Financial education is pretty much necessary for our day-to-day lives. It will help us to live more free without taking too much stress about financial problems. In 21 century we still don’t have any major concern about the Lack of Financial education in schools, that’s why they miss some of the most important ways to be financially free and use their money wisely.
Lack of financial education makes our daily lives more complicated than ever. We are in a world that is very distracting and if your society doesn’t know about those things your child too.
Nowadays parents are more concerned about teaching their children about personal finance, money management, cash flow, etc which is great but there are so many parents out there who themselves don’t really know about those things that much, then how can you teach your child if you don’t know about anything?
That’s why after taking a lot of knowledge from a lot of people, books, seminars now I realize, Financial education must be included in our schooling system so the students can learn the basic fundaments of managing and spending their money before they earn it.
What is financial education?
Importance and Benefits of financial education in schools
There is a lot be benefits of Financial education especially for adults, so they can understand the basic principles of managing money.
Lack of financial resources in education is a big impact while taking decisions on monetary things in our everyday life and also affect businesses.
In the United States, financial education has not just become mandatory. Some states in the US have passed policies that require students to complete a financial education course before they graduate from high school.
Making finance a core part of the curriculum ensures that each and every student is getting a minimum level of financial education.
We have collected some importance of financial education for students in schools, let’s talk about that one by one:
- The main advantage of getting financial education in schools is that the students are more prepared to make financial decisions later in their life. Research shows that students report better education from learning in a school setting.
- One of the biggest problems that young people face is huge student loan debt at an early age. Financial education can provide a bright eyes perspective on debt and its long-term life implications so they can overcome it later on.
- Financial education offers clear boundaries and guidelines on using credit & debit cards properly before they misuse them.
- Financial education helps students avoid making costly mistakes early in their adult lives.
- Financial education helps people plan for a successful carrier path for the future.
- It will help them to secure retirements and they’ll be all right even if their twilight years bring some unexpected health costs.
- Financial Education allows students to discover new ways of making decisions for their future so they can be happy rather than worrying about debt, loans, and mortgages.
Lack of financial education in schools
How Can You Overcome It?
There is a lack of financial resources in education and If your children’s are interested and want to learn about money management, loans, personal finance, mortgage, cash flow, and finance fundaments then they can try these ways, Which is absolutely worth doing :
Webinars and Courses
There are so many courses out there on different platforms like Udemy, Where you can take the course at a very cheap price and learn everything by yourself.
Also, the courses are provided by experienced mentors and personalities so you don’t have to worry about getting the wrong information.
Organizations like the Consumer Financial Protection Bureau offer regular webinars providing tips and instructions on maintaining financial habits. The good thing about those seminars is, It’s not only for the students, anyone can join for financial literacy.
There are a bunch of webinars for students which include student loan debt, spending money, and using basic money management tools for better habits.
This is something that I have done by myself over the past years. There are so many books out there that will provide you a great amount of financial education from a different perspective.
One thing that I want to consider is reading is not enough you have to practice in your real life.
I Recommend Rich Dad Poor Dad by Robert Kiyosaki for everyone who wants to learn about the basic fundaments of money. Great book where he explains cash flow, assets, liabilities, and more. Must Read for Everyone!
Personal finance apps are very handy for developing financial habits and taking good decisions whenever you found yourself confused. It will help you to track expenses, create personal budgets and extrapolate trends from personal banking or checking accounts.
These types of apps comes very useful for boosting personal financial awareness, making smarter decisions, and saving & spending habits.
FAQ About Financial Education :
Why is financial education important in schools?
Why is financial education not taught in schools?
How does financial education affect students?
Why do we need to teach financial literacy in schools?
What is the difference between financial education and financial literacy?
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