Some believe that children should learn about financial literacy at school, while others are convinced that it should be taught by parents. While financial management lessons included in school curriculum may prevent children from making basic financial mistakes in the future, I believe that parents can provide children with the most valuable practical knowledge about finances.
On the one hand, children might foster fundamental pieces of theoretical knowledge regarding finances at school. Children often underestimate the importance of finance management which often results in the inability to allocate money wisely. For example, possessing little knowledge about financial management is prone to lead to intuitive financial decisions which prevents from living up to high standards despite how high the salary of an individual is. As a result, learning theoretical knowledge from an early period would allow people to improve their standards of living without a difference in income.
On the other hand, parents are the only people who can foster practical experience from childhood. Despite the differences in the social statuses of each family, parents are constituted as the idol in behaviour in the eyes of their children. With this insight in their minds, they can start teaching financial management using the most effective method of being an example to their kids. For example, children who observe their parents to save money on a regular basis tend to develop a desire to have a piggy bank of their own. As a result, parents can foster invaluable financial lessons which will be highly beneficial in the future, solely by being the prime example to their children.
In conclusion, although some fundamental theory about financial management might be learned at school, financial management should be taught by parents being an example to their children