It’s 2020, and schools around the world are still renowned for offering mathematics, accounting, and other financial related fields, but not financial education itself. As e-learning rises in prominence, there is a rise in financial related courses to help educate children and teens from all walks of life; an indicator that this type of education can go a long way in helping more people become more financially savvy as they move into adulthood and become financially independent (every parent’s dream!). How can we become smarter about teaching children financial education, and why isn’t it a prioritized part of most traditional school curriculums? Let’s delve a little deeper into this today to find out.
Utilizing Technology To Educate More People
Many people are taking for granted the fact that you can learn a lot about finance online. The rise of online learning and the widespread growth of technology has given millions of people in developing countries access to smartphones and other devices that act as tools both for entertainment and for educational purposes. Schools should be encouraged to incorporate this technology into their systems sooner rather than later, in particular when it comes to how we teach the younger generation about how to deal with money, finding ways to be financially independent, and also giving them a chance to learn about maximizing the cash they have on hand.
Banks Cannot Be Trusted For Financial Education
For the older generations, the emphasis was often put on the power of the bank as an institution that can be trusted to offer sound financial advice. This may have been closer to the truth 50 years ago when there was less competition and banks served national institutions, however, today this is more of a misconception, and we often forget that bank employees tend to be glorified sales individuals looking for ways to get you to spend more of your hard-earned cash. If you’re looking for financial advice or to improve your financial education, especially if you’re younger, talk to your parents about getting some advice from a financial advisor, especially related to a college fund for you, or even just to allow for a nest egg for once you leave home, this could help set you up for success in the future years before you’re out on your own.
Why Financial Education Isn’t Prioritised at Schools
There has been a lot of debate about financial education and why it isn’t prioritized in school curricula around the world. The biggest reason has been the diverse nature of school kids in any given class, which makes it difficult to give an equal education, especially if some children are from affluent families while others are not. Traditionalists also argue that subjects like biology, science and design & technology help more with equipping them for the future, whereas financial matters are best left to those wishing to enter the sector when they are older. There are some progressive schools that teach financial education already, and if you ask us, those children are at a major advantage, especially if they need to find work and fend for themselves straight out of school.
The Benefits of Learning How To Manage Money Early
Learning to manage your money from a young age gives you time to practice the discipline required to start saving early. It also helps you to make sound financial decisions in periods of lower risk, when you’re still dependent on your parents or guardians, and when you don’t have a lot of risks associated with the capital itself. Teaching children how to best use their allowances, as early as when they start buying lunch at school, is a great way to set them up for their futures. So when are we going to see more schools prioritizing financial education? Hopefully, sooner rather than later.