Why Should Financial Education Be Included In School Curriculum
We all learn a lot of basic traits and etiquette, while we are in school, such as making friends, various social manners, and so on. However, we usually miss the most important element that is responsible for running this huge society which is the art of finance.
If you can develop good financial knowledge early on, it can be greatly beneficial for you to have a healthy and secure future. Your level of knowledge about accounting, savings, debts, and investing will impact every important financial decision you make in your life, which also can be a deciding factor between your wealth and poverty.
So, lets us discuss some reasons why financial education should be included in the school curriculum:-
1. Money Touches Everything:-
Behind completing their education, students face the world with very undersized financial knowledge in their hands. As a result, most of their financial decisions are influenced by others, which are usually not the best ones.
Finances have a significant part in many life events, including career choices, home purchases, marriage, or having children.
Even if you’re leading a student life, you will have to make 5 to 6 financial decisions every day, like where you are going to have your lunch, or what mode of transport you are going to choose.
Think about it, your parents can give you your whole month’s expenses at the start of the month, but that usually isn’t the case.
The reason is, your lack of financial knowledge, so you might go on spending your money recklessly, leaving you with nothing at the end of the month.
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2. Consequences of Inadequate Financial understanding:-
We live in a time when millions of individuals are drowning in obligation because they don’t know how to manage their finances properly. To be honest, unless students are given the proper opportunities beginning in high school, they will also encounter the same fate.
Having good financial knowledge, and making better choices early on, can do a lot for your future. On the contrary, making poor financial choices can be quite unpleasant towards the end of our working career, so when we fully understand our situation it might be too late.
So, to avoid this try to save from the very first penny you earn. To have a better understanding you can chat with financial experts or seek help from bank executives to help you with this process. You should at least know what things you are not doing right, or what spending habits need to change so that you can have a secure monetary future.
3. School Being The Ideal Time For Financial Literacy :-
If you recall, the school was the time when we used to study a lot of subjects. There were no such streams as science or arts in your early days of schooling.
This implies, that we were still at a developing stage, and we’re expanding our horizons with different subjects. So, teaching personal finance early on can help the students to grasp the concepts more quickly, and it will stick with them for the rest of their lives.
It doesn’t have to be a huge chunk of the syllabus in the curriculum, instead just getting students acquainted with the basic financial terms in their early schooling years can also be a very good start.
4. Replace monotony with practicality:-
Apart from the actual curriculum, we have got an inherent requirement of introducing direct participation for the students. For example, schools can add a program, where every student has to open their bank account in a simulated environment.
This way, they will have a practical experience early on, and it will be easier for them to grasp real-world concepts. Moreover, they should also be taught about various investment strategies, so that when the time comes they don’t have to rely on others.
All of these become the stepping stones for the students to become responsible Indian citizens in the future. The financial base of the general population of any country needs to be strong, only then the country can grow in the coming decades.
Financial literacy must begin at the grassroots level to negotiate today’s difficult financial world since it is unquestionably a critical life skill. If you haven’t got proper exposure to the financial environment, you can even start now. It doesn’t matter how, you can grab any article about financing and start reading. It’s that simple!
Author- Achal Chaurasia
A superior and highly experienced entrepreneur in the field of business for quite a long time now. Also a philanthropist, author, and public speaker who believes in working towards the overall well-being and betterment of society as a whole.