Some people say that all secondary and higher secondary school students should be taught how to manage money as it is an important life skill.
Do you agree or disagree with this argument?
Schools are designed to teach and prepare children for the future, exposing children in subjects such as reading, math, science and more. But financial literacy topic is not commonly taught in many schools. I completely agree with this opinion and think that money management should be included in higher education curriculum.
At present, the key educational goal is to educate students to become highly paid professionals or as workers with higher levels of skills. This allows businesses to have a large pool of potentially qualified candidates to enter the workforce. However, students deserves more skills like financial management to equipped them to escape the rat race. A person with lack of practical money management skills has a high potential to suffer from financial stresses in life. In contrast, an individual or families with better understanding about financial management can effectively manage debt thus secure a future filled with financial success.
Similarly, acquiring financial education early in their cognitive development will help young people to stay in control of their budget and to draw a line towards financial goals in life. Financial literacy will make a person aware of the basic problem, problem with spending too much on wants than needs. Gaining such literacy in school will help students understand how interest rates work, the difference between stock and bonds and to avoid accumulating bad debt that always leaves individuals at a disadvantage. These knowledge will encourage young people to save money, avoid unnecessary expenses and empower them to be stewards of their own financial futures.
In summary, early education allow students to learn the importance of earning, investing and developing a healthy relationship with money. As children grow, this will serve as their foundation on how handle finances which lead to becoming financially responsible adult.