Many young people do not have a basic understanding of financial management when they leave school. This lack of knowledge is primarily due to the upbringing and limited education at school.
One main reason is that the young people are dependent on their parents and they get everything for free until secondary education. Parents always want their children to be happy and successful and in order to achieve that they hide the financial pressure and provide them with sufficient money. The second reason is the curriculum at school. Subjects such as mathematics, science or languages included in the syllabus do not teach real life skills. Consequently, high school students are accustomed to answering theoretical questions, but find it strange to have to balance their incomes and expenses. As a result, both parents and teachers fail to prepare their children for the real world.
This is indeed a cause for concern, but fortunately, there are some solutions. Parents should consider giving children a certain amount of money every month and insist that it should last them a whole month, which will encourage the child to monitor their spending habits. As the child grows, they should teach them how household expenses are managed and also involve them in decision making or they can give the child the responsibility of running the household for a day or two. Secondly, the school authorities ought to include the subject on life management skills in the final year of the curriculum. This will help a student to learn how their finances need to be budgeted and managed.
In conclusion, it is crucial for young people to learn financial management skills apart from the regular course and both parents and teachers play a vital role in achieving this by equipping them with the right knowledge.
Many
young
people
do not have a basic understanding of financial management when they
leave
school
. This lack of knowledge is
primarily
due to the upbringing and limited education at school.
One main reason is that the young
people
are dependent on their
parents and
they
get
everything for free until secondary education.
Parents
always want their children to be happy and successful and in order to achieve that they
hide
the financial pressure and provide them with sufficient money. The second reason is the curriculum at
school
. Subjects such as mathematics, science or languages included in the syllabus do not teach real life
skills
.
Consequently
, high
school
students
are accustomed
to answering theoretical questions,
but
find it strange to
have to
balance their incomes and expenses.
As a result
, both
parents
and teachers fail to prepare their children for the real world.
This is
indeed
a cause for concern,
but
fortunately
, there are
some
solutions.
Parents
should consider giving children a certain amount of money every month and insist that it should last them a whole month, which will encourage the child to monitor their spending habits. As the child grows, they should teach them how household expenses
are managed
and
also
involve them in
decision making
or they can give the child the responsibility of running the household for a day or two.
Secondly
, the
school
authorities ought to include the subject on life management
skills
in the final year of the curriculum. This will
help
a student to learn how their finances need to
be budgeted
and managed.
In conclusion
, it is crucial for young
people
to learn financial management
skills
apart from the regular course and both
parents
and teachers play a vital role in achieving this by equipping them with the right knowledge.