The school should teach financial management
3C Wong Wai Chi
“The single biggest difference between financial success and financial failure is how well you manage your money. It’s simple: to master money, you must manage money,” T. Harv Eker was quoted as saying.
Most young adults face increasing financial risks as they spend without purpose. An obvious reason for this is that they rely heavily on their families financially and do not have financial management skills.
To cultivate the basic values of money, schools should teach students some fundamentals of strategic financial management. Surveys show that students who received financial education were found to be more likely to save money and less likely to make late payments or face financial risk. It is important for teachers to teach their students the concepts of financial management and the concepts of saving. If students understand that you must save money or make a careful plan before spending, they will be more money conscious and be in control of their earnings, expenditure and savings.
Secondary school financial education should comprise practical financial subjects. For instance, hands-on budget planning, talks and visits to companies and institutions.
To conclude, the concept of financial management has gained importance in recent years. Therefore, financial education should start from school to help students learn financial skills for their life-long development. I hope more schools can implement financial management courses in their curriculum which will help students to learn how to use their money wisely and effectively.
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