The Importance Of Early Financial Education
In the 21st century, the world revolves around money. Money is the single most commodity that can either elevate an individual’s life chances or could diminish their ability to rise above the ranks. From a very young age, most individuals are schooled about the importance of earning and acquiring money, they receive this information from their parents and other social institutions and other social actors who take part in socialising them. From the formative years of education and when being brought up, individuals need to be able to differentiate between a want and a need, they should understand the value of money in this day and age and should be overall financially aware. Despite saying that most individuals have basic financial education, it could also be said that the better half of the youth and young adults don’t have basic money-management knowledge. As a consequence, it is of paramount importance to teach and empower the student with knowledge that could help them play an adequate role in their own money-making decisions, as they should know how to make it, how to spend it and how to save it.
We as humans can get conditioned easily, and thus we as children tend to emulate the habits of our parents seamlessly. Owing to this reason, the parent should keep a check on their spending habits, as a means to curb their child’s expenditure. The importance of monetary resources could be relayed to the child through general, day-to-day conversations, that could be centred on the risks and rewards that arise from sufficient money management.
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- Differentiate Between A Need & A Want: Overspending on a want is an unwise act, this leads to the drilling of huge bore holes in your pocket. The child should be taught to distinguish between spending on a need (water), as opposed to spending on a want (sparkling water). They should also be given the liberty to spend on want every once in a while, in order to comprehend that it is completely fine to spend on something you desire and fancy.
- Family Budgeting: The child eventually has to do their own budgeting, that’s why it’s beneficial for the student to be involved in the process from a sensible age. They should be encouraged to take part and participate in budgeting for groceries and other necessities.
- Chores: Students can be tasked with chores, such as doing the laundry or taking out the trash in return for a set amount of allowance. This teaches the child that money is received only in return for some kind of service. They could then start saving this earned money, as they would associate a sense of value to it, having it earned it themselves.
By and large, providing adequate money management knowledge to students from formative years could largely help in bettering their saving and spending habits.