In this day and age with a wide array of financial tools and options, it’s become much more important to be financially literate. Without the right knowledge, it can be confusing to have to wade through the multitude of financial options. In recent years, many academics have pushed for the introduction of financial literacy into the school curriculum.
This is why finance should be part of the school curriculum:
Learners don’t know enough about finance
In recent years it’s become more evident that learners simply don’t know enough about effective ways of handling finances. By having finance as part of the school curriculum, learners can be taught from a young age the importance of understanding how to effectively handle finances.
There are greater temptations available
Unlike in the past, these days learners have access to online shopping. They also generally get much larger allowances. This is why it’s become even more important for schools to teach the value of saving and investing.
There are more debt options
Research has shown that there are more student credit cards in circulation. This indicates that more young people are getting access to credit – despite many of them not knowing how the facility works. By introducing finance as part of the school curriculum, learners can be taught more about the benefits and pitfalls of having access to a credit card.
Learners have a poor savings culture
There is a need to encourage a savings culture, which will equip learners with a way to plan for their financial future effectively.
Not everyone is financially literate
Studies have shown that most financially literate young adults have parents with ample retirement savings. Financial literacy is generally concentrated in the middle and upper classes. Teaching learners early to be financially literate and having finance as part of the school curriculum will ensure that they are on the same footing when it comes to being able to understand saving, credit solutions and investing.