In recent years, the growing prevalence of a lack of knowledge about how to use money become a matter of concern worldwide .While this can be attributed to a number of factors, the situation can be improved in various ways.
There are two main factors contributing to this problem. One of the primary causes of financial difficulties in students’ future path is over-emphasis on core subjects rather than experimental life skills. The teachers stopped at giving information about challenging terms such as cosine, sine and equation based on given school textbooks compared to give real life examples. As a result, learners leave school without fundamental financial knowledge. The absence of exposure can be another contributing factor. Whenever parents manage expenditure by themselves, they tackle financial issues and do not teach how to use money their children for not placing a burden in their mental health, while simultaneously children fail to spend money to right purposes.
Several measures can be taken to tackle this issue. One effective major is to integrate financial skills into school curricula. Schools should take a balance betweeen academic and practical knowledge by real life projects and problem-based learning opportunities. Businessmen and bank professionals, for example, should invite to school to hold a seminars and trenings about financial literacy. This would equip students with the skills they deal with every day challenges effectively. Parental involvement is another solution. They should involve their children in simple financial decisions, such as planning a budget or managing pocket money. Subsequently, children will not face a dilemma related to financial management in their future life.
In conclusion, various factors contributed to this issue, however, once necessary steps are taken, it can be addressed productively.