Topic: Financial education and why it should be a priority. - page 4. (Read 1702 times)

Financial education is an advantage, but most likely a quality education can be obtained in a private school, and this is not accessible to everyone. And the application of our knowledge in life will play a decisive role, experience will show how much of an advantage this gave you.

You can save, and create assets even without any special financial education. When I was studying at the university, I was wondering why my teacher, having such knowledge in economics, did not own some kind of business, but lived on a modest teacher’s salary. Later I realized that there is a big difference between theoretical knowledge and its practical application.

That's right, to be honest, I really experienced this when my income increased but I really felt that the amount was still not enough, even though the cost of living where I live is not that big and after that I really thought about finding a point It's a mistake and it's true that there are some allocations of money that lead to things that aren't really needed, such as things that don't provide much benefit in the long term outside of life's necessities, such as perhaps buying an item that doesn't really benefit me in the long term. and the conclusion was that at that time I had mismanagement in terms of finances and after that I was finally able to justify managing my money by only allocating it to what I needed until I managed to achieve balance again in terms of money.

Therefore, of course, management is very important and needed in any case, especially in financial matters, because with good management, it is clear that we will be able to be in a good balance. You are right that this is not taught in schools, those places usually tend to teach someone to have good behavior and also make a child smart only in academic terms, but do not provide something that is really needed in the basic sense. real life when they have finished school and one of them is in terms of financial management so many people experience difficulties in managing their finances and this more often than not makes someone always feel like they are not enough even though they have a large salary.

I've heard that no matter how big a salary you have, if you don't know how to manage your finances, it will be very easy to run out of money. Meanwhile, even though your salary is minimal, if you know how to manage your finances well, then this could be very big in the future.
However, financial education is very important. I think, it's not taught in school because we are formed to make money by working, but as for how to manage it, it depends on each individual's personality. In fact, the basic things have been taught, such as saving, prioritizing primary needs over secondary and tertiary needs, and so on. However, if you really want to know more details about financial support, then you need to look for it yourself.

The guidance provided by parents can have a lasting impact on an individual's approach to money management. Learning about discipline in spending, understanding the importance of living within one's means, and cultivating a habit of saving from an early age are invaluable skills. These lessons go beyond traditional classroom education and contribute significantly to building a strong financial foundation.

Financial literacy equips individuals with the tools they need to make sound financial decisions throughout their lives. It's a reminder that practical, everyday lessons can be just as influential than formal education in shaping one's financial mindset.  These hands-on lessons contribute to the development of a well-rounded financial mindset, allowing individuals to make informed and responsible choices throughout their lives. The combination of formal education and practical financial literacy creates a more comprehensive and adaptable approach to managing finances.

Our children's first school is at home, including in terms of financial education. So if you have children, take advantage of this opportunity to teach your children about financial literacy because this is very important for children's finances in the future. Because believe it or not. Poverty that befalls a person usually occurs as a result of financial mismanagement that he or she has committed in the past. Mistakes in financial management only occur at a young age, but also occur at all ages. So by teaching children about finances indirectly, our insight into finances will also develop.

In essence, we have to teach that lifestyle should not be greater than income and primary needs (clothing, shelter, food). If you want to improve your standard of living, you need to increase your self-worth, such as investing in assets and businesses.

Some people can have money but without having the knowledge in financial education can cause them not to know how they can manage the money as well as sustain it for their own use, one of the consequences we see around us is in some people or businesses starting well but running bankrupt at the later end because there's no financial education in place to use in managing what they do.

The first place to learn about financial education is from our home, it is expected we learn this from our parents.  I never leant financial education all through my years in school but I was able to learn this from my parents. My parents thought me how to be discipline in spending mone, to go things that I can  afford and not to go for things that will stress me to get. I was thought in my home how to make saving from the little I earn as income.

I don't think schools are the main problem because even if kids and teenagers would get better financial education, it's not going to help them as long as they don't actually start practicing it from a young age. Parents should be the ones to take care of their children financial education since they are their main source of "income" until a certain age. If the parents have bad spending habits and have issues managing their finances, most likely the children will also end up in the same position in the future.

Truth is, financial education is something you get on your own. If your are taught from a young age how money and the economy works, you'll get a good foundation for your adult life. Since that happens quite rarely, you'll have to take responsibility and educate yourself once you start getting your own income. As with everything, the best way to learn is through experience so expect to make some bad financial decisions because that's going to teach you how to take better care of your finances in the future.

That makes sense, because we should understand everything related to our own interests. There are so many young people nowadays, they don't manage their finances well, they are easily tempted by new things that are currently popular, and those who have prestige mean they have to spend a lot of money just to be stylish. what I noticed is, they don't have jobs that make money, but they still force themselves to be stylish, this is normal, but if they force it it would be the same as killing themselves.

I think they are the first people to teach all good things, but in my opinion parents are more than just teachers. Even though not all parents can teach this, what is clear is that parents teach their children the best. and when they are adults, they will have their own thoughts including their own choices about what they will do, because the environment can also make them change and at the same time they will also learn many things outside the school or home environment. But what they have to pay attention to is not to make the wrong friends, because if their parents have taught them the best, then the child will of course do good things too, even though the surrounding environment can change them, but if they themselves have a good mindset, I think they will do good things, including with his finances.

