Recently, there has been a debate over whether children should be taught financial management by schools or their parents. From my perspective, I partially agree with the viewpoint that schools should teach children financial management, as schools and families should be balanced for several reasons that will be explained in this essay.
One of the primary reasons why I believe financial management should be taught at schools is because schools are well-positioned to introduce youngsters to essential financial concepts. Teenagers can study basic theories such as saving, budgeting, spending, and debt, explaining them in a systematic way. Most lessons can be integrated into subjects like Mathematics and Economics to ensure that these knowledge will be equally accessible by each student without feeling bored. In contrast, the limitation of learning at school is that these theoretical sessions can be abstract for the students. Students may understand all the formulations and definitions, but without practice, they may struggle to apply these knowledge to their own life. In addition, while providing conceptual financial ideas for teenagers, it can be more useful when children are able to practice, not just understand the theories.
On the one hand, while schools teach adolescents financial lessons in a conceptual way, parents can be perfect for helping children practice and apply these knowledge to their lives. Teenagers can observe and take part in daily life activities such as shopping for groceries, paying for some small household bills, or saving for a family trip. These real-life activities can provide children with a closer look at how money is managed on a daily basis, making the knowledge more relevant and meaningful. However, some parents may lack of financial literacy themselves, or even pass down harmful spending habits like overspending or heavily relying on loans. Additionally, parents can reinforce those financial lessons at school by giving their own child opportunities; however, not all parents have enough resources to do that.
In conclusion, I would argue that teaching financial management should be the responsibility of both schools and parents. When theory and practice are combined, young people are far more likely to develop strong financial skills that will benefit them throughout their adult lives.