Money is the most essential thing for life, it can be a double-edged sword; either being beneficial or detrimental. Money is everywhere, but it is hard to control. I strongly agree that financial education should be included as a mandatory subject in schools because the misuse of funds is increasing day by day. I will elaborate in this essay on how important financial education is in schools.
To begin with, a lot of people cannot distinguish between primary, secondary, and tertiary needs. Schools can teach their students to distinguish these needs, so they can manage their wealth effectively. For instance, from my work experiences dealing with people, I have found that more than 70% mid-low-income people prioritize cigarettes (secondary) over foods (primary). They don’t know what to prioritize first in their lives with their financial resources.
In addition, it is an undeniable fact that social media has contributed increasing of the misuse financial resources and misperceptions of getting wealth. For instance, low-income people tend to think getting luxury lifestyles is as easy as their favorite celebrities make it appear, including involving in gambling, while their favorite celebrities work from dusk to dawn.
Lastly, we live in uncertain times, unforeseen crises occur sometimes, resulting in losing our valuable assets. We tend to think that if we have money, we always have money in the future. Schools are required to teach their students about saving and investments, such as insurance, stocks, and deposits. By equipping them with this knowledge, they can prevent financial loss and unexpected challenges in the future.
In conclusion, learning about finances in schools is not only for preparing their students manage financial assets effectively but also prepare for minimize the worst things that happen sometimes.