If bringing financial education into the curriculum is extremely good as you say, why hasn't any Government or country done it so far? Even the great powers and very economically and financially developed countries have not done this? What I mean by this is that financial education is also extremely important, but it needs to be appropriate for a certain age, not for all ages. Just like why don't you teach your child about the 12th grade curriculum when he or she is only in 1st grade? Everything needs to have rules before and after, not just learning about finance early, you will definitely become rich and successful.

Even though at school there is also learning about finances, although not in detail, it is important to educate our children about finances from an early age at home because this will be very beneficial for them in the future. That managing finances from an early age is very necessary to minimize things that we should be able to prepare now for the future. The example you give may seem simple by teaching children how to save money in a savings account, but the impact on them is certainly very big.

because in my opinion, making money and saving money are two very different things. Currently, many people find it very easy to earn money by taking advantage of technological developments, but that doesn't mean that by earning a lot of money we can look after that money well. There are so many out there who don't manage their money well so that when they are old they don't have good enough finances.

As a long time financial advisor I can't stress enough how important it is to educate yourself on basic financial principles, as well as to try to dig in even further.  At the very least consulting a financial professional for help is highly recommended if needed.

I also couldn't agree more than schools should be teaching basic finance, which they don't, which is INSANE.  I mean teach basic finance, how to cook, how to do laudry etc.  Not how to write in cursive etc.

Having financial education is very important for everyone, because if they don't have financial education then it is very difficult for them to be able to manage their finances when they earn income later, everyone who can manage their finances well of course they will not have problems in terms of finances and they will be able to have savings and also other valuable assets.

When someone does not have financial education, of course it will be very difficult for them to manage their finances well so they will always fail in managing the income they earn, so it is very important for them to have financial education so they can manage the income they have well.

Financially literate people as Op calls them, they are mostly tagged as stingy people by others all because out of their financial literacy they have cultured themselves not to spend extravagantly and lavishly but rather scrupulous and  accounting with every expense to be made.
Something I have learnt in my life growing up is that the poor are the ones that spend extravagantly without plans, you see the rich they have set budget's to every expenditure ahead and this makes them not to spend wastefully and that's why they continue maintaining the status they hold in the society. Even if you're poor learn to have a rich man's mentality your thinking will be affected positively by that.

I completely agree with you on this. responsible and smart parents start teaching their kids about saving money as long as they get little bit sense of maturity. I would say, 6 or 7 years old. they buy them piggy banks and encourage them to save little bit from their daily pocket money. thats is how we learned all these things. instituions taught us fiannce way after that.
but now It is Gen Z. Young parents are too naive, they don't know how to raise kids. kids are busy in digital gedgets, mobile phones and games, they which is the major reason of lack of resposnbility in our younger generations. they don't know anything about saving for future.

In the history of finance, I'm not sure if in the forbe documents a lecturer or a teacher has ever become a billionaire before and that's because the teachers are too theoretical when it comes to finance. They spend their life teaching how to do this and how to do that without having the time to test run what they teach and will they possibly teach that in school? They don't have the experience so they can't teach you what financial education is all about but they can advice and gives you some hints about life lesson and how to use them in the future.


You need to understand that some people are meant to make smart decision but going forward, they have people that work for them and manage their resources. Let's use Mark Zuckerberg for example, he was smart to build something like Facebook app, he dropped out of school and people invested into his app and today, it has grown more than what anyone can imagine. Now, check the circle of his friends, he didn't do that alone, there could be group of people that are behind what he is today and people managing his finance.

Check even Robert Kiyosaki and how these men got wealth, the stories aren't rossy the way they present it but then it's good to always encourage young ones on their journey to wealth but definitely, not the way we do think about it in reality. This is what they don't tell you too but this doesn't justify in any way why financial education aren't thought in school.

Education is important, but context too. Accounting in school is like swimming on land. You know the moves, but water is different. Personal finance is about habits, decisions, and real-world issues, not just numbers. Understanding the economy, money flow, and balancing wants and needs are key

You're right about parents teaching financial savvy. Were they the first teachers? The problem is that not all parents can teach these lessons. Schools might teach practical money management. Giving kids the tools, not just a map, to navigate financial waters is key. Skills like planning, saving, and investing turn a decent salary into a rich future. Not just making money, but making it work for you

Not necessarily a good idea? Not its the opposite. It would be a good bonus if ever this one would really be included on the curriculum but we do know that this isnt something that could be applied
on which there are things which are really that course based when it comes to the lessons that being taught and this is why it would really be that a good thing if ever it would be included
on which it would be at least trying out to open students insights or inputs about financial literacy on which it would really be something that relevant or something that would be useful.

Later learnings could really be acquired through self study if you are really that serious when it comes to financial literacy. It is really just that sometimes that there would really be
some actions needed to be done for you on at least to know in depth things about it.If you are really that business related course then this kind of subject or learning
would really be just that standard.

It's true that financial education and financial literacy are important, but including them in school curricula is not necessarily a good idea. Because for a child to grow up to become a good person and useful to society, many factors are needed, not just making money. So I am completely satisfied with the current education program, there are many things to learn and we need to teach children important knowledge before teaching them how to make money. If a child only knows how to make money without being educated about ethics, he will not be able to bring benefits to society and the country. As for financial knowledge, it is more appropriate for children to learn when they are mature enough.

Financial education is the process of understanding and developing knowledge and skills related to personal financial management.
It supports personal financial stability, helps avoid excessive debt and provides financial independence.
It is important because it helps individuals make smart financial decisions, manage debt and plan economically for the future, reduce financial risk and create long-term financial stability.