Is your school teaching about financial fitness as a subject?
Saving, Money Management, Spending, Earning Income, Economics, Budgeting.
How essential is it for students to understand and practice simple concepts of personal finance? These core subjects must make up for a student's financial fitness regime, in the educational standards.
In fact, it is quite saddening to observe that students do not have a realistic picture about finances. Therefore, it is beneficial and helpful if they are taught how to budget their money for their routine day-to-day financial transactions.
Technology is today's financial calcium. Students must be taught to appropriately use their phones and related digital applications to work out and track their finances, irrespective of where they are at. Introduction of financial games may be beneficial too, as it incorporates students to remember financial terms and get them acquainted with the curriculum more closely.
Further on, as a part of financial fitness scheme, students must be trained to write business letters and build effective business plans from a young age. The purpose is to encourage and prepare students to communicate without any hesitation or unnecessary worry, when found in a business situation. This in turn keeps the students more active and responsible than ever before.
Inclusion of financial courses designed to emphasis on the importance of saving and planning for retirement would be of much use. Students must learn to cultivate the habit of saving from what they have. Perhaps, it could start with a smaller amount. They must understand the concept of financial independence and saving for their future lifestyles including marriage, making a home, regular provisions and so on.
Financial courses must show students to chalk out their ideal lives. Following are some critical subjects which would be worth learning and practicing like - 'how to make your plans into reality', 'where do you want to live', 'what kind of house and car would you wish to have', 'what kind of job you want to be in'.
Financial literacy is an absolute necessity and is surely critical for any learner in today's world, just as important as reading and writing. With the help of teachers, financial education must be included in the curriculum to lead students to practice good money habits and trace them on the road to success.