It is argued that money management should be taught in schools, while others believe that parents should take primary responsibility for this. Although parents can offer personalised guidance, I believe that schools are better equipped to provide students with structured and practical financial education.
On the one hand, parents play a crucial role because they understand their children’s habits, strengths, and weaknesses. They can teach financial responsibility through everyday experiences, such as budgeting for groceries or saving pocket money. This type of learning is often more meaningful because it is connected to real-life situations. However, parents’ financial knowledge varies greatly. Some may lack the skills or confidence to teach essential concepts such as interest rates, investment, or long-term financial planning. As a result, relying solely on parents may lead to inconsistent or incomplete learning.
On the other hand, schools can offer a more systematic and unbiased approach. Professional teachers can ensure that students receive accurate and up-to-date information on topics like budgeting, credit, and digital payments. Moreover, classroom activities and simulations – such as creating a monthly budget or planning a savings goal – allow students to practise financial decision-making in a safe environment. Teaching money management in school also ensures equal access for all students, regardless of their family background.
In my view, financial education should primarily be taught in schools. Parents can reinforce these lessons at home, but it is unrealistic to expect them to cover all aspects of modern finance, especially as the financial world becomes increasingly complex.
In conclusion, while parents can contribute to their children’s understanding of money, schools should take the lead in teaching financial skills because they can deliver consistent, professional, and inclusive education.