If there is one area that governments and their education systems let down our children, it is in the area of financial education. Education systems including schools and universities provide our children with the skills and information to get a job, pay tax and therefore support the government. It is time for our kids to be taught that there is a lot more to financial education and managing money including how to save, how to invest and and how to make money work for you.
Children learn about the power of money at a very young age. Children as young as 1 or 2 years will ask for lollies or a chocolate bar as you leave the supermarket and realise very quickly that you need money to pay for these. By the age of 4 most children enjoy playing with money and paying for small items themselves. Money is also a great tool for teaching children how to count, add and subtract.
As children gain more interest in money and its purchasing power, they want to know how to get their own money. There are many ways to teach them this, including doing odd jobs for mum, dad, relatives or friends, receiving a weekly allowance or receiving money as gifts.
It is at this stage that our schooling system should begin its involvement in our children's financial education. Teaching children to save a percentage of the money they earn or receive is a critical lesson and a skill that will assist them right through life.
Keeping track of your money is also a very important skill that needs to be learned by children. If children keep track of how much money they have, how much is received and how much is spent, children gain a solid base for the future.
As children progress through school, the focus of their education is on how to learn the skills to get a job or how to gain the knowledge to be accepted at university. If children take the job, then they end up paying tax to the government. If they go to University they pay the government to do this and then leave University to get a job and pay the government more tax because they often earn more money.
There are many ways that children and teenagers can learn about money. Most children know how to earn it. Earning money is the easy part. How to budget, how to save, how to invest are critical skills for our children to learn and if the system does not teach these skills, then it is up to every parent in the world to assist their own child to be educated financially.
With the growing number of baby boomers around the world, it is vital that our children become self-sufficient when it comes to money, and now is the time that we should all take some action.
Spending money is fun and most people are very good at this. Saving money is also important and so are the skills of making and managing money.
Teaching Children How To Manage Money Is Critical For Their Future
Reviewed by Pisstol Aer
Published :
Rating : 4.5
Published :
Rating : 4.5
