Nowadays, even after completing secondary education, students are not aware about the facet of managing financial resources. The aforementioned is mainly because of conventional study paradigms’ as well as lack of importance given to it.
One of the predominant causative factors that has led to this problem is the tutor’s concentration upon theoretical knowledge, as educators tendency is more ingrained towards finishing the prescribed syllabus in a verbal or written manner rather than indulging the students in any co-curricular activities. For example, Countries like India or Pakistan are still not modernized and continue to teach with traditional methods. As a consequence, the mindset of children are never diversified towards monetary attributes due to education burden. Not only this, but also pupil dependency on progenitors adds on the predicament. This is because, earning funds and buying of any necessity is mainly done by the parents, which leaves the adolescents with no possession of money and therefore, they lag in managing it.
One way to tackle this issue is providing exposure to learners while they are in institution. By doing this, students will learn how to tackle with finance in way of purchasing and countering their own estimated price for the specific product. For instance, a report in BBC newspaper divulged that the money management skills of students who were part of travel groups were proficient rather others. Another worthwhile step to counter this menace is amelioration in syllabus. To expound, Educational boards such as CBSE, PSEB, ICSE should revolutionize the curriculum and include subjects mainly related to wealth management as well as money measurement.
In conclusion, serving practical knowledge and modification in syllabus will be effective in dealing with this issue. If these solutions are implemented, this phenomenon would soon suppress.