The task of handling finances require in-depth understanding about its process and while it was not a subject being taught in schools in the previous era, heating debates have risen about the importance of imparting education on such level. In my opinion, I firmly sit on the edge where it is believed that financial education should become a compulsory part of learning process. Furthermore, this essay discusses the views for the same, along with denoting personal examples in its favor.
Primarily, the notable surge in competition around the world whether it may be in educational working institutes, an individual requires multiple skills and not just an educational degree to prove their intelligence. Subsequently, handling finances is a complex task and if these skills are taught at a younger age it ultimately lands them a better job and advanced knowledge that can be utilized in the later stages of life.
Secondly, the task of handling taxes and fulfilling their duty as a citizen was not taught to the older generation, which ultimately resorts them to individuals who master in this field such as charted accountant. These individuals not only charge hefty amounts, on the other thand disadvantage of these methods is being unaware of the process. For example, a person filing his income tax returns, is unaware of its criterion.
In conclusion, financial education not only becomes important in the later stages of life, but also when the idea of saving their pocket money and planning how to spend it is taught to them. It is a arduous task to impose such changes and it takes a collaborative and comprehensive efforts of both the parents and educational institutes.