In this modern era, some young people struggle to manage their money when graduating from high school due to a lack of financial knowledge. There are multiple reasons for this, and there is much that can be done to teach this important skill.
Fundamentally, there are two main reasons for the lack of financial education in the education system. Firstly, one of the main reasons would be the focus on academic subjects rather than practical life skills.
Many students acquire their academic knowledge, such as math, physics, and foreign languages, in educational institutions rather than financial skills. Consequently, they have no idea how to earn money for their upcoming days and save money in their lives. In addition, many parents have spoiled their own children in several ways, such as giving them a lot of cash without any reason. Unlike in the past, people today are often unaware of this due to hectic work schedules. A lot of parents don’t know how their children manage their budgets per month. This is a significant issue in the present world.
However, this issue can be solved by teaching students the methods of managing their finances. One possible approach would be to incorporate financial education into the learning system. For instance, the academic curriculum can teach students how to manage and administer their budgets in different ways. This could create a situation to learn these crucial skills before students graduate from secondary school. Another feasible approach would be for parents to provide financial education and guidance to their children.
In conclusion, in order to have a financially literate generation, the education system should be modified by expanding study hours and making financial education a core part of the curriculum.