A lot of young people do not know how to manage their money when graduating from high school. What do you think are the reasons? What can be done to teach them this important skill?

Financial management is an art that needs to be acquired with a lot of experience in life. In
this
contemporary world, the majority of young people do not know how to maintain their earnings by the time they are graduated. There are several
reasons
like lack of accountability and responsibility, which can be inculcated in them with some basic guidance.
This
essay will cover in detail the above-mentioned
reasons
and lessons to overcome
this
problem. On the one hand, there are important
reasons
that can be considered for
this
situation.
To begin
with, in
this
modernized world both parents should equally earn to manage expenses for their entire family including children studies.
Subsequently
, the daily pocket
money
provided to kids while schooling is quite high,
besides
that, they are given with freedom of spending that as per their wish.
As a result
, juveniles are missing the accountability of
money
and never worried about the efforts that are required to earn
money
.
For example
, 7% of GST collections of India are coming from expenses incurred by the school students.
On the other hand
, all the family members should teach children about the value of
money
and the efforts that are going into the process of earning
money
as a lesson.
Moreover
, the responsibility of saving
money
wherever it is possible to be taught to juveniles in every family.
For instance
, parents should start to limit expenses towards buying the expensive gifts as and when they insist,
otherwise
, kids will attain the same kind of attitude in future to buy whatever catches their eye attention.
Hence
, they will be able to adopt the
money
management culture which helps them in future. To conclude, a lack of accountability and responsibility are important
reasons
for not understanding the importance of financial management at a young age. It should be taught as a lesson to every child in their school-age to understand the importance of monetary value.
Submitted by eshwar10882 on

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Topic Vocabulary:
  • financial literacy
  • real-world applications
  • consumer culture
  • credit facilities
  • financial independence
  • practical financial literacy
  • manage finances
  • financial responsibility
  • money management
  • financial planning
  • tailored
  • accessible
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