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?
Every year many young adults leave schools without adequate
knowledge
of personal finances as they do not know how to financially navigate the real world. This
financial illiteracy is primarily due to inadequate education
as well as the lack of first
-hand knowledge
. However
, satisfactory education
related to managing finances and proper parenting can solve it.
The reasons why many young adults are incompetent to manage their own money are the lack of both theoretical and practical knowledge
. Personal finance is not yet a part of the school curriculum. In consequence, they are deprived of acquiring theoretical knowledge
. Likewise
, many parents
do not share financial responsibilities with their children. As a result
, youngsters do not get hands-on experience. Take my cousin for an example; my uncle has never given any financial accountability to him and in consequence, my cousin does not know how to manage budget and plan for savings even though he is 19.
However
, financial education
comprises lessons that enable an individual to make informed and effective decisions with all of his financial resources. If the schools incorporate financial education
into its curriculum, then
pupils can learn how to budget, how to use a credit card, how to save, how to avoid debt and so forth. Similarly
, parents
can teach their children a good lesson by providing real-life experiences. That is
to say that parents
can share some financial responsibilities with their children. For example
, my parents
give me some pocket money and also
give me the freedom to make my budget on my own. Consequent, I learned two great lessons – we should spend what we can afford and how to avoid the pitfall of unplanned expenditure.
To conclude, in the present dire situation, financial education
is essential than ever before. Schools should integrate financial education
into the curriculum while parents
ought to share some financial liabilities with adolescents so that they can gain both practical and theoretical knowledge
of money management.Submitted by sriharsha1862 on
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