Financial Literacy for Students – BW Education

Learning doesn’t happen overnight and can’t be achieved by just reading one or two books, it’s a process that happens slowly but surely through education, real experience and life lessons.

“Students spend an average of 15 to 17 years in their early life acquiring skills that will help them get a higher salary but little or no time is spent helping them save, invest and grow their money.” This proverb fully emphasizes the importance of financial literacy.

Gone are the days when money matters were just things related to adults. Fast forward to 2021, times have changed now. In this day and age, it is important for children to know at least the basics of money, such as the essence of the stock market, entrepreneurship, spending, savings and investing. However, in contrast, financial literacy is one of the most neglected elements of a child’s education.

Interestingly, a study from Cambridge University found that children’s financial habits are usually set by the age of seven. What they develop through the early years of their education becomes the basis of their knowledge. There are many reports that indicate that children’s growth and learning depends on the environment in which they live and their experiences. Therefore, financial literacy should be considered an important aspect of effective holistic education. It is just as important as the other basic things in life because it is a fact that children will one day have to make financial decisions in their lives. And if we miss the initial opportunity to teach them financial literacy, we are threatening their future.

Develop reading habits

Learning does not happen overnight and cannot be achieved by reading one or two books. It is a process that happens slowly but surely through education, real experience and life lessons. The need of the hour is to introduce children to financial literacy in their childhood so that they can enjoy the fruits of their leisure time.

Since they are only young children and books with technical terminology, full terminology and hardcore concepts will not be easily understood by them, it is important to introduce non-fiction personal finance books. They can simplify the financial planning process and take them easily through the whole subject. Books like Personal Money Management, Stock Market Decoding, Investment to Debt Repayment are all included.

Unless schools and other educational institutions include “money” as a separate subject in their curriculum, parents can help their children get started at home. They may suggest starting with a topic that interests them the most.

Early financial education makes children aware of the difficult realities of life

Reading is the key to getting them closer to the cruel reality of life. Books will not only make them wisely aware of the benefits of financial management but also learn about the waste of money and its aftermath, which could ultimately jeopardize their very existence. Reading real accounts and practices will persuade children to spend money wisely in the present so that they have a secure future. They will be saved from lifelong financial problems, directly benefiting the economy of a particular country.

Break the monotony

In addition to reading, they have an innate need to get their hands dirty. In other words, practical involvement is required. For example, try teaching children to open and manage a bank account instead of giving lectures. They will be in a better position to understand real-world concepts. After all, multidisciplinary experience makes them better at learning.

Only through such small practice, they will become more responsible citizens, which will help them to lead a quality life.

To drive through the current financial landscape, it is crucial that financial education be introduced to children at the grassroots level because it is, without a doubt, an essential life skill. Make students financially aware today.

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