long-term financial planning.
Addressing youth unemployment
With youth unemployment high – 20.8% among 15-24-year-olds in the second quarter of 2025 – entrepreneurship education offers young people tools to create their own job opportunities rather than depending on traditional employment.
Inclusive economic growth
By making entrepreneurship education accessible across diverse socio-economic groups, the reform can promote inclusive growth and help reduce economic disparities.
Challenges
Curriculum development and teacher training
It is vital to develop grade-appropriate, engaging, and practical curriculum materials. Simultaneously, training teachers – many of whom lack prior experience in entrepreneurship and financial literacy – presents a significant challenge.
Resource constraints
Schools, particularly in rural and under-resourced areas, may face shortages of instructional materials, technology, and infrastructure needed for effective teaching.
Assessment and evaluation
Traditional exams may not effectively measure creativity, innovation, and practical financial decision-making. New evaluation methods are necessary to capture these skills.
Parental and community awareness
Building awareness and gaining support from parents and communities is essential to reinforce learning beyond the classroom.
Teaching methods for entrepreneurship
education
Entrepreneurship and financial literacy education can be made more impactful through diverse and engaging teaching methods. Project-based learning enables students to participate in real-world activities such as starting small businesses or managing budgets. Teachers can accompany students to visit businesses successfully run by school alumni and invite entrepreneurs to share their experiences, giving learners valuable exposure from their own community. School-level product exhibitions and fairs also encourage creativity, marketing skills, and practical application. Simulations and role-playing further help students experience business scenarios that strengthen critical thinking and decision-making. Collaborative learning builds teamwork, communication, and leadership, while guest lectures and workshops provide direct insights from entrepreneurs and financial experts. Technology – including interactive apps and online platforms – adds another layer of engagement and supports deeper learning.
Role of universities
Universities play a crucial role in strengthening school-level entrepreneurship education by contributing to curriculum design and research to ensure relevance and quality. They can offer teacher training, professional development, and certification programs that prepare educators with modern pedagogical approaches and entrepreneurial knowledge. Universities also support schools through outreach activities, mentoring programmes, and incubation centers, connecting students to broader innovation ecosystems. Their innovation hubs facilitate partnerships between schools and the industry, creating opportunities for experiential learning and fostering entrepreneurial culture within the education system.
Role of the corporate sector
The corporate sector can provide internships and apprenticeships that give students hands-on experience. Entrepreneurs and companies can collaborate with schools to develop practical teaching materials and sponsor entrepreneurship competitions, fairs, and innovation challenges that encourage students to explore and test their ideas. Businesses may also offer their expertise and resources for teacher training programs and support financial literacy campaigns as well as community engagement initiatives.
Policy avenues
- Comprehensive curriculum framework: Develop a balanced curriculum combining theory with practical activities such as projects and case studies.
- Capacity building for educators: Invest in ongoing professional development and specialized teacher training.
- Public-Private Partnerships: Encourage collaboration among businesses, financial institutions, NGOs, universities, and communities.
- Monitoring and evaluation: Establish systems to track student progress and programme effectiveness, enabling continuous improvement.
- Community engagement: Promote awareness campaigns to secure parental and community support.
Introducing entrepreneurship and financial literacy from Grade 6 represents a step to prepare Sri Lanka’s youth for the challenges of the modern economy. With careful planning and strong collaboration among the ministry, universities, and the corporate sector, this reform can transform education and drive sustainable national development.
Professor B Nishantha
(Professor in Entrepreneurship, Department of Management and Organization Studies, Faculty of Management and Finance, University of Colombo)
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