Nowadays young people lack an understanding of how to manage their finances

For the past few years, most young people have proved to have an inadequate knowledge of how to manage their personal finances after they finished their education. This is due to lack of life experience and limited education that could be solved in several ways. Living with their parents for free have been one of the main reasons of why they lack of experience. As a result, young people would not worry about the value of money on how to earn and to save their money. Moreover, schools curriculum does not include personal financial management, whereas schools are more focused on classic subjects, thus students might only learn calculating money, however, does not know how to manage them. Therefore, both teachers and parents are failing to prepare young people for real world. To solve young people inadequate ability to manage personal finances, schools and parents have a significant roles. For parents, when children are young or already exposed to money, they should have teach them on how money is earned, budgeted, and saved. It could be done by giving limited pocket money so that young children could learn to budget their own money and giving some task so that children could earn extra pocket money. Furthermore, for schools, teachers should incorporate life skills into their curriculum for final years students. To sum up, parents and teachers played crucial role in young people development to managing financial, these could be solved by taking responsibility to  give the right skills for them